India’s largest government bank joins the world’s most profitable companies list with net profit of Rs…
SBI ranked 98th after Netflix and Cisco Systems. As of May 13, SBI’s market value was Rs 7.15 crore.
According to CNBCTV 18, India’s largest government bank, SBI, has joined the ranks of the world’s most profitable companies. The State Bank of India (SBI) reported net profit of US$9.2 billion (Rs 77,561 crore). The list also includes big companies such as Alphabet, Apple, Nvidia and JPMorgan Chase, according to data compiled by Bloomberg. SBI ranked 98th after Netflix and Cisco Systems. The bank also entered 50 banks around the world through assets after mergers with five partnership banks five years ago.
The list is led by Google’s parent company Alphabet, with impressive annual revenues, followed by Saudi Aramco at $1005 billion. Technology giants such as Apple, Microsoft, NVIDIA and META are also in the top 10.
While this is SBI’s first, this is not the first time that an Indian company has entered 100 profit manufacturers worldwide. In 2009, the state-owned oil and gas company (ONGC) ranked 71st in global net profit and maintained its position in the top 100 for the following years. Mukesh Ambani’s Reliance Industries Ltd is India’s most valuable company and is also ranked 98th in 2021. The data also suggest that the U.S.-based companies dominate the list with 43 entries. China follows 19 companies, while Germany ranks third with five companies.
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SBI’s climbed profit ladder to the rear of net profit increased by 31% over the past five years. Currently, SBI has a market capitalization of Rs 7.15 crore, and the bank’s share price closed at Rs 801.95 on Tuesday as of May 13.
