SBIs Q4 advance tax remains flat at Rs 1,456 crore

Written by Press Trust of India | Mumbai | Updated: Mar 19 2014, 10:53am hrs
The country's largest lender, State Bank of India (SBI), on Tuesday reported a flat advance tax payout for the March quarter at R1,456 crore.

The lender, which controls nearly a fourth of the total banking assets, had paid R1,450 crore as advance tax for the March quarter last fiscal.

"State Bank of India has paid advance tax of R1,456 crore for Q4 of the financial year 2013-14 (corresponding figure for the financial year 2012-13 was R1,450 crore) in respect of domestic operations," it said in a statement.

Advance tax payout is a system of staggered payments of income tax dues spread over four quarters. It is generally considered as a barometer of a company's performance over a period.

Expectations on the banking sector performance are muted because of the economic slowdown and the consequent impact on both the asset quality and credit growth.

The SBI scrip was trading up over 3% at R1,704.25 on the BSE at noon, with the 30-share benchmark up 0.69%.

Meanwhile, new-age private sector lender Yes Bank reported a 20% jump in its advance tax payout at R200 crore for the March quarter, as against R167 crore in the same period last year.