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SBI pays Rs. 1456-cr advance tax for March quarter

The country’s largest lender State Bank of India (SBI) on Tuesday reported a flat advance tax payout for the March quarter at Rs. 1,456 crore.

The lender, which controls nearly a fourth of the total banking assets, had paid Rs. 1,450 crore as advance tax for the March quarter last fiscal.

“State Bank of India has paid advance tax of Rs. 1,456 crore for the Q4 of the financial year 2013-14 (corresponding figure for the financial year 2012-13 was Rs. 1450 crore) in respect of domestic operations,” it said in a statement.

Advance tax payouts 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 during 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 per cent at Rs. 1,704.25 at the BSE at noon, with the 30-share benchmark up 0.69 per cent.

Meanwhile, new-age private sector lender Yes Bank reported a 20 per cent jump in its advance tax payout at Rs. 200 crore for the March quarter, as against Rs. 167 crore in the same period last year.

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