State Bank of India has paid advance tax of Rs 1,456 crore for the January-March quarter of the financial year 2013-14 against Rs 1,450 crore in the year ago period in respect of domestic operations.
YES Bank has paid advance tax of Rs 300 crore in the reporting period, up 33 per cent, against Rs 167 crore in the year ago period.
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.