Mumbai: State Bank of India (SBI) has reported about its flat advance tax payout for the March quarter at Rs 1,456 crore, in respect of its domestic operations. 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 2013.
