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PNB pays Rs4.7 bn advance tax for Q4

PNB pays Rs4.7 bn advance tax for Q4
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First Published: Mon, Mar 16 2009. 08 21 PM IST
Updated: Mon, Mar 16 2009. 08 21 PM IST
New Delhi: Punjab National Bank has paid around Rs4.7 billion in advance tax for the fourth quarter versus around Rs1.75 billion a year ago, a senior official said on Monday.
“Slowdown is in the mind, when it happens in the short term bankers will gain, people realise the importance of bankers,” the official said.
The official, who declined to be named, also said the bank could have Rs1.5 billion to Rs2 billion of mark-to-market losses on rising bond yields for the fourth quarter.
“I think 7% is the cap for the 10-year (government bond yield),” he said.
“Your entire premise of lowering interest rates, your premise of lower inflation will get upset if yields go up,” the official added.
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First Published: Mon, Mar 16 2009. 08 21 PM IST
More Topics: Punjab | National Bank | PNB | Advance Tax | India |