Yes, pretty much the same as growth bands in trees. Corals deposit CaCO3 (aragonite) in layers. The colour difference is due to different accretion levels of aragonite across summer (high density deposition) and winter (low density deposition) months.
The growth bands are corresponding to the density showing a strong seasonality. We know that the couple clear-dark layers corresponds to one year deposit, however it is difficult to attribute a season to one layer, the coral growth being quite complex. See:
Lough J.M. and Barnes, D.J. (2000) Environmental control on growth of the massive coral Porites, Mar. Ecol. Prog. Ser. 245, 225-43.