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PNB Gilts Q3 profits zoom by 102%
New Delhi, January 18, 2008
PNB Gilts, a subsidiary of Punjab National Bank continued
its stellar performance in the current financial year with a
PBT of Rs.27.21 crores in Q3 that was more than double its Q3
profit of Rs.13.48 crores in the corresponding period of last
year. The 9 month period growth is even more impressive with
PBT of Rs.69.07 crores as against Rs.29.50 crores in the same
period last year – a jump of as much as 134%.
This brilliant performance has been made possible by a two
pronged strategy of increasing its revenue & cutting expenses.
While total income increased by a remarkable 30% from
Rs.106.85 crores in the previous year period to Rs.139.87
crores, the company achieved reduction in expenses from
Rs.77.34 crores to Rs.70.79 crores, a decline of 8.5%.
Underlying the company’s excellent performance is a
re-orientation of its trading strategies as well as greater
aggression in trading volumes. The company increased its
turnover to a phenomenal Rs.44897 crores, as against Rs.30368
crores in the corresponding period of previous year.
The 9-month trading turnover is already higher than
turnover of previous full year, which was Rs.33745 crores. The
company has also been successful in increasing its fee based
business streams such as project appraisal, loan syndication,
advisory services and mutual fund distribution. Other income
of the company has shown handsome growth from Rs.1.52 crores
to Rs.2.37 crores – an increase of 56%.
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