PNB Gilts Net Jumps 80 Per Cent To Rs 30 Cr

New Delhi, October 23: | Updated: Oct 24 2002, 05:30am hrs
PNB Gilts, the Delhi-based primary dealer, has reported an 80 per cent jump in net profit to Rs 30.01 crore for the quarter ended September 30, 2002 compared to a profit after tax (PAT) of Rs 16.63 crore during the corresponding period last year.

Total income has spurted 43 per cent to Rs 60.16 crore for the quarter compared to Rs 42.1 crore for the corresponding three-month period last year.

Total income has recorded a 350 per cent gallop during the quarter when compared with previous quarters (April-June) figure of Rs 12.51 crore.

Net profit has increased to Rs 30.01 crore compared with Rs nine crore in the previous quarter, which occurred on account of diminution on the government securities, a release from PNB Gilts said.

Besides the growth in total income, the sharp increase in net profit is backed by a reduction in interest cost. Interest cost has been brought down to Rs 15.65 crore from Rs 20.09 crore reported in the previous quarter.

Commenting on the quarterly show, PNB Gilts managing director Arun Kaul said, The impressive performance has been the result of dropping of non-SLR yields to an all-time low levels. Along with the increased focus on the relationship-based business with the mid-segment like co-operative banks, regional rural banks, provident funds, private sector insurance companies, corporates and trusts.