New Delhi: PNB Gilts, a subsidiary of Punjab National Bank has posted PBT of Rs27.21 crore in Q3, more than double its Q3 profit of Rs13.48 crore in the corresponding period of last year.
The nine-month period growth is even more impressive with PBT of Rs69.07 crore as against Rs29.50 crore in the same period last year, a jump of as much as 134%.
The markedly better performance has been thanks t a two-pronged strategy that has allowed the company to increase its revenue and simultaneously cut its expenses. While total income increased by a remarkable 30% from Rs106.85 crore in the previous year period to Rs139.87 crore, the company achieved reduction in expenses from Rs77.34 crore to Rs70.79 crore, 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 Rs44897 crore, as against Rs30368 crore in the corresponding period of previous year.
The nine-month trading turnover is already higher than turnover of previous full year, which was Rs33745 crore. 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 too has shown significant growth of Rs1.52 crore to Rs.2.37 crore – an increase of 56%.