The Hindu Business Line : PNB Gilts net up 183%

New Delhi, April 21 Aided by a higher turnover in Government securities, PNB Gilts, a primary dealer, on Monday reported a 183 per cent increase in net profit for the financial year ended March 31, at Rs 45.16 crore compared to Rs 15.96 crore recorded during the previous fiscal.

The board of directors of the company, which met here today, declared a final dividend of 15 per cent (Rs 1.5 per share with a face value of Rs 10).

“A higher turnover in securities has helped us in achieving this financial performance. The government securities market was pleasant during the entire 2007-08 except in March 2008. Our strategy was to go in for higher volumes with lesser margins,” Mr A.K. Gupta, Managing Director, PNB Gilts, said.

PNB Gilts’ total income for the fiscal under review grew 37 per cent to Rs 172.63 crore (Rs 126.14 crore). Total turnover in securities for the year under review stood at Rs 59,868 crore (Rs 33,745 crore)

A release issued by the company said that the net profit surged despite the tough conditions faced by the debt market, especially in the last month of the financial year 2007-08 when benchmark yield pulled up by almost 38 basis points, owing to inflationary concerns.

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