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MUMBAI: PNB Gilts, a subsidiary of public sector lender Punjab National Bank, said on Saturday its net profit for the December quarter grew seven-fold to Rs 140 crore over the corresponding period a year ago.

The company had a net profit of Rs 19.91 crore in the third quarter ended December 31, 2007, PNB Gilts Ltd said in a filing to the Bombay Stock Exchange.

Total income rose to Rs 195.93 crore in the quarter under review from Rs 57.52 crore a year ago. For the nine months ended December 31, 2008, it registered a net profit of Rs 70 crore, a 36.82 per cent growth over the same period a year ago.

The firm had a net profit of Rs 51.16 crore for the nine months period ended December 31, 2007. While, total income rose to Rs 174.53 crore for the nine months period ended December 31, 2008 against Rs 172.62 crore a year ago.

Meanwhile, in a separate filing to the BSE, PNB Gilts today said its director Mr D K Singla has resigned from the company. His resignation has been accepted by the board of directors, it added. On Friday, shares of PNB Gilts closed at Rs 21.30, up 3.15 p er cent on the BSE. - PTI

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