State-run Punjab National Bank (PNB) promoted PNB Gilts today announced a net profit of Rs 33.10 crore in the first quarter ended June 30, 2009.

The company had incurred a net loss of Rs 56.01 crore in the June quarter last fiscal, PNB Gilts said in a filing with the Bombay Stock Exchange.

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PNB owns 74.07 per cent stake in the company.

Products and services offered by the company includes treasury bills, central government securities, state government securities, inter-corporate deposits, money market instruments and merchant banking and mutual fund distribution.

Besides, it provides advisory services to its clients to manage the government securities portfolio.

Shares of the company settled at Rs 24.25, up 2.32 per cent from the previous close on the BSE.

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