Figures published in the first quarterly report of the 2008/2009 year predict the surplus will be around 2% of the overall NHS budget.
The government has already promised that the cash will stay within the NHS to improve patient care.
Data also shows the NHS gross deficit will reduce to £45m, down from £125m at the end of 2007/08.
The government also said it is confident that it will meet the target set in 2003 To reduce the MRSA rate in the health service by half.
It is also confident that the NHS will hit its target of treating 95% of non-admitted patients and 90% of admitted patient within 18 weeks of referral from a GP by the end of 2008.
David Flory,the Department of Health's director general of NHS finance, performance and operations said: ‘The NHS is well on the way to delivering 18 weeks from referral to treatment and the progress on the MRSA target is a tremendous achievement that highlights how everyone working in the NHS has taken responsibility for making our hospitals cleaner and safer.’