Karachi: The Board of Directors of NBP Fund Management Limited released the unaudited condensed interim financial statements for the NBP Income Fund of Fund, reflecting a period of varying performance across its plans for the quarter ended September 30, 2026.
During the first quarter of the fiscal year 2027, government securities yields saw an upward trend, driven by persistent inflationary pressures and heightened external uncertainties. The State Bank of Pakistan conducted six Treasury Bill auctions from July to September 2026, with cut-off yields ranging from 11.25% to 12.35% across the 1-month to 12-month tenors. This was a period marked by firming yields in August and September, culminating in 6-month and 12-month cut-offs reaching 12.45% and 12.49% respectively by the quarter's end. Shariah-compliant government securities followed suit, with short-term Sukuk yields rising from 11.30%-11.84% in July to 11.68%-12.49% by the final September auction.
In the realm of NBP Income Fund of Fund, the NBP Cash Plan-1 (NCP-1) demonstrated growth, with its size increasing by a minor move of 4%, from Rs. 1,711 million to Rs. 1,785 million during the quarter. The unit price of the fund rose from Rs. 10.1196 on June 30, 2026, to Rs. 10.3837 by September 30, 2026, yielding a return of 10.35% per annum, which fell short of its benchmark return of 11.28% per annum. The fund generated a total income of Rs. 46.41 million, with expenses at Rs. 0.94 million, resulting in a net income of Rs. 45.47 million.
Conversely, NBP Cash Plan-II (NCP-II) experienced a very large or significant move, seeing its size decrease by 35%, from Rs. 1,552 million to Rs. 1,016 million over the quarter. The unit price saw an increase from Rs. 9.7014 to Rs. 9.9568, which translated to a return of 10.44% per annum compared to a benchmark return of 11.28% per annum. According to information available from the Pakistan Stock Exchange (PSX), the fund's total income was Rs. 28.62 million, with total expenses of Rs. 0.68 million, culminating in a net income of Rs. 27.94 million.
NBP Income Plan-1 (NIP-1) saw a moderate move with a 4% decrease in size, from Rs. 114 million to Rs. 109 million. The unit price increased from Rs. 9.8836 to Rs. 10.1488, producing a return of 10.65% per annum against its benchmark return of 11.16% per annum. The fund's total income amounted to Rs. 3.16 million, with expenses totaling Rs. 0.16 million, resulting in a net income of Rs. 3.00 million.
The Board of Directors has approved an interim cash dividend of 2.60% of the opening ex-NAV for the period ended September 2026.