Karachi: The Board of Directors of NBP Fund Management Limited has released the unaudited Condensed Interim financial statements for the NBP Islamic Daily Dividend Fund (NIDDF) for the quarter ending September 30, 2026. The report, dated November 3, 2026, outlines key financial metrics and performance indicators that have shaped the fund's trajectory during the first quarter of fiscal year 2027.
According to the report, NIDDF experienced a 38% reduction in its fund size, declining from Rs. 13,739 million to Rs. 8,540 million over the quarter. Concurrently, the unit price of the fund rose from Rs. 9.7055 on June 30, 2026, to Rs. 9.9597 by the end of September, reflecting an annualized return of 10.39% compared to the benchmark return of 10.02%.
During the quarter, yields on government securities climbed, particularly toward the end, as inflationary pressures and external uncertainties persisted. Shariah-compliant government securities, actively traded on the Pakistan Stock Exchange (PSX), saw short-term Sukuk yields increase from 11.30%-11.84% in July to 11.68%-12.49% in September. According to information available from the Pakistan Stock Exchange (PSX), this movement in yields influenced the fund's performance.
Classified as a Shariah Compliant Money Market Fund, NIDDF holds a 'AA+ (I)' rating from PACRA. The fund's strategy aims to deliver returns surpassing those of Islamic banks and Islamic windows of commercial banks, with a focus on maintaining a high-quality credit profile and ensuring liquidity. The fund is restricted to investments in securities with a maturity not exceeding six months and maintains a weighted average time to maturity of no more than 90 days.
The fund reported a total income of Rs. 284.93 million for the quarter. After accounting for expenses totaling Rs. 26.36 million, the net income stood at Rs. 258.57 million. Asset allocation for NIDDF included 22.76% in Corporate Sukuk Certificates, 31.53% in Cash Equivalents & Other Net Assets, 6.18% in Government securities - Ijarah sukuks, and 39.53% in Bai Muajjal.
The Management Company's Board of Directors has sanctioned an interim cash dividend of 2.59% of the opening ex-NAV for the quarter, equivalent to 2.59% of the par value.