KARACHI, Feb 20: National Fullerton Asset Management Limited (Nafa) on Wednesday announced financial results of its funds for the half year ended December 31, 2008.

A press release issued by the company stated that the total assets under management grew 35 per cent to Rs28 billion on Dec 31, 2007 from Rs21 billion on June 30. The size of Nafa Cash Fund increased from Rs18 billion to Rs23 billion.

Annualised return on Nafa cash fund during the period was 9.6 per cent. The size of Nafa Multi Asset Fund increased from Rs1.3 billion to Rs1.6 billion. The return on the fund was 11.7 per cent versus the benchmark (50 per cent KSE-30 Index and 50 per cent one-Month Kibor) return of 1.99 per cent.

Nafa Stock Fund grew from Rs1.5 to Rs1.8 billion during the period. The six-month return on the fund was 12.6 per cent versus the KSE-30 index return of -1.63 per cent.

Nafa Islamic Income and Islamic Multi Asset Funds were launched on Oct 29, 2007 and presently Rs1.74 billion is invested in those two funds.

ARIF HABIB BANK: The bank announced the annual results of the bank for the year ended December 31, 2007 in the meeting of the board held on Feb 16.

A company press release stated that the bank posted an earning before tax of Rs326.9 million and profit after tax of Rs230.165 million during the year showing an increase of 144.92 per cent.

Equity of the bank increased to Rs6.324 billion, an increase of 104 per cent, while the deposits and advances increased by 73 per cent and 82 per cent to Rs9,465 million and Rs8,029 million respectively during the current year as compared to the period ended December 31, 2006.

The AHBL commenced its operations as a fully scheduled bank on August 5, 2006 and has 12 branches in operation across Pakistan at Karachi, Lahore, Islamabad, Faisalabad, and Multan.

MEEZAN FUNDS: Meezan Investments announced the half yearly results for Al Meezan Mutual Fund Limited (AMMF) and Meezan Balanced Fund (MBF).

During the half year ended Dec 31, 2007, Al Meezan Mutual Fund Limited (AMMF) earned net income of Rs129.4 million (Rs0.94 per share) as compared to Rs45 million (Rs0.33 per share) in the corresponding period last year reflecting growth of 187 per cent.

As on December 31, 2007, AMMF’s net assets stood at Rs2,041 million. Meezan Balanced Fund (MBF) earned net income of Rs62.7 million (Rs0.52 per unit) as compared to Rs55.4 million in the same period last year.

The income was mainly generated through realized capital gains of Rs45.6 million, dividend income of Rs20.6 million and profit on Shariah-compliant income instruments of Rs33.1 million. The net assets of MBF as on December 31, 2007 stood at Rs.1,467 million (Rs12.24 per unit).

UBL FUNDS: UBL Fund Managers announced the results for funds under management for the half year ended December 31, 2007. Total assets under management increased by 40 per cent and the company is now managing five open end mutual funds with an asset base of over Rs33 billion. United Money Market Fund (UMF), Pakistan’s first money market and ‘No Load’ fund, gave a return of 9 per cent p.a. during the period and grew by 7 per cent in terms of AUM. United Growth and Income Fund (UGIF), increased by 54 per cent in terms of AUM, closing the year at an asset size of Rs17.62 billion. UGIF gave a return of 9.09 per cent p.a. for the period under review.

United Stock Advantage Fund (USF) increased by 74 per cent in AUM as compared to June 2007. The Fund announced a net yield of 2.24 per cent.

UBL Funds’ Ameen Islamic Fund Series, United Composite Islamic Fund (UCIF) represented an increase of 9 per cent in fund size as compared to June 2007. The yield for the half year was 2.86 per cent. United Islamic Income Fund (UIIF), gave a return of 8.20 per cent p.a. The Fund was publicly launched in October 2007.

NESTLE: Nestle Pakistan Limited on Wednesday announced a 33 per cent increase in profit after taxation to Rs1805.212 million for the year ended December 31, 2007 during the meeting of the Board of Directors in Lahore.

The company’s experienced a phenomenal growth in earnings per share which stood at Rs39.81 as compared to Rs30.06 for the year 2006. The board recommended a 100 per cent cash dividend in light of the strong growth and performance indicators.

According to a press release the sales of the company for the year 2007 surged by Rs6.2 billion to Rs28.235 billion as compared to Rs22.031 billion for 2006.

The profit before tax rose to Rs2,549.756 million in the calendar year 2007 against Rs2,005.455 million in 2006.