The NAMAL Income Fund (NIF) has declared its second dividend of Rs. 0.75 per unit for the six months ending Dec. 31, 2002.
With this distribution investors have enjoyed a gross dividend of Rs 1.50 per unit for 2002. The fund paid Rs 0.75 per unit in July 2002, NAMAL said in a statement Wednesday. rn
rnDuring the six-months operational period ended December 31, 2002, the yield on one-year Treasury Bills declined from 13.5 per cent to 9.9 per cent and six-month Treasury Bill from 13 percent to 9.9 percent.rn
rnThe Average Weighted Deposit Rate (AWDR) also dropped from 9.4 percent to 7.8 percent indicating a reduction in overall deposit rates offered by the Banks. rn
rnThe general decline in interest rates had an impact on the average return of the fund. However this effect was mitigated by the prudent choice of investments made by the Managers in the previous year, said S Jeyavarman, CEO of NAMAL. rn
rnThe current decline in interest rates would have an impact on the funds return in the ensuing p