The bank's operating income grew by 41 per cent to BD10.6 million from BD7.5 million in the previous year. Basic earnings per share rose by 86 per cent to 11.9 fils from 6.71 fils in 2012, reported the
Total operating income for the final quarter of 2013 increased to BD3.5 million compared to BD2.2 million for the corresponding 2012 period, while total expenses for the fourth quarter rose to BD1.7 million from BD1 million in the same period of 2012.
The net consolidated profit for the fourth quarter of last year was BD1.8 million, compared with BD1.2 million for the same period of the previous year.
Brokerage and other income for the full year increased to BD1.2 million from BD671,000 in 2012, along with net investment income which grew to BD4 million from BD3.3 million in 2012.
The company's net fee and commission income was also augmented to BD4 million from BD2.2 million, while net interest income remained largely unchanged from last year at BD1.3 million.
The total operating expenses, which include staff overheads, general administration and other expenses, were BD5.3 million, compared with BD4.4 million in 2012.
At the end of last year, the total balance sheet footings had increased by 20 per cent to BD94.2 million from BD78.4 million at the end of the previous year.
Assets under management grew by 39 per cent to BD317 million from BD228 million at the end of 2012, while assets under custody with the bank's wholly-owned subsidiary -
Sico continued to maintain a strong capital base, ending the year with shareholders' equity of BD61.9 million, with a strong consolidated capital adequacy ratio of 62.3 per cent.
As a reflection of its traditionally prudent philosophy, the bank remains highly liquid with currently 35 per cent, or BD32.8 million, of its balance sheet in cash and deposits, compared with 41.5 per cent, or BD32.5 million, at the end of 2012.
Available-for-sale securities at the end of last year increased to BD32.7 million from BD21.8 million at the end of 2012, while investments at fair value through profit or loss rose to BD19.8 million compared to BD16.1 million in 2012.
Lauding the excellent financial performance, Sico chairman
"In addition, Sico was awarded important new mandates in the areas of discretionary portfolio management, agency brokerage, corporate finance and custody and administration.
"It is particularly encouraging that fee and commission-based income now accounts for 50 per cent of total income, achieving the optimum 50:50 balance between proprietary income and fee-based revenue.
"With a balanced and diversified revenue model, the institution is better positioned to accommodate market volatility.
"Looking ahead to 2014, we are optimistic on the new opportunities for Sico's continued growth. The bank is well-positioned to take advantage of the considerable interest by GCC institutional investors in the Gulf region, and the likelihood of increased foreign investment inflows to the GCC region,"
"In no small way a great team has helped in generating these pleasing results," stated Mallis..
"On a personal note, my decision to retire in March marks the end of one chapter in Sico's development and the beginning of another, with the bank now in excellent shape," he added.-
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