News Column

SICO net profits rise 166% to 5.1m Bahraini dinars

July 26, 2014

Staff Report

Manama, Bahrain: Securities & Investment Company (Sico), licensed by the Central Bank of Bahrain as a conventional wholesale bank, today announced its financial results for the second quarter of 2014 and the first six months of the year.

Net profit for the first half of 2014 increased by 166 per cent to 5.1 million Bahraini dinars (Dh49.4 million) ; while operating income grew by 87 per cent to 8.2 million dinars. Basic earnings per share rose from Bahraini fils 4.5 to 11.8 fils.

For the second quarter of 2014, net profit increased to 2.5 million dinars; while operating income rose by 86 per cent to 4 million dinars. Basic earnings per share rose from Bahraini fils 2.1 for the second quarter of 2013 to 5.8 fils for the second quarter of 2014.

Interest income, net fee & commission income, and brokerage & other income during the second quarter of 2014 contributed to operating income by 327,000 dinars, 1.6 million dinars and 829,000 dinars, respectively; while net investment income contributed 1.3 million dinars. Total operating expenses for the period were 1.4 million dinars.

Year to date, brokerage and other income has increased by 129 per cent to 1.6 million dinars. Investment income grew by 94 per cent to 3.7 million dinars, and net fee & commission income increased by 108 per cent to 2.3 million dinar; while interest income declined slightly.

Najla M. Al Shirawi, chief executive officer of Securities & Investment Company, added: "Despite the GCC equities sell-off during June amid worries about speculative bubbles and the overheated property sector in Dubai, net profit for the first six months rose by 166 per cent to 5.1 million dinars, which equals the net profit reported for the whole of 2013. All core business areas generated strong revenues, with fee-based income revenue reaching 3.9 million dinars, which is the highest quarterly fee-based revenue achieved since 2007.

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Source: Gulf News (United Arab Emirates)

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