Mubasher: Bahrain’s SICO bank has reported a 12% year-on-year increase in net profit during the full year 2018, recording BHD 3.7 million ($9.82 million).

Net operating income went up 16% to BHD 10.7 million last year, compared to BHD 9.3 million a year earlier.

The Manama-based asset manager’s total operating expenses rose 14% year-on-year to BHD 6.7 million in 2018.

Earnings per share (EPS) for 2018 grew to 10.01 fils versus 8.01 Bahraini fils in 2017, according to a bank statement released on Tuesday.

Total assets under management (AUM) surged 50% to BHD 700 million ($1.9 billion) last year, in comparison with BHD 465 million in the year-ago period.

“Our ability to grow AUMs, execute landmark transactions and maintain a leading market position for two decades is thanks to SICO’s investment approach, market reach and institutional capacity,” SICO’s CEO Najla Al Shirawi commented.

A quarter-on-quarter, SICO’s consolidated net profit grew 8% to BHD 441,000 in the fourth quarter of 2018.  

“SICO continued to deliver a strong performance despite the region-wide fiscal and monetary challenges that we experienced throughout 2018,” the bank’s chairman Shaikh Abdulla bin Khalifa said.

SICO’s board has recommended the distribution of 8% of the bank’s share capital, or 8 fils per share, subject to the approval of the Central bank of Bahrain and SICO’s general assembly.