Sico
SICO-C
SICO-C
Securities & Investment Company (SICO), licensed by the Central Bank of Bahrain as a conventional wholesale bank, 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 BHD 5.1 million (H1 2013: BHD 1.9 million) ; while operating income grew by 87 per cent to BHD 8.2 million (H1 2013: BHD 4.4 million). Basic earnings per share rose from Bahraini fils 4.5 to 11.8 fils , according to capital intelligence.
For the second quarter of 2014, net profit increased to BHD 2.5 million (Q2 2013: BHD 901,000); while operating income rose by 86 per cent to BHD 4.0 million (Q2 2013: BHD 2.2 million). Basic earnings per share rose from Bahraini fils 2.1 for Q2 2013 to 5.8 fils for Q2 2014.
Interest income, net fee & commission income, and brokerage & other income during the second quarter of 2014 contributed to operating income by BHD 327,000, BHD 1.6 million and BHD 829,000, respectively; while net investment income contributed BHD 1.3 million. Total operating expenses for the period were BHD 1.4 million.
Year to date, brokerage and other income has increased by 129 per cent to BHD 1.6 million (H1 2013: BHD 685 thousand). Investment income grew by 94 per cent to BHD 3.7 million (H1 2013: BHD 1.9 million), and net fee & commission income increased by 108 per cent to BHD 2.3 million (H1 2013: BHD 1.1 million); while interest income declined slightly to BHD 657,000 from BHD 702,000 reported for same period last year.
For the first six months of 2014, total operating expenses, which include staff overheads, Interest Expense and general administration & other expenses, rose moderately to BHD 2.9 million, compared with BHD 2.4 million for the corresponding period in 2013.
As at 30 June 2014, total balance sheet footings had decreased slightly to BHD 93.3 million from BHD 94.2 million at the end of 2013. Assets under management grew by 13.6 per cent to BHD 360 million ($955 million) from BHD 317 million ($840 million) at the end of the previous year, while assets under custody with the Bank’s wholly-owned subsidiary – SICO Funds Services Company (SFS) - grew by 31 per cent from BHD 1.3 billion ($3.4 billion) to BHD 1.7 billion ($4.5 billion).
Net profit for the first half of 2014 increased by 166 per cent to BHD 5.1 million (H1 2013: BHD 1.9 million) ; while operating income grew by 87 per cent to BHD 8.2 million (H1 2013: BHD 4.4 million). Basic earnings per share rose from Bahraini fils 4.5 to 11.8 fils , according to capital intelligence.
For the second quarter of 2014, net profit increased to BHD 2.5 million (Q2 2013: BHD 901,000); while operating income rose by 86 per cent to BHD 4.0 million (Q2 2013: BHD 2.2 million). Basic earnings per share rose from Bahraini fils 2.1 for Q2 2013 to 5.8 fils for Q2 2014.
Interest income, net fee & commission income, and brokerage & other income during the second quarter of 2014 contributed to operating income by BHD 327,000, BHD 1.6 million and BHD 829,000, respectively; while net investment income contributed BHD 1.3 million. Total operating expenses for the period were BHD 1.4 million.
Year to date, brokerage and other income has increased by 129 per cent to BHD 1.6 million (H1 2013: BHD 685 thousand). Investment income grew by 94 per cent to BHD 3.7 million (H1 2013: BHD 1.9 million), and net fee & commission income increased by 108 per cent to BHD 2.3 million (H1 2013: BHD 1.1 million); while interest income declined slightly to BHD 657,000 from BHD 702,000 reported for same period last year.
For the first six months of 2014, total operating expenses, which include staff overheads, Interest Expense and general administration & other expenses, rose moderately to BHD 2.9 million, compared with BHD 2.4 million for the corresponding period in 2013.
As at 30 June 2014, total balance sheet footings had decreased slightly to BHD 93.3 million from BHD 94.2 million at the end of 2013. Assets under management grew by 13.6 per cent to BHD 360 million ($955 million) from BHD 317 million ($840 million) at the end of the previous year, while assets under custody with the Bank’s wholly-owned subsidiary – SICO Funds Services Company (SFS) - grew by 31 per cent from BHD 1.3 billion ($3.4 billion) to BHD 1.7 billion ($4.5 billion).
Source:
Mubasher
