SICO profit jumps 63pc

TDT | Manama

SICO, a conventional wholesale bank, yesterday reported a 2019 fourth-quarter net profit of BD 2.5 million, a 457 per cent increase from BD 441 thousand in the same quarter a year ago. Net operating income was BD 5.3 m, up 121pc from BD 2.4 m in the last quarter of 2018.

Total operating expenses was BD 2.9 m versus BD 1.9 m recorded in the same quarter of last year. Quarterly earnings per share was 6.65 Bahraini fils compared to the 1.19 Bahraini fils in the prior-year quarter. Total comprehensive income jumped 646pc to BD 2.8 m from the BD 369 thousand recorded in Q4 of 2018. SICO’s Board recommended a cash dividend of 10pc of the share capital, equivalent to 10 Bahraini fils per share. Full-year results Consolidated net profit for the year increased by 63pc to BD 6.0 m from the BD 3.7 m recorded at the end of 2018.

Growth during 2019 was driven primarily by an increase in the bank’s net fee income, which grew by 51pc to BD 6.3 m from the BD 4.2 m recorded at the end of 2018. Additionally, net investment income witnessed a 41pc increase from BD 3.1 m at the end of 2018 to BD 4.3 m at year-end 2019, further driving growth for the bank. SICO recorded a 36pc increase in net operating income at BD 14.6 m in 2019 from BD 10.7 m in the previous year.

Total operating expenses, including general administration expenses, staff overheads, and other expenses, recorded BD 8.5 m at the end of 2019 versus BD 6.7 m in the same period of 2018. Earnings per share (EPS) was 16.32 Bahraini fils, an increase by 63pc from the 10.01 Bahraini fils recorded a year ago. Total comprehensive income grew by 81pc from the BD 3.8 m recorded at the end of 2018 to BD 6.8 m in 2019.