SICO, a conventional wholesale bank, has announced that its consolidated net profit attributable to shareholders surged 223% to BD892,000 ($2.4 million) in the second quarter of 2023, compared to BD276,000 in the same period last year.

 

SICO’s  higher profitability in the second quarter was supported by positive market sentiment and continued upward momentum across regional and global equity markets, which was reflected in sustained growth across SICO’s business lines. 

 

Earnings per share (EPS) recorded 2.08 Bahraini fils in Q2 versus 0.65 Bahraini fils in the comparable quarter of 2022. SICO reported total comprehensive income of BD1 million ($2.7 million) for Q2 of 2023, compared to a total comprehensive loss of BD360,000 booked in the same quarter of last year.

 

SICO recorded consolidated net profit attributable to shareholders for the first six months of 2023 amounting to BD1.6 million ($4.3 million), representing a 34% decrease from the BD2.5 million ($6.6 million) recorded in the first half of 2022. 

 

The BD2.5 million profit in 2022 included a one-off income of BD1 million, resulting from proceeds received in lieu of a written-off investment in earlier years. 

 

EPS were 3.87 Bahraini fils for the first six months of 2023 compared to 5.88 Bahraini fils for the same period of 2022. SICO reported total comprehensive income attributable to shareholders of BD1.6 million for the first half of 2023, as compared to a total comprehensive income attributable to shareholders of BD2.2 million booked in the first six months of 2022, representing a decrease of 25%.

 

Total equity attributed to shareholders stood at BD67.5 million ($179.1 million) as of 30 June 2023 compared to BD70 recorded at year-end 2022, representing a 3.5% decrease. Treasury shares amounting to BD1.9 million were acquired during the period, which is the primary reason for the decrease in the equity balance. SICO’s total assets were BD346.1 million as at 30 June 2023, an increase of 24% from the BD280 million recorded at year-end 2022. 

 

SICO Board Chairman Abdulla Kamal said: “With the first six months of the year now behind us, I am pleased to announce that our financial performance has remained strong, with our second-quarter results displaying robust growth versus last year and, despite market volatility over the past decade, our AUMs continued to grow. The first half of 2023 saw us take important strides forward aimed at achieving progress in expanding our client base and our ambitious strategic plans for value creation and long-term growth.”

 

Chief Executive Officer of SICO Najla Al-Shirawi added: “We continued to leverage our diversified offering, expanded footprint, and strategic partnerships to successfully capitalize on the GCC markets’ upward trend, which saw markets across the region post sustained growth throughout the second quarter. In the last three months, SICO’s business lines continued to deliver impressive performances, with our funds consistently outperforming benchmark indices and AUMs in equities ,bonds and sukuk, reaching a record-high – a testament to the effectiveness of our investment strategies and the appeal of our increasingly tailored offering. Lastly, in line with our unwavering dedication to safeguarding the interests of our valued clients and shareholders, we continue to invest in our people, technology, and systems and maintain a strong balance sheet as evidenced by our increasing cash balances and growing client accounts.” - TradeArabia News Service