Bahrain-based Securities & Investment Company (SICO Investment Bank) today announced its third quarter financial results for 2006. For the nine-month period ending 30 September 2006, the Bank reported a consolidated net income of BD3.157 million versus BD4.382 million for the corresponding period in 2005. Total income for the first nine months of the year was BD4.803 million from BD5.496 million recorded for the third quarter of 2005.
Earnings per share was 23 Bahrain fils compared to 32 Bahrain fils for the same period in 2005. Assets under Management increased by 38.6 percent to BD136.738 million for the first nine months of the year up from BD98.652 million as of September 30, 2005.
The third quarter of 2006 saw net interest income more than quadruple to BD522 thousand versus BD110 thousand year-on-year. Loss on trading securities amounted to BD255 thousand for the 2006 period versus recorded gains of BD2.208 million for the third quarter of 2005.
Dividend income grew by 24 percent to BD579 thousand compared with BD466 thousand in the previous year. Other income, which includes brokerage commissions, corporate finance, and asset management registered a gain of 58.3 percent from BD2.826 million in 2005 to BD1.785 million for the third quarter of 2006.
Total expenses for the nine-month period were BD1.646 million, a 47 percent rise from BD1.114 million reported during the nine-month period of 2005. The increase is largely attributed to costs associated with investments in IT systems, staff and other related expenses as SICO continues its growth and the expansion of its industry leading brokerage, asset management, corporate finance and research teams.
“In spite of very trying market conditions in the GCC stock markets, the Bank was able to produce a good year-to-date outcome, with most business units substantially improving on pervious year’s results. Proprietary activities did however impact this otherwise excellent picture. We are pleased that our annuity revenues continue to increase, with our brokerage, asset management and corporate finance businesses contributing particularly good results. Our Bank’s overall conservative and balanced stance has given as good quality earnings” said Sheikh Mohammed Isa Al Khalifa, Chairman of Securities & Investment Company.
The Bank’s Chief Executive Officer, Anthony Mallis added: “Under the challenging circumstances the regional markets have experienced we did especially well. Year-To-Date results surpassed our internal projections. During the past nine months we retained our position as the broker of choice for large stock transactions on the Bahrain Stock Exchange, increased our assets under management by a considerable margin and were awarded a number of corporate finance mandates. In addition, our research capabilities have been much enhanced, which continues to underline our commitment to presenting a superior platform and service to our clients“.
SICO Investment Bank is a leading Bahrain-based financial institution offering a selective range of investment banking services, including asset management, brokerage, market-making and corporate finance on a regional basis. SICO was incorporated in Bahrain in 1995 with an investment-banking license from the Central Bank of Bahrain.
For more information, please visit www.sico-bahrain.com.
