SICO reports BD 1.2 million net profit for the first quarter of 2021

sico profit equity bank
Bahrain

SICO reports BD 1.2 million net profit for the first quarter of 2021

SICO BSC (c), licensed as a conventional wholesale bank by the Central Bank of Bahrain (CBB), announced today its consolidated results for the first quarter ended 31 March 2021. SICO’s consolidated net profit for the first quarter was BD 1.2 million, an increase of 168% and reversing the net loss of BD 1.8 million posted in the first quarter of 2020. Earnings per share (EPS) for the first quarter of 2021 were 3.23 Bahraini fils compared to -4.86 Bahraini fils in the first quarter of 2020. Total comprehensive income for the first quarter of 2021 increased by 144% to BD 1.4 million compared to a comprehensive loss of the BD 3.3 million recorded in the first quarter of 2020. Total equity attributed to shareholders increased by 9% to BD 63.4 million as at 31 March 2021, net of BD 2.14 million in cash dividends for FY2020 distributed during the first quarter of 2021. Total shareholders’ equity was BD 58.3 million as of 31 December 2020. The increase in overall equity is primarily attributed to SICO’s sale of its treasury shares through the share swap-based acquisition of Muscat Capital transaction and the addition of a new shareholder (Bank Muscat) in the

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