Bahrain: Sico 9M attributable net profit drops 23% to $7.5mln

Bahrain: Sico 9M attributable net profit drops 23% to $7.5mln

Bahrain - Sico, licensed as a conventional wholesale bank by the Central Bank of Bahrain (CBB), has seen its nine-month (9M) consolidated net profit attributable to shareholders drop 23% to BD2.81 million ($7.5 million).

However, Sico’s AUMs (assets under management) increased 5% to BD1.79 billion and net fee income grew by 85%.

Sico had made BD3.66 million net profit in 9M 2021. The drop is attributed to the decline in investment income and unrealised losses recorded on account of wide selloffs in the financial markets.

Income falls

EPS were 6.67 Bahraini fils for the nine months of 2022 compared to 8.68 Bahraini fils for the same period of 2021. Sico reported a total comprehensive income of BD2.48 million for the nine months of 2022 compared to a total comprehensive income of BD4.04 million booked for nine months 2021, representing a decrease of about 39%.

Total equity attributed to shareholders remained largely unchanged at BD69.18 million as of September 30, 2022 compared to BD68.87 million recorded at year-end 2021. Sico’s total assets recorded BD265.68 million as of September 30, 2022, an increase of 1% from the BD263.52 million recorded at year-end 2021.

The strong upward trajectory across the majority of Sico’s core business lines helped offset lower