SICO reports $9.4mln in net profit attributable to shareholders for the year ended 31 December 2022

SICO reports $9.4mln in net profit attributable to shareholders for the year ended 31 December 2022

Manama, Kingdom of Bahrain: – SICO BSC (c), licensed as a conventional wholesale bank by the Central Bank of Bahrain “CBB”, announced today its consolidated results for the fourth quarter and year ended 31 December 2022.

On a quarterly basis, SICO recorded consolidated net profit attributable to shareholders of BD 742 thousand (USD 2 million) in the fourth quarter of 2022 compared to the BD 2.7 million (USD 7.3 million) recorded in the final quarter of the previous year, a 73% year-on-year decline. Lower net profitability for the three-month period came principally on the back of lower investment income and a reduction in performance fees. Earnings per share were 1.78 Bahraini fils in the fourth quarter of 2022, compared to 6.50 Bahraini fils in the same period last year. SICO reported a total comprehensive income attributable to shareholders of BD 799 thousand (USD 2.1 million) compared to BD 2.8 million (USD 7.4 million) in the same quarter of 2021, representing a 71% decline.

For the full year 2022, SICO reported BD 3.6 million (USD 9.4 million) consolidated net profit attributable to shareholders, representing a 44% drop from the BD 6.4 million (USD 17 million) recorded at year-end 2021. Net profit for the