SICO Reports BD159 thousand Net Profit in the First Half of 2020

SICO BSC (c), licensed as a conventional wholesale bank by the Central Bank of Bahrain “CBB”, announced today its consolidated results for the first half of the year ended 30 June 2020. SICO recorded a consolidated net profit for the first six months of 2020 amounting to BD 159 thousand, a decrease of 94% from the BD 2.9 million recorded in the first half of 2019. Earnings per share (EPS) were 0.43 Bahraini fils for the first six months of 2020 compared to 7.76 Bahraini fils in the same period of 2019. SICO recorded a total comprehensive loss for the first half of 2020 of BD 666 thousand compared to a total comprehensive income of BD 3.0 million in the first six months of 2019.

Adverse market conditions due to the spread of COVID-19 took a toll on SICO’s net investment income during the six-month period, which recorded a loss of BD 342 thousand in the first half of 2020 compared to an income of BD 3.5 million in the corresponding period last year. However, the bank’s performance was supported by strong aggregate net fee, brokerage and other income, which came 18% higher than the previous year. Brokerage and other income reached BD 2.1 million in the first six months of 2020, growing by 71% from the BD 1.2 million recorded in the first half of 2019. Meanwhile, net fee income amounted to BD 1.7 million in the first half of 2020, down 14% from the BD 2.0 million recorded in the same period of 2019.

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