SICO Reports BD 2.2 Million (USD 5.8 million) Net Profit Attributed to Shareholders of the Bank for the First Quarter 2022, an 81% Increase from Same Period Last Year
12/05/2022Strong growth driven a 57% y-o-y growth in net fee income and an almost two-fold increase in investment income.
Manama, Kingdom of Bahrain –12 May 2022
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 2022.
SICO’s consolidated net profit attributable to shareholders increased by 81% in the first quarter of 2022 to BD 2.20 million (USD 5.83 million), compared to BD 1.22 million (USD 3.23 million) for the same quarter of the previous year. Earnings per share stood at 5.22 Bahrain fils for the quarter ended 31 March 2022, compared to 3.13 Bahraini fils in the same quarter last year. Total comprehensive income attributed to shareholders increased by 70% in the first quarter of 2022 to BD 2.48 million (USD 6.57 million) compared to BD 1.46 million (USD 3.86 million) for the same quarter of the previous year.
Total equity attributed to shareholders remained almost unchanged at BD 69.19 million (USD 183.52 million) as at 31 March 2022, compared to BD 68.87 million (USD 182.67 million) as at 31 December 2021.
Total assets increased by 12% to BD 294.54 million (USD 781.28 million) as at 31 March 2022 compared to BD 263.52 million (USD 699 million) on 31 December 2021. The expansion in SICO’s asset footing was attributable to securities bought under repurchase agreements, as well as an increase in treasury bills and other cash balances during the quarter.
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