SICO’s net profit down in 2011 due to slump

Bahrain-based regional investment bank, Securities & Investment Company (SICO), announced its financial results for the year ending December 31, 2011. Opeating income for 2011 was BD 4.63 million compared with BD 7.85 million for the previous year; while net profit declined to BD 488 thousand from BD 3.785 million in 2010. Basic earnings per share fell to fils 1.145 versus fils 8.9 in 2010. For a quarterly comparison operating income for the fourth quarter of 2011 was BD 1.821 million, compared to BD 2.625 million for the same period in 2010. Total expenses for the quarter were BD 969 thousand, compared to BD 1.115 million for the same period in 2010.  Net Profit for the quarter was BD 852 thousand in comparison to BD1.510 million for the final quarter of 2010.  Basic earnings per share were 2 fils  for the quarter, compared to 3.55 fils for the same period in 2010. Total assets at year-end contracted to BD 70.635 million from BD 81.23 million year-end 2010. However assets under management grew to BD 206 million, up from BD 201 million the previous year, while assets under custody with the Bank’s wholly-owned subsidiary —SICO Funds Services Company (SFS) — dropped to BD 864 million, from BD 1.28 billion in 2010, reflecting market-driven declines in net asset values. With exceptionally low market interest rates, the Bank’s net interest income during the year dropped to BD 1.08 million (2010: BD 1.45 million), fee and commission income declined to BD 2.18 million (2010: BD 2.29 million), while brokerage and other income was almost on par with the previous year at BD 1.05 million (2010: BD 1.14 million).