MANAMA: SICO has reported its consolidated net profit attributable to shareholders increased by 81 per cent in the first quarter of 2022 to BD2.2 million, compared to BD1.22m for the same quarter of the previous year.
Earnings per share stood at 5.22 fils for the quarter compared to 3.13 fils in the same quarter last year.
Total comprehensive income attributed to shareholders increased by 70pc in the first quarter of 2022 to BD2.48m compared to BD1.46m for the same quarter of the previous year.
Total equity attributed to shareholders remained almost unchanged at BD69.19m as of end-March 2022, compared to BD68.87m as of end-2021.
Total assets increased by 12pc to BD294.54m as of end-March 2022 compared to BD263.52m as of end-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.
SICO maintained growth momentum in the first quarter of 2022 driven by the diversity and leading market positions across business lines.
The conventional wholesale bank recorded an 87pc growth in net investment income to BD2.19m from BD1.17m recorded in the quarter ended March 31, 2021.
The strong performance reflects SICO’s ability to capitalise from its healthy asset allocation.
SICO also successfully recovered BD1m during the quarter from an investment which SICO had fully written off earlier.
An upward trajectory across regional equity markets, along with strong returns achieved on all clients’ mandates, has supported a 57pc increase in net fee income to BD1.49m in first quarter 2022 compared to BD953,000 recorded during the same quarter last year.
Brokerage and other income recorded BD821,000 in Q1-2022, compared to BD745,000 booked in first quarter 2021.
Finally, net interest income booked BD539,000 in the first quarter of 2022, an increase of 33pc from BD405,000 recorded in the same quarter last year.
On a gross basis (including leverage) SICO’s assets under management (AUMs) increased by 9pc to BD1.9 billion as of end-March 2022, compared to BD1.7bn recorded at end-2021.
Meanwhile, on a net basis (excluding leverage), total AUMs incvreased by 8pc to BD1.7bn as of end-March 2022, compared to BD1.5bn recorded as of end-2021.
The growth in AUMs was driven by additional mandates and subscriptions to funds across asset classes and the continued outperformance of SICO’s assets under management mandates and funds.
SICO’s subsidiary, SICO Funds Services Company, saw its assets under custody increase by 2pc to BD3.2bn as of end-March 2022 compared to BD3.1bn as of end-2021.
Commenting, chairman Shaikh Abdulla bin Khalifa Al Khalifa said: “SICO has started the year with strong results, proving again it is able to weather global and external challenges as it cements its reputation as a leading financial service provider in the region. The bank’s resilience is underlined by its increasingly diversified offering across its lines of business and expanded regional presence. We are proud of SICO’s ability to provide best-in-class services to its customers while driving sustainable value to our stakeholders.”
Presence
SICO chief executive Najla Al Shirawi said: “Despite the elevated global geo-political risk and its ripple effect on an economic level globally and regionally, SICO was able to leverage its diversified business lines to capitalise on increased market activity and positively impact our top and bottom lines. I am also particularly pleased with SICO Capital development, as we deepen our presence and breadth of our service offering in Saudi Arabia. SICO Capital successfully capitalised on the heightened market activity in Saudi Arabia, most notable of which was our investment banking team’s role as sole financial adviser to Saudi Innova Healthcare in a private placement sale of 75pc of its shares.
“Meanwhile, SICO Capital’s Saudi REIT Fund also signed an agreement to acquire a new commercial property in Riyadh valued at SAR448m as it seeks to diversify its portfolio in line with the fund’s new strategy. Finally, we maintain our leadership as the number one brokerage firm in Bahrain in terms of value of transactions, and continue to enhance the functionality of our digital trading platform SICO LIVE,” Ms Al Shirawi concluded.
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