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Sico approves 9pc cash dividend

MANAMA, March 30, 2015

Securities and Investment Company (Sico), licensed by the Central Bank of Bahrain (CBB) as a conventional wholesale bank, has approved the payment of a cash dividend of BD3.86 million ($10.1 million), representing nine per cent of the paid-up capital.

The dividend was recommended by Sico’s board of directors and approved by the bank’s annual general meeting (AGM) held today (March 30) at the Golden Tulip Hotel, Bahrain.

Shaikh Abdulla bin Khalifa Al Khalifa, chairman, said: “2014 proved to be a very exciting year for the bank, highlighted by strong financial results, a robust business performance and a smooth transition of leadership.

“Net profit for the year increased by 11.3 per cent to BD5.4 million, reflecting the strong performance by all core business lines which exceeded our expectations. It is extremely encouraging that fee, commission and brokerage income now accounts for 57 per cent of total income.”

The shareholders reviewed and approved the board’s report on Sico’s activities for 2014; the auditors’ report and audited financial statements; and the proposed new variable remuneration policy for employees, which is in line with the CBB’s sound remuneration policy guidelines issued during the year.

The AGM also approved the transfer of BD 575,000 to the general reserve; directors’ remuneration of BD130,000, subject to approval by the Ministry of Industry and Commerce; and BD30,000 from the 2015 budget to be spent on supporting charitable, cultural and educational activities.

Meanwhile, Sico has reported total assets of BD 17.3 million, with shareholders’ equity of BD62.7 million. - TradeArabia News Service




Tags: CBB | capital | Sico | cash | dividend |

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