Securities & Investment Company (Sico), a conventional wholesale bank in Bahrain, reported a 166 per cent increase in first half net profit to BD5.1 million ($13.52 million), compared to BD1.9 million during the same period in 2013.

Operating income grew by 87pc to BD 8.2 million (H1 2013: BD4.4 million). Basic earnings per share rose from Bahraini fils 4.5 to 11.8 fils, it said.

For the second quarter of 2014, net profit increased to BD2.5 million (Q2 2013: BD 901,000); while operating income rose by 86pc to BD4.0 million (Q2 2013: BD2.2 million). Basic earnings per share rose from Bahraini fils 2.1 for Q2 2013 to 5.8 fils for Q2 2014.

For the first six months of 2014, total operating expenses, which include staff overheads, interest expense and general administration and other expenses, rose moderately to BD2.9 million, compared with BD2.4 million for the corresponding period in 2013.

Commenting on these results, Sheikh Abdulla bin Khalifa Al Khalifa, Sico chairman, said: “Our financial results for first half of 2014 reflect the encouraging growth recorded by all of the bank’s business lines, and the receipt of new mandates in the areas of discretionary portfolio management, agency brokerage, corporate finance, and custody and administration.”

Najla M Al Shirawi, chief executive officer, added : “Despite the GCC equities sell-off during June amid worries about speculative bubbles and the overheated property sector in Dubai, net profit for the first six months rose by 166pc. All core business areas generated strong revenues, with fee-based income revenue reaching BD3.9 million, which is the highest quarterly fee-based revenue achieved since 2007.

Total assets under management increased to a record $955 million, surpassing the highs recorded before the financial crisis of 2008 by 57pc.”  - TradeArabia News Service