Flip through the latest issue of Gulf Weekly.
Bahrain-based Securities & Investment Company (SICO) announced a net profit of BD5.758 million ($15 million) for the first half of this year, an increase of 61 per cent, compared to last year's second quarter profits of BD3.581 million.
Total income increased by 52 per cent to BD7.620 million compared to BD5.018 million in the same period last year while earnings per share reached 18 Bahraini fils, a 64 per cent increase from 11 Bahraini fils for the same period last year.
Assets under management increased by 23 per cent to BD281.618 million from BD229.848 million for the same period last year.
Net interest income grew by 54 per cent over the same period last year to BD504,000 from BD327,000.
Brokerage and other income increased by 74 per cent to BD2.355 million from BD1.352 million.
Total expenses increased to BD1.862 million from BD1.437 million, reflecting increased staff, general and administrative expenses.
The firm's total assets were BD93.018 million, decreasing from December 31, last year by 11 per cent.
The firm completed a rights issue at the end of June, with paid-up capital increasing to BD42.346 million, and shareholders capital at mid-year reaching BD61.335.
SICO_chairman Shaikh Mohammed bin Isa Al Khalifa said:_"We believe that the groundwork has been laid for a robust and sustainable revenue model based on the bank focusing on its core competencies.
"This groundwork combined with our overall conservative and balanced stance will deliver good growth in the future as well as increasing value to our shareholders."
