• Higher fees and commissions contributed to steady growth during the period.

Manama, Kingdom of Bahrain – SICO BSC (c), licensed as a conventional wholesale bank by the Central Bank of Bahrain “CBB”, announced today its consolidated results for the second quarter and six months ended 30 June 2024.

For the quarter, SICO’s consolidated net profit attributable to shareholders grew 47% year-on-year, to record BD 1.3 million (USD 3.5 million) in the second quarter of 2024 compared to BD 892 thousand (USD 2.4 million) recorded in the same three-month period of last year. This increase is primarily attributable to the increase in sustainable fee income in the Asset management and Investment banking lines of businesses.  Earnings per share (EPS) recorded 3.23 Bahraini fils in the second quarter of the year versus 2.08 Bahraini fils in the comparable quarter of 2023. SICO reported total comprehensive income attributable to shareholders of BD 1.2 million (USD 3.2 million) for the second quarter of 2024, compared to a total comprehensive income of BD 1.0 million (USD 2.7 million) booked in the same quarter of last year, representing an increase of 18%

Total operating income for the second quarter of 2024 increased by 14% to BD 4.9 million (USD 13.0 million) as compared to BD 4.3 million (USD 11.4 million) achieved in the same period of the previous year.

On a year-to-date basis, SICO recorded consolidated net profit attributable to shareholders for the first six months of 2024 amounting to BD 3.2 million (USD 8.4 million), representing a 95% surge from the BD 1.6 million (USD 4.3 million) recorded in the first half of 2023. There was increase in the overall Assets under management and all business lines at SICO contributed to the growth in first half of 2024 as compared to 2023, except for the net investment income which was affected due to underperformance of the regional equity markets. EPS were 7.77 Bahraini fils for the first six months of 2024 compared to 3.87 Bahraini fils for the same period of 2023. SICO reported total comprehensive income attributable to shareholders of BD 3.0 million (USD 8.0 million) for the first half of 2024, as compared to a total comprehensive income of BD 1.6 million (USD 4.3 million) booked in the first six months of 2023, representing an increase of 86%.

Total equity attributed to shareholders increased by 1.2%  to BD 71.3 million (USD 189.1 million) as of 30 June 2024 compared to BD 70.5 million (USD 187.0 million) recorded at year-end 2023, noting that a dividend of BD 2.1 million (USD 5.7 million) was paid to the equity shareholders for the year 2023, during the first quarter of 2024, while total assets grew by 3% to BD 400.4 million (USD 1.1 billion) as 30 June 2024 compared to BD 389.9 million recorded at year-end 2023

SICO’s net fee income recorded BD 4.8 million (USD 12.7 million), a 50% increase from BD 3.2 million (USD 8.5 million) achieved in the first half of 2023. Furthermore, brokerage and other income came in at BD 2.0 million (USD 5.3 million) for the first half of 2024, a 93% jump from the BD 1.0 million (USD 2.8 million) recorded in the first half of 2023. Meanwhile, net investment income stood at BD 1.4 million (USD 3.8 million) in the first six months of 2024 declining by 37% compared to BD 2.3 million (USD 6.0 million) last year, primarily due to the negative performance of  the regional equities portfolio.

On a gross basis (including leverage) SICO’s assets under management (AUMs) rose 6% to BD 2.4 billion (USD 6.3 billion) in the first half of the year compared to BD 2.3 billion (USD 6.0 billion) at year-end 2023. The growth in AUMs was driven by expansion in client base together with additional inflow from existing clients across asset classes.

Chairman of the Board of SICO, Mr. Abdulla Kamal, commented on SICO’s second quarter performance, saying, “We are pleased with SICO's robust performance in the first half of 2024, reflecting our strategic plans that ensure our resilience in the face of market fluctuations. Our ability to deliver consistent growth and value to our shareholders underscores the strength of our business model and our commitment to excellence. Building on SICO’s continuous success, we remain focused on capitalizing on market opportunities, further strengthening our position in the industry, and expanding our footprint across the region.”

Group Chief Executive Officer of SICO, Ms. Najla Al-Shirawi, added, “SICO's impressive performance in the first half of 2024 is a testament to our strategic initiatives and the dedicated efforts of our team. Despite the expected volatility of the net investment income, the notable growth in brokerage and other income, along with the growth in AUMs which has driven robust growth in net fee income, including asset management and investment banking advisory fees . During this period, SICO played an instrumental role in launching the Tanmia Liquidity Fund in Oman, and introduced fractional bond and sukuk trading for investors, which has positioned us at the forefront of innovation in the region. Additionally, our ongoing success in providing investment banking advisory for primary and secondary markets transactions, as well as M&A transactions in Bahrain, demonstrates our ability to thrive in a competitive landscape. Furthermore, we also obtained the necessary regulatory final approval to transfer our subsidiary SFS (SICO Fund Services Company) Business in its entirety to SICO, enhancing our integrated service offering to our clients.”

SICO was named Best Investment Bank in Bahrain at the 2024 Global Finance World’s Best Investment Banks Awards for the fifth consecutive year. It was also recognized as Best Investment Bank and Best Bank for Diversity and Inclusion in Bahrain by the Euromoney Awards 2024. SICO continues to be the Kingdom’s leading broker, with a 76.5% market share as of June 2024, and the most active market maker for 25 consecutive years.

SICO is listed on Bahrain Bourse (“BHB”) and its code is SICO-C. The press release and full set of financial statements will be available on SICO and BHB websites.

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About SICO

SICO is a leading regional asset manager, broker, market maker and investment bank, with over USD 6.3 bn in assets under management (AUM). Today SICO operates under a wholesale banking licence from the Central Bank of Bahrain and oversees two wholly owned subsidiaries: an Abu Dhabi-based brokerage firm, SICO Invest, and a Saudi-based investment banking company, SICO Capital. Headquartered in the Kingdom of Bahrain with a growing regional and international presence, SICO has a well-established track record as a trusted regional bank offering a comprehensive suite of financial solutions, including asset management, brokerage, investment banking, and market making, backed by a robust and experienced research team that provides regional insight and analysis of more than 90 percent of the region’s major equities. Since inception in 1995, SICO has consistently outperformed the market and developed a solid base of institutional clients. Going forward, the bank’s continued growth will be guided by its commitments to strong corporate governance and developing trusting relationships with its clients. The bank will also continue to invest in its information technology capabilities and the human capital of its 150 exceptional employees across the Group.

Media Contact:
Ms. Nadeen Oweis
Head of Corporate Communications, SICO
Email: noweis@sicobank.com