SICO BSC (c) has announced its financial results for the fourth quarter and full year of 2024. Despite market challenges, the bank achieved steady growth and higher earnings across multiple business lines. This financial performance highlights SICO’s ability to adapt and expand.
For the fourth quarter of 2024, SICO reported a consolidated net profit of BHD 292 thousand (USD 775 thousand). Compared to last year’s BHD 2.2 million (USD 5.9 million), this reflects an 87% decrease. The drop resulted from weaker equity and fixed income markets, affecting investment and brokerage revenues. Earnings per share stood at 0.7 Bahraini fils, down from 5.6 Bahraini fils in the previous year.
Total operating income for the quarter declined by 18% to BHD 5.0 million (USD 13.2 million). Last year, the same period generated BHD 6.1 million (USD 16.1 million). Comprehensive income attributable to shareholders reached BHD 142 thousand (USD 377 thousand), marking a 94% drop from 2023.
Despite a weaker quarter, SICO posted significant full-year gains. In 2024, net profit rose by 26% to BHD 5.5 million (USD 14.6 million), up from BHD 4.4 million (USD 11.6 million) in 2023. Total operating income grew by 18% to BHD 21.6 million (USD 57.2 million). Strong brokerage, investment banking, and asset management services fueled this growth.
Net fee income surged by 33% to BHD 10.8 million (USD 28.8 million). Commission-based income climbed 77% to BHD 3.8 million (USD 10 million). Net interest income also grew by 10%, reaching BHD 3.9 million (USD 10.5 million). However, net investment income dropped 32% to BHD 3.0 million (USD 8.0 million), reflecting weaker regional equity markets.
Total equity attributable to shareholders increased by 5% to BHD 74.0 million (USD 196.2 million). Meanwhile, total assets grew by 5% to BHD 411.2 million (USD 1.1 billion). The Board of Directors recommended a dividend distribution of 7.5%, totaling BHD 3.2 million (USD 8.5 million).
SICO’s assets under management expanded by 23%, reaching BHD 2.8 billion (USD 7.4 billion). New fund launches and private portfolio growth contributed to this increase. Chairman Abdulla Ahmed Kamal expressed confidence in SICO’s future, emphasizing its strong governance, strategic investments, and leadership in financial services.
With consistent performance and strategic growth, SICO remains committed to achieving financial success despite market fluctuations. The bank’s ability to adapt and expand continues to drive its success.
