February 13, 2009  - Manama:  Bahrain-based Securities & Investment Company (SICO) announced today a net profit of BD 3.078 million for the year ending December 31, 2009 compared to 2008’s year-end loss of BD1.4 million. 

Net interest income during the year increased to BD 1.7 million (2008: BD 1.1 million), while fee and commission income decreased to BD2.4 million (2008: BD2.8 million). Brokerage and other income fell to BD 1.5 million (2008: BD 3.7 million).  Net Investment income stood at BD 795 thousand recovering from a loss of BD 3 million in 2008.    

Operating income increased by 36 percent to BD 6.4 million (2008 : BD4.7 million), with  earnings per share growing to 7 Bahraini fils, versus a loss per share of 4 fils for 2008.

Client fee generated Income represented 60 per cent  of the operating income for the year.   Assets under management reached BD 150.5million at the end of December 2009.

Total expenses, which includes, both staff overheads and general administration and other expenses fell for 2009 to reach BD3.3 million from BD 3.9 million the previous year.