Manama, Kingdom of Bahrain – 13 November 2017: SICO BSC (c), licensed by the Central Bank of Bahrain as a conventional wholesale bank, today reported a significant increase in net profits to BD 2.9 million for the nine month period ended 30 September 2017. This compares with a restated profit of BD 886 thousand for the corresponding period last year. The restatement to the 2016 figures was warranted due to the adoption of IFRS 9 accounting standard and the impact of this restatement amounted to BD 949 thousand for the nine month period ended 30 September 2016. Steady growth across business lines and strict control over expenditures allowed the bank to recover from a difficult and volatile year. Total income for the period ended 30 September 2017 increased 59 per cent to BD 7.9 million compared with BD 4.9 million for the corresponding period in 2016, fueled by growth in fees, brokerage revenues and interest income. Meanwhile, basic earnings per share increased to 7.02 Bahraini fils versus 2.15 Bahraini fils for the corresponding period last year.
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