Manama, Kingdom of Bahrain – 10 May 2016: Securities & Investment Company (SICO), licensed by the Central Bank of Bahrain as a conventional wholesale bank, announced today its financial results for the first quarter of 2016.
Operating income for the first three months of the year totalled BD 1.34 million compared with BD 2.99 million for the corresponding period in 2015, a decrease of 55 percent reflecting the challenging markets environment during the first quarter of 2016. Total operating expenses, which include staff overheads, general administration and other expenses (excluding impairments of BD 381 thousand), reduced to BD 1.38 million from BD 1.48 million a year earlier as part of the Bank’s prudent policy. SICO reported a net loss of BD 293 thousand for the quarter compared with a net profit of BD 1.41 million for the first three months of 2015. Basic earnings per share reduced to Bahraini fils -0.68 from 3.29 fils a year earlier.
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