Bahrain-based Securities & Investment Company (Sico) has registered a 99 per cent increase in net profit for the nine months ended September 30 at BD3.37 million ($9 million).

This compares with BD1.69 million for the corresponding period last year, according to a report in the Gulf Daily News, our sister publication.

The Bahrain-based regional investment bank said operating income grew by 35 per cent to BD7.08 million from BD5.25 million. Basic earnings per share rose by 98 per cent to 7.87 fils from 3.97 fils.

For the third quarter this year, net profit rose 153 per cent to BD1.45 million, compared with BD571,000 for the same quarter last year. Operating income rose 54 per cent to BD2.72 million from BD1.76 million and basic earnings per share increased to 3.39 fils from 1.34 fils.

Net interest income, net fee and commission income and brokerage and other income during the third quarter contributed BD319,000, BD734,000 and BD230,000 respectively to operating income; while net investment income contributed BD1.43 million.

Total operating expenses for the three months were BD1.25 million.

Year-to-date, brokerage and other income increased 67 per cent to BD915,000, whereas net investment income grew by 58 per cent to BD3.35 million.

Net interest income, and net fee and commission income also grew to BD974,000 and BD1.84 million respectively.

For the first nine months of this year, total operating expenses, which include staff overheads, general administration and other expenses, were BD 3.64 million, compared with BD 3.40 million for the same period in 2012.

As of September 30, total balance sheet footings increased by 20 per cent to BD94.10 million from BD78.45 million at the end of last year.

Assets under management grew by 36 per cent to BD307.44 million from BD226.18 million, reflecting a strong performance by Sico's asset management business.

Assets under custody with the bank's wholly-owned subsidiary - Sico Funds Services Company (SFS) - grew by 46 per cent to BD1.20 billion from BD824.17 million.

"Highlights include substantial increases in net profit and operating income with, significantly, all business lines contributing positively to the bottom line," Sico chairman Shaikh Abdullah bin Khalifa Al Khalifa said.

"The third quarter saw a number of key transactions and mandates being finalised by the asset management and corporate finance business lines.

"It is encouraging that non-trading activities account for over 39 per cent of total income, which shows we are moving closer to an optimum 50:50 balance between proprietary income and fee-based revenue," he added.

Sico continued to maintain a strong capital base, ending the first nine months of the year with shareholders' equity of BD58.97 million, and a strong consolidated capital adequacy ratio of 65.58 per cent. The bank continues its prudent posture with regards to the domestic and international capital markets. – TradeArabia News Service