SICO posts $3.4m Q1 profit

12 May 2010

(MENAFN) Securities & Investment Company (SICO) announced a net profit of $3.4 million for the first quarter of this year, compared to a loss of $442,853 posted in the same period a year earlier.

The Bahrain-based firm said a press statement that it has maintained a cautious position in the first quarter, which has helped boost its profitability.

SICO said that its net interest income during the year grew to $1.18 million up from $999,734, while fee and commission income grew to $1.36 million from $1.116 million.

Operating income grew threefold to $5.9 million, the company said. Total expenses, including both staff overheads and general administration and other expenses grew in the first quarter of this year to reach $2.54 million up from $2.22 million.

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