SICO records a consolidated net income of BD3.5m for the first three months of 2008

Total income increased by 243% to BD4.4m (1Q07: BD1.8m) while earnings per share reached Bahrain fils 25, compared to Bahrain fils 8 for the corresponding period last year. Assets under Management increased by 11 pct to BD257m from the beginning of the year (4Q07: BD230m). Assets Under Custody increased similarly by 11% to BD1.6bn from BD1.5bn at the end of 2007.

Net interest income doubled from over the same period last year to BD242 thousand (1Q07: BD121 thousand). Net fee and commission income increased by 39% to BD656 thousand from BD472 thousand in 1Q07, while Net Investment Income amounted to BD1.8m compared to BD842 thousand for the similar period. Brokerage commissions & other Income increased to BD1.7m (1Q07: BD361 thousand).

Total expenses increased to BD855 thousand (1Q07: BD694 thousand) reflecting increased Staff, General and administrative expenses.

Shaikh Mohammed bin Isa Al Khalifa, Chairman of Securities & Investment Company, said,

"We are delighted to announce a very healthy performance in the first quarter. Although the first quarter was challenging in respect of the deterioration of the GCC stock markets' performance, a nascent inflationary spiral that is impacting the overall cost structure for the industry in the region and increased overall competition, all of SICO's business units made their contribution to these results by focusing on delivering high quality, innovative services as well as seeking out value for our clients. We believe the continued successful execution of SICO's strategy combined with our overall conservative and balanced stance will deliver good growth in the future as well as increasing value to our shareholders."

Securities & Investment Company is an investment bank offering a selective range of services, including asset management, brokerage, corporate finance and market-making, on a regional basis and with a particular emphasis on Bahrain. SICO was incorporated in Bahrain in 1995 and holds a banking license from the Central Bank of Bahrain.

As of December 31, 2007, SICO reported total assets of BD104.8m, with shareholders' equity of BD42.1m. SICO's shares have been listed on the Bahrain Stock Exchange since May 2003. Securities & Investment Company was the first 'closed' company to list on the exchange.