Securities & Investment Company announces a 61% increase in net profits

Total income increased by 52% to BD7.620m (2Q07: BD5.018m) while earnings per share reached 18 Bahraini fils, a 64% increase from 11 Bahraini fils for the same period last year.

Assets under Management increased by 23% to BD281.618m ($745m) from BD229.848m (US$ 608m) for the same period last year.

Net interest income grew by 54% over the same period last year to BD504 thousand (2Q07: BD327 thousand).

Brokerage and other income increased by 74% to BD2.355m (2Q07: BD1.352m).

Total expenses increased to BD1.862m (2Q07: BD1.437m) reflecting increased staff, general and administrative expenses.

The firm's total assets were BD93.018m, decreasing from December 31, 2007 by 11%.

The firm completed a rights issue at the end of June, with paid up capital increasing to BD42.346m, and shareholders capital at mid-year reaching BD61.335.

The increase was to accommodate a number of strategic initiatives the firm is undertaking.

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

"We are delighted to be able to announce a strong performance in the first half of 2008. SICO's performance continues to improve and maintain a steady growth on a quarterly basis. We believe that the groundwork has been laid for a robust and sustainable revenue model based on the bank focusing on its core competencies. This groundwork 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 BD104.832m, with shareholders' equity of BD42.106m.

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.