SICO declares 5pc cash dividend

22/03/2016 07:42 AST

Shareholders of Securities & Investment Company (SICO), licensed by the Central Bank of Bahrain as a conventional wholesale bank, have approved the distribution of a cash dividend of BD2,142,439 for 2015, which represents five per cent of the paid-up capital.

The dividend was recommended by Sico’s board and approved by shareholders at the annual general meeting (AGM) held at the Diplomat Radisson Blu Hotel yesterday.

“In what proved to be a very tough year, the bank posted a commendable financial performance, with a consolidated net profit of BD2.8 million for 2015 compared with BD5.4m the previous year,” chairman Shaikh Abdulla bin Khalifa Al Khalifa said.

“The financial results reflect the positive performance and greater contribution from our annuity revenue streams, with fee-based income now accounting for 64pc of total income.”

Based on the bank’s 2015 financial results, and in accordance with the Bahrain Commercial Companies Law 2001, BD285,000 has been transferred to the statutory reserve.

Total shareholders’ equity after appropriation of the statutory reserve stood at BD58.4m at the end of 2015 compared with BD 61.1m at the end of the previous year.

Following approval by the shareholders, Prakash Mohan has joined the board representing Ahli United Bank.

Shareholders approved amendments to 13 articles of the company’s Memorandum of Association and Articles of Association, in order to align them with Bahrain Ministerial Decree (50) for the Year 2014, amending certain provisions of the Commercial Companies Law.

Gulf Daily News