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sicobank.com

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About Sico Bank

Sico Bank is a Bahrain-based bank focused on improving the capital markets.

Headquarters Location

BMB Building Floor 1

Manama,

Bahrain

+973 1751 5000

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SICO BSC c : Reports BD 2.8 million (USD 7.5 million) Net Profit Attributable to Shareholders in the Nine Months of 2022

Nov 13, 2022

11/13/2022 | 08:22am EST Message : Shaikh Abdulla bin Khalifa Al Khalifa Ms. Najla Al Shirawi Chief Executive Officer SICO Reports BD 2.8 million (USD 7.5 million) Net Profit Attributable to Shareholders in the Nine Months of 2022 SICO's AUMs increased 5% to BD 1.79 billion (USD 4.75 billion) and net fee income grew by 85%. Manama, Kingdom of Bahrain - 13 November 2022 SICO BSC (c), licensed as a conventional wholesale bank by the Central Bank of Bahrain "CBB", announced today its consolidated results for the third quarter and nine months ended 30 September 2022. On a quarterly basis, SICO recorded a consolidated net profit attributable to shareholders amounting to BD 336 thousand (USD 891 thousand) in the third quarter of 2022 compared to BD 871 thousand (USD 2.3 million) recorded in the same quarter last year, a 61% year-on-year decline. A consistently turbulent global financial market - where for the third consecutive quarter equities and bonds continued to slide and registered historical negative performance - had negatively impacted investment income during the quarter. Earnings per share (EPS) were 0.80 Bahraini fils in the third quarter of the year compared to 2.07 Bahraini fils in the third quarter of 2021. SICO reported a total comprehensive income of BD 183 thousand (USD 485 thousand) for third quarter 2022 compared a total comprehensive income of BD 816 thousand (USD 2.16 million) booked in the same quarter last year, representing a 78% decline. On a year-to-date basis, SICO recorded BD 2.81 million (USD 7.5 million) consolidated net profit attributable to shareholders for the nine months of 2022, a decline of 23% from BD 3.66 million (USD 9.7million) in nine months 2021. The drop is attributed to the decline in investment income and unrealized losses recorded on account of wide selloffs in the financial markets. EPS were 6.67 Bahraini fils for the nine months of 2022 compared to 8.68 Bahraini fils for the same period of 2021. SICO reported a total comprehensive income of BD 2.48 million (USD 6.6 million) for the nine months of 2022 compared to a total comprehensive income of BD 4.04 million (USD 10.7 million) booked for nine months 2021, representing a decrease of about 39%. Total equity attributed to shareholders remained largely unchanged at BD 69.18 million (USD 183.51 million) as of 30 September 2022 compared to BD 68.87 million (USD 182.67 million) recorded at year-end 2021. sicobank.com Manama, Kingdom of Bahrain: 13 November 2022 SICO's total assets recorded BD 265.68 million (USD 704.71 million) as of 30 September 2022, an increase of 1% from the BD 263.52 million (USD 699 million) recorded at year-end 2021. The strong upward trajectory across the majority of SICO's core business lines helped offset lower investment income, reflecting the success of its diversified operational strategy and its leading market position. The nine months of 2022 saw impressive growth in SICO's net fee income, which climbed to BD 6.97 million (USD 18.50 million), an 85% increase from the nine months of 2021 figure of BD 3.76 million (USD 9.98 million). Brokerage activities were stable in the face of volatility and recorded a 3% increase, reaching BD 2.13 million (USD 5.66 million) in nine months 2022 compared to BD 2.07 million (USD 5.5 million) in the same period last year. Other interest income saw solid growth of 36% to BD 1.82 million (USD 4.82 million) in nine months 2022 compared to BD 1.34 million (USD 3.55 million) in the same period last year. On the other hand, SICO's net investment income declined by 81% year-on-year to BD 697 thousand (USD 1.85 million) in nine months 2022 from BD 3.67 million (USD 9.8 million) recorded in the same period last year, due to rising inflation and monetary tightening On a gross basis (including leverage), SICO's assets under management (AUMs) increased 5% to BD 1.79 billion (USD 4.75 billion) as of 30 September 2022, compared to the BD 1.7 billion (USD 4.5 billion) recorded at year-end 2021. Meanwhile, on a net basis (excluding leverage), total AUMs increased 3% to BD 1.6 billion (USD 4.24 billion) as of 30 September 2022, compared to the BD 1.55 billion (USD 4.1 billion) recorded on 31 December 2021. Chairman of the Board of SICO, Shaikh Abdulla bin Khalifa Al Khalifa, commented on SICO's performance for the nine months of the year saying, "SICO has maintained its resilience in the face of increased volatility across markets, all the while continuing to make progress on its strategic initiatives and the enhancement of its business lines. Our efforts have reflected positively on SICO's performance during the nine-monthperiod, and helped accelerate growth of our income from asset management, brokerage, investment banking, and custody and fund administration." Chief Executive Officer of SICO, Ms. Najla Al-Shirawi,further added, "While market conditions impacted SICO's investment income in the nine months of 2022 versus the same period last year, the book managed to outperform the benchmark and generate positive returns. Most importantly, all other core business lines delivered a commendable performance despite the challenging conditions. Our net fee income experienced robust growth, driven by the increase in AUMs and performance fees. We are heading into the final months of year having retained our position as one of the top quartile fund managers in the GCC and the leading brokerage house in Bahrain. Our investment banking team successfully closed the cross-borderacquisition of 100% of Ahli United Bank by Kuwait Finance House as the Bahrain receiving agent, execution advisor, and cross-listingadvisor. We also solidified our presence in Saudi Arabia, by acquiring the remaining 27.29% stake held by Bank Muscat in SICO Capital, making it a fully-ownedSICO subsidiary. Moving forward, we will maintain our emphasis on enhancing our position through adaptation to market trends and further diversifying our business lines." SICO was recently named one of Forbes Middle East Top 30 Asset Management Companies in the Middle East. It also won Best Investment Bank in Bahrain at the 2022 Global Finance World's Best Investment Banks awards for the third consecutive year. Additionally, SICO retained its ranking as the number one broker on the Bahrain Bourse for the twenty-third consecutive year, further demonstrating its brokerage business' outstanding resilience. SICO Fixed Income Fund was also named best performing GCC Bond Fund in 2022. SICO is listed on Bahrain Bourse ("BHB") and its code is SICO-C. The press release and full set of financial statements are available on BHB website. - Ends - About SICO SICO is a leading regional asset manager, broker, market maker and investment bank, with USD 4.8 bn in assets under management (AUM). Today SICO operates under a wholesale banking licence from the Central Bank of Bahrain and also oversees three wholly owned subsidiaries: an Abu Dhabi-based brokerage firm, SICO Financial Brokerage, a specialised regional custody house, SICO Fund Services Company (SFS), and SICO Capital, a Saudi-based investment banking company. Headquartered in the Kingdom of Bahrain with a growing regional and international presence, SICO has a well- established track record as a trusted regional bank offering a comprehensive suite of financial solutions, including asset management, brokerage, investment banking, and market making, backed by a robust and experienced research team that provides regional insight and analysis of more than 90 percent of the region's major equities. Since inception in 1995, SICO has consistently outperformed the market and developed a solid base of institutional clients. Going forward, the bank's continued growth will be guided by its commitments to strong corporate governance and developing trusting relationships with its clients. The bank will also continue to invest in its information technology capabilities and the human capital of its 100 exceptional employees. Media Contact: 2022 نم ىلولأا رهشأ ،)يكيرمأ رلاود رايلم 4.75( ينيرحب رانيد رايلم 1.79 غلب ثيح ،%5 ةبسنب وكيس ىدل ةرادلإا تحت لوصلأا ةميق يلامجإ عفترا .%85 ةبسنب موسرلا نم تاداريلإا يفاص عافترا عم ةلمج كنبك يزكرملا نيرحبلا فرصم نم ةصخرملا ،)م( ب.م.ش وكيس تنلعأ :2022 ربمفون 13 نيرحبلا ةكلمم - ةمانملا .2022 ربمتبس 30 يف ةيهتنملا رهشأ ةعستلا ةرتفلو ماعلا نم ثلاثلا عبرلل ةدحوملا ةيلاملا اهجئاتن نع مويلا ،يديلقت 2022 ماع نم ثلاثلا عبرلل )يكيرمأ رلاود فلأ 891( ينيرحب رانيد فلأ 336 نيمهاسملل دئاعلا دحوملا حبرلا يفاص غلب دقو ةبسنب ًاعجارت لداعي ام وهو ،يضاملا ماعلا نم ةرتفلا سفن يف )يكيرمأ رلاود نويلم 2.3( ينيرحب رانيد فلأ 871 عم ةنراقم تادنسلاو مهسلأا قاوسأ تضفخنا ثيح ،ةيملاعلاو ةيميلقلإا قاوسلأا اهتدهش يتلا ةديدشلا تابلقتلا ىلإ ضافخنلاا اذه ىزعيو .%61 مهسلا ةيحبر تغلبو اذه ؛كنبلا ةظفحمل رامثتسلاا تاداريإ ىلع ًايبلس رثأ امم ،يلاوتلا ىلع ثلاثلا عبرللو ةيسايق تايوتسم ىلإ .2021 ماع نم ةرتفلا سفنل دحاولا مهسلل ينيرحب سلف 2.07 عم ةنراقم ينيرحب سلف 0.80 ماعلا نم ثلاثلا عبرلا يف دحاولا ةنراقم )يكيرمأ رلاود فلأ 485( ينيرحب رانيد فلأ 183 هتميق ام 2022 ماع نم ثلاثلا عبرلا يف لماشلا لخدلا يلامجإ غلبو .%78 ةبسنب ًاضافخنا لثمي امب ،يضاملا ماعلا نم ةرتفلا سفنل )يكيرمأ رلاود نويلم 2.16( ينيرحب رانيد فلأ 816 عم رهشأ ةعستلا ةرتفل نيمهاسملل دئاع دحوم حبر يفاص )يكيرمأ رلاود نويلم 7.5( ينيرحب رانيد نويلم 2.81 وكيس تلجسو ماع نم ةرتفلا سفنل )يكيرمأ رلاود نويلم 9.7( ينيرحب رانيد نويلم 3.66 نم %23 هتبسن ضافخناب ،2022 ماع نم ىلولأا تادنسلا قاوسأ يف قاطنلا ةعساو عيبلا تايلمع نم ةققحملا ريغ رئاسخلاو ،رامثتسلاا تاداريإ ضافخنا ىلإ كلذ ىزعيو .2021 سفنل سلف 8.68 عم ةنراقم 2022 ماع نم رهشأ ةعستلا ةرتفل ينيرحب سلف 6.67 دحاولا مهسلا ةيحبر تغلبو اذه .مهسلأاو 6.6( ينيرحب رانيد نويلم 2.48 هتميق ام 2022 ماع نم رهشأ ةعستلا ةرتفل لماشلا لخدلا يلامجإ غلب امك .2021 ماع نم ةرتفلا ةرتفلا سفن يف )يكيرمأ رلاود نويلم 10.7( ينيرحب رانيد نويلم 4.04 لباقم ،2022 نم رهشأ ةعستلل )يكيرمأ رلاود نويلم .%39 ةبسنب ًاعجارت لداعي ام وهو ،يضاملا ماعلا نم sicobank.com

Sico Bank Acquisitions

2 Acquisitions

Sico Bank acquired 2 companies. Their latest acquisition was Muscat Capital on March 15, 2021.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

3/15/2021

$99M

Corporate Majority

3

4/29/2020

Debt

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$99M

$99M

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10

Date

3/15/2021

4/29/2020

Investment Stage

Debt

Companies

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Valuation

$99M

$99M

Total Funding

$99M

Note

Corporate Majority

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Sources

3

10

Sico Bank Partners & Customers

3 Partners and customers

Sico Bank has 3 strategic partners and customers. Sico Bank recently partnered with Beyon Cyber on May 5, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

5/25/2022

Vendor

Beyon Cyber provides managed cyber security services to SICO

This partnership allows us to bring our years of experience in cyber threat monitoring and response to SICO BSC to help protect them against advanced cyber threats , '' Dr. Khalid said .

1

5/22/2022

Vendor

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10

1/18/2017

Partner

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10

Date

5/25/2022

5/22/2022

1/18/2017

Type

Vendor

Vendor

Partner

Business Partner

Country

News Snippet

Beyon Cyber provides managed cyber security services to SICO

This partnership allows us to bring our years of experience in cyber threat monitoring and response to SICO BSC to help protect them against advanced cyber threats , '' Dr. Khalid said .

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Sources

1

10

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