Bahrain - SICO recorded a consolidated net profit attributable to shareholders amounting to BD0.57 million ($1.5m) in the first quarter of 2026, compared to BD1.4m ($3.7m) recorded in the same quarter last year, reflecting a 59 per cent year-on-year decline.

This decrease was primarily attributable to unrealised losses in the bank’s investment portfolio arising from a decline in market values. Earnings per share (EPS) stood at 1.40 fils in the first quarter of 2026 versus 3.42 fils in the same period last year.

SICO’s total comprehensive income attributable to shareholders amounted to BD9,000 for the first quarter of 2026, compared to BD1.4m reported in the same quarter of last year, representing a 99pc decrease.

Total operating income for the first quarter of 2026 was BD4.6m compared to BD5.8m achieved in the same period of the previous year, reflecting a year-on-year drop of 20pc.

Net investment income for the first quarter of 2026 decreased 76pc to BD157,000 from BD649,000 in the first quarter of 2025. Net fee income stood at BD2.6m for the quarter, down by 15pc from BD3m in the same period last year.

Net interest income for Q12026 was BD990,000 versus BD1.3m in first quarter of 2025, a 26pc year-on-year drop.

Brokerage and other income rose by 16pc during the period, reaching BD891,000 compared to BD769,000 in the first quarter of 2025.

Total equity attributable to shareholders stood at BD72.9m as at March 31, 2026, a 4pc decline from BD76.1m as at December 31, 2025 noting that a dividend of BD3.2m was paid to the equity shareholders for 2025.

Meanwhile, total assets rose by 8pc to BD643.3m as at March 31, 2026 from BD595.4m as at December 31, 2025.

On a gross basis (including leverage) SICO’s assets under management (AUMs) rose 1pc to BD 3.12 billion, compared to BD3.08bn at year-end 2025.

This growth was achieved despite the declines witnessed across most equity and fixed income markets.

Commenting on the performance for the first quarter of 2026, SICO chairman Abdulla Kamal said: “In an environment characterised by heightened global and regional uncertainty, we prioritised safeguarding client interests, upholding rigorous risk management, and ensuring seamless operational continuity. SICO delivered profitability and growth in assets under management, supported by a strong balance sheet and a clear strategic vision. We remain firmly committed to our strategy of expanding our geographic footprint, creating long-term value, and strengthening the resilience needed to navigate evolving market conditions while mitigating risks.”

SICO Group chief executive officer Najla Al Shirawi said: “SICO’s performance during the first quarter of 2026 reflected the impact of ongoing geopolitical developments across global and regional markets, which temporarily affected the performance of certain business lines. Despite challenging market conditions, SICO continues to be the kingdom’s leading broker, with a 58pc market share in the first quarter of 2026, and the most active market maker for 28 consecutive years.

“During the quarter, SICO also applied to the relevant regulatory authorities to launch the SICO GCC Dividends Fund in Saudi Arabia, while successfully executing a number of landmark transactions. These included the IPO and listing of Silah Gulf Company, as well as the signing of the definitive agreement for Bahrain Family Leisure Company’s acquisition of Truffle Hospitality Holding Company.

“At the same time, SICO continues to advance a strong pipeline of transactions currently under execution, including Sharia-compliant debt capital market issuances, cross-border mergers and acquisitions transactions in the fintech sector, mergers in the services sector, and the structuring of a corporate lending framework for an investment fund.”

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