Manama: The shareholders of Securities and Investment Company (SICO), which is licensed by the Central Bank of Bahrain (CBB) as a conventional wholesale bank, have approved the payment of a cash dividend of BD 3.86 million representing nine per cent of the paid-up capital. The dividend was recommended by SICO’s board of directors and approved by the Bank’s annual general meeting (AGM) held on Monday 30, March 2015 at the Golden Tulip Hotel, Bahrain. The quorum was 98.07 per cent.
“The year 2014 proved to be a very exciting year for the Bank, highlighted by strong financial results, a robust business performance and a smooth transition of leadership. Net profit for the year increased by 11.3% to BD 5.4 million, a strong performance by all core business line which also had exceeded bank’s expectations; it is extremely encouraging that fee, commission and brokerage income now accounts for 57 per cent of total income,” he said.
The shareholders reviewed and approved the Board’s report on SICO’s activities for 2014; the auditors’ report and audited financial statements; and the proposed new variable remuneration policy for employees, which is in line with the CBB’s sound remuneration policy guidelines issued during the year.
The AGM also approved the transfer of BD 575 thousand to the general reserve; directors’ remuneration of BD 130 thousand, subject to approval by the Ministry of Industry & Commerce; and BD 30 thousand from the 2015 budget to be spent on supporting charitable, cultural and educational activities.
Based on the Bank’s 2014 financial results, and in accordance with the Bahrain Commercial Companies Law 2001, BD 575 thousand has been transferred to the statutory reserve. Total shareholders’ equity after appropriation of the statutory reserve stood at BD 62.7 million at the end of 2014 compared with BD 61.9 million at the end of the previous year.