Futurebank announces BD 5.17m net profit for H1 2010
Bahrain-based Futurebank has announced a net profit of BD 5.17 million for the first half-year of 2010 and a profit of BD2.53 million for the quarter ended 30 June 2010. Although Futurebank's Q2 profits dipped by 12.6% when compared to last year (Q2 2009 – BD2.96 million), the bank's first half-year net profits saw a marked increase of 8.2% as compared to the similar period last year.(H1 2009 – BD4.78 million).
As of 30 June 2010, Futurebank's total assets stood at BD 543 million against 31 December 2009's BD 547 million. On comparison to the end of 2009, the bank's total liabilities decreased by 3.1% and stood at a healthy BD 458 million (2009 – BD 473 million). The bank managed to reduce its interbank borrowing and has had a healthy growth in the customer deposits since the beginning of the current year. The customer deposits have increased significantly by 19.1% since the beginning of the year. The bank's total equity saw an increase of BD 10.5 million during the first half of 2010. The bank's Capital adequacy ratio also stood at a healthy 23.9% as of June 2010 as compared to 20.8% in the comparative period of previous year.
"Showcasing solid growth once more, Futurebank has managed to maintain a strong balance sheet," commented Dr. Valiollah Seif, Chief Executive Officer and Managing Director, Futurebank. "Putting our customers first, we have made prudent decisions that safeguard their interest. For the next half of 2010, we plan on continuing to maintain our current momentum and add new products to our comprehensive range of banking services."
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