Futurebank announces BD2.6 million net profits for Q1 2010
Manama, Bahrain – Bahrain-based Futurebank has announced a net profit of BD2.6 million for the quarter ended 31 March 2010. This marks a 45.8% increases in profits for the same period last year (Q1 2009 – BD1.8 million).
Dr. Valiollah Seif, Chief Executive Officer and Managing Director, Futurebank commented, “Futurebank has had a great beginning to the year 2010. Having unanimously approved a BD13.1 million dividend and an increase of 32.6% to our Authorized Share Capital and a 32.6% increase in the Paid-Up Share Capital, Futurebank is moving forward with strong, confident steps. Providing good returns for our shareholders and customers alike, the bank is looking forward to surpassing all expectations.”
Futurebank’s Total Assets stood at a healthy BD 527.4 million (31 December 2009 – BD 547.5 million) and Total Equity increased by 10.8% to BD 81.7 million (31 December 2009 – BD73.7 million). The bank recorded an overall growth in its customer deposits during the 1st quarter of 2010. Consequently bank’s total customer deposits base stood at BD 127.6 million showing a healthy increase of 17.4% over the last three months period. The bank’s Net Operating Income increased by BD0.98 million and stood at BD3.58 million on 31 March 2010. This includes a BD 202,000 provision for loan losses.
“Futurebank will continue to focus on driving forward its regional expansion strategy and will continue with its prudent investment policy,” added Dr. Seif. “With a healthy Capital Adequacy ratio of 23.7%, as compared to the 12% regulatory requirement, the bank is in good stead to improve upon our 2009 performance.”
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