Bahrain-based Futurebank has announced a net profit of BD4.78 million ($12.68 million) for the first half of this year. This marks a 19.9 per cent decrease in profits over the same period last year of BD5.97 million.

However, profits in the second quarter of this year increased by 17.7 per cent to BD2.96 million as compared to BD2.52 million for the same period last year, showcasing solid growth and defying regional trends.

Total assets stood at BD553.75 million at the end of June 30 this year, an increase of 4.5 per cent as compared to the same period last year.

The net operating income stood at BD6.44 million after making provisions to the extent of BD610,000 on the non-performing portfolio, for the six months ended June 30 this year.

Futurebank's shareholders resolved to increase the bank's paid-up share capital by 25 per cent from BD45.24 million to BD56.55 million by means of a rights issue of 11.3 million shares of BD1 each at the bank's annual general meeting, held during the first quarter of this year.

The shareholders also approved a dividend of BD9.04 million relating to last year (BD5.65 million relating to 2007) representing 200 fils per share (125 fils per share in the earlier period) was paid during the period.

This was attributed to the total equity increasing by BD7.04 million to BD70.30 million as of June 30 this year from BD63.26 million on December 31 last year.

'Futurebank's steady growth even under such challenging market conditions can be attributed to our diversified client base and comprehensive range of banking services,' Futurebank chief executive officer and managing director Dr Valiollah Seif said.

'Over the past months, we have been investing heavily in internal training and human resource developmental activities as part of mandate to constantly upgrade and re-educate our staff with current international standards.

'With the construction of 20-storey Futurebank Tower having started, we look forward to setting up firm roots in Bahrain from where we plan to strategically increase our presence in the GCC,' Dr Seif said.-TradeArabia News Service