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Futurebank posts net profit of $22m

Manama, February 16, 2010

Bahrain-based Futurebank has announced a net profit of BD8.2 million ($21.8 million) for last year, compared to BD10.7 million in the previous year.

The bank also reported that net profit for the fourth quarter was BD900,000.

'The bank's profit based on performance for the fourth quarter is actually a laudable BD2.4 million,' said chief executive officer and managing director Dr Valiollah Seif.

'In line with our strategy to consistently maintain a strong balance sheet and safeguard our customer's deposits, Futurebank decided to increase its collective impairment provision by BD1.5 million in the fourth quarter.

'The result of this prudent decision can be seen on our bottom line.'

Futurebank's total collective impairment provisions set aside by the bank stand at BD2.9 million, which is in addition to the specific provision taken by the bank as per accounting standards.

Thus during last year, total provision to the extent of BD2.4 million was increased, out of which BD1.6 million was pertaining to collective impairment.

The bank's total assets stood at BD547.5 million, almost the same as compared to year-end of 2008, while Futurebank's total liabilities decreased by 2.1 per cent to BD473.7 million.

The bank's total liabilities and equities stood at BD547.5 million.

'I am pleased with our performance in 2009,' said Dr Seif.

'Futurebank worked towards strengthening its financial position and we managed an impressive profit of BD8.2 million.

'The bank has a healthy capital adequacy ratio of 21 per cent as compared to the 12 per cent regulatory requirement.

'Having steered through the financial crisis, the bank is proud to have remained a stable entity in Bahrain's banking arena,' he added.-TradeArabia News Service




Tags: Bahrain | banking | investment | finance | Futurebank |

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