Bahrain-based Futurebank posted a net profit of BD2.6 million ($6.9 million) in the first quarter of this year, a 45.8 per cent increase over BD1.8 million profit for the same period last year.

'Futurebank has had a great beginning to this year,' Futurebank chief executive officer and managing director Dr Valiollah Seif said.

'Having unanimously approved a BD13.1 million dividend and an increase of 32.6 per cent to our authorised share capital and a 32.6 per cent increase in the paid-up share capital, Futurebank is moving forward with strong and confident steps.

'Providing good returns for our shareholders and customers alike, the bank is looking forward to surpassing all expectations,' he said.

Futurebank's total assets stood at a healthy BD527.4 million compared to BD547.5 million as at December 31 last year.

Total equity increased 10.8 per cent to BD81.7 million compared to BD73.7 million as at December 31 last year.

The bank recorded an overall growth in its customer deposits during the first quarter of this year.

Consequently the bank's total customer deposits base stood at BD127.6 million showing a healthy increase of 17.4 per cent over the last three-month period.

The bank's net operating income increased by BD0.98 million and stood at BD3.58 million on March 3 this year. This includes a BD202,000 provision for loan losses.

'Futurebank will continue to focus on driving forward its regional expansion strategy and will continue with its prudent investment policy,' said Dr Seif.

'With a healthy capital adequacy ratio of 23.7 per cent, as compared to the 12 per cent regulatory requirement, the bank is in good stead to improve upon our 2009 performance,' he said.-TradeArabia News Service