Bahrain-based Futurebank saw its first half net profit increase 8.2 per cent to BD5.17 million ($13.71 million) in spite of a weaker second quarter.

Second quarter net profit was BD2.53 million, down 12 per cent from BD2.96 million for the second quarter of last year.

Total assets stood at BD543 million as on June 30 as against BD547 million at the year-end.

The bank's total liabilities decreased by 3.1 per cent and stood at a healthy BD458 million against BD473 million.

The bank managed to reduce its inter-bank borrowing and saw a healthy growth in the customer deposits by 19.1 per cent since the beginning of the current year.

Total equity saw an increase of BD10.5 million during the first half of this year.

The bank's capital adequacy ratio also stood at a healthy 23.9 per cent as on June 30 compared to 20.8 per cent in the comparative period of the previous year.

'Showcasing solid growth once more, Futurebank has managed to maintain a strong balance sheet,' said chief executive officer and managing director Dr Valiollah Seif.

'Putting our customers first, we have made prudent decisions that safeguard their interest,' Dr Seif added.

'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,' he added. – TradeArabia News Service