Bahrain-based Futurebank has announced a net profit of BD2.52 million ($6.69 million) for the third quarter as compared to BD2.72 million during the same period last
year.

The bank also announced that its total profit for the year (nine months) currently stood at BD7.3 million.

At the end of September 30 this year, total assets stood at BD535.67 million, an increase of 4.7 per cent as compared to BD511.64 million for the same period last year.

However, total assets when compared to the year-end December last year, showed a slight decrease of 2.2pc. It stood at BD547.46 million in December last year.

The net operating income for the quarter stood at BD3.42 million after making provisions to the extent of BD0.12 million.

Keeping in line with the bank’s mandate to showcase a healthy balance sheet and to provide ultimate safety to its customers, Futurebank made total provisions till date on the non-performing portfolio to the extent of BD0.72 million for the nine months ended September 30 this year.

After share capital increase during the first quarter of this year and the retained earnings at BD13 million, Futurebank’s total equity stood at BD72.82 million as of third quarter this year.

“I am pleased to announce that Futurebank is well on its way to nearly equal last year’s phenomenal success,” Futurebank chief executive officer and managing director
Dr Valiollah Seif said.

“Our cautious approach to investments has us in a better position to capitalise on the improving economy.

“We have had an excellent half-year and an equally good third quarter and do not anticipate any hindrances in the fourth quarter 2009.

“Futurebank’s priorities will continue to remain the same – diversification of our customer base – as we continue to explore additions to our current banking services,' added Dr Seif.-TradeArabia News Service