Bahrain-based Futurebank shareholders unanimously approved a dividend of BD13.1 million ($34.7 million) at its annual general meeting.

The bank has also announced an increase of 32.6 per cent in the authorised share capital and a 32.6 per cent increase in the paid-up share capital.

The bank's authorised share capital was increased by BD24.60 million to BD100 million and its paid-up share capital was increased from BD56.55 million to BD75 million, in the form of rights issue to be brought in equal proportion to their respective holdings, by its shareholders.

'Futurebank's unique position in the Bahraini banking scene has the bank well poised to capitalise on the current market environment,' said chief executive officer Dr Valiollah Seif.

'This share capital increase is in line with the bank's strategic vision to focus on sustained growth within the Middle Eastern region.'

'The decision to increase Futurebank's market share is tactical and will aid in the bank's growth.'-TradeArabia News Service