Bahrain-based Futurebank saw profit soar more than 10 per cent last year.

The bank yesterday posted a net profit of BD9.1 million ($24 million) for the year compared with BD8.2 million in 2009.

The bank also announced that net profit for the last quarter of 2010 stood at BD790,000.

'The bank's profit based on performance for the fourth quarter was actually BD2.59 million,' said chief executive officer and managing director Gholam Souri.

'However to be in line with our strategy to consistently maintain a strong balance sheet, the bank has decided to provide for a goodwill impairment to the extent of BD1.02 million besides other extra provisioning on a prudential basis of BD780,000.'

At the year end the bank's total assets stood at BD524.3 million against BD547.5 million a year before.

The bank registered a healthy growth in its loan and advances portfolio by 28.1 per cent from BD118.4 million to BD151.7 million with customer deposits growing by 21.1 per cent from BD108.7 million to BD131.6 million during the year.

'I am delighted with our 2010 financial results,' said Souri, who took the helm at the bank in the final quarter of last year.

'A testament to our strong balance sheet and prudent investment practices, a profit of BD9.1 million and a capital adequacy ratio of 25.7 per cent underscores our stability in an unpredictable financial landscape.

'Over the next year, in line with our current strategy, I hope to continue providing added-value to our clients and maintain Futurebank's position as a stalwart figure in the Bahraini banking community.'-TradeArabia News Service