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NEWS
Release Date: 18 Aug 2009


Futurebank announces BD4.78million net profits for H1 2009

 

Manama, Bahrain – Bahrain-based Futurebank has announced a net profit of BD4.78 million for the half-year period ended 30 June 2009. While this marks a 19.9% decrease in profits over the same period last year (H1 2008 – BD5.97 million), Q2 2009 profits have shown a marked increase of 17.7 % (BD2.96 million) as compared to the Q2 2008 profits of BD 2.52 million, showcasing solid growth and defying regional trends.

 

 


At the end of 30 June 2009, total assets stood at BD553.75 million, an increase of 4.5%, as compared to the comparable period of half year-ended June 2008. The net operating income stood at BD6.44 million after making provisions to the extent of BD0.61 million on the Non performing portfolio, for the six months ended 30 June 2009.

Futurebank’s shareholders resolved to increase the bank’s paid up share capital by 25% from BD45.24 million to BD56.55 million by means of a rights issue of 11.3 million shares of BD1 each at the bank’s annual general meeting, held during the first quarter of 2009. The shareholders also approved a dividend of BD 9.04 million relating to 2008 (2008 – BD5.65 million relating to 2007) representing fils 200 per share (2008 – fils 125 per share) was paid during the period. This attributed to the total equity increasing by BD7.04 million to BD70.30 million (31 December 2008 - BD63.26 million) as of 30 June 2009. Dr. Valiollah Seif, Chief Executive Officer and Managing Director, Futurebank commented, “Futurebank’s steady growth even under such challenging market conditions can be attributed to our diversified client base and comprehensive range of banking services. Over the past months, we have been investing heavily in internal training and human resource developmental activities as part of mandate to constantly upgrade and re-educate our staff with current international standards.”

“With the construction of 20-story Futurebank Tower having started, we look forward to setting up firm roots in the Kingdom of Bahrain from where we plan to strategically increase our presence in the GCC,” concluded Dr. Seif.
 

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