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NEWS
Release Date: 26 October 2009


Futurebank announces BD2.52million net profits for Q3 2009

 
Manama, Bahrain – Bahrain-based Futurebank has announced a net profit of BD2.52 million for the quarter ended 30 September 2009 as compared to BD2.72 million during the third quarter ended 30 September 2008. The bank also announced that its total profit for the year (nine months) currently stood at an impressive BD7.3 million.

At the end of 30 September 2009, total assets stood at BD535.67 million, an increase of 4.7% as compared to the same period last year (Sept 2008 – BD511.64 million). However Total Assets when compared to year end December 2008, showed a slight decrease of 2.2% (Dec 2008 – BD547.46 million).
 

 

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 30 September 2009.

After share capital increase during the first quarter of 2009 and the retained earnings at BD13 million, Futurebank’s total equity stood at BD72.82 million as of third quarter 2009.

Dr. Valiollah Seif, Chief Executive Officer and Managing Director, Futurebank commented, “I am pleased to announce that Futurebank is well on its way to nearly equal last year’s phenomenal success. Our cautious approach to investments has us in a better position to capitalize 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,” concluded Dr. Seif.
 
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