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Release Date: 16th Feb 2010

Futurebank posts Net-Profit of BD 8.2 Million for 2009

Bahrainbased Futurebank yesterday announced a net profit of BD8.2 million ($21.8m) for last year, compared to BD10.7m in the previous year. The bank also reported that net profit for the fourth quarter was BD900,000. "The bank's profit based on performance for the fourth quarter is actually a laudable BD2.4m," said chief executive officer and managing director Dr Valiollah Seif. "In line with our strategy to consistently maintain a strong balance sheet and safeguard our customer's deposits.

Futurebank decided to increase its collective impairment provision by BD1.5m in the fourth quarter. "The result of this prudent decision can be seen on our bottom line." Futurebank's total collective impairment provisions set aside by the bank stand at BD2.9m, which is in addition to the specific provision taken by the bank as per accounting standards. Thus during last year, total provision to the extent of BD2.4m was increased, out of which BD1.6m was pertaining to collective impairment.

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