Future bank sees 20.9% increase in net profit in 2008 | Future bank sees 20.9% increase in net profit in 2008 -
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Future bank sees 20.9% increase in net profit in 2008

Bahrain: Wednesday, March 11 - 2009 @ 15:20

This is an increase of 20.9% over the previous year (2007 – BD8.8m) and a 17.8% return on Futurebank’s paid-up capital. Futurebank made a net profit of BD2.1m ($5.57m) during its fourth quarter last year.

At the end of 2008, total assets stood at BD547.50m ($1.45bn) (2007 – BD498.10m) and its’ shareholders’ equity amounted to BD63.3m ($167.92m) (2007 – BD58.2m). The net operating income increased by 22.3% to BD14.1m ($37.4m)from BD11.5m in 2007.

Dr. Hamid Borhani, Chairman, Futurebank, commenting on the bank’s successful results said, “Futurebank has been extremely successful in both our planning and performance last year which is reflected through our fourth quarter gains. Our consistent profitability increase year on year demonstrates Futurebank’s ability to deliver consistent, positive returns to our stakeholders.”

“Our diversified and prudent risk framework has held us in good stead and has enabled us to achieve our targets for 2008 despite the economic uncertainty that plagued the markets in the last quarter of the year. By avoiding investments in risky derivatives, limiting our exposure to real estate and focusing on key growth areas such as trade financing, we are now well positioned to capitalize on the gains we made last year and begin to implement our strategy for organic growth,” added Dr. Borhani

Dr. Valiollah Seif, Chief Executive Officer and Managing Director, Futurebank said, “The bank’s profitable fourth quarter, amidst the ongoing market turmoil, demonstrates the strength of our core banking activities. With the completion of our overall IT Services Enhancement project in collaboration with China Systems and having achieved the prestigious ISO/IEC 27001:2005 certification earlier this year, Futurebank remains confident about its capabilities and is well equipped to face the challenges presented by this volatile market environment.”

“Looking ahead, with a view to increasing our presence in the Kingdom of Bahrain and beyond, Futurebank is set to further its retail expansion by adding to its network of branches within the Kingdom and entering select high growth Arab markets. We also aim to expand our current client-base by bringing together innovative financial products and banking services that cater to the diverse needs of our customers,” added Dr. Seif.

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Wednesday, March 11- 2009 @ 15:20 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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