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Futurebank announces BD4.78m net profits for H1 2009

Bahrain: Wednesday, July 29 - 2009 @ 15:31

While this marks a 19.9% decrease in profits over the same period last year (H1 2008 – BD5.97m), Q2 2009 profits have shown a marked increase of 17.7% (BD2.96m) as compared to the Q2 2008 profits of BD2.52m, showcasing solid growth and defying regional trends.

At the end of 30 June 2009, total assets stood at BD553.75m, an increase of 4.5%, as compared to the comparable period of half year-ended June 2008. The net operating income stood at BD6.44m after making provisions to the extent of BD0.61m 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 BD45.24m to BD56.55m 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 BD9.04m relating to 2008 (2008 – BD5.65m 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 BD7.04m to BD70.30m (31 December 2008 – BD63.26m) 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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Wednesday, July 29- 2009 @ 15:31 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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