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Futurebank announces BD9.1m in net profits for 2010

Bahrain: Wednesday, March 02 - 2011 @ 15:39

Mr. Gholam Souri, Chief Executive Officer and Managing Director – who took to the helm in Q4 2010, explained, “The bank’s profit based on performance for the fourth quarter was actually BD2.59m. However to be in line with our strategy to consistently maintain a strong balance sheet, the bank has decided to provide for a Goodwill Impairment to the extent of BD1.02m, besides the other extra provisioning on a prudential basis of BD0.78m.

As of 31 December 2010, the bank’s total assets stood at BD524.3m (2009 – BD547.5m). The bank registered a healthy growth in its Loan & Advances portfolio by 28.1% from BD118.4m to BD151.7m, with customer deposits growing by 21.1% from BD108.7m to BD131.6m during 2010.

“I am delighted with our 2010 financial results. A testament to our strong balance sheet and prudent investment practices, a profit of BD9.1 million and a Capital adequacy ratio of 25.7% underscores our stability in an unpredictable financial landscape,” added Mr. Souri. “Over the next year, in line with our current strategy, I hope to continue providing added-value to our clients and maintain Futurebank’s position as a stalwart figure in the Bahraini banking community.”

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Wednesday, March 2- 2011 @ 15:39 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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