The bank’s total liabilities also saw an increase of 7.1 %, standing at BD470.1m at the end of the First Quarter 2011 (31 December 2010 – BD436.12m)as compared to year ended 31 December 2010.
Mr Gholam Souri, Chief Executive Officer and Managing Director, Futurebank, said, “I am very pleased with the bank’s performance in Q1 2011. We have refocused our efforts on local and regional business. A number of our business initiatives, which we started in 2010, have now been realised during the first quarter. Considering the various challenges faced in the financial market we have continued to focus ourselves on quality lending.Futurebank’s profitability, this early in the year, underscores our resilience and our firm place within Bahrain’s banking industry.”
“Futurebank has successfully implemented a new state-of-the-art core banking system from 1st January 2011 onwards. The new system enables us to offer a variety of products in consumer and corporate lending, and provides us with an upgraded platform from which to provide value-addedservices to our loyal clients,” concluded Mr Souri.
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