Dr. Valiollah Seif, Chief Executive Officer and Managing Director, Futurebank explained, “The bank’s profit based on performance for the fourth quarter 2009 is actually a laudable BD2.4m.”
“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 Q4 2009. The result of this prudent decision can be seen on our bottom line,”
added Dr. Seif.
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 the year 2009 totally provision to the extent of BD2.4m was increased, out of which BD1.6m was pertaining to Collective impairment.
The bank’s total assets stood at BD547.5m almost the same as compared to last year-end of 2008, while Futurebank’s total liabilities decreased by 2.1% to a healthy BD473.7m (2008 – BD484.2m) on 31 December 2009. The bank’s total liabilities and equities stood nearly the same as 2008 (BD547.45m) at BD547.5m at the end of 2009.
“I am pleased with our performance in 2009. Futurebank worked towards strengthening its financial position and we managed an impressive profit of BD8.2m. The bank has a healthy Capital Adequacy ratio of 21% as compared to the 12% regulatory requirement. Having steered through the financial crisis, the bank is proud to have remained a stable entity in Bahrain’s banking arena,” concluded Dr. Seif.
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