Bahrain-based Futurebank has announced a net profit of BD9.1 million for the year ended 31 December 2010 marking an increase of 10.4% as compared to 2009 (2009 – BD8.2 million). The bank also reported that net profit for Q4 2010 stood at BD 0.79 million.
“The bank’s profit based on performance for the fourth quarter was actually BD 2.59 million,” said Gholam Souri, Chief Executive Officer and Managing Director, who took to the helm in Q4 2010.
“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 BD 1.02 million, besides the other extra provisioning on a prudential basis of BD 0.78 million,” he added.
As of 31 December 2010, the bank’s total assets stood at BD524.3 million (2009 – BD547.5 million). The bank registered a healthy growth in its Loan & Advances portfolio by 28.1% from BD 118.4 million to BD 151.7 million, with customer deposits growing by 21.1% from BD 108.7 million to BD 131.6 million 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 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.”