FTP is very basic and very primitive, it doesn't (at least natively) use .bash_profile or any profile of that kind (which make sense in the way that ftp never "use" bash or any unix shell unlike telnet). However most ftp servers have the hability to change the default umask applied to users that connect, and few have the ability to set some kind of users profiles. But this all depend on your server capability, I recommend that you read the documentation.
Ps : Telnet is total crap! Don't use telnet stuff, it's old, buggy, unsecured and most of all, some alternative applications exist. Unless your are using in in a private and very well secure network, you better use SSH, as it _at least_ encrypt password and trafic.