Tripoli— The Libyan Foreign Bank (LFB) is reporting net profit exceeding US$440 million during the fiscal year 2024, according to a bank statement on Sunday 5 January 2025. These results reaffirm LFB’s positive standing that had been achieved in the years 2022 and 2023 in which it reported profits exceeding US$800 million.
The bank said these profits are “achieved after allocating the necessary provisions to ensure the bank’s financial position is accurately represented,” while it continues to work with its relevant departments and the external auditor to approve the final financial statements for 2024.
With the results of 2024, the LFB has achieved a total net profit exceeding US$1.2 billion over the past three years (2022-2024) and cleared all accumulated losses from previous years, it added.
During its meeting in August 2024, the LFB’s Management Committee acknowledged the final certification of its financials for the year 2023 reporting revenues of US$531 million and net profit of US$503 million, according to a LFB statement published on its web site on 1 August 2024. “These figures bring about the total profits achieved by the bank over the past two years (2022/2023) to US$804 million,” another statement by the bank said.
Meanwhile, on Sunday, the LFB changed horses by appointing Mr. Mohamed Mustafa Elamari as its new CEO replacing Mr. Khaled Algonsel who will continue his role as Deputy Chairman of the Management Committee.
The bank will also publish for the first time in its history its financial statements in accordance with International Financial Reporting Standards (IFRS).
It is to the Management Committee’s and the Executive Management’s credit that the bank has been able to achieve stability and improve the LFB’s financial position, especially in light of the chronic conditions faced by the Libyan banking system and the challenges derived from previous accumulated problems.
It has done so, it said, by means of fortifying its “three lines of defense and establishing control over the portfolio of unlisted and non-performing bonds from previous years.” In addition to enhancing policies and procedures for banking and investment operations to abide by international standards and best practices.