The Libyan Foreign Bank (LFB) announced yesterday its preliminary 2024 results which are awaiting external auditing. It said that for the first time in its history, the bank will publish its financial statements in accordance with International Financial Reporting Standards (IFRS).
The LFB says its preliminary financial results indicate it has achieved a net profit exceeding US$ 440 million during the fiscal year 2024, after allocating the necessary provisions to ensure the bank’s financial position is accurately represented.
It reports that with these preliminary results, the LFB has achieved a total net profit exceeding $1.2 billion USD over the past three years (2022-2024). It also reports that during the last fiscal year, all accumulated losses from previous years have been cleared.
The LFB says that its Management Committee and Executive Management have continued their efforts to achieve stability and improve the bank’s financial position, despite the difficult conditions faced by the Libyan banking sector and the challenges resulting from historical burdens and accumulated issues.
During this phase, the LFB says it has successfully strengthened its ‘‘three lines of defence’’ and has established control over the portfolio of unlisted and non-performing bonds from previous years. In addition, it says its management has successfully enhanced its policies and procedures for banking and investment operations in line with international standards and best practices.
The LFB also announced yesterday that Khaled Algonsel had, on the same day, handed over his duties as CEO of LFB to Mohamed Mustafa Elamari. Algonsel, it announced, will continue his role as Deputy Chairman of the Management Committee, to ensure effective governance of the bank’s operations.
