Libyan Foreign Bank’s Management Committee holds its fourth meeting in 2024
The Libyan Foreign Bank’s (LFB) Management Committee held its fourth meeting for the year 2024 on August 1, 2024. The meeting’s agenda included a review of the strategic transformation projects that contributed to current achieving the current stability in the bank, and discussed in depth some of the issues that have burdened the bank over the past years, while providing its directives to the executive management regarding some of those issues.
Additionally, the Committee acknowledged the final certification of its financials recently, which reflected positive results, where the certified audited financials for the year 2023 reported operating revenues of $531M US dollars, and net profits of $503M US dollars. These figures bring about the total profits achieved by the bank over the past two years (2022/2023) amount to $804M US dollars.
The committee’s meeting acknowledged the recent enhancements and improvements made by LFB’s investment departments, as several of those teams presented reports highlighting some of the key achievements as well as challenges they are facing during the current year. Additionally, the meeting’s agenda included discussions regarding some of the key issues facing the bank, and the committee issued its directives to the executive management to continue working on strengthening the lines of defense and protecting LFB’s assets in cooperation with relevant authorities in the Libya and LFB’s global network of legal advisors.
The committee concluded its meeting by expressing their gratitude and appreciation to the executive management and employees at LFB across its various departments for their efforts in achieving the stability at the bank and encouraged them to continue working towards completing the strategic transformation journey of LFB in the upcoming phase.
Libyan Foreign Bank
1 August 2024