Press statement - Libyan Foreign Bank 2022 Preliminary Results
Reflecting on the year 2022, which marked the 50 year anniversary of the Libyan Foreign Bank (LFB), we look back at the significant achievements and positive transformation attained through stabilization efforts and establishment of improved practices. This significant milestone is something we would like to shed light upon in restoring LFB’s place as the financial gateway for Libya; now a key regional player in the banking sector.
As we continue to work on finalizing our audited financial statements for the fiscal year 2022, our preliminary financial indicators show that LFB has achieved net profits of approximately $285 US million dollars, which represents an 89% YoY growth over the previous year’s results. This preliminary result takes into consideration several provisions that were considered to ensure that the figures are a fair and accurate reflection of the bank’s financial standing.
In addition to these positive results, the bank has witnessed a strategic shift during this period, which has seen its lines of defense strengthened. The strategic transformation projects that were launched in 2021 have addressed several of the legacy problems that had been accumulated, this had a direct contribution towards achieving the stability at LFB and the improved financial position of the bank during this period. For the first time in the history of LFB, we will have consolidated financial statements for LFB in accordance with the international standards (IFRS) during the first half of 2023.
As we close the year 2022 with these positive results, we must recognize the efforts of LFB’s management and staff, who have worked hard and have embraced the strategic transformation vision laid out by LFB’s board and ownership (Central Bank of Libya). The dedication and diligence exhibited by those who have jumped on the transformation train at LFB is a key component of these positive results, thus paving the way for establishing a new culture and work environment that will be the new legacy of the bank for decades to come. After many years of challenges and continual losses, today, LFB is able to reap the fruits of stability which delivers greater positive results.
Half a century since its establishment, LFB reiterates its continued commitment to strengthening the bank’s position regionally and globally through the adoption of international best practices, enforcement of good corporate governance, and fostering a healthy work environment that will help its employees achieve their maximum capabilities. We look forward to sharing more positive results about this mission before us, ensuring all of our focus on building further success on the 50 year foundation that was established by the founders of this institution.
Libyan Foreign Bank
12 January, 2023