Libyan Foreign Bank explains profits of recent years in black and white

BY Libyan Express Aug 30, 2018 - 22:28

The LFB’s General Director said the financial status is good contrary to the rumors

The Libyan Foreign Bank (LFB) has gained massive profits amid the crises and financial as well as economic unrest in Libya over the last few years, a report by the LFB says.

The report that was presented by the LFB’s General Director Mohammed Bin Yousif on a local Libyan TV channel showed that Libya gained 73.800 million dollars in 2012, while in 2013, it made net profits of 120.800 million dollars.

The General Director also said that the LFB profited in 2014 about 124.800 million dollars, while it made 106 million dollars in 2015 and in 2016, it made a total of 102 million dollars.

He added that in 2017, the LFB gained 135 million dollars in profits, registering a higher rate than previous years.

The report also says that department of funds and financial markets of the LFB made 21 million dollars in 2012, 64 million dollars in 2013, 49.900 million dollars in 2014, and despite drop of oil production and uncertainty at the time losing Libya over 2.7 trillion dollars, the LFB secured profits worth 20 million dollars in 2015, while in 2016, it gained 23 million and 40 million in 2017.

The LFB’s General Director said the financial status is good contrary to the rumors, adding that it is a very well-known institution and that is seen through the reports that talk about its work and position in the world, not to mention the Audit Bureau and Central Bank of Libya’s own reports and experts’ takes.

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