ALUBAF International Bank, an offshore bank based in Tunis, a subsidiary of Libyan Foreign Bank (LFB), has just published its financial statements for the year ended December 31, 2020.
These statements show a net loss of $3.3 million, compared to a net profit of $2.2 million in 2019.
This underperformance was primarily the result of a 30% drop in net interest margin to $4.2 million from $6 million a year earlier.
As a result, Net Banking Income fell 32% last year to $7.2 million from $10.7 million in 2019.
The company’s net interest margin went down 30% to $4.2 million from $6 million a year earlier.
On the other hand, bank operating expenses, however, increased by 24% to $10.5 million from $8.5 million a year earlier.
This growth in expenses was driven by a 62% increase in provisions to $4.3 million and a 20% rise in personnel costs to $4 million.
The growth in expenses was driven by a 62% increase in provisions to $4.3 million.
In addition, outstanding customer deposits amounted to $155 million, as of December 31, compared to $143.2 million a year earlier, up 8%.
Founded in 1985, ALUBAF International Bank is an offshore bank based in Tunis. With a capital of $ 25 million, the subsidiary of the Libyan Foreign Bank group operates in Tunisia by collecting deposits from non-residents.
The bank is a subsidiary of the Libyan Foreign Bank Group.
