Tunisia-based international bank ALUBAF posts loss of $ 3.3 million in 2020
ALUBAF International Bank, an offshore bank based in Tunis, a subsidiary of the 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 is mainly 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 fell 30% to $ 4.2 million from $ 6 million a year earlier.
On the flip side, however, bank operating expenses rose 24% to $ 10.5 million from $ 8.5 million a year earlier.
This growth in expenses is driven by a 62% increase in provisions to $ 4.3 million and a 20% increase in personnel costs to $ 4 million.
The growth in expenses is attributable to a 62% increase in provisions to $ 4.3 million.
In addition, outstanding customer deposits stood at $ 155 million as at December 31, compared with $ 143.2 million a year earlier, an increase of 8%.
Founded in 1985, ALUBAF International Bank is an offshore bank based in Tunis. With a capital of 25 million dollars, 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.