Libyan Arab Foreign Bank
The Libyan Arab Foreign Bank takes home the award again this year following another strong performance in 2002 that was helped by further improvements in its technology.
Last year, the bank posted a 22% gain in net profit and increased its ROE to nearly 50% from 30.8% the previous year. At the same time, its cost-to-income ratio dropped further, declining to 51.2% from 68.2%. The bank also posted a slight gain in assets and nearly doubled Tier 1 capital in 2002.
The bank‘s back office system has enabled it to adopt international banking practices and participate in trading on global financial markets. The system was further enhanced last year via the introduction of a “routing robot”. According to the bank, the robot increases the system’s automation, and hence, speed and accuracy.
