The net income after tax of the Bank and Commerce and Development (BCD), in which Qatar National Bank purchased a stake earlier this year, dropped to LD8.5m ($6.7m) in 2011.

A statement published by the Libyan Stock Market on 9 October said that the bank's total assets stood at LD2.5bn ($2bn) at the end of 2011, while net income after tax was LD8.46m ($6.71m). It said these figures had been verified by an external auditor.

The most recent annual report published by the BCD dates from 2009, and shows that the bank held assets of LD2.2bn ($1.7bn) and generated a net income after tax of LD15.6m ($12.4m) in the 2009 financial year.

At the end of the first quarter of 2012, Central Bank of Libya figures show that the BCD held assets of LD2.8bn ($2.2bn). 

Qatar National Bank (QNB) finalised the purchase of a 49% stake in the BCD in April this year. The transaction was initially granted approval by the Libyan authorities in early 2011 but was then delayed due to the conflict.

The BCD is headquartered in Benghazi and employs around 800 people across more than 30 branches.