Lesha Bank’s results underscore success of its forward-looking approach despite global challenges, says Sheikh Faisal

Lesha Bank’s results underscore success of its forward-looking approach despite global challenges, says Sheikh Faisal

QLNews
By QLNews

Lesha Bank LLC (Public) announced its financial performance for the nine-month period ending on September 30, 2023.

During this period, the Bank achieved a net profit of QAR 66.8 million attributed to the equity holders of the Bank, representing a 5.1% increase compared to the corresponding period of last year. This growth showcases the bank’s target of sustained profitability. 

In the first nine months of 2023, fee and dividend income amounted to QAR 53m. This is attributed, in part, to the rising income streams generated by the investment portfolio developed over the last few quarters.

Furthermore, the bank’s sukuk portfolio expansion led to a substantial increase in income reaching QAR 50.3m for the nine months in 2023, registering a 166% growth year-on-year. In terms of total assets under management (AUM), the bank made substantial strides, reaching QAR 6bn, reflecting a 39% growth compared to the corresponding period in the previous year.

The Bank’s total customer deposits also witnessed a growth, reaching QAR 3bn, an increase of 38% compared to QAR 2.2bn in the same period of the previous year. Moreover, the bank’s investments reached QAR 2.4bn, indicating a growth of 67% compared to the QAR 1.4bn reported on September 30, 2022.

As of September 30, 2023, total assets reached QAR 6.2bn, indicating an increase of 55% compared to the corresponding period the previous year, which was QAR 4bn. The bank’s total equity rose to QAR 1.2bn, up from QAR 1.1bn as of September 30, 2022.

Additionally, the return on average equity stood at 7.66%, with the return on average assets at 1.56%. The book value reached QAR 1.06, and the annualized earnings per share reached QAR 0.08. The capital adequacy ratio stood at 19.62% as of 30 September 2023.

“I’m delighted to announce the successful completion of another profitable quarter for Lesha Bank. These results underscore our aim to excellence, innovation, and the pursuit of our strategic objectives, all while adopting a forward-looking approach, especially in light of the challenging global investment landscape,” said Lesha Bank Chairman HE Sheikh Faisal bin Thani Al Thani.

“Lesha Bank’s third quarter financial performance is a testament to our unwavering goal of delivering value to both our shareholders and clients. Building on this positive momentum, the Bank aims to continue to make strides across the business, focusing on growing income through the development of a robust portfolio of investments,” he added.

Mohammed Ismail Al Emadi, Lesha Bank CEO, said, “I’m pleased to confirm that our diversified investment portfolio continues to yield results in Q3. Our enduring commitment to a client-centric approach remains pivotal to our success. We’ve further fortified our relationships with clients, delivering innovative financial solutions and personalized services that consider their evolving needs.

“Furthermore, we’re devoted to taking decisive steps aiming towards additional growth across our key business lines. Despite market challenges, our financial indicators appear promising. We’re targeting to carry forward this success throughout the remainder of the year, aiming to conclude the year on a high note.”

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