From left: H E Sheikh Faisal bin Thani Al Thani, Lesha Bank Chairman, and Mohammed Ismail Al Emadi, Lesha Bank CEO
Lesha Bank LLC (Public) (the “Bank” or “Lesha Bank”) announced its financial performance for the nine-month period ending on the 30th of September 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 53 million. 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 50.3 million 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 6 billion, 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 3 billion, an increase of 38% compared to QAR 2.2 billion in the same period of the previous year. Moreover, the Bank's investments reached QAR 2.4 billion, indicating a growth of 67% compared to the QAR 1.4 billion reported on September 30, 2022.
As of September 30, 2023, total assets reached QAR 6.2 billion, indicating an increase of 55% compared to the corresponding period the previous year, which was QAR 4 billion. The Bank's total equity rose to QAR 1.2 billion, up from QAR 1.1 billion 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.
H E Sheikh Faisal bin Thani Al Thani, Lesha Bank Chairman, commented: “I am 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.
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.”
Mohammed Ismail Al Emadi, Lesha Bank CEO, added: “I am 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 have further fortified our relationships with clients, delivering innovative financial solutions and personalized services that consider their evolving needs. Furthermore, we are devoted to taking decisive steps aiming towards additional growth across our key business lines. Despite market challenges, our financial indicators appear promising. We are targeting to carry forward this success throughout the remainder of the year, aiming to conclude the year on a high note.”
Lesha Bank LLC (Public) is the first independent Shari’a-compliant Bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange (QSE: QFBQ).
