Continue reading Lesha Bank Reports Net Profit of QAR 63.6 Million for the Nine-Months Period Ended 30 September 2022" />

News : Lesha Bank Reports Net Profit of QAR 63.6 Million for the Nine-Months Period Ended 30 September 2022

The Bank records its 8th consecutive quarter of profit reaffirming its commitment to achieving sustainable growth

Lesha Bank L.L.C (Public), (the “Bank”) announced its financial results for the nine months period ended 30 September 2022, reporting a net profit attributable to equity holders of QAR 63.6 million, a 2.5% increase compared to the same period last year.

The Bank continued to deliver resilient performance despite the changing and challenging global macroeconomic environment and managed to achieve significant growth in recurring streams of revenue during the first nine-months of 2022 in comparison to the same period last year.

In line with the Bank’s focus on fee generation from Assets Under Management (AUM), the fee income increased to QAR 45.7 million showing a commendable growth of 340% compared to QAR 10.4 million in the same period last year. The dividend income increased by 36% from QAR 10 million in the nine-months of 2021 to QAR 13.6 million in 2022, and the income from Sukuk portfolio increased from QAR 9 million to QAR 18.9 million registering a significant growth of 110%.

Furthermore, total Assets for the period ended 30 September 2022 stood at QAR 4 billion, registering a growth of 23%, compared to QAR 3.2 billion for the year ended 31 December 2021. The Bank’s deposit base continued to grow during the period and showed an increase of 16% compared to last year. Additionally, the Bank successfully completed the “Rights Issue” process adding QAR 500 million to the equity.

H.E. Sheikh Faisal bin Thani Al Thani, Lesha Bank’s Chairman commented: “We continue to see organic growth across our businesses for the 8th consecutive quarter, which reiterates the trust and confidence that our clients and business partners placed on us. Lesha Bank’s results were driven by our forward-looking approach and focus on long-term growth, while catering to the evolving needs of our expanding client base. The launch of a new brand identity was a strategic move to accelerate growth and mark our achievements under a new strategic direction aimed at achieving further growth locally and internationally.”

Mr. Abdulrahman Totonji, Lesha Bank’s CEO added: “We delivered a solid quarter as we continued to execute on our ambitious growth strategy, demonstrating our resilience despite the challenging macroeconomic factors affecting the investment sentiments. We are delighted to report favorable financial results and maintain healthy liquidity levels strengthening our balance sheet thanks to prudent and strict practices.”

Lesha Bank L.L.C (Public) formerly known as Qatar First Bank 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).