Continue reading Lesha Bank reports QAR 44.7 million profit in the first half of 2023" />
Lesha Bank LLC (Public) (the “Bank” or ’Lesha Bank’) today announced its financial performance for the six-month period ending on 30 June 2023. During this period, the Bank achieved a net profit of QAR 44.7 million, representing a 6.4% increase compared to the corresponding period last year. This growth showcases the Bank’s dedication to sustained profitability, making it the eleventh consecutive quarter of growing financial results.
During the first half of 2023, fee and dividend income reached QAR 37.3 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 investment portfolio expansion led to a substantial increase in income reaching QAR 43.6 million for the first six months in 2023. In terms of total assets under management (AUM), the Bank achieved significant progress, reaching QAR 5.9 billion, marking a 48% growth compared to the same period in the previous year.
The Bank’s total customer deposits also witnessed a growth, reaching QAR 3.1 billion, an increase of 19% compared to QAR 2.6 billion in the same period of the previous year. Additionally, the Bank’s Investments reached QAR 2.4 billion, showcasing a growth rate of 103% from QAR 1.2 billion on 30 June 2022.
Total assets stood at QAR 5.1 billion as of 30 June 2023 which is a notable growth of 14% compared to the previous year same period of QAR 4.5 billion. Total Bank’s Equity increased to QAR 1.2 billion from QAR 1.0 billion on 30 June 2022. Furthermore, the Return on Average Equity was 7.75%, while the Return on Average Assets stood at 1.73%. The Book value reached QAR 1.05, and the Annualized Earnings per Share reached QAR 0.08. The Capital Adequacy ratio stood at 19.61% as of 30 June 2023.
Reflecting on the Bank’s financial results, HE Sheikh Faisal bin Thani Al Thani, Lesha Bank Chairman, commented: “I am pleased to announce our latest financial results, a compelling demonstration of Lesha Bank’s resilience amidst the headwinds of a challenging global economy. Our second quarter results, marking the eleventh successive quarter of profitability, stand as a clear testimony to the strength and durability of our business model and the unwavering course of our long-term strategy. With dedication and strategic vision, we are determined to continue our upward trajectory and create sustainable value for all stakeholders. Together, we aim to navigate challenges, seize opportunities, and drive our bank towards greater success and growth in the dynamic global market.”
Mohammed Ismail Al Emadi, Lesha Bank CEO, added: “We are happy to showcase Lesha Bank’s remarkable strength and resilience in the first half, proving our ability to thrive amidst challenging conditions. The profitability over the past eleven consecutive quarters reflects a promising start to this year. As we chart our course into the future, we are invigorated by the prospect of sustaining this momentum and exploring lucrative growth opportunities on local, regional, and global fronts. Leveraging our strengths, we are strategically targeting investments in key markets to amplify our potential for growth. We extend our heartfelt appreciation to our dedicated employees, and we acknowledge the support of our esteemed Board of Directors and shareholders, who have been instrumental in driving our steady profit growth.”
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).