Lesha Bank LLC (Public) (the “Bank” or “Lesha Bank”) unveiled its financial year results for the year ending on December 31, 2023, as approved by the Bank’s board of directors. The Bank recorded a net profit of QAR 94.4 million attributed to the equity holders of the Bank, representing a 25.1% increase compared to the same period last year.
The results were bolstered by growth in the Bank’s key business domains, including private equity, real estate, and treasury. Additionally, recurring income from placements and fee-based income streams contributed to the positive outcome.
The Bank’s diversified investment portfolio achieved an 18% growth in Assets Under Management (AUM), reaching QAR 6.2 billion. This reflects the accomplishment of the Bank’s fee-based income business model over the year and the increased demand seen for tailor-made investment solutions.
Total assets of the Bank continued their upward trajectory, reaching QAR 6.3 billion, compared to QAR 5.2 billion in 2022, marking a 20% increase. Furthermore, the Bank’s total investments expanded by 34% year-over-year, reaching QAR 2.7 billion from QAR 2billion. A rebound in profitability resulted in the total equity reaching QAR 1.2 billion, an increase of 9% compared to the corresponding period last year.
Return on average equity and return on average assets were stable for the year, reaching 7.97% and 1.63%, respectively. The book value reached QAR 1.1, and the earnings per share attained QAR 0.084, reflecting enhanced performance in both indicators. Additionally, the Bank maintained regulatory compliance, with the capital adequacy ratio standing at 19.45%.
HE Sheikh Faisal bin Thani Al Thani, Lesha Bank Chairman, commented: “We are delighted to share positive financial and operational achievements as we navigated securely within the global and regional business landscape in 2023. The Bank capitalized on the growth momentum and success cultivated over the years, showcasing the growth of Lesha Bank’s successful business model. Overall, we made substantial progress across all indicators, maintaining focus on diversifying our portfolio, expanding our client base, and exploring new investment opportunities. We eagerly anticipate the next chapter of Lesha Bank with confidence, aiming to foster sustainable business growth and substantial value creation for our shareholders and clients.”
Mohammed Ismail Al Emadi, Lesha Bank CEO, added: “We are truly honored to conclude the year 2023, marking another year of sustained profitability. This achievement is a testament to our unwavering commitment to strategic growth, profitability objectives, and offering access to global and local investment opportunities. Our responsiveness to the demands and needs of our clients has been pivotal in contributing to our ongoing success. Our achievements are a result of a prudent approach to balance sheet and liquidity management, coupled with a commitment to building a resilient financial foundation. Moving forward, I will continue to collaborate with key stakeholders to cultivate an interactive and dynamic environment for mutual cooperation. Together, we aim to optimize our strategic vision, potentially unlocking new avenues for growth.”
The press release and the full set of financial statements are available on its website at www.leshabank.com.
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).
