Tribune news network
doha
Lesha Bank has announced its financial results for the three-month period ending March 31, 2024 with a net profit of QR28.8 million attributable to equity holders of the bank.
The bank has reported a 30.1 percent increase in net profit compared to the corresponding period in the previous year and marks the highest Q1 profit ever recorded by the bank.
The bank’s total assets under management (AUM) increased to QR6.4 billion, reflecting a growth of 11 percent year-on-year. Concurrently, the total investment witnessed an increase of 27 percent, reaching QR2.8 billion compared to the corresponding period in the previous year.
Total assets as of March 31, 2024 stood at QR7.6 billion, registering a year-on-year growth of 52 percent. The bank’s total customer deposits grew by 23 percent to QR3.6 billion in the same period of the previous year.
The continuous profitability contributed to the total equity climbing to QR1.2 billion, marking an increase of 8 percent compared to the corresponding period last year. The book value reached QR1.12, while the earnings per share reached QR0.026, indicating improved performance in both indicators.
In the reported period, Lesha Bank completed the acquisition of Alta Federal Hill, a multifamily residential building located in Maryland, US. Additionally, the bank recently participated in a transaction known as “Project Algebra,” securing a stake in a portfolio comprising 36 premium private schools primarily located in the UK and Western Europe.
Sheikh Faisal bin Thani Al Thani, Lesha Bank Chairman, commented “After concluding 2023 on a positive note, we are pleased to announce that we have commenced 2024 with a profitable momentum. Over the past few years, our goal has been to fortify our business with strong fundamentals, a forward-looking approach, strategically diversifying our investment portfolio, and delivering value to our shareholders & clients.”
Mohammed Ismail Al Emadi, Lesha Bank CEO, added “Our key business lines are consistently working towards contributing to the growth of the Bank. Throughout the first quarter, we successfully closed several investment deals, while collaborating closely with our business partners and leveraging our extensive global network to target potential growth opportunities within the global investment landscape.”
