Lesha Bank has achieved a net profit of QR44.7mn in the first half (H1) of 2023, 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 11th consecutive quarter of growing financial results.
During the first half of 2023, fee and dividend income reached QR37.3mn, 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 QR43.6mn for the first six months in 2023. In terms of total assets under management (AUM), the bank achieved significant progress, reaching QR5.9bn, marking a 48% growth compared to the same period in the previous year.
The bank’s total customer deposits also witnessed a growth, reaching QR3.1bn, an increase of 19% from the same period of the previous year. Additionally, the bank's investments reached QR2.4bn, showcasing a growth of 103% on an annualised basis.
Total assets stood at QR5.1bn as of June 30, 2023, which is a notable growth of 14% year-on-year. Total equity increased to QR1.2bn from QR1bn as on June 30, 2022. Furthermore, the return on average equity was 7.75%, while the return on average assets stood at 1.73%.
The book value reached QR1.05, and the annualised earnings-per-share was QR0.08. The capital adequacy ratio stood at 19.61% at the end of June 30, 2023.
"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...Together, we aim to navigate challenges, seize opportunities, and drive our bank towards greater success and growth in the dynamic global market," said Sheikh Faisal bin Thani al-Thani, Lesha Bank chairman.
Mohammed Ismail al-Emadi, Lesha Bank chief executive officer, said 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," he said.
