Lesha Bank posted a net profit of QR66.8mn during the nine-month period that ended in September.
This, the bank, said represents a 5.1% increase compared to the corresponding period of last year. The growth showcases the bank's “target of sustained profitability.”
In the first nine months of 2023, fee and dividend income amounted to QR53mn. 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 sukuk portfolio expansion led to a substantial increase in income reaching QR50.3mn for the nine months in 2023 registering a 166% growth year-on-year.
In terms of total assets under management (AUM), Lesha Bank made substantial strides, reaching QR6bn, reflecting a 39% growth compared to the corresponding period in the previous year.
The bank’s total customer deposits also witnessed a growth, reaching QR3bn, an increase of 38% compared to QR2.2bn in the same period of the previous year.
Moreover, investments reached QR2.4bn, indicating a growth of 67% compared to the QR1.4bn registered on September 30, 2022.
As of September 30, total assets reached QR6.2bn, indicating an increase of 55% compared to the corresponding period the previous year, which was QR4bn.
The bank's total equity rose to QR1.2bn, up from QR1.1bn as of September 30, 2022.
Additionally, the return on average equity stood at 7.66%, with the return on average assets at 1.56%. The book value reached QR1.06, and the annualised earnings per share reached QR0.08.
The capital adequacy ratio stood at 19.62% as of September 30, 2023.
Lesha Bank chairman Sheikh Faisal bin Thani al-Thani commented, “I am delighted to announce the successful completion of another profitable quarter for Lesha Bank. These results underscore our aim to excellence, innovation, and the pursuit of our strategic objectives, all while adopting a forward-looking approach, especially in light of the challenging global investment landscape.
“Lesha Bank’s third-quarter financial performance is a testament to our unwavering goal of delivering value to both our shareholders and clients. Building on this positive momentum, the Bank aims to continue to make strides across the business, focusing on growing income through the development of a robust portfolio of investments.”
Lesha Bank CEO Mohamed Ismail al-Emadi noted, “I am pleased to confirm that our diversified investment portfolio continues to yield results in Q3. Our enduring commitment to a client-centric approach remains pivotal to our success. We have further fortified our relationships with clients, delivering innovative financial solutions and personalised services that consider their evolving needs.
“Furthermore, we are devoted to taking decisive steps aiming towards additional growth across our key business lines. Despite market challenges, our financial indicators appear promising. We are targeting to carry forward this success throughout the remainder of the year, aiming to conclude the year on a high note.”