Lesha Bank net profit jumps 36% y-o-y to QR128.2mn in 2024

Lesha Bank has posted a net profit of QR128.2mn in 2024, which reflects 36% growth compared to the previous year.

The Board of Directors proposed the distribution of cash dividend of 5% of the nominal share value (QR0.05 per share) subject to the approval of regulators and the Bank’s general assembly.

The bank’s success was driven by new high value product offerings across aviation, real estate, education, and hospitality.

Additionally, the focus on enhancing operational efficiency, expanding its client base and the execution of long-term strategy of targeting high-growth regional and developed markets drove significant growth in financial performance throughout 2024.

The bank’s diversified investment portfolio achieved an impressive 39% growth in assets under management (AUM), reaching QR8.6bn.

This growth underscores the strength of Lesha Bank’s fee-based income business model and reflects the rising demand for its tailor-made investment solutions among both individual and institutional investors.

Total assets reached QR6.8bn, reflecting a robust 8% increase over the previous year, while total investments grew by 12% year-over-year, rising from QR3bn to QR3.3bn.

Profitability over the years contributed to the bank's total equity reaching QR1.3bn, marking a 9% growth compared to the same period last year.

The rise in placement, dividend, and sukuk incomes contributed to a total income of QR271mn, representing an impressive 39% growth compared to the previous year.

Return on average equity and return on average assets reached 9.94% and 1.95%, respectively. The book value per share rose to QR1.20, while earnings per share reached QR0.114, highlighting “strong performance” across key metrics.

Moreover, the bank maintained full regulatory compliance, with a “robust” capital adequacy ratio of 17.16%.

Lesha Bank Chairman HE Sheikh Faisal bin Thani al-Thani commented: “2024 has been a pivotal year for Lesha Bank. Our ability to adapt to changing market dynamics while remaining committed to our core principles of operational excellence, diversification, and delivering value to our stakeholders has positioned us at the forefront of the Shariah-compliant investment banking sector.

“This year’s unprecedented performance reflects the hard work of our team and the success of our strategic initiatives. Looking ahead, we are committed to targeting sustainable growth and innovation while maintaining a strong connection with our clients, communities, and investors globally.”

Lesha Bank CEO Mohammed Ismail al-Emadi added: “Our performance this year is a testament to the strength of our strategic vision and disciplined approach to growth. By focusing on diversified revenue streams, cost efficiency, and leveraging our global network, we have achieved exceptional results across key financial metrics.

“With new business pillars like Asset Management and Investment Banking Advisory, along with strategic investments in high-potential sectors, we are well-positioned to build on this momentum. As we move forward, our focus remains on identifying opportunities that align with our vision for sustainable and impactful growth.”

Lesha Bank achieved several noteworthy milestones in 2024 that includes high-impact acquisitions, including Bereke Bank in Kazakhstan, five Boeing 777-300ER aircraft leased to a leading airline, and premium real estate properties in the United States and Qatar.

The bank also expanded its investment footprint with co-investments in one of the largest education platforms in the UK, as well as in a leading provider of payment-integrated technology.

Additionally, Lesha Bank successfully exited from David Morris International, further showcasing its ability to deliver value-driven outcomes.

The bank introduced two new business pillars: Asset Management and Investment Banking Advisory. Recognition followed these accomplishments, with Lesha Bank being named one of Forbes' Top 30 Asset Managers in the Middle East, a first for any Qatari bank and Qatar’s Best Real Estate Investment Manager at the prestigious Euromoney Real Estate Awards.

Lesha Bank is the first independent Shariah-compliant bank authorised by the QFC Regulatory Authority and a listed entity on the Qatar Stock Exchange.