Doha, Qatar – October 17, 2024: Lesha Bank LLC (Public) (“Lesha Bank” or the “Bank”), a leading Shari’a-compliant investment bank, has announced robust financial results for the nine-month period ending September 30, 2024. The Bank reported a net profit of QAR 96.6 million, attributable to equity holders, marking a significant 45% increase compared to the same period in 2023. This strong performance is a result of the Bank’s continued strategic focus on diversifying revenue streams and enhancing operational efficiency.
Lesha Bank’s diversified investment portfolio saw impressive growth, with Assets Under Management (AUM) rising by 17% year-over-year, reaching QAR 7.0 billion. The Bank’s total income for the third quarter surged to QAR 214.4 million, a 66% jump from QAR 129.4 million in the same period last year, showcasing its ability to generate revenue through a well-diversified investment strategy.
Additionally, total assets grew by 24%, reaching QAR 7.6 billion, compared to QAR 6.2 billion in 2023. The Bank’s total investments also expanded by 26%, climbing to QAR 3.3 billion. Reflecting this growth in profitability, total equity rose by 14% year-over-year to QAR 1.4 billion.
Key financial ratios also reflected the Bank’s strong performance, with a return on average equity (ROE) of 9.94% and a return on average assets (ROA) of 1.85%. The book value per share stood at QAR 1.21, while annualized earnings per share (EPS) reached QAR 0.115. As of September 30, 2024, the Bank’s capital adequacy ratio was a solid 16.34%, underscoring its strong financial health and commitment to maintaining robust capital reserves.
Leadership Commentary
HE Sheikh Faisal bin Thani Al Thani, Chairman of Lesha Bank, expressed his satisfaction with the results: “We are delighted to report continued profitability growth for the nine months of 2024, with double-digit increases across key performance metrics. These results highlight the strong contributions from all business lines, driven by our strategic focus on high-value, client-tailored products. Our fee-based income model continues to significantly enhance overall profitability, reflecting the success of our long-term strategy, which prioritizes high-growth regional and global investments. This positions us well for future growth across all sectors.”
Lesha Bank CEO, Mohammed Ismail Al Emadi, also commented on the Bank’s solid performance: “Our financial results for the third quarter are a testament to our commitment to placing clients at the heart of our business strategy. By offering unique investment opportunities, we have been able to maintain strong financial health despite market volatility and geopolitical challenges. As we move into the final quarter of 2024 with positive momentum, we remain confident in delivering sustained value to our shareholders and clients.”
Outlook for 2024
Looking ahead, Lesha Bank is optimistic about continuing its growth trajectory into the final quarter of 2024. The Bank’s leadership remains focused on delivering high-quality Shari’a-compliant investment opportunities and further strengthening its position in regional and global markets.
For more details, the full financial report is available on the Bank’s official website, www.leshabank.com. Lesha Bank LLC (Public) is authorized by the Qatar Financial Centre Regulatory Authority (QFCRA) and is listed on the Qatar Stock Exchange (QSE: QFBQ).
