Lesha Bank records a net profit of QAR 22.1 million in Q1 2023
Lesha Bank LLC (Public) (the “Bank” or ’Lesha Bank’) today released its financial results for the three-month period ending 31 March 2023, with a net profit attributable to equity holders of the Bank of QAR 22.1 million, an increase of 5% compared to the same period of previous year. This marks its tenth consecutive quarter of profitability and a strong start to the year 2023.
The first quarter of the year 2023 witnessed a growth in fee & dividend income of 26% from QAR 18.7 million in the same period of the previous year to QAR 23.6 million. The increase was partially driven by rising income streams from the investment portfolio being built up over the last few quarters. The increase in the Bank’s fixed income portfolio has resulted in a growth in fixed income for the current quarter to QAR 13.8 million compared to QAR 4.3 million in the same period of the previous year. The Bank’s total assets under management (AUM) reached QAR 5.7 billion, a growth of 49% from the same period of the previous year.
Total assets for the period ended 31 March 2023 stood at QAR 5 billion, registering a year-on-year growth of 22%. The Bank’s unrestricted investment account deposits grew by 42% to QAR 2.7 billion from QAR 1.9 billion in the same period of the previous year.
During this period, Lesha Bank completed its acquisition and structuring of a trophy real estate asset, phase II of healthcare technology company headquartered in Ohio offering its clients a unique opportunity to invest in a high-quality asset. During the quarter, the Bank purchased a minority stake in Starlink W.L.L, a leading local provider of Information Communication Technology & managed services and retailer of technology products as part of its private equity strategy to expand the Bank’s footprint in Qatar.
Commenting on the Bank’s financial results, HE Sheikh Faisal bin Thani Al Thani, Lesha Bank Chairman, commented: “We are pleased with the positive start our Bank enjoyed in 2023, recording its tenth consecutive quarter of profit. This is a clear demonstration of Lesha Bank’s continued strength and turnaround. We are keen to continue this momentum by focusing on growth opportunities within the global investment landscape as we leverage our capabilities to invest in key markets and sectors to potentially bolster this growth.”
Abdulrahman Totonji, Lesha Bank CEO, commented: "Alhamdulillah, our team's continued effort, the trust of our clients, and our long-term relationships with our partners have been instrumental in our success for yet another quarter. The Q1 financial results of Lesha Bank demonstrate our unwavering commitment to our long-term strategy, as reflected in our positive earnings from various deals and transactions. We will continue to prioritize diversifying our portfolio by strategically selecting industries and sectors that may provide stable income streams, even in the face of global challenges.”
The Bank was recognized as the Best Asset Manager in Qatar at the EMEA Finance Middle East Banking Awards 2022, in recognition of managing its real estate and private equity asset portfolios.
Lesha Bank LLC (Public) is the first independent Shari’a-compliant Bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange (QSE: QFBQ).
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