Tribune News Network
Doha
Lesha Bank reported its financial results for the nine-month period ending September 30, 2024. The Bank achieved a net profit of QAR 96.6 million, attributable to the equity holders, marking a 45% increase compared to the same period in the previous year.
This growth reflects the Bank’s continued strategic focus on diversifying revenue streams and operational efficiency throughout the nine months of the year.
The Bank’s diversified investment portfolio continued to expand, with Assets Under Management (AUM) recording a year-over-year growth of 17%, reaching QAR 7.0 billion. Total income by end of the third quarter in 2024 increased to QAR 214.4 million, a 66% increase from QAR 129.4 million in the same period of 2023.
Total assets also followed an upward trend, reaching QAR 7.6 billion, representing a growth of 24% from QAR 6.2 billion in the previous year.
The Bank’s total investment expanded year-over-year by 26%, reaching QAR 3.3 billion. As profitability rebounded, total equity increased by 14% to QAR 1.4 billion compared to the same period last year.
The Bank achieved a return on average equity of 9.94% and a return on average assets of 1.85%. The book value stood at QAR 1.21, while annualized earnings per share reached QAR 0.115, and as of 30 September 2024, the capital adequacy ratio was a solid 16.34%, reflecting the Bank’s robust financial health and commitment to maintaining strong capital reserves.
Sheikh Faisal bin Thani Al Thani, Lesha Bank Chairman, commented: "We are delighted to announce continued profitability growth in the nine months of 2024, with double-digit growth across most key performance indicators.
These results emphasize the strong contributions from all business lines, driven by a strategic focus on developing high value products tailored to client needs.
Additionally, the Bank’s fee-based income model continues to contribute significantly to the overall profitability of the Bank. Our consistent progress is a testament to the successful execution of our long-term strategy, which emphasizes high-growth regional and global investments with potential upside. This approach is positioning us for potential growth across all sectors.”
Mohammed Ismail Al Emadi, Lesha Bank CEO, added: "We are pleased to report healthy financial results for the third quarter. Our commitment to placing clients at the center of our business strategy and offering unique investment opportunities has been our key success factor.
Despite market volatility and ongoing geopolitical challenges, we remain optimistic in our ability to acquire, manage, and extract value from our assets, while continuing to build leadership in Shari’a-compliant investment offerings.
As we move into the final quarter with positive momentum, we are confident in delivering value to our shareholders and clients as we look forward to closing the year on a high note.”