Lesha Bank LLC (Public) (the "Bank" or "Lesha Bank") announced its financial results for the half year ended 30 June 2024. The Bank reported a net profit of QAR 54.1 million attributable to the equity holders of the Bank, a 21% growth compared to the corresponding period of last year.

During the first half of the year, total income reached QAR 117.1 million representing a growth of 28.6% compared to the previous year in response to the recurring and stable income streams generated by the Bank’s diversified investment portfolio. The Bank’s total investment and assets under management (AUM) continued their growth momentum, reaching QAR 3.2 billion and QAR 6.7 billion marking a 21% and 12% growth respectively compared to the same period in the previous year. The core business lines of the Bank contributed to this growth along with the increased demand for tailor-made investment solutions.

Total assets of the Bank now stand at QAR 7.5 billion representing a YoY growth of 47%, while customer deposits also grew by 20% to reach QAR 3.7 billion. The total equity of the Bank stood at QAR 1.3 billion reflecting a growth of 8% compared to the previous year.

Furthermore, the return on average equity was 8.65%, while the return on average assets stood at 1.57%. The book value reached QAR 1.13, and the earnings per share reached QAR 0.097. The capital adequacy ratio stood at 15.69% in line with the regulatory requirements.

During the second quarter of the year, the Bank appointed three new board members reaching a total of nine board members and was ranked among the top 30 asset managers by Forbes Middle East for the year 2024.

Commenting on the financial performance, the Bank’s Chairman HE Sheikh Faisal bin Thani Al Thani, said: “We are delighted to report another strong financial and operational performance as we continue to reap the benefits of our well-executed business plan. In response to the key business decisions that we took during the past few years we have made substantial progress in the first half of 2024, and our market position and growth trajectory seemingly remain strong. The adaptive nature of our business strategy helps us navigate cautiously in different market situations as we continue to target the execution of our value creation approach. As we move forward, our key aim remains firmly on leveraging our core strengths and expertise to deliver sustainable growth for all our stakeholders.”

Lesha Bank CEO, Mr. Mohammed Ismail Al Emadi commented: “While applauding the success of key financial indicators, our core business teams are dedicated to building transaction pipelines that target the generation and maintenance of a sustainable income stream. Growth in AUM, along with the performance of our deals and managed portfolios, reflects our ongoing pursuit of an effective forward-looking strategy. Our client-centric approach continues to attract clients, and we have seen rising demand for bespoke investment products due to the nature of our unique and diversified offerings. We have also made several key strategic decisions to potentially further strengthen the Bank’s financial position and operational performance, enabling us to introduce new offerings.”

The press release and the full set of financial statements are available on its website at www.leshabank.com. 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).