Lesha Bank has posted a first-quarter net profit of QR28.8mn, up 30.1% on Q1, 2023.
This marks the highest first-quarter profit ever recorded by the bank.
Lesha Bank’s total assets under management (AUM) increased to QR6.4bn, reflecting a growth of 11% year-on-year.
Concurrently, the total investment witnessed an increase of 27%, reaching QR2.8bn compared to the corresponding period in the previous year.
Total assets (as of March 31, 2024) stood at QR7.6bn, registering a year-on-year growth of 52%. The bank’s total customer deposits grew by 23% to QR3.6bn in the same period of the previous year.
The continuous profitability contributed to the total equity climbing to QR1.2bn, marking an increase of 8% compared to the corresponding period last year.
The book value reached QR1.12, while the earnings per share reached QR0.026, indicating improved performance in both indicators.
In the reported period, Lesha Bank completed the acquisition of Alta Federal Hill, a multifamily residential building located in Maryland, US.
Additionally, the bank recently participated in a transaction known as ‘Project Algebra’, securing a stake in a portfolio comprising some 36 premium private schools primarily located in the UK and Western Europe.
Lesha Bank chairman Sheikh Faisal bin Thani al-Thani commented, “After concluding 2023 on a positive note, we are pleased to announce that we have commenced 2024 with a profitable momentum. Over the past few years, our goal has been to fortify our business with strong fundamentals, a forward-looking approach, strategically diversifying our investment portfolio, and delivering value to our shareholders and clients.
“We hope the measures, actions, and key decisions we have taken are aiding the Bank in sustaining profitability, enhancing our liquidity position, and maintaining a robust balance sheet.”
Lesha Bank CEO Mohamed Ismail al-Emadi added, “Our key business lines are consistently working towards contributing to the growth of the bank. Throughout the first quarter, we successfully closed several investment deals, while collaborating closely with our business partners and leveraging our extensive global network to target potential growth opportunities within the global investment landscape.
“By harnessing our capabilities, we are strategically investing in key markets and sectors to potentially enhance our growth further, through a prudent approach targeting minimised risk and maximised return.”
