Lesha Bank nine-month profit jumps 50.2% to QR210.4mn

Lesha Bank announced a substantial surge in profits, with a net profit of QR210.4mn for the nine months ending September 30, marking a 50.2% increase compared to the previous year. This trend of consistent earnings growth continued unabated. The bank's assets under management surged by 101% year-on-year, reaching QR23.6bn, fueled by steady client inflows and adept capital deployment.

Total assets and investments expanded by 29.7% and 6.7% respectively, hitting QR10.3bn and QR4.6bn. Total income saw a remarkable rise of 57.7% to QR399.5mn, while total equity expanded by 4.8% to QR1.5bn, bolstering the bank's capital footprint. Return on average equity and assets were recorded at 18.3% and 3.1%, indicating efficient utilization of capital and assets.

Book value per share hit QR1.38, and annualized earnings per share climbed to QR0.251. Lesha Bank's Chairman, His Excellency Sheikh Faisal bin Thani al-Thani, highlighted that the results underscore the success of their strategic approach in establishing a resilient, asset-backed platform. The aim is to foster an institution independent of any single market or asset class, a testament to their consistent performance.

The bank's Managing Director and CEO, Mohammed Ismail al-Emadi, attributed the strong performance to judicious capital deployment into high-potential ventures, strategic asset management, and a robust pipeline of deals. He expressed confidence in the bank's position to capitalize on opportunities in the final quarter and beyond, emphasizing their commitment to long-term value creation through prudent governance and adherence to Shariah principles.