Lesha Bank LLC (public) (the “Bank” or “Lesha Bank”) today announced the financial results for the three-month period ending 31 March 2023, which recorded a net profit attributable to shareholders of QR 22.1 million, equivalent to 5% increase over the same period of the previous year.
The first quarter of 2023 witnessed a growth in fee and dividend income of 26%, up from QR 18.7 million in the same period of the previous year to QR 23.6 million. last few. The increase in the Bank’s fixed income portfolio led to a significant growth in fixed income in the current quarter to QR 13.8 million compared to QR 4.3 million in the same period of the previous year. The Bank’s total assets under management amounted to QR 5.7 billion, achieving a growth rate of 49% compared to the same period of the previous year.
Total assets for the period ending March 31, 2023 amounted to 5 billion Qatari riyals, recording an annual growth of 22%. As for the bank’s unrestricted investment account deposits, they recorded a growth of 42% to reach 2.7 billion Qatari riyals, compared to 1.9 billion Qatari riyals in the same period of the previous year.
During this period, Lescha Bank completed its acquisition and arrangement of leading real estate assets, the second phase of the bank’s acquisition of a healthcare technology company headquartered in Ohio, which provides a unique opportunity for its clients to invest in high-quality assets. In the first quarter of 2023, the Bank purchased a minority stake in Starlink LLC, a leading provider of information and communications technology and managed services and a leading retailer of technology products, as part of its expansion strategy into the private equity space in Qatar.
Commenting on the bank’s financial results, Chairman of the Board of Directors of Lisha Bank, Sheikh Faisal bin Thani Al Thani, stated, “We are pleased with this positive start for the bank at the beginning of 2023, as the bank recorded profits for the tenth quarter in a row, and this is clear evidence of the strength of Lisha Bank.” And its flexibility. We are keen to achieve more of this momentum by focusing on growth opportunities in the global investment field and relying on our ability to invest in key markets and sectors in order to enhance this prosperity.”
For his part, the CEO of Lisha Bank, Mr. Abd al-Rahman Tutunji, said: “Alhamdulillah, we owe our success during the first quarter to the perseverance of our team and the trust of our customers, in addition to our close relations with our partners. The financial results for the first quarter reflect our firm commitment to the long-term strategy, as we achieved positive profits from various deals and transactions. We will continue to focus on diversifying our portfolio by strategically selecting industries and sectors that can provide stable income streams, even in light of challenging global challenges.”
It was mentioned that Lisha Bank won the “Best Asset Manager in Qatar” award for the year 2022 at the “EMEA Finance” awards ceremony, for its exceptional performance in managing real estate and private equity portfolios.
Lisha Bank LLC (public) is the first independent Sharia-compliant investment bank licensed by the Qatar Financial Center Regulatory Authority (QFCRA) and listed on the Qatar Stock Exchange under the symbol (QSE: QFBQ).
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