Lesha Bank made a net profit of QAR44.7 million (US$12.17 million) during H1 2023, representing a 6.4% rise compared with the same period last year. The bank’s income reached QAR43.6 million (US$11.87 million) during the six months ending June 2023 as a result of the expansion of its investment portfolio, and its fee and dividend income reached QAR37.3 million (US$10.15 million). Lesha Bank reported that its financial results have been growing for 11 consecutive quarters, and its CEO, Mohammed Ismail Al Emadi, noted that the bank is “invigorated by the prospect of sustaining this momentum and exploring lucrative growth opportunities on local, regional and global fronts”.
After an audit by TUV SUD, a German certification body, Lesha Bank received the ISO 14001:2015 certification for its environmental and sustainability initiatives.
QIIB also reported that it made a profit of QAR615 million (US$167.42 million) during H1 2023, representing a 7.7% increase compared with the same period last year. QIIB noted that the bank “benefits significantly” from opportunities offered by the Qatari economy, and that its strategy is focused on, among other things, funding local projects, including major infrastructure projects.
According to Kamco Invest, the total value of contracts awarded in Qatar during Q2 2023 reached US$10.4 billion, as compared with US$1.1 billion during the same period last year. Kamco Invest noted that nearly 97% of the total value of the projects awarded during the second quarter related to the Qatari gas sector, and specifically to a megaproject awarded by QatarEnergy.
The chairman of Qatar Chamber, Sheikh Khalifa Jassim Al Thani announced that Qatar Chamber plans to host the meeting of the general assembly of the board of directors of the Islamic Chamber of Commerce, Industry and Agriculture (Islamic Chamber) in Qatar in December this year. Sheikh Khalifa emphasized on Qatar’s support to the initiatives and efforts of the Islamic Chamber, including its efforts to enhance trade cooperation between the member states of the Islamic Chamber.
The announcements made by a number of banks in Qatar and the recent projects awarded provide a strong indication that the Qatari market, including the banking sector, will be active during the second half of this year.
Amjad Hussain is a partner at K&L Gates. He can be contacted at [email protected].