Ghana Commercial Heads for 1-Year High After Profit: Accra Mover
Ghana Commercial Bank Ltd. (GCB), the biggest lender by branch network in the West African nation, headed for the highest in more than a year after saying profit more than doubled in the nine months through Sept. 30.
The stock gained 1 percent to 2.05 cedis as of 2:34 p.m. in the capital, Accra, the highest intraday level in almost two weeks. A close at this price would be the highest since Oct. 10, 2011.
Net income rose to 87.6 million cedis ($47 million) from 38.3 million cedis a year earlier, the company said in a statement e-mailed by the Ghana Stock Exchange today. Net interest income, the money banks make from loans, increased 36 percent to 213.1 million cedis.
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