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Ghana Finance Index Rises Most on Record on Profit: Accra Mover

Ghana’s GSE Financial Stocks Index, which tracks the performance of banks and insurance companies on the nation’s bourse, gained the most on record after banks reported increases in profit for the nine months ended Sept. 30.

The 11-member gauge rose 5 percent to 946.9 as of the close in the capital, Accra, the biggest advance since Jan. 4, 2011, when the measure was introduced.

Ghana Commercial Bank Ltd. (GCB), the biggest lender by branch network in the West African nation, climbed 1 percent to 2.05 cedis, a one-year high. The bank’s profit more than doubled in the nine months through Sept. 30 to 87.6 million cedis ($47 million), it said today. Net interest income, the money banks make from loans, increased 36 percent to 213.1 million cedis, it said in an e-mailed statement from the Ghana Stock Exchange.

Standard Chartered Bank Ltd. (SCB) advanced 15 percent to 53.11 cedis, the biggest gain since Dec. 22. Net income at the local unit of Standard Chartered Plc rose 36 percent to 80.2 million cedis while net interest income advanced to 116.8 million cedis from 113.4 million cedis a year earlier, it said today.

Cal Bank Ltd. (CAL) rose 3.1 percent to 33 pesewas, the highest since Sept. 10. The bank’s nine-month profit after tax more than tripled to 31.3 million cedis from 9.1 million cedis a year earlier, according to a statement published in the Ghanaian Times newspaper today. Net interest income surged to 55.2 million cedis from 28.3 million cedis a year before, according to the statement.

To contact the reporter on this story: Moses Mozart Dzawu in Accra at mdzawu@bloomberg.net

To contact the editor responsible for this story: Emily Bowers at ebowers1@bloomberg.net

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