Ghana’s Cal Bank Rallies to Four-Year High After Profit Triples
Cal Bank Ltd. (CAL), a lender in Ghana, rose to the highest in more than four years after saying profit more than tripled in 2012.
The stock gained 3.5 percent to 59 pesewas as of 12:24 p.m. in the capital, Accra, the highest intraday price since November 2008, according to data compiled by Bloomberg.
Net income surged to 51.7 million cedis ($27 million) from 16.9 million cedis a year earlier, the lender said in a statement yesterday. Net interest income, the money banks make from loans, advanced to 85.1 million cedis from 41.4 million cedis in 2011, it said.
“We were expecting the results to be good but the actuals have beaten our expectations,” Nana Kofi Agyeman Gyamfi, a stock trader at Merban Stockbrokers Ltd. in Accra, said by phone.
There’s still demand for the stock, Gyamfi said, which may advance to as high as 80 pesewas, he said.
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