Aug. 15 (Bloomberg) -- CAL Bank Ltd., a lender in Ghana, rose to the highest in 17 months after saying it will more than triple annual profit and is considering opening a unit in Asia.
The stock rose 3.1 percent to close at 33 pesewas in the capital, Accra, the highest since March 2011.
“The news that hit the market on profitability prospects and expansion plans directed attention to the stock again,” Randy Mensah, a stock trader at Ecobank Development Corp., said by phone today. “The bank’s ability to achieve its targets is quite appealing to investors. We think the bank is well prepared and its strategies are good to help them achieve them.”
Full-year net income will climb by 247 percent in 2012, matching first-half performance and beating the 90 percent increase reported a year earlier, Frank Adu Jr, managing director of CAL Bank said yesterday. Profit soared to 19 million cedis ($9.8 million) in the first half from 5.48 million cedis a year earlier, the lender said on July 31.
The bank, which in June raised 75 million cedis in a private placement, expects loans to grow by 90 percent this year, compared with 60 percent expansion recorded last year, Adu Junior said.
CAL Bank wants to open its first foreign branch in Asia within the next three years to benefit from growing trade ties, he said.
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