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Ecobank Increases Most in Two Weeks on Earnings: Accra Mover

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Sept. 18 (Bloomberg) -- Ecobank Transnational Inc., which operates banks in 32 African countries, rose the most in almost two weeks on speculation profit will increase in the nine months through September after falling in the first half.

The stock gained 9.1 percent to 12 pesewas by the close in Accra, the capital, the biggest increase since Sept. 6.

“Ecobank Transnational is expected to break even in its nine-month performance, after earnings declined in the first half of the year,” David Tetteh, chief executive officer of CAL Bank Ltd.’s brokerage unit, said by phone today. A $250 million investment from South Africa’s Public Investment Corp. in April, which gave it a 20 percent stake in Ecobank, was probably “used to address major efficiency issues bordering on the bank’s growth,” he said.

The bank’s net income declined 7.4 percent to $83.9 million in the first six months of the year, it said on July 27. Net interest income, the money banks make from loans increased to $442 million from $256 million a year before, it said.

Ecobank trades on three regional stock exchanges. In Nigeria shares fell 1.2 percent to 11.21 naira and was down 2.7 percent to 36 CFA francs in Abidjan.

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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