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Ghana Commercial Heads for 1-Year High After Profit: Accra Mover

Oct. 30 (Bloomberg) -- Ghana Commercial Bank Ltd., 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.

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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