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Ecobank Ghana Gains Most in 13 Months on Dividend: Accra Mover

Dec. 19 (Bloomberg) -- Ecobank Ghana Ltd. rose the most in 13 months as pension fund managers bought shares on speculation that the lender may give a higher dividend for 2012 than a year earlier, according to Databank Financial Services Ltd.

The stock gained 1.7 percent to 3 cedis by the 3 p.m. close in the capital, Accra. That’s the biggest increase since Nov. 9, 2011, according to data compiled by Bloomberg.

“The bank has performed very well this year and it is likely it will increase dividend to shareholders,” Xorlali Torsu, stock trader at Accra-based Databank, said by phone. “We expect full-year profit to grow by at least 64 percent, year-on-year,” she said, declining to give a forecast for the dividend.

Ecobank Ghana, a unit of Lome, Togo-based Ecobank Transnational Inc., paid 24 pesewas a share last year, up from from 20 pesewas in 2010, according to its annual report.

The lender’s net income rose to 91.1 million cedis ($48 million) in the nine months through Sept. 30 from 55.5 million cedis a year before, it said on Oct. 30. Net interest income advanced to 185.7 million cedis from 91.7 million cedis a year earlier.

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

To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net

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