Feb. 26 (Bloomberg) -- UT Bank Ltd. rose to a record as the Ghanaian lender benefits from initiatives to reach more clients in West Africa’s second-biggest economy, according to African Alliance Securities Ltd.
The stock rose 2.2 percent to 47 pesewas by the 3 p.m. close in the capital, Accra, the highest since at least March 2009, according to data compiled by Bloomberg. As many as 79,275 shares traded, equivalent to 69 percent of the three-month daily average.
UT Bank will start a program to send mobile branches into communities across Ghana including large shopping markets, Pearl Esua-Mensah, deputy managing director, said by phone. The project will be rolled out by the end of the first quarter, she said, declining to give details.
The lender “is stepping up their knowledge in banking small- and medium-sized businesses, which I expect to boost their retail business significantly,” Derrick Mensah, a senior analyst at African Alliance Securities, said by phone from Accra.
The company’s net income rose 57 percent to 13.5 million cedis ($7 million) in the nine months to Sept. 30 as net interest income, the money banks earn from lending, climbed to 46.9 million cedis from 37.8 million cedis a year before. Customer deposits advanced 33 percent to 673.8 million cedis, UT Bank said on Oct. 29.
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