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UT Bank Heads for Record After Profit Jumps 59%: Accra Mover

March 14 (Bloomberg) -- UT Bank Ltd., a lender in Ghana, headed for the highest close on record after reporting a 59 percent increase in profit last year.

The stock rose 2.1 percent to 49 pesewas by 1:38 p.m. in the capital, Accra, the highest on a closing basis since March 2009, when Bloomberg began compiling data on the bank. As many as 63,177 shares were traded, equivalent to 61 percent of the daily three-month average.

Net income increased to 20.9 million cedis ($10.8 million), UT Bank said in a statement e-mailed by the Ghana Stock Exchange today. Net interest income, the money banks make from lending, rose to 61.5 million cedis from 49.7 million cedis in 2011, it said.

The bank declared a 0.02 cedi-per-share dividend for 2012.

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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