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Societe Generale Ghana Sells Three Branches as Profit Lags Peers

Nov. 7 (Bloomberg) -- Societe Generale SA’s Ghana unit sold three branches and five agencies to HFC Bank Ghana Ltd. as earnings growth lags behind industry peers.

The sale by Societe Generale Ghana Ltd. was announced in a statement e-mailed by the country’s stock exchange today. The nation’s fifth-largest bank by market value has 37 branches, said spokesman Daniel Rex Danquah.

Charles Ofori Acquah, general manager for business development at HFC Bank, wasn’t immediately available to comment. Societe Generale Ghana Chief Operating Officer Jose Rebollar didn’t answer calls made to his office today.

Societe Generale Ghana’s net income rose 14 percent to 25.3 million cedis ($11.3 million) in the nine months to Sept. 30. Standard Chartered Bank Ghana, the country’s biggest lender, boosted profit by more than 80 percent to 144.6 million cedis during the same period, while second-ranked Ecobank Ghana increased earnings by 41 percent. CAL Bank, the fourth largest, saw net income more than double.

Societe Generale Ghana’s shares have climbed 67 percent this year compared with the 71 percent gain in the Ghana Stock Exchange Financial Stocks Index. The index added 0.2 percent to 1776.13 by 2:29 p.m. in Accra.

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

To contact the editor responsible for this story: Andres R. Martinez at amartinez28@bloomberg.net

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