Cal Bank Ghana Rises Most in 2 Weeks as Profit More Than Triples
CAL Bank Ltd. (CAL), a lender in Ghana, rose the most in almost two weeks after saying first-half profit more than tripled.
The shares rose 3.3 percent to 31 pesewas as of 1:08 p.m. in the capital, Accra, the biggest gain since July 19.
Net income soared to 19 million cedis ($9.7 million) from 5.5 million cedis, the lender said in a statement published in the Daily Graphic newspaper today.
“The stock received positive reaction from the earnings announced today,” Randy Mensah, a stock trader at Ecobank (ETI) Development Corp., said by phone. “Our outlook on the shares is an upside of between 10 and 15 percent by the end of this year.”
Net interest income, the money banks make from loans, increased 68 percent to 31.2 million cedis, Cal said in the statement. Loans and advances to customers almost doubled to 560.3 million cedis from 292.6 million cedis a year earlier.