CAL Bank Ghana Rises to 4-Year High on Earnings Bet: Accra Mover
CAL Bank Ltd. (CAL), a lender in Ghana, rose to the highest in four years on speculation that profit rose in 2012, according to Merban Stockbrokers Ltd.
The shares added 7.7 percent to close at 42 pesewas by 3 p.m. in the capital, Accra. That’s the highest since January 2009, according to data compiled by Bloomberg.
Net income probably more than tripled last year, Nana Kofi Agyeman Gyamfi, a stock trader at Accra-based Merban, said by phone today.
“The bank was able to do big-ticket transactions last year after it increased capital to 100 million cedis ($52 million), exceeding a 60 million-cedi requirement by the central bank,” Gyamfi said.
CAL Bank’s net income climbed to 31.3 million cedis in the nine months through September from 9.1 million cedis a year earlier. Net interest income advanced to 55.2 million cedis from 28.3 million cedis the year before.
The bank will release its full-year results by March 31, Dzifa Amegashie, head of investor relations at CAL Bank, said by phone. The lender will probably pay its 2012 dividend on April 30, she said.
To contact the reporter on this story: Moses Mozart Dzawu in Accra at firstname.lastname@example.org
To contact the editor responsible for this story: Vernon Wessels at email@example.com