Bloomberg News

Ecobank Ghana Rises Most in Three Weeks as Profit Climbs 25%

October 26, 2011

Oct. 26 (Bloomberg) -- Ecobank Ghana Ltd., the second- biggest lender by market value in the West Africa nation, rose the most in more than three weeks as profit increased in the nine months through September.

The stock gained 15 pesewas, or 4.6 percent, to 3.4 cedis as of 2:07 p.m. in Accra, the capital, the biggest increase since Sept. 30.

The bank’s net income advanced 25 percent to 55.5 million cedis ($34.7 million) while net interest income increased to 91.7 million cedis from 78 million cedis the year before, it said in a statement e-mailed from the Ghana Stock Exchange yesterday.

Ecobank’s results puts the lender in a good position for the next quarter, Randy Mensah, a stock trader at Accra-based Databank Financial Services Ltd., said by phone. “It is attractive for any investor that wants to buy the shares at a cheaper price now.”

--Editors: Emily Bowers, Linda Shen.

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

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.


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