Bloomberg News

CAL of Ghana Rises Most in a Month on Profit Bets: Accra Mover

June 11, 2012

CAL Bank Ltd. (CAL), a lender in the West African nation, rose to the highest level in almost a month as investors bet profit doubled in the first half.

The stock gained 4.6 percent to 23 pesewas as of 2:32 p.m. in Accra, the capital, the biggest increase since May 16.

“Our expectation for the bank’s profit is a growth of at least 100 percent in the first half,” Nana Kofi Agyeman Gyamfi, a stock trader at Merbank Stockbrokers Ltd. in Accra, said by phone today. “Earnings from fees and commissions as well as from forex trading will significantly support CAL’s profitability in the first half.”

CAL Bank’s first-half results are due by the second week in July, Gyamfi said. The bank’s first-quarter net income more than doubled to 8.2 million cedis ($4.2 million) from 3.1 million cedis a year earlier, the company said April 24. Net fees and commissions increased 36 percent to 4.3 million cedis while net trading income more than doubled to 4.3 million cedis.

The bank’s head of investor relations, Dzifa Amegashie, did not respond to a telephone call to her office and mobile phone today.

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

To contact the editor responsible for this story: Emily Bowers at ebowers1@bloomberg.net


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