Bloomberg News

SG-SSB Ghana Rises to 20-Month High on Profit Bets: Accra Mover

January 22, 2013

SG-SSB Ltd. (SGSSB), a Ghanaian unit of Societe Generale SA (GLE), rose to the highest in more than 20 months on speculation profit increased last year.

The stock gained 1.8 percent to 56 pesewas by 1:54 p.m. in the capital, Accra, the highest since May 10, 2011.

Net income advanced to 22.3 million cedis ($11.7 million) in the nine months through September, from 14.5 million cedis a year earlier, SG-SSB said on Oct. 25. Full-year profit is expected to be 30 million cedis, according to Derrick Mensah, research analyst at SIC Financial Services Ltd. in Accra.

“The bank introduced new technology-backed products for retail customers in the later part of last year, which I’m sure gave them more business,” he said in a phone interview.

The annual results are expected by the second week in February, Mensah said.

There was no response to telephone calls made to the office of Gilbert Hie, managing director of SG-SSB.

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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