CAL bank has posted one of the most impressive third quarter financial reports so far as banks continue to post their financial reports for the period.
The bank’s profit before tax for the third quarter went up by 214.1 percent to GHC 41.8 million from some GHC 13m in the same period a year earlier.
While its profit after tax went up by 242.7 percent to GHC 31.3m from the GHC 9.1m it recorded in the same period a year earlier.
The bank also achieved Group Total Income of GHC 84.4m which is an increase of 80.6% on the previous year.
CAL bank’s CEO, Mr. Frank B. Adu Jnr has attributed this growth to the remarkable performance of all of its business segments.
He said: “This growth is underpinned by a 94.7% growth in net interest income year on- year (yoy) and a 31% growth in net fees and commissions. Our significant performance in Trading Income in Q3-2012, which grew by an impressive by 152.5%, was due to increased foreign exchange trade opportunities that we seized in the market. This revenue growth has been achieved whilst prudently managing Operating expenses, which were up by 31.8%.”
The bank some months back through a private placement raised its stated capital to GHC 100m.
Managing Director of CAL bank, Frank Adu told Citi Business News
, the bank will begin purse more aggressively other sectors of banking following an increase in the bank’s stated capital.
CAL bank’s total assets for the third quarter of this year went up by 33.5 percent to GHC 1,023.8m from GHC 767.1m in the same period last year.
Meanwhile, its Customer Deposits grew by 2.2% to GHC 583.5m from GHC 570.8m in Q3 2011 while net Loans & Advances of GHC 638.4m went up 69.2% from GHC 377.2 m last year with its capital Adequacy Ratio up 17.4% from 11.2% in Q3 2011.
By: Vivian Kai Mensah/Citifmonline.com/Ghana