GCB, CAL bank records 114% & 50% profit

More listed companies particularly banks are releasing impressive third quarter results.

CAL Bank and Ghana Commercial Bank (GCB) are the latest to have recorded 114 and 50.5 percent profit respectively for the period.

HFC, Ecobank and Stanchart yesterday posted impressive profits of 163, 41 and 80 percent respectively.

According to CAL’s first nine months financial statement, its profit inched up from GH¢30 million a year before to GH¢64 million.

Its interest income also shot up from GH¢54 million Ghana Cedis in September 2012 to GH¢107.27 million at the end of September this year.

GCB’s after tax profit went up to GH¢131 million at the end of the third quarter.

Analysts have however expressed concerns over the non-performing loan ratio for the first nine months of the year went up by 176.6 percent from 15.4 percent during the same period last year.

According to its unaudited third quarter results, staff expenses including wages and salaries however inched up from GH¢98.6 million in September 2012 to GH¢128.4 million at the end of September this year.