GCB, CAL record 129%, 220% profit

Listed banks, Ghana Commercial Bank and CAL Bank have posted impressive performances at the end of the third quarter of this year.

That’s according to the banks’ latest financial statements.

While Ghana’s biggest Bank, GCB recorded 129 percent profit at the end of September, CAL posted more than two hundred and twenty percent profit.

At the same time, Ecobank Ghana and Standard Chartered Bank Ghana recorded 64 and 36 percent profit respectively.

GCB’s nine-month profit increased to 87 million cedis compared with 38 million cedis in the same period last year.

Net income also rose from 33.5 percent to 276.9 million cedis. Analysts are attributing GCB’s remarkable performance to the restructuring of its loan book.

On the hand, loans and advances of Stanchart jumped by 61.5 percent.

However, interest income dipped from 151 million cedis to 149 million cedis. Ecobank Ghana however saw its customer deposits increasing by 44 percent.