CAL Bank Ranked 7th Largest In Ghana

CAL Bank has risen from its position as the 13th largest bank in Ghana as of June 2011 to the seventh position as of June this year after growing its assets by 64 per cent within the period.

Its current ranking makes it the seventh largest bank, in terms of assets, out of the 25 banks operating in the country. The bank�s total assets stood at GH�982.34 million as of June this year, up from the 2011 first half figure of GH�598.98 million.

The Executive Director of Cal Bank, Mr Philip Owiredu, disclosed to some journalists during a media presentation of the bank�s half year results to analysts in Accra.

He attributed the significant growth in the bank�s assets to a strong growth in loans and advances and deposits within the 12-month period.

He said CAL Bank�s net loans and advances grew from GH�292.58 in the first half of last year to GH�560.34 million as of June 2012, representing a 92 per cent growth with the period under review.

�Deposits also rose from GH�394.96 million in June 2011 to GH�657.18 million in June this year,� Mr Owiredu added.

On the profit and loss account, the Executive Director said CAL Bank�s profit after tax grew by 247 per cent after rising from GHC5.48 million in the first half of last year to GH�19.01 million in June this year.

He mentioned that the bank�s net operating income stood at GH�46 million by June 2012, indicating an 88.7 per cent growth from June 2011.

These, he said, were as a result of the significant growth in the bank�s strong performance loans and advances and international trade operations.

The bank recently recapitalised to GH�75 million as of June 2012 in line with the Bank of Ghana�s directive that local banks be recapitalised to GH�60 million by December this year.

Mr Owiredu said the bank will look at solidifying the gains it chalked in the first half of 2012 towards the end of the year.

Source: Daily Graphic