CAL Bank Limited has posted a pre-tax profit of GH� 24.44 million in 2011, up from its 2010 close of GH� 12.60 million. The 2011 end-year pre-tax profit is a 94 per cent leap from the bank�s 2010 end-year figure.
The unaudited financial results for full year ended December 31st 2011 show that CAL Bank�s total income for 2011 also shot up by 32 per cent in 2011 on the back of impressive growth posted in the bank�s business segments.
The Group Chief Executive Officer (CEO) of CAL Bank, Mr Frank Adu, said the bank�s impressive showing in 2011 was driven broadly by growth in total revenues accrued from all segments of the bank�s businesses.
�Specifically, our total income increased by 32 per cent underpinned by 11 per cent growth in core earnings (net interest income) and 58 per cent increase in fees and commissions from increased trade finance,� Mr Adu said.
The group CEO said his outfit was particularly proud of the bank�s last year performance given the fact that the 2011 was marred by adverse global economic conditions which posed particular challenges to banks in developing countries.
Building on the bank�s impressive end-year showings in 2011, Mr Adu said �we are confidently on track to complete our GH�75 million private placement within the second quarter of 2012�.
�With our new capital, we are strategically focused on growing CAL into a strong top-tier Ghanaian bank to serve the banking needs of the fast expanding domestic corporate sector,� he added.
He said the bank was looking at widening its branch networks over the next three years into identified locations in a bid to serve the ever growing middle market retail clientele.
That, he said, will be done �with an emphasis on accessible and efficient service.� CAL Bank is an indigenous Ghanaian bank with a focus on manufacturing and export services as well as expansions into retail banking. It is among the few banks currently listed on the Ghana Stock Exchange.
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