News

Friday, March 11, 2016

 CAL Bank records remarkable results
Masahudu Ankiilu Kunateh, Ghanadot

Accra, March 26, Ghanadot - CAL Bank Limited, one of the leading universal banks operating in Ghana has recorded a remarkable profit before tax of GH¢11.5million, representing an increase of 62% compared with GH¢7.1million in 2007, while profit after tax of GH¢9.1million, showing a surge of 75% against the prior year figure of GH¢5.2million.

The bank’s balance sheet size increased from GH¢236million in 2007 to GH¢339million, recording an upsurge of 44%.

The CAL Bank group’s total assets base for year 2008 was GH¢339million compared with GH¢236million in 2007, representing an increase of 44%.

The bank’s stock price released an appreciation of 36% ending the year at GH¢0.60 from a price of GH¢0.44 at the beginning of the year.

Addressing shareholders at the bank’s Annual General Meeting in Accra, yesterday, the Chairman of the Board of Directors, Mr. Robert Ahomka-Lindsay was happy to announce that the Board was recommending a dividend of GH¢0.0145 per share, representing an increase of 38% as against GH¢0.0105 in 2007 for the shareholders.

He noted that despite the current global economic meltdown, the Board and management are focused on delivering shareholder value and strong corporate growth and have positioned the bank to achieve these objectives timely.

The Managing Director of the CAL Bank, Mr. Frank Adu Jnr hinted that CAL Brokers Limited and CAL Asset Management, the Bank’s two fully owned subsidiaries continue to make great contributions to the group’s income, increasing from 4.9% the previous year to 9% of profit after tax at the end of the year under review.

He indicated that the bank continued to grow in all segments of the business with significant portions of its activities still in the corporate banking segment, and assured that the bank would also continue to develop the retail business in a systematic way.

According to him, the bank continued to grow its manpower resources in tandem with the growth in business levels increasing from 276 at the end of the previous year to 319 at the end of 2008.

Touching on social responsibility, the M.D, said the bank would continue with its programme of support to the less privileged in society through the provision of support to children in orphanages.

This programme, Mr. Adu Jnr emphasized involves providing educational support to destitute children in primary, secondary and tertiary levels.

Ghanadot