No Result
View All Result
Friday, February 3, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

  • TECHNOLOGY

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

  • TECHNOLOGY

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

CAL bank’s profit swells despite economic challenges

bycitibusinessnews
March 16, 2016
in Banking And Finance, Business, Top Stories
Mr. Frank B .Adu Jnr - MD of Cal Bank

Mr. Frank B .Adu Jnr - MD of Cal Bank

Share on FacebookShare on TwitterShare on Whatsapp

CAL bank’s profit for 2015 increased by 16 percent despite the economic challenges the country experienced in 2015.

CAL bank was one of few bank’s who survived the difficult terrain in 2015 as compared to its counterparts in the sector.

[contextly_sidebar id=”s7eEff7OkuvR7GjIiSf9CiDxafHCK46d”]Industry players had predicted that the challenges including the power crisis, cedi depreciation, forex volatility among others will hurt the balance sheets of majority of the banks, but CAL bank which has been recording profits for some time now continued to do so despite the economic challenges.

ADVERTISEMENT

So far many of the banks that have released their financials for 2015 including Zenith bank, StanChart, recorded a drop in their profits for 2015 as compared to the year before – 2014.

CAL bank’s impressive performance saw it beating many of such banks in profits for 2015.

Ahead of its competitors   

Its profit after tax was higher than that of Zenith and stanChat bank who recorded 83 million cedis and 66 million cedis respectively.

CAL bank’s profit before tax went up to about 221 million cedis from the 198 million cedis recorded in 2014 while its profit after tax grew by 16.1% to GH¢ 166.2 million.

According to CAL bank’s 2015 financial report its total asset went up to 3.3 billion cedis from the 2.7 billion cedis recorded in 2014.

Chairman of the bank’s board Paarock VanPercy explains why the bank’s asset recorded such impressive gains.

‘We continued to strengthen our balance sheet to enable us unlock its full potential and maintain the progress of our business. To this end, we employed innovative deposit mobilisation strategies to increase our deposit base during the year. This, among other initiatives contributed to a significant growth in total assets of 23.8% for the Bank to close at GH¢3.35 billion and 24.0% for the Group to close at GH¢3.36 billion’.

The bank’s Net Interest Income also increased by 35.1% while its  Non-funded income grew by 8.2%.

Total Income of CAL bank grew by 23.4% to GH¢ 400,997million, Total Operating Expenses grew by 35.8%,  Cost-to-income ratio increased from 32.6% to 35.9% while  Credit Loss expense increased by 74.2%.

Bank’s NPL improves

Meanwhile the bank’s  NPL ratio improved from 6.2% to 5.5%.

MD of CAL bank Frank Adu Jnr reacting to the bank’s improvement in the NPL said ‘the non-performing loan ratio at the end of the period was 5.5% compared to 6.2% at the end of 2014, reinforcing the quality of our assets as we responsibly take advantage of growth opportunities to increase our advances portfolio’.

According the Bank of Ghana’s financial stability report released in January 2016 banks’ loan quality generally deteriorated in 2015 with an increase in the non–performing loans (NPLs) from GH¢ 2.72 billion in December 2014 to GH¢ 4.52 billion in December 2015, representing a year-on-year increase of 14.9 percent over the period.

The adjusted NPL ratio (i.e. NPLs ratio minus the loss category) of 6.9 percent as at December 2015 also represented deterioration over the 5.6 percent recorded in December 2014.

Similarly, the ratio of NPL net of provisions to capital deteriorated to 14.9 percent in December 2015 from 11.2 percent in December 2014.

However, loan loss provision to gross loans increased to 6.6 percent in December 2015 from 4.6 in the same period in 2014.

–

By:  Vivian Kai Lokko/citibusinessnews.com/Ghana

 

 

 

 

Related Posts

Local Economy

Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

bycitibusinessnews

The Executive Secretary of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah, is charging government to spell out the...

Read more

Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

Deadline for debt exchange program moved to February 7 with new terms

Government finally makes progress on Debt Exchange Program

Policy Rate increased by 100 basis points; now at 28%

Africa loses $88bn annually through illicit financial flows – Akufo-Addo

AMA to roll out digital revenue collection system in March 2023

Next Post

Nigeria: Abacha Loot - Switzerland Returns U.S.$723 Million to Nigeria in 10 Years

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.