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CAL Bank, posted impressive results buoyed by broad-based growth in total revenues across the entire business segments for the year 2011, the bank’s CEO, Mr Frank Adu has stated.

He said CAL Bank’s “total income increased by 32% underpinned by 11% growth in core earnings (net interest income) and 58% increase in fees and commissions from increased trade finance.” Mr Adu made this known in a press release issued in Accra.

“Other income grew by a remarkable 107% from improved profits on active forex trading during the year and from impressive contributions from corporate finance advisory fees resulting from a number of significant mandates executed in 2011,” he said.

Mr Adu said he was “particularly proud of our 2011 performance in a year when adverse global economic conditions posed particular challenges to banks in the developing world as far as foreign trading lines and correspondent banking relationships were concerned. Looking forward, we are confidently on track to complete our GHS 75 million private placement in Q2 2012.”

He said “With our new capital, we are strategically focused on growing CAL into a strong top-tier Ghanaian bank serving the banking needs of the fast expanding domestic corporate sector. On the retail side, our branch expansion over the next 3 years into identified locations will focus on serving a growing middle-market retail clientele with an emphasis on accessible & efficient service.”

The Chief Finance Officer of Cal Bank, Mr Mr. Philip Owiredu said "CAL’s profitability grew by a significant 90% margin in 2011 as we recorded an operating profit of GHS 24.4m. The 61% growth in our advances portfolio resulted from our targeted loan growth in the corporate sector.”

He added that “We recorded the greatest revenues from non-funded income (79.6% increase in 2011) linked to our increased trade finance operations, forex trading and corporate finance advisory fees. Our total asset size increased by 59.9% to GHS 815.2 m in 2011.”

You can download a copy of the 2011 unaudited financial statement for CAL Bank HERE

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