Earnings Report /
Ghana

CAL Bank: Q2 21 – Steady growth in non-interest income boosts earnings

  • Net profit grew 57% yoy despite decline in net interest income and high opex

  • Asset quality issues persist as NPL ratio rose to 13.8%; loan growth expected be muted in Q3 21

  • We maintain our Buy rating and TP of GHS1.0

Gbemisola Ogungbade
Faith Mwangi
Faith Mwangi

Equity Research Analyst, Financials (East Africa)

Tellimer Research
5 August 2021
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