Earnings Report /
Ghana

CAL Bank: Q3 21 – Trading income drives earnings growth; Buy

  • CAL Bank reported a 10% yoy increase in PAT to GHS65mn

  • Cost of risk declined to 2.6% in Q3 21 from 3.3% in Q3 20

  • We maintain our Buy recommendation on CAL Bank with a TP of GHS1.06, suggesting an ETR of 40%

Gbemisola Ogungbade
Faith Mwangi
Faith Mwangi

Equity Research Analyst, Financials (East Africa)

Tellimer Research
5 November 2021
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