Impressive Performance Expected On SOGEGH This Year

Societe Generale Ghana (SOGEGH) appears to have a firm footing within the banking industry since it successfully deployed a brand expansion strategy last two years. The French bank has managed to turn around the dwindling fortunes of the bank by expanding its footprint across the country through adoptive sales and cash mobilisation techniques.

Building on its recent successful performance in 2016, SOGEGH grew its pre-tax profits by 210.42% y/y; rising from GHS 20,629,307 in Q1-2016 to GHS 64,037,881 in Q1-2017. Interest Income also went up significantly by 41.07% to GHS 79,322,860 at the end of Q1-2017. Net Profit of the bank increased by an astonishing 219.55% y/y; from GHS 14,029,092 in Q1-2016 to GHS 44,829,392 in Q1-2017. Earnings per share at the close of Q1-2017 stood at GHS 0.42 from GHS 0.15 recorded in the same period last year.

SOGEGH undertook some share rights issue last year to increase the bank’s capital base. The 2016 rights issue which was aimed at expanding the bank’s activities continues to yield positive results. The increase in the workforce of the bank [as part of its vision for growth in the long term] is a direct reflection on the performance it churned out during the 2017FY & Q1-2017. The bank currently records capital gains of 22.58% YTD appreciating from GHS 0.62 to GHS 0.76. Improvement in SOGEGH fundamentals gives the company a firm footing for 2017 and beyond. More investors will certainly become more attracted to the bank’s profitability which could lead to a boost in the share performance on the local bourse in the medium to long term. SOEGEGH is a BUY.

Trading activity on the bourse ended with 2 gainers [FML, GOIL and SOGEGH] and 1 loser (EGL) yesterday. TOTAL shares topped the trading chart in terms of volume as112,000 shares worth GHS 248,640.00 changed hands. Returns on the Composite and Financial Stock Index pegged at 14.55% and 16.25 % respectively.

Trading activity on the Alternative Market was hushed as no shares changed hands on the GAX.

HORDS currently lead record capital gains on the GAX, appreciating by 25% from 2016 year open.

The Cedi GAINED marginally to the British Pound and Euro but LOST to the Dollar on the inter-bank market yesterday. The local currency exchanged at a mid-rate of GHS 4.3451 to the USD, GHS 5.4881 to the GBP and GHS 4.8389 to the EURO.

The GCFM Cedi index, a measure of the holistic performance of the Cedi on the inter-bank market now records a year-to-date depreciation of 5.50%.

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