Colombia Banks' Jan-May Combined Net Profit Up 20% To COP2.83 Trillion
June 29 2010 - 4:17PM
Dow Jones News
Colombia's financial institutions posted a combined net profit
of 2.83 trillion Colombian pesos ($1.48 billion) during the first
five months, up 20% from the same period in 2009, the country's
banking regulator said Tuesday.
The increase was due to higher revenues from lending, the
regulator said.
Locally owned private-sector banks reported COP1.87 trillion in
profits in the first five months, up from COP1.50 trillion in the
same period a year ago.
Net profit at Bancolombia (CIB, BCOLOMBIA.BO), the country's
largest bank by assets, rose 13% to COP543 billion. The net profit
figure only includes Bancolombia and not its subsidiaries in
Colombia and abroad.
Banco de Bogota (BOGOTA.BO), the country's second-largest bank,
posted a net profit of COP347 billion, up 12% from the same period
in 2009, when it booked a net profit of COP310 billion.
Among foreign-owned banks, the local unit of Spain's Banco
Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) earned COP183 billion,
up from COP158 billion. The local unit of Spain's Banco Santander
SA (STD, SAN.MC) reported its net profit rose 7.5% to COP44 billion
from COP41 billion.
The local unit of U.K. bank HSBC PLC (HBC, HSBA.LN) posted a net
loss of COP9.7 billion. The loss compares with a net loss of COP5.0
billion in the first five months of 2009.
The local unit of Citigroup Inc. (C) reported a profit of COP56
billion, 54% lower than in the same period a year ago.
-By Inti Landauro, Dow Jones Newswires; 57-1-694 00 76;
colombia@dowjones.com
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