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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