The largest bank in Colombia reported a consolidated profit of $247.2 million from April to June 2014, more than double the profit from the same period in 2013, Colombian media reported on Tuesday.
With a profit of $247.2 million, Bancolombia gained 122% compared to the year before. The increase was driven by a surge of the banks loan portfolio, loans owed to lenders, and lower costs, according to Colombia’s Dinero newspaper.
Bancolombia’s loan portfolio, controlled by financial conglomerate GEA, grew 23.7% between April and June this year to $47.37 million compared to the same period the previous year.
The bank’s assets reached $68.29 million from January to June, which is an increase of 18.3%, according to Colombian news site Portafolio.
In a statement by the bank, the company indicated that there is a continued demand for loans.
“The growth of commercial, mortgage, and financial leasing portfolios in Colombia during the second quarter indicates a sustained demand for credit,” read a statement from the company.
Compared to 2013, loans to businesses increased by 22% and exceeded $23.06 million, Portafolio reported.
Personal and small and medium enterprise (SME) loans increased to $15.35 million, which is 18.9% more than in 2013, and housing loans topped $5.721 million, indicating an increase of 60% from last year.
Sources
- Bancolombia duplica sus ganancias (Dinero)
- Utilidades de Bancolombia crecieron 38% en el semestre (Portafolio)