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Colombia’s largest lending institution Bancolombia said its unconsolidated net income for the first quarter was 473.5 billion pesos ($263 million), a 10% rise from that period of 2010.
The bank, whose shares are traded in Bogota as well as New York as American depositary receipts, said its total unconsolidated assets at the end of March were COP52.1 trillion. Total deposits were COP31.4 trillion.
Analysts said the company’s better results last quarter were helped by higher revenue from interest due to growing demand for credit and a decision in February by Colombia’s central bank to begin increasing its key interest rate.
(Dan Molinski / Dow Jones Newswires)
