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Colombia News | Colombia Reports
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Economy

Bancolombia’s 2Q net profit falls 33%

by Adriaan Alsema August 3, 2009

Colombia news - Bancolombia

Colombia’s largest bank, Bancolombia, said Monday its
second-quarter net profit fell 33% from a year earlier to 253 billion
Colombian pesos (US$126 million).

The Medellin-based bank attributed the decline to greater provisions for bad loans, which rose 43% to COP345 billion.

Chief Executive Jorge Londono had anticipated the increase in provisions on the balance sheet in an interview two weeks ago.

Bancolombia’s second-quarter net profit fell short of the median
forecast of COP301 billion expected by five analysts polled by Dow
Jones Newswires.

The bank’s interest income rose 11% to COP1.65 trillion, and its revenues from fees and services rose 27% to COP380 billion.

The bank’s total loan portfolio rose 14% compared with the end of
the second quarter 2008 to COP44.71 trillion. Londono said the loan
portfolio is likely to rise 10% or more this year.

The bank’s New York-traded shares rose 2.6% on Monday to US$32.93. (Dow Jones)

Bancolombiabankseconomyprofits

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