Colombian banks are among the top earners in Latin America, only outdone by banks from Brazil and Chile, according to a study by the Latin American Federation of Banks (Felaban).
The study analyzed the profits of banks from 12 countries in the region and show that last May, the combined earning of all the banks amounted to $14 billion.
Brazilian banks earned the most with $8.4 billion, followed by Chilean banks with $1.7 billion. Colombian banks placed third with $1.4 billion and Venezuelan banks came fourth with $1.0 billion. The region as a whole experienced 4.4% economic growth in 2011.
According to the federation, “the profitability of Latin America will be the center of gravity to attract investment from across the region and of course, investment from outside the continent… it could be a reason for some investors to seek new possibilities in emerging markets.”