Colombia’s financial regulatory body has stated the country’s banks have earned $4.5 billion in profits in November 2011, local media reported Friday.
The profits of credit lending financial institutions amounted to $3.2 billion in November 2011 an increase of $237 million on the October 2011 figure.
According to the report “the sector continues with its dynamic rise that began in at the end of 2009. In November real annual growth increased by 17.6%, a period which highlights the performance of of the micro-credit and consumer sectors.”
The micro-credit sector saw 33% real and 38% nominal growth while the consumer sector experienced 20% real and 25% nominal increases.
However in November 2010 financial institutions reported profits of $15.4 billion; this year’s figure represents a 71% decrease on this amount.
In the year to November 2011, the audited financial institutions increased their assets by $32 billion to $209 billion, an increase of 18%.