Colombia’s financial sector made profits of over COP8.5 trillion in 2009, according to a report released Monday by Colombia’s banking regulator.
The profits for 2009 represent a COP2 trillion increase from than the figure in 2008.
The regulator said that the major increase in profits last year was driven by positive performance of the investments made by financial intermediaries, particularly in government bonds (TES), reports La Republica.
Credit institutions accounted for COP5.5 trillion of the financial sector’s profits, 64% of the total, while the insurance industry made COP1.39 trillion, 16% of the total.
