A report stated that Colombian monetary institutions registered profits of $1.32 billion including $1.18 billion made by credit lending institutions in the first quarter of 2011.
The report of the Colombian Superintendent of Financial Institutions showed that the insurance sector registered a fall in profits in the first three months of the year. It also said that the national bank with the greatest profit was Medellin-based Bancolombia, followed by Bank of Bogota and Davivienda. The foreign banks which earned the most were Banco Santander, BBVA and GNB Sudameris.
The report also stated that there was an increase in the number of commercial loans during the first quarter. The two of the sectors with the greatest demand for credit were construction and hydrocarbons and electric power. In the first three months of the year there was also an increase in consumer credit.