May 19, 2024
Companies

Bancolombia 2Q 2017 Profits Rise 7% over 1Q 2017

Medellin-based banking giant Bancolombia announced August 9 that its second-quarter (2Q) 2017 profits rose 7% over first-quarter 2017, to COP$654 billion (US$223 million).

Meanwhile, Bancolombia’s 2Q 2017 gross portfolio grew 8.5% year-on-year, to US$52 billion, with 27% of the total corresponding to its international businesses represented in Banistmo (Panama), Banco Agrícola (El Salvador) and BAM (Guatemala), according to the company. However, credit demand in Colombia had “moderated” in the latest quarter.

The overdue-loans portfolio (exceeding 90 days) hit 2.6%, with coverage at 171%, “a good level that shows an adequate level of reserves,” according to the company.

Primary capital stands at 10.4%, “more than twice the minimum required. The solvency ratio ended at 14.3%, which indicates that the Bancolombia Group has sufficient reserves and capital to develop its business plan,” according to the company.

“These results speak to our purpose of having profitability that generates value to shareholders, customers and different groups of relationship,” said Bancolombia president Juan Carlos Mora.

The 2Q 2017 results featured “release of products and services that have technology and data analysis as tools to generate better experiences for customers,” according to the company.

Examples include the launch of “Puntos Colombia” as well as “InvesBot,” the securities robot, according to the company.

Equity also grew 5% quarter-on-quarter, to COP$22 trillion (US$7 billion), while assets grew 4% quarter-on-quarter, to COP$203 trillion (US$67 billion), the company added.

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