The Colombian financial industry made fewer profits this year compared to their gains over the same period a year ago.
The central finance body of Colombia announced that Colombia’s financial sector grew to $382 billion in total assets, increasing $3.74 billion between January and May. Last year Colombia’s total assets grew $5 billion, significantly more than this year’s growth.
Credit institutions accounted for most of the growth, reporting $1.7 billion in profits, $200,000 more than the previous year. Pension funds and trusts reported $1.6 billion in growth, $1.65 billion less than the previous year’s profits. Finally, insurance corporations reported profits of $51 million, down $283 million from last year.
Colombian banks and investment groups reported $3.74 billion in revenue, which was less than the $5 billion reported over the same period last year. However, net profits remained largely the same with Colombian firms netting $2 billion, as opposed to $2.17 billion last year.
The total assets of Colombia’s banking industry stands at $382 billion, about 135% of last year’s GDP.
