Bancolombia, Colombia’s largest bank by assets, expects its net profit to climb close to 10% in 2010, in line with the results for the first half of the year.
Jorge Londoño, Bancolombia’s chief executive, said Thursday that the bank expected results for the full year “to maintain the trend that we’ve seen in the first half of the year which is nearing 10%.”
In the first six months, the bank’s combined net profit, excluding its operations outside of Colombia and its subsidiaries, rose 8.2% to COP601billion ($303 million).
Londono is preparing to step down as Bancolombia’s CEO and the bank’s board of directors is searching for his replacement. Londoño said that he wanted to leave Bancolombia in the “medium term” and that he would wait for the board to pick his successor.
Under Londoño, Bancolombia engaged in an international expansion with an acquisition in Central America. Londoño said that the bank continues to actively look for other expansion possibilities abroad and would continue to do after his departure.
Bancolombia will also seek the board of director’s approval for a potential bond issue in case the bank wants to sell debt, Londoño said. The bank in July sold $620 million through a 10-year bond sale. Londoño said that he will seek the board’s approval in case the bank wants to sell bonds. (Darcy Crowe / Dow Jones Newswires)
