Colombia’s largest bank, Bancolombia SA, booked a second-quarter net profit of 291 billion Colombian pesos ($159 million), up 15% from the same period last year.
The Medellin-based bank attributed the increase to higher bank fees, which rose 4%, and lower provision for bad loans, which fell 85% to COP35 billion.
Bancolombia’s profit for the first quarter was lower than the COP306 billion median expectation of five analysts polled by Dow Jones Newswires.
The bank’s net loan portfolio at the end of June was 4.9% higher than at the end of March and 2% lower than at the end of June 2009.
Chief Executive Jorge Londono expects the loan portfolio to rise between 8% and 10% this year.
The bank had reported a net profit of COP1.23 trillion in 2009.
Bancolombia’s American depositary shares rose 0.1% to $58.95 Wednesday and were inactive in after-hours trading. (Inti Landauro / Dow Jones)
