Colombian banks increase profits

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Despite a global financial crisis that led to the bankruptcy or
bailout of numerous international banks, profits of Colombia’s
financial institutions are growing impressively.

Colombia’s financial institutions posted a combined net
profit of 370 billion Colombian pesos ($144.5 million) in the first month of the
year, up 35% from the same month in 2008, the country’s banking regulator said
Thursday.

Locally owned private-sector banks reported COP239 billion in profits in
January, up 36% from COP175 trillion in the same period last year.

Net profit at Bancolombia SA (CIB), the country’s largest bank, rose 19% on-
year to COP56 billion in January.

Banco de Bogota (BOGOTA.BO), the country’s second-largest bank, posted a net
profit of COP52 billion in the first month of the year, up 59% from the same
period last year when it booked a net profit of COP33 billion.

The local unit of Spain’s BBVA (BBV) reported the biggest profit among foreign
banks, posting a net profit of COP26.8 billion in January, up slightly from
COP26.7 billion registered in the same month last year.

Net profit of the Colombian unit of U.S.-based Citigroup Inc. (C) rose 712% to
COP22 billion in January from COP2.72 billion in the same month last year.

The local unit of HSBC Holdings PLC (HBC) reported the largest loss, with a
net loss of COP4.6 billion in the first month, compared with a net loss of
COP2.4 billion. (Dow Jones)