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Colombia’s Banco Davivienda SA, the country’s third largest bank in terms of assets, expects to book a net profit of 500 billion Colombian pesos ($274 million) this year, Efrain Forero, the bank’s chief executive, said Wednesday.
Net profit in 2010 will be about 10% higher than the COP456 billion posted in 2009, Forero said. The profit increase will come from the bank’s lending business, which is rising faster than that in other banks. Four years ago, the bank’s net profit was COP135 billion.
Banco Davivienda is in the process of selling new shares in what will be the first initial public offering in Colombia since 2007. (Inti Landauro / Dow Jones)
