Net profits at Colombia’s largest
bank, Bancolombia, rose by 9.6% year-on-year to COP340.9bn
($168.5m) in the first quarter, beating analyst forecasts.

Net fees and income from services
totaled COP374bn, up 2% compared with the corresponding quarter
last year, with credit and debit card annual fees – the biggest
contributor to total fees – also up 2% year-on-year.

Consumer lending in the bank’s
domestic market reversed its downward trend and showed some
increased activity in the first quarter.

Total deposits declined by 7.8% in
the first quarter to COP40.1trn from the year-ago quarter with time
deposits down 25% to COP16.7trn.

Demand deposits represented 58% of deposits at the end of the
first quarter, up from 49% the previous year.