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

Net fees and income from services totaled COP374
billion, up 2 percent compared with the corresponding quarter last
year, with credit and debit card annual fees – the biggest
contributor to total fees – also up 2 percent year-on-year.

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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 percent in the
first quarter to COP40.1 trillion from the year-ago quarter with
time deposits down 25 percent to COP16.7 trillion.

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

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