Financial system grows profits 93%

Profits in Colombia's financial system grew 93% to 1.4tn pesos (US$491mn) at the end of September, compared to 730bn pesos at the same time 2002, according to local banking and insurance regulator Superbancaria. The country's private banking segment posted profits of 1.02tn pesos, of which 133bn pesos, 230bn pesos and 19bn pesos were posted by foreign-based banks, public institutions and cooperatives, respectively. Local bank Bancolombia proved to be the financial system's top profit generator by end-September, posting 227bn pesos, followed by Banco de Bogota (178bn pesos) and Banco Agrario (93bn pesos). Financial institutions that posted losses at end-September included ABN Amro (1.3bn pesos), BankBoston (2.2bn pesos) and Corporacion Financiera del Valle (2.3bn pesos). The financial system's total loan portfolio stood at 52tn pesos at end-September, up 6.5% compared to the same time last year.