Occidente closes 2004 with net profits of US$29.7mn
Bnamericas Published: Friday, March 18, 2005
Colombian bank Banco de Occidente closed 2004 with net profits of 70.1bn pesos (US$29.7mn), the bank said in a statement. This figure grew 8.5% compared to 1H04 and up 24.5% against the end of 2003. These results are due to the improvement of financial margins and reduction of portfolio provisions. The loans came to 2.7bn pesos with an annual growth of 15.9%, giving to the bank a market share of 5.2% within the total of banking system loans. Total deposits at the end of 2004 reached 4.0bn pesos with an annual increase of 25.6%. Banco de Occidente is operated by the Colombian financial giant group Grupo Aval.
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