Financial system profits up 54%

The Colombian financial system saw total year-on-year profits jump 53.7% in the first nine months to 2.1tn pesos (US$819mn), according to a report from the banking regulator. The system's total loan portfolio grew 9.6% to 57.4tn pesos at the end of the third quarter this year compared to the same time last year, the report added. Non-performing loans fell 37.6% to 2.5tn pesos. Commercial lending rose 12.4% to 36.7tn pesos, consumer loans grew 28.2% to 11.6tn pesos, mortgage lending fell 17% to 8.5tn pesos and micro loans rose 36% to 697bn pesos. The system's ROA and ROE rose to 2.61% and 22.5% respectively at end-September this year, compared to 1.65% and 17.2% at the same time 2003. Total assets of Colombia's financial system grew 15.1% to 107tn pesos in September, while total equity rose 17.9% to 12.7tn pesos.