The Colombian financial landscape paints a complex picture in 2024.
Three major banks dominate the profit scene.
Bancolombia leads the pack with impressive earnings.
Banco de Bogot and Citibank follow closely behind.Bancolombia, under Juan Carlos Moras leadership, reported profits of 4.47 trillion pesos ($1.01 billion).
The banks assets reached 253.6 trillion pesos ($57.06 billion).
Its liabilities stood at 213.5 trillion pesos ($48.04 billion).
The banks equity amounted to 40 trillion pesos ($9 billion).Banco de Bogot, led by Csar Prado Villegas, secured the second spot.
It reported profits of 912.451 billion pesos ($205 million).
The banks assets totaled 124.4 trillion pesos ($28 billion).
Its liabilities were 108.4 trillion pesos ($24.39 billion).
The banks equity stood at 15.9 trillion pesos ($3.58 billion).Citibank, helmed by Elizabeth Rey, rounded out the top three.
It reported profits of 539.141 billion pesos ($121.31 million).
The banks assets reached 14 trillion pesos ($3.15 billion).
Its liabilities were 11.2 trillion pesos ($2.52 billion).
Citibanks equity amounted to 2.7 trillion pesos ($607.50 million).Three Banks Dominate 93.9% of Colombian Banking Profits.
(Photo Internet reproduction)Davivienda and Banco de Occidente completed the top five profit-makers.
Davivienda reported profits of 396.478 billion pesos ($89 million).
Banco de Occidentes profits reached 395.201 billion pesos ($89 million).
These top three banks accounted for 93.9% of total banking profits.However, not all banks fared well.
BBVA Colombia led the list of loss-making banks.
It reported losses of 260.715 billion pesos ($58.66 million).
Bancama followed with losses of 221.225 billion pesos ($49.78 million).
Banco Popular rounded out the top three with losses of 195.763 billion pesos ($44.05 million).Three Banks Dominate Over 90% of Colombian Banking ProfitsThe overall banking sector showed a slight decline in profits.
Credit establishments reported profits of 6.4 trillion pesos ($1.44 billion).
This figure was lower than the 6.5 trillion pesos reported in September 2023.Banks accumulated profits of 6.3 trillion pesos ($1.42 billion).
Financial corporations reported 349.5 billion pesos ($78.64 million) in profits.
Financial cooperatives earned 50 billion pesos ($11.25 million).
However, financing companies reported losses of 318.7 billion pesos ($71.71 million).Sebastin Toro, CEO of Arena Alfa, noted improvements in bank performance.
He observed positive trends and improving return on equity (ROE) figures.
These developments suggest a dynamic banking sector adapting to changing economic conditions.