Despite high rates and inflation, bank results are good

In an environment of high interest rates and inflationas well as less economic dynamism, banks continued to record profits at the end of the first quarter.

(CDT interest rates drop three percentage points this year).

Already on Thursday of last week Bancolombia had reported accumulated profits of $1.7 trillion at the end of the first quarter, a figure similar to that obtained in the same period of 2022.

Yesterday several banking entities revealed their results, which were generally positive, and only two presented small losses.

The first of them was Davivienda, which said that its net profit for the quarter closed at $236.9 billion, increasing 392% compared to the fourth quarter of 2022.

(Bancolombia obtained profits of $1.7 trillion in the first quarter).

The entity said that the quarterly behavior is mainly due to higher portfolio and investment income, lower provision expenses and the increase in non-financial income. The portfolio closed at $145 trillion, growing 0.2% in the quarter and 19.0% in the year.

For its part, in the first quarter of 2023, Corficolombiana’s net income reached $611,983 million, being 6.9% lower than that registered a year ago, mainly due to the scenario of higher interest rates, which justified the increase of more than 100% in the interest expenses of the investment funding.

(In four years the DTF will cease to be used).

He Western Bank reported a profit of $187,940 million, the GNB Sudameris Bank $27,419 million, the BBVA earned $88,265 million, Banco Mundo Mujer had profits of $5,537 million.

He too Serfinance Bank earned $4.356 million, the BTG Pactual Bank $11,617 million, while Mibanco had losses of $11,416 million and Banco Pichincha of $31,651 million.

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