Banks recorded profits of $4.95 billion at the end of the first quarter of the year, which represented a growth of 123.9% compared to the same period in 2021 when profits reached $2.21 billion, according to the consolidated balance sheet of the Financial Superintendence.
The set of credit institutions (banks, financial corporations, financing companies and financial cooperatives) closed the first quarter with positive results of $5.7 trillion, mainly driven by interest income (Apart from banks, financial corporations earned $698.4 billion, finance companies $30.1 billion, and financial cooperatives $20.3 billion).
After the annual shareholders’ meetings were held, the retention of profits of the credit institutions that generated profits during 2021 stood at 63.8%, an item that will allow it to continue supporting the growth of the credit portfolio and preserve the stability of the system. For its part, The insurance industry recorded profits of $439.2 billion, followed by Special Official Institutions (IOEs) with profits of $276.6 billion, trust companies with $118.2 billion, infrastructure providers with $81.2 billion, securities intermediaries with $46.8 billion and AFPs with $39 billion.
CREDIT GROWS AND IMPROVES ITS QUALITY
All types of portfolio reported growth in March. The gross balance amounted to $593.9 trillion and the deepening indicator stood at 48% of GDP.
In real terms, the gross loan portfolio had an annual variation of 3.9%.
In March, the seventh consecutive month of reduction in the overdue balance was completed.
The portfolio reporting arrears greater than 30 days reached $22.9 trillion, a decrease equivalent to 12.6% real annual, as a result of the contraction of the overdue balance in commercial, consumption, housing and microcredit, from 18%, 21.4%, 14.3% and 12%, respectively.
The daily portfolio reached $571.1 billion, that is, 96.1% of the total balance. In the case of the Program Relief to Debtors (4.2% of the total balance) this proportion amounts to 82.6% of the total balance covered by the program, the commercial portfolio stands out with (90.4%), while in consumption (79.6%) , housing (77.9%) and microcredit (74.2%), this indicator is lower than the total.
The Superfinanciera said that portfolio quality indicators continue to converge to pre-pandemic levels.
The quality due to arrears, measured as the proportion between past due portfolios (with maturities greater than 30 days) and gross, was 3.9% for the total portfolio.
The quality indicator for arrears of the balance accepted in the PAD closed at 14.4%.
RANKING BY EARNINGS
Banco de Bogotá was the financial institution with the best result at the end of March, with profits of $1.75 billion, followed by Bancolombia, which obtained a result of $1.46 billion, and Corficolombiana, which had a profit of $657,335 million.
Following was Davivienda, which posted a positive balance in the first quarter of $464,050 and BBVA Colombia with $319,186 million, according to the figures of the Superfinanciera.
Four banks posted losses in the first quarter.