Fewer provisions improve bank profitability

Fewer provisions improve bank profitability

At the end of February the dynamics of provisions reflected the downward trend of the balance at risk among Colombian banksaccording to the Financial Superintendence.

(Nequi, more than a digital financial platform: this is your plan).

This is because these resources, which credit institutions allocate preventively to protect the asset against the possibility that the risk of default associated with a loan materializesclosed the second month of the year with a real annual contraction of 13.7%, with a balance of $37.4 billion.

Of this total, $6.6 trillion corresponded to category A (the one with the lowest risk). Additional general provisions, some $1.9 trillion, recorded a monthly reduction of $142.8 billion. For its part, the provisions to recognize uncollected accrued interest accumulated $233,600 million. Additionally, additional provisions due to internal policy of credit institutions totaled $1.7 trillion, that is, $50.6 billion more than in January.

According to the Superfinanciera, at the end of February the results of the financial system continue to show a mixed scene.

(Banco de la República expects consumption to slow down).

Credit institutions (banks, financial corporations, financing companies and financial cooperatives) closed the month with results of $2.6 trillion, driven mainly by interest income (banks reported accumulated profits of $2.3 trillion, financial corporations $339,800). million, financing companies $23.7 billion and financial cooperatives $15.5 billion.

For their part, the Special Official Institutions registered profits of $159.2 billion, followed by trust companies with $71.7 billion, securities intermediaries with $35.2 billion and the insurance industry (insurance entities, capitalization companies and insurance brokers) with $2.3 billion.

In contrast, pension and severance fund management companies recorded negative results of $23.2 billion. Returns on third-party managed resources were negative at $8.8 trillion, a reduction of $6.6 trillion compared to February 2021 ($2.2 trillion), mainly due to the behavior of debt securities.

INVESTMENTS

In February, the behavior of the markets was marked by a increased volatility caused by the conflict between Russia and Ukraine. The above evidenced in the increase in uncertainty, the increase in the prices of raw materials and inflationary pressures at a global level.

The Financial Superintendence said in its monthly report on the sector that trustors of businesses managed by trust companies reported accumulated returns so far in 2022 of $1.6 trillion. This figure represents an increase compared to the previous year’s record of $1.3 trillion.

Investors of the 200 collective investment funds managed by the country’s trust companies, stock brokerage companies and investment management companies reported an increase in the balance of $1 trillion in the first two months of the year, mainly due to net gains on the valuation of equity instruments.

BRIEFCASE

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