Three Banks Dominate Over 90% of Colombian Banking Profits

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 Bogotá and Citibank follow closely behind.

Bancolombia, under Juan Carlos Mora’s leadership, reported profits of 4.47 trillion pesos ($1.01 billion). The bank’s assets reached 253.6 trillion pesos ($57.06 billion). Its liabilities stood at 213.5 trillion pesos ($48.04 billion). The bank’s equity amounted to 40 trillion pesos ($9 billion).

Banco de Bogotá, led by César Prado Villegas, secured the second spot. It reported profits of 912.451 billion pesos ($205 million). The bank’s assets totaled 124.4 trillion pesos ($28 billion). Its liabilities were 108.4 trillion pesos ($24.39 billion). The bank’s 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 bank’s assets reached 14 trillion pesos ($3.15 billion). Its liabilities were 11.2 trillion pesos ($2.52 billion). Citibank’s equity amounted to 2.7 trillion pesos ($607.50 million).

Davivienda and Banco de Occidente completed the top five profit-makers. Davivienda reported profits of 396.478 billion pesos ($89 million). Banco de Occidente’s 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). Bancamía 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 Profits

The 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).

Sebastián 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.