Bancolombia SA (CIB) has released an update.
Bancolombia S.A. reported a robust start to 2024 with a net income increase of 14.9% in the first quarter and a solid annualized return on equity of 17.4%. The bank’s loan portfolio saw healthy growth, primarily driven by foreign subsidiary commercial originations, while improved retail portfolio conditions and macroeconomic factors led to a significant reduction in provision expenses. Despite a decline in shareholders’ equity due to profit distributions, the bank’s solvency ratios remained above regulatory requirements, underpinning its financial stability.
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