Bancolombia January-September earnings rise 44%

Bancolombia (NYSE: CIB) saw unconsolidated earnings in January-September jump 44% to 824bn pesos (US$356mn), the bank said in a press release. Net interest income was up 27.8% in the nine months to 1.88tn pesos. Fee income increased 22.9% to 585bn pesos and other operating income jumped 83.1% to 434bn pesos. Provisions grew 86.4% to 404bn pesos, with operating expenses rising 13.2% to 1.30tn pesos. Lending rose 12.8% in the 12 months ending September to 24.4tn pesos. The bank's past-due loan level worsened to 3.48% compared to 2.55% a year ago. Bancolombia is the country's largest bank, with market shares of 18.7% in deposits and 20.8% in net loans as of end-September. Bancolombia had unconsolidated assets of 36.1tn pesos and shareholder equity of 5.47tn pesos as of September 30.