Which banks make and lose the most money: this was revealed by the Financial Conduct Authority in September

The Superintendent of Finances of Colombia (SFC), an agency led by César Ferrari, published a new monthly report on the profits of the financial sector. This time, around September 2024.

According to him, Bancolombia, the country’s main bank, topped the profit chart. It accumulated profits of $4.47 billion, a result that contributed significantly to the banks’ total profits, which reached $6.3 billion, which represented an increase of 1.61% compared to the previous year.

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In a breakdown of groups, other groups recorded the following;

• Bank of Bogotá: $912,451 million.
• Citi Bank: $539,141 million.
• David: $396,478 million.
• Western Bank: $395,201 million.

Together, the main groups generate $5.92 trillion, which represents 93.9% of the total profits of the country’s banks.

On the other hand, financial corporations and financial cooperatives also reported positive results, with profits of $349.5 billion and $50 billion, respectively. However, there were significant losses on financing companies, recording a negative balance of $318.7 billion.

In contrast, some financial institutions had significant losses. BBVA Colombia topped this list with a negative balance of $260,715 million. They continued:

• Bank: $221,225 million.
• Popular bank: $195,763 million.
• Pichincha Bank: $192,625 million.
• Scotiabank Colpatria: $144,838 million.

The report from the Superintendent of Finance shows that, despite losses in some groups, the banking sector as a whole showed a strong performance, with a slight increase in profits compared to the previous year. This behavior shows the capacity for change and resilience in Colombia’s financial sector despite the current economic challenges.

On the other hand, in September 2024, The assets of the Colombian financial system grew significantly, reaching $3,160 billionwhich represents an increase of 13.4% in nominal terms. This increase is largely due to the amount of funds managed from third-party resources, which showed a nominal change of 18.3%, according to data from the Financial Director.

The profits of the financial system also showed a special performance, reaching $95.2 billion, which represents a growth of 39.2% compared to the same month of the previous year. This growth was largely driven by the profits from pension and compensation funds, which raised $56.7 billion for employee savings.

Within own facilities, Credit institutions were the financial organizations with the highest profits, as they recorded a balance of $6.4 billion, although this represents a decrease of 1.5% compared to 2023. In this group, financing companies reported a loss of $318.7 billion.

Likewise, financial corporations and financial cooperatives recorded profits of $349,500 million and $50,000 million, respectively. However, companies specialized in electronic deposits and payments (Sedpe) were the only ones to end the month with negative profits, reporting a loss of $2,944 million.

As for the results by business, the commission companies of the Stock Exchange and the Mercantile Exchange achieved total profits of $229.2 billion. BVC commission agents grew by 51.2%, driven by commissions and fees, while those at BMC grew by 18%, mainly due to net commissions and fees.

For the accumulated year to September, the profits of the financial system amounted to $ 148.1 billion, 32.3% more than in the same period of 2023, when $ 112 billion was recorded. Trust companies are still the main asset managers in the system, managing $1,048.4 trillion, which represents 63.9% of third-party resources and 33.2% of total assets.