Bancolombia and Bogotá, the banks that earned the most with $5.5 trillion and $2.8 trillion

Los banks reported accumulated profits of $13.2 trillion up to October and they grew 3.9% compared to September 2022, when they reached $12.7 trillion.

The list is led by Bancolombia, which registered profits of $5.5 billion. This entity is followed by Banco de Bogotá, with $2.8 trillion; Davivienda, with $1.1 billion; and Bbva Colombia, with $918,042 million. By contrast, those that presented losses were Banco Pichincha, with -$83,475 million; Lulo Bank, with -$52,394 million; and Banco BTD Pactual, with -$9,975 million.

At the end of October, financial corporations achieved profits of $1.9 trillion, financing companies $29.8 billion, and financial cooperatives $77.2 billion.

For his part, the profits of the insurance industry stood at $2.4 trillion, followed by Special Official Institutions (IOE) with $1.8 trillion, trust companies with $391.9 billioninfrastructure providers with $312.6 billion, securities intermediaries with $138.3 billion and SAFPs with $113.3 billion. Digital wallets registered results of -$34.4 billion.

The profitability of the asset received a boost from the interest margin. Considering the gross results, 60% corresponded to the net interest margin17.9% to investments (valuation and sale), 16.3% to financial services (commissions and services) and 5% to forward operations.

The return on assets (ROA) of CIs stood at 1.9%, 0.1pp higher than that reported in the same period last year (1.8%).

In October the perception of risk decreased and inflationary pressures continued in the largest economies. The most representative stock markets presented mixed results despite the lower perception of global risk in both developed and emerging economies.

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For his part, Prices in the US, China and the Euro Zone remain at high levels despite being below expectationsLikewise, the prices of a large part of the raw materials increased, which translated into an increase in interest rates by the Federal Reserve and the European Central Bank, propping up the fixed income markets.

A nivel local, the behavior of the exchange rate and the prices of financial assets during the month were influenced by external factorsincluding the impact of more restrictive financial conditions on the US Treasuries, and idiosyncratic, mainly due to the perception of country risk.

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