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BBVA Colombia's Q3 profit rises on stronger net interest income

Banco Bilbao Vizcaya Argentaria Colombia SA booked a year-over-year increase of 16.7% in its consolidated third-quarter profit, driven mainly by a strong jump in net interest income.

The bank registered net income of about 75.55 billion Colombian pesos for the third quarter, up from the 64.72 billion pesos earned in the year-ago period.

BBVA Colombia's net interest income totaled 650.21 billion pesos, rising 28.5% from 505.82 billion pesos in the third quarter of 2016. Net commission income, meanwhile, ticked 47.7% higher to 58.09 billion pesos from 39.33 billion pesos.

Other operating income shot 22.6% higher to 121.25 billion pesos.

Results for the quarter also included net asset allocation expenses of 373.09 billion pesos, more than doubling from 151.39 billion pesos a year earlier. The bank noted that at the end of the third quarter, it had extraordinary provision expenses of about 136.95 billion pesos for Electricaribe, a power company that was liquidated earlier in 2017. That amount represents a hedge of 55% of the bank's total exposure to the company.

Administration general expenses at BBVA Colombia rose 11.1% year over year to 397.87 billion pesos from 358.18 billion pesos.

As of Nov. 24, US$1 was equivalent to 2,972.03 Colombian pesos.