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Banco de Bogotá's Q4'18 income up 132% YOY on higher interest, fee income

Banco de Bogotá SA's profit for the fourth quarter of 2018 more than doubled as growth in interest, fee and other income offset a jump in impairment losses.

The bank posted 950.5 billion Colombian pesos in net income attributable to shareholders during the fourth quarter of 2018, 132.0% higher than the 409.7 billion pesos registered in the year-ago period. Banco de Bogotá said the increase in attributable net income "was primarily driven by the growth in interest income, fee income, and other income, particularly from the increase in the equity method income from associates and dividend income."

Net interest income stood at about 1.792 trillion pesos for the fourth quarter of 2018, 3.3% higher from 1.735 trillion pesos in the linked quarter, and 4.7% higher from 1.712 trillion pesos in the year-ago quarter. The net interest margin stood at 5.7% in the quarter, down from 5.9% in the third quarter of the same year, and down 6.0% from a year earlier.

Net income from fees and other services was also up 3.9% year over year to 1.082 trillion pesos from 1.042 trillion pesos. Meanwhile, the bank's other income tripled to 1.137 trillion pesos from 369.2 billion pesos. Other expenses amounted to 1.750 trillion pesos, up 7.2% from 1.632 trillion pesos.

At the same time, provisions for impairment loss and financial assets were up 36.1% yearly to 836.8 billion pesos from 614.8 billion pesos. It was also up 32.4% compared to 631.9 billion pesos in the third quarter of 2018. The bank noted it increased its provisions for liquidated power company Electricaribe.

The ratio for loans that are over 90 days past due was 2.8% in the fourth quarter, lower than the 2.9% recorded in the linked quarter but higher than 2.4% in the year-ago period.

Banco de Bogotá's total loans and leases portfolio at amortized cost grew 6.5% year over year to 111.018 trillion pesos in the fourth quarter of 2018 from 104.244 trillion pesos.

The quarterly figures brought Banco de Bogotá's accumulated net income for 2018 to 2.937 trillion pesos, jumping 53.9% yearly from 1.908 trillion pesos.

As of March 18, US$1 was equivalent to 3,097.40 Colombian pesos.