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BBVA Colombia's Q1 profit jumps 39.2% as net interest income rises

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BBVA Colombia's Q1 profit jumps 39.2% as net interest income rises

A significant increase net interest income pushed Banco Bilbao Vizcaya Argentaria Colombia SA's first-quarter profit 39.2% higher year over year even as net commission income declined.

The bank posted consolidated net income of about 160.66 billion Colombian pesos for the quarter, rising from 115.41 billion pesos in the year-ago period.

Net interest income jumped 15.0% year over year to 655.73 billion pesos from 570.31 billion pesos, helped by a 15.6% decline in interest expense. However, net commission income fell 37.7% to 35.90 billion pesos from 57.60 billion pesos a year earlier.

BBVA Colombia's administration general expenses ticked 1.6% higher to about 383.40 billion pesos as personnel expenses ticked 1.1% higher to 149.24 billion pesos, and general expenses shot 8.3% higher to 89.91 billion pesos.

The bank's net loan portfolio expanded 8.0% in the 12 months through March to reach a balance of 41.462 trillion pesos. Consumer loans grew 10.3%, commercial credit 12.9% and mortgages 5.2%.

BBVA's nonperforming loan ratio was at 3.59%, down from 2.38% in the year-ago period.

As of June 7, US$1 was equivalent to 2,829.70 Colombian pesos.