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Higher interest income drives 28.8% increase in Davivienda's Q2 profit

Banco Davivienda SA's second-quarter profit rose 28.8% from a year ago driven by higher interest income, which offset an increase in provision and financial expenses.

The Bogotá-based lender booked net income of 362 billion Colombian pesos for the second quarter, up from 281 billion pesos in the prior-year period.

The bank's interest income improved 11.1% to about 2.611 trillion pesos from 2.350 trillion pesos a year earlier. Financial expenses also increased, rising 14.1% to 995 billion pesos. The company's gross financial margin income, meanwhile, ticked 9.4% higher to 1.616 trillion pesos.

Davivienda said its annualized net interest margin was 6.46% in the second quarter, down from 6.92% in the first quarter and 6.64% a year earlier.

The bank posted 620 billion pesos in net provision expenses, up 9.5% from 566 billion pesos a year ago. The increase "occurred mainly in Colombia, given the evolution of the commercial and mortgage loans," the bank said.

Davivienda's operating income improved 6.0% year over year to 356 billion pesos in the second quarter, while operating expenses edged 1.8% higher to 892 billion pesos.

The bank's gross loan portfolio held 91.266 trillion pesos at the end of June after expanding 11.8% in the previous 12 months. Commercial, consumer and mortgage loans all saw double-digit growth from a year ago.

The lender's consolidated 90-day nonperforming loan ratio fell to 3.68% from 3.87% in the first quarter and 3.85% a year earlier.

Annualized return on average equity jumped to 12.4% in the second quarter from 10.7% a year ago, while annualized return on average assets increased by 15 basis points to 1.27%.

As of Aug. 15, US$1 was equivalent to 3,438.40 Colombian pesos.