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BBVA Colombia's Q2 profit grows 53.2% as commission income surges

Banco Bilbao Vizcaya Argentaria Colombia SA's second-quarter profit rose 53.2% year over year amid an increase in net interest income and sharply higher net commission income.

The bank booked net income of 211.67 billion Colombian pesos in the three-month period through June, up from 138.17 billion pesos in the year-ago period.

Net interest income grew 12.2% annually to about 671.00 billion pesos from 597.97 billion pesos, supported by a 12.0% decline in interest expenses. Net commission income, meanwhile, surged 123.1% year over year to 140.31 billion pesos from 62.89 billion pesos.

General administrative expenses for the second quarter reached 379.05 billion pesos, up 4.9% from 361.44 billion pesos a year ago, although personnel expenses slipped 2.0% to 143.19 billion pesos.

The bank's gross loan portfolio held about 44.854 trillion pesos at the end of the second quarter, up from 41.079 trillion pesos at the close of the second quarter of 2017. The commercial and consumer credit segments both grew 10.4% annually, while mortgages expanded 5.5%.

The nonperforming loan ratio reached 3.73%, up 29 basis points year over year and up 14 basis points from the first quarter of 2018.

BBVA Colombia's return on equity rose to 14.20% in the second quarter from 11.55% a year ago. Return on assets hit 1.46%, up from last year's 1.40%.

As of Sept. 7, US$1 was equivalent to 3,064.10 Colombian pesos.