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Banco de Bogotá's Q1 profit rises 14.3% YOY on higher interest, fee income

Banco de Bogotá SA's profit for the first quarter jumped 14.3% amid a rise in impairment losses.

The bank posted net income attributable to shareholders of 697.1 billion Colombian pesos in the quarter, increasing year over year from 609.8 billion pesos. The growth in attributable net income was driven by "growth in interest, fee and other income, particularly from the increase in equity method income and in net gains on investments."

Net interest income was about 1.791 trillion pesos in the first three months of 2019, remaining almost unchanged from 1.792 trillion pesos in the linked quarter, and improving 8.1% from 1.658 trillion pesos in the prior-year quarter. The bank's net interest margin stood at 5.9% in the quarter, up from 5.7% in the previous quarter and from 5.5% in the year-ago quarter.

Net income from fees and other services also improved 8.9% annually to 1.051 trillion pesos from 964.8 billion pesos. Meanwhile, the lender's other income more than tripled to 450.3 billion pesos from 105.6 billion pesos. Operating expenses amounted to around 1.600 trillion pesos, up 10.6% from 1.447 trillion pesos booked a year earlier.

Banco de Bogotá's provisions for impairment loss and financial assets surged 20.4% yearly to 597.0 billion pesos from 495.8 billion pesos. The bank's impairment loss on loan portfolio and accounts receivable jumped 19.0% during the period.

The bank's portfolio of total loans and leases at amortized cost grew 6.6% to 106.568 trillion pesos at the end of the first quarter from 99.966 trillion pesos in the same period in 2018. Commercial, consumer and mortgage loans and leases expanded 4.4%, 12.9% and 17.5%, respectively.

The bank's ratio for loans that are over 90 days past due was 2.8% in the quarter, unchanged from the linked quarter but higher than the 2.5% reported in the year-ago period.

Return on average assets was 1.9%, slightly increasing from 1.8% booked in the year-ago period. Similarly, return on average equity also improved annually to 15.2% from 14.9%.

As of May 27, US$1 was equivalent to 3,356.00 Colombian pesos.