Firmly in the Black

Firmly in the Black


Bancolombia became Colombia's largest bank when it was created in 1998 following the merger of BIC and the troubled Banco de Colombia. But Bancolombia has struggled to turn a decent profit for most of its short life, posting heavy losses during the recession of 1999-2000. Bancolombia, led by Jorge Londoño, is now firmly in the black with first half net income of $49.5 million, 63% more in dollar terms as the same period last year. The bank's return on equity more than doubled to 36.6% in June and the bank's ADRs have doubled in price to $5.12 since January. For this remarkable achievement, LatinFinance has chosen Bancolombia the best bank in Colombia in 2003. Bancolombia has even ou

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial