Colombia's Grupo Aval says first quarter net profit up 7.85% reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
2 Min Read
BOGOTA, March 12 (Reuters) - Grupo Aval, Colombia’s largest financial conglomerate, on Friday reported a 13.7% fall in 2020 net profit, which it attributed to a deterioration of its loan portfolio due to the effects of the coronavirus pandemic, and increased costs.
Grupo Aval’s net profit came in at 4.63 trillion pesos ($1.3 billion) last year, down from the record 5.36 trillion pesos it reported for 2019. Fourth-quarter net profit rose 9.4% year-on-year to 1.4 trillion pesos.
Net interest income rose 6% during 2020 to 11.9 trillion pesos, the company said in a statement released late on Thursday. Outstanding debt rose 49.4% to 6.26 trillion pesos, it added.
March 2, 2021
Colombia’s most powerful bankers have converted some of the country’s leading news media in platforms that defend the interests of suspected mafia figures.
Newspaper El Tiempo on Sunday published a column by former chief prosecutor Nestor Humberto Martinez, who resigned last year after the war crimes tribunal ordered an investigation into his alleged criminal activity.
Weekly Semana published an editorial in which the magazine urged to drop a fraud and bribery investigation against former President Alvaro Uribe despite compelling evidence.
Bankers or criminals?
The two news outlets have become increasingly outspoken in their support of alleged criminals after they were bought by Colombia’s two richest man, bankers Luis Carlos Sarmiento and Jaime Gilinski.
IDB Invest funds factoring for SMEs in Chile
IDB Invest funds factoring for SMEs in Chile
December 16, 2020 IDB s private sector division arranges a $107 mln loan for local financial services firm Tanner
LoansDebtStructured FinanceFundsChileUS IDB Invest, the private sector division of the Inter-American Development Bank (IDB) Group, has arranged $107 million in financing for Chile s Tanner Servicios Financieros to provide factoring services to small and medium-sized enterprises (SMEs).
IDB Invest contributed $36 million to the five-year loan and coordinated $50.8 million from commercial banks and institutional investors, including Bladex, Bancaribe, Banco de Occidente, BDH and responsAbility. The deal includes another $20 million fro
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Global Money Transfer Service Azimo and Payments Fintech dLocal to Facilitate Remittances from Europe, Australia to Colombia
Global money transfer service
Azimo has teamed up with payments focused Fintech firm
dLocal in order to allow migrant workers based in Europe and Australia to send funds to almost any bank in Colombia, which reportedly includes Banco de Bogota, Banco de Occidente, and Davivienda.
The new remittance service aims to offer a faster and more seamless user experience for Azimo’s clients, with fewer forms or documents to fill out. The funds transfer process is now a lot simpler, the companies claim. For instance, money transfers initiated by 1 pm GMT should arrive in the recipient’s bank account on the same business day.