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Financial News: COLOMBIA: Colcap Falls 1.53% Tracking Ecopetrol And Bancol

COLOMBIA: Colcap Falls 1.53% Tracking Ecopetrol And Bancolombia Shares

05/16/2018 - 19:30:00 (RTTNews)

(RTTNews) - Colcap, the benchmark stock market index in Colombia, fell 1.53%, to 1,547.37 units, as investors took profits in Ecopetrol's shares and reacted to a poor first-quarter result from Bancolombia, according to Marcela Ramirez, an analyst at Acciones & Valores.

Bancolombia's net profit fell 14.3% in the first quarter from a year before, to 521.8 billion Colombian pesos (US$ 181 million), weighed by a 4.1% decrease in net interest income, to 2.512 trillion pesos, and a lower net interest margin of 5.8%, from 6.31% in the first quarter of 2017.

"The adoption of IFRS 9 explains this slowdown in net interest income during 2018, which caused a reduction of 102 billion pesos during the quarter," said Bancolombia in a statement. The bank's shares, however, fell 2.50%.

Ecopetrol fell 2.58%, while Promigas (1,33%) and Avianca (0,18%) ended higher. The locally traded US dollar fell 0.42%, to 2,860.10 pesos.

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