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Financial News: COLOMBIA: Major Banks Should Prepare For Weaker Economy,

COLOMBIA: Major Banks Should Prepare For Weaker Economy, Says Fitch

08/30/2017 - 16:26:00 (RTTNews)

(RTTNews) - Fitch Ratings evaluated the capital adequacy of Bancolombia, Banco de Bogotá, Banco Davivienda and Banco de Occidente and stressed in a new report that the Colombian banks should prepare to face a weaker economy. Also, the risk agency's outlook for the institutions was upgraded to 'stable,' from 'negative.'

Fitch believes that the largest Colombian banks have an adequate level of capitalization given the quality of loans and reserve coverage, as well as their stable profit generation. Despite the positive trend observed in capital levels over the past year, capitalization remains as the greatest credit weakness of the largest Colombian banks.

According to the report, Fitch estimates that the total growth of the system will continue to be within the range of 6% to 8% in 2017, due to lower than expected increase in GDP and consumption, uncertainty over infrastructure programs, delays in investment decisions and the cautious placement standards of the banks.

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