Bancolombia reports second-quarter net profit more than doubles

BOGOTA Tue Aug 5, 2014 6:35pm EDT

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BOGOTA Aug 5 (Reuters) - Colombia's biggest bank Bancolombia on Tuesday reported net profit more than doubled in the second quarter versus the same period a year earlier, on the back of an expansion of its loan portfolio and lower costs.

In a filing with the financial regulator, Bancolombia said consolidated net profit reached 467.3 billion pesos ($248.7 million) during the three-month period, up from 209.7 billion a year earlier. That is equivalent to 508 pesos per share, or $1.08 per American Depositary Receipt, it said.

The second-quarter profit is 8 percent less than the bank registered in the first quarter.

Bancolombia's loan portfolio reached 89.5 trillion pesos, up 23.7 percent from the same period a year earlier.

(1,878.7 Colombian pesos = $1) (Reporting by Helen Murphy; Editing by Lisa Shumaker)

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