April 16, 2014 / 12:10 AM / 4 years ago

Colombian financial sector returns to profit in February

BOGOTA, April 15 (Reuters) - Colombia’s financial sector earned a net profit of 5.28 trillion pesos ($2.74 billion) in February after heavy losses in January, thanks to lower market volatility, the country’s financial regulator said on Tuesday.

The sector lost 6.66 trillion pesos ($3.45 billion) in January when the sector was buffeted by changes in monetary policy in the United States.

“In February the Colombian financial system behaved favorably and showed a recovery in its results due to less market volatility, which reflects a positive development in investment portfolios,” the regulator said in a statement.

February’s results reduced the financial system’s net loss for the first two months of 2014 to 1.38 trillion pesos. During the same period of 2013, the financial system recorded profits of 7.95 trillion pesos.

$1=1,926.47 Colombian pesos Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by Ken Wills

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