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Colombia’s finance sector grew by 8.9% in 2013

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Colombia’s Finance Superintendent has announced a promising growth in the financial sector from 2012 to 2013, local media reported Thursday.

According to the statistics released on the finance body’s website, the assets of the finance sector reached $968.1 billion in 2013, an increase of 8.9% over the 2012 statistics.

MORE: Global economic organizations praise Colombia’s growth

Furthermore, Colombia’s financial portfolio has experienced a stable growth of 11% annually, thanks in large part to housing and a growing number of commercial loans.

With regards to the balance of credit institutions, they reached $281.7 billion, an increase of 11.4% over 2012.

There has also been a slight growth in investment of 4.8%, less than 2011-2012 when Colombia experienced a growth in foreign direct investment of 16.7%.

MORE: Colombia 3rd best country for doing business in Latin America: World Bank

The credit industry in general has marked a good solvency margin of 13,6% which refers to the amount of money or assets that a company has after any debts are repaid.

Finally, pure profit of the financial sector was up by $6.2 billion from 2012.

Sources

The post Colombia’s finance sector grew by 8.9% in 2013 appeared first on Colombia News | Colombia Reports.

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Rico

"Rico" is the crazy mind behind the Q media websites, a series of onlinemagazines that includes TodayColombia.com. Rico brings his special kind of savvy to online marketing. His websites are engaging, provocative, informative and sometimes off the wall, where you either like or you leave it. The same goes for him, like him or leave him.There is no middle ground. No compromises, only a passion to present reality as he sees it!