In its results report, the company highlighted that its profit did not grow due to the increase in provisions in an environment of lower economic growth.

During the first three months of the year, Bancolombia reached a portfolio balance of $267 billion (resources that it delivered as a loan to its customers), which is 20% more than a year ago. According to the company, these resources will go to promote the productive activity of companies of all sizes and natural persons.

“We will continue working to accompany all the initiatives that represent the creation of opportunities, strengthening of the productive fabric, construction of more sustainable communities and well-being for all,” said Juan Carlos Mora, president of Bancolombia.

In his report it is highlighted that in the midst of the current economic reality of high inflation and rates, the financial institution took several measures to alleviate people’s pockets. The first was the “ceiling rate” on mortgage loans to help Colombians with VIS housing loans fulfill their dream of having a home, and the second was the decision to lower their interest rate from 46% to 25% for purchases made with some of your credit cards.

Likewise, the bank assured that it continued to bring financial inclusion solutions to more people, since there are already 6.7 million users of Bancolombia A la mano, which works as an account with free opening and 100% digital. It allows the withdrawal of cash without a card, the receipt of family remittances, the payment in stores with a QR code, as well as the payment of invoices, the recharge of minutes of all mobile operators, among other services, without charging a handling fee. .

Through this application, the financial institution offers the Credito A la mano, which is a 100% digital low-amount loan that goes from $100,000 to $5,000,000, and is intended for people’s urgent needs, as well as as well as the activity of catalog sellers, taxi drivers, small merchants and agricultural producers, among others who have not had the opportunity to access formal financing.

Since its launch, this credit has benefited more than 640,000 people and, in the first quarter of this year alone, $81.2 billion were disbursed for some 65,000 people, 68% of whom are women.

These three measures helped at a time when it is more difficult for citizens to access credit, because the Bank of the Republic has been tightening interest rates to curb inflation, Bancolombia granted more loans.

And, thus, although the company’s revenues were higher and assets totaled 349.3 trillion pesos (205 more), the profits were similar to those of the first quarter of last year, standing at $1.7 trillion, due to the increase in provisions in the face of an environment of lower economic growth.

As of March 2023, Bancolombia reported that it has 7.8 million digital active customers in the Bancolombia App, as well as 22.2 million accounts in its financial inclusion platforms (6.7 million users in Bancolombia A la hand and 15.6 million in Nequi).