The Colombian banking sector experienced moderate growth in 2024, with total assets reaching COP 1.18 trillion and an annual increase of 5.2%. Market leadership remained concentrated in a few large institutions, with Bancolombia holding the highest share of total assets and also leading in net results. The sector reported a 19.7% increase in total profits compared to 2023, driven primarily by the performance of major banks and government-related entities.
Key Insights
At the close of 2024, total assets of Colombian banks and financial institutions amounted to COP 1,182 trillion, reflecting a 5.2% increase from the previous year. This growth in assets was accompanied by a 4.0% rise in total liabilities, which reached COP 997 trillion.
Equity across the banking system expanded at a faster pace than assets and liabilities, growing by 11.9% to reach COP 184.7 trillion at the end of 2024. This indicates a strengthening of capital positions within the industry during the year.
The combined net income of the sector rose to COP 13.2 trillion in 2024, a year-over-year increase of 19.7%. The increase in profitability outpaced the growth in both assets and equity.
Bancolombia maintained its position as the market leader in assets, accounting for 22.32% of the total. It was followed by Banco Davivienda with 12.21%, Banco de Bogotá with 10.72%, BBVA Colombia with 8.88%, and Banco de Occidente with 6.16%.
In terms of net results, Bancolombia also led the ranking, posting COP 5.58 trillion in profits for 2024. FOGAFIN followed with COP 3.07 trillion, ahead of Banco de Bogotá with COP 1.13 trillion, Banco Davivienda with COP 852.7 billion, and Corfi GNB Sudameris with COP 638.4 billion.
Market Overview
The financial system in Colombia reported total assets of COP 1,182,038,771 million as of December 2024. This figure marks a 5.2% increase compared to December 2023, when the sector had assets totaling COP 1,124,095,963 million. The expansion in asset volume signals ongoing activity in credit intermediation, investment, and other financial operations.
Total liabilities in the market reached COP 997,321,380 million by the end of 2024, representing a 4.0% increase over the COP 959,029,147 million reported at the close of 2023. The gap between asset and liability growth resulted in a more pronounced expansion in the sector's equity.
Equity grew by 11.9% year-over-year, rising from COP 165,066,816 million in 2023 to COP 184,717,391 million in 2024. This indicates that retained earnings and capital increases contributed to the strengthening of financial institutions’ balance sheets during the year.
Regarding profitability, the sector reported net income of COP 13,165,892 million at year-end 2024, up 19.7% from COP 11,002,261 million a year earlier. The growth in net profits was not evenly distributed, with a concentration of results among the top-performing institutions.
Bancolombia led the market in both size and profitability. It held 22.32% of total sector assets and generated COP 5,578,220 million in net profits. Banco Davivienda ranked second in asset share with 12.21%, but fourth in profits with COP 852,725 million. Banco de Bogotá held 10.72% of total assets and ranked third in profitability with COP 1,128,549 million.
BBVA Colombia accounted for 8.88% of the system’s assets, while Banco de Occidente represented 6.16%. In terms of profitability, FOGAFIN, a government fund, recorded the second-highest result in the system with COP 3,072,332 million, despite not being among the top five in asset share.
Finally, Corfi GNB Sudameris reported a net result of COP 638,376 million, placing it among the five most profitable institutions of the year. The relative positions of institutions in asset share and net results reflect the diversity in business models, operational efficiency, and institutional roles within the financial system.