Bank profits contract by 60% YoY in October

At the end of October, bank profits closed at $ 1.09 billion, a decrease of 59.3% compared to those of the same month of 2019 when these were $ 2.6 billion. Credit institutions, which apart from banks also include financial corporations, financing companies and financial cooperatives together earned $ 1.5 billion, a 52.7% drop compared to 2019. The financial system registered a positive balance of $6.9 billion, a 70.2% decrease compared to the first 10 months of 2019.

Energy demand in Colombia increased 17% compared to April

The Ministry of Mines and Energy delivered the performance of energy consumption indicators for the third week of December in Colombia. The results show that the average reached 203 GWh / day, a 17% increase compared to the April data. The Ministry explained that the sectors with the highest growth were: Construction, Mining, Social Services and Financial, presenting growth of 22%, 11%, 8.5% and 6.9%, respectively. By regions, Valle del Cauca, Bogotá and Antioquia show the highest growth rates, by region, with 3.8%, 2.6% and 2.3% respectively.

Colombia to allocate $26 mn in ICT connectivity in the Atlantic region

The Government of the Atlántico department and the ICT Ministry will allocate more than $25.7 million to connect 21,000 homes in the region. Among the services provided are the digital centers, which seek to provide internet connectivity to rural educational centers, health centers and indigenous communities. In total, Atlántico will have 81 digital centers providing free internet for 10 years in 18 municipalities. “If the pandemic has taught us anything, it is the importance of being connected and having access to information technologies", said governor Elsa Noguera.

Regulator authorizes operation of J.P. Morgan as a bank in Colombia

The Financial Superintendency announced that it approved under resolution 1091 of 2020 the conversion of JPMorgan Financial Corporation into a banking establishment in Colombia. Since 1964, JPMorgan Chase Bank National Association has had a representative office in Colombia, and since 2006 JP Morgan has operated J.P. Morgan Corporación Financiera S.A., a credit establishment. With the new authorization, the US entity becomes the eleventh foreign bank with commercial operations in Colombia.

ProColombia achieved foreign investments of $ 9 bn in 2020

Throughout 2020, ProColombia accompanied the arrival of 198 projects with new investments and reinvestments from foreign multinationals in the country, with estimated amounts of $ 9,077 million, which, according to investors, will generate more than 70,800 new jobs. Due to the current situation in the region due to the coronavirus, the National Government has been promoting the competitive advantages of the country as a destination for nearshoring and to attract new foreign investment efficiency concentrated in sectors such as BPO, agribusiness, renewable energy, telecommunications, software and IT, containers and packaging, tourism, among others.