According to an analysis by Casa de Bolsa, during the second quarter of the year, Davivienda reported a net profit of $ 122,000, which represented an annual reduction of 66.4% and a quarterly reduction of 45.9%.
“The results were negative, in line with what the market expected,” the report said.
Casa de Bolsa highlighted that these results are consistent with the situation of the credit institutions as a result of the pandemic, which include low loan portfolio growth, higher provisions and the deferral of income from part of the loan portfolio due to the relief programs.
The study detailed that the bank’s net portfolio decreased -0.3% in the quarter and presented an annual increase of 20%.
Meanwhile, the corresponding revenues grew 0.9% in the quarter, and 14.7% in the annual comparison.
Finally, Davivienda’s provisions increased 57.8% annually, due to the greater risk caused by the economic crisis due to the pandemic.
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