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The Colombian bank Bancolombia (NYSE:CIB) reported CO$1.290 bln in Net Earnings for 2008, which represents an 18.7% increase from 2007. The bank's loans portfolio expanded by 18.4% during the year. Meanwhile ROAE for the year arrived at 23.7%.

As of December 31, Bancolombia's Total Equity grew CO$6.116 bln, up 17.65% from 2007. This growth was created by the company's operational income during the year. The Solvency Ratio, which is the relationship between Equity and Assets exposed to market risk, stood at 11.24% at the end of the year. This was down slightly from a Solvency Ratio of 12.67% at the end of 2007.

For the fourth quarter Bancolombia's Net Income was down fro 4Q07 by 8.7%. The quarterly result arrived at CO$294 bln, down from CO$323 bln last year, which was due in part to various non-recurring items incorporated in the last quarter, causing a negative impact of CO$63.8 bln or 18.7% on the quarterly result.

Bancolombia's latest financial statements can be found here.

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Source: Bancolombia's Earnings Up Over 18% from 2007