Bancolombia Beats Expectations

Third quarter net income increased to COP367bn at Bancolombia, surpassing expectations of analysts at Colombian research firm Bolsa y Renta. That represents a 16% increase compared to the third quarter of 2007. The firm expected income to grow to COP324bn. For 2008 as a whole, Bolsa y Renta analyst Mauricio Restrepo expects the bank to see income grow 25.4% to COP1.36trn compared to the previous year. He also believes Bancolombia’s stock price will stand at COP14.25 per share in December 2008. On November 21 shares traded at COP11.08.