The results also revealed a 12.5% reduction in property, plant and equipment (PPE) assets during the second quarter compared to the same period in 2017, from COP840 billion (USD$276 million) to COP734 billion (USD$241 million).

Davivienda’s overall assets rose 2.3% in the second quarter to COP101,897 billion (USD$33.5 billion).

The company, the third largest equipment leasing and finance provider in Latin America according to the Alta 100, noted in its quarterly report that good performance of oil prices was one of the factors that protected the Colombian economy from the speculative attacks observed in other currencies on the continent, and it continued to allow the Colombian Peso revaluation, although in a much more moderate way than in the first quarter of the year.

The report added: “One of the most relevant elements of the quarter was the improvement in household confidence in Colombia. In June, Davivienda’s Confidence Index reached its highest level since the indicator was launched in September 2016.

“This improvement can be attributed to factors such as the reduction of interest rates, moderate inflation and the end of the uncertainty associated with the elections.”

The report also noted improvement in key industrial categories that support demand for asset finance.

According to the Administrative Department of National Statistics, GDP increased its growth from 2.2% in the first quarter to 2.8% in the second.

The bank said this expansion was led by the professional, scientific and technical activities sectors, which registered a 6.6% improvement, followed by the agriculture and farming sector with 5.9%.

The manufacturing industry reported growth of 3.7% during the quarter, offsetting a fall of 1.2% in the first three months of the year.

The lowest performance was observed in construction and mining, with falls of 7.6% and 2.7% respectively.

Based in Bogota, Banco Davivienda has a presence in 6 countries, 10.3 million customers, 17,353 employees, 746 branches and 2,601 ATMs.