Colombian bank Bancolombia has reported a sharp turnaround in its first-quarter earnings, following a weak start to the year. The bank's normalized net income for the first quarter of 2026 reached 1.8 trillion Colombian pesos (about US$355 million), excluding a one-off wealth-tax charge. This marks a recovery after a difficult January and February, when the bank earned only 525 billion pesos (US$104 million) — its smallest profit for that two-month period in five years.
For the full year 2024, Bancolombia posted a net income of 6.439 trillion pesos (US$1.27 billion), with fourth-quarter profit of 1.663 trillion pesos. The strong first-quarter performance has positioned the bank as a leader in the Colombian banking sector, bouncing back from the earlier slump. The results suggest that the bank's underlying business remains solid, despite the temporary tax impact. Bancolombia is one of Colombia's largest financial institutions, serving millions of customers across the country. The wealth-tax charge, which affected the first-quarter results, was a one-time levy imposed by the government. Analysts will watch whether the bank can sustain this momentum through the rest of the year.