Skip to content

Banking in Colombia Market Players Analysis

Products and Services

Here is a detailed analysis of the top 10 market players in the Colombian banking industry based on available data for 2024 and early 2025, outlining their main products and services and observed trends in volumes and revenues.

Bancolombia S.A. Bancolombia, the largest bank in Colombia by assets, offers a comprehensive suite of financial products and services. These include traditional offerings like savings and checking accounts, various loan types (personal, auto, mortgage, microcredits), debit and credit cards. Beyond these, they provide investment and offshore banking, brokerage services, pensions, and insurance. A significant focus is also on digital banking. Bancolombia demonstrated strong results in 2024, with notable net income growth and robust asset quality. The bank's revenue for the trailing twelve months ending December 31, 2024, was COP 22,183.4 billion, and they reported COP 5.5 trillion ($1.34 billion) in profits for 2024. The bank has a large customer base exceeding 30 million and a wide network of branches and ATMs.

Grupo Aval Acciones y Valores S.A. Grupo Aval is a major financial holding company in Colombia, operating primarily through its subsidiary banks: Banco de Bogota, Banco de Occidente, Banco Popular, and Banco AV Villas. Its product and service portfolio, therefore, encompasses the offerings of these banks, covering commercial banking, pension fund management (Porvenir), and merchant banking (Corficolombiana). Grupo Aval also has an international presence through BAC Credomatic, focusing on consumer and credit card banking in Central America and Mexico. Grupo Aval's consolidated attributable net income in 2024 was Ps 1,015.1 billion, a significant 37.4% increase from 2023. The aggregated unconsolidated gross loans of its banks reached 199.4 trillion pesos as of November 2024, showing a 7.3% growth compared to 4Q23. Consolidated deposits also grew by 10.4% to 201 trillion pesos in the same period.

Banco Davivienda S.A. As the third largest bank by assets, Davivienda provides a range of products including consumer, commercial, and mortgage loans, various investment and savings products, and transactional solutions. A key area of growth for Davivienda has been its digital transformation strategy, highlighted by the success of its digital platform, Daviplata, which reached 18.5 million customers by the end of 2024. The bank also focuses on sustainable finance, with a sustainable loan portfolio amounting to COP 24.7 trillion by the end of 2024. Davivienda's total assets were $44.072 billion as of June 30, 2024, with gross loans at COP 103.3 trillion. While earnings in Q4 2024 showed a quarterly improvement, they were lower than historical levels, with 2024 profits reported around $0.21 billion.

Banco de Bogotá S.A. The oldest banking institution in Colombia and the second largest by assets, Banco de Bogotá is a subsidiary of Grupo Aval. While specific product details are not extensively provided, it operates as a major commercial bank in Colombia with a significant presence domestically and internationally through subsidiaries and agencies. The bank's assets and consolidated loan portfolio experienced growth in 2023. However, Banco de Bogotá's results in Q4 2024 were lower than the previous quarter, and its earnings and revenues have shown declines in recent years. Total assets were $34.948 billion as of June 30, 2024. The bank reported a consolidated quarterly attributable net income of COP 308.4 billion in Q4 2024, with annual 2024 revenue at 5,110.48 billion COP.

BBVA Colombia S.A. BBVA Colombia, part of the global BBVA Group, offers a broad spectrum of banking services through its extensive network. The bank has been actively enhancing its digital offerings, leading to growth in revenue generated from digital channels. As of June 30, 2024, BBVA Colombia held consolidated assets of COP 105 trillion (US$25 billion) and a gross loan portfolio of US$18.6 billion. Despite the global BBVA Group achieving a record net profit in 2024, BBVA Colombia specifically reported losses in 2024, indicating market challenges.

Banco Popular S.A. A commercial bank within the Grupo Aval conglomerate, Banco Popular provides a diverse range of products and services. These include debit and credit cards, various account types, term deposits (CDT), investment and voluntary pension funds, different loan products (housing, investment, payroll), insurance, tax payment services, cash management, working capital solutions, financial leasing, and treasury products. The bank focuses on the senior individual segment and legal entities. While Banco Popular reported a net loss in both Q1 and the full year 2024, its revenue saw a significant increase in 2024 compared to the previous year. Total assets were $21.469 billion as of June 30, 2024.

Banco de Occidente Another commercial bank under the Grupo Aval umbrella, Banco de Occidente is recognized as one of the largest banks in Colombia by assets and was among the top five banks in Colombia by profit in 2024. Specific details on its product offerings are limited in the provided data, but it plays a key role in Grupo Aval's commercial banking operations. As of June 30, 2024, its total assets stood at $17.471 billion, with reported profits of $0.12 billion in 2024.

Banco GNB Sudameris Banco GNB Sudameris is a commercial bank operating in Colombia, listed among the largest in the country by assets. The provided data does not offer detailed information on its specific products and services. The bank reported profits of $67 million in 2024. Its total assets were $12.700 billion as of June 30, 2024.

Scotiabank Colpatria Scotiabank Colpatria, the Colombian subsidiary of the Canadian Scotiabank, offers personal and commercial banking, wealth management, and corporate and investment banking services. Scotiabank entered the Colombian market through acquisitions and maintains a significant presence. As of June 30, 2024, Scotiabank Colpatria's total assets were $9.594 billion. The bank reported a loss of $40 million in profits in 2024. Discussions around the potential sale of Scotiabank's retail business in Latin America, including assets in Colombia, have been reported as part of a global strategy shift.

Banco Agrario de Colombia As a state-owned bank, Banco Agrario de Colombia focuses primarily on providing financial services to the agricultural sector in Colombia. Details on its specific product offerings beyond this focus are not provided. The bank is listed among the largest by assets, with total assets reaching $8.914 billion as of June 30, 2024. Banco Agrario de Colombia posted profits of $94 million in 2024.

Comparative Overview of Growth/Decline in Volume and Revenue

Player Name Key Products/Services Focus (based on available data) Volume Indicators (Growth/Decline noted) Revenue/Profit Indicators (Growth/Decline noted)
Bancolombia S.A. Full-service banking, Digital Banking, Loans, Investments, Pensions, Insurance Over 30 million customers, Robust loans (noted growth) Revenue LTM Dec 2024: COP 22,183.4 bn. 2024 Profits: $1.34 bn (Growth).
Grupo Aval Acciones y Valores S.A. Commercial Banking (via subsidiaries), Pensions, Merchant Banking, Consumer Banking (LatAm) Aval Banks Gross Loans (Nov 2024): 199.4 COP tn (7.3% growth vs 4Q23). Consolidated Deposits (Nov 2024): 201 COP tn (10.4% growth vs 4Q23). Gained 75 bps loan market share. 2024 Consolidated Attributable Net Income: Ps 1,015.1 bn (37.4% increase vs 2023).
Banco Davivienda S.A. Loans (Consumer, Commercial, Mortgage), Savings, Investments, Digital Banking (Daviplata), Sustainable Finance 24.3 million customers (June 2024). DaviPlata: 18.5 million customers (end 2024). Gross Loans (June 2024): COP 103.3 tn. Sustainable Loan Portfolio (end 2024): COP 24.7 tn. 2024 Profits: $0.21 bn (Lower than historical, Q4 improved). 2024 Revenue estimates vary ($6 bn, $3.7 bn).
Banco de Bogotá S.A. Commercial Banking Total Assets (June 2024): $34.948 bn. Assets and consolidated loan portfolio grew in 2023. Annual 2024 Revenue: 5,110.48 bn COP. 2024 Profits: $0.27 bn (Lower than previous quarter, earnings/revenues declining in recent years).
BBVA Colombia S.A. Full-service Banking, Digital Offerings Consolidated Assets (June 2024): COP 105 tn (US$25 bn). Gross Loan Portfolio (June 2024): US$18.6 bn. Turnover in Housing (Q3 2024 cumulative): COP 2.095 bn. 2024 Profits: -$90 million (Loss). Revenue from digital channels growing.
Banco Popular S.A. Commercial Banking, Loans, Deposits, Investments, Pensions, Insurance, Treasury Total Assets (June 2024): $21.469 bn. Deposits (Mar 2024): $23,395.646 million. Revenue (ttm 2024): 2.80 COP tn (Significant increase vs previous year). 2024 Profits: Net Loss.
Banco de Occidente Commercial Banking Total Assets (June 2024): $17.471 bn. 2024 Profits: $0.12 bn (Among top five by profit in 2024).
Banco GNB Sudameris Commercial Banking Total Assets (June 2024): $12.700 bn. 2024 Profits: $67 million.
Scotiabank Colpatria Personal Banking, Commercial Banking, Wealth Management, Corporate/Investment Banking Total Assets (June 2024): $9.594 bn. 2024 Profits: -$40 million (Loss).
Banco Agrario de Colombia Financial services for the Agricultural Sector Total Assets (June 2024): $8.914 bn. 2024 Profits: $94 million.

References