Loss of Banco de la República during the first quarter

The Banco de la República, led by Leonardo Villar, published its financial statements for the first quarter of the year. In it, it announced that for this period it had losses of $2.05 billion, a deepening compared to the same period in 2021 when there were profits of $232,770 million.

This value was mainly due to higher expenditures corresponding to international reserves. For the quarter, interest and yield outflows were $2.57 trillion, a sum respectively higher than the $381,000 million registered in 2021 in this period.

Another aspect that represented important outflows was that of exchange differences. This year, it meant $130,319 million in expenses, compared to $12,888 million last year.

Now, the expenses were higher, the Issuer’s income showed an increase during this cut. For the first quarter of this year they were $818,809 million, an improvement of 19% from $655,240 million.

The analysts consulted agree that in the short term the situation of the bad result can be maintained and what could change this trend would be that «definitely some interest rates or some international papers that recover in terms of their profitability, unfortunately this year it seems that it is not that way, because the world as a whole is raising its interest rates and that causes these papers to devalue, however they are papers that in the case of those held by the Banco de la República, are very well-ranked and with very important liquidity, which is the mandate of the Banco de la República to manage international reserves, they have to invest in very safe things such as the IRAIC, which generates positive returns with great growth and economic development.

Other analysts believe that in order to modify the Issuer’s loss trend, it would be necessary for the panorama to change at the international level and for interest rates to fall so that the securities that could be achieved through means such as IRAIC are appreciated, the analyst assures.

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