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Colombia's financial institutions posted a combined net profit of 4.48 trillion Colombian pesos ($2.28 billion) in the first nine months of the year, up 17% from COP3.84 trillion in the same period in 2008, the country's banking regulator said Wednesday.

Locally owned private-sector banks reported COP2.6 trillion in profits in the January-September period, up 0.8% from COP2.57 trillion in the same period last year.

Non-consolidated net profit of Bancolombia SA (CIB), the country's largest bank, fell 6% to COP775 billion in the first nine months of the year, down from COP824 billion in the same period a year ago.

Banco de Bogota (BOGOTA.BO), the country's second-largest bank, posted a net profit of COP578 billion in the first nine months of the year, up 12% from the same period last year when it booked a net profit of COP518 billion.

The net profit of foreign banks with operations in Colombia rose 34% in the first nine months of the year from the same period last year to COP618 billion.

The local unit of Spain's BBVA (BBV) reported the biggest profit among foreign banks, posting a net profit of COP309 billion in the first nine months of the year, up 10% from COP280 billion registered in the period last year.

The net profit of the Colombian unit of U.S.-based Citigroup Inc. (C) jumped 59% to COP183 billion in the first nine months of the year from COP115 billion in the same period of last year.

The local unit of HSBC Holdings PLC (HBC) reported a net loss of COP13.3 billion, compared with a net loss of COP16.9 billion in the first nine months of last year.

-By Inti Landauro, Dow Jones Newswires; 57-1-610 70 44 Ext. 1131; colombia@dowjones.com

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