Banco Davivienda reported consolidated earnings results for the first quarter ended March 31, 2017. Net profit in the first quarter of 2017 closed at COP 325.9 billion, 39.0% down from the fourth quarter of 2016, mainly due to the net provision expense of COP 485.8 billion as a result of the occurrence of specific risks in the commercial loan portfolio. Compared to net profit of COP 424 billion reported in the first quarter of 2016, profit decreased by 23.2% due to the lower dynamic in the investment portfolio revenue, which dropped 17.0%, and the 9.2% increase in the provision expense compared to the same period of the previous year. Return on average equity (ROAE) at the end of the first quarter of 2017 was 17.0% compared to 15.4% at the end of the first quarter of 2016. Operating income totaled COP 288.8 billion, down 8.0% from COP 314 billion in the first quarter of 2016, driven mainly by the reclassification of the sale of CIFIN for COP 57.4 billion to equity. Profit before taxes was COP 326 billion against COP 424 billion for the same period a year ago. Financial income was COP 2,364 billion against COP 2,117 billion for the same period a year ago. ROAA was 1.8% against 1.6% for the same period a year ago.