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The Independent
3 days ago
- General
- The Independent
Guatemalan court orders arrests of Colombian officials who led a UN anti-corruption mission
A Guatemalan court ordered Monday the arrests of Colombia's attorney general and a former Colombian defense minister who led a U.N. anti-corruption mission in Guatemala. Guatemalan prosecutor Rafael Curruchiche, who himself has been sanctioned by the United States and other countries for allegedly interfering in corruption investigations, had requested that an appeals court issue the arrest orders for Colombia's top prosecutor Luz Adriana Camargo Garzón, who was the chief of investigations of the Guatemala mission, and Iván Velásquez, who had led the mission and later was Colombia's defense minister. Curruchiche said Camargo and Velásquez had committed illicit association during their investigation into bribes paid to Guatemalan officials by Brazilian construction giant Odebrecht. Along with former Guatemalan prosecutors working with the U.N. mission, Velásquez and Camargo were part of 'a criminal structure led by the former CICIG commissioner,' using the Spanish initials of the U.N. mission, Curruchiche alleged. Curruchiche had long ago focused his investigation on an agreement the anti-corruption prosecutors had signed with Odebrecht that would offer reduced penalties in exchange for the company's cooperation in the investigation. His boss, Prosecutor General Consuelo Porras, has also been sanctioned by the U.S. and other governments for blocking corruption investigations. Last week, a U.N. expert warned her office was using criminal law to pursue enemies. Velásquez responded via X after learning of the accusations. 'So now the corrupt Guatemalan attorney general and her prosecutor Curruchiche – designated as corrupt and sanctioned by the United States and the European Union – extend their persecution for Luz Adriana Camargo and me,' Velásquez wrote. 'My solidarity with the former officials and so many Guatemalan citizens who the Attorney General's Office has forced into exile.' Camargo did not immediately respond to a request for comment. Among those former Guatemalan prosecutors forced into exile was Juan Francisco Sandoval, who led the special prosecutor's office against impunity. Sandoval, who led the Odebrecht investigation with support from the U.N. mission and has been living in exile in the United States, said last month in a statement that Curruchiche's investigation was 'a sham and a manipulation strategy.' The U.N. mission operated in Guatemala from 2007 to 2019, when then-President Jimmy Morales decided to not renew its mandate, after it linked members of his family to a case. It had worked with Guatemalan prosecutors to take down criminal structures in the country, sending judges, prosecutors, other public officials, including former presidents to trial for corruption. ___ AP reporter Astrid Suarez in Bogota, Colombia contributed to this report.
Yahoo
17-05-2025
- Business
- Yahoo
Banco Davivienda SA (BOG:PFDAVVNDA) Q1 2025 Earnings Call Highlights: Strong Profit Growth Amid ...
Loan Portfolio: Closed at COP 144 trillion, reflecting an annual growth of 6%. Net Interest Margin: Expanded by 19 basis points, reaching 5.68% including FX and derivatives. Cost of Risk: Decreased to 2.41%, showing substantial improvement. Net Profit: COP 291 billion, with a 3-month annualized ROE of 7.19%. CET1 Ratio: 11.18%, indicating strong capital adequacy. Total Assets: Closed at COP 190 trillion, increasing by 8% year-over-year. Nonfinancial Income: Grew by nearly 2% during the quarter. Operating Expenses: Decreased by approximately 3%. PDL Ratio: Stable at 4.4%, with improvements in consumer asset quality. Consumer Portfolio: Disbursements gradually increased, focusing on controlled risk levels. Funding Base: Strengthened with increased low and mid-cost deposits. Capital Adequacy Ratio: Total ratio reached 1.62%, providing strategic support. Nonfinancial Income: Totaled COP 620 billion, growing by 1.9% quarter-over-quarter. Profit Contribution: 74% from Colombian operations, 26% from Central American subsidiaries. Warning! GuruFocus has detected 6 Warning Signs with BOG:PFDAVVNDA. Release Date: May 16, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Banco Davivienda SA (BOG:PFDAVVNDA) reported a strong first quarter with a net profit of COP 291 billion and an annualized return on average equity of 7.19%. The loan portfolio showed an annual growth of 6%, reflecting higher dynamics across business lines. The net interest margin expanded by 19 basis points, and the cost of risk decreased to 2.41%, indicating improved income generation capacity. DaviPlata, the bank's digital platform, showed strong performance with a 6% increase in customers, over 20% growth in deposits, and a 28% increase in transactions. The bank's CET1 ratio stood at a solid 11.18%, providing a strong capital base to support strategic execution. Inflation remains a concern, with expectations that it will close around 4.45% for the year, potentially impacting monetary policy and economic conditions. The loan book decreased by 1.3% during the quarter due to temporary impacts such as peso appreciation and modest credit demand. The commercial loan segment experienced slight deterioration, particularly related to a few corporate clients in the construction, industrial, and services sectors. There is uncertainty regarding the cap rate for the consumer book, which could impact net interest margins if interest rates decrease. The integration of Scotiabank assets in Colombia, Costa Rica, and Panama may involve significant expenses and operational challenges, potentially affecting medium-term profitability. Q: Can you discuss your expectations for ROE in the coming quarters, given that the first quarter's ROE was close to the upper end of your guidance? Also, provide an update on the approvals for the acquisition of Scotiabank assets in Colombia, Costa Rica, and Panama. A: Javier Jose Suarez Esparragoza, CEO: The first quarter was strong, partly due to seasonal effects. We are cautious about changing guidance due to uncertainties in the international and Colombian environments. Regarding the Scotiabank acquisition, the approval process is progressing well, and we expect to close the transaction by the end of the year. The integration will occur in phases, with operational integration expected next year. Q: What are the potential risks to your guidance, particularly regarding NIM and cost of risk? A: Javier Jose Suarez Esparragoza, CEO: NIM could be affected by seasonal inflation effects and potential changes in the cap rate for consumer loans. However, we are working on improving NIM through transactional deposits. For cost of risk, we are seeing improvements in consumer asset quality, but we are also increasing coverage in the commercial book, which may temporarily raise cost of risk. Q: What are your medium-term ROE expectations, excluding the Scotia deal? A: Javier Jose Suarez Esparragoza, CEO: We expect medium-term ROE to trend towards 13%, potentially higher post-Scotia integration. This will take a couple of years, as we need to grow the loan book and improve operational leverage. Current expense growth is affected by non-recurring factors, and we see potential for improvement in NIM and cost of risk. Q: What happened with DaviPlata's activity rate this quarter, and what are your midterm targets for DaviPlata? A: Javier Jose Suarez Esparragoza, CEO: The drop in activity rate is due to seasonal effects and changes in government subsidy programs. However, transaction volumes and deposits are growing strongly. We are focusing on expanding the credit business, which should help DaviPlata reach breakeven next year. Q: What are the risks that could lower ROAE from the current guidance, and what positive factors from this quarter might not repeat? A: Javier Jose Suarez Esparragoza, CEO: The inflation-linked portfolio performed well this quarter, but this may not continue. However, we are enhancing our transactional deposit base, which should support NIM. We are cautious about maintaining guidance due to potential risks, but structural improvements in NIM and cost of risk could keep us at the higher end of the guidance. Q: When could we see credit acceleration, and in which segments, considering mixed delinquency trends? A: Javier Jose Suarez Esparragoza, CEO: We expect commercial demand to pick up as economic conditions stabilize. Consumer credit is already improving, and we are becoming more aggressive in this segment. Mortgage growth was strong in the first half but may slow due to reduced government subsidies. Overall, we anticipate 6% to 8% portfolio growth. Q: Could you share the ARPAC and cost to serve at DaviPlata, and provide more details on the Scotia client overlap and integration process? A: Javier Jose Suarez Esparragoza, CEO: DaviPlata's ARPAC is steady, and we expect it to increase with credit business expansion. Cost to serve is decreasing due to efficiencies. There is significant client overlap with Scotia, but we aim to enhance customer value propositions. Integration will be phased, leveraging technology to improve customer experience without immediate core banking changes. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Reuters
17-05-2025
- Politics
- Reuters
Nicaragua legislature votes to end dual citizenship
MEXICO CITY, May 16 (Reuters) - Nicaragua's National Assembly approved a constitutional amendment on Friday to eliminate dual citizenship in a move that would impact thousands of people, including government opponents. The reform of articles 23 and 25 of the constitution must be approved again in 2026 to take effect, as constitutional amendments require approval by two legislatures. The reform passed with all 91 of the votes in the legislature, which is dominated by the ruling Sandinista Front. Under the reform, Nicaraguans acquiring another nationality would lose their Nicaraguan citizenship. Foreigners seeking Nicaraguan citizenship would need to renounce their original nationality, except for Central Americans who can retain it, the legislature's President Gustavo Porras said. Many Nicaraguans hold dual citizenship, often with the United States. The Ortega government has stripped Nicaraguan citizenship from over 400 individuals, according to opposition group Monitoreo Azul y Blanco, including 222 political and social leaders who Ortega deported to the U.S. in February 2023.
