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Colombia's financial institutions posted a combined profit of 4.80 trillion Colombian pesos ($2.41 billion) in the first 10 months of the year, up 15% from COP4.17 trillion in the same period in 2008, the country's banking regulator said Tuesday.

Locally owned private-sector banks reported COP2.81 trillion in profit in the January-October period, up 0.7% from COP2.79 trillion in the same period last year.

Non-consolidated profit of Bancolombia SA (CIB), the country's largest bank, fell 7.6% to COP827 billion in the first 10 months of the year, down from COP894 billion in the same period a year ago.

Banco de Bogota (BOGOTA.BO), the country's second-largest bank, posted a profit of COP627 billion in the first 10 months of the year, up 11% from the same period last year when it booked a profit of COP567 billion.

The profit of foreign banks with operations in Colombia rose 36% to COP670 billion in the first 10 months of the year from the same period last year.

The local unit of Spain's BBVA (BBV) reported the biggest profit among foreign banks, posting a profit of COP330 billion in the first 10 months of the year, up 7.4% from COP307 billion registered in the period last year.

The profit of the Colombian unit of U.S.-based Citigroup Inc. (C) jumped 67% to COP199 billion in the first nine months of the year from COP119 billion in the same period of last year.

Spanish bank Banco Santander SA's (STD) Colombian unit reported a profit in the first 10 months of the year of COP78 billion, 95% higher than in the same period a year ago.

The local unit of HSBC Holdings PLC (HBC) reported a net loss of COP24.2 billion, compared with a net loss of COP24.4 billion in the first 10 months of last year.

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

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