The bank improved its non-performing loan (NPL) ratio 100 basis points to 2.9% as of end-December, compared with the same time in 2009. "We believe we can sustain current credit quality levels as a result of an improving economy," Restrepo said. BETTER THAN EXPECTED Q4 Bancolombia reported consolidated net income of 429bn pesos in 4Q10, up 16% on the same quarter in 2009, surpassing analysts' estimates on lower than expected provisions. According to a Deutsche Bank (NYSE: DB) report, earnings were also boosted by higher "other" income of 170bn pesos, which likely included a one-time gain of 31bn pesos related to asset sales, and a lower tax rate of 22%. The bank's ROE rose to 22.2% in the fourth quarter, from 20.5% in 3Q10 and 15.2% in 4Q09, marking the highest level reached in the last two years.