Colombia's largest banks reported significant first-quarter profit declines in 2026 after President Gustavo Petro imposed an emergency wealth tax on financial entities to fund relief for flooding in Córdoba. Bancolombia recorded its worst profits in five years at $525 billion for the first two months, while Davivienda's earnings fell 45%, and Grupo Aval took a $210 billion impact. The banking sector later negotiated with the government to replace the tax with financing commitments, though the damage to Q1 balance sheets had already occurred.