UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August, 2017
Comission File Number 001-32535
Bancolombia S.A.
(Translation of registrant’s name
into English)
Cra. 48 # 26-85
Medellín, Colombia
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F
x
Form 40-F
o
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1):___
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(2):___
Indicate by check mark whether the registrant by furnishing
the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934.
Yes
o
No
x
If “Yes” is marked, indicate below the file number
assigned to the registrant in connection with Rule 12g3-2(b): 82-
.
BANCOLOMBIA S.A.
(NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS CONSOLIDATED NET INCOME OF COP 654 BILLION FOR THE SECOND QUARTER OF 2017 WHICH REPRESENTS
AN INCREASE OF 7% COMPARED TO 1Q17 AND A DECREASE OF 11% COMPARED TO 2Q16.
|
·
|
Net interest income was COP 2.6 billion
and grew 8.3% compared to 2Q16.
This growth is explained by an expansion of the net interest margin during the second part
of 2016 and by higher volumes of peso-denominated loans. Net interest income grew 0.5% during the quarter.
|
|
·
|
Net fees were COP 615 billion and increased
by 8.0% compared to 2Q16.
This growth was mainly driven by an increase in fees related to credit and debit cards, banking services,
as well as trust services. Net fees decreased by 1.5% during the quarter.
|
|
·
|
The annualized net interest margin
for the quarter was 6.2%.
The margin increased 10 basis point when compared to 2Q16 and decreased 10 basis points compared
with the margin for 1Q17. The cuts in the reference rate by the Central Bank pressured the net interest margin during the quarter.
|
|
·
|
Gross loans grew 8.5% when compared
to 2Q16 and 4.0% during the quarter.
This growth shows moderation in the credit demand in Colombia as well as a sustained growth
in the Central America operations. Peso-denominated loans grew 10.3% when compared to 2Q16.
|
|
·
|
Provision charges for the quarter were
COP 790 billion and the coverage ratio for 90-day past due loans was 171%.
These provisions aim to maintain a solid coverage
ratio amid a challenging environment, as new past due loans totaled COP 926 billion for the quarter.
|
|
·
|
Tier 1 ratio was 10.4% at June 30,
2017 and increased 194 basis points when compared to June 30, 2016.
The capital adequacy ratio was 14.3%.
|
August
8, 2017. Medellin, Colombia – Today, BANCOLOMBIA S.A. (“Bancolombia” or “the Bank”) announced its
earnings results for the second quarter of 2017
[1]
. For the quarter ended on June 30, 2017 (“2Q17”), Bancolombia
reported consolidated net income of COP 654 billion, or COP 679.48 per share - USD 0.89 per ADR. This net income represents a
7.4% increase compared to the quarter ended on March 31, 2017 (“1Q17”) and a decrease of 11.0% compared to the quarter
ended on June 30, 2016 (“2Q16”).
1. This report
corresponds to the interim unaudited consolidated financial information of BANCOLOMBIA S.A. and its subsidiaries (“BANCOLOMBIA”
or “The Bank”) which Bancolombia controls, amongst others, by owning directly or indirectly, more than 50% of the
voting capital stock. This financial information has been prepared based on financial records generated in accordance with International
Financial Reporting Standards – IFRS. BANCOLOMBIA maintains accounting records in Colombian pesos, referred to herein as
“Ps.” or “COP”. The financial information for the quarter ended June 30, 2017 are not necessarily indicative
of the results for any other future interim period. For more information, please refer to the Bank's filings with the Securities
and Exchange Commission, which are available on the Commission's website at www.sec.gov.
. BANCOLOMBIA’s
first IFRS financial statements will cover the year ending in 2015. CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This
release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities
Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this
release or in future filings or press releases or orally, address matters that involve risks and uncertainties; consequently,
there are or will be factors, including, among others, changes in general economic and business conditions, changes in currency
exchange rates and interest rates, introduction of competing products by other companies, lack of acceptances of new products
or services by our targeted customers, changes in business strategy and various others factors, that could cause actual results
to differ materially from those indicated in such statements. We do not intend, and do not assume any obligation, to update these
forward-looking statements. Certain monetary amounts, percentages and other figures included in this report have been subject
to rounding adjustments. Any reference to BANCOLOMBIA means the Bank together with its affiliates, unless otherwise specified.
Representative Market Rate, July
1, 2017 $3,050.43 = US$ 1
BANCOLOMBIA:
Summary of consolidated financial quarterly results
CONSOLIDATED
BALANCE SHEET
|
|
|
|
AND INCOME STATEMENT
|
Quarter
|
Growth
|
(COP
million)
|
2Q16
|
1Q17
|
2Q17
|
2Q17/1Q17
|
2Q17/2Q16
|
ASSETS
|
|
|
|
|
|
Net Loans
|
140,059,861
|
145,331,160
|
150,747,014
|
3.73%
|
7.63%
|
Investments
|
12,701,160
|
15,146,243
|
15,273,122
|
0.84%
|
20.25%
|
Other assets
|
35,638,296
|
36,264,595
|
37,684,231
|
3.91%
|
5.74%
|
Total assets
|
188,399,317
|
196,741,998
|
203,704,367
|
3.54%
|
8.12%
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Deposits
|
114,586,083
|
124,496,843
|
128,476,933
|
3.20%
|
12.12%
|
Other liabilities
|
53,367,551
|
50,194,786
|
52,144,322
|
3.88%
|
-2.29%
|
Total liabilities
|
167,953,634
|
174,691,629
|
180,621,255
|
3.39%
|
7.54%
|
Non-controlling interest
|
1,108,505
|
1,183,988
|
1,252,130
|
5.76%
|
12.96%
|
Shareholders' equity
|
19,337,178
|
20,866,381
|
21,830,982
|
4.62%
|
12.90%
|
Total
liabilities and shareholders' equity
|
188,399,317
|
196,741,998
|
203,704,367
|
3.54%
|
8.12%
|
|
|
|
|
|
|
Interest income
|
3,892,103
|
4,202,956
|
4,227,227
|
0.58%
|
8.61%
|
Interest expense
|
(1,459,686)
|
(1,581,650)
|
(1,593,836)
|
0.77%
|
9.19%
|
Net interest income
|
2,432,417
|
2,621,306
|
2,633,391
|
0.46%
|
8.26%
|
Net provisions
|
(628,469)
|
(774,458)
|
(789,735)
|
1.97%
|
25.66%
|
Fees and income from service, net
|
571,672
|
624,838
|
615,215
|
-1.54%
|
7.62%
|
Other operating income
|
339,063
|
353,401
|
367,191
|
3.90%
|
8.30%
|
Total Dividends received and equity method
|
33,833
|
32,418
|
21,105
|
-34.90%
|
-37.62%
|
Total operating expense
|
(1,641,452)
|
(1,858,767)
|
(1,880,723)
|
1.18%
|
14.58%
|
Profit before tax
|
1,107,064
|
998,738
|
966,444
|
-3.23%
|
-12.70%
|
Income tax
|
(362,900)
|
(366,685)
|
(281,050)
|
-23.35%
|
-22.55%
|
Net
income before non-controlling interest
|
744,164
|
632,053
|
685,394
|
8.44%
|
-7.90%
|
Non-controlling
interest
|
(21,411)
|
(23,299)
|
(31,855)
|
36.72%
|
48.78%
|
Net
income before Descontinued Operations
|
722,753
|
608,754
|
653,539
|
7.36%
|
-9.58%
|
Discontinued
Operations Net Income
|
10,306
|
-
|
-
|
0.00%
|
-100.00%
|
Net
income
|
733,059
|
608,754
|
653,539
|
7.36%
|
-10.85%
|
|
|
|
|
|
|
PRINCIPAL
RATIOS
|
|
Quarter
|
|
As
of
|
|
2Q16
|
1Q17
|
2Q17
|
2Q16
|
2Q17
|
PROFITABILITY
|
|
|
|
|
|
Net interest margin (1) from continuing
operations
|
6.09%
|
6.31%
|
6.16%
|
5.86%
|
6.23%
|
Return on average total assets (2) from
continuing operations
|
1.53%
|
1.25%
|
1.31%
|
1.17%
|
1.28%
|
Return on average shareholders´
equity (3)
|
15.19%
|
11.44%
|
12.29%
|
11.56%
|
11.83%
|
EFFICIENCY
|
|
|
|
|
|
Operating expenses to net operating income
|
48.23%
|
51.18%
|
51.71%
|
51.20%
|
51.45%
|
Operating expenses to average total assets
|
3.43%
|
3.80%
|
3.77%
|
3.57%
|
3.79%
|
Operating expenses to productive assets
|
4.04%
|
4.48%
|
4.40%
|
4.23%
|
4.43%
|
CAPITAL
ADEQUACY
|
|
|
|
|
|
Shareholders'
equity to total assets
|
10.26%
|
10.61%
|
10.40%
|
10.26%
|
10.40%
|
Technical capital to risk weighted assets
|
13.16%
|
14.46%
|
14.34%
|
13.16%
|
14.34%
|
KEY
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
Net income per ADS from continuing operations
|
1.03
|
0.88
|
0.89
|
1.59
|
1.72
|
Net income per share $COP from continuing
operations
|
751.44
|
632.91
|
679.48
|
1,159.75
|
1,312.39
|
P/BV ADS (4)
|
1.27
|
1.33
|
1.50
|
1.27
|
1.50
|
P/BV Local (5) (6)
|
1.18
|
1.21
|
1.40
|
1.18
|
1.40
|
P/E (7) from continuing operations
|
8.18
|
10.84
|
12.07
|
10.60
|
12.50
|
ADR price
|
34.92
|
39.87
|
44.55
|
34.92
|
44.55
|
Common share price (8)
|
23,800
|
26,260
|
31,780
|
23,800
|
31,780
|
Weighted average of Preferred Shares outstanding
|
961,827,000
|
961,827,000
|
961,827,000
|
961,827,000
|
961,827,000
|
USD
exchange rate (quarter end)
|
2,919.01
|
2,885.57
|
3,050.43
|
2,919.01
|
3,050.43
|
(1) Defined as net interest income divided by monthly average interest-earning
assets. (2) Net income divided by monthly average assets. (3) Net income divided by monthly average shareholders' equity. (4)
Defined as ADS price divided by ADS book value. (5) Defined as share price divided by share book value. (6) Share prices on the
Colombian Stock Exchange. (7) Defined as market capitalization divided by annualized quarter results. (8) Prices at the end of
the respective quarter.
As of June 30, 2017, Bancolombia’s
assets totaled COP 203,704 billion, which represents an increase of 3.5% compared to 1Q17 and of 8.1% compared to 2Q16.
During the quarter, the COP depreciated
5.71% versus the USD and over the past 12 months, it depreciated 4.50%.
The increase in total assets
during the quarter is largely explained by the growth in the loan portfolio and reverse repurchase agreements.
The following table shows the
composition of Bancolombia’s loans by type and currency:
(COP
Million)
|
Amounts
in COP
|
Amounts
in USD converted to COP
|
Amounts
in USD (thousands)
|
Total
|
(1
USD = 3050.43 COP)
|
2Q17
|
2Q17/1Q17
|
2Q17
|
2Q17/1Q17
|
2Q17
|
2Q17/1Q17
|
2Q17
|
2Q17/1Q17
|
Commercial loans
|
71,533,106
|
2.71%
|
39,482,388
|
4.59%
|
12,943,220
|
-1.07%
|
111,015,493
|
3.37%
|
Consumer loans
|
16,773,487
|
4.49%
|
9,079,994
|
6.60%
|
2,976,628
|
0.83%
|
25,853,481
|
5.22%
|
Mortgage loans
|
11,076,757
|
3.33%
|
9,197,384
|
6.81%
|
3,015,111
|
1.04%
|
20,274,141
|
4.88%
|
Small business loans
|
651,521
|
0.45%
|
437,573
|
11.78%
|
143,446
|
5.74%
|
1,089,093
|
4.71%
|
Interests paid in advance
|
1,417
|
-2.85%
|
(1,417)
|
-2.88%
|
(465)
|
-8.13%
|
(0)
|
0.00%
|
Gross
loans
|
100,036,288
|
3.05%
|
58,195,921
|
5.29%
|
19,077,940
|
-0.40%
|
158,232,208
|
3.87%
|
The quarter 2Q17 shows an increase
in gross loans of 4.0% when compared to 1Q17. Peso-denominated loans grew 10.3% and the growth in dollar-denominated loans was
0.9%, compared to 2Q16. In comparison with 2Q16, total gross loans grew 8.5%.
As of June 30, 2017, our operations
in Banco Agricola in El Salvador, Banistmo in Panama and BAM in Guatemala, represented 26% of total gross loans.
Gross loans denominated in currencies
other than COP, originated by our operations in Central America and the offshore operation of Bancolombia Panama as well as the
USD denominated loans in Colombia, accounted for 37% and increased 5.3% during 2Q17 (when expressed in COP), explained mainly by
the depreciation of the COP against the USD during the quarter.
Total reserves (allowances in
the balance sheet) for loan losses increased by 7.0% during the quarter and totaled COP 7,485 billion, equivalent to 4.7% of gross
loans at the end of the quarter.
For further explanation regarding
coverage of the loan portfolio and credit quality trends, (see section 2.4. Asset Quality, Provision Charges and Balance Sheet
Strength).
The following table summarizes
Bancolombia’s total loan portfolio:
LOAN
PORTFOLIO
|
|
|
|
|
|
%
of total loans
|
(COP million)
|
2Q16
|
1Q17
|
2Q17
|
2Q17/1Q17
|
2Q17/2Q16
|
Commercial
|
104,107,043
|
107,398,707
|
111,015,493
|
3.37%
|
6.64%
|
70.2%
|
Consumer
|
21,731,606
|
24,571,455
|
25,853,481
|
5.22%
|
18.97%
|
16.3%
|
Mortgage
|
19,041,337
|
19,330,932
|
20,274,141
|
4.88%
|
6.47%
|
12.8%
|
Microcredit
|
978,331
|
1,040,089
|
1,089,093
|
4.71%
|
11.32%
|
0.7%
|
Interests received
in advance
|
(22,337)
|
-
|
-
|
0.00%
|
-100.00%
|
0.0%
|
Total loan portfolio
|
145,835,980
|
152,341,183
|
158,232,208
|
3.87%
|
8.50%
|
100.0%
|
Allowance
for loan losses
|
(5,776,119)
|
(7,010,023)
|
(7,485,194)
|
6.78%
|
29.59%
|
|
Total
loans, net
|
140,059,861
|
145,331,160
|
150,747,014
|
3.73%
|
7.63%
|
|
|
1.3.
|
Investment Portfolio
|
As of June 30, 2017, Bancolombia’s
net investment portfolio totaled COP 15,273 billion, increasing 1.0% from the end of 1Q17 and 20.3% from the end of 2Q16. The investment
portfolio consists primarily of debt securities, which represent 68.0% of Bancolombia’s total investments and 5.1% of assets
at the end of 2Q17.
At the end of 2Q17, the debt
securities portfolio had a duration of 18.1 months and a weighted average yield to maturity of 5.13%. The reduction in the portfolio’s
weighted average yield to maturity is partially explained by the interest rate cuts that occurred in Colombia.
|
1.4.
|
Goodwill and intangibles
|
As of 2Q17, Bancolombia’s
goodwill and intangibles totaled COP 6,778 billion, increasing 5.5% compared to 1Q17. This variation is explained by the depreciation
of the COP against the USD during the quarter.
As of June 30, 2017, Bancolombia’s
liabilities totaled COP 180,621 billion, increasing 3.4% from the end of 1Q17 and 7.5% compared to 2Q16.
Deposits by customers totaled
COP 128,477 billion (or 71.1% of liabilities) at the end of 2Q17, increasing 3.2% during the quarter and 12.1% over the last 12
months. The net loans to deposits ratio was 117% at the end of 2Q17.
Bancolombia’s funding
strategy during the last months has been to reduce the average life of time deposits and promote saving accounts in the consumer
segment in order to keep the funding cost at a minimum. The objective is to build and maintain ample liquidity and decrease the
sensitivity of the balance sheet to cuts in interest rates.
Funding mix
|
2Q16
|
1Q17
|
2Q17
|
COP Million
|
|
|
|
|
|
Checking accounts
|
20,612,607
|
13%
|
20,213,911
|
12%
|
20,212,416
|
12%
|
Saving accounts
|
44,690,042
|
29%
|
49,294,251
|
30%
|
50,142,758
|
30%
|
Time deposits
|
48,178,387
|
31%
|
53,584,352
|
33%
|
56,974,773
|
34%
|
Other deposits
|
3,888,370
|
2%
|
5,621,646
|
3%
|
5,664,360
|
3%
|
Long term debt
|
18,102,041
|
12%
|
18,098,431
|
11%
|
18,298,359
|
11%
|
Loans with banks
|
20,416,321
|
13%
|
17,212,856
|
10%
|
18,523,104
|
11%
|
Total Funds
|
155,887,768
|
100%
|
164,025,447
|
100%
|
169,815,770
|
100%
|
|
1.6.
|
Shareholders’ Equity and Regulatory Capital
|
Shareholders’ equity at
the end of 2Q17 was COP 21,831 billion, increasing 5.0% or COP 965 billion, compared to the COP 20,866 billion reported at the
end of 1Q17. This increase is explained by the earnings generated during the quarter and the depreciation of the COP versus the
USD.
Bancolombia’s capital adequacy
ratio was 14.34% in 2Q17.
Bancolombia’s capital adequacy
ratio was 534 basis points above the minimum 9% required by the Colombian regulator, while the basic capital ratio (Tier 1) to
risk weighted assets was 10.40%, 590 basis points above the regulatory minimum of 4.5%. The tangible capital ratio, defined as
shareholders’ equity minus goodwill and intangible assets divided by tangible assets, was 7.52% at the end of 2Q17.
In the last months, Bancolombia
has generated capital organically due to the appropriation of earnings in March 2017 and to the efficient allocation of capital
in different products, at the same time Bancolombia has reduced the VaR consumption across several segments. The annual increase
in the RWA is mainly explained by the growth in the loan portfolio.
TECHNICAL CAPITAL RISK WEIGHTED ASSETS
|
|
|
|
|
|
|
Consolidated (COP millions)
|
2Q16
|
%
|
1Q17
|
%
|
2Q17
|
%
|
Basic capital (Tier I)
|
13,916,753
|
8.46%
|
17,798,470
|
10.53%
|
18,110,213
|
10.40%
|
Additional capital (Tier II)
|
7,731,554
|
4.70%
|
6,626,701
|
3.92%
|
6,864,575
|
3.94%
|
Technical capital
(1)
|
21,648,307
|
|
24,425,171
|
|
24,974,788
|
|
Risk weighted assets including market risk
|
164,485,160
|
|
168,947,148
|
|
174,199,865
|
|
CAPITAL ADEQUACY
(2)
|
|
13.16%
|
|
14.46%
|
|
14.34%
|
(1)
Technical capital is the sum of basic and additional capital.
(2)
Capital adequacy is technical capital divided by risk-weighted assets.
Net income totaled COP 654 billion
in 2Q17, or COP 679.48 per share - USD 0.89 per ADR. This net income represents an increase of 7.4% compared to 1Q17 and a decrease
of 11.0% compared to 2Q16. Bancolombia’s annualized ROE for 2Q17 was 12.3%.
Net interest income totaled
COP 2,633 billion in 2Q17, 0.5% more than that reported in 1Q17, and 8.3% higher than the figure for 2Q16. During the quarter,
the performance of Net Interest Income was flat due to the cuts in the reference rate of 75 basis points by the Central Bank during
the quarter that pressured the Net interest Margin and offset the impact of loan growth on our net interest income.
During 2Q17, the investment,
interest rate derivatives and repos portfolio generated COP 172 billion.
Net Interest
Margin
The annualized net interest
margin decreased to 6.2% in 2Q17. The annualized net interest margin for investments was 2.3%, and the annualized net interest
margin of the loan portfolio was 6.5%.
Despite higher volumes in the
peso-denominated loan portfolio, the cuts in the reference rate by the Central Bank pressured the loans interest margin, generating
a contraction of 10 basis points, during the quarter.
Annualized Interest
|
|
|
|
Margin
|
2Q16
|
1Q17
|
2Q17
|
Loans' Interest margin
|
6.4%
|
6.6%
|
6.5%
|
Debt investments' margin
|
2.8%
|
3.2%
|
2.3%
|
Net interest margin
|
6.1%
|
6.3%
|
6.2%
|
Total funding cost decreased
during 2Q17, due to the reduction of long-term debt. Savings and checking accounts represented the same proportion of the total
cost of funding as in 1Q17, and the annualized average weighted cost of deposits was 3.50% in 2Q17, increasing 5 basis point compared
to 1Q17 and 35 basis points compared to 2Q16.
Average weighted
|
|
|
|
funding cost
|
2Q16
|
1Q17
|
2Q17
|
Checking accounts
|
0.00%
|
0.00%
|
0.00%
|
Saving accounts
|
2.01%
|
2.37%
|
2.46%
|
Time deposits
|
5.67%
|
5.79%
|
5.71%
|
Total deposits
|
3.15%
|
3.45%
|
3.50%
|
Long term debt
|
7.20%
|
6.66%
|
6.43%
|
Loans with banks
|
2.55%
|
2.76%
|
2.53%
|
Total funding cost
|
3.50%
|
3.68%
|
3.65%
|
|
2.2.
|
Fees and Income from Services
|
During 2Q17, net fees and income
from services totaled COP 615 billion, decreasing 1.5% compared to 1Q17, and increasing 8.0% compared to 2Q16. The positive annual
performance in fees compared with 2Q16 is due to higher volumes of transactions and the good performance of credit and debit cards,
banking services and trust services.
Fees from asset management
and trust services increased 8.0% compared to 1Q17 and 24.1% compared to 2Q16, due to an increase in the assets under management.
Fees from credit and debit cards decreased 3.0% compared to 1Q17 and increased 5.3% compared to 2Q16. Fees from our bancassurance
business increased 20.4% compared to 1Q17 and 3.1% with respect to 2Q16, thanks to the continuation of cross-selling initiatives
led by our sales teams.
The following table summarizes
Bancolombia’s participation in the credit card business in Colombia:
ACCUMULATED CREDIT CARD BILLING
|
%
|
2017
|
(COP millions)
|
May-16
|
May-17
|
Growth
|
Market Share
|
Bancolombia VISA
|
1,933,852
|
2,636,545
|
36.34%
|
9.84%
|
Bancolombia Mastercard
|
1,999,686
|
2,341,448
|
17.09%
|
8.74%
|
Bancolombia American Express
|
1,596,106
|
1,590,891
|
-0.33%
|
5.94%
|
Total Bancolombia
|
5,529,644
|
6,568,884
|
18.79%
|
24.51%
|
Colombian Credit Card Market
|
23,632,126
|
26,798,296
|
14.10%
|
|
|
|
|
|
|
CREDIT CARD MARKET SHARE
|
%
|
2017
|
(Outstanding credit cards)
|
May-16
|
May-17
|
Growth
|
Market Share
|
Bancolombia VISA
|
632,550
|
763,790
|
20.75%
|
4.59%
|
Bancolombia Mastercard
|
786,212
|
872,089
|
10.92%
|
5.24%
|
Bancolombia American Express
|
620,027
|
596,033
|
-3.87%
|
3.58%
|
Total Bancolombia
|
2,038,789
|
2,231,912
|
9.47%
|
13.41%
|
Colombian Credit Card Market
|
15,772,280
|
16,642,628
|
5.52%
|
|
Source:
Superintendencia Financiera de Colombia
|
2.3.
|
Other Operating Income
|
Total other operating income
was COP 367 billion in 2Q17, increasing by 4.0% compared to 1Q17, and by 8.3% compared to 2Q16.
Revenues from the operating
leases totaled COP 136 billion in 2Q17, decreasing by 2.2% compared to 1Q17 and increasing by 15.3% compared to those reported
in 2Q16.
|
2.4.
|
Asset Quality, Provision Charges and Balance Sheet Strength
|
The principal balance for past
due loans (those that are overdue for more than 30 days) totaled COP 6,521 billion at the end of 2Q17 and represented 4.3% of total
gross loans, increasing by 8.3% compared to 1Q17, when past due loans represented 4.1% of total gross loans. During 2Q17, Charge-offs
totaled COP 424 billion.
The coverage, measured by the
ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 104.6% at the end of 2Q17, decreasing compared
to 106.6% at the end of 1Q17.The coverage measured by the ratio of allowances for loans losses to loans classified as C, D and
E, was 84.3% at the end of 2Q17, increasing slightly from 84.2% at the end of 1Q17.
The deterioration of the loan
portfolio (new past due loans including charge-offs) was COP 926 billion in 2Q17. During the quarter, the deterioration of loans
increased mainly in the commercial segment as well as some deterioration in SMEs. Provision charges (net of recoveries) totaled
COP 790 billion in 2Q17, compared to COP 774 billion in 1Q17 and COP 628 billion in 2Q16. Provisions as a percentage of the average
gross loans were 2.0% for 2Q17.
Bancolombia maintains a strong
balance sheet supported by an adequate level of loan loss reserves. Allowances for loan losses totaled COP 6,819 billion, or 4.5%
of total loans at the end of 2Q17, up from 4.4% of total loans at the end of 1Q17.
The following tables present
key metrics related to asset quality:
ASSET QUALITY
|
As of
|
(COP millions)
|
2Q16
|
1Q17
|
2Q17
|
Total 30-day past due loans
|
4,357,450
|
6,018,555
|
6,520,508
|
Allowance for loan losses (1)
|
5,288,410
|
6,414,376
|
6,818,600
|
Past due loans to total loans
|
3.10%
|
4.10%
|
4.27%
|
“C”, “D” and “E” loans as a percentage of total loans
|
4.71%
|
5.19%
|
5.29%
|
Allowances to past due loans
|
121.36%
|
106.58%
|
104.57%
|
Allowance for loan losses as a percentage of “C”, “D” and “E” loans
|
79.93%
|
84.16%
|
84.26%
|
Allowance for loan losses as a percentage of total loans
|
3.76%
|
4.37%
|
4.46%
|
(1)
Allowances are reserves for the principal of loans.
PDL Per Category
|
|
|
30 days
|
|
% Of loan Portfolio
|
2Q16
|
1Q17
|
2Q17
|
Commercial loans
|
70.2%
|
2.01%
|
3.12%
|
3.19%
|
Consumer loans
|
16.3%
|
4.95%
|
5.27%
|
5.72%
|
Microcredit
|
0.7%
|
8.24%
|
12.39%
|
13.47%
|
Mortgage loans
|
12.8%
|
6.86%
|
7.43%
|
7.69%
|
PDL TOTAL
|
|
3.10%
|
4.10%
|
4.27%
|
|
|
|
|
|
PDL Per Category
|
|
|
90 days
|
|
% Of loan Portfolio
|
2Q16
|
1Q17
|
2Q17
|
Commercial loans
|
70.2%
|
1.49%
|
1.97%
|
2.40%
|
Consumer loans
|
16.3%
|
2.46%
|
2.50%
|
2.81%
|
Microcredit
|
0.7%
|
5.08%
|
7.48%
|
8.65%
|
Mortgage loans*
|
12.8%
|
2.66%
|
2.98%
|
3.10%
|
PDL TOTAL
|
|
1.94%
|
2.38%
|
2.60%
|
*
Mortgage loans that were overdue were calculated for past due loans for 120 days instead of 90 days.
LOANS AND FINANCIAL LEASES CLASSIFICATION
|
2Q16
|
1Q17
|
2Q17
|
(COP millions)
|
|
|
|
|
|
|
¨A¨ Normal
|
130,365,722
|
89.4%
|
135,738,495
|
89.1%
|
140,153,577
|
88.6%
|
¨B¨ Subnormal
|
8,415,578
|
5.8%
|
8,355,456
|
5.5%
|
9,287,343
|
5.9%
|
¨C¨ Deficient
|
3,276,828
|
2.3%
|
3,832,868
|
2.5%
|
3,816,028
|
2.4%
|
¨D¨ Doubtful recovery
|
2,310,354
|
1.6%
|
2,389,739
|
1.6%
|
2,831,080
|
1.8%
|
¨E¨ Unrecoverable
|
1,467,499
|
1.0%
|
2,024,625
|
1.3%
|
2,144,180
|
1.4%
|
Total
|
145,835,980
|
100.0%
|
152,341,183
|
100.0%
|
158,232,208
|
100.0%
|
Loans and financial leases classified as C, D and E
|
|
|
|
|
|
|
as a percentage of total loans and financial leases
|
4.84%
|
|
5.41%
|
|
5.56%
|
|
During 2Q17, operating expenses
totaled COP 1,881 billion, increasing 1.2% with respect to 1Q17 and increasing 15.0% with respect to 2Q16.
Personnel expenses (salaries,
bonus plan payments and compensation) totaled COP 767 billion in 2Q17, decreasing 3.0% compared to 1Q17 and increasing 13.0% compared
to 2Q16.
During 2Q17, administrative
expenses totaled COP 718 billion, increasing 17.0% compared to 1Q17, explained by seasonal factors and accelerated payments of
contracts in progress during 2017. The growth in administrative expenses was 10.4% as compared to 2Q16.
Depreciation and amortization
expenses totaled COP 117 billion in 2Q17, decreasing 2.4% compared to 1Q17 and 1.1% compared to 2Q16.
As of June 30, 2017, Bancolombia
had 30,771 employees, owned 1,087 branches, 5,439 ATMs, 8,887 banking agents and served more than 11 million customers.
Income tax expense was COP 281
billion for 2Q17, decreasing 23.4% when compared to the income tax registered in 1Q17 and 23.0% compared to 2Q16.
The following table summarizes the financial statements of our
operations in Central America.
BANISTMO- PANAMA
CONSOLIDATED BALANCE SHEET
|
|
|
|
|
AND INCOME STATEMENT
|
Quarter
|
Growth
|
(COP million)
|
2Q16
|
1Q17
|
2Q17
|
2Q17/1Q17
|
2Q17/2Q16
|
ASSETS
|
|
|
|
|
|
Net Loans
|
20,242,560
|
20,852,542
|
22,455,631
|
7.69%
|
10.93%
|
Investments
|
2,007,916
|
2,346,794
|
2,319,278
|
-1.17%
|
15.51%
|
Other assets
|
3,628,122
|
3,255,955
|
3,559,302
|
9.32%
|
-1.90%
|
Total assets
|
25,878,598
|
26,455,291
|
28,334,211
|
7.10%
|
9.49%
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Deposits
|
17,622,472
|
19,018,367
|
19,889,085
|
4.58%
|
12.86%
|
Other liabilities
|
5,710,750
|
4,790,394
|
5,471,294
|
14.21%
|
-4.19%
|
Total liabilities
|
23,333,222
|
23,808,761
|
25,360,379
|
6.52%
|
8.69%
|
Shareholders' equity
|
2,545,375
|
2,646,531
|
2,973,832
|
12.37%
|
16.83%
|
Total liabilities and shareholders' equity
|
25,878,598
|
26,455,291
|
28,334,211
|
7.10%
|
9.49%
|
|
|
|
|
|
|
Interest income
|
336,366
|
359,070
|
375,474
|
4.57%
|
11.63%
|
Interest expense
|
(112,514)
|
(124,981)
|
(132,208)
|
5.78%
|
17.50%
|
Net interest income
|
223,853
|
234,089
|
243,265
|
3.92%
|
8.67%
|
Net provisions
|
(94,709)
|
(60,937)
|
53,089
|
-187.12%
|
-156.06%
|
Fees and income from service, net
|
39,835
|
43,745
|
53,577
|
22.48%
|
34.50%
|
Other operating income
|
2,689
|
1,970
|
3,216
|
63.26%
|
19.61%
|
Total operating expense
|
(154,768)
|
(150,057)
|
(122,426)
|
-18.41%
|
-20.90%
|
Profit before tax
|
16,900
|
68,810
|
230,722
|
235.30%
|
1265.22%
|
Income tax
|
(1,504)
|
(10,956)
|
(56,574)
|
416.38%
|
3661.60%
|
Net income
|
15,396
|
57,854
|
174,149
|
201.01%
|
1031.13%
|
BANCO AGRíCOLA- EL SALVADOR
CONSOLIDATED BALANCE SHEET
|
|
|
|
|
AND INCOME STATEMENT
|
Quarter
|
Growth
|
(COP million)
|
2Q16
|
1Q17
|
2Q17
|
2Q17/1Q17
|
2Q17/2Q16
|
ASSETS
|
|
|
|
|
|
Net Loans
|
8,310,039
|
8,413,413
|
8,979,136
|
6.72%
|
8.05%
|
Investments
|
800,999
|
532,360
|
486,303
|
-8.65%
|
-39.29%
|
Other assets
|
3,133,079
|
3,881,880
|
3,711,472
|
-4.39%
|
18.46%
|
Total assets
|
12,244,117
|
12,827,653
|
13,176,911
|
2.72%
|
7.62%
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Deposits
|
8,053,119
|
8,705,596
|
8,989,096
|
3.26%
|
11.62%
|
Other liabilities
|
2,706,148
|
2,666,316
|
2,621,702
|
-1.67%
|
-3.12%
|
Total liabilities
|
10,759,267
|
11,371,912
|
11,610,798
|
2.10%
|
7.91%
|
Shareholders' equity
|
1,484,850
|
1,455,741
|
1,566,114
|
7.58%
|
5.47%
|
Total liabilities and shareholders' equity
|
12,244,117
|
12,827,653
|
13,176,911
|
2.72%
|
7.62%
|
|
|
|
|
|
|
Interest income
|
218,474
|
212,740
|
192,260
|
-9.63%
|
-12.00%
|
Interest expense
|
(58,846)
|
(64,712)
|
(61,145)
|
-5.51%
|
3.91%
|
Net interest income
|
159,628
|
148,028
|
131,115
|
-11.43%
|
-17.86%
|
Net provisions
|
(30,397)
|
(30,899)
|
(34,619)
|
12.04%
|
13.89%
|
Fees and income from service, net
|
38,737
|
36,664
|
44,153
|
20.43%
|
13.98%
|
Other operating income
|
(31)
|
1,107
|
1,689
|
52.50%
|
-5519.08%
|
Total operating expense
|
(104,863)
|
(97,519)
|
(105,827)
|
8.52%
|
0.92%
|
Profit before tax
|
63,074
|
57,381
|
36,510
|
-36.37%
|
-42.12%
|
Income tax
|
(15,987)
|
(20,436)
|
(10,475)
|
-48.74%
|
-34.48%
|
Net income
|
47,088
|
36,945
|
26,035
|
-29.53%
|
-44.71%
|
|
|
|
|
|
|
GRUPO AGROMERCANTIL HOLDING – GUATEMALA
CONSOLIDATED BALANCE SHEET
|
|
|
|
|
AND INCOME STATEMENT
|
Quarter
|
Growth
|
(COP million)
|
2Q16
|
1Q17
|
2Q17
|
2Q17/1Q17
|
2Q17/2Q16
|
ASSETS
|
|
|
|
|
|
Net Loans
|
7,557,202
|
8,282,921
|
8,608,671
|
3.93%
|
13.91%
|
Investments
|
1,705,438
|
1,603,335
|
1,858,021
|
15.88%
|
8.95%
|
Other assets
|
1,893,948
|
1,926,094
|
1,967,098
|
2.13%
|
3.86%
|
Total assets
|
11,156,588
|
11,812,350
|
12,433,791
|
5.26%
|
11.45%
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Deposits
|
7,704,834
|
8,056,406
|
8,465,417
|
5.08%
|
9.87%
|
Other liabilities
|
2,204,800
|
2,509,526
|
2,624,674
|
4.59%
|
19.04%
|
Total liabilities
|
9,909,634
|
10,565,933
|
11,090,090
|
4.96%
|
11.91%
|
Non-controlling interest
|
19,468
|
19,108
|
19,714
|
3.17%
|
1.26%
|
Shareholders' equity
|
1,227,486
|
1,227,309
|
1,323,987
|
7.88%
|
7.86%
|
Total liabilities and shareholders' equity
|
11,156,588
|
11,812,350
|
12,433,791
|
5.26%
|
11.45%
|
|
|
|
|
|
|
Interest income
|
182,805
|
214,666
|
211,071
|
-1.67%
|
15.46%
|
Interest expense
|
(81,976)
|
(87,423)
|
(87,241)
|
-0.21%
|
6.42%
|
Net interest income
|
100,830
|
127,242
|
123,830
|
-2.68%
|
22.81%
|
Net provisions
|
(3,505)
|
(29,417)
|
(31,313)
|
6.45%
|
793.38%
|
Fees and income from service, net
|
15,052
|
24,840
|
24,394
|
-1.80%
|
62.06%
|
Other operating income
|
(8,536)
|
10,108
|
12,751
|
26.15%
|
-249.39%
|
Total operating expense
|
(77,140)
|
(107,749)
|
(105,685)
|
-1.92%
|
37.00%
|
Profit before tax
|
26,701
|
25,025
|
23,977
|
-4.19%
|
-10.20%
|
Income tax
|
(8)
|
(3,145)
|
(8,096)
|
157.41%
|
102793.78%
|
Net income before non-controlling interest
|
26,693
|
21,879
|
15,881
|
-27.42%
|
-40.51%
|
Non-controlling interest
|
(729)
|
(895)
|
(919)
|
2.64%
|
26.04%
|
Net income
|
25,964
|
20,984
|
14,962
|
-28.70%
|
-42.37%
|
|
·
|
April 19, 2017, Bancolombia entered into an agreement with Almacenes Exito S.A. for the creation
of a new loyalty program for its clients called “Puntos Colombia”. Going forward, Puntos Colombia will be the loyalty
program through which the clients of both companies, and of other allies related to the program, will accumulate and redeem points
on the loyalty ecosystem. Puntos Colombia will replace the existing loyalty programs of Bancolombia and Grupo Exito.
|
The program Puntos Colombia
will begin during the first half of 2018 and will be managed by an independent company located in Colombia, which is 50% owned
by Banca de Inversion Bancolombia S.A Corporacion Financiera, a subsidiary of Bancolombia. The capital investment made by the subsidiary
in the new Company is equivalent to COP $9,000 million, which will be paid within the next 12 months.
|
·
|
May 1st, 2017, Bancolombia S.A. (“Bancolombia”) (NYSE: CIB) announced that it has filed its annual report on Form 20-F for the year ended December 31, 2016 with the U.S. Securities and Exchange Commission (the “SEC”). The annual report can be downloaded from the SEC website
https://www.sec.gov/Archives/edgar/data/1071371/000114420417023550/0001144204-17-023550-index.htm
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5.
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BANCOLOMBIA Company Description (NYSE: CIB)
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GRUPO BANCOLOMBIA is a full
service financial conglomerate incorporated in Colombia that offers a wide range of banking products and services to a diversified
individual and corporate customer base of more than 11 million customers. GRUPO BANCOLOMBIA delivers its products and services
via its regional network comprised of: Colombia’s largest non-government owned banking network, El Salvador’s leading
financial conglomerate (Banagricola S.A.), off-shore and local (Banistmo S.A.) banking subsidiaries in Panama, Guatemala, Cayman
and Puerto Rico. Together, BANCOLOMBIA and its subsidiaries provide stock brokerage, investment banking, leasing, factoring, consumer
finance, fiduciary and trust services, asset management, among others.
Contact Information
Bancolombia’s Investor
Relations
Phone:
(574) 4041837
/ (574) / (574) 4043917.
E-mail:
IR@bancolombia.com.co
Contacts
: Alejandro
Mejia (IR Manager) / Juliana Álvarez (Analyst).
Website:
http://www.grupobancolombia.com/wps/portal/about-us/corporate-information/investor-relations/
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BALANCE
SHEET
|
|
|
|
Growth
|
|
|
(COP
million)
|
Jun-16
|
Mar-17
|
Jun-17
|
jun-17
/ mar-17
|
jun-17
/ jun-16
|
%
of Assets
|
%
of Liabilities
|
ASSETS
|
|
|
|
|
|
|
|
Cash and balances at central bank
|
13,431,742
|
15,047,380
|
14,771,666
|
-1.83%
|
9.98%
|
7.25%
|
|
Interbank borrowings
|
1,287,396
|
2,403,587
|
2,159,604
|
-10.15%
|
67.75%
|
1.06%
|
|
Reverse repurchase agreements and other
similar secured lend
|
1,839,198
|
933,844
|
2,134,230
|
128.54%
|
16.04%
|
1.05%
|
|
Financial assets investment
|
12,701,160
|
15,146,243
|
15,273,122
|
0.84%
|
20.25%
|
7.50%
|
|
Derivative financial instruments
|
2,122,042
|
1,629,255
|
1,678,633
|
3.03%
|
-20.90%
|
0.82%
|
|
Loans and advances to customers
|
145,835,980
|
152,341,183
|
158,232,208
|
3.87%
|
8.50%
|
77.68%
|
|
Allowance for loan and lease losses
|
(5,776,119)
|
(7,010,023)
|
(7,485,194)
|
6.78%
|
29.59%
|
-3.67%
|
|
Investment in associates and joint ventures
|
538,424
|
1,371,488
|
1,445,207
|
5.38%
|
168.41%
|
0.71%
|
|
Goodwill and Intangible assets, net
|
6,523,651
|
6,422,749
|
6,778,314
|
5.54%
|
3.90%
|
3.33%
|
|
Premises and equipment, net
|
3,170,050
|
3,019,732
|
3,092,817
|
2.42%
|
-2.44%
|
1.52%
|
|
Investment property
|
1,573,143
|
1,617,160
|
1,649,433
|
2.00%
|
4.85%
|
0.81%
|
|
Prepayments
|
272,021
|
300,682
|
269,678
|
-10.31%
|
-0.86%
|
0.13%
|
|
Tax receivables
|
833,042
|
739,231
|
699,825
|
-5.33%
|
-15.99%
|
0.34%
|
|
Deferred tax
|
651,250
|
727,225
|
723,770
|
-0.48%
|
11.14%
|
0.36%
|
|
Assets held for sale and inventories
|
2,191,534
|
251,814
|
288,732
|
14.66%
|
-86.83%
|
0.14%
|
|
Other assets
|
1,204,803
|
1,800,448
|
1,992,322
|
10.66%
|
65.36%
|
0.98%
|
|
Total assets
|
188,399,317
|
196,741,998
|
203,704,367
|
3.54%
|
8.12%
|
100.00%
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
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LIABILITIES
|
|
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|
|
Deposit by customers
|
114,586,083
|
124,496,843
|
128,476,933
|
3.20%
|
12.12%
|
63.07%
|
71.13%
|
Interbank Deposits
|
461,598
|
726,366
|
997,415
|
37.32%
|
116.08%
|
0.49%
|
0.55%
|
Derivative financial instrument
|
1,768,256
|
1,248,707
|
1,203,097
|
-3.65%
|
-31.96%
|
0.59%
|
0.67%
|
Borrowings from other financial institutions
|
19,954,723
|
16,486,490
|
17,525,689
|
6.30%
|
-12.17%
|
8.60%
|
9.70%
|
Debt securities in issue
|
18,102,041
|
18,098,431
|
18,298,359
|
1.10%
|
1.08%
|
8.98%
|
10.13%
|
Preferred shares
|
552,414
|
539,361
|
553,426
|
2.61%
|
0.18%
|
0.27%
|
0.31%
|
Repurchase agreements and other similar
secured borrowing
|
2,783,323
|
4,217,317
|
4,517,374
|
7.11%
|
62.30%
|
2.22%
|
2.50%
|
Liabilities relating to assets held for
sale
|
1,865,349
|
-
|
-
|
0.00%
|
-100.00%
|
0.00%
|
0.00%
|
Current tax
|
714,805
|
430,101
|
650,930
|
51.34%
|
-8.94%
|
0.32%
|
0.36%
|
Deferred tax
|
1,465,720
|
1,848,570
|
1,877,018
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1.54%
|
28.06%
|
0.92%
|
1.04%
|
Employees benefit plans
|
133,115
|
449,189
|
714,583
|
59.08%
|
436.82%
|
0.35%
|
0.40%
|
Other liabilities
|
5,566,207
|
6,150,254
|
5,806,431
|
-5.59%
|
4.32%
|
2.85%
|
3.21%
|
Total
liabilities
|
167,953,634
|
174,691,629
|
180,621,255
|
3.39%
|
7.54%
|
88.67%
|
100.00%
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
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|
Share Capital
|
480,914
|
480,914
|
480,914
|
0.00%
|
0.00%
|
0.24%
|
|
Additional paid-in-capital
|
4,857,454
|
4,857,454
|
4,857,454
|
0.00%
|
0.00%
|
2.38%
|
|
Appropriated reserves
|
7,148,158
|
9,049,252
|
9,065,570
|
0.18%
|
26.82%
|
4.45%
|
|
Retained earnings
|
4,913,717
|
4,134,418
|
4,771,639
|
15.41%
|
-2.89%
|
2.34%
|
|
Accumulated other comprehensive income
(loss), net of tax
|
1,936,935
|
2,344,343
|
2,655,405
|
13.27%
|
37.09%
|
1.30%
|
|
Stockholders’
equity attributable to the owners of the parent company
|
19,337,178
|
20,866,381
|
21,830,982
|
4.62%
|
12.90%
|
10.72%
|
|
Non-controlling interest
|
1,108,505
|
1,183,988
|
1,252,130
|
5.76%
|
12.96%
|
0.61%
|
|
Total
liabilities and equity
|
188,399,317
|
196,741,998
|
203,704,367
|
3.54%
|
8.12%
|
100.00%
|
|
|
|
|
|
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INCOME
STATEMENT
|
As
of
|
Growth
|
|
|
|
Growth
|
(COP
million)
|
Jun-16
|
Jun-17
|
jun-17
/ jun-16
|
2Q
16
|
1Q
17
|
2Q
17
|
2Q
17 / 1Q 17
|
2Q
17 / 2Q 16
|
Interest income and
expenses
|
|
|
|
|
|
|
|
|
Interest
on loans and financial leases
|
|
|
|
|
|
|
|
|
Commercial
|
3,749,039
|
4,075,163
|
8.70%
|
1,924,667
|
2,029,581
|
2,045,582
|
0.79%
|
6.28%
|
Consumer
|
1,400,178
|
1,809,789
|
29.25%
|
735,775
|
872,418
|
937,371
|
7.45%
|
27.40%
|
Small
business loans
|
112,502
|
117,745
|
4.66%
|
57,581
|
60,550
|
57,195
|
-5.54%
|
-0.67%
|
Mortgage
|
983,680
|
985,250
|
0.16%
|
495,909
|
499,423
|
485,827
|
-2.72%
|
-2.03%
|
Leasing
|
936,876
|
1,057,989
|
12.93%
|
490,123
|
535,607
|
522,382
|
-2.47%
|
6.58%
|
Interest
income on loans and financial leases
|
7,182,275
|
8,045,936
|
12.02%
|
3,704,055
|
3,997,579
|
4,048,357
|
1.27%
|
9.30%
|
Interest
income on overnight and market funds
|
11,662
|
11,559
|
-0.88%
|
5,720
|
5,015
|
6,544
|
30.49%
|
14.41%
|
Interest
and valuation on Investment
|
|
|
|
|
|
|
|
|
Debt
investments, net
|
86,999
|
81,489
|
-6.33%
|
43,969
|
41,768
|
39,721
|
-4.90%
|
-9.66%
|
Net
gains from investment activities at fair value through income statement
|
|
|
|
|
|
|
|
|
Debt
investments
|
338,800
|
366,975
|
8.32%
|
165,140
|
189,260
|
177,715
|
-6.10%
|
7.61%
|
Derivatives
|
(50,761)
|
(27,096)
|
-46.62%
|
(13,367)
|
(5,033)
|
(22,063)
|
338.37%
|
65.06%
|
Repos
|
(8,876)
|
(51,555)
|
480.84%
|
(12,244)
|
(22,642)
|
(28,913)
|
27.70%
|
136.14%
|
Others
|
511
|
2,875
|
462.62%
|
(1,170)
|
(2,991)
|
5,866
|
296.12%
|
601.37%
|
Total
Net gains from investment activities at fair value through profit and loss
|
279,674
|
291,199
|
4.12%
|
138,359
|
158,594
|
132,605
|
-16.39%
|
-4.16%
|
Total
Interest and valuation on investments
|
366,673
|
372,688
|
1.64%
|
182,328
|
200,362
|
172,326
|
-13.99%
|
-5.49%
|
Total
interest and valuation
|
7,560,610
|
8,430,183
|
11.50%
|
3,892,103
|
4,202,956
|
4,227,227
|
0.58%
|
8.61%
|
Interest
expense
|
|
|
|
|
|
|
|
|
Borrowing
costs
|
(348,759)
|
(350,606)
|
0.53%
|
(181,518)
|
(179,317)
|
(171,289)
|
-4.48%
|
-5.64%
|
Overnight
funds
|
(2,822)
|
(8,476)
|
200.35%
|
(1,399)
|
(3,866)
|
(4,610)
|
19.24%
|
229.52%
|
Debt
securities in issue
|
(671,506)
|
(598,929)
|
-10.81%
|
(330,100)
|
(306,491)
|
(292,438)
|
-4.59%
|
-11.41%
|
Deposits
|
(1,754,490)
|
(2,180,842)
|
24.30%
|
(917,413)
|
(1,072,879)
|
(1,107,963)
|
3.27%
|
20.77%
|
Preferred
Shares Dividends
|
(29,156)
|
(29,156)
|
0.00%
|
(14,065)
|
(15,091)
|
(14,065)
|
-6.80%
|
0.00%
|
Other
interest (expense)
|
(21,961)
|
(7,477)
|
-65.95%
|
(15,191)
|
(4,006)
|
(3,471)
|
-13.35%
|
-77.15%
|
Total
interest expense
|
(2,828,694)
|
(3,175,486)
|
12.26%
|
(1,459,686)
|
(1,581,650)
|
(1,593,836)
|
0.77%
|
9.19%
|
Net
interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance
sheet credit instruments
|
4,731,916
|
5,254,697
|
11.05%
|
2,432,417
|
2,621,306
|
2,633,391
|
0.46%
|
8.26%
|
Credit
impairment charges on loans and advance and financial leases
|
(1,279,538)
|
(1,754,029)
|
37.08%
|
(685,665)
|
(863,290)
|
(890,739)
|
3.18%
|
29.91%
|
Recovery of charged-off
loans
|
137,808
|
167,366
|
21.45%
|
75,988
|
72,155
|
95,211
|
31.95%
|
25.30%
|
Credit impairment
charges on off balance sheet credit instruments
|
(26,513)
|
22,470
|
184.75%
|
(18,792)
|
16,677
|
5,793
|
-65.26%
|
130.83%
|
Total
credit impairment charges, net
|
(1,168,243)
|
(1,564,193)
|
33.89%
|
(628,469)
|
(774,458)
|
(789,735)
|
1.97%
|
25.66%
|
Net
interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance
sheet credit instruments
|
3,563,673
|
3,690,504
|
3.56%
|
1,803,948
|
1,846,848
|
1,843,656
|
-0.17%
|
2.20%
|
Fees
and comission income
|
|
|
|
|
|
|
|
|
Banking services
|
390,895
|
431,949
|
10.50%
|
200,306
|
207,466
|
224,483
|
8.20%
|
12.07%
|
Credit and
debit card fees and commercial establishments
|
541,166
|
578,882
|
6.97%
|
271,149
|
293,460
|
285,422
|
-2.74%
|
5.26%
|
Brokerage
|
12,635
|
11,430
|
-9.54%
|
6,804
|
5,335
|
6,095
|
14.25%
|
-10.42%
|
Acceptances,
Guarantees and Standby letters of credits
|
25,178
|
26,829
|
6.56%
|
12,704
|
14,025
|
12,804
|
-8.71%
|
0.79%
|
Trust
|
143,004
|
172,040
|
20.30%
|
71,877
|
82,860
|
89,180
|
7.63%
|
24.07%
|
Bancassurance
|
163,067
|
171,638
|
5.26%
|
90,974
|
77,861
|
93,777
|
20.44%
|
3.08%
|
Payments
and Collections
|
108,715
|
104,274
|
-4.08%
|
57,031
|
55,340
|
48,934
|
-11.58%
|
-14.20%
|
Others
|
205,343
|
225,593
|
9.86%
|
103,770
|
108,811
|
116,782
|
7.33%
|
12.54%
|
Fees
and comission income
|
1,590,003
|
1,722,635
|
8.34%
|
814,615
|
845,158
|
877,477
|
3.82%
|
7.72%
|
Fees
and comission expenses
|
|
|
|
|
|
|
|
|
Banking services
|
(173,741)
|
(189,751)
|
9.21%
|
(92,672)
|
(93,287)
|
(96,464)
|
3.41%
|
4.09%
|
Others
|
(279,160)
|
(292,831)
|
4.90%
|
(150,271)
|
(127,033)
|
(165,798)
|
30.52%
|
10.33%
|
Fees
and comission expenses
|
(452,901)
|
(482,582)
|
6.55%
|
(242,943)
|
(220,320)
|
(262,262)
|
19.04%
|
7.95%
|
Total
fees and comissions, net
|
1,137,102
|
1,240,053
|
9.05%
|
571,672
|
624,838
|
615,215
|
-1.54%
|
7.62%
|
Other
operating income
|
|
|
|
|
|
|
|
|
Derivatives
FX contracts
|
46,116
|
(17,410)
|
-137.75%
|
(23,399)
|
(14,623)
|
(2,787)
|
-80.94%
|
-88.09%
|
Net foreign
exchange
|
133,491
|
202,612
|
51.78%
|
106,654
|
97,211
|
105,401
|
8.42%
|
-1.17%
|
Hedging
|
(18,201)
|
(2,812)
|
-84.55%
|
(4,216)
|
(27)
|
(2,785)
|
10214.81%
|
-33.94%
|
Operating
leases
|
235,054
|
274,449
|
16.76%
|
117,671
|
138,761
|
135,688
|
-2.21%
|
15.31%
|
Gains (or
losses) on sale of assets
|
24,607
|
11,477
|
-53.36%
|
11,843
|
7,233
|
4,244
|
-41.32%
|
-64.16%
|
Other reversals
|
671
|
1,264
|
88.38%
|
278
|
674
|
590
|
-12.46%
|
112.23%
|
Others
|
281,090
|
251,012
|
-10.70%
|
130,232
|
124,172
|
126,840
|
2.15%
|
-2.60%
|
Total
other operating income
|
702,828
|
720,592
|
2.53%
|
339,063
|
353,401
|
367,191
|
3.90%
|
8.30%
|
Dividends
received, and share of profits of equity method investees
|
|
|
|
|
|
|
|
|
Dividends
|
22,286
|
16,745
|
-24.86%
|
10,306
|
11,137
|
5,608
|
-49.65%
|
-45.59%
|
Equity investments
|
52,015
|
(39,910)
|
-176.73%
|
10,996
|
2,006
|
(41,916)
|
-2189.53%
|
-481.19%
|
Equity method
|
23,372
|
76,688
|
228.12%
|
12,531
|
19,275
|
57,413
|
197.86%
|
358.17%
|
Total
dividends received, and share of profits of equity method investees
|
97,673
|
53,523
|
-45.20%
|
33,833
|
32,418
|
21,105
|
-34.90%
|
-37.62%
|
Total
operating income, net
|
5,501,276
|
5,704,672
|
3.70%
|
2,748,516
|
2,857,505
|
2,847,167
|
-0.36%
|
3.59%
|
|
|
|
|
|
|
INCOME
STATEMENT
|
As
of
|
Growth
|
|
|
|
Growth
|
(COP
million)
|
Jun-16
|
Jun-17
|
jun-17
/ jun-16
|
2Q
16
|
1Q
17
|
2Q
17
|
2Q
17 / 1Q 17
|
2Q
17 / 2Q 16
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
(1,192,344)
|
(1,254,962)
|
5.25%
|
(609,646)
|
(644,019)
|
(610,943)
|
-5.14%
|
0.21%
|
Bonuses
|
(187,735)
|
(302,138)
|
60.94%
|
(72,257)
|
(145,810)
|
(156,328)
|
7.21%
|
116.35%
|
Other administrative
and general expenses
|
(1,222,107)
|
(1,333,291)
|
9.10%
|
(650,161)
|
(615,291)
|
(718,000)
|
16.69%
|
10.43%
|
Tax contributions and other tax burden
|
(280,238)
|
(440,243)
|
57.10%
|
(135,689)
|
(216,085)
|
(224,158)
|
3.74%
|
65.20%
|
Impairment,
depreciation and amortization
|
(270,271)
|
(236,251)
|
-12.59%
|
(118,005)
|
(119,533)
|
(116,718)
|
-2.35%
|
-1.09%
|
Others expenses
|
(117,683)
|
(121,385)
|
3.15%
|
(55,694)
|
(60,263)
|
(61,122)
|
1.43%
|
9.75%
|
Equity Tax
|
(144,710)
|
(51,220)
|
-64.61%
|
-
|
(57,766)
|
6,546
|
111.33%
|
0.00%
|
Total
operating expenses
|
(3,415,088)
|
(3,739,490)
|
9.50%
|
(1,641,452)
|
(1,858,767)
|
(1,880,723)
|
1.18%
|
14.58%
|
Profit
before tax
|
2,086,188
|
1,965,182
|
-5.80%
|
1,107,064
|
998,738
|
966,444
|
-3.23%
|
-12.70%
|
Income tax
|
(913,748)
|
(647,735)
|
-29.11%
|
(362,900)
|
(366,685)
|
(281,050)
|
-23.35%
|
-22.55%
|
Profit
for the year from continuing operations
|
1,172,440
|
1,317,447
|
12.37%
|
744,164
|
632,053
|
685,394
|
8.44%
|
-7.90%
|
Non-controlling
interest
|
(56,966)
|
(55,154)
|
-3.18%
|
(21,411)
|
(23,299)
|
(31,855)
|
36.72%
|
48.78%
|
Net
income attributable to equity holders of the Parent Company
|
1,115,474
|
1,262,293
|
13.16%
|
722,753
|
608,754
|
653,539
|
7.36%
|
-9.58%
|
Net Income
from discontinued operations
|
14,951
|
-
|
-100.00%
|
10,306
|
-
|
-
|
0.00%
|
-100.00%
|
Net
income
|
1,130,425
|
1,262,293
|
11.67%
|
733,059
|
608,754
|
653,539
|
7.36%
|
-10.85%
|
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
|
|
|
|
|
|
BANCOLOMBIA S.A.
(Registrant)
|
|
Date: August 08, 2017
|
By:
|
/s/ JAIME ALBERTO VELÁSQUEZ B.
|
|
|
|
Name:
|
Jaime Alberto Velásquez B.
|
|
|
|
Title:
|
Vice President of Strategy and Finance
|
|
|
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