6-K 1 tm2035816d1_6k.htm FORM 6-K

 

 

 

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 November, 2020

 

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 þ                    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 þ

 

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 FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2020.

 

·Net income for the period was COP 280 billion. Net income as of September 30, 2020 amount to COP 542 billion, lower by 79.5% when compared to the first nine months of 2019.

 

·Tier 1 ratio increased by 202 basis points during the quarter. The capital adequacy ratio was 14.8%. Both metrics are above the minimum regulatory in Colombia of 4.5% for tier 1 and 9% for capital adequacy ratio.

 

·Bancolombia continues to strengthen its digital strategy with a robust growth in its mobile platforms. As of September 30, 2020, the bank has 8.2 million digital accounts, 4.2 million users in Bancolombia a la Mano and 4.0 million in Nequi.

 

·During the first nine months of the year, Bancolombia has distributed 2.3 million products by digital channels, which represents 45% of total sales. In addition, 85% of total transactions are carried out through digital channels.

 

·Gross loans amount to COP 199 trillion. Loans grew 8.0% when compared to 3Q19 and decreased by 0.6% during the quarter. Peso-denominated loans grew 7.2% when compared to 3Q19.

 

·Provision charges for the quarter were COP 1.7 trillion and the coverage ratio for 90-day past due loans was 232.0%. Provision charges decreased by 30.9% when compared to 2Q20 and increased by 132.9% when compared to 3Q19. This level of provisions was largely explained by the deterioration of the consumer portfolio, COVID-19 and the update of macroeconomic variables in our expected losses models.

 

·The efficiency was 50.9% for the last 12 months. Operating expenses decreased by 5.3% when compared to 3Q19 and increased by 5.6% when compared to 2Q20.

 

November 12, 2020. Medellin, Colombia – Today, BANCOLOMBIA S.A. (“Bancolombia” or “the Bank”) announced its earnings results for the third quarter of 20201.

 

 

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 September 30, 2020 is 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, October 1, 2020 $3,865.47 = US$ 1

 

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BANCOLOMBIA: Summary of consolidated financial quarterly results

 

CONSOLIDATED BALANCE SHEET
AND INCOME STATEMENT		  Quarter   Growth 
(COP million)  3Q 19   2Q 20   3Q 20   3Q20/2Q20   3Q20/3Q19 
ASSETS                         
Net Loans   173,408,287    186,262,965    183,669,248    -1.39%   5.92%
Investments   19,947,001    25,238,230    27,732,492    9.88%   39.03%
Other assets   43,499,938    56,013,085    54,212,465    -3.21%   24.63%
Total assets   236,855,226    267,514,280    265,614,205    -0.71%   12.14%
                          
LIABILITIES AND SHAREHOLDERS' EQUITY                         
Deposits   150,044,204    181,721,729    183,648,637    1.06%   22.40%
Other liabilities   57,868,509    57,284,007    52,525,727    -8.31%   -9.23%
Total liabilities   207,912,713    239,005,736    236,174,364    -1.18%   13.59%
Non-controlling interest   1,952,162    2,035,660    1,442,574    -29.13%   -26.10%
Shareholders' equity   26,990,351    26,472,884    27,997,267    5.76%   3.73%
Total liabilities and shareholders' equity   236,855,226    267,514,280    265,614,205    -0.71%   12.14%
                          
Interest income   4,353,470    4,552,734    4,213,194    -7.46%   -3.22%
Interest expense   (1,571,540)   (1,651,385)   (1,444,008)   -12.56%   -8.12%
Net interest income   2,781,930    2,901,349    2,769,186    -4.56%   -0.46%
Net provisions   (722,832)   (2,435,112)   (1,683,408)   -30.87%   132.89%
Fees and income from service, net   781,350    682,717    764,355    11.96%   -2.18%
Other operating income   333,216    425,722    287,439    -32.48%   -13.74%
Total Dividends received and equity method   67,372    44,185    65,776    48.86%   -2.37%
Total operating expense   (2,040,809)   (1,830,163)   (1,933,262)   5.63%   -5.27%
Profit before tax   1,200,227    (211,302)   270,086    227.82%   -77.50%
Income tax   (304,210)   128,704    10,882    -91.54%   -103.58%
Net income before non-controlling interest   896,017    (82,598)   280,968    440.16%   -68.64%
Non-controlling interest   (17,436)   9,301    (1,329)   -114.29%   -92.38%
Net income   878,581    (73,297)   279,639    481.51%   -68.17%

 

   Quarter   As of 
PRINCIPAL RATIOS  3Q 19   2Q 20   3Q 20   3Q 19   3Q 20 
PROFITABILITY                    
Net interest margin (1) from continuing operations   5.54%   5.12%   4.92%   5.69%   5.22%
Return on average total assets (2) from continuing operations   1.50%   -0.11%   0.42%   1.55%   0.28%
Return on average shareholders´ equity (3)   13.41%   -1.10%   4.14%   13.91%   2.67%
EFFICIENCY                         
Operating expenses to net operating income   51.49%   45.14%   49.74%   49.84%   49.48%
Operating expenses to average total assets   3.48%   2.70%   2.92%   3.50%   3.04%
Operating expenses to productive assets   4.07%   3.23%   3.44%   4.08%   3.60%
CAPITAL ADEQUACY                         
Shareholders' equity to total assets   11.40%   9.89%   10.54%   11.40%   10.54%
Technical capital to risk weighted assets   12.71%   12.64%   14.76%   12.71%   14.76%
KEY FINANCIAL HIGHLIGHTS                         
Net income per ADS from continuing operations   1.05    -0.08    0.30    3.17    0.58 
Net income per share $COP from continuing operations   913.45    -76.21    290.74    2,753.20    563.75 
P/BV ADS (4)   1.53    0.90    0.85    1.53    0.85 
P/BV Local (5) (6)   1.41    0.87    0.83    1.41    0.83 
P/E (7) from continuing operations   11.26    -79.82    21.04    11.21    32.56 
ADR price   49.45    26.31    25.55    49.45    25.55 
Common share price (8)   39,500    24,000    24,280    39,500    24,280 
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)   3,477.45    3,756.28    3,865.47    3,477.45    3,865.47 

 

(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.

 

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1.BALANCE SHEET

 

1.1.Assets

 

As of September 30, 2020, Bancolombia’s assets totaled COP 265,614 billion, which represents a decrease of 0.7% compared to 2Q20 and an increase of 12.1% compared to 3Q19.

 

During the quarter, the COP depreciated 2.9% versus the USD and over the past 12 months, it depreciated 11.2%. The average exchange rate for 3Q20 was 0.4% higher than that of 2Q20.

 

The increase in total assets during the year is largely explained by the growth in the loan book, interbank borrowings and financial assets investment.

 

1.2.Loan Portfolio

 

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 = 3,865.47 COP)   3Q20     3Q20/2Q20     3Q20     3Q20/2Q20     3Q20     3Q20/2Q20     3Q20     3Q20/2Q20  
Commercial loans   85,120,417    -0.52%   43,797,275    -2.63%   11,330,388    -5.38%   128,917,692    -1.25 %
Consumer loans   28,634,565    -1.80%   12,931,983    2.07%   3,345,514    -0.81%   41,566,548    -0.63 %
Mortgage loans   14,059,929    1.55%   12,923,823    3.76%   3,343,403    0.83%   26,983,752    2.60 %
Small business loans   745,560    -6.28%   582,789    1.65%   150,768    -1.23%   1,328,348    -2.96 %
Interests paid in advance   (13,251)   400.20%   (96)   -    (25)   -    (13,347)   403.84 %
Gross loans   128,547,220    -0.63%   70,235,772    -0.62%   18,170,047    -3.43%   198,782,993    -0.63 %
 

In 3Q20, gross loans decreased by 0.6% when compared to 2Q20 and increased by 8.0% when compared to 3Q19. During the last twelve months peso-denominated loans grew 7.2% and the dollar-denominated loans (expressed in USD) decreased by 1.5%.

 

As of September 30, 2020, the operations in Banco Agricola in El Salvador, Banistmo in Panama and BAM in Guatemala, represented 29% of total gross loans.

 

Gross loans denominated in currencies other than COP, originated by the operations in Central America, the offshore operation of Bancolombia Panama, Puerto Rico and the USD denominated loans in Colombia, accounted for 35.3% and decreased by 0.6% during 3Q20 (when expressed in COP).

 

Total reserves (allowances in the balance sheet) for loan losses increased by 9.7% during the quarter and totaled COP 15,114 billion, equivalent to 7.6% 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                  
(COP million)   3Q19     2Q20     3Q20     3Q20/2Q20     3Q20/3Q19     % of total loans  
Commercial   119,729,639    130,543,861    128,917,692    -1.25%   7.67%   64.9%
Consumer   38,796,350    41,828,151    41,566,548    -0.63%   7.14%   20.9%
Mortgage   24,249,961    26,301,037    26,983,752    2.60%   11.27%   13.6%
Microcredit   1,274,638    1,368,900    1,328,348    -2.96%   4.21%   0.7%
Interests received in advance   (20,307)   (2,649)   (13,347)   403.84%   -34.27%   0.0%
Total loan portfolio   184,030,281    200,039,300    198,782,993    -0.63%   8.02%   100.0%
Allowance for loan losses   (10,621,994)   (13,776,335)   (15,113,745)   9.71%   42.29%     
Total loans, net   173,408,287    186,262,965    183,669,248    -1.39%   5.92%     

 

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1.3.Investment Portfolio

 

As of September 30, 2020, Bancolombia’s net investment portfolio totaled COP 27,732 billion, increasing by 9.9% from the end of 2Q20 and by 39.0% from the end of 3Q19.

 

At the end of 3Q20, the debt securities portfolio had a duration of 19.1 months and a weighted average yield to maturity of 3.9%.

 

1.4.Goodwill and intangibles

 

As of 3Q20, Bancolombia’s goodwill and intangibles totaled COP 8,428 billion, increasing by 2.7% compared to 2Q20. This variation is explained by the depreciation of the COP against the USD during the quarter.

 

1.5.Funding

 

As of September 30, 2020, Bancolombia’s liabilities totaled COP 236,174 billion, decreasing by 1.2% from the end of 2Q20 and increasing by 13.6% compared to 3Q19.

 

Deposits by customers totaled COP 183,649 billion (or 77.8% of liabilities) at the end of 3Q20, increasing by 1.1% when compared to 2Q20 and by 22.4% over the last 12 months. The net loans to deposits ratio was 100.0% at the end of 3Q20 decreasing when compared to 102.5% at the end of 2Q20.

 

Bancolombia’s liquidity position continues to be adequate. During 3Q20 total funding cost indicates the undertaken efforts to sustain a high share of deposits over the total funding mix.

 

Funding mix    
COP Million   3Q19    2Q20     3Q20  
Checking accounts   22,656,648    12%   29,628,682    13%   31,271,133    14%
Saving accounts   61,053,267    31%   80,173,219    36%   79,265,987    36%
Time deposits   65,403,609    34%   70,996,812    32%   71,386,752    32%
Other deposits   6,008,975    3%   1,308,322    1%   3,436,279    2%
Long term debt   21,129,087    11%   20,658,717    9%   21,165,855    10%
Loans with banks   17,574,077    9%   21,819,332    10%   15,740,786    7%
Total Funds   193,825,663    100%   224,585,084    100%   222,266,792    100%

 

1.6.Shareholders’ Equity and Regulatory Capital

 

Shareholders’ equity at the end of 3Q20 was COP 27,997 billion, increasing by 5.8% compared to 2Q20 and increasing by 3.7% when compared to 3Q19.

 

Bancolombia’s capital adequacy ratio was 14.76% in 3Q20, 576 basis points above the minimum 9% required by the Colombian regulator, while the basic capital ratio (Tier 1) to risk weighted assets was 11.37%, 687 basis points above the regulatory minimum of 4.5%. The improvement in capital ratios during the quarter occurs mainly as a result of the increase in legal reserves, transferring for this purpose, the existing resources in the occasional reserve for the equity reinforcement and future growth.

 

The tangible capital ratio, defined as shareholders’ equity minus goodwill and intangible assets divided by tangible assets, was 7.5% at the end of 3Q20.

 

The annual increase in the RWA is mainly explained by the growth in the loan book and the depreciation of the COP against the USD.

 

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TECHNICAL CAPITAL RISK WEIGHTED ASSETS                        
Consolidated (COP millions)   3Q19     %    2Q20     %    3Q20     % 
Basic capital (Tier I)   20,517,980    9.72%   20,803,346    9.35%   24,618,529    11.37%
Additional capital (Tier II)   6,321,398    2.99%   7,340,890    3.30%   7,337,256    3.39%
Technical capital (1)   26,839,378         28,144,236         31,955,785      
Risk weighted assets including market risk   211,126,069         222,581,197         216,452,732      
CAPITAL ADEQUACY (2)        12.71%        12.64%        14.76%

 

(1) Technical capital is the sum of basic and additional capital. 

(2) Capital adequacy is technical capital divided by risk-weighted assets.

 

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2.INCOME STATEMENT

 

Net profit totaled COP 280 billion in 3Q20, or COP 290.74 per share USD 0.30 per ADR. This net profit represents a recovery compared to the net loss of 2Q20, as well as a decrease of 68.2% compared to the result of 3Q19. Bancolombia’s annualized ROE for 3Q20 was 4.1% and 3.7% for the last twelve months.

 

2.1.Net Interest Income

 

Net interest income totaled COP 2,769 billion in 3Q20, 4.6% less than the one reported in 2Q20, and 0.5% below the figure of 3Q19.

 

During 3Q20, the investment, interest rate derivatives and repos portfolio generated COP 322 billion, up by 43.5% from 2Q20, mainly explained by the improvement of Sovereign Bonds prices in Colombia (TES).

 

Net Interest Margin

 

The annualized net interest margin decreased to 4.9% during 3Q20. The annualized net interest margin for investments was 1.7%, and the annualized net interest margin of the loan portfolio was 5.5%, decreasing when compared to the one reported in 2Q20. The annualized loans interest margin decreased during the quarter explained by lower interest recognized as a result of the increase in clients in stage 3 under IFRS 9, as well as, to the effect of reference rate cuts by Colombian Central Bank.

 

Annualized Interest            
Margin  3Q19   2Q20   3Q20 
Loans' Interest margin   5.8%   5.8%   5.5%
Debt investments' margin   3.1%   0.7%   1.7%
Net interest margin   5.5%   5.1%   4.9%

 

 

Total funding cost decreased during 3Q20. Checking accounts and saving accounts have increased their share over the total funding mix during the last twelve months, the former growing from 12% to 14% and the latter from 31% to 36%. The annualized average weighted cost of deposits was 2.16% in 3Q20, decreasing by 32 basis points when compared to 2Q20 and by 69 basis points when compared to 3Q19.

 

Average weighted            
funding cost  3Q 19   2Q 20   3Q 20 
Checking accounts   0.00%   0.00%   0.00%
Saving accounts   1.70%   1.60%   1.07%
Time deposits   4.94%   4.55%   4.29%
Total deposits   2.85%   2.48%   2.16%
Long term debt   5.93%   5.40%   5.04%
Loans with banks   2.41%   2.71%   2.40%
Total funding cost   3.10%   2.78%   2.47%

 

 

2.2.Fees and Income from Services

 

During 3Q20, net fees and income from services totaled COP 764 billion, growing by 12.0% compared to 2Q20, and down by 2.2% compared to 3Q19. A better performance in fees was due to higher volumes of transactions related to credit, debit card and commercial establishments, as well as a greater income from trust and securities.

 

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Fees from credit and debit cards went up by 17.5% compared to 2Q20 and decreased by 4.1% compared to 3Q19. Fees from asset management and trust services grew 22.8% compared to 2Q20 and 4.4% compared to 3Q19. Fees from our bancassurance business fell 0.4% compared to 2Q20 and rose 12.1% with respect to 3Q19.

 

2.3.Other Operating Income

 

Total other operating income was COP 287 billion in 3Q20, decreasing by 32.5% compared to 2Q20 and by 13.7% compared to 3Q19. This quarterly variation is largely explained by a lower net income from FX derivatives and net foreign exchange as a result of the restatement of assets and liabilities.

 

Revenues from operating leases totaled COP 167 billion in 3Q20, decreasing by 3.5% compared to 2Q20 and increasing by 3.4% compared to those reported in 3Q19. The annual increase is due to higher volumes of operations and delivered assets under leasing.

 

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 8,943 billion at the end of 3Q20 and represented 4.7% of total gross loans, increasing when compared to 2Q20, when past due loans represented 3.6% of total gross loans. During the quarter, charge-offs totaled COP 571 billion.

 

The coverage, measured by the ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 153.0% at the end of 3Q20, decreasing compared to 179.4% at the end of 2Q20.

 

The deterioration of the loan portfolio (new past due loans including charge-offs) was COP 2.5 trillion. Formation of PDLs was mainly associated to the consumer and mortgage loans earlier covered by the relief programs, as well as, a corporate client in Colombia related with bio-fuel production that defaulted during the quarter. This client is highly provisioned with a coverage of 84%.

 

Provision charges (net of recoveries) totaled COP 1.7 trillion in 3Q20. Provisions during the quarter were mostly explained by previously deferred loans reaching past-due, the expected losses estimation that considers the macroeconomic impact and the impairment generated by COVID-19 in the loan portfolio.

 

Provisions as a percentage of the average gross loans were 3.4% for 3Q20 and 3.4% for the last 12 months. Cost of risk without COVID-19 and macroeconomic variables was 2.3% for 3Q20 and 2.4% for the last 12 months.

 

Bancolombia maintains a strong balance sheet supported by an adequate level of loan loss reserves. Allowances (for the principal) for loan losses totaled COP 13,680 billion, or 7.1% of total loans at the end of 3Q20, increasing when compared to 2Q20.

 

The following tables present key metrics related to asset quality:

 

ASSET QUALITY  As of 
(COP millions)  3Q19   2Q20   3Q20 
Total 30-day past due loans   7,563,180    6,975,128    8,942,804 
Allowance for loan losses (1)   9,805,577    12,512,310    13,679,629 
Past due loans to total loans   4.24%   3.62%   4.67%
Allowances to past due loans   129.65%   179.38%   152.97%
Allowance for loan losses as a percentage of total loans   5.49%   6.49%   7.15%

(1) Allowances are reserves for the principal of loans.

 

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PDL Per Category  % Of loan   30 days 
   Portfolio   3Q19   2Q20   3Q20 
Commercial loans   64.9%   3.38%   3.51%   4.29%
Consumer loans   20.9%   4.74%   2.82%   5.14%
Mortgage loans   13.6%   7.18%   5.02%   5.35%
Microcredit   0.7%   11.45%   11.04%   13.39%
PDL TOTAL        4.24%   3.62%   4.67%

 

PDL Per Category  % Of loan   90 days 
   Portfolio   3Q19   2Q20   3Q20 
Commercial loans   64.9%   2.80%   3.17%   3.51%
Consumer loans   20.9%   2.57%   2.31%   1.29%
Mortgage loans*   13.6%   3.43%   3.83%   3.52%
Microcredit   0.7%   7.88%   8.87%   8.37%
PDL TOTAL        2.88%   3.12%   3.08%

 

* Mortgage loans that were overdue were calculated for past due loans for 120 days instead of 90 days.

 

    2Q20    3Q20    3Q20/2Q20 
    Loans    Allowances    %    Loans    Allowances     %    Loans    Allowances 
Stage 1   170,086,935    2,739,463    1.6%   165,291,523    3,205,577    1.9%   -2.8%   17.0%
Stage 2   14,809,439    2,034,389    13.7%   18,207,359    2,864,582    15.7%   22.9%   40.8%
Stage 3   15,142,926    9,002,483    59.5%   15,284,111    9,043,586    59.2%   0.9%   0.5%
Total   200,039,300    13,776,335    6.9%   198,782,993    15,113,745    7.6%   -0.6%   9.7%

 

Stage 1. Financial instruments that do not deteriorate since their initial recognition or that have low credit risk at the end of the reporting period. (12-month expected credit losses).

Stage 2. Financial instruments that have significantly increased their risk since their initial recognition. (Lifetime expected credit losses).

Stage 3. Financial instruments that have Objective Evidence of Impairment in the reported period. (Lifetime expected credit losses).

 

2.5.Operating Expenses

 

During 3Q20, operating expenses totaled COP 1,933 billion, increasing by 5.6% with respect to 2Q20 and decreasing by 5.3% with respect to 3Q19.

 

Personnel expenses (salaries, bonus plan payments and compensation) totaled COP 768 billion in 3Q20, which represents an increase of 23.6% compared to 2Q20 and a decrease of 10.1% compared to 3Q19.

 

During 3Q20, administrative expenses totaled COP 721 billion, decreasing by 6.2% compared to 2Q20 and by 0.2% as compared to 3Q19.

 

Depreciation and amortization expenses totaled COP 212 billion in 3Q20, increasing by 10.3% compared to 2Q20 and decreasing by 4.7% compared to 3Q19.

 

As of September 30, 2020, Bancolombia had 30,639 employees, owned 958 branches, 6,117 ATMs, 17,267 banking agents and served more than 17 million customers.

 

2.6.Taxes

 

During 3Q20, there was an income tax recovery of COP 11 billion. The tax recovery is mainly explained by the Colombian operation. Some of the aspects that explained it are related to tax concepts that do not depend on the accounting net income such as tax discounts corresponding to the payment of local taxes in Colombia, the liability management exercises with bond issues made during 2019 and early 2020, and lastly tax shields related to net losses for the second quarter of 2020.

 

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3.BREAK DOWN OF OPERATIONS

The following table summarizes the financial statements of our operations in each country.

 

BANCOLOMBIA S.A. (STAND ALONE) - COLOMBIA

 

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT  Quarter   Growth 
(COP million)   3Q19   2Q20   3Q20   3Q20/2Q20   3Q20/3Q19
ASSETS                         
Gross loans   127,784,162    138,321,644    136,129,859    -1.58%   6.53%
Allowances for loans   (8,445,981)   (10,684,592)   (11,613,267)   8.69%   37.50%
Investments   20,379,708    24,165,442    24,757,410    2.45%   21.48%
Other assets   21,097,278    27,676,708    24,553,210    -11.29%   16.38%
Total assets   160,815,167    179,479,202    173,827,211    -3.15%   8.09%
                          
LIABILITIES AND SHAREHOLDERS' EQUITY                         
Deposits   95,515,990    117,739,285    115,008,443    -2.32%   20.41%
Other liabilities   48,460,652    46,477,353    43,299,017    -6.84%   -10.65%
Total liabilities   143,976,642    164,216,639    158,307,460    -3.60%   9.95%
Shareholders' equity   16,838,525    15,262,563    15,519,752    1.69%   -7.83%
Total liabilities and shareholders' equity   160,815,167    179,479,202    173,827,211    -3.15%   8.09%
                          
Interest income   3,344,106    3,326,039    3,022,266    -9.13%   -9.62%
Interest expense   (1,251,848)   (1,194,587)   (999,995)   -16.29%   -20.12%
Net interest income   2,092,258    2,131,452    2,022,270    -5.12%   -3.35%
Net provisions   (533,955)   (1,926,316)   (1,298,754)   -32.58%   143.23%
Fees and income from service, net   509,829    466,485    496,811    6.50%   -2.55%
Other operating income   121,803    236,140    117,868    -50.09%   -3.23%
Total operating expense   (1,382,773)   (1,239,680)   (1,317,449)   6.27%   -4.72%
Profit before tax   807,162    (331,920)   20,746    -106.25%   -97.43%
Income tax   (232,846)   157,120    91,489    -41.77%   -139.29%
Net income   574,317    (174,800)   112,236    -164.21%   -80.46%

 

BANISTMO- PANAMA

 

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT  Quarter   Growth 
(COP million)   3Q19   2Q20   3Q20   3Q20/2Q20   3Q20/3Q19
ASSETS                         
Gross loans   26,762,497    29,396,207    29,637,462    0.82%   10.74%
Allowances for loans   (921,459)   (1,384,193)   (1,541,143)   11.34%   67.25%
Investments   4,013,750    4,158,333    4,955,981    19.18%   23.48%
Other assets   4,388,165    6,156,577    6,532,442    6.11%   48.87%
Total assets   34,242,953    38,326,924    39,584,743    3.28%   15.60%
                          
LIABILITIES AND SHAREHOLDERS' EQUITY                         
Deposits   22,547,100    25,082,529    26,180,684    4.38%   16.12%
Other liabilities   7,871,105    9,222,568    9,190,827    -0.34%   16.77%
Total liabilities   30,418,205    34,305,097    35,371,510    3.11%   16.28%
Shareholders' equity   3,824,748    4,021,827    4,213,233    4.76%   10.16%
Total liabilities and shareholders' equity   34,242,953    38,326,924    39,584,743    3.28%   15.60%
                          
Interest income   473,744    530,987    512,812    -3.42%   8.25%
Interest expense   (193,517)   (223,638)   (220,461)   -1.42%   13.92%
Net interest income   280,227    307,349    292,351    -4.88%   4.33%
Net provisions   (100,655)   (240,469)   (133,684)   -44.41%   32.81%
Fees and income from service, net   55,934    41,511    48,260    16.26%   -13.72%
Other operating income   15,260    10,490    9,952    -5.13%   -34.78%
Total operating expense   (179,766)   (168,199)   (167,606)   -0.35%   -6.76%
Profit before tax   71,000    (49,318)   49,273    -199.91%   -30.60%
Income tax   (10,537)   2,491    (1,377)   -155.29%   -86.93%
Net income   60,463    (46,826)   47,895    -202.28%   -20.79%

 

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BANCO AGRÍCOLA- EL SALVADOR

 

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT  Quarter   Growth 
(COP million)   3Q19   2Q20   3Q20   3Q20/2Q20   3Q20/3Q19
ASSETS                         
Gross loans   11,977,433    13,487,561    13,478,425    -0.07%   12.53%
Allowances for loans   (500,786)   (614,167)   (670,817)   9.22%   33.95%
Investments   878,444    2,093,948    2,672,690    27.64%   204.25%
Other assets   4,140,328    4,467,246    4,314,393    -3.42%   4.20%
Total assets   16,495,420    19,434,589    19,794,691    1.85%   20.00%
                          
LIABILITIES AND SHAREHOLDERS' EQUITY                         
Deposits   11,734,209    14,572,562    15,098,017    3.61%   28.67%
Other liabilities   2,865,595    2,994,252    2,687,558    -10.24%   -6.21%
Total liabilities   14,599,804    17,566,814    17,785,575    1.25%   21.82%
Shareholders' equity   1,895,616    1,867,774    2,009,116    7.57%   5.99%
Total liabilities and shareholders' equity   16,495,420    19,434,589    19,794,691    1.85%   20.00%
                          
Interest income   276,568    332,875    311,596    -6.39%   12.67%
Interest expense   (77,027)   (86,977)   (68,522)   -21.22%   -11.04%
Net interest income   199,540    245,899    243,075    -1.15%   21.82%
Net provisions   (41,005)   (132,805)   (55,061)   -58.54%   34.28%
Fees and income from service, net   53,304    40,608    55,500    36.67%   4.12%
Other operating income   3,093    1,477    1,536    3.99%   -50.34%
Total operating expense   (127,844)   (124,089)   (120,623)   -2.79%   -5.65%
Profit before tax   87,088    31,090    124,427    300.21%   42.87%
Income tax   (26,886)   (4,124)   (40,374)   879.03%   50.17%
Net income   60,203    26,966    84,053    211.70%   39.62%

 

GRUPO AGROMERCANTIL HOLDING – GUATEMALA

 

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT  Quarter  Growth 
(COP million)   3Q19   2Q20   3Q20   3Q20/2Q20   3Q20/3Q19
ASSETS                         
Gross loans   11,641,601    13,568,383    13,566,972    -0.01%   16.54%
Allowances for loans   (605,911)   (927,445)   (1,098,816)   18.48%   81.35%
Investments   1,497,191    1,621,330    1,715,301    5.80%   14.57%
Other assets   2,211,021    3,015,328    3,994,236    32.46%   80.65%
Total assets   14,743,901    17,277,596    18,177,693    5.21%   23.29%
                          
LIABILITIES AND SHAREHOLDERS' EQUITY                         
Deposits   10,437,476    12,887,347    13,780,112    6.93%   32.03%
Other liabilities   2,933,909    3,055,416    3,099,686    1.45%   5.65%
Total liabilities   13,371,385    15,942,763    16,879,798    5.88%   26.24%
Non-controlling interest   20,036    20,468    20,714    1.20%   3.38%
Shareholders' equity   1,352,480    1,314,365    1,277,181    -2.83%   -5.57%
Total liabilities and shareholders' equity   14,743,901    17,277,596    18,177,693    5.21%   23.29%
                          
Interest income   249,461    300,496    295,092    -1.80%   18.29%
Interest expense   (109,194)   (130,959)   (120,741)   -7.80%   10.57%
Net interest income   140,266    169,537    174,351    2.84%   24.30%
Net provisions   (53,567)   (144,909)   (177,082)   22.20%   230.58%
Fees and income from service, net   32,827    28,702    36,742    28.01%   11.93%
Other operating income   14,121    20,431    15,473    -24.27%   9.57%
Total operating expense   (122,393)   (128,984)   (127,880)   -0.86%   4.48%
Profit before tax   11,254    (55,223)   (78,396)   41.96%   -796.58%
Income tax   (1,624)   13,977    18,859    34.93%   -1260.95%
Net income before non-controlling interest   9,630    (41,246)   (59,537)   44.35%   -718.25%
Non-controlling interest   (566)   (969)   (515)   -46.86%   -9.06%
Net income   9,064    (42,215)   (60,052)   42.25%   -762.54%

 

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4.BANCOLOMBIA Company Description (NYSE: CIB)

 

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 17 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: (571) 4885371 / (574) 4043917 / (574) 4041918
E-mail: IR@bancolombia.com.co
Contacts: Carlos Raad (IR Director) / Juliana Álvarez (Analyst) / Santiago López (Analyst)
Website: http://www.grupobancolombia.com/wps/portal/about-us/corporate-information/investor-relations/

 

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BALANCE SHEET              Growth         
(COP million)  Sep-19   Jun-20   Sep-20   sep-20 / jun-20   sep-20 / sep-19   % of Assets   % of Liabilities 
ASSETS                            
Cash and balances at central bank   16,538,443    20,720,021    17,943,053    -13.40%   8.49%   6.76%     
Interbank borrowings   1,747,137    4,948,177    5,602,153    13.22%   220.65%   2.11%     
Reverse repurchase agreements and other similar secured lend   401,167    2,271,592    1,524,562    -32.89%   280.03%   0.57%     
Financial assets investment   19,947,001    25,238,230    27,732,492    9.88%   39.03%   10.44%     
Derivative financial instruments   2,292,926    3,724,900    4,045,401    8.60%   76.43%   1.52%     
Loans and advances to customers   184,030,281    200,039,300    198,782,993    -0.63%   8.02%   74.84%     
Allowance for loan and lease losses   (10,621,994)   (13,776,335)   (15,113,745)   9.71%   42.29%   -5.69%     
Investment in associates and joint ventures   2,283,729    2,391,967    2,462,312    2.94%   7.82%   0.93%     
Goodwill and Intangible assets, net   7,647,515    8,209,183    8,427,705    2.66%   10.20%   3.17%     
Premises and equipment, net   3,367,311    3,910,679    3,910,312    -0.01%   16.13%   1.47%     
Investment property   1,922,097    1,984,178    2,002,056    0.90%   4.16%   0.75%     
Right of use assets   1,752,734    1,781,426    1,801,028    1.10%   2.76%   0.68%     
Prepayments   549,433    395,055    418,292    5.88%   -23.87%   0.16%     
Tax receivables   1,260,434    1,246,897    1,218,128    -2.31%   -3.36%   0.46%     
Deferred tax   359,727    553,035    634,351    14.70%   76.34%   0.24%     
Assets held for sale and inventories   522,145    579,182    566,426    -2.20%   8.48%   0.21%     
Other assets   2,855,140    3,296,793    3,656,686    10.92%   28.07%   1.38%     
Total assets   236,855,226    267,514,280    265,614,205    -0.71%   12.14%   100.00%     
LIABILITIES AND SHAREHOLDERS' EQUITY                                   
LIABILITIES                                   
Deposit by customers   150,044,204    181,721,729    183,648,637    1.06%   22.40%   69.14%   77.76%
Interbank Deposits   1,920,483    1,160,863    797,912    -31.27%   -58.45%   0.30%   0.34%
Derivative financial instrument   1,752,774    2,784,541    3,136,260    12.63%   78.93%   1.18%   1.33%
Borrowings from other financial institutions   15,653,594    20,658,469    14,942,874    -27.67%   -4.54%   5.63%   6.33%
Debt securities in issue   21,129,087    20,658,717    21,165,855    2.45%   0.17%   7.97%   8.96%
Lease liability   1,901,466    1,923,046    1,934,029    0.57%   1.71%   0.73%   0.82%
Preferred shares   569,477    555,152    569,477    2.58%   0.00%   0.21%   0.24%
Repurchase agreements and other similar secured borrowing   5,078,295    385,306    1,711,514    344.20%   -66.30%   0.64%   0.72%
Liabilities relating to assets held for sale   -    -    -    0.00%   0.00%   0.00%   0.00%
Current tax   760,470    287,955    634,577    120.37%   -16.55%   0.24%   0.27%
Deferred tax   1,247,699    1,408,873    681,712    -51.61%   -45.36%   0.26%   0.29%
Employees benefit plans   743,891    758,538    797,804    5.18%   7.25%   0.30%   0.34%
Other liabilities   7,111,273    6,702,547    6,153,713    -8.19%   -13.47%   2.32%   2.61%
Total liabilities   207,912,713    239,005,736    236,174,364    -1.18%   13.59%   88.92%   100.00%
SHAREHOLDERS' EQUITY                                   
Share Capital   480,914    480,914    480,914    0.00%   0.00%   0.18%     
Additional paid-in-capital   4,857,454    4,857,454    4,857,454    0.00%   0.00%   1.83%     
Appropriated reserves   10,412,822    11,274,604    13,827,922    22.65%   32.80%   5.21%     
Retained earnings   7,354,354    5,695,101    4,359,564    -23.45%   -40.72%   1.64%     
Accumulated other comprehensive income, net of tax   3,884,807    4,164,811    4,471,413    7.36%   15.10%   1.68%     
Stockholders’ equity attributable to the owners of the parent company   26,990,351    26,472,884    27,997,267    5.76%   3.73%   10.54%     
Non-controlling interest   1,952,162    2,035,660    1,442,574    -29.13%   -26.10%   0.54%     
Total liabilities and equity   236,855,226    267,514,280    265,614,205    -0.71%   12.14%   100.00%     

  

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INCOME STATEMENT  As of   Growth               Growth 
(COP million)  Sep-19   Sep-20   sep-20 / sep-19   3Q 19   2Q 20   3Q 20   3Q 20 / 2Q 20   3Q 20 / 3Q 19 
Interest income and expenses                                        
Interest on loans and financial leases                                        
Commercial   5,500,476    5,351,852    -2.70%   1,793,689    1,875,803    1,665,252    -11.22%   -7.16%
Consumer   3,833,440    4,192,217    9.36%   1,334,151    1,428,294    1,284,977    -10.03%   -3.69%
Small business loans   107,844    109,274    1.33%   34,478    36,389    34,843    -4.25%   1.06%
Mortgage   1,487,826    1,460,771    -1.82%   468,146    512,330    440,372    -14.05%   -5.93%
Leasing   1,430,855    1,423,994    -0.48%   470,750    468,277    459,403    -1.90%   -2.41%
Interest income on loans and financial leases   12,360,441    12,538,108    1.44%   4,101,214    4,321,093    3,884,847    -10.10%   -5.28%
Interest income on overnight and market funds   53,089    28,809    -45.73%   15,830    7,165    6,142    -14.28%   -61.20%
Interest and valuation on Investment                                        
Debt investments, net   116,777    226,492    93.95%   41,001    70,268    110,210    56.84%   168.80%
Net gains from investment activities at fair value through income statement                                        
Debt investments   806,942    685,463    -15.05%   298,168    344,097    266,550    -22.54%   -10.60%
Derivatives   (209,339)   (286,652)   36.93%   (34,115)   (200,546)   (57,314)   -71.42%   68.00%
Repos   (155,786)   9,144    -105.87%   (66,598)   10,015    5,839    -41.70%   108.77%
Others   (6,031)   5,119    -184.88%   (2,030)   642    (3,080)   -579.75%   51.72%
Total Net gains from investment activities at fair value through profit and loss   435,786    413,074    -5.21%   195,425    154,208    211,995    37.47%   8.48%
Total Interest and valuation on investments   552,563    639,566    15.75%   236,426    224,476    322,205    43.54%   36.28%
Total interest and valuation   12,966,093    13,206,483    1.85%   4,353,470    4,552,734    4,213,194    -7.46%   -3.22%
Interest expense                                        
Borrowing costs   (484,415)   (430,981)   -11.03%   (159,035)   (159,085)   (135,804)   -14.63%   -14.61%
Overnight funds   (16,855)   (5,079)   -69.87%   (6,464)   (929)   (541)   -41.77%   -91.63%
Debt securities in issue   (864,093)   (799,179)   -7.51%   (297,248)   (295,486)   (263,741)   -10.74%   -11.27%
Deposits   (3,086,891)   (3,244,505)   5.11%   (1,061,769)   (1,148,587)   (996,983)   -13.20%   -6.10%
Preferred Shares Dividends   (43,181)   (42,975)   -0.48%   (14,325)   (13,813)   (14,325)   3.71%   0.00%
Interest right of use assets   (96,280)   (89,630)   -6.91%   (27,602)   (30,205)   (29,462)   -2.46%   6.74%
Other interest (expense)   (15,818)   (11,138)   -29.59%   (5,097)   (3,280)   (3,152)   -3.90%   -38.16%
Total interest expenses   (4,607,533)   (4,623,487)   0.35%   (1,571,540)   (1,651,385)   (1,444,008)   -12.56%   -8.12%
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments   8,358,560    8,582,996    2.69%   2,781,930    2,901,349    2,769,186    -4.56%   -0.46%
Credit impairment charges on loans and advance and financial leases   (2,697,045)   (5,639,409)   109.10%   (866,843)   (2,403,922)   (1,768,564)   -26.43%   104.02%
Recovery of charged-off loans   422,747    252,219    -40.34%   160,192    55,793    102,125    83.04%   -36.25%
Credit impairment charges on off balance sheet credit instruments   (11,869)   (92,948)   683.12%   (19,096)   (76,326)   (14,974)   -80.38%   -21.59%
Credit impairment charges/recovery on investments   4,725    (20,032)   -523.96%   2,915    (10,657)   (1,995)   -81.28%   -168.44%
Total credit impairment charges, net   (2,281,442)   (5,500,170)   141.08%   (722,832)   (2,435,112)   (1,683,408)   -30.87%   132.89%
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments   6,077,118    3,082,826    -49.27%   2,059,098    466,237    1,085,778    132.88%   -47.27%
Fees and commission income                                        
Banking services   494,630    422,235    -14.64%   173,773    121,057    146,495    21.01%   -15.70%
Credit and debit card fees and commercial establishments   1,341,493    1,315,595    -1.93%   471,856    385,013    452,476    17.52%   -4.11%
Brokerage   19,417    21,345    9.93%   6,171    7,809    6,917    -11.42%   12.09%
Acceptances and Guarantees   41,848    46,591    11.33%   13,793    15,698    16,009    1.98%   16.07%
Trust and Securities   330,236    329,454    -0.24%   114,950    97,727    120,016    22.81%   4.41%
Investment banking   22,131    33,483    51.29%   10,097    4,253    6,447    51.59%   -36.15%
Bancassurance   450,513    540,738    20.03%   163,884    184,372    183,669    -0.38%   12.07%
Payments and Collections   454,448    420,470    -7.48%   156,782    124,484    146,540    17.72%   -6.53%
Others   180,890    183,202    1.28%   65,220    59,013    61,489    4.20%   -5.72%
Fees and commission income   3,335,606    3,313,113    -0.67%   1,176,526    999,426    1,140,058    14.07%   -3.10%
Fees and commission expenses                                        
Banking services   (467,822)   (384,093)   -17.90%   (162,176)   (109,634)   (117,934)   7.57%   -27.28%
Others   (618,758)   (686,019)   10.87%   (233,000)   (207,075)   (257,769)   24.48%   10.63%
Fees and commission expenses   (1,086,580)   (1,070,112)   -1.52%   (395,176)   (316,709)   (375,703)   18.63%   -4.93%
Total fees and comissions, net   2,249,026    2,243,001    -0.27%   781,350    682,717    764,355    11.96%   -2.18%
Other operating income                                        
Derivatives FX contracts   294,900    1,278,931    333.68%   384,803    (396,767)   139,409    135.14%   -63.77%
Net foreign exchange   (161,697)   (1,041,105)   543.86%   (393,537)   556,879    (88,748)   -115.94%   -77.45%
Hedging   767    (2,267)   -395.57%   6,251    (714)   (1,294)   81.23%   -120.70%
Operating leases   487,406    521,734    7.04%   161,254    172,691    166,664    -3.49%   3.35%
Gains (or losses) on sale of assets   59,321    49,694    -16.23%   23,031    7,328    16,558    125.96%   -28.11%
Other reversals   4,672    3,213    -31.23%   3,235    396    1,346    239.90%   -58.39%
Others   396,356    247,461    -37.57%   148,179    85,909    53,504    -37.72%   -63.89%
Total other operating income   1,081,725    1,057,661    -2.22%   333,216    425,722    287,439    -32.48%   -13.74%
Dividends received, and share of profits of equity method investees                                        
Dividends   56,570    7,676    -86.43%   21,411    4,086    208    -94.91%   -99.03%
Equity investments   24,528    (21,119)   -186.10%   5,160    5,996    386    -93.56%   -92.52%
Equity method   186,113    84,645    -54.52%   41,403    33,909    65,163    92.17%   57.39%
Others   72,489    4,706    -93.51%   (602)   194    19    -90.21%   -103.16%
Total dividends received, and share of profits of equity method investees   339,700    75,908    -77.65%   67,372    44,185    65,776    48.86%   -2.37%
Total operating income, net   9,747,569    6,459,396    -33.73%   3,241,036    1,618,861    2,203,348    36.10%   -32.02%

 

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INCOME STATEMENT  As of   Growth               Growth 
(COP million)  Sep-19   Sep-20   sep-20 / sep-19   3Q 19   2Q 20   3Q 20   3Q 20 / 2Q 20   3Q 20 / 3Q 19 
Operating expenses                                        
Salaries and employee benefits   (2,094,063)   (2,226,096)   6.31%   (704,950)   (705,476)   (744,172)   5.49%   5.56%
Bonuses   (394,535)   (85,121)   -78.42%   (150,047)   83,790    (24,326)   -129.03%   -83.79%
Other administrative and general expenses   (2,203,838)   (2,239,588)   1.62%   (722,237)   (768,931)   (721,106)   -6.22%   -0.16%
Tax contributions and other tax burden   (552,376)   (603,572)   9.27%   (183,039)   (199,756)   (182,003)   -8.89%   -0.57%
Impairment, depreciation and amortization   (581,136)   (612,211)   5.35%   (222,289)   (191,984)   (211,753)   10.30%   -4.74%
Other expenses   (169,218)   (151,351)   -10.56%   (58,247)   (47,806)   (49,902)   4.38%   -14.33%
Total operating expenses   (5,995,166)   (5,917,939)   -1.29%   (2,040,809)   (1,830,163)   (1,933,262)   5.63%   -5.27%
Profit before tax   3,752,403    541,457    -85.57%   1,200,227    (211,302)   270,086    227.82%   -77.50%
Income tax   (1,018,469)   22,935    -102.25%   (304,210)   128,704    10,882    -91.54%   -103.58%
Profit for the year from continuing operations   2,733,934    564,392    -79.36%   896,017    (82,598)   280,968    440.16%   -68.64%
Non-controlling interest   (85,836)   (22,166)   -74.18%   (17,436)   9,301    (1,329)   -114.29%   -92.38%
Net income attributable to equity holders of the Parent Company   2,648,098    542,226    -79.52%   878,581    (73,297)   279,639    481.51%   -68.17%

 

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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:  November 12, 2020 By: /s/ JOSE HUMBERTO ACOSTA MARTIN.
    Name: Jose Humberto Acosta Martin.
    Title: Vice President of Finance

 

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