6-K 1 tm2115138d1_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 May 2021

 

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 ¨

 

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 ¨                    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 FIRST
QUARTER OF 2021.

 

·Gross loans amount to COP 197 trillion, which represents a 3.0% growth when compared to 4Q20.

 

·Provision charges for the quarter were COP 1.3 trillion and the coverage ratio for 90-day past due loans was 221,8%. Provision charges decreased by 36.8% when compared to 4Q20 and by 7.2% when compared to 1Q20. This level of provisions was largely explained by the deterioration in customer credit ratings due to COVID-19 in our expected losses models.

 

·The efficiency was 49.4% for the last 12 months. Operating expenses decreased by 4.1% when compared to 4Q20 and 7.5% when compared to 1Q20.

 

·Under Basel III Tier 1 basic capital stood at 11.2% as of March 31, 2021 decreasing 5 basis points with respect to December 31, 2020. The solvency ratio ended at 14.8%. Both ratios are well above the minimum regulatory levels required in Colombia.

 

·Bancolombia continues to strengthen its digital strategy with a robust growth in its mobile platform users. As of March 31, 2020, the bank has 10.8 million digital accounts, 5.8 million users in Nequi and 5.0 million in Bancolombia a la Mano.

 

May 4, 2021. Medellin, Colombia – Today, BANCOLOMBIA S.A. (“Bancolombia” or “the Bank”) announced its earnings results for the first quarter of 20211.

 

 

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 December 31, 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, April 1, 2021 $3.678,62 = US$ 1

 

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BANCOLOMBIA: Summary of consolidated financial quarterly results

 

CONSOLIDATED BALANCE SHEET
AND INCOME STATEMENT
  Quarter     Growth  
(COP million)     1Q20       4Q 20       1Q21       1Q21/4Q20       1Q21/1Q20  
ASSETS                                        
Net Loans     191,641,880       174,793,687       180,032,207       3.00 %     -6.06 %
Investments     18,918,763       29,553,003       27,443,624       -7.14 %     45.06 %
Other assets     65,201,377       51,221,815       49,849,332       -2.68 %     -23.55 %
Total assets     275,762,020       255,568,505       257,325,163       0.69 %     -6.69 %
                                         
LIABILITIES AND SHAREHOLDERS' EQUITY                                        
Deposits     184,215,627       180,820,793       184,542,606       2.06 %     0.18 %
Other liabilities     62,262,956       46,632,499       43,576,457       -6.55 %     -30.01 %
Total liabilities     246,478,583       227,453,292       228,119,063       0.29 %     -7.45 %
Non-controlling interest     2,093,386       1,569,984       1,587,798       1.13 %     -24.15 %
Shareholders' equity     27,190,051       26,545,229       27,618,302       4.04 %     1.58 %
Total liabilities and shareholders' equity     275,762,020       255,568,505       257,325,163       0.69 %     -6.69 %
                                         
Interest income     4,440,555       3,482,167       3,918,902       12.54 %     -11.75 %
Interest expense     (1,528,094 )     (1,239,521 )     (1,093,545 )     -11.78 %     -28.44 %
Net interest income     2,912,461       2,242,646       2,825,357       25.98 %     -2.99 %
Net provisions     (1,381,650 )     (2,026,279 )     (1,281,560 )     -36.75 %     -7.24 %
Fees and income from service, net     795,929       793,827       798,693       0.61 %     0.35 %
Other operating income     344,500       786,911       343,607       -56.33 %     -0.26 %
Total Dividends received and equity method     (34,053 )     47,417       78,644       65.86 %     -330.95 %
Total operating expense     (2,154,514 )     (2,077,206 )     (1,992,894 )     -4.06 %     -7.50 %
Profit before tax     482,673       (232,684 )     771,847       -431.71 %     59.91 %
Income tax     (116,651 )     (16,349 )     (206,448 )     1162.76 %     76.98 %
Net income before non-controlling interest     366,022       (249,033 )     565,399       -327.04 %     54.47 %
Non-controlling interest     (30,138 )     (17,199 )     (22,883 )     33.05 %     -24.07 %
Net income     335,884       (266,232 )     542,516       -303.78 %     61.52 %

 

PRINCIPAL RATIOS    

Quarter

   

As of

 
      1Q20     4Q 20       1Q21     1Q20     1Q21
PROFITABILITY                                        
Net interest margin (1) from continuing operations     5.56 %     3.99 %     5.10 %     5.56 %     5.10 %
Return on average total assets (2) from continuing operations     0.54 %     -0.41 %     0.85 %     0.54 %     0.85 %
Return on average shareholders´ equity (3)     4.90 %     -3.88 %     7.99 %     4.90 %     7.99 %
EFFICIENCY                                        
Operating expenses to net operating income     53.61 %     53.66 %     49.25 %     53.61 %     49.25 %
Operating expenses to average total assets     3.48 %     3.18 %     3.12 %     3.48 %     3.12 %
Operating expenses to productive assets     4.12 %     3.69 %     3.59 %     4.12 %     3.59 %
CAPITAL ADEQUACY                                        
Shareholders' equity to total assets     9.86 %     10.39 %     10.73 %     9.86 %     10.73 %
Technical capital to risk weighted assets     12.42 %     14.74 %     14.79 %     12.42 %     14.79 %
KEY FINANCIAL HIGHLIGHTS                                        
Net income per ADS from continuing operations     0.34       -0.32       0.61       0.34       0.61  
Net income per share $COP from continuing operations     349.21       -276.80       564.05       349.21       564.05  
P/BV ADS (4)     0.89       1.25       1.02       0.89       1.02  
P/BV Local (5) (6)     0.85       1.27       1.00       0.85       1.00  
P/E (7) from continuing operations     17.66       -31.38       12.88       17.66       12.88  
ADR price     24.96       40.18       31.99       24.96       31.99  
Common share price (8)     24,100       34,980       28,750       24,100       28,750  
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)     4,054.54       3,432.50       3,678.62       4,054.54       3,678.62  

 

 

(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 March 31, 2021, Bancolombia’s assets totaled COP 257,325 billion, which represents an increase of 0.7% compared to 4Q20 and a decrease of 6.7% compared to 1Q20.

 

During the quarter, the COP depreciated 7.2% versus the USD and over the past 12 months, it appreciated 9.3%. The average exchange rate for 1Q21 was 3.6% lower than that of 4Q20.

 

The increase in total assets during the first quarter is largely explained by the growth in the loan book and repos portfolio.

 

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 = 3,678.62 COP)     1Q21       1Q21/4Q20       1Q21       1Q21/4Q20       1Q21       1Q21/4Q20       1Q21       1Q21/4Q20  
Commercial loans     84,571,088       -0.49 %     41,515,056       8.83 %     11,285,497       1.55 %     126,086,144       2.40 %
Consumer loans     29,686,116       0.91 %     12,832,864       9.86 %     3,488,500       2.51 %     42,518,980       3.46 %
Mortgage loans     14,779,675       2.21 %     12,490,985       8.63 %     3,395,563       1.36 %     27,270,661       5.05 %
Small business loans     720,554       -1.94 %     533,358       7.12 %     144,989       -0.05 %     1,253,912       1.72 %
Interests paid in advance     (9,856 )     -20.13 %     (677 )     33.58 %     (184 )     24.64 %     (10,533 )     -18.01 %
Gross loans     129,747,578       0.13 %     67,371,586       8.97 %     18,314,364       1.68 %     197,119,164       2.98 %

 

In 1Q21, gross loans increased by 3.0% when compared to 4Q20 and decreased by 3.4% when compared to 1Q20. During the last twelve months peso-denominated loans grew 2.1% and the dollar-denominated loans (expressed in USD) decreased by 3.4%.

 

As of March 31, 2021, the operations in Banco Agricola in El Salvador, Banistmo in Panama and BAM in Guatemala, represented 28% of total gross loans.

 

Gross loans denominated in currencies other than COP, originated by the operations in Central America, the international operation of Bancolombia Panama, Puerto Rico and the USD denominated loans in Colombia, accounted for 34.2% and increased by 9.0% during 1Q21 (when expressed in COP).

 

Total reserves (allowances in the balance sheet) for loan losses increased by 2.8% during the quarter and totaled COP 17,087 billion, equivalent to 8.7% 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                   
(COP million)   1Q20   4Q20   1Q21   1Q21/4Q20   1Q21/1Q20   % of total loans 
Commercial   132,301,722    123,131,979    126,086,144    2.40%   -4.70%   64.0%
Consumer   43,393,136    41,098,737    42,518,980    3.46%   -2.01%   21.6%
Mortgage   26,847,436    25,959,112    27,270,661    5.05%   1.58%   13.8%
Microcredit   1,419,666    1,232,748    1,253,912    1.72%   -11.68%   0.6%
Interests received in advance   (4,025)   (12,846)   (10,533)   -18.01%   161.69%   0.0%
Total loan portfolio   203,957,935    191,409,730    197,119,164    2.98%   -3.4%   100.0%
Allowance for loan losses   (12,316,055)   (16,616,043)   (17,086,957)   2.83%   38.74%     
Total loans, net   191,641,880    174,793,687    180,032,207    3.00%   -6.06%     

 

1.3.Investment Portfolio

 

As of March 31, 2021, Bancolombia’s net investment portfolio totaled COP 27,444 billion, decreasing by 7.1% from the end of 4Q20 and increasing by 45.1% from the end of 1Q20.

 

At the end of 1Q21, the debt securities portfolio had a duration of 19.0 months and a weighted average yield to maturity of 3.6%.

 

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1.4.Goodwill and intangibles

 

As of 1Q21, Bancolombia’s goodwill and intangibles totaled COP 8,013 billion, increasing by 6.7% compared to 4Q20. This variation is explained by the depreciation of the COP against the USD during the quarter.

 

1.5.Funding

 

As of March 31, 2021, Bancolombia’s liabilities totaled COP 228,119 billion, increasing by 0.3% from the end of 4Q20 and decreasing by 7.4% compared to 1Q20.

 

Deposits by customers totaled COP 184,543 billion (or 80.9% of liabilities) at the end of 1Q21, increasing by 2.1% when compared to 4Q20 and increasing by 0.2% over the last 12 months. The net loans to deposits ratio was 97.6% at the end of 1Q21 increasing when compared to 96.7% at the end of 4Q20.

 

Bancolombia’s liquidity position continues to be adequate. During 1Q21 the lower total funding cost reflects the higher share of deposits over the total funding mix.

 

Funding mix                  
COP Million     1Q20       4Q20        1Q21  
Checking accounts     32,711,508       14 %     31,894,229       15 %     34,459,005       16 %
Saving accounts     79,143,787       35 %     86,147,655       40 %     88,511,975       41 %
Time deposits     71,295,810       31 %     61,083,519       29 %     59,848,463       28 %
Other deposits     1,250,377       1 %     3,911,553       2 %     3,349,904       2 %
Long term debt     23,090,151       10 %     19,126,593       9 %     19,816,937       9 %
Loans with banks     20,873,414       9 %     11,964,700       6 %     10,271,006       5 %
Total Funds     228,365,047       100 %     214,128,249       100 %     216,257,290       100 %

 

1.6.Shareholders’ Equity and Regulatory Capital

 

Shareholders’ equity at the end of 1Q21 was COP 27,618 billion, increasing by 4.0% compared to 4Q20 and by 1.6% when compared to 1Q20.

 

Bancolombia's consolidated solvency ratio under Basel III was 14.79% in 1Q21, while the basic capital ratio (Tier 1) was 11.19%. These levels are above the minimum regulatory levels required under the new regulation in Colombia, which provides a period of 4 years to comply with a minimum of 11.5% of total solvency and 6.0% of basic capital.

 

The tangible capital ratio, defined as shareholders’ equity minus goodwill and intangible assets divided by tangible assets, was 7.7% at the end of 1Q21.

 

The annual decrease in risk-weighted assets is mainly explained by the adoption of the new regulation.

 

TECHNICAL CAPITAL RISK WEIGHTED ASSETS                        
Consolidated (COP millions)  1Q20   %   4Q20   %   1Q21   % 
Basic capital (Tier I)   21,424,148    9.07%   20,824,348    11.24%   21,365,742    11.19%
Additional capital (Tier II)   7,914,711    3.35%   6,494,242    3.50%   6,891,518    3.60%
 Technical capital (1)   29,338,859         27,318,590         28,242,651      
 Risk weighted assets including market and operational risk (2)   236,198,851         185,215,575         190,954,243      
 CAPITAL ADEQUACY (3)        12.42%        14.74%        14.79%

 

(1) Technical capital is the sum of basic and additional capital, minus deductions (14,609 million for 1Q21).

(2) Operational risk only applies to 4Q20 and 1Q21 after the adoption of Basel III regulation.

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

 

2.INCOME STATEMENT

 

Net income totaled COP 543 billion in 1Q21, or COP 564.05 per share USD 0.61 per ADR. This profit represents a better result compared to the losses presented in the previous quarter and a growth of 61.5% compared to 1Q20. Bancolombia’s annualized ROE for 1Q21 was 8.0% and 1.8% for the last twelve months.

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2.1.Net Interest Income

 

Net interest income totaled COP 2,825 billion in 1Q21, 26.0% more than the one reported in 4Q20, and 3.0% below the figure of 1Q20.

 

During 1Q21, the investment, interest rate derivatives and repos portfolio generated COP 273 billion, which is 193.8% higher than the value generated in 1Q20 mainly explained by the derivatives book performance during the quarter. Despite an adverse scenario in the capital markets, investments leveraged by derivatives obtained significant income with low capital consumption.

 

Net Interest Margin

 

The annualized net interest margin increased to 5.1% during 1Q21. The annualized net interest margin for investments was 1.7%. The positive result of the first quarter in investments is explained by the execution of strategies on the derivatives portfolio, offsetting the negative results of the public and private debt books, as a result of the devaluation in fixed income globally. The annualized net interest margin of the loan portfolio was 5.7%, increasing when compared to the one reported in 4Q20. This quarterly variation is mainly due to the impact on the valuation of the loan portfolio that was previously under credit reliefs. On an annual basis, the effect of the lower net present value of loans resulting from solutions granted to clients is visible, as well as the impact of the reduction in the reference rates by the Central Bank in Colombia and, the lower income accrued by a greater portion of clients in stage 3 under IFRS 9.

 

Annualized Interest Margin   1Q20   4Q20   1Q21
Loans' Interest margin   6.2%   5.3%   5.7%
Debt investments' margin   0.4%   -3.2%   1.7%
Net interest margin   5.6%   4.0%   5.1%

 

Total funding cost decreased during 1Q21. Saving accounts and checking accounts have increased their share over the total funding mix during the last twelve months. Saving accounts accounted by 35% as of 1Q20, by 1Q21 they represent 41%. Checking accounts represented 14% as of 1Q20 and have increased to 16% as of 1Q21. The annualized average weighted cost of deposits was 1.57% in 1Q21, decreasing by 25 basis points when compared to 4Q20 and by 99 basis points when compared to 1Q20.

 

Average weighted funding cost   1Q20   4Q 20    1Q 21 
Checking accounts   0.00%   0.00%   0.00%
Saving accounts   1.56%   0.83%   0.71%
Time deposits   4.73%   3.92%   3.66%
Total deposits   2.56%   1.82%   1.57%
Long term debt   4.46%   5.06%   5.02%
Loans with banks   2.48%   2.18%   2.10%
Total funding cost   2.75%   2.16%   1.94%

 

2.2.Fees and Income from Services

 

During 1Q21, net fees and income from services totaled COP 799 billion, growing by 0.6% compared to 4Q20, and by 0.3% compared to 1Q20.

 

The better performance in fees during the last quarter confirms a positive trend mainly due to the recovery in transaction levels, despite the seasonality of quarters.

 

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Fees from credit, debit cards and commercial establishments went down by 5.1% compared to 4Q20 and went up by 5.3% compared to 1Q20. Fees from asset management and trust services grew 4.4% compared to 4Q20 and 16.7% compared to 1Q20. Fees from our bancassurance business decreased by 22.3% compared to 4Q20 and by 15.4% with respect to 1Q20.

 

2.3.Other Operating Income

 

Total other operating income was COP 344 billion in 1Q21, decreasing by 56.3% compared to 4Q20 and by 0.3% compared to 1Q20. This quarterly variation is largely explained by a higher net foreign exchange as a result of the restatement of assets and liabilities.

 

Revenues from operating leases totaled COP 207 billion in 1Q21, increasing by 8.9% compared to 4Q20 and increasing by 13.4% compared to those reported in 1Q20. 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 9,023 billion at the end of 1Q21 and represented 4.7% of total gross loans, decreasing when compared to 4Q20, when past due loans represented 4.9% of total gross loans. During the quarter, charge-offs totaled COP 1,165 billion.

 

The coverage, measured by the ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 171.7% at the end of 1Q21, increasing compared to 164.9% at the end of 4Q20. The deterioration of the loan portfolio (new past due loans including charge-offs) was COP 1,051 billion.

 

Provision charges (net of recoveries) totaled COP 1.3 trillion in 1Q21. Provisions during the quarter were mostly explained by the deterioration in customer credit ratings due to COVID-19.

 

Provisions as a percentage of the average gross loans were 2.6% for 1Q21 and 3.7% 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 15,497 billion, or 8.1% of total loans at the end of 1Q21, decreasing when compared to 4Q20.

 

The following tables present key metrics related to asset quality:

 

ASSET QUALITY  As of 
(COP millions)  1Q20   4Q20   1Q21 
Total 30-day past due loans   9,078,907    9,136,694    9,023,381 
Allowance for loan losses (1)   11,343,286    15,070,638    15,496,916 
Past due loans to total loans   4.58%   4.93%   4.72%
Allowances to past due loans   124.94%   164.95%   171.74%
Allowance for loan losses as a percentage of total loans   5.72%   8.13%   8.10%

 

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

 

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PDL Per Category     30 days 
   % Of loan Portfolio   1Q20   4Q20   1Q21 
Commercial loans   64.0%   3.86%   4.45%   4.08%
Consumer loans   21.6%   4.93%   6.12%   6.44%
Mortgage loans   13.8%   7.09%   4.94%   4.60%
Microcredit   0.6%   11.87%   12.79%   13.13%
PDL TOTAL        4.58%   4.93%   4.72%

 

PDL Per Category      90 days 
   % Of loan Portfolio   1Q20   4Q20   1Q21 
Commercial loans   64.0%   3.02%   3.97%   3.64%
Consumer loans   21.6%   2.73%   3.43%   3.80%
Mortgage loans*   13.8%   3.41%   3.42%   3.21%
Microcredit   0.6%   7.90%   9.41%   9.72%
PDL TOTAL        3.04%   3.81%   3.65%

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

 

     4Q20   1Q21   1Q21/4Q20
     Loans    Allowances    %    Loans    Allowances    %    Loans    Allowances 
Stage 1    156,253,029    3,333,073    2.1%   159,644,182    2,937,773    1.8%   2.2%   -11.9%
Stage 2    18,778,668    2,987,987    15.9%   20,928,355    3,762,288    18.0%   11.4%   25.9%
Stage 3    16,378,033    10,294,983    62.9%   16,546,627    10,386,896    62.8%   1.0%   0.9%
Total    191,409,730    16,616,043    8.7%   197,119,164    17,086,957    8.7%   3.0%   2.8%

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 1Q21, operating expenses totaled COP 1,993 billion, decreasing by 4.1% with respect to 4Q20 and by 7.5% with respect to 1Q20.

 

Personnel expenses (salaries, bonus plan payments and compensation) totaled COP 824 billion in 1Q21, which represents an increase of 12.4% compared to 4Q20 and decrease of 10.5% compared to 1Q20.

 

During 1Q21, administrative expenses totaled COP 744 billion, decreasing by 17.4% compared to 4Q20 and by 0.7% as compared to 1Q20.

 

Depreciation and amortization expenses totaled COP 198 billion in 1Q21, decreasing by 12.1% compared to 4Q20 and decreasing by 4.9% compared to 1Q20.

 

As of March 31, 2021, Bancolombia had 30,628 employees, owned 952 branches, 6,096 ATMs, 19,815 banking agents and served more than 18 million customers.

 

2.6.Taxes

 

Income tax for the quarter was COP 206 billion. In the quarter, all operations presented income tax expense, being Colombia the one with the highest share. Such expense was mainly impacted by untaxed dividends from national subsidiaries in Colombia and by tax benefits from investment in fixed assets.

 

7

 

 

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)  1Q20   4Q20   1Q21   1Q21/4Q20   1Q21/1Q20 
ASSETS                         
Gross loans  136,925,149    135,572,248    135,864,009    0.22%   -0.77%
Allowances for loans   9,363,108    (13,054,985)   (13,194,585)   1.07%   -240.92%
Investments   17,977,938    27,143,924    23,969,985    -11.69%   33.33%
Other assets   35,080,308    24,805,307    23,727,457    -4.35%   -32.36%
Total assets   180,620,288    174,466,494    170,366,865    -2.35%   -5.68%
LIABILITIES AND SHAREHOLDERS' EQUITY                         
Deposits   116,410,513    119,256,503    118,627,207    -0.53%   1.90%
Other liabilities   49,433,343    39,294,248    36,038,278    -8.29%   -27.10%
Total liabilities   165,843,857    158,550,751    154,665,485    -2.45%   -6.74%
Shareholders' equity   14,776,431    15,915,743    15,701,380    -1.35%   6.26%
Total liabilities and shareholders' equity   180,620,288    174,466,494    170,366,865    -2.35%   -5.68%
Interest income   3,313,991    2,449,559    2,827,821    15.44%   -14.67%
Interest expense   (1,134,682)   (822,997)   (717,885)   -12.77%   -36.73%
Net interest income   2,179,309    1,626,562    2,109,936    29.72%   -3.18%
Net provisions   (1,128,713)   (1,535,877)   (1,189,488)   -22.55%   5.38%
Fees and income from service, net   517,776    501,730    526,978    5.03%   1.78%
Other operating income   404,274    315,852    425,332    34.66%   5.21%
Total operating expense   (1,486,287)   (1,357,537)   (1,378,242)   1.53%   -7.27%
Profit before tax   523,245    (247,604)   423,422    -271.01%   -19.08%
Income tax   (42,854)   (5,849)   (72,007)   1131.09%   68.03%
Net income   480,391    (253,453)   351,415    -238.65%   -26.85%

 

BANISTMO- PANAMA

 

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT  Quarter   Growth 
(COP million)  1Q20   4Q20   1Q21   1Q21/4Q20   1Q21/1Q20 
ASSETS                         
Gross loans  31,908,019    26,652,103   28,747,061   7.86%  -9.91%
Allowances for loans   (1,310,026)   (1,734,304)   (1,914,474)   10.39%   46.14%
Investments   4,740,305    4,613,723    5,035,001    9.13%   6.22%
Other assets   6,227,366    5,526,993    5,925,638    7.21%   -4.85%
Total assets   41,565,664    35,058,516    37,793,226    7.80%   -9.08%
LIABILITIES AND SHAREHOLDERS' EQUITY                         
Deposits   27,149,497    23,672,878    25,899,241    9.40%   -4.61%
Other liabilities   9,991,534    7,807,214    7,989,688    2.34%   -20.04%
Total liabilities   37,141,031    31,480,091    33,888,929    7.65%   -8.76%
Shareholders' equity   4,424,633    3,578,424    3,904,298    9.11%   -11.76%
Total liabilities and shareholders' equity   41,565,664    35,058,516    37,793,226    7.80%   -9.08%
Interest income   496,305    458,680    470,397    2.55%   -5.22%
Interest expense   (215,803)   (215,256)   (196,798)   -8.57%   -8.81%
Net interest income   280,502    243,424    273,599    12.40%   -2.46%
Net provisions   (116,987)   (416,770)   (50,814)   -87.81%   -56.56%
Fees and income from service, net   51,290    47,847    41,767    -12.71%   -18.57%
Other operating income   2,756    13,930    7,198    -48.33%   161.17%
Total operating expense   (169,721)   (197,102)   (156,144)   -20.78%   -8.00%
Profit before tax   47,840    (308,671)   115,606    -137.45%   141.65%
Income tax   (2,564)   89,506    (17,719)   -119.80%   591.14%
Net income   45,276    (219,165)   97,887    -144.66%   116.20%

 

 

8

 

 

BANCO AGRÍCOLA- EL SALVADOR

 

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT  Quarter   Growth 
(COP million)  1Q20   4Q20   1Q21   1Q21/4Q20   1Q21/1Q20 
ASSETS                         
Gross loans  14,651,706    11,663,275    12,705,065    8.93%   -13.29%
Allowances for loans   (566,535)   (727,748)   (838,398)   15.20%   47.99%
Investments   1,392,973    2,869,631    3,489,201    21.59%   150.49%
Other assets   6,026,577    4,145,988    4,064,981    -1.95%   -32.55%
Total assets   21,504,721    17,951,146    19,420,849    8.19%   -9.69%
LIABILITIES AND SHAREHOLDERS' EQUITY                         
Deposits   16,115,572    13,878,209    14,970,223    7.87%   -7.11%
Other liabilities   3,399,020    2,266,166    2,414,098    6.53%   -28.98%
Total liabilities   19,514,591    16,144,374    17,384,321    7.68%   -10.92%
Shareholders' equity   1,990,129    1,806,771    2,036,528    12.72%   2.33%
Total liabilities and shareholders' equity   21,504,721    17,951,146    19,420,849    8.19%   -9.69%
Interest income   293,919    287,408    286,994    -0.14%   -2.36%
Interest expense   (78,703)   (66,100)   (60,657)   -8.24%   -22.93%
Net interest income   215,216    221,307    226,337    2.27%   5.17%
Net provisions   (1,140)   (1,285)   (1,647)   28.15%   44.42%
Fees and income from service, net   45,557    133,693    43,359    -67.57%   -4.83%
Other operating income   3,338    4,747    (627)   -113.21%   -118.78%
Total operating expense   (126,417)   (123,824)   (114,790)   -7.30%   -9.20%
Profit before tax   101,425    33,701    128,410    281.02%   26.61%
Income tax   (36,510)   (12,727)   (30,119)   136.65%   -17.50%
Net income   64,915    20,974    98,291    368.63%   51.42%

 

GRUPO AGROMERCANTIL HOLDING – GUATEMALA

 

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT  Quarter   Growth 
(COP million)  1Q20   4Q20   1Q21   1Q21/4Q20   1Q21/1Q20 
ASSETS                         
Gross loans  14,812,948    12,314,524    13,754,350    11.69%   -7.15%
Allowances for loans   (890,059)   (900,125)   (918,404)   2.03%   3.18%
Investments   1,574,785    1,899,426    1,786,835    -5.93%   13.47%
Other assets   3,626,953    2,990,269    2,901,249    -2.98%   -20.01%
Total assets   19,124,627    16,304,094    17,524,029    7.48%   -8.37%
LIABILITIES AND SHAREHOLDERS' EQUITY                         
Deposits   13,650,619    12,514,295    13,348,299    6.66%   -2.21%
Other liabilities   3,995,014    2,538,090    2,713,936    6.93%   -32.07%
Total liabilities   17,645,634    15,052,385    16,062,235    6.71%   -8.97%
Non-controlling interest   19,986    21,095    19,949    -5.43%   -0.18%
Shareholders' equity   1,459,007    1,230,614    1,441,844    17.16%   -1.18%
Total liabilities and shareholders' equity   19,124,627    16,304,094    17,524,029    7.48%   -8.37%
Interest income   270,430    235,649    290,138    23.12%   7.29%
Interest expense   (116,998)   (116,590)   (101,869)   -12.63%   -12.93%
Net interest income   153,432    119,060    188,269    58.13%   22.71%
Net provisions   (62,314)   86,919    8,506    -90.21%   -113.65%
Fees and income from service, net   36,198    34,751    29,309    -15.66%   -19.03%
Other operating income   17,768    21,301    21,483    0.85%   20.91%
Total operating expense   (129,366)   (169,219)   (110,244)   -34.85%   -14.78%
Profit before tax   15,719    92,812    137,322    47.96%   773.60%
Income tax   (10,153)   (25,489)   (35,503)   39.28%   249.69%
Net income before non-controlling interest   5,566    67,322    101,820    51.24%   1729.15%
Non-controlling interest   (1,276)   (1,219)   (1,204)   -1.22%   -5.61%
Net income   4,291    66,103    100,616    52.21%   2245.03%

 

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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 18 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.), International banking 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 Daniel Raad (IR Director) / Luis Germán Pelaez / Santiago López / Lina Michelle Alvarado 
Website: http://www.grupobancolombia.com/wps/portal/about-us/corporate-information/investor-relations/

 

10

 

 

 

           Growth         
BALANCE SHEET
(COP million)
  Mar-20   dec-20   Mar-21   mar-21 / dec-20   mar-21 / mar-20   % of Assets   % of Liabilities 
ASSETS                                   
Cash and balances at central bank   27,213,050    20,185,074    16,754,365    -17.00%   -38.43%   6.51%     
Interbank borrowings   4,107,961    3,193,915    1,960,120    -38.63%   -52.28%   0.76%     
Reverse repurchase agreements and other similar secured lend   1,952,895    322,160    2,684,636    733.32%   37.47%   1.04%     
Financial assets investment   18,918,763    29,553,003    27,443,624    -7.14%   45.06%   10.66%     
Derivative financial instruments   6,731,446    2,800,719    2,479,202    -11.48%   -63.17%   0.96%     
Loans and advances to customers   203,957,935    191,409,730    197,119,164    2.99%   -3.35%   76.60%     
Allowance for loan and lease losses   (12,316,055)   (16,616,043)   (17,086,957)   2.83%   38.74%   -6.64%     
Investment in associates and joint ventures   2,334,034    2,506,315    2,555,115    1.95%   9.47%   0.99%     
Goodwill and Intangible assets, net   8,856,352    7,507,321    8,012,936    6.73%   -9.52%   3.11%     
Premises and equipment, net   4,002,305    4,302,304    4,354,737    1.22%   8.81%   1.69%     
Investment property   2,002,691    2,839,350    2,784,457    -1.93%   39.04%   1.08%     
Right of use assets   1,890,963    1,661,015    1,685,327    1.46%   -10.87%   0.65%     
Prepayments   433,880    376,608    442,452    17.48%   1.98%   0.17%     
Tax receivables   1,078,251    1,204,529    1,449,170    20.31%   34.40%   0.56%     
Deferred tax   502,880    675,295    710,210    5.17%   41.23%   0.28%     
Assets held for sale and inventories   550,040    509,145    518,252    1.79%   -5.78%   0.20%     
Other assets   3,544,629    3,138,065    3,458,353    10.21%   -2.43%   1.34%     
Total assets   275,762,020    255,568,505    257,325,163    0.69%   -6.69%   100.00%     
LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit by customers   184,215,627    180,820,793    184,542,606    2.06%   0.18%   71.72%   80.90%
Interbank Deposits   1,681,287    762,574    757,744    -0.63%   -54.93%   0.29%   0.33%
Derivative financial instrument   4,747,806    2,381,326    1,871,585    -21.41%   -60.58%   0.73%   0.82%
Borrowings from other financial institutions   19,192,127    11,202,126    9,513,262    -15.08%   -50.43%   3.70%   4.17%
Debt securities in issue   23,090,151    19,126,593    19,816,937    3.61%   -14.18%   7.70%   8.69%
Lease liability   2,025,310    1,818,358    1,816,646    -0.09%   -10.30%   0.71%   0.80%
Preferred shares   541,340    584,204    541,340    -7.34%   0.00%   0.21%   0.24%
Repurchase agreements and other similar secured borrowing   185,855    2,216,163    1,626,741    -26.60%   775.27%   0.63%   0.71%
Current tax   518,351    296,404    504,584    70.24%   -2.66%   0.20%   0.22%
Deferred tax   1,431,240    1,056,094    814,004    -22.92%   -43.13%   0.32%   0.36%
Employees benefit plans   813,001    823,945    835,468    1.40%   2.76%   0.32%   0.37%
Other liabilities   8,036,488    6,364,712    5,478,146    -13.93%   -31.83%   2.13%   2.40%
Total liabilities   246,478,583    227,453,292    228,119,063    0.29%   -7.45%   88.65%   100.00%
SHAREHOLDERS' EQUITY                                   
Share Capital   480,914    480,914    480,914    0.00%   0.00%   0.19%     
Additional paid-in-capital   4,857,454    4,857,454    4,857,454    0.00%   0.00%   1.89%     
Appropriated reserves   11,286,956    13,830,604    14,642,668    5.87%   29.73%   5.69%     
Retained earnings   5,744,491    4,187,243    3,740,262    -10.67%   -34.89%   1.45%     
Accumulated other comprehensive income, net of tax   4,820,236    3,189,014    3,897,004    22.20%   -19.15%   1.51%     
Stockholders’ equity attributable to the owners of the parent company   27,190,051    26,545,229    27,618,302    4.04%   1.58%   10.73%     
Non-controlling interest   2,093,386    1,569,984    1,587,798    1.13%   -24.15%   0.62%     
Total liabilities and equity   275,762,020    255,568,505    257,325,163    0.69%   -6.69%   100.00%     

 

 

11

 

 

 

  As of   Growth               Growth 
INCOME STATEMENT
(COP million)
  Mar-20   Mar-21   mar-21 / mar-20   1Q20   4Q 20   1Q 21   1Q 21 / 4Q20   1Q 21 /
1Q 20
 
Interest income and expenses                                        
Interest on loans and financial leases                                        
Commercial   1,810,797    1,406,125    -22.35%   1,810,797    1,462,897    1,406,125    -3.88%   -22.35%
Consumer   1,478,946    1,276,139    -13.71%   1,478,946    1,280,486    1,276,139    -0.34%   -13.71%
Small business loans   38,042    31,619    -16.88%   38,042    29,976    31,619    5.48%   -16.88%
Mortgage   508,069    532,952    4.90%   508,069    415,533    532,952    28.26%   4.90%
Leasing   496,314    396,752    -20.06%   496,314    405,977    396,752    -2.27%   -20.06%
Interest income on loans and financial leases   4,332,168    3,643,587    -15.89%   4,332,168    3,594,869    3,643,587    1.36%   -15.89%
Interest income on overnight and market funds   15,502    2,457    -84.15%   15,502    3,553    2,457    -30.85%   -84.15%
Interest and valuation on Investment                                        
Debt investments, net   46,014    77,180    67.73%   46,014    81,961    77,180    -5.83%   67.73%
Net gains from investment activities at fair value through income statement                                        
Debt investments   74,816    73,154    -2.22%   74,816    (151,957)   73,154    -148.14%   -2.22%
Derivatives   (28,792)   115,863    -502.41%   (28,792)   (51,144)   115,863    -326.54%   -502.41%
Repos   (6,710)   5,340    -179.58%   (6,710)   (10,169)   5,340    -152.51%   -179.58%
Others   7,557    1,321    -82.52%   7,557    15,054    1,321    -91.22%   -82.52%
Total Net gains from investment activities at fair value through profit and loss   46,871    195,678    317.48%   46,871    (198,216)   195,678    -198.72%   317.48%
Total Interest and valuation on investments   92,885    272,858    193.76%   92,885    (116,255)   272,858    -334.71%   193.76%
Total interest and valuation   4,440,555    3,918,902    -11.75%   4,440,555    3,482,167    3,918,902    12.54%   -11.75%
Interest expense                                        
Borrowing costs   (136,092)   (80,095)   -41.15%   (136,092)   (96,844)   (80,095)   -17.29%   -41.15%
Overnight funds   (3,609)   (460)   -87.25%   (3,609)   (759)   (460)   -39.39%   -87.25%
Debt securities in issue   (239,952)   (244,518)   1.90%   (239,952)   (254,810)   (244,518)   -4.04%   1.90%
Deposits   (1,098,935)   (725,121)   -34.02%   (1,098,935)   (839,687)   (725,121)   -13.64%   -34.02%
Preferred Shares Dividends   (14,837)   (14,837)   0.00%   (14,837)   (14,726)   (14,837)   0.75%   0.00%
Interest right of use assets   (29,963)   (25,049)   -16.40%   (29,963)   (28,970)   (25,049)   -13.53%   -16.40%
Other interest (expense)   (4,706)   (3,465)   -26.37%   (4,706)   (3,725)   (3,465)   -6.98%   -26.37%
Total interest expenses   (1,528,094)   (1,093,545)   -28.44%   (1,528,094)   (1,239,521)   (1,093,545)   -11.78%   -28.44%
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments   2,912,461    2,825,357    -2.99%   2,912,461    2,242,646    2,825,357    25.98%   -2.99%

 

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Credit impairment charges on loans and advance and financial leases   (1,466,923)   (1,413,843)   -3.62%   (1,466,923)   (2,133,254)   (1,413,843)   -33.72%   -3.62%
Recovery of charged-off loans   94,301    116,453    23.49%   94,301    184,689    116,453    -36.95%   23.49%
Credit impairment charges on off balance sheet credit instruments   (1,648)   725    -143.99%   (1,648)   (68,795)   725    -101.05%   -143.99%
Credit impairment charges/recovery on investments   (7,380)   15,105    -304.67%   (7,380)   (8,919)   15,105    -269.36%   -304.67%
Total credit impairment charges, net   (1,381,650)   (1,281,560)   -7.24%   (1,381,650)   (2,026,279)   (1,281,560)   -36.75%   -7.24%
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments   1,530,811    1,543,797    0.85%   1,530,811    216,367    1,543,797    613.51%   0.85%
Fees and commission income                                        
Banking services   154,683    164,202    6.15%   154,683    160,610    164,202    2.24%   6.15%
Credit and debit card fees and commercial establishments   478,106    503,321    5.27%   478,106    530,272    503,321    -5.08%   5.27%
Brokerage   6,619    7,525    13.69%   6,619    7,019    7,525    7.21%   13.69%
Acceptances and Guarantees   14,884    15,953    7.18%   14,884    15,183    15,953    5.07%   7.18%
Trust and Securities   111,711    130,337    16.67%   111,711    124,796    130,337    4.44%   16.67%
Investment banking   22,783    7,069    -68.97%   22,783    18,553    7,069    -61.90%   -68.97%
Bancassurance   172,697    146,075    -15.42%   172,697    187,904    146,075    -22.26%   -15.42%
Payments and Collections   149,446    167,515    12.09%   149,446    174,752    167,515    -4.14%   12.09%
Other   62,700    67,302    7.34%   62,700    66,211    67,302    1.65%   7.34%
Fees and commission income   1,173,629    1,209,299    3.04%   1,173,629    1,285,300    1,209,299    -5.91%   3.04%
Fees and comission expenses                                        
Banking services   (183,053)   (162,347)   -11.31%   (183,053)   (129,029)   (162,347)   25.82%   -11.31%
Other   (194,647)   (248,259)   27.54%   (194,647)   (362,444)   (248,259)   -31.50%   27.54%
Fees and commission expenses   (377,700)   (410,606)   8.71%   (377,700)   (491,473)   (410,606)   -16.45%   8.71%
Total fees and comissions, net   795,929    798,693    0.35%   795,929    793,827    798,693    0.61%   0.35%
Other operating income                                        
Derivatives FX contracts   1,536,289    179,015    -88.35%   1,536,289    (308,131)   179,015    -158.10%   -88.35%
Net foreign exchange   (1,509,236)   (194,007)   -87.15%   (1,509,236)   669,701    (194,007)   -128.97%   -87.15%
Hedging   (259)   (1,455)   461.78%   (259)   (1,479)   (1,455)   -1.62%   461.78%
Operating leases   182,379    206,740    13.36%   182,379    189,841    206,740    8.90%   13.36%
Gains (or losses) on sale of assets   25,808    26,183    1.45%   25,808    16,238    26,183    61.25%   1.45%
Other reversals   1,471    1,283    -12.78%   1,471    922    1,283    39.15%   -12.78%
Others   108,048    125,848    16.47%   108,048    219,819    125,848    -42.75%   16.47%
Total other operating income   344,500    343,607    -0.26%   344,500    786,911    343,607    -56.33%   -0.26%
Dividends received, and share of profits of equity method investees                                        
Dividends   3,382    17,357    413.22%   3,382    6,541    17,357    165.36%   413.22%
Equity investments   (27,501)   2,337    -108.50%   (27,501)   (6,676)   2,337    -135.01%   -108.50%
Equity method   (14,427)   58,950    -508.61%   (14,427)   51,951    58,950    13.47%   -508.61%
Others   4,493    -    -100.00%   4,493    (4,399)   -    -100.00%   -100.00%
Total dividends received, and share of profits of equity method investees   (34,053)   78,644    -330.95%   (34,053)   47,417    78,644    65.86%   -330.95%
Total operating income, net   2,637,187    2,764,741    4.84%   2,637,187    1,844,522    2,764,741    49.89%   4.84%

 

 

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INCOME STATEMENT  As of   Growth               Growth 
(COP million)  Mar-20   Mar-21   mar-21 / mar-20   1Q20   4Q 20   1Q 21   1Q 21 / 4Q20   1Q 21 / 1Q 20 
Operating expenses                                        
Salaries and employee benefits   (776,448)   (733,889)   -5.48%   (776,448)   (705,791)   (733,889)   3.98%   -5.48%
Bonuses   (144,585)   (90,450)   -37.44%   (144,585)   (27,722)   (90,450)   226.28%   -37.44%
Other administrative and general expenses   (749,551)   (744,492)   -0.67%   (749,551)   (901,201)   (744,492)   -17.39%   -0.67%
Tax contributions and other tax burden   (221,813)   (177,183)   -20.12%   (221,813)   (162,194)   (177,183)   9.24%   -20.12%
Impairment, depreciation and amortization   (208,474)   (198,341)   -4.86%   (208,474)   (225,579)   (198,341)   -12.07%   -4.86%
Other expenses   (53,643)   (48,539)   -9.51%   (53,643)   (54,719)   (48,539)   -11.29%   -9.51%
Total operating expenses   (2,154,514)   (1,992,894)   -7.50%   (2,154,514)   (2,077,206)   (1,992,894)   -4.06%   -7.50%
Profit before tax   482,673    771,847    59.91%   482,673    (232,684)   771,847    -431.71%   59.91%
Income tax   (116,651)   (206,448)   76.98%   (116,651)   (16,349)   (206,448)   1162.76%   76.98%
Profit for the year from continuing operations   366,022    565,399    54.47%   366,022    (249,033)   565,399    -327.04%   54.47%
Non-controlling interest   (30,138)   (22,883)   -24.07%   (30,138)   (17,199)   (22,883)   33.05%   -24.07%
Net income attributable to equity holders of the Parent Company   335,884    542,516    61.52%   335,884    (266,232)   542,516    -303.78%   61.52%

 

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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:  May 4, 2021 By: /s/  JOSE HUMBERTO ACOSTA MARTIN. 
    Name:   Jose Humberto Acosta Martin.
    Title:     Vice President of Finance
   

 

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