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 October, 2017
Commission 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 CONSOLIDATED NET INCOME OF COP 451 BILLION FOR THE THIRD QUARTER OF 2017 WHICH REPRESENTS
A DECREASE OF 31% COMPARED TO 2Q17 AND A DECREASE OF 25% COMPARED TO 3Q16.
|
·
|
Net interest income was COP 2.55 trillion
for 3Q17, growing 2.1% when compared to 3Q16.
This growth is explained by higher volumes of peso-denominated loans and the
year-on-year increase in net interest margin. Net interest income decreased 3.1% during the quarter.
|
|
·
|
Net fees were COP 607 billion and increased
by 2.7% compared to 3Q16.
This growth was mainly driven by an increase in fees related to credit and debit cards, banking services,
as well as trust services. Net fees decreased by 1.4% during the quarter.
|
|
·
|
The annualized net interest margin
for the quarter was 5.8%.
The margin decreased 33 basis point when compared to 3Q16 and decreased 31 basis points compared
with the margin for 2Q17. The cuts in the reference rate by the Central Bank as well as a lower yield on portfolio investments
pressured the net interest margin during the quarter.
|
|
·
|
Gross loans grew 6.5% when compared
to 3Q16 and 0.1% during the quarter.
This growth shows moderation in the credit demand in Colombia. Peso-denominated loans
grew 10.2% when compared to 3Q16.
|
|
·
|
Provision charges for the quarter were
COP 967 billion and the coverage ratio for 90-day past due loans was 161%.
These provisions aim to maintain a solid coverage
ratio amid a challenging environment, as new past due loans totaled COP 912 billion for the quarter.
|
|
·
|
Tier 1 ratio was 10.3% at September
30, 2017 and increased 123 basis points when compared to September 30, 2016.
The capital adequacy ratio was 13.4%.
|
October 26, 2017. Medellin, Colombia
– Today, BANCOLOMBIA S.A. (“Bancolombia” or “the Bank”) announced its earnings results for the third
quarter of 2017
1
. For the quarter ended on September 30, 2017 (“3Q17”), Bancolombia reported consolidated
net income of COP 451 billion, or COP 468.70 per share - USD 0.64 per ADR. This net income represents a 31% decrease compared to
the quarter ended on June 30, 2017 (“2Q17”) and a decrease of 25% compared to the quarter ended on September 30, 2016
(“3Q16”).
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, 2017 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, 2017 $2,936.67 = US$ 1
BANCOLOMBIA: Summary of consolidated
financial quarterly results
CONSOLIDATED
BALANCE SHEET
|
|
|
|
AND
INCOME STATEMENT
|
Quarter
|
Growth
|
(COP
million)
|
3Q16
|
2Q17
|
3Q17
|
3Q17/2Q17
|
3Q17/3Q16
|
ASSETS
|
|
|
|
|
|
Net
Loans
|
142,554,723
|
150,747,014
|
150,576,426
|
-0.11%
|
5.63%
|
Investments
|
13,123,822
|
15,273,122
|
16,664,585
|
9.11%
|
26.98%
|
Other
assets
|
35,467,695
|
37,684,231
|
36,851,865
|
-2.21%
|
3.90%
|
Total
assets
|
191,146,240
|
203,704,367
|
204,092,876
|
0.19%
|
6.77%
|
|
|
|
|
|
|
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Deposits
|
118,173,035
|
128,476,933
|
127,891,132
|
-0.46%
|
8.22%
|
Other
liabilities
|
51,943,819
|
52,144,322
|
52,840,013
|
1.33%
|
1.73%
|
Total
liabilities
|
170,116,854
|
180,621,255
|
180,731,145
|
0.06%
|
6.24%
|
Non-controlling
interest
|
1,134,566
|
1,252,130
|
1,244,883
|
-0.58%
|
9.72%
|
Shareholders'
equity
|
19,894,820
|
21,830,982
|
22,116,848
|
1.31%
|
11.17%
|
Total
liabilities and shareholders' equity
|
191,146,240
|
203,704,367
|
204,092,876
|
0.19%
|
6.77%
|
|
|
|
|
|
|
Interest
income
|
4,093,446
|
4,227,227
|
4,103,889
|
-2.92%
|
0.26%
|
Interest
expense
|
(1,592,914)
|
(1,593,836)
|
(1,551,894)
|
-2.63%
|
-2.58%
|
Net
interest income
|
2,500,532
|
2,633,391
|
2,551,995
|
-3.09%
|
2.06%
|
Net
provisions
|
(791,399)
|
(789,735)
|
(967,284)
|
22.48%
|
22.22%
|
Fees
and income from service, net
|
590,871
|
615,215
|
606,512
|
-1.41%
|
2.65%
|
Other
operating income
|
311,190
|
367,191
|
353,391
|
-3.76%
|
13.56%
|
Total
Dividends received and equity method
|
62,854
|
21,105
|
36,916
|
74.92%
|
-41.27%
|
Total
operating expense
|
(1,647,567)
|
(1,880,723)
|
(1,868,169)
|
-0.67%
|
13.39%
|
Profit
before tax
|
1,026,481
|
966,444
|
713,361
|
-26.19%
|
-30.50%
|
Income
tax
|
(388,950)
|
(281,050)
|
(245,307)
|
-12.72%
|
-36.93%
|
Net
income before non-controlling interest
|
637,531
|
685,394
|
468,054
|
-31.71%
|
-26.58%
|
Non-controlling
interest
|
(26,349)
|
(31,855)
|
(17,248)
|
-45.85%
|
-34.54%
|
Net
income before Descontinued Operations
|
611,182
|
653,539
|
450,806
|
-31.02%
|
-26.24%
|
Discontinued
Operations Net Income
|
(7,258)
|
-
|
-
|
0.00%
|
-100.00%
|
Net
income
|
603,924
|
653,539
|
450,806
|
-31.02%
|
-25.35%
|
|
|
|
|
|
|
PRINCIPAL
RATIOS
|
|
Quarter
|
|
As
of
|
|
3Q16
|
2Q17
|
3Q17
|
3Q16
|
3Q17
|
PROFITABILITY
|
|
|
|
|
|
Net
interest margin (1) from continuing operations
|
6.18%
|
6.16%
|
5.84%
|
5.96%
|
6.10%
|
Return
on average total assets (2) from continuing operations
|
1.29%
|
1.31%
|
0.89%
|
1.21%
|
1.15%
|
Return
on average shareholders´ equity (3)
|
12.43%
|
12.29%
|
8.22%
|
11.85%
|
10.61%
|
EFFICIENCY
|
|
|
|
|
|
Operating
expenses to net operating income
|
47.54%
|
51.71%
|
52.64%
|
49.95%
|
51.84%
|
Operating
expenses to average total assets
|
3.48%
|
3.77%
|
3.67%
|
3.54%
|
3.75%
|
Operating
expenses to productive assets
|
4.07%
|
4.40%
|
4.28%
|
4.17%
|
4.39%
|
CAPITAL
ADEQUACY
|
|
|
|
|
|
Shareholders'
equity to total assets
|
10.41%
|
10.72%
|
10.84%
|
10.41%
|
10.84%
|
Technical
capital to risk weighted assets
|
13.47%
|
14.34%
|
13.42%
|
13.47%
|
13.42%
|
KEY
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
Net
income per ADS from continuing operations
|
0.88
|
0.89
|
0.64
|
2.49
|
2.43
|
Net
income per share $COP from continuing operations
|
635.44
|
679.48
|
468.70
|
1,795.19
|
1,781.09
|
P/BV
ADS (4)
|
1.36
|
1.50
|
1.46
|
1.36
|
1.46
|
P/BV
Local (5) (6)
|
1.26
|
1.40
|
1.42
|
1.26
|
1.42
|
P/E
(7) from continuing operations
|
10.64
|
12.07
|
17.68
|
11.30
|
13.96
|
ADR
price
|
39.04
|
44.55
|
45.79
|
39.04
|
45.79
|
Common
share price (8)
|
26,100
|
31,780
|
32,740
|
26,100
|
32,740
|
Weighted
average of Preferred Shares outstanding
|
961,827,000
|
961,827,000
|
961,827,000
|
961,827,000
|
961,827,000
|
USD
exchange rate (quarter end)
|
2,880.08
|
3,050.43
|
2,936.67
|
2,880.08
|
2,936.67
|
(1) Defined as net interest income divided
by monthly average interest-earning assets. (2) Net income divided by monthly average assets. (3) Net income divided by monthly
average shareholders' equity. (4) Defined as ADS price divided by ADS book value. (5) Defined as share price divided by share book
value. (6) Share prices on the Colombian Stock Exchange. (7) Defined as market capitalization divided by annualized quarter results.
(8) Prices at the end of the respective quarter.
As of September 30, 2017, Bancolombia’s
assets totaled COP 204,093 billion, which represents an increase of 0.2% compared to 2Q17 and of 6.8% compared to 3Q16.
During the quarter, the COP appreciated
3.73% versus the USD and over the past 12 months, it depreciated 1.96%.
The increase in total assets during
the quarter is largely explained by the growth in the loan portfolio and interbank borrowings.
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 = 2936,67 COP)
|
3Q17
|
3Q17/2Q17
|
3Q17
|
3Q17/2Q17
|
3Q17
|
3Q17/2Q17
|
3Q17
|
3Q17/2Q17
|
Commercial
loans
|
72,804,138
|
1.77%
|
37,733,800
|
-4.43%
|
12,849,180
|
-0.73%
|
110,537,937
|
-0.43%
|
Consumer
loans
|
17,715,542
|
5.62%
|
8,789,804
|
-3.20%
|
2,993,119
|
0.55%
|
26,505,346
|
2.52%
|
Mortgage
loans
|
11,393,974
|
2.86%
|
8,893,570
|
-3.30%
|
3,028,454
|
0.44%
|
20,287,544
|
0.07%
|
Small
business loans
|
653,370
|
0.28%
|
425,066
|
-2.86%
|
144,744
|
0.90%
|
1,078,436
|
-0.98%
|
Gross
loans
|
102,567,024
|
2.53%
|
55,842,239
|
-4.04%
|
19,015,497
|
-0.33%
|
158,409,263
|
0.11%
|
The quarter 3Q17 shows an increase
in gross loans of 0.11% when compared to 2Q17. Peso-denominated loans grew 10.2% and the dollar-denominated loans decreased 1.5%,
compared to 3Q16. In comparison with 3Q16, total gross loans grew 6.5%.
As of September 30, 2017, our operations
in Banco Agricola in El Salvador, Banistmo in Panama and BAM in Guatemala, represented 25% of total gross loans.
Gross loans denominated in currencies
other than COP, originated by our operations in Central America and the offshore operation of Bancolombia Panama as well as the
USD denominated loans in Colombia, accounted for 35% and decreased 4.0% during 3Q17 (when expressed in COP), explained mainly by
the reduction of the loan portfolio in dollars.
Total reserves (allowances in the
balance sheet) for loan losses increased by 4.6% during the quarter and totaled COP 7,833 billion, equivalent to 4.9% of gross
loans at the end of the quarter.
For further explanation regarding
coverage of the loan portfolio and credit quality trends, (see section 2.4. Asset Quality, Provision Charges and Balance Sheet
Strength).
The following table summarizes
Bancolombia’s total loan portfolio:
LOAN PORTFOLIO
|
|
|
|
|
|
% of total loans
|
(COP million)
|
3Q16
|
2Q17
|
3Q17
|
3Q17/2Q17
|
3Q17/3Q16
|
Commercial
|
105,552,675
|
111,015,493
|
110,537,937
|
-0.43%
|
4.72%
|
69.78%
|
Consumer
|
22,576,659
|
25,853,481
|
26,505,346
|
2.52%
|
17.40%
|
16.73%
|
Mortgage
|
19,548,639
|
20,274,141
|
20,287,544
|
0.07%
|
3.78%
|
12.81%
|
Microcredit
|
1,043,099
|
1,089,093
|
1,078,436
|
-0.98%
|
3.39%
|
0.68%
|
Interests received in advance
|
(21,560)
|
-
|
-
|
0.00%
|
-100.00%
|
0.00%
|
Total loan portfolio
|
148,699,512
|
158,232,208
|
158,409,263
|
0.11%
|
6.53%
|
100.00%
|
Allowance for loan losses
|
(6,144,789)
|
(7,485,194)
|
(7,832,837)
|
4.64%
|
27.47%
|
|
Total loans, net
|
142,554,723
|
150,747,014
|
150,576,426
|
-0.11%
|
5.63%
|
|
|
1.3.
|
Investment Portfolio
|
As of September 30, 2017, Bancolombia’s
net investment portfolio totaled COP 16,665 billion, increasing 9.1% from the end of 2Q17 and 27.0% from the end of 3Q16. The investment
portfolio consists primarily of debt securities, which represent 70.7% of Bancolombia’s total investments and 5.8% of assets
at the end of 3Q17.
At the end of 3Q17, the debt securities
portfolio had a duration of 20.1 months and a weighted average yield to maturity of 5.78%.
|
1.4.
|
Goodwill and intangibles
|
As of 3Q17, Bancolombia’s
goodwill and intangibles totaled COP 6,526 billion, decreasing 3.7% compared to 2Q17. This variation is explained by the appreciation
of the COP against the USD during the quarter.
As of September 30, 2017, Bancolombia’s
liabilities totaled COP 180,731 billion, increasing 0.1% from the end of 2Q17 and 6.2% compared to 3Q16.
Deposits by customers totaled COP
127,891 billion (or 70.8% of liabilities) at the end of 3Q17, decreasing 0.5% during the quarter and increasing 8.2% over the last
12 months. The net loans to deposits ratio was 118% at the end of 3Q17.
Bancolombia’s funding strategy
during the last months has been to reduce the average life of time deposits and promote saving and checking accounts in the consumer
segment in order to keep the funding cost at a minimum. The objective is to build and maintain ample liquidity and reduce the sensitivity
of the balance sheet to cuts in interest rates.
Funding mix
|
3Q16
|
2Q17
|
3Q17
|
COP Million
|
|
|
|
|
|
Checking accounts
|
19,931,491
|
13%
|
20,212,416
|
12%
|
20,232,549
|
12%
|
Saving accounts
|
44,887,650
|
28%
|
50,142,758
|
30%
|
51,418,374
|
30%
|
Time deposits
|
52,178,341
|
33%
|
56,974,773
|
34%
|
55,100,729
|
33%
|
Other deposits
|
3,053,935
|
2%
|
5,664,360
|
3%
|
5,358,634
|
3%
|
Long term debt
|
17,732,263
|
11%
|
18,298,359
|
11%
|
19,365,423
|
11%
|
Loans with banks
|
20,220,384
|
13%
|
18,523,104
|
11%
|
17,935,827
|
11%
|
Total Funds
|
158,004,064
|
100%
|
169,815,770
|
100%
|
169,411,536
|
100%
|
|
1.6.
|
Shareholders’ Equity and Regulatory Capital
|
Shareholders’ equity at the
end of 3Q17 was COP 22,117 billion, increasing 1.3% or COP 286 billion, compared to the value reported at the end of 2Q17. This
increase is explained by the earnings generated during the quarter.
Bancolombia’s capital adequacy
ratio was 13.42% in 3Q17.
Bancolombia’s capital adequacy
ratio was 442 basis points above the minimum 9% required by the Colombian regulator, while the basic capital ratio (Tier 1) to
risk weighted assets was 10.28%, 578 basis points above the regulatory minimum of 4.5%. The tangible capital ratio, defined as
shareholders’ equity minus goodwill and intangible assets divided by tangible assets, was 7.72% at the end of 3Q17.
In the last months, Bancolombia has
generated capital organically due to the appropriation of earnings in March 2017 and to the efficient allocation of capital in
different products, at the same time Bancolombia has reduced the VaR consumption across several segments. The annual increase in
the RWA is mainly explained by the growth in the loan portfolio.
TECHNICAL CAPITAL RISK WEIGHTED ASSETS
|
|
|
|
|
|
|
Consolidated (COP millions)
|
3Q16
|
%
|
2Q17
|
%
|
3Q17
|
%
|
Basic capital (Tier I)
|
15,007,177
|
9.05%
|
18,110,213
|
10.40%
|
17,897,207
|
10.28%
|
Additional capital (Tier II)
|
7,331,326
|
4.42%
|
6,864,575
|
3.94%
|
5,474,092
|
3.14%
|
Technical capital
(1)
|
22,338,504
|
|
24,974,788
|
|
23,371,299
|
|
Risk weighted assets including market risk
|
165,869,856
|
|
174,199,865
|
|
174,129,964
|
|
CAPITAL ADEQUACY
(2)
|
|
13.47%
|
|
14.34%
|
|
13.42%
|
(1)
Technical capital is the sum of basic and additional capital.
(2)
Capital adequacy is technical capital divided by risk-weighted assets.
Net income totaled COP 451 billion
in 3Q17, or COP 468.7 per share - USD 0.64 per ADR. This net income represents a decrease of 31% compared to 2Q17 and a decrease
of 25% compared to 3Q16. Bancolombia’s annualized ROE for 3Q17 was 8.2%.
Net interest income totaled COP
2,552 billion in 3Q17, 3.1% less than that reported in 2Q17, and 2.1% higher than the figure for 3Q16. During the quarter, the
Net Interest Income dropped as a consequence of the re-pricing on loans, explained by the cuts in the reference rate of 50 basis
points by the Central Bank during the quarter that pressured the Net interest Margin and offset the impact of loan growth on our
net interest income.
During 3Q17, the investment, interest
rate derivatives and repos portfolio generated COP 140 billion, lower by 18.8% from 2Q17.
Net Interest Margin
The annualized net interest margin
decreased to 5.8% in 3Q17. The annualized net interest margin for investments was 0.9%, and the annualized net interest margin
of the loan portfolio was 6.3%, decreasing as compared to 2Q17.
Despite higher volumes in the peso-denominated
loan portfolio, the cuts in the reference rate by the Central Bank pressured the loans interest margin, generating a contraction
of 20 basis points, during the quarter.
Annualized Interest
|
|
|
|
Margin
|
3Q16
|
2Q17
|
3Q17
|
Loans' Interest margin
|
6.4%
|
6.5%
|
6.3%
|
Debt investments' margin
|
3.2%
|
2.3%
|
0.9%
|
Net interest margin
|
6.2%
|
6.2%
|
5.8%
|
Total funding cost decreased during
3Q17, due to the reduction of long-term debt. Savings and checking accounts represented the same proportion of the total cost
of funding as in 2Q17, and the annualized average weighted cost of deposits was 3.32% in 3Q17, decreasing 18 basis point compared
to 2Q17 and 13 basis points compared to 3Q16.
Average weighted
|
|
|
|
funding cost
|
3Q16
|
2Q17
|
3Q17
|
Checking accounts
|
0.00%
|
0.00%
|
0.00%
|
Saving accounts
|
1.80%
|
2.46%
|
2.28%
|
Time deposits
|
6.31%
|
5.71%
|
5.46%
|
Total deposits
|
3.45%
|
3.50%
|
3.32%
|
Long term debt
|
7.56%
|
6.43%
|
6.11%
|
Loans with banks
|
2.71%
|
2.53%
|
2.52%
|
Total funding cost
|
3.84%
|
3.65%
|
3.49%
|
|
2.2.
|
Fees and Income from Services
|
During 3Q17, net fees and income
from services totaled COP 607 billion, decreasing 1.4% compared to 2Q17, and increasing 2.7% compared to 3Q16. The positive annual
performance in fees compared with 3Q16 is due to higher volumes of transactions and the good performance of credit and debit cards,
banking services and trust services.
Fees from asset management and
trust services increased 3.0% compared to 2Q17 and 24.8% compared to 3Q16, due to an increase in the assets under management. Fees
from credit and debit cards increased 1.1% compared to 2Q17 and increased 3.6% compared to 3Q16. Fees from our bancassurance business
increased 13.5% compared to 2Q17 and 40.8% with respect to 3Q16, thanks to the continuation of cross-selling initiatives led by
our sales teams.
The following table summarizes
Bancolombia’s participation in the credit card business in Colombia:
ACCUMULATED CREDIT CARD BILLING
|
%
|
2017
|
(COP millions)
|
Aug-16
|
Aug-17
|
Growth
|
Market Share
|
Bancolombia VISA
|
3,217,106
|
4,432,063
|
37.77%
|
10.14%
|
Bancolombia Mastercard
|
3,258,830
|
3,804,571
|
16.75%
|
8.70%
|
Bancolombia American Express
|
2,569,386
|
2,536,429
|
-1.28%
|
5.80%
|
Total Bancolombia
|
9,045,323
|
10,773,063
|
19.10%
|
24.64%
|
Colombian Credit Card Market
|
39,350,107
|
43,729,060
|
11.13%
|
|
|
|
|
|
|
CREDIT CARD MARKET SHARE
|
%
|
2017
|
(Outstanding credit cards)
|
Aug-16
|
Aug-17
|
Growth
|
Market Share
|
Bancolombia VISA
|
638,957
|
788,606
|
23.42%
|
4.72%
|
Bancolombia Mastercard
|
763,981
|
889,464
|
16.42%
|
5.33%
|
Bancolombia American Express
|
604,350
|
582,623
|
-3.60%
|
3.49%
|
Total Bancolombia
|
2,007,288
|
2,260,693
|
12.62%
|
13.53%
|
Colombian Credit Card Market
|
16,000,217
|
16,703,188
|
4.39%
|
|
Source: Superintendencia
Financiera de Colombia
|
2.3.
|
Other Operating Income
|
Total other operating income was
COP 354 billion in 3Q17, decreasing by 3.8% compared to 2Q17, and increasing by 13.6% compared to 3Q16.
Revenues from the operating leases
totaled COP 142 billion in 3Q17, increasing by 4.8% compared to 2Q17 and by 19.1% compared to those reported in 3Q16. Such 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 6,873 billion at the end of 3Q17 and represented 4.5% of total
gross loans, increasing by 5.4% compared to 2Q17, when past due loans represented 4.3% of total gross loans. During 3Q17, Charge-offs
totaled COP 560 billion.
The coverage, measured by the ratio
of allowances for loans losses (principal) to PDLs (overdue 30 days), was 103.5% at the end of 3Q17, decreasing compared to 104.6%
at the end of 2Q17.The coverage measured by the ratio of allowances for loans losses to loans classified as C, D and E, was 81.3%
at the end of 3Q17, decreasing slightly from 84.3% at the end of 2Q17.
The deterioration of the loan portfolio
(new past due loans including charge-offs) was COP 912 billion in 3Q17. During the quarter, the deterioration of loans increased
mainly in the commercial segment as well as some deterioration in SMEs. Provision charges (net of recoveries) totaled COP 967 billion
in 3Q17. Provisions as a percentage of the average gross loans were 2.4% for 3Q17.
Bancolombia maintains a strong balance
sheet supported by an adequate level of loan loss reserves. Allowances for loan losses totaled COP 7.111 billion, or 4.7% of total
loans at the end of 3Q17, increasing as compared to 2Q17.
The following tables present key
metrics related to asset quality:
ASSET QUALITY
|
As of
|
(COP millions)
|
3Q16
|
2Q17
|
3Q17
|
Total 30-day past due loans
|
4,846,737
|
6,520,508
|
6,873,306
|
Allowance for loan losses (1)
|
5,618,658
|
6,818,600
|
7,111,020
|
Past due loans to total loans
|
3.38%
|
4.27%
|
4.50%
|
“C”, “D” and “E” loans as a percentage of total loans
|
4.45%
|
5.29%
|
5.72%
|
Allowances to past due loans
|
115.93%
|
104.57%
|
103.46%
|
Allowance for loan losses as a percentage of “C”, “D” and “E” loans
|
87.95%
|
84.26%
|
81.29%
|
Allowance for loan losses as a percentage of total loans
|
3.92%
|
4.46%
|
4.65%
|
(1)
Allowances are reserves for the principal of loans.
PDL Per Category
|
|
|
30 days
|
|
% Of loan Portfolio
|
3Q16
|
2Q17
|
3Q17
|
Commercial loans
|
69.8%
|
2.28%
|
3.19%
|
3.42%
|
Consumer loans
|
16.7%
|
5.24%
|
5.72%
|
5.81%
|
Microcredit
|
0.7%
|
8.61%
|
13.47%
|
13.38%
|
Mortgage loans
|
12.8%
|
7.05%
|
7.69%
|
8.01%
|
PDL TOTAL
|
|
3.38%
|
4.27%
|
4.50%
|
|
|
|
|
|
PDL Per Category
|
|
|
90 days
|
|
% Of loan Portfolio
|
3Q16
|
2Q17
|
3Q17
|
Commercial loans
|
69.8%
|
1.69%
|
2.40%
|
2.69%
|
Consumer loans
|
16.7%
|
2.59%
|
2.81%
|
3.02%
|
Microcredit
|
0.7%
|
5.75%
|
8.65%
|
9.39%
|
Mortgage loans*
|
12.8%
|
2.70%
|
3.10%
|
3.37%
|
PDL TOTAL
|
|
1.99%
|
2.60%
|
2.88%
|
*
Mortgage loans that were overdue were calculated for past due loans for 120 days instead of 90 days.
LOANS AND FINANCIAL LEASES CLASSIFICATION
|
3Q16
|
2Q17
|
3Q17
|
(COP millions)
|
|
|
|
|
|
|
¨A¨ Normal
|
133,139,404
|
89.5%
|
140,153,577
|
88.6%
|
139,689,925
|
88.2%
|
¨B¨ Subnormal
|
8,695,735
|
5.9%
|
9,287,343
|
5.9%
|
9,219,150
|
5.8%
|
¨C¨ Deficient
|
2,945,129
|
2.0%
|
3,816,028
|
2.4%
|
4,206,473
|
2.7%
|
¨D¨ Doubtful recovery
|
2,212,325
|
1.5%
|
2,831,080
|
1.8%
|
2,954,610
|
1.9%
|
¨E¨ Unrecoverable
|
1,706,919
|
1.2%
|
2,144,180
|
1.4%
|
2,339,105
|
1.5%
|
Total
|
148,699,512
|
100.0%
|
158,232,208
|
100.0%
|
158,409,263
|
100.0%
|
Loans and financial leases classified as C, D and E
|
|
|
|
|
|
|
as a percentage of total loans and financial leases
|
4.62%
|
|
5.56%
|
|
6.00%
|
|
During 3Q17, operating expenses
totaled COP 1,868 billion, decreasing 0.7% with respect to 2Q17 and increasing 13.4% with respect to 3Q16.
Personnel expenses (salaries, bonus
plan payments and compensation) totaled COP 740 billion in 3Q17, decreasing 3.5% compared to 2Q17 and increasing 14.1% compared
to 3Q16.
During 3Q17, administrative expenses
totaled COP 745 billion, increasing 3.8% compared to 2Q17, explained by seasonal factors and accelerated payments of contracts
in progress during 2017. The growth in administrative expenses was 12.4% as compared to 3Q16.
Depreciation and amortization expenses
totaled COP 120 billion in 3Q17, increasing 2.9% compared to 2Q17 and decreasing 7.6% compared to 3Q16.
As of September 30, 2017, Bancolombia
had 30,609 employees, owned 1,082 branches, 5,504 ATMs, 9,707 banking agents and served more than 11 million customers.
Income tax expense was COP 245 billion
for 3Q17, decreasing 12.7% when compared to the income tax registered in 2Q17 and 36.9% compared to 3Q16.
|
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)
|
3Q16
|
2Q17
|
3Q17
|
3Q17/2Q17
|
3Q17/3Q16
|
ASSETS
|
|
|
|
|
|
Net Loans
|
81,879,503
|
103,629,651
|
104,896,381
|
1.22%
|
28.11%
|
Investments
|
17,456,040
|
17,713,990
|
18,625,027
|
5.14%
|
6.70%
|
Other assets
|
15,001,468
|
18,027,600
|
16,749,333
|
-7.09%
|
11.65%
|
Total assets
|
114,337,011
|
139,371,241
|
140,270,741
|
0.65%
|
22.68%
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Deposits
|
65,657,300
|
81,440,484
|
82,093,223
|
0.80%
|
25.03%
|
Other liabilities
|
34,493,181
|
42,193,749
|
41,925,678
|
-0.64%
|
21.55%
|
Total liabilities
|
100,150,481
|
123,634,233
|
124,018,901
|
0.31%
|
23.83%
|
Shareholders' equity
|
14,186,530
|
15,737,008
|
16,251,839
|
3.27%
|
14.56%
|
Total liabilities and shareholders' equity
|
114,337,011
|
139,371,241
|
140,270,741
|
0.65%
|
22.68%
|
|
|
|
|
|
|
Interest income
|
2,709,815
|
3,400,130
|
3,236,032
|
-4.83%
|
19.42%
|
Interest expense
|
(1,037,606)
|
(1,324,747)
|
(1,257,962)
|
-5.04%
|
21.24%
|
Net interest income
|
1,672,209
|
2,075,383
|
1,978,069
|
-4.69%
|
18.29%
|
Net provisions
|
(596,696)
|
(792,724)
|
(869,353)
|
9.67%
|
45.69%
|
Fees and income from service, net
|
377,025
|
384,870
|
387,612
|
0.71%
|
2.81%
|
Other operating income
|
115,800
|
151,498
|
201,592
|
33.07%
|
74.09%
|
Total operating expense
|
(1,047,279)
|
(1,335,779)
|
(1,276,077)
|
-4.47%
|
21.85%
|
Profit before tax
|
521,059
|
483,249
|
421,844
|
-12.71%
|
-19.04%
|
Income tax
|
(171,184)
|
(193,595)
|
(169,069)
|
-12.67%
|
-1.24%
|
Net income
|
349,875
|
289,654
|
252,775
|
-12.73%
|
-27.75%
|
BANISTMO- PANAMA
CONSOLIDATED BALANCE SHEET
|
|
|
|
|
AND INCOME STATEMENT
|
Quarter
|
Growth
|
(COP million)
|
3Q16
|
2Q17
|
3Q17
|
3Q17/2Q17
|
3Q17/3Q16
|
ASSETS
|
|
|
|
|
|
Net Loans
|
20,381,955
|
22,455,631
|
21,915,572
|
-2.41%
|
7.52%
|
Investments
|
1,995,872
|
2,319,278
|
2,737,570
|
18.04%
|
37.16%
|
Other assets
|
3,584,680
|
3,559,302
|
4,296,165
|
20.70%
|
19.85%
|
Total assets
|
25,962,506
|
28,334,211
|
28,949,307
|
2.17%
|
11.50%
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Deposits
|
17,760,021
|
19,889,085
|
18,810,084
|
-5.43%
|
5.91%
|
Other liabilities
|
5,624,070
|
5,471,294
|
7,231,648
|
32.17%
|
28.58%
|
Total liabilities
|
23,384,092
|
25,360,379
|
26,041,732
|
2.69%
|
11.37%
|
Shareholders' equity
|
2,578,414
|
2,973,832
|
2,907,575
|
-2.23%
|
12.77%
|
Total liabilities and shareholders' equity
|
25,962,506
|
28,334,211
|
28,949,307
|
2.17%
|
11.50%
|
|
|
|
|
|
|
Interest income
|
367,838
|
375,474
|
376,618
|
0.30%
|
2.39%
|
Interest expense
|
(117,671)
|
(132,208)
|
(144,872)
|
9.58%
|
23.12%
|
Net interest income
|
250,167
|
243,265
|
231,746
|
-4.74%
|
-7.36%
|
Net provisions
|
(73,483)
|
53,089
|
(69,109)
|
-230.17%
|
-5.95%
|
Fees and income from service, net
|
55,052
|
53,577
|
47,669
|
-11.03%
|
-13.41%
|
Other operating income
|
9,093
|
3,216
|
4,625
|
43.82%
|
-49.13%
|
Total operating expense
|
(161,043)
|
(122,426)
|
(154,744)
|
26.40%
|
-3.91%
|
Profit before tax
|
79,786
|
230,722
|
60,188
|
-73.91%
|
-24.56%
|
Income tax
|
(8,229)
|
(56,574)
|
(22,617)
|
-60.02%
|
174.84%
|
Net income
|
71,557
|
174,149
|
37,571
|
-78.43%
|
-47.49%
|
|
|
BANCO AGRÍCOLA- EL SALVADOR
CONSOLIDATED BALANCE SHEET
|
|
|
|
|
AND INCOME STATEMENT
|
Quarter
|
Growth
|
(COP million)
|
3Q16
|
2Q17
|
3Q17
|
3Q17/2Q17
|
3Q17/3Q16
|
ASSETS
|
|
|
|
|
|
Net Loans
|
8,316,054
|
8,979,136
|
8,688,285
|
-3.24%
|
4.48%
|
Investments
|
701,080
|
486,303
|
478,909
|
-1.52%
|
-31.69%
|
Other assets
|
3,177,267
|
3,711,472
|
3,420,320
|
-7.84%
|
7.65%
|
Total assets
|
12,194,401
|
13,176,911
|
12,587,515
|
-4.47%
|
3.22%
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Deposits
|
7,994,087
|
8,989,096
|
8,689,015
|
-3.34%
|
8.69%
|
Other liabilities
|
2,664,975
|
2,621,702
|
2,342,984
|
-10.63%
|
-12.08%
|
Total liabilities
|
10,659,062
|
11,610,798
|
11,031,999
|
-4.99%
|
3.50%
|
Shareholders' equity
|
1,535,340
|
1,566,114
|
1,555,516
|
-0.68%
|
1.31%
|
Total liabilities and shareholders' equity
|
12,194,401
|
13,176,911
|
12,587,515
|
-4.47%
|
3.22%
|
|
|
|
|
|
|
Interest income
|
225,796
|
192,260
|
228,409
|
18.80%
|
1.16%
|
Interest expense
|
(62,059)
|
(61,145)
|
(67,324)
|
10.11%
|
8.48%
|
Net interest income
|
163,737
|
131,115
|
161,085
|
22.86%
|
-1.62%
|
Net provisions
|
(12,929)
|
(34,619)
|
(28,304)
|
-18.24%
|
118.91%
|
Fees and income from service, net
|
38,719
|
44,153
|
43,033
|
-2.54%
|
11.14%
|
Other operating income
|
628
|
1,689
|
(8,025)
|
-575.23%
|
-1377.18%
|
Total operating expense
|
(95,250)
|
(105,827)
|
(98,675)
|
-6.76%
|
3.60%
|
Profit before tax
|
94,904
|
36,510
|
69,114
|
89.30%
|
-27.18%
|
Income tax
|
(21,592)
|
(10,475)
|
(20,880)
|
99.33%
|
-3.30%
|
Net income
|
73,313
|
26,035
|
48,234
|
85.27%
|
-34.21%
|
GRUPO AGROMERCANTIL HOLDING – GUATEMALA
CONSOLIDATED BALANCE SHEET
|
|
|
|
|
AND INCOME STATEMENT
|
Quarter
|
Growth
|
(COP million)
|
3Q16
|
2Q17
|
3Q17
|
3Q17/2Q17
|
3Q17/3Q16
|
ASSETS
|
|
|
|
|
|
Net Loans
|
7,692,154
|
8,608,671
|
8,355,405
|
-2.94%
|
8.62%
|
Investments
|
1,629,882
|
1,858,021
|
1,721,330
|
-7.36%
|
5.61%
|
Other assets
|
1,785,950
|
1,967,098
|
1,864,607
|
-5.21%
|
4.40%
|
Total assets
|
11,107,986
|
12,433,791
|
11,941,343
|
-3.96%
|
7.50%
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Deposits
|
7,726,230
|
8,465,417
|
8,261,134
|
-2.41%
|
6.92%
|
Other liabilities
|
2,102,789
|
2,624,674
|
2,371,227
|
-9.66%
|
12.77%
|
Total liabilities
|
9,829,019
|
11,090,090
|
10,632,361
|
-4.13%
|
8.17%
|
Non-controlling interest
|
20,060
|
19,714
|
20,261
|
2.78%
|
1.01%
|
Shareholders' equity
|
1,258,907
|
1,323,987
|
1,288,720
|
-2.66%
|
2.37%
|
Total liabilities and shareholders' equity
|
11,107,986
|
12,433,791
|
11,941,343
|
-3.96%
|
7.50%
|
|
|
|
|
|
|
Interest income
|
255,693
|
211,071
|
212,929
|
0.88%
|
-16.72%
|
Interest expense
|
(85,067)
|
(87,241)
|
(89,680)
|
2.80%
|
5.42%
|
Net interest income
|
170,626
|
123,830
|
123,248
|
-0.47%
|
-27.77%
|
Net provisions
|
(52,912)
|
(31,313)
|
(24,915)
|
-20.43%
|
-52.91%
|
Fees and income from service, net
|
16,390
|
24,394
|
25,263
|
3.56%
|
54.14%
|
Other operating income
|
13,681
|
12,751
|
12,496
|
-2.00%
|
-8.66%
|
Total operating expense
|
(111,850)
|
(105,685)
|
(110,422)
|
4.48%
|
-1.28%
|
Profit before tax
|
35,935
|
23,977
|
25,670
|
7.06%
|
-28.56%
|
Income tax
|
(10,392)
|
(8,096)
|
(8,441)
|
4.26%
|
-18.77%
|
Net income before non-controlling interest
|
25,542
|
15,881
|
17,229
|
8.49%
|
-32.55%
|
Non-controlling interest
|
(919)
|
(919)
|
(853)
|
-7.21%
|
-7.24%
|
Net income
|
24,623
|
14,962
|
16,376
|
9.45%
|
-33.49%
|
|
·
|
October 11, 2017. Bancolombia S.A. announced the price of the public offering of USD 750,000,000
of its subordinated notes due October 18, 2027. The bonds have a 10 year maturity, an optional redemption right on the fifth year
and a coupon of 4.875% payable semi-annually on April 18 and October 18, 2017, commencing on April 18.
|
|
5.
|
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 11 million customers. GRUPO BANCOLOMBIA delivers its products and services via its regional
network comprised of: Colombia’s largest non-government owned banking network, El Salvador’s leading financial conglomerate
(Banagricola S.A.), off-shore and local (Banistmo S.A.) banking subsidiaries in Panama, Guatemala, Cayman and Puerto Rico. Together,
BANCOLOMBIA and its subsidiaries provide stock brokerage, investment banking, leasing, factoring, consumer finance, fiduciary and
trust services, asset management, among others.
Contact Information
Bancolombia’s Investor
Relations
Phone:
(574) 4041837 / (574)
/ (574) 4043917.
E-mail:
IR@bancolombia.com.co
Contacts
: Alejandro Mejia
(IR Manager) / Juliana Álvarez (Analyst).
Website:
http://www.grupobancolombia.com/wps/portal/about-us/corporate-information/investor-relations/
|
|
BALANCE SHEET
|
|
|
|
Growth
|
|
|
(COP million)
|
Sep-16
|
Jun-17
|
Sep-17
|
sep-17 /
jun-17
|
sep-17 /
sep-16
|
% of
Assets
|
% of
Liabilities
|
ASSETS
|
|
|
|
|
|
|
|
Cash and balances at central bank
|
13,087,952
|
14,771,666
|
14,945,466
|
1.18%
|
14.19%
|
7.32%
|
|
Interbank borrowings
|
2,212,050
|
2,159,604
|
2,810,198
|
30.13%
|
27.04%
|
1.38%
|
|
Reverse repurchase agreements and other similar secured lend
|
914,849
|
2,134,230
|
810,128
|
-62.04%
|
-11.45%
|
0.40%
|
|
Financial assets investments
|
13,123,822
|
15,273,122
|
16,664,585
|
9.11%
|
26.98%
|
8.17%
|
|
Derivative financial instruments
|
1,933,884
|
1,678,633
|
1,316,828
|
-21.55%
|
-31.91%
|
0.65%
|
|
Loans and advances to customers
|
148,699,512
|
158,232,208
|
158,409,263
|
0.11%
|
6.53%
|
77.62%
|
|
Allowance for loan and lease losses
|
(6,144,789)
|
(7,485,194)
|
(7,832,837)
|
4.64%
|
27.47%
|
-3.84%
|
|
Investment in associates and joint ventures
|
548,942
|
1,445,207
|
1,595,238
|
10.38%
|
190.60%
|
0.78%
|
|
Goodwill and Intangible assets, net
|
6,440,741
|
6,778,314
|
6,526,087
|
-3.72%
|
1.33%
|
3.20%
|
|
Premises and equipment, net
|
3,225,383
|
3,092,817
|
3,150,714
|
1.87%
|
-2.32%
|
1.54%
|
|
Investment property
|
1,560,880
|
1,649,433
|
1,690,594
|
2.50%
|
8.31%
|
0.83%
|
|
Prepayments
|
299,532
|
269,678
|
357,337
|
32.51%
|
19.30%
|
0.18%
|
|
Tax receivables
|
1,002,199
|
699,825
|
871,142
|
24.48%
|
-13.08%
|
0.43%
|
|
Deferred tax
|
633,097
|
723,770
|
711,680
|
-1.67%
|
12.41%
|
0.35%
|
|
Assets held for sale and inventories
|
2,365,713
|
288,732
|
302,437
|
4.75%
|
-87.22%
|
0.15%
|
|
Other assets
|
1,242,473
|
1,992,322
|
1,764,016
|
-11.46%
|
41.98%
|
0.86%
|
|
Total assets
|
191,146,240
|
203,704,367
|
204,092,876
|
0.19%
|
6.77%
|
100.00%
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Deposit by customers
|
118,173,035
|
128,476,933
|
127,891,132
|
-0.46%
|
8.22%
|
62.66%
|
70.76%
|
Interbank Deposits
|
503,273
|
997,415
|
1,087,444
|
9.03%
|
116.07%
|
0.53%
|
0.60%
|
Derivative financial instrument
|
1,569,061
|
1,203,097
|
966,207
|
-19.69%
|
-38.42%
|
0.47%
|
0.53%
|
Borrowings from other financial institutions
|
19,717,111
|
17,525,689
|
16,848,383
|
-3.86%
|
-14.55%
|
8.26%
|
9.32%
|
Debt securities in issue
|
17,732,263
|
18,298,359
|
19,365,423
|
5.83%
|
9.21%
|
9.49%
|
10.72%
|
Preferred shares
|
566,992
|
553,426
|
568,005
|
2.63%
|
0.18%
|
0.28%
|
0.31%
|
Repurchase agreements and other similar secured borrowing
|
1,878,382
|
4,517,374
|
4,219,154
|
-6.60%
|
124.62%
|
2.07%
|
2.33%
|
Liabilities relating to assets held for sale
|
1,989,799
|
-
|
-
|
0.00%
|
-100.00%
|
0.00%
|
0.00%
|
Current tax
|
984,342
|
650,930
|
857,168
|
31.68%
|
-12.92%
|
0.42%
|
0.47%
|
Deferred tax
|
1,554,015
|
1,877,018
|
1,885,322
|
0.44%
|
21.32%
|
0.92%
|
1.04%
|
Employees benefit plans
|
133,042
|
714,583
|
127,867
|
-82.11%
|
-3.89%
|
0.06%
|
0.07%
|
Other liabilities
|
5,315,539
|
5,806,431
|
6,915,040
|
19.09%
|
30.09%
|
3.39%
|
3.83%
|
Total liabilities
|
170,116,854
|
180,621,255
|
180,731,145
|
0.06%
|
6.24%
|
88.55%
|
100.00%
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Share Capital
|
480,914
|
480,914
|
480,914
|
0.00%
|
0.00%
|
0.24%
|
|
Additional paid-in-capital
|
4,857,454
|
4,857,454
|
4,857,454
|
0.00%
|
0.00%
|
2.38%
|
|
Appropriated reserves
|
7,144,904
|
9,065,570
|
9,061,138
|
-0.05%
|
26.82%
|
4.44%
|
|
Retained earnings
|
5,520,896
|
4,771,639
|
5,226,878
|
9.54%
|
-5.33%
|
2.56%
|
|
Accumulated other comprehensive income (loss), net of tax
|
1,890,652
|
2,655,405
|
2,490,464
|
-6.21%
|
31.73%
|
1.22%
|
|
Stockholders’ equity attributable to the owners of the parent company
|
19,894,820
|
21,830,982
|
22,116,848
|
1.31%
|
11.17%
|
10.84%
|
|
Non-controlling interest
|
1,134,566
|
1,252,130
|
1,244,883
|
-0.58%
|
9.72%
|
0.61%
|
|
Total liabilities and equity
|
191,146,240
|
203,704,367
|
204,092,876
|
0.19%
|
6.77%
|
100.00%
|
|
|
|
INCOME
STATEMENT
|
As
of
|
Growth
|
|
|
|
Growth
|
(COP
million)
|
Sep-16
|
Sep-17
|
sep-17
/ sep-16
|
3Q
16
|
2Q
17
|
3Q
17
|
3Q
17 / 2Q 17
|
3Q
17 / 3Q 16
|
Interest
income and expenses
|
|
|
|
|
|
|
|
|
Interest
on loans and financial leases
|
|
|
|
|
|
|
|
|
Commercial
|
5,822,003
|
6,043,797
|
3.81%
|
2,072,964
|
2,045,582
|
1,968,634
|
-3.76%
|
-5.03%
|
Consumer
|
2,212,845
|
2,800,098
|
26.54%
|
812,667
|
937,371
|
990,309
|
5.65%
|
21.86%
|
Small
business loans
|
172,214
|
178,411
|
3.60%
|
59,712
|
57,195
|
60,666
|
6.07%
|
1.60%
|
Mortgage
|
1,402,478
|
1,419,479
|
1.21%
|
418,798
|
485,827
|
434,229
|
-10.62%
|
3.68%
|
Leasing
|
1,459,434
|
1,559,348
|
6.85%
|
522,558
|
522,382
|
501,359
|
-4.02%
|
-4.06%
|
Interest
income on loans and financial leases
|
11,068,974
|
12,001,133
|
8.42%
|
3,886,699
|
4,048,357
|
3,955,197
|
-2.30%
|
1.76%
|
Interest
income on overnight and market funds
|
16,941
|
20,256
|
19.57%
|
5,279
|
6,544
|
8,697
|
32.90%
|
64.75%
|
Interest
and valuation on Investment
|
|
|
|
|
|
|
|
|
Debt
investments, net
|
117,235
|
120,110
|
2.45%
|
30,236
|
39,721
|
38,621
|
-2.77%
|
27.73%
|
Net
gains from investment activities at fair value through income statement
|
|
|
|
|
|
|
|
|
Debt
investments
|
520,955
|
500,080
|
-4.01%
|
182,155
|
177,715
|
133,105
|
-25.10%
|
-26.93%
|
Derivatives
|
(53,737)
|
(34,234)
|
-36.29%
|
(2,976)
|
(22,063)
|
(7,138)
|
-67.65%
|
139.85%
|
Repos
|
(14,064)
|
(79,787)
|
467.31%
|
(5,188)
|
(28,913)
|
(28,232)
|
-2.36%
|
444.18%
|
Others
|
(2,248)
|
6,514
|
389.77%
|
(2,759)
|
5,866
|
3,639
|
-37.96%
|
231.90%
|
Total
Net gains from investment activities at fair value through profit and loss
|
450,906
|
392,573
|
-12.94%
|
171,232
|
132,605
|
101,374
|
-23.55%
|
-40.80%
|
Total
Interest and valuation on investments
|
568,141
|
512,683
|
-9.76%
|
201,468
|
172,326
|
139,995
|
-18.76%
|
-30.51%
|
Total
interest and valuation
|
11,654,056
|
12,534,072
|
7.55%
|
4,093,446
|
4,227,227
|
4,103,889
|
-2.92%
|
0.26%
|
Interest
expense
|
|
|
|
|
|
|
|
|
Borrowing
costs
|
(543,078)
|
(524,306)
|
-3.46%
|
(194,319)
|
(171,289)
|
(173,700)
|
1.41%
|
-10.61%
|
Overnight
funds
|
(5,159)
|
(13,376)
|
159.28%
|
(2,337)
|
(4,610)
|
(4,900)
|
6.29%
|
109.67%
|
Debt
securities in issue
|
(1,010,292)
|
(886,522)
|
-12.25%
|
(338,786)
|
(292,438)
|
(287,593)
|
-1.66%
|
-15.11%
|
Deposits
|
(2,790,781)
|
(3,247,786)
|
16.38%
|
(1,036,291)
|
(1,107,963)
|
(1,066,944)
|
-3.70%
|
2.96%
|
Preferred
Shares Dividends
|
(43,734)
|
(43,734)
|
0.00%
|
(14,578)
|
(14,065)
|
(14,578)
|
3.65%
|
0.00%
|
Other
interest (expense)
|
(28,564)
|
(11,656)
|
-59.19%
|
(6,603)
|
(3,471)
|
(4,179)
|
20.40%
|
-36.71%
|
Total
interest expense
|
(4,421,608)
|
(4,727,380)
|
6.92%
|
(1,592,914)
|
(1,593,836)
|
(1,551,894)
|
-2.63%
|
-2.58%
|
Net
interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance
sheet credit instruments
|
7,232,448
|
7,806,692
|
7.94%
|
2,500,532
|
2,633,391
|
2,551,995
|
-3.09%
|
2.06%
|
Credit
impairment charges on loans and advance and financial leases
|
(2,129,192)
|
(2,807,138)
|
31.84%
|
(849,654)
|
(890,739)
|
(1,053,109)
|
18.23%
|
23.95%
|
Recovery
of charged-off loans
|
248,999
|
251,232
|
0.90%
|
111,191
|
95,211
|
83,866
|
-11.92%
|
-24.57%
|
Credit
impairment charges on off balance sheet credit instruments
|
(79,449)
|
24,429
|
130.75%
|
(52,936)
|
5,793
|
1,959
|
-66.18%
|
103.70%
|
Total
credit impairment charges, net
|
(1,959,642)
|
(2,531,477)
|
29.18%
|
(791,399)
|
(789,735)
|
(967,284)
|
22.48%
|
22.22%
|
Net
interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance
sheet credit instruments
|
5,272,806
|
5,275,215
|
0.05%
|
1,709,133
|
1,843,656
|
1,584,711
|
-14.05%
|
-7.28%
|
Fees
and commissions income
|
|
|
|
|
|
|
|
|
Banking
services
|
593,924
|
651,681
|
9.72%
|
203,029
|
224,483
|
219,732
|
-2.12%
|
8.23%
|
Credit
and debit card fees and commercial establishments
|
819,465
|
867,316
|
5.84%
|
278,299
|
285,422
|
288,434
|
1.06%
|
3.64%
|
Brokerage
|
18,080
|
15,753
|
-12.87%
|
5,445
|
6,095
|
4,323
|
-29.07%
|
-20.61%
|
Acceptances,
Guarantees and Standby letters of credits
|
38,621
|
42,658
|
10.45%
|
13,443
|
12,804
|
15,829
|
23.63%
|
17.75%
|
Trust
|
216,614
|
263,931
|
21.84%
|
73,610
|
89,180
|
91,891
|
3.04%
|
24.83%
|
Bancassurance
|
238,644
|
278,082
|
16.53%
|
75,577
|
93,777
|
106,444
|
13.51%
|
40.84%
|
Payments
and Collections
|
165,751
|
166,097
|
0.21%
|
57,036
|
48,934
|
61,823
|
26.34%
|
8.39%
|
Others
|
324,411
|
320,564
|
-1.19%
|
119,068
|
116,782
|
94,971
|
-18.68%
|
-20.24%
|
Fees
and commission income
|
2,415,510
|
2,606,082
|
7.89%
|
825,507
|
877,477
|
883,447
|
0.68%
|
7.02%
|
Fees
and commission expenses
|
|
|
|
|
|
|
|
|
Banking
services
|
(259,864)
|
(288,482)
|
11.01%
|
(86,123)
|
(96,464)
|
(98,731)
|
2.35%
|
14.64%
|
Others
|
(427,673)
|
(471,035)
|
10.14%
|
(148,513)
|
(165,798)
|
(178,204)
|
7.48%
|
19.99%
|
Fees
and commission expenses
|
(687,537)
|
(759,517)
|
10.47%
|
(234,636)
|
(262,262)
|
(276,935)
|
5.59%
|
18.03%
|
Total
fees and comissions, net
|
1,727,973
|
1,846,565
|
6.86%
|
590,871
|
615,215
|
606,512
|
-1.41%
|
2.65%
|
Other
operating income
|
|
|
|
|
|
|
|
|
Derivatives
FX contracts
|
13,881
|
(12,474)
|
-189.86%
|
(32,235)
|
(2,787)
|
4,936
|
277.11%
|
115.31%
|
Net
foreign exchange
|
218,502
|
251,382
|
15.05%
|
85,011
|
105,401
|
48,770
|
-53.73%
|
-42.63%
|
Hedging
|
(16,106)
|
(2,900)
|
-81.99%
|
2,095
|
(2,785)
|
(88)
|
-96.84%
|
-104.20%
|
Operating
leases
|
354,378
|
416,597
|
17.56%
|
119,324
|
135,688
|
142,148
|
4.76%
|
19.13%
|
Gains
(or losses) on sale of assets
|
36,321
|
13,448
|
-62.97%
|
11,714
|
4,244
|
1,971
|
-53.56%
|
-83.17%
|
Other
reversals
|
1,547
|
1,628
|
5.24%
|
876
|
590
|
364
|
-38.31%
|
-58.45%
|
Others
|
405,495
|
406,302
|
0.20%
|
124,405
|
126,840
|
155,290
|
22.43%
|
24.83%
|
Total
other operating income
|
1,014,018
|
1,073,983
|
5.91%
|
311,190
|
367,191
|
353,391
|
-3.76%
|
13.56%
|
Dividends
received, and share of profits of equity method investees
|
|
|
|
|
|
|
|
|
Dividends
|
28,742
|
21,096
|
-26.60%
|
6,456
|
5,608
|
4,351
|
-22.41%
|
-32.61%
|
Equity
investments
|
80,702
|
(35,150)
|
-143.56%
|
28,687
|
(41,916)
|
4,760
|
111.36%
|
-83.41%
|
Equity
method
|
52,229
|
104,493
|
100.07%
|
28,857
|
57,413
|
27,805
|
-51.57%
|
-3.65%
|
Gains
(Losses) on sale of Discontinued Operations
|
(1,146)
|
-
|
-100.00%
|
(1,146)
|
-
|
-
|
0.00%
|
-100.00%
|
Total
dividends received, and share of profits of equity method investees
|
160,527
|
90,439
|
-43.66%
|
62,854
|
21,105
|
36,916
|
74.92%
|
-41.27%
|
Total
operating income, net
|
8,175,324
|
8,286,202
|
1.36%
|
2,674,048
|
2,847,167
|
2,581,530
|
-9.33%
|
-3.46%
|
|
|
INCOME
STATEMENT
|
As
of
|
Growth
|
|
|
|
Growth
|
(COP
million)
|
Sep-16
|
Sep-17
|
sep-17
/ sep-16
|
3Q
16
|
2Q
17
|
3Q
17
|
3Q
17 / 2Q 17
|
3Q
17 / 3Q 16
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
(1,751,911)
|
(1,862,659)
|
6.32%
|
(559,567)
|
(610,943)
|
(607,697)
|
-0.53%
|
8.60%
|
Bonuses
|
(277,028)
|
(434,478)
|
56.84%
|
(89,293)
|
(156,328)
|
(132,340)
|
-15.34%
|
48.21%
|
Other
administrative and general expenses
|
(1,884,963)
|
(2,078,597)
|
10.27%
|
(662,856)
|
(718,000)
|
(745,306)
|
3.80%
|
12.44%
|
Tax
contributions and other tax burden
|
(419,442)
|
(643,969)
|
53.53%
|
(139,204)
|
(224,158)
|
(203,726)
|
-9.11%
|
46.35%
|
Impairment,
depreciation and amortization
|
(400,283)
|
(356,395)
|
-10.96%
|
(130,012)
|
(116,718)
|
(120,144)
|
2.94%
|
-7.59%
|
Other
expenses
|
(184,318)
|
(180,341)
|
-2.16%
|
(66,635)
|
(61,122)
|
(58,956)
|
-3.54%
|
-11.52%
|
Equity
Tax
|
(144,710)
|
(51,220)
|
-64.61%
|
-
|
6,546
|
-
|
-100.00%
|
0.00%
|
Total
operating expenses
|
(5,062,655)
|
(5,607,659)
|
10.77%
|
(1,647,567)
|
(1,880,723)
|
(1,868,169)
|
-0.67%
|
13.39%
|
Profit
before tax
|
3,112,669
|
2,678,543
|
-13.95%
|
1,026,481
|
966,444
|
713,361
|
-26.19%
|
-30.50%
|
Income
tax
|
(1,302,698)
|
(893,042)
|
-31.45%
|
(388,950)
|
(281,050)
|
(245,307)
|
-12.72%
|
-36.93%
|
Profit
for the year from continuing operations
|
1,809,971
|
1,785,501
|
-1.35%
|
637,531
|
685,394
|
468,054
|
-31.71%
|
-26.58%
|
Non-controlling
interest
|
(83,315)
|
(72,402)
|
-13.10%
|
(26,349)
|
(31,855)
|
(17,248)
|
-45.85%
|
-34.54%
|
Net
income attributable to equity holders of the Parent Company
|
1,726,656
|
1,713,099
|
-0.79%
|
611,182
|
653,539
|
450,806
|
-31.02%
|
-26.24%
|
Net
Income from discontinued operations
|
7,693
|
-
|
-100.00%
|
(7,258)
|
-
|
-
|
0.00%
|
-100.00%
|
Net
income
|
1,734,349
|
1,713,099
|
-1.23%
|
603,924
|
653,539
|
450,806
|
-31.02%
|
-25.35%
|
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: October 26
th
2017
|
By:
|
/s/
JAIME ALBERTO VELÁSQUEZ B.
|
|
|
|
Name:
|
Jaime Alberto Velásquez B.
|
|
|
|
Title:
|
Vice President of Strategy and Finance
|
|
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