Banco Agromercantil reports a 0.5% consolidated growth in USD, where consumer portfolio stands out with an increase of 10.4% during the quarter, in line with the good performance experienced since 2021.
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 total loan portfolio on a consolidated basis:
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LOAN PORTFOLIO | | | | | | | | | | | | % of total | |
(COP million) | | 3Q21 | | 2Q22 | | 3Q22 | | 3Q22 / 2Q22 | | 3Q22 / 3Q21 | | loans | |
Commercial | | 134,378,209 | | 155,271,122 | | 165,815,032 | | 6.79 | % | 23.39 | % | 63.73 | % |
Consumer | | 45,579,777 | | 53,707,360 | | 57,594,972 | | 7.24 | % | 26.36 | % | 22.14 | % |
Mortgage | | 29,134,678 | | 32,785,538 | | 35,395,672 | | 7.96 | % | 21.49 | % | 13.61 | % |
Microcredit | | 1,245,255 | | 1,328,020 | | 1,374,235 | | 3.48 | % | 10.36 | % | 0.53 | % |
Interests received in advance | | (13,304) | | (12,987) | | (14,310) | | 10.19 | % | 7.56 | % | (0.01) | % |
Total loan portfolio | | 210,324,615 | | 243,079,053 | | 260,165,601 | | 7.03 | % | 23.70 | % | 100.00 | % |
Allowance for loan losses | | (16,697,342) | | (15,024,850) | | (15,325,617) | | 2.00 | % | (8.22) | % | 0.00 | |
Total loans, net | | 193,627,273 | | 228,054,203 | | 244,839,984 | | 7.36 | % | 26.45 | % | 0.00 | |
1.3.Investment Portfolio
As of September 30, 2022, Bancolombia net investment portfolio at the consolidated level totaled COP 28,479 billion, growing 3.9% from the end of 2Q22 and 6.1% from the end of 3Q21. At the end of 3Q22 the debt securities portfolio had a duration of 16.9 months and a weighted average yield to maturity of 9.1%.
1.4.Goodwill and intangibles
At the end of 3Q22, Bancolombia's goodwill and intangibles at the consolidated level totaled COP 9,941 billion, growing 10.6% compared to 2Q22. This quarterly variation is mainly explained by the devaluation of the COP against the USD.
1.5.Funding
As of September 30, 2022, Bancolombia's liabilities at the consolidated level totaled COP 298,256 billion, growing 7.2% compared to 2Q22, and 25.4% compared to 3Q21.
Customer deposits totaled COP 237,613 billion and represent 79.7% of liabilities at the end of 3Q22 increasing 6.9% compared to 2Q22 and 25.3% over the last 12 months. The net loans to deposits ratio was 103.0% at the end of 3Q22, which represents an increase compared to a ratio of 102.6% in 2Q22, driven by a larger credit portfolio.
Saving and checking accounts represent the main source of funding for the bank with a 56% share of the funding mix. In 3Q22 there was an increase in savings accounts, but a slight decrease in checking accounts, reducing their share in the funding mix with respect to 2Q22. On the other hand, time deposits displayed the highest growth with respect to 2Q22, recovering 2% share on the funding mix, driven by rate hikes of the Colombian Central Bank, which led some customers to seek for higher rates of return. Loans with financial entities are also growing significantly and constitute a stable medium-term funding alternative with efficient rates. The stability preserved in the funding mix during the last 12 months has allowed Bancolombia to maintain its funding cost under control and a comfortable liquidity position.
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Funding mix | | | | | | | | | | | | | |
COP Million | | 3Q21 | | 2Q22 | | 3Q22 | |
Checking accounts | | 36,114,377 | | 16 | % | 40,062,692 | | 15 | % | 38,816,401 | | 14 | % |
Saving accounts | | 94,792,902 | | 42 | % | 111,399,791 | | 43 | % | 116,991,321 | | 42 | % |
Time deposits | | 56,799,008 | | 25 | % | 66,652,747 | | 26 | % | 77,516,708 | | 28 | % |
Other deposits | | 8,422,856 | | 4 | % | 7,120,690 | | 3 | % | 6,461,811 | | 2 | % |
Long term debt | | 20,249,849 | | 9 | % | 21,462,415 | | 8 | % | 17,972,177 | | 6 | % |
Loans with banks | | 8,894,455 | | 4 | % | 12,515,221 | | 5 | % | 19,769,720 | | 7 | % |
Total Funds | | 225,273,447 | | 100 | % | 259,213,556 | | 100 | % | 277,528,138 | | 100 | % |