CONFORMED COPY
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 1933
For the month of November 2004
BANCOLOMBIA S.A.
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(Translation of Registrant's name into English)
Calle 50 No. 51-66
Medellin, Colombia
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(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.)
Form 20-F [X] Form 40-F
(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 [X]
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-______________.)
This Report on Form 6-K shall be incorporated by reference into the registrant's
registration statement on Form F-3 (File No. 333-12658).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BANCOLOMBIA S.A.
(Registrant)
Date: November 8, 2004 By /s/ JAIME ALBERTO VELASQUEZ B.
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Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
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CONSOLIDATED FINANCIAL RESULTS
FOR THE QUARTER ENDED SEPTEMBER 30, 2004
Table of Contents
1. HIGHLIGHTS
2. CONSOLIDATED BALANCE SHEET
3. INCOME STATEMENT
4. SUBSIDIARIES
5. RATINGS AND RECOGNITIONS
NOVEMBER 8, 2004. Medellin, Colombia - BANCOLOMBIA S.A. (NYSE: CIB) announced
today the financial results for the quarter ended September 30, 2004.(1)
CONSOLIDATED BALANCE SHEET
AND INCOME STATEMENT
QUARTER GROWTH
(Ps millions) 2Q 04 3Q 04 3Q 04/2Q 04
------------------------------------------ ---------- ---------- -----------
ASSETS
Loans and financial leases, net 8.453.562 9.332.414 10,40%
Investment securities, net 5.238.888 4.781.795 -8,73%
Other assets 2.414.914 2.162.461 -10,45%
---------- ---------- ------
TOTAL ASSETS 16.107.364 16.276.670 1,05%
---------- ---------- ------
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits 10.583.982 10.491.351 -0,88%
Other liabilities 3.798.687 3.863.023 1,69%
TOTAL LIABILITIES 14.382.669 14.354.374 -0,20%
Shareholders' equity 1.724.695 1.922.296 11,46%
---------- ---------- ------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 16.107.364 16.276.670 1,05%
---------- ---------- ------
Interest income 375.883 497.925 32,47%
Interest expense 139.004 150.858 8,53%
NET INTEREST INCOME 236.879 347.067 46,52%
Net provisions (3.760) (32.261) 758,01%
Other operating income 142.184 159.948 12,49%
Other operating expense (220.623) (230.146) 4,32%
Non-operating income, net (1.170) 3.899 433,25%
Income tax expense (36.927) (61.216) 65,78%
---------- ---------- ------
NET INCOME 116.583 187.291 60,65%
---------- ---------- ------
---------------------
(1) This report corresponds to the consolidated financial statements of
BANCOLOMBIA and its affiliates of which it owns, directly or indirectly, 50% or
more of the voting capital stock. For this reason, the financial information
contained herein is not comparable to BANCOLOMBIA's consolidated results (with
its financial subsidiaries) released prior to March 2003. This information has
been prepared in accordance with generally accepted accounting principles in
Colombia, is stated in nominal terms and has not been audited. All growth rates
mentioned herein are not adjusted for inflation.
ANY REFERENCE TO BANCOLOMBIA MUST BE UNDERSTOOD AS TO THE BANK AND ITS
AFFILIATES, UNLESS OTHERWISE SPECIFIED.
Exchange rate: September 30, 2004 Ps 2,608.30 = 1 US$ Average exchange rate September 2004 Ps 2,666.76 = 1 US$
Contacts
JAIME A. VELASQUEZ
FINANCIAL VP
TEL.: (574) 5108666
MAURICIO BOTERO
IR MANAGER
TEL.: (574) 5108866
FAX: (574) 2317208
WWW.BANCOLOMBIA.COM
INVESTORRELATIONS@BANCOLOMBIA.CO
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1. HIGHLIGHTS:
- Net income amounted to Ps 187.3 billion, or US$ 0.498 per ADS,
during the quarter ended September 30, 2004, increasing 60.7% as
compared to a net income of Ps 116.6 billion, or US$ 0.300 per ADS,
for the previous quarter. This represents an increase of 58.2% as
compared to Ps 118.4 billion, or US$ 0.289 per ADS, during the
quarter ended September 30, 2003.
- BANCOLOMBIA's gross loans amounted to Ps 9,768 billion, increasing
9.8% as compared to Ps 8,893 billion from the previous quarter. In
year over year basis, this represents an increase of 24.0%, from
Ps 7,879 billion. On the other hand, investment debt securities
amounted to Ps 4,582 billion, decreasing 9.1% over the quarter, but
increasing 9.8% as compared to the end of the third quarter of 2003.
- During the third quarter of 2004, interest on loans amounted to Ps
303.3 billion, which represents an increase of 9.7% over the quarter
from Ps 276.6 billion and 42.0% over the third quarter of 2003 from
Ps 213.6 billion.
- Interest on investment securities continued its recovery from the
drop in bond prices experienced during the second quarter of the
current year. It amounted to Ps 164.2 billion during the third
quarter, increasing 125% as compared to the previous quarter, which
represents a 39.0% increase as compared to the third quarter of
2003.
- Total net fees and income from services are stable during the third
quarter of 2004, amounting to Ps 109.5 billion, but increasing 16.7%
as compared to the third quarter of 2003.
- Net interest margin was 10.3% during the quarter, as compared to
7.4% during the previous quarter and 8.2% during the third quarter
of 2003.
- BANCOLOMBIA's ratio of past due loans to total loans for the quarter
ended September 30, 2004 was 1.5%, and allowances to past due loans
was 299%.
QUARTERS AS OF
STOCK INDICATORS 3Q 03 2Q 04 3Q 04 SEP-03 SEP-04
------------------------ ----------- ----------- ----------- ------- -------
Net Income (Ps millions) 118.404 116.583 187.291 323.036 427.922
USD Earnings per ADS 0,289 0,300 0,498 0,789 1,138
ROAA 3,60% 3,17% 4,90% 3,27% 3,73%
ROAE 33,80% 28,57% 43,87% 30,74% 33,41%
P/BV ADS (1) 1,28 1,50 1,58
P/BV Local (2) (3) 1,35 1,54 1,65
P/E (4) 4,35 5,65 4,18
Shares Outstanding 576.695.395 576.695.395 576.695.395
(1) Defined as ADS price divided by ADS book value.
(2) Defined as Share price divided by share book value.
(3) Share prices on the Colombian Stock Exchange
(4) Defined as market capitalization divided by annualized quarter results
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.
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2. CONSOLIDATED BALANCE SHEET
2.1 ASSETS
BANCOLOMBIA's total assets increased 1.1% over the quarter to Ps 16,277
billion as of September 30, 2004, from Ps 16,107 billion as of June 30 of
this year, and 16.7% from Ps 13,950 billion as of September 30, 2003. The
increase in total assets was primarily due to a larger loan portfolio,
higher than the decrease in the investment securities portfolio.
2.1.1 LOAN PORTFOLIO
Total corporate loans increased 10.2% quarter over quarter from Ps 5,060
billion to Ps 5,577 billion. They also increased as compared to the same
period in fiscal year 2003, moving up 10.0%. Corporate working capital
loans, the most significant type of the loan portfolio, increased 12.2% as
compared to June 30, 2004.
LOAN PORTFOLIO AS OF GROWTH
(Ps millions) 30-SEP-03 30-JUN-04 (2) 30-SEP-04 3Q 04/2Q 04 3Q 04/3Q 03
--------------------------------------- --------- ------------ --------- ----------- -----------
CORPORATE
Working capital loans 4.453.082 3.898.115 4.372.394 12,17% -1,81%
Loans funded by
domestic development banks 427.178 898.257 841.871 -6,28% 97,08%
Trade Financing 151.043 190.854 282.660 48,10% 87,14%
Overdrafts 33.826 53.187 58.611 10,20% 73,27%
Credit Cards 7.343 19.985 21.639 8,28% 194,69%
--------- --------- --------- ----- -------
TOTAL CORPORATE 5.072.472 5.060.398 5.577.175 10,21% 9,95%
--------- --------- --------- ----- -------
RETAIL AND SMEs
Working capital loans 842.020 1.088.583 1.189.002 9,22% 41,21%
Personal loans 687.207 902.712 970.887 7,55% 41,28%
Loans funded by
domestic development banks 333.839 345.007 357.994 3,76% 7,24%
Credit Cards 281.585 336.063 342.004 1,77% 21,46%
Overdrafts 102.801 118.732 119.855 0,95% 16,59%
Automobile loans 28.915 293.799 331.715 12,91% 1047,21%
Trade Financing 20.911 26.283 42.608 62,11% 103,76%
--------- --------- --------- ----- -------
TOTAL RETAIL AND SMEs 2.297.278 3.111.179 3.354.065 7,81% 46,00%
MORTGAGE 45.002 48.560 50.245 3,47% 11,65%
FINANCIAL LEASES(1) 463.958 672.891 786.457 16,88% 69,51%
--------- --------- --------- ----- -------
TOTAL LOANS AND FINANCIAL LEASES 7.878.710 8.893.028 9.767.942 9,84% 23,98%
ALLOWANCE FOR LOAN LOSSES AND FINANCIAL
LEASES (1) (357.624) (439.466) (435.528) -0,90% 21,78%
--------- --------- --------- ----- -------
TOTAL LOANS AND FINANCIAL LEASES, NET 7.521.086 8.453.562 9.332.414 10,40% 24,08%
--------- --------- --------- ----- -------
(1) These items include information of financial lease contracts for effects
of comparison with subsequent periods.
(2) June's amounts were modified in order to be comparable with September
2004.
The retail and SMEs (small and medium-sized enterprises) loan portfolio
maintains robust growth rates. It amounted to Ps 3,354 billion, increasing 7.8%
over the quarter and 46.0% over the year. Even though all types of retail and
SMEs loans showed positive trends, the most significant changes during the
quarter were seen in working capital loans, which benefit primarily SMEs, and in
personal loans, showing annual increases of 41.2% and 41.3%, respectively.
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Financial leases for both, corporate and SMEs clients increased 16.9% over
the quarter and 69.5% over the year. These positive figures are explained
by the recovery of corporate investment budgets and more beneficial tax
legislation.
2.1.2 INVESTMENTS PORTFOLIO
BANCOLOMBIA's investments debt securities amounted to Ps 4,582 billion,
decreasing 9.1% as compared to Ps 5,039 billion from the previous quarter.
In year over year basis, this represents an increase of 9.8%, from Ps
4,173 billion.
2.1.3 ASSET QUALITY
As of September 30, 2004, the Bank's past due loans, as a percentage of
total loans reached 1.5%. Loans classified as C, D and E accounted for
3.9% of total loans, continuing their decline. Furthermore, allowances to
past due loans for the quarter were 299%.
LOAN CLASSIFICATION
(Ps millions) AS OF 30-SEP-03 AS OF 30-JUN-04 AS OF 30-SEP-04
------------------------------- ----------------- ------------------- -----------------
"A" Normal 6.972.922 88,5% 8.097.116 91,1% 8.990.520 92,0%
"B" Subnormal 499.463 6,3% 391.174 4,4% 394.013 4,0%
"C" Deficient 70.081 0,9% 99.457 1,1% 105.341 1,1%
"D" Doubtful recovery 240.032 3,0% 207.537 2,3% 190.657 2,0%
"E" Unrecoverable 96.212 1,3% 97.744 1,1% 87.411 0,9%
TOTAL 7.878.710 100% 8.893.028 100% 9.767.942 100%
LOANS CLASSIFIED AS C, D AND E
--------- --------- ---------
AS A PERCENTAGE OF TOTAL LOANS 5,2% 4,6% 3,9%
--------- --------- ---------
ASSET QUALITY AS OF GROWTH
(Ps millions) 30-SEP-03 30-JUN-04 30-SEP-04 3Q 04/2Q 04 3Q 04/3Q 03
----------------------------------------------- --------- --------- --------- ----------- -----------
Total performing past due loans (3) 34,167 65,182 58,435 -10.35% 71.03%
Total non-performing past due loans (1)(3) 96,029 96,018 88,664 -7.66% -7.67%
Total past due loans 130,196 161,200 147,099 -8.75% 12.98%
Allowance for loans and accrued interest losses 362,731 444,952 440,282 -1.05% 21.38%
Past due loans to total loans 1.65% 1.81% 1.51%
Non-performing loans to total loans 1.22% 1.08% 0.91%
C, D, and E loans to total loans 5.16% 4.55% 3.93%
Allowances to past due loans (2) 278.60% 276.02% 299.31%
Allowances to C, D, and E loans (2) 89.27% 109.94% 114.83%
Allowances to non-performing loans (2) 377.73% 463.40% 496.57%
Allowances to total loans 4.60% 5.00% 4.51%
Performing loans to total loans 98.78% 98.92% 99.09%
(1) Non-performing loans comprise consumer loans that are past due 60 days or
more, commercial loans that are past due 90 days or more, and mortgage
loans that are past due 120 days or more.
(2) Allowance means allowance for loan and accrued interest losses.
(3) These items include information of financial lease contracts for effects
of comparison with subsequent periods.
2.2 LIABILITIES
Total deposits were stable over the quarter, but they increased 10.9% over
the year, to the amount of Ps 10,491 billion as of September 30, 2004. In
a year over year basis, interest-bearing deposits increased 11.0%, while
non-interest bearing deposits increased 10.6%. This reflects stability in
the
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3Q04
funding mix composition, with slight changes in the amounts of saving accounts
and time deposits as a response of the increase in loan demand.
AS OF
DEPOSIT MIX COMPOSITION 30-SEP-03 30-JUN-04 30-SEP-04
----------------------- --------- --------- ---------
NON-INTEREST BEARING 19,50% 19,94% 19,44%
Checking accounts 17,85% 18,19% 18,07%
Other 1,64% 1,75% 1,37%
------ ------ ------
INTEREST BEARING 80,50% 80,06% 80,56%
Checking accounts 10,63% 11,54% 9,76%
Time deposits 44,00% 38,91% 42,39%
Savings deposits 25,87% 29,61% 28,41%
------ ------ ------
TOTAL DEPOSITS 100,00% 100,00% 100,00%
------ ------ ------
2.3 SHAREHOLDERS' EQUITY
BANCOLOMBIA's shareholders' equity totaled Ps 1,922 billion at the end of
the third quarter of 2004. It increased 11.5% and 24.0%, as compared to
the previous quarter and the third quarter of 2003, respectively.
Unrealized gains on investment debt securities totaled Ps 50.6 billion as
of September 30, 2004.
At the end of the third quarter, the Bank's consolidated ratio of
technical capital to risk weighted assets remained at about 13.0%.
TECHNICAL CAPITAL RISK WEIGHTED ASSETS AS OF
Consolidated (Ps millions) 30-SEP-03 30-JUN-04 30-SEP-04
----------------------------------------- --------- --------- ----------
Basic capital (Tier I) 1.079.512 1.283.387 1.394.699
Additional capital (Tier II) 255.796 228.672 264.969
Technical capital (1) 1.335.308 1.512.059 1.659.668
Risk weighted assets included market risk 9.796.545 11.759.860 12.764.018
--------- ---------- ----------
CAPITAL ADEQUACY (2) 13,63% 12,86% (3) 13,00%
--------- ---------- ----------
(1) Technical capital is the sum of basic capital and additional
capital.
(2) Capital Adequacy is Technical capital divided by Risk weighted
assets
(3) In attention to the External Circular 037 of 2004, issued by the
Superintendency of Banking, it was obligatory to calculate a new
Technical Capital to Risk Weighted Assets ratio and its components
for the month of June 2004.
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3. INCOME STATEMENT
BANCOLOMBIA's net income amounted to Ps 187.3 billion during the quarter
ended September 30, 2004, as compared to Ps 116.6 billion for the previous
quarter and Ps 118.4 billion for the same period last year.
3.1 NET INTEREST INCOME
Net interest income increased to Ps 347.1 billion for the quarter ended
September 30, 2004, as compared to Ps 236.9 billion for the previous
quarter and Ps 233.7 billion for the third quarter of 2003.
It is important to notice that when compared to the previous quarter, the
interest income increased 32.5%, while the interest expense was only 8.5%
up. Such increase was due not only to changes in bond prices, but also to
the increase in interest income on loans as well as on financial leases.
3.2 PROVISIONS
Provisions for loan and interest losses amounted to Ps 36.4 billion,
increasing 53.7% as compared to the previous quarter. Additionally,
provisions for foreclosed assets increased 357%. Recoveries of provisions
for foreclosed assets amounted to Ps 1.1 billion, decreasing 88.7% as
compared to the second quarter of 2004.
3.3 FEES AND INCOME FROM SERVICES
During the third quarter of 2004, total net fees and other service income
amounted to Ps 109.5 billion, remaining stable over quarter. This
represents an increase of 16.7% as compared to Ps 93.9 billion for the
third quarter of 2003.
Electronic banking services and ATMs fees increased 12.9% as compared to
the previous quarter and 36.9%, as compared to the same quarter of year
2003. Even though branch network fees from services were stable during the
quarter, they increased 28.6% as compared to the third quarter of 2003.
Cash collection and payment fees continued their upward trend amounting to
Ps 11.5 billion, which represents a quarterly increase of 6.8% and an
annual increase of 44.4%.
3.4 OPERATING EXPENSES
Total operating expenses increased 4.4% during the third quarter of 2004
amounting to Ps 224.5 billion. Nevertheless, due to the increase in net
interest income discussed in section 3.1, BANCOLOMBIA's efficiency ratio
reached 45.4% during the third quarter and 50.0% during the nine-month
period ended September 30, 2004.
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QUARTERS AS OF
PRINCIPAL RATIOS 3Q 03 2Q 04 3Q 04 SEP-03 SEP-04
---------------------------------------------- ----- -------- ----- ------ ------
PROFITABILITY
Net interest margin (1) 8,19% 7,36% 10,34% 8,66% 8,97%
Return on average total assets (2) 3,60% 3,17% 4,90% 3,27% 3,73%
Return on average shareholders' equity (3) 33,80% 28,57% 43,87% 30,74% 33,41%
EFFICIENCY
Operating expenses to net operating income (4) 54,22% 58,20% 45,39% 52,49% 49,95%
Operating expenses to average total assets (4) 6,11% 6,00% 6,02% 5,95% 5,91%
CAPITAL ADEQUACY
Shareholders' equity to total assets 11,11% 10,71% 11,81% 11,11% 11,81%
Technical capital to risk weighted assets 13,63% 12,86% 13,00% 13,63% 13,00%
(1) Defined as Net Interest Income divided by monthly average
interest-earning assets.
(2) Net income divided by monthly average total assets.
(3) Net income divided by monthly average shareholders' equity.
(4) Operating income includes net interest income, total fees and income
from services, and total other operating income. The efficiency ratios
contained herein are not comparable to those previously released by
BANCOLOMBIA because merger expenses have been included as operating
expenses.
3.5 OTHER OPERATING INCOME
Other operating income totaled Ps 50.4 billion during the third quarter of
2004, a 50.6% increase from Ps 33.5 billion during the previous quarter.
The increase resulted from higher dividend income mainly dividend payments
from Conavi.
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4. SUBSIDIARIES
BANCOLOMBIA PANAMA AND ITS SUBSIDIARIES
The following table is expressed in US dollars.
BANCOLOMBIA PANAMA AND ITS SUBSIDIARIES
BALANCE SHEET AND INCOME STATEMENT QUARTER GROWTH
(US$) 2Q 04 3Q 04 3Q 04/2Q 04
------------------------------------------ ------------- ------------- -----------
ASSETS
Loans and financial leases, net 521.118.663 628.519.327 20,61%
Investment securities, net 508.776.132 248.557.106 -51,15%
Overnight funds sold 109.401.486 184.374.508 68,53%
Other assets 41.388.857 54.119.698 30,76%
------------- ------------- -------
TOTAL ASSETS 1.180.685.138 1.115.570.639 -5,51%
------------- ------------- -------
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits 1.022.790.639 941.648.544 -7,93%
Other liabilities 5.733.688 5.891.056 2,74%
TOTAL LIABILITIES 1.028.524.327 947.539.600 -7,87%
Shareholders' equity 152.160.811 168.031.039 10,43%
------------- ------------- -------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1.180.685.138 1.115.570.639 -5,51%
------------- ------------- -------
Interest income 16.528.605 20.099.845 21,61%
Interest expense (4.263.276) (4.392.505) 3,03%
NET INTEREST INCOME 12.265.329 15.707.340 28,06%
Net provisions (99.229) (1.160.501) 1069,52%
Other operating income 297.755 786.719 164,22%
Other operating expense (533.777) (639.238) 19,76%
------------- ------------- -------
NET INCOME 11.930.078 14.694.320 23,17%
------------- ------------- -------
BANCOLOMBIA Panama's loan portfolio increased 20.6% while investments
dropped 51.2% over the quarter. Total assets decreased 5.5% over the third
quarter of 2004 to US$1,116 million as of September 30, 2004, as compared
to US$1,181 million as of June 30, 2004. On the other hand, shareholders'
equity increased 10.4% over the quarter from US$152 million to US$168
million as of September 30, 2004. Unrealized gains on investment
securities totaled US$5.4 million as of September 30, 2004.
BANCOLOMBIA Panama reported net income of US$14.7 million during the third
quarter, 2004 up 23.2% as compared to net income of US$11.9 million for
the second quarter of the year. Interest income increased 21.6% during the
quarter mainly due to the recovery of bond prices, whereas net provisions
were up after the recovery of provisions on investments mentioned in the
second quarter press release.
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5. RATINGS AND RECOGNITIONS
- The risk-rating firm Duff & Phelps de Colombia ratified the Bank's
Triple A rating for long term debt and BP1+ for short-term
obligations. These ratings are the highest given in the Colombian
financial sector.
- In September, The Banker selected BANCOLOMBIA for the third
consecutive year as "Bank of the Year" in Colombia.
- For the second consecutive year, LATIN FINANCE selected BANCOLOMBIA
as "The Bank of the year in Colombia".
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CONSOLIDATED BALANCE SHEET AS OF GROWTH
(Ps millions) 30-SEP-03 30-JUN-04 30-SEP-04 3Q 04/2Q 04 3Q 04/3Q 03
---------------------------------------------- ---------- ---------- ---------- ----------- -----------
ASSETS
Cash and due from banks 647.289 639.644 649.069 1,47% 0,27%
Overnight funds sold 237.090 423.373 117.053 -72,35% -50,63%
TOTAL CASH AND EQUIVALENTS 884.379 1.063.017 766.122 -27,93% -13,37%
---------- ---------- ---------- ------ ------
DEBT SECURITIES 4.172.574 5.039.124 4.582.180 -9,07% 9,82%
Trading 1.632.419 2.111.136 1.952.078 -7,53% 19,58%
Available for Sale 1.809.865 2.268.043 1.892.205 -16,57% 4,55%
Held to Maturity 730.290 659.945 737.897 11,81% 1,04%
EQUITY SECURITIES 241.050 283.288 274.709 -3,03% 13,96%
Trading 12.033 43.159 16.028 -62,86% 33,20%
Available for Sale 229.017 240.129 258.681 7,73% 12,95%
Market value allowance (96.722) (83.524) (75.094) -10,09% -22,36%
NET INVESTMENT SECURITIES 4.316.902 5.238.888 4.781.795 -8,73% 10,77%
---------- ---------- ---------- ------ ------
Gross loans and financial leases 7.878.710 8.893.028 9.767.942 9,84% 23,98%
Allowance for loan losses (357.624) (439.466) (435.528) -0,90% 21,78%
NET TOTAL LOANS 7.521.086 8.453.562 9.332.414 10,40% 24,08%
---------- ---------- ---------- ------ ------
Accrued interest receivable on loans 85.383 104.869 111.004 5,85% 30,01%
Allowance for accrued interest losses (5.107) (5.486) (4.754) -13,34% -6,91%
NET TOTAL INTEREST ACCRUED 80.276 99.383 106.250 6,91% 32,36%
---------- ---------- ---------- ------ ------
Customers' acceptances and derivatives 23.332 67.102 78.444 16,90% 236,21%
Net accounts receivable 187.061 162.264 173.078 6,66% -7,48%
Net premises and equipment 332.810 371.661 373.075 0,38% 12,10%
Foreclosed assets 32.305 30.961 20.013 -35,36% -38,05%
Prepaid expenses and deferred charges 36.922 18.336 22.672 23,65% -38,59%
Good will 101.918 87.905 80.756 -8,13% -20,76%
Operating leases, net 11.141 9.965 9.146 -8,22% -17,91%
Other 165.060 237.437 266.716 12,33% 61,59%
Reappraisal of assets 257.029 266.883 266.189 -0,26% 3,56%
---------- ---------- ---------- ------ ------
TOTAL ASSETS 13.950.221 16.107.364 16.276.670 1,05% 16,68%
---------- ---------- ---------- ------ ------
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 1.844.726 2.110.170 2.039.707 -3,34% 10,57%
Checking accounts 1.689.342 1.924.749 1.895.729 -1,51% 12,22%
Other 155.384 185.421 143.978 -22,35% -7,34%
---------- ---------- ---------- ------ ------
INTEREST BEARING 7.616.814 8.473.812 8.451.644 -0,26% 10,96%
Checking accounts 1.005.903 1.221.367 1.023.922 -16,17% 1,79%
Time deposits 4.163.304 4.118.498 4.447.256 7,98% 6,82%
Savings deposits 2.447.607 3.133.947 2.980.466 -4,90% 21,77%
---------- ---------- ---------- ------ ------
TOTAL DEPOSITS 9.461.540 10.583.982 10.491.351 -0,88% 10,88%
Overnight funds 932.108 1.097.369 1.051.779 -4,15% 12,84%
Bank acceptances outstanding 28.383 48.632 55.236 13,58% 94,61%
Interbank borrowings 380.167 253.365 239.357 -5,53% -37,04%
Borrowings from domestic development banks 686.452 762.680 797.985 4,63% 16,25%
Accounts payable 503.837 660.855 646.455 -2,18% 28,31%
Other liabilities 133.571 158.719 170.033 7,13% 27,30%
Bonds 64.785 522.896 525.347 0,47% 710,91%
Accrued expenses 168.752 253.172 335.294 32,44% 98,69%
Minority interest in consolidated subsidiaries 40.419 40.999 41.537 1,31% 2,77%
---------- ---------- ---------- ------ ------
TOTAL LIABILITIES 12.400.014 14.382.669 14.354.374 -0,20% 15,76%
---------- ---------- ---------- ------ ------
Shareholders' equity 1.550.207 1.724.695 1.922.296 11,46% 24,00%
---------- ---------- ---------- ------ ------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 13.950.221 16.107.364 16.276.670 1,05% 16,68%
---------- ---------- ---------- ------ ------
10
[BANCOLOMBIA LOGO]
3Q04
CONSOLIDATED INCOME STATEMENT AS OF GROWTH
(Ps Millions) SEP-03 SEP-04 SEP-04/SEP-03 3Q 03
------------------------------------------ --------- --------- ------------- -------
INTEREST INCOME AND EXPENSES
Interest on loans 611.862 837.735 36,92% 213.604
Interest on investment securities 415.632 406.898 -2,10% 118.098
Overnight funds 14.433 11.527 -20,13% 5.725
Leasing 40.071 68.776 71,64% 14.924
TOTAL INTEREST INCOME 1.081.998 1.324.936 22,45% 352.351
--------- --------- ------- -------
Interest expense
Checking accounts 8.507 9.414 10,66% 2.487
Time deposits 171.767 192.497 12,07% 59.173
Savings deposits 85.410 103.655 21,36% 28.211
TOTAL INTEREST ON DEPOSITS 265.684 305.566 15,01% 89.871
--------- --------- ------- -------
Interbank borrowings 3.550 4.875 37,32% 1.175
Borrowings from domestic development banks 42.301 54.262 28,28% 14.816
Overnight funds 27.037 27.320 1,05% 12.069
Bonds 2.060 29.084 1311,84% 688
TOTAL INTEREST EXPENSE 340.632 421.107 23,63% 118.619
--------- --------- ------- -------
NET INTEREST INCOME 741.366 903.829 21,91% 233.732
Provision for loan and accrued interest
losses, net (122.282) (80.778) -33,94% (36.784)
Recovery of charged-off loans 23.148 23.611 2,00% 6.737
Provision for foreclosed assets
and other assets (72.443) (25.399) -64,94% (17.381)
Recovery of provisions for foreclosed
assets and other assets 5.059 11.741 132,08% 1.735
--------- --------- ------- -------
TOTAL NET PROVISIONS (166.518) (70.825) -57,47% (45.693)
NET INTEREST INCOME AFTER PROVISION
FOR LOANS AND ACCRUED INTEREST LOSSES 574.848 833.004 44,91% 188.039
--------- --------- ------- -------
Commissions from banking services and
other services 35.307 49.067 38,97% 17.273
Electronic services and ATM's fees 35.134 45.006 28,10% 12.077
Branch network services 20.922 27.690 32,35% 7.454
Collections and payments fees 21.968 31.626 43,96% 7.960
Credit card merchant fees 41.219 53.223 29,12% 15.536
Credit and debit card annual fees 43.126 49.803 15,48% 14.926
Checking fees 37.629 36.601 -2,73% 12.903
Warehouse services 31.909 35.981 12,76% 10.832
Fiduciary activities 27.971 38.046 36,02% 9.643
Check remittance 15.667 8.145 -48,01% 5.208
International operations 19.668 15.383 -21,79% 7.260
FEES AND OTHER SERVICE INCOME 330.520 390.571 18,17% 121.072
--------- --------- ------- -------
Fees and other service expenses (74.977) (72.012) -3,96% (27.171)
TOTAL FEES AND INCOME FROM SERVICES, NET 255.543 318.559 24,66% 93.901
--------- --------- ------- -------
OTHER OPERATING INCOME
Net foreign exchange gains 11.808 (65.629) -655,80% 39.210
Forward contracts in foreign currency 22.014 110.066 399,98% (32.816)
Dividend income 30.255 30.167 -0,29% 19.466
Revenues from commercial subsidiaries 53.059 55.787 5,14% 16.956
Communication, postage and others 5.217 5.158 -1,13% 174
TOTAL OTHER OPERATING INCOME 122.353 135.549 10,79% 42.990
--------- --------- ------- -------
TOTAL INCOME 952.744 1.287.112 35,10% 324.930
OPERATING EXPENSES
Salaries and employee benefits 226.152 264.970 17,16% 76.002
Bonus plan payments 18.471 20.023 8,40% 6.508
Compensation 19.213 12.869 -33,02% 5.151
Administrative and other expenses 255.749 314.735 23,06% 88.968
Deposit security, net 22.170 15.096 -31,91% 8.010
Donation expenses 462 152 -67,10% 437
Depreciation 28.345 33.474 18,09% 10.232
TOTAL OPERATING EXPENSES 570.562 661.319 15,91% 195.308
--------- --------- ------- -------
NET OPERATING INCOME 382.182 625.793 63,74% 129.622
Merger expenses 16.986 16.986 0,00% 5.662
NON-OPERATING INCOME (EXPENSE)
Other income 27.454 34.812 26,80% 10.198
Minority interest 538 (2.890) -637,17% 1.271
Other expense (26.625) (38.561) 44,84% (3.150)
TOTAL NON-OPERATING INCOME 1.367 (6.639) -585,31% 8.319
INCOME BEFORE INCOME TAXES 366.563 602.168 64,27% 132.279
Income tax expense (43.527) (174.246) 300,32% (13.875)
--------- --------- ------- -------
NET INCOME 323.036 427.922 32,47% 118.404
--------- --------- ------- -------
CONSOLIDATED INCOME STATEMENT QUARTER GROWTH
(Ps Millions) 2Q 04 3Q 04 3Q 04/2Q 04 3Q 04/3Q 03
------------------------------------------ ------- ------- ----------- -----------
INTEREST INCOME AND EXPENSES
Interest on loans 276.572 303.293 9,66% 41,99%
Interest on investment securities 72.877 164.156 125,25% 39,00%
Overnight funds 4.139 3.774 -8,82% -34,08%
Leasing 22.295 26.702 19,77% 78,92%
TOTAL INTEREST INCOME 375.883 497.925 32,47% 41,32%
------- ------- ------- -------
Interest expense
Checking accounts 3.075 3.176 3,28% 27,70%
Time deposits 62.815 67.230 7,03% 13,62%
Savings deposits 37.679 35.912 -4,69% 27,30%
TOTAL INTEREST ON DEPOSITS 103.569 106.318 2,65% 18,30%
------- ------- ------- -------
Interbank borrowings 900 2.473 174,78% 110,47%
Borrowings from domestic development banks 17.870 18.616 4,17% 25,65%
Overnight funds 5.644 11.654 106,48% -3,44%
Bonds 11.021 11.797 7,04% 1614,68%
TOTAL INTEREST EXPENSE 139.004 150.858 8,53% 27,18%
------- ------- ------- -------
NET INTEREST INCOME 236.879 347.067 46,52% 48,49%
Provision for loan and accrued interest
losses, net (23.668) (36.379) 53,71% -1,10%
Recovery of charged-off loans 7.836 9.542 21,77% 41,64%
Provision for foreclosed assets
and other assets 2.527 (6.506) -357,46% -62,57%
Recovery of provisions for foreclosed
assets and other assets 9.545 1.082 -88,66% -37,64%
------- ------- ------- -------
TOTAL NET PROVISIONS (3.760) (32.261) 758,01% -29,40%
NET INTEREST INCOME AFTER PROVISION
FOR LOANS AND ACCRUED INTEREST LOSSES 233.119 314.806 35,04% 67,42%
------- ------- ------- -------
Commissions from banking services and
other services 17.157 16.160 -5,81% -6,44%
Electronic services and ATM's fees 14.649 16.532 12,85% 36,89%
Branch network services 9.415 9.585 1,81% 28,59%
Collections and payments fees 10.762 11.491 6,77% 44,36%
Credit card merchant fees 18.695 16.914 -9,53% 8,87%
Credit and debit card annual fees 16.982 16.574 -2,40% 11,04%
Checking fees 12.081 12.501 3,48% -3,12%
Warehouse services 11.789 12.879 9,25% 18,90%
Fiduciary activities 13.072 12.220 -6,52% 26,72%
Check remittance 2.728 2.584 -5,28% -50,38%
International operations 4.520 5.693 25,95% -21,58%
FEES AND OTHER SERVICE INCOME 131.850 133.133 0,97% 9,96%
------- ------- ------- -------
Fees and other service expenses (23.127) (23.584) 1,98% -13,20%
TOTAL FEES AND INCOME FROM SERVICES, NET 108.723 109.549 0,76% 16,66%
------- ------- ------- -------
OTHER OPERATING INCOME
Net foreign exchange gains 10.830 (17.733) -263,74% -145,23%
Forward contracts in foreign currency 3.255 34.368 955,85% 204,73%
Dividend income 991 14.258 1338,75% -26,75%
Revenues from commercial subsidiaries 16.848 16.858 0,06% -0,58%
Communication, postage and others 1.537 2.648 72,28% 1421,84%
TOTAL OTHER OPERATING INCOME 33.461 50.399 50,62% 17,23%
------- ------- ------- -------
TOTAL INCOME 375.303 474.754 26,50% 46,11%
OPERATING EXPENSES
Salaries and employee benefits 88.328 90.261 2,19% 18,76%
Bonus plan payments 5.109 5.649 10,57% -13,20%
Compensation 4.678 3.326 -28,90% -35,43%
Administrative and other expenses 103.300 110.092 6,58% 23,74%
Deposit security, net 2.455 2.957 20,45% -63,08%
Donation expenses 45 59 31,11% -86,50%
Depreciation 11.046 12.140 9,90% 18,65%
TOTAL OPERATING EXPENSES 214.961 224.484 4,43% 14,94%
------- ------- ------- -------
NET OPERATING INCOME 160.342 250.270 56,09% 93,08%
Merger expenses 5.662 5.662 0,00% 0,00%
NON-OPERATING INCOME (EXPENSE)
Other income 7.754 11.900 53,47% 16,69%
Minority interest (1.404) (1.298) -7,55% -202,12%
Other expense (7.520) (6.703) -10,86% 112,79%
TOTAL NON-OPERATING INCOME (1.170) 3.899 433,25% -53,13%
INCOME BEFORE INCOME TAXES 153.510 248.507 61,88% 87,87%
Income tax expense (36.927) (61.216) 65,78% 341,20%
------- ------- ------- -------
NET INCOME 116.583 187.291 60,65% 58,18%
------- ------- ------- -------
11