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 May 2006
BANCOLOMBIA S.A.
(Translation of Registrant's name into English)
Calle 50 No. 51-66
Medellin, 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 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. 001-32535).
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 02, 2006 By /s/ JAIME ALBERTO VELASQUEZ B.
-------------------------------------
Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
CIB
LISTED
(BANCOLOMBIA LOGO) NYSE
CONSOLIDATED FINANCIAL RESULTS
FOR THE QUARTER ENDED MARCH 31, 2006
MAY 2, 2006. Medellin, Colombia - Today, BANCOLOMBIA S.A. (NYSE: CIB) announced
its financial results for the first quarter of fiscal year 2006, ended March 31,
2006.(1)
CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT
QUARTER
----------------------- GROWTH
(Ps millions) 4Q 05 1Q 06 1Q 06/ 4Q 05
------------- ---------- ---------- ------------
ASSETS
Loans and financial leases, net 17,920,370 18,365,410 2.48%
Investment securities, net 8,459,703 8,315,148 -1.71%
Other assets 4,423,444 4,284,405 -3.14%
---------- ---------- ------
TOTAL ASSETS 30,803,517 30,964,963 0.52%
---------- ---------- ------
LIABILITIES AND SHAREHOLDERS' EQUITY
DEPOSITS 18,384,982 18,343,438 -0.23%
Non-interest bearing 3,530,279 3,229,036 -8.53%
Interest bearing 14,854,703 15,114,402 1.75%
OTHER LIABILITIES 9,041,245 9,422,199 4.21%
TOTAL LIABILITIES 27,426,227 27,765,637 1.24%
Shareholders' equity 3,377,290 3,199,326 -5.27%
---------- ---------- ------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 30,803,517 30,964,963 0.52%
---------- ---------- ------
Interest income 793,968 747,905 -5.80%
Interest expense 286,994 289,761 0.96%
NET INTEREST INCOME 506,974 458,144 -9.63%
Net provisions (22,406) (50,678) 126.18%
Fees and income from service, net 212,777 206,119 -3.13%
Other operating income 7,883 84,938 977.48%
Operating expense (375,591) (418,911) 11.53%
Non-operating income, net 20,006 2,269 -88.66%
Income tax expense (93,065) (67,779) -27.17%
---------- ---------- ------
NET INCOME 256,578 214,102 -16.55%
========== ========== ======
----------
(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. Any reference to BANCOLOMBIA must
be understood as referring to the Bank together with its affiliates, unless
otherwise specified. The unaudited pro forma combined condensed financial
statements for the first quarter of 2005 and the relevant numbers developed
from such financial statements presented below are derived from (a) the
unaudited consolidated financial statements of Bancolombia as of March 31,
2005 (b) the unaudited consolidated financial statements of Corporacion
Financiera Nacional y Suramericana S.A. ("Corfinsura"), giving effect to
the spin-off of the portion of Corfinsura's assets and liabilities that
were not assumed by Bancolombia through the merger, as of March 31, 2005
and (c) the unaudited consolidated financial statements of Conavi Banco
Comercial y de Ahorros S.A ("Conavi"), as of March 31, 2005, as if the
merger had been completed as of those dates.
These financial statements have been prepared in accordance with generally
accepted accounting principles in Colombia (COLGAAP), are stated in nominal
terms and have not been audited. Even though for purposes of COLGAAP historical
pro forma information is not required, these pro forma financial statements are
presented for comparison purposes. BANCOLOMBIA maintains accounting records in
Colombian pesos, referred to herein as "Ps."
The unaudited pro forma combined condensed financial statements are provided for
illustrative purposes only and do not purport to represent what the actual
consolidated results of operations or the consolidated financial position of
Bancolombia would have been, nor are they necessarily indicative of future
consolidated results of operations or consolidated financial position. The
unaudited pro forma combined condensed financial statements do not include the
realization of cost savings from operating efficiencies, revenue synergies or
other restructuring costs currently expected to result from the merger. No
assurance can be given that any such savings or other expected benefits of the
merger will in fact take place, whether at the level of management's current
expectations or at all.
ANY REFERENCE TO BANCOLOMBIA MUST BE UNDERSTOOD AS REFERRING TO THE BANK
TOGETHER WITH ITS AFFILIATES, UNLESS OTHERWISE SPECIFIED.
Exchange rate: March 31, 2006 Ps 2,293.38 = US$ 1 Average exchange rate March 2006 Ps 2,264.18 = US$ 1
CONTACTS
Sergio Restrepo
Executive VP
Tel.: (574) 5108668
Jaime A. Velasquez
Financial VP
Tel.: (574) 5108666
Mauricio Botero
IR Manager
Tel.: (574) 5108866
1
(BANCOLOMBIA LOGO)
1Q06
1. HIGHLIGHTS(2):
- Two important factors should be considered when reading the first
quarter report. First, comparisons must be made between the same
quarters of different years because of the seasonality of the
financial business in Colombia. Second, the unconsolidated results for
the month of March, released on April 12, 2006, include dividend
income(3) from the Bank's subsidiaries, which are eliminated when
consolidating the financial results. As a result, during the first
quarter of 2006, consolidated net income was lower than unconsolidated
net income.
- Net income amounted to Ps 214,102 million, increasing 20.6% on a pro
forma basis compared to Ps 177,542 million for the first quarter of
2005, but decreasing 16.6% compared to Ps 256,578 million for the last
quarter of 2005.
- As of March 31, 2006, BANCOLOMBIA's net loans totaled Ps 18,365
billion, increasing 2.5% compared to Ps 17,920 billion in the previous
quarter. On a year-to-year basis, this represents an increase of 10.4%
from Ps 16,631 billion pro forma at March 31, 2005. On the other hand,
investment debt securities amounted to Ps 8,132 billion, decreasing
1.6% over the quarter, but increasing 11.8% over the year.
- During the first quarter of 2006, net interest income amounted to Ps
458,144 million, increasing 9.8% compared to the same period of 2005
on a pro forma basis, with interest income on loans increasing 7.2%
while interest income on investments decreased 9.8%, due to an almost
stable Colombian bond prices during March.
- Net fees and income from services totaled Ps 206,119 million during
the quarter, increasing 20.1% compared to the pro forma figure for the
same period in 2005, but decreasing 3.1% from the last quarter of
2005.
- BANCOLOMBIA's ratio of past due loans to total loans at March 31, 2006
was 3.1% and the ratio of allowances to past due loans was 125%.
STOCK INDICATORS
AS OF
-----------------
4Q 05 1Q 06 DEC-05 MAR-06
----------- ----------- ------- -------
Net Income (Ps millions) 256,578 214,102 946,881 214,102
USD Earnings per ADS 0.617 0.513 2.278 0.513
ROAA 3.50% 2.78% 3.23% 2.78%
ROAE 31.76% 25.11% 29.30% 25.11%
P/BV ADS (1)(4) 3.55 4.55
P/BV Local (2)(5) 3.31 4.45
P/E (3) 11.12 16.74
Shares Outstanding 727,827,005 727,827,005
(1) Defined as ADS price divided by ADS book value.
(2) Defined as common share price divided by share book value.
(3) Defined as market capitalization divided by annualized quarter results
(4) Share prices of ADS as of December 31, 2005 and March 31, 2006: US 28.83
and US 34.90 respectively.
(5) Common share prices on Colombian Stock Exchange as of December 31, 2005 and
March 31, 2006: Ps 15,340 and Ps 19,560 respectively.
----------
(2) This is the third time BANCOLOMBIA has released consolidated quarterly
financial results since the merger that took place on July 30, 2005. This
report contains pro forma figures for the first quarter of 2005 as if the
spin off of Corfinsura and the merger with Conavi and Corfinsura (after the
spin-off) had taken place on that date, for the purpose of comparison. All
references to numbers for periods prior to the merger contained herein were
derived from such pro forma consolidated financial statements.
(3) The dividend income in Colombia is recorded when approved in the General
Shareholders' Meeting. This generally takes place during the first quarter.
2
(BANCOLOMBIA LOGO)
1Q06
2. CONSOLIDATED BALANCE SHEET
2.1 ASSETS
BANCOLOMBIA's total assets were stable during the quarter amounting to Ps
30,965 billion as of March 31, 2006. This represents an increase of 9.8%
over the year from Ps 28,205 billion on a pro forma basis as of March 31,
2005.
2.1.1 LOAN PORTFOLIO
Corporate loans were stable over the quarter, and over the year amounting
to Ps 9,552 billion as of March 31, 2006. The retail and small and
medium-sized enterprise ("SME") loan portfolio maintained positive growth
rates. It totaled Ps 5,171 billion as of March 31, 2006, increasing 4.6%
over the quarter and 24.5% over the year.
LOAN PORTFOLIO
AS OF GROWTH
31-MAR-05 ----------------------- -------------------------
(Ps millions) PRO FORMA 31-DEC-05 31-MAR-06 1Q 06/4Q 05 1Q 06/1Q 05
------------- ---------- ---------- ---------- ----------- -----------
CORPORATE
Working capital loans 7,574,924 7,754,880 8,414,643 8.51% 11.09%
Loans funded by domestic development banks 1,435,165 948,659 433,435 -54.31% -69.80%
Trade Financing 348,207 749,342 598,818 -20.09% 71.97%
Overdrafts 77,870 62,043 74,824 20.60% -3.91%
Credit Cards 34,927 43,084 30,233 -29.83% -13.44%
---------- ---------- ---------- ------ ------
TOTAL CORPORATE 9,471,093 9,558,008 9,551,953 -0.06% 0.85%
---------- ---------- ---------- ------ ------
RETAIL AND SMES
Working capital loans 1,354,076 1,613,158 1,663,145 3.10% 22.83%
Personal loans 1,345,910 1,517,369 1,613,637 6.34% 19.89%
Loans funded by domestic development banks 360,343 403,412 406,196 0.69% 12.72%
Credit Cards 474,990 623,934 613,549 -1.66% 29.17%
Overdrafts 130,758 101,957 141,874 39.15% 8.50%
Automobile loans 426,931 631,972 675,834 6.94% 58.30%
Trade Financing 60,668 52,449 57,084 8.84% -5.91%
---------- ---------- ---------- ------ ------
TOTAL RETAIL AND SMES 4,153,676 4,944,251 5,171,319 4.59% 24.50%
---------- ---------- ---------- ------ ------
MORTGAGE 1,425,722 1,463,437 1,530,291 4.57% 7.33%
---------- ---------- ---------- ------ ------
FINANCIAL LEASES 2,255,227 2,660,556 2,850,547 7.14% 26.40%
---------- ---------- ---------- ------ ------
TOTAL LOANS AND FINANCIAL LEASES 17,305,718 18,626,252 19,104,110 2.57% 10.39%
ALLOWANCE FOR LOAN LOSSES AND
FINANCIAL LEASES (674,233) (705,882) (738,700) 4.65% 9.56%
---------- ---------- ---------- ------ ------
TOTAL LOANS AND FINANCIAL LEASES, NET 16,631,485 17,920,370 18,365,410 2.48% 10.43%
========== ========== ========== ====== ======
Mortgage loans increased 7.3% over the year, amounting to Ps 1,530 billion
as of March 31, 2006, registering a 4.6% increase over the quarter. On the
other hand, financial leases increased 7.1% over the quarter and 26.4% over
the year amounting to Ps 2,851 billion.
3
(BANCOLOMBIA LOGO)
1Q06
2.1.2 INVESTMENT PORTFOLIO
BANCOLOMBIA's investments in debt securities amounted to Ps 8,132 billion,
decreasing 1.6% over the quarter. The composition of the investment
portfolio in terms of the classification of bonds was very stable compared
to the previous quarter. On a year-to-year basis, this represents an
increase of 11.8%, from Ps 7,276 billion at March 31, 2005, on a pro forma
basis.
2.1.3 ASSET QUALITY
As of March 31, 2006, the Bank's past due loans accounted for 3.1% of total
loans. Charged-off loans for the quarter amounted to Ps 30,953 billion.
Loans classified as C, D and E were 3.1% of total loans. Furthermore, the
ratio of allowances to past due loans at the end of the quarter was 125.3%,
very similar to the ratio of allowances to loans classified as C, D and E,
which was 125.8%.
LOANS AND FINANCIAL LEASES CLASSIFICATION
AS OF 31-MAR-05
(Ps millions) PRO FORMA AS OF 31-DEC-05 AS OF 31-MAR-06
------------- ----------------- ----------------- -----------------
"A" Normal 16,121,232 93.1% 17,359,081 93.2% 17,880,922 93.6%
"B" Subnormal 567,973 3.3% 638,131 3.4% 628,404 3.3%
"C" Deficient 203,120 1.2% 202,934 1.1% 208,751 1.1%
"D" Doubtful recovery 235,731 1.4% 252,635 1.4% 219,086 1.1%
"E" Unrecoverable 177,662 1.0% 173,471 0.9% 166,947 0.9%
TOTAL 17,305,718 100% 18,626,252 100% 19,104,110 100%
LOANS AND FINANCIAL LEASES CLASSIFIED AS C,
D AND E AS A PERCENTAGE OF TOTAL LOANS
AND FINANCIAL LEASES 3.6% 3.4% 3.1%
ASSET QUALITY
GROWTH
31-MAR-05 AS OF -------------------------
(Ps millions) PRO FORMA 31-DEC-05 31-MAR-06 1Q 06/4Q 05 1Q 06/1Q 05
------------- --------- --------- --------- ----------- -----------
Total performing past due loans 310,172 224,319 298,428 33.04% -3.79%
Total non-performing past due loans (1) 248,286 227,117 298,567 31.46% 20.25%
Total past due loans 558,458 451,436 596,995 32.24% 6.90%
Allowance for loans and accrued interest
losses 688,788 714,537 748,226 4.71% 8.63%
Past due loans to total loans 3.23% 2.42% 3.12%
Non-performing loans to total loans 1.43% 1.22% 1.56%
C, D, and E loans to total loans 3.56% 3.38% 3.11%
Allowances to past due loans (2) 123.34% 158.28% 125.33%
Allowances to C, D, and E loans(2) 111.72% 113.59% 125.80%
Allowances to non-performing loans (2) 277.42% 314.61% 250.61%
Allowances to total loans 3.98% 3.84% 3.92%
Performing loans to total loans 98.57% 98.78% 98.44%
(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, small business
loans that are past due 30 days or more and mortgage loans that are past
due 60 days or more.
(2) Allowance means allowance for loan and accrued interest losses.
4
(BANCOLOMBIA LOGO)
1Q06
2.2 LIABILITIES
Total deposits were stable over the quarter and increased 5.3% over the
year, totaling Ps 18,343 billion as of March 31, 2006. The deposit mix
improved over the year. Savings accounts increased 3.3%, whereas time
deposits decreased 3.4% over the year, compared to pro forma 2005 figures.
On a year-over-year basis, interest-bearing deposits increased 1.4% while
non-interest bearing deposits increased 28.7%.
2.3 SHAREHOLDERS' EQUITY
BANCOLOMBIA's shareholders' equity totaled Ps 3,199 billion at the end of
the first quarter of 2006. Shareholders' equity decreased 5.3% compared to
the previous quarter, due to the distribution of profits. Nevertheless,
this represents an increase of 21.3%, compared to the first quarter of
2005. Unrealized gains on investment debt securities totaled Ps 50.5
billion as of March 31, 2006.
As of March 31, 2006, the Bank's consolidated ratio of technical capital to
risk-weighted assets was 12.7%.
TECHNICAL CAPITAL RISK WEIGHTED ASSETS
31-MAR-05 AS OF
Consolidated (Ps millions) PRO FORMA 31-DEC-05 31-MAR-06
-------------------------- ---------- ---------- ----------
Basic capital (Tier I) 2,189,444 2,169,481 2,758,088
Additional capital (Tier II) 441,995 393,822 392,604
Technical capital (1) 2,631,439 2,563,303 3,150,692
Risk weighted assets included market risk 21,492,534 23,457,768 24,891,156
CAPITAL ADEQUACY (2) 12.24% 10.93% 12.66%
(1) Technical capital is the sum of basic capital and additional capital.
(2) Capital Adequacy is Technical capital divided by Risk weighted assets
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
5
(BANCOLOMBIA LOGO)
1Q06
3. INCOME STATEMENT
BANCOLOMBIA's net income amounted to Ps 214,102 million for the quarter
ended March 31, 2006, as compared to net income of Ps 256,578 million for
the previous quarter and Ps 177,542 million for the same period of 2005 pro
forma.
3.1 NET INTEREST INCOME
Interest on loans totaled Ps 519,316 million for the quarter, increasing
7.2% over the year, from the Ps 484,510 million on a pro forma basis during
the same period of 2005, but decreased 2.7% compared to the previous
quarter. On the other hand, interests on investment securities reached Ps
135,379 millions in the first quarter, decreasing 9.8% over the year, and
20.1% compared to the previous quarter, due partially from the result of
the mark to market impact of Colombian bond prices. This negative impact is
partially offset by the reduction in interest expenses which results in a
yearly increase of 9.9% in net interest income, totaling Ps 458,144 million
as of March 31, 2006.
The most widely used representative bond in the market was the COLOMBIA TES
20 which matures in July 2020. This bond was traded at a yield of 8.99% at
the end of the fourth quarter 2005. As of March 31, 2006, its yield was
7.61% after reaching a historical minimum yield of 7.11% on March 1, 2006.
Additionally, as of April 28, 2006, the average yield was again close to
the one at the end of the year (8.87%).
(PERFORMANCE GRAPH)
6
(BANCOLOMBIA LOGO)
1Q06
3.2 PROVISIONS
During the first quarter of 2006, provisions for loan and interest losses
amounted to Ps 64,205 million, increasing 46.4% and 90.9% as compared to
the previous quarter and to pro forma results for the first quarter of
2005, respectively. Total net provisions amounted to Ps 50,678 million,
increasing 126.2% and 83.5%, respectively. Approximately Ps 50,000 million
from these provisions corresponds to adjustments made by the new
provisioning regulation. Recoveries of previously charged-off loans and
foreclosed assets remained strong amounting to Ps 26,163 million.
3.3 FEES AND INCOME FROM SERVICES
Contributions to income from the various sources of fee generation
continued to demonstrate a positive trend. Net fees and income from
services amounted to Ps 206,119 million, decreasing 3.1% over the quarter,
but increasing 20.1% as compared to Ps 171,674 million pro forma results
for the first quarter of 2005.
BANCOLOMBIA's accumulated unconsolidated credit card billing increased
22.3% during the year, resulting in a 21.5% market share of the Colombian
credit card business. In addition, the Bank's number of outstanding credit
cards increased 13.1%, resulting in a 15.7% market share.
ACCUMULATED CREDIT CARD BILLING
2006
March-05 % Market
(Millons of pesos as of March 31, 2006) Pro Forma March-06 Growth Share
--------------------------------------- --------- --------- ------ ------
Bancolombia VISA 186,157 240,267 29.07% 6.94%
Bancolombia Mastercard 308,044 363,009 17.84% 10.49%
Bancolombia American Express 112,758 139,165 23.42% 4.02%
TOTAL BANCOLOMBIA 606,959 742,442 22.32% 21.46%
--------- --------- -----
Colombian credit card market 2,621,675 3,459,600 31.96%
--------- --------- -----
Source: Credibanco, American Express and Red Multicolor
CREDIT CARD MARKET SHARE
2006
March-05 % Market
Outstanding credit cards as of March 31, 2006 Pro Forma March-06 Growth Share
--------------------------------------------- --------- --------- ------ ------
Bancolombia VISA 163,726 195,719 19.54% 5.41%
Bancolombia Mastercard 248,456 261,335 5.18% 7.22%
Bancolombia American Express 89,218 110,242 23.56% 3.05%
TOTAL BANCOLOMBIA 501,400 567,296 13.14% 15.68%
--------- --------- -----
Colombian credit card market 2,897,413 3,618,893 24.90%
--------- --------- -----
Source: Credibanco, American Express and Red Multicolor.
3.4 OTHER OPERATING INCOME
Other operating income totaled Ps 84,938 million during the first quarter
of 2006, increasing over the quarter due to non-recurring events. First,
the Bank sold through the Colombian stock exchange a part of the stake it
held in Corfinversiones (now Compania de Suramericana de Inversiones S.A.)
which was received from the spin-off of Corfinsura S.A.. Since Colombian
regulations do no not allow banks to have equity investments in
non-financial companies, the Superintendency of Finance gave BANCOLOMBIA a
term of two years to sell these holdings. Second, dividend payments mainly
from Proteccion S.A., Concesiones CCFC and Titularizadora Colombiana,
amounted to Ps 19,620 million.
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(BANCOLOMBIA LOGO)
1Q06
Third, due to the sale of Abocol S.A., by our investment banking company
Colcorp S.A. previously disclosed on January 2, 2006, the revenues from
commercial subsidiaries are not comparable.
3.5 OPERATING EXPENSES
Total operating expenses increased 12.7% during the quarter to Ps 408,585
million, which represents a 4.2% increase on an accumulated year-over-year
basis.
BANCOLOMBIA improved its efficiency ratios. When compared the first quarter
of 2005 to the same period of 2006, operating expenses to net operating
income went from 59.2% to 55.9% and operating expenses over average total
assets went from 6.2% to 5.4%.
PRINCIPAL RATIOS
1Q 05 QUARTER
PRO FORMA 4Q 05 1Q 06
--------- ------- -----
PROFITABILITY
Net interest margin (1) 7.13% 7.80% 6.73%
Return on average total assets (2) 2.71% 3.50% 2.78%
Return on average shareholders' equity (3) 28.00% 31.76% 25.11%
EFFICIENCY
Operating expenses to net operating income (4) 59.24% 51.62% 55.91%
Operating expenses to average total assets (4) 6.15% 5.12% 5.44%
CAPITAL ADEQUACY
Shareholders' equity to total assets 9.35% 10.96% 10.33%
Technical capital to risk weighted assets 12.24% 10.93% 12.66%
(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) Operating income includes net interest income, total net fees and income
from services, and total other operating income. Operating expenses include
merger expenses and good will amortization.
8
(BANCOLOMBIA LOGO)
1Q06
CONSOLIDATED BALANCE SHEET
GROWTH
AS OF ----------------
MAR-05 ---------- LAST
(Ps millions) PRO FORMA DEC-05 MAR-06 QUARTER ANNUAL
------------- ---------- ---------- ---------- ------- ------
ASSETS
Cash and due from banks 1,199,816 1,241,435 1,432,090 15.36% 19.36%
Overnight funds sold 727,442 488,587 257,964 -47.20% -64.54%
TOTAL CASH AND EQUIVALENTS 1,927,258 1,730,022 1,690,054 -2.31% -12.31%
---------- ---------- ---------- ------ ------
DEBT SECURITIES 7,275,699 8,264,885 8,131,968 -1.61% 11.77%
Trading 4,383,561 5,400,950 5,393,302 -0.14% 23.03%
Available for Sale 2,006,927 1,842,556 1,749,010 -5.08% -12.85%
Held to Maturity 885,211 1,021,379 989,656 -3.11% 11.80%
EQUITY SECURITIES 256,596 268,286 256,589 -4.36% 0.00%
Trading 84,824 50,805 56,378 10.97% -33.54%
Available for Sale 171,772 217,481 200,211 -7.94% 16.56%
Market value allowance (70,348) (73,468) (73,409) -0.08% 4.35%
NET INVESTMENT SECURITIES 7,461,947 8,459,703 8,315,148 -1.71% 11.43%
---------- ---------- ---------- ------ ------
Commercial loans 11,540,694 11,949,501 12,062,241 0.94% 4.52%
Consumer loans 1,992,627 2,437,727 2,547,051 4.48% 27.82%
Small business loans 91,448 115,031 113,980 -0.91% 24.64%
Mortgage loans 1,425,722 1,463,437 1,530,291 4.57% 7.33%
Finance lease 2,255,227 2,660,556 2,850,547 7.14% 26.40%
Allowance for loan losses (674,233) (705,882) (738,700) 4.65% 9.56%
NET TOTAL LOANS AND FINANCIAL LEASES 16,631,485 17,920,370 18,365,410 2.48% 10.43%
---------- ---------- ---------- ------ ------
Accrued interest receivable on loans 189,465 206,921 199,623 -3.53% 5.36%
Allowance for accrued interest losses (14,555) (8,655) (9,526) 10.06% -34.55%
NET TOTAL INTEREST ACCRUED 174,910 198,266 190,097 -4.12% 8.68%
---------- ---------- ---------- ------ ------
Customers' acceptances and derivatives 65,529 133,420 104,372 -21.77% 59.28%
Net accounts receivable 286,620 590,313 395,484 -33.00% 37.98%
Net premises and equipment 499,710 623,729 645,915 3.56% 29.26%
Foreclosed assets, net 72,767 31,360 26,663 -14.98% -63.36%
Prepaid expenses and deferred charges 58,975 26,898 34,404 27.91% -41.66%
Goodwill 67,945 50,959 45,297 -11.11% -33.33%
Operating leases, net 141,144 143,974 157,761 9.58% 11.77%
Other 430,916 563,588 648,030 14.98% 50.38%
Reappraisal of assets 385,781 330,915 346,328 4.66% -10.23%
---------- ---------- ---------- ------ ------
TOTAL ASSETS 28,204,987 30,803,517 30,964,963 0.52% 9.79%
========== ========== ========== ====== ======
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 2,509,700 3,530,279 3,229,036 -8.53% 28.66%
Checking accounts 2,255,106 3,171,182 2,758,182 -13.02% 22.31%
Other 254,594 359,097 470,854 31.12% 84.94%
---------- ---------- ---------- ------ ------
INTEREST BEARING 14,903,522 14,854,703 15,114,402 1.75% 1.41%
Checking accounts 937,442 1,068,409 1,152,790 7.90% 22.97%
Time deposits 6,977,348 6,259,800 6,739,068 7.66% -3.42%
Savings deposits 6,988,732 7,526,494 7,222,544 -4.04% 3.35%
---------- ---------- ---------- ------ ------
TOTAL DEPOSITS 17,413,222 18,384,982 18,343,438 -0.23% 5.34%
Overnight funds 734,866 1,329,913 1,650,203 24.08% 124.56%
Bank acceptances outstanding 54,391 63,126 40,990 -35.07% -24.64%
Interbank borrowings 1,281,945 1,705,468 1,810,035 6.13% 41.19%
Borrowings from domestic development banks 2,391,042 2,222,083 2,407,828 8.36% 0.70%
Accounts payable 1,131,652 1,250,084 1,021,597 -18.28% -9.73%
Accrued interest payable 184,660 182,292 205,177 12.55% 11.11%
Other liabilities 284,442 459,968 465,855 1.28% 63.78%
Bonds 1,773,197 1,648,312 1,477,542 -10.36% -16.67%
Accrued expenses 262,873 130,859 292,622 123.62% 11.32%
Minority interest in consolidated
subsidiaries 55,148 49,140 50,350 2.46% -8.70%
---------- ---------- ---------- ------ ------
TOTAL LIABILITIES 25,567,438 27,426,227 27,765,637 1.24% 8.60%
========== ========== ========== ====== ======
SHAREHOLDERS' EQUITY
SUBSCRIBED AND PAID IN CAPITAL 364,330 363,914 363,914 0.00% -0.11%
RETAINED EARNINGS 1,613,055 2,362,711 2,215,130 -6.25% 37.33%
Appropiated 1,435,513 1,415,830 2,001,028 41.33% 39.39%
Unappropiated 177,542 946,881 214,102 -77.39% 20.59%
---------- ---------- ---------- ------ ------
REAPPRAISAL AND OTHERS 617,382 592,083 569,793 -3.76% -7.71%
GROSS UNREALIZED GAIN OR LOSS ON DEBT
SECURITIES 42,782 58,582 50,489 -13.81% 18.01%
---------- ---------- ---------- ------ ------
TOTAL SHAREHOLDER'S EQUITY 2,637,549 3,377,290 3,199,326 -5.27% 21.30%
========== ========== ========== ====== ======
9
(BANCOLOMBIA LOGO)
1Q06
CONSOLIDATED INCOME STATEMENT
GROWTH
1Q 05 QUARTER -------------------------
(Ps Millions) PRO FORMA 4Q 05 1Q 06 1Q 06/4Q 05 1Q 06/1Q 05
------------- --------- ------- ------- ----------- -----------
INTEREST INCOME AND EXPENSES
Interest on loans 484,510 533,504 519,316 -2.66% 7.18%
Interest on investment securities 150,118 169,396 135,379 -20.08% -9.82%
Overnight funds 6,050 8,845 9,015 1.92% 49.01%
Leasing 67,084 82,223 84,195 2.40% 25.51%
TOTAL INTEREST INCOME 707,762 793,968 747,905 -5.80% 5.67%
------- ------- ------- ------- --------
Interest expense
Checking accounts 4,614 6,153 7,098 15.36% 53.84%
Time deposits 116,058 103,521 106,016 2.41% -8.65%
Savings deposits 57,943 62,606 55,277 -11.71% -4.60%
TOTAL INTEREST ON DEPOSITS 178,615 172,280 168,391 -2.26% -5.72%
------- ------- ------- ------- --------
Interbank borrowings 10,768 21,103 28,085 33.09% 160.82%
Borrowings from domestic development banks 41,543 38,810 40,857 5.27% -1.65%
Overnight funds 14,568 18,673 20,835 11.58% 43.02%
Bonds 45,209 36,128 31,593 -12.55% -30.12%
TOTAL INTEREST EXPENSE 290,703 286,994 289,761 0.96% -0.32%
------- ------- ------- ------- --------
NET INTEREST INCOME 417,059 506,974 458,144 -9.63% 9.85%
Provision for loan and accrued interest losses, net (33,628) (43,848) (64,205) 46.43% 90.93%
Recovery of charged-off loans 11,882 15,226 16,747 9.99% 40.94%
Provision for foreclosed assets and other assets (10,585) (19,733) (12,636) -35.97% 19.38%
Recovery of provisions for foreclosed assets and other
assets 4,714 25,949 9,416 -63.71% 99.75%
------- ------- ------- ------- --------
TOTAL NET PROVISIONS (27,617) (22,406) (50,678) 126.18% 83.50%
NET INTEREST INCOME AFTER PROVISION FOR LOANS
AND ACCRUED INTEREST LOSSES 389,442 484,568 407,466 -15.91% 4.63%
------- ------- ------- ------- --------
Commissions from banking services and other services 17,993 39,692 27,963 -29.55% 55.41%
Electronic services and ATM fees 24,186 22,528 20,725 -8.00% -14.31%
Branch network services 11,008 13,341 12,833 -3.81% 16.58%
Collections and payments fees 13,127 14,987 15,164 1.18% 15.52%
Credit card merchant fees 425 2,689 2,235 -16.88% 425.88%
Credit and debit card annual fees 53,106 52,639 59,248 12.56% 11.57%
Checking fees 12,913 13,960 14,696 5.27% 13.81%
Warehouse services 14,749 20,449 17,981 -12.07% 21.91%
Fiduciary activities 14,107 14,803 15,595 5.35% 10.55%
Brokerage fees 14,083 15,478 23,383 51.07% 66.04%
Check remittance 2,426 2,856 2,852 -0.14% 17.56%
International operations 6,622 8,844 6,836 -22.70% 3.23%
FEES AND OTHER SERVICE INCOME 184,745 222,266 219,511 -1.24% 18.82%
------- ------- ------- ------- --------
Fees and other service expenses (13,071) (9,489) (13,392) 41.13% 2.46%
TOTAL FEES AND INCOME FROM SERVICES, NET 171,674 212,777 206,119 -3.13% 20.06%
------- ------- ------- ------- --------
OTHER OPERATING INCOME
Net foreign exchange gains (18,481) 24,303 11,269 -53.63% 160.98%
Forward contracts in foreign currency 37,661 4,442 4,337 -2.36% -88.48%
Gains on sales of investments on equity securities 80 7,698 34,121 343.24% 42551.25%
Dividend income 38,794 1,536 19,620 1177.34% -49.43%
Revenues from commercial subsidiaries 28,784 (31,853) 13,245 141.58% -53.99%
Communication, postage, rent and others 4,084 1,757 2,346 33.52% -42.56%
TOTAL OTHER OPERATING INCOME 90,922 7,883 84,938 977.48% -6.58%
------- ------- ------- ------- --------
TOTAL INCOME 652,038 705,228 698,523 -0.95% 7.13%
OPERATING EXPENSES
Salaries and employee benefits 148,722 155,125 163,778 5.58% 10.12%
Bonus plan payments 6,320 5,572 8,227 47.65% 30.17%
Compensation 2,242 1,157 716 -38.12% -68.06%
Administrative and other expenses 193,974 165,083 198,526 20.26% 2.35%
Deposit security, net 13,625 13,042 15,682 20.24% 15.10%
Donation expenses 108 82 58 -29.27% -46.30%
Depreciation 26,866 22,401 21,598 -3.58% -19.61%
------- ------- ------- ------- --------
TOTAL OPERATING EXPENSES 391,857 362,462 408,585 12.72% 4.27%
NET OPERATING INCOME 260,181 342,766 289,938 -15.41% 11.44%
Merger expenses 5,123 7,467 4,664 -37.54% -8.96%
Goodwill amortization Banco de Colombia 5,662 5,662 5,662 0.00% 0.00%
NON-OPERATING INCOME (EXPENSE)
Other income 13,914 59,448 20,461 -65.58% 47.05%
Minority interest (1,821) (1,978) (2,761) 39.59% 51.62%
Other expense (13,427) (37,464) (15,431) -58.81% 14.93%
TOTAL NON-OPERATING INCOME (1,334) 20,006 2,269 -88.66% 270.09%
INCOME BEFORE INCOME TAXES 248,062 349,643 281,881 -19.38% 13.63%
Income tax expense (70,520) (93,065) (67,779) -27.17% -3.89%
------- ------- ------- ------- --------
NET INCOME 177,542 256,578 214,102 -16.55% 20.59%
======= ======= ======= ======= ========
10