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 August, 2021
Comission File Number 001-32535
Bancolombia S.A.
(Translation of registrant’s name into English)
Cra. 48 # 26-85
Medellín, Colombia
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F þ Form 40-F ◻
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):___
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(2):___
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ◻ No þ
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .
2Q21
BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2021.
● | The net profit for 2Q21 was COP 1.2 trillion, denoting a better performance of its clients, thanks to the support received by the bank during the pandemic. This value represents an increase of 113.2% compared to 1Q21. |
● | Gross loans amount to COP 204 trillion, which represents a 3.3% growth when compared to 1Q21. |
● | Provision charges for the quarter were COP 626 trillion and the coverage ratio for 90-day past due loans was 227,4%. Provision charges decreased by 51.1% when compared to 1Q21 and by 74.3% when compared to 2Q20. This reduction is largely due to a better economic outlook in the models for 2021, a better payment performance from clients and a fine-tuning in the provisioning methodologies for the portfolio under credit reliefs. |
● | The efficiency ratio was 50.4% for the last 12 months. Operating expenses for the first semester of the year increased by 2.2% when compared to the first half of 2020. Operating expenses for the quarter increased 4.4% when compared to 1Q21 and 13.7% compared to 2Q20. |
● | Under Basel III, Tier 1 capital stood at 11.5% as of June 30, 2021, increasing 30 basis points compared to March 31, 2021. The solvency ratio ended at 15.0%. This leverage level is adequate considering the balance sheet risks and asset growth expectations. |
August 11, 2021. Medellin, Colombia – Today, BANCOLOMBIA S.A. (“Bancolombia” or “the Bank”) announced its earnings results for the second quarter of 20211.
1 This report corresponds to the interim unaudited consolidated financial information of BANCOLOMBIA S.A. and its subsidiaries (“BANCOLOMBIA” or “The Bank”) which Bancolombia controls, amongst others, by owning directly or indirectly, more than 50% of the voting capital stock. This financial information has been prepared based on financial records generated in accordance with International Financial Reporting Standards – IFRS. BANCOLOMBIA maintains accounting records in Colombian pesos, referred to herein as “Ps.” or “COP”. The financial information for the quarter ended June 30, 2021 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, July 1, 2021 $3.748,50 = US$ 1
1
2Q21
BANCOLOMBIA: Summary of consolidated financial quarterly results
| | | | | | | | | | | |
CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT | | Quarter | | Growth |
| ||||||
(COP million) |
| 2Q 20 |
| 1Q 21 |
| 2Q 21 |
| 2Q21/1Q21 |
| 2Q21/2Q20 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
| |
Net Loans |
| 186,262,965 |
| 180,032,207 |
| 186,686,086 |
| 3.70 | % | 0.23 | % |
Investments |
| 25,238,230 |
| 27,443,624 |
| 28,812,050 |
| 4.99 | % | 14.16 | % |
Other assets |
| 56,013,085 |
| 49,849,332 |
| 49,985,866 |
| 0.27 | % | (10.76) | % |
Total assets |
| 267,514,280 |
| 257,325,163 |
| 265,484,002 |
| 3.17 | % | (0.76) | % |
| | | | | | | | 0.00 | | 0.00 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
| |
|
|
| |
| 0.00 |
| 0.00 | |
Deposits |
| 181,721,729 |
| 184,542,606 |
| 189,742,391 |
| 2.82 | % | 4.41 | % |
Other liabilities |
| 57,284,007 |
| 43,576,457 |
| 45,146,599 |
| 3.60 | % | (21.19) | % |
Total liabilities |
| 239,005,736 |
| 228,119,063 |
| 234,888,990 |
| 2.97 | % | (1.72) | % |
Non-controlling interest |
| 2,035,660 |
| 1,587,798 |
| 1,590,132 |
| 0.15 | % | (21.89) | % |
Shareholders’ equity |
| 26,472,884 |
| 27,618,302 |
| 29,004,880 |
| 5.02 | % | 9.56 | % |
Total liabilities and shareholders’ equity |
| 267,514,280 |
| 257,325,163 |
| 265,484,002 |
| 3.17 | % | (0.76) | % |
| | | | | | | | 0.00 | | 0.00 | |
Interest income |
| 4,552,734 |
| 3,918,902 |
| 3,911,503 |
| (0.19) | % | (14.08) | % |
Interest expense |
| (1,651,385) |
| (1,093,545) |
| (1,065,935) |
| (2.52) | % | (35.45) | % |
Net interest income |
| 2,901,349 |
| 2,825,357 |
| 2,845,568 |
| 0.72 | % | (1.92) | % |
Net provisions |
| (2,435,112) |
| (1,281,560) |
| (626,055) |
| (51.15) | % | (74.29) | % |
Fees and income from service, net |
| 682,717 |
| 798,693 |
| 806,703 |
| 1.00 | % | 18.16 | % |
Other operating income |
| 425,722 |
| 343,607 |
| 526,421 |
| 53.20 | % | 23.65 | % |
Total Dividends received and equity method |
| 44,185 |
| 78,644 |
| 54,711 |
| (30.43) | % | 23.82 | % |
Total operating expense |
| (1,830,163) |
| (1,992,894) |
| (2,080,601) |
| 4.40 | % | 13.68 | % |
Profit before tax |
| (211,302) |
| 771,847 |
| 1,526,747 |
| 97.80 | % | (822.54) | % |
Income tax |
| 128,704 |
| (206,448) |
| (339,389) |
| 64.39 | % | (363.70) | % |
Net income before non-controlling interest |
| (82,598) |
| 565,399 |
| 1,187,358 |
| 110.00 | % | (1537.51) | % |
Non-controlling interest |
| 9,301 |
| (22,883) |
| (30,443) |
| 33.04 | % | (427.31) | % |
Net income |
| (73,297) |
| 542,516 |
| 1,156,915 |
| 113.25 | % | (1678.39) | % |
2
2Q21
| | | | | | | | | | | |
| | Quarter | | As of |
| ||||||
PRINCIPAL RATIOS |
| 2Q 20 |
| 1Q 21 |
| 2Q 21 |
| 2Q 20 |
| 2Q 21 |
|
PROFITABILITY |
|
|
|
|
|
|
|
|
|
| |
Net interest margin (1) from continuing operations |
| 5.12 | % | 5.10 | % | 4.99 | % | 5.36 | % | 5.04 | % |
Return on average total assets (2) from continuing operations |
| (0.11) | % | 0.85 | % | 1.76 | % | 0.20 | % | 1.31 | % |
Return on average shareholders´ equity (3) |
| (1.10) | % | 7.99 | % | 16.33 | % | 1.94 | % | 12.24 | % |
EFFICIENCY |
| |
| |
| |
| |
| | |
Operating expenses to net operating income |
| 45.14 | % | 49.25 | % | 49.15 | % | 49.36 | % | 49.20 | % |
Operating expenses to average total assets |
| 2.70 | % | 3.12 | % | 3.17 | % | 3.10 | % | 3.15 | % |
Operating expenses to productive assets |
| 3.23 | % | 3.59 | % | 3.65 | % | 3.67 | % | 3.62 | % |
CAPITAL ADEQUACY |
| |
| |
| |
| |
| | |
Shareholders’ equity to total assets |
| 9.90 | % | 10.73 | % | 10.93 | % | 9.90 | % | 10.93 | % |
Technical capital to risk weighted assets |
| 12.64 | % | 14.79 | % | 15.04 | % | 12.64 | % | 15.04 | % |
KEY FINANCIAL HIGHLIGHTS |
|
|
|
|
|
|
|
|
|
| |
Net income per ADS from continuing operations |
| (0.08) |
| 0.61 |
| 1.28 |
| 0.29 |
| 1.89 | |
Net income per share $COP from continuing operations |
| (76.21) |
| 564.05 |
| 1,202.83 |
| 273.01 |
| 1,766.88 | |
P/BV ADS (4) |
| 0.90 |
| 1.02 |
| 0.89 |
| 0.90 |
| 0.89 | |
P/BV Local (5) (6) |
| 0.87 |
| 1.00 |
| 0.88 |
| 0.87 |
| 0.88 | |
P/E (7) from continuing operations |
| (79.82) |
| 12.88 |
| 5.54 |
| 44.56 |
| 7.55 | |
ADR price |
| 26.31 |
| 31.99 |
| 28.80 |
| 26.31 |
| 28.80 | |
Common share price (8) |
| 24,000 |
| 28,750 |
| 26,400 |
| 24,000 |
| 26,400 | |
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) |
| 3,756.28 |
| 3,678.62 |
| 3,748.50 |
| 3,756.28 |
| 3,748.50 | |
3
2Q21
1.BALANCE SHEET
1.1.Assets
As of June 30, 2021, Bancolombia's assets totaled COP 265,484 billion, which represents a growth of 3.2% compared to 1Q21 and a decrease of 0.8% compared to 2Q20.
During the quarter, the peso depreciated 1.9% versus the US dollar and in the last 12 months it appreciated 0.2%. The average exchange rate was 1.9% higher in 2Q21 versus 1Q21.
The increase in total assets during the first quarter is largely explained by the growth in the loan book and financial assets investments.
1.2.Loan Portfolio
The following table shows the composition of Bancolombia’s loans by type and currency:
| | | | | | | | | | | | | | | | | |
| | | | | | Amounts in USD | | Amounts in USD | | | | |
| ||||
(COP Million) | | Amounts in COP | | converted to COP | | (thousands) | | Total |
| ||||||||
(1 USD = 3,748.50 COP) |
| 2Q21 |
| 2Q21/1Q21 |
| 2Q21 |
| 2Q21/1Q21 |
| 2Q21 |
| 2Q21/1Q21 |
| 2Q21 |
| 2Q21/1Q21 |
|
Commercial loans |
| 88,255,746 |
| 4.36 | % | 42,427,778 |
| 2.20 | % | 11,318,602 |
| 0.29 | % | 130,683,524 |
| 3.65 | % |
Consumer loans |
| 30,108,961 |
| 1.42 | % | 13,388,642 |
| 4.33 | % | 3,571,733 |
| 2.39 | % | 43,497,602 |
| 2.30 | % |
Mortgage loans |
| 15,257,850 |
| 3.24 | % | 12,893,256 |
| 3.22 | % | 3,439,577 |
| 1.30 | % | 28,151,106 |
| 3.23 | % |
Small business loans |
| 675,986 |
| (6.19) | % | 539,186 |
| 1.09 | % | 143,841 |
| (0.79) | % | 1,215,173 |
| (3.09) | % |
Interests paid in advance |
| (11,113) |
| 12.75 | % | (973) |
| 43.75 | % | (260) |
| 41.07 | % | (12,086) |
| 14.75 | % |
Gross loans |
| 134,287,431 |
| 3.50 | % | 69,247,889 |
| 2.79 | % | 18,473,493 |
| 0.87 | % | 203,535,319 |
| 3.25 | % |
In 2Q21, gross loans grew 3.3% compared to 1Q21 and 1.7% compared to 2Q20. During the last 12 months peso-denominated loans grew 3.8% and the dollar-denominated loans (expressed in USD) decreased 1.8%.
At the end of 2Q21, Banco Agricola operations in El Salvador, Banistmo in Panama and BAM in Guatemala represented 27% of total gross loans.
Gross loans denominated in currencies other than COP, generated by operations in Central America, the international operation of Bancolombia Panamá, Puerto Rico and the USD denominated loans in Colombia, accounted for 34.0% of the portfolio, and grew 2.8% in the quarter (when expressed in COP).
Total reserves (provisions in the balance sheet) for loan losses decreased 1.4% during the quarter and totaled COP 16,849 billions equivalent to 8.3% of the 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 |
|
(COP million) |
| 2Q20 |
| 1Q21 |
| 2Q21 |
| 2Q21/1Q21 |
| 2Q21/2Q20 |
| loans |
|
Commercial |
| 130,543,861 |
| 126,086,144 |
| 130,683,524 |
| 3.65 | % | 0.11 | % | 64.2 | % |
Consumer |
| 41,828,151 |
| 42,518,980 |
| 43,497,602 |
| 2.30 | % | 3.99 | % | 21.4 | % |
Mortgage |
| 26,301,037 |
| 27,270,661 |
| 28,151,106 |
| 3.23 | % | 7.03 | % | 13.8 | % |
Microcredit |
| 1,368,900 |
| 1,253,912 |
| 1,215,173 |
| (3.09) | % | (11.23) | % | 0.6 | % |
Interests received in advance |
| (2,649) |
| (10,533) |
| (12,086) |
| 14.74 | % | 356.24 | % | 0.0 | % |
Total loan portfolio |
| 200,039,300 |
| 197,119,164 |
| 203,535,319 |
| 3.25 | % | 1.75 | % | 100.0 | % |
Allowance for loan losses |
| (13,776,335) |
| (17,086,957) |
| (16,849,233) |
| (1.39) | % | 22.31 | % | — | |
Total loans, net |
| 186,262,965 |
| 180,032,207 |
| 186,686,086 |
| 3.70 | % | 0.23 | % | — | |
4
2Q21
1.3.Investment Portfolio
As of June 30, 2021, Bancolombia's net investment portfolio totaled COP 28,812 billion, increasing 5.0% from the end of 1Q21 and 14.2% from the end of 2Q20.
At the end of 2Q21, the debt securities portfolio had a duration of 20.1 months and a weighted average yield to maturity of 4.6%.
1.4.Goodwill and intangibles
At the end of 2Q21, Bancolombia's goodwill and intangibles totaled COP 8,143 billion, increasing 1.6% compared to 1Q21. This quarterly variation is mainly explained by the depreciation of the COP against the USD.
1.5.Funding
As of June 30, 2021, Bancolombia's liabilities totaled COP 234,889 billion, growing 3.0% from the end of 1Q21, and decreasing 1.7% compared to 2Q20.
Customer deposits totaled COP 189,742 billion (80.8% of liabilities) at the end of 2Q21, increasing 2.8% compared to 1Q21 and 4.4% over the last 12 months. The net loans to deposits ratio was 98.4% at the end of 2Q21 increasing compared to 97.6% in 1Q21.
The bank's liquidity position continues to be favorable. During 2Q21 the lower total cost of funding indicates the high share of deposits over the total funding mix.
| | | | | | | | | | | | | |
Funding mix | | | | | | | | | | | | |
|
COP Million |
| 2Q20 |
| 1Q21 |
| 2Q21 |
| ||||||
Checking accounts |
| 29,628,682 |
| 13 | % | 34,459,005 |
| 16 | % | 35,593,777 |
| 16 | % |
Saving accounts |
| 80,173,219 |
| 36 | % | 88,511,975 |
| 41 | % | 93,813,194 |
| 42 | % |
Time deposits |
| 70,996,812 |
| 32 | % | 59,848,463 |
| 28 | % | 58,297,621 |
| 26 | % |
Other deposits |
| 1,308,322 |
| 1 | % | 3,349,904 |
| 2 | % | 6,554,355 |
| 3 | % |
Long term debt |
| 20,658,717 |
| 9 | % | 19,816,937 |
| 9 | % | 19,922,967 |
| 9 | % |
Loans with banks |
| 21,819,332 |
| 10 | % | 10,271,006 |
| 5 | % | 8,364,739 |
| 4 | % |
Total Funds |
| 224,585,084 |
| 100 | % | 216,257,290 |
| 100 | % | 222,546,653 |
| 100 | % |
1.6.Shareholders’ Equity and Regulatory Capital
Shareholders’ equity at the end of 2Q21 was COP 29,005 billion, increasing by 5.0% compared to 1Q21 and by 9.6% when compared to 2Q20.
Bancolombia's consolidated solvency ratio under Basel III was 15.04% in 2Q21, while the basic capital ratio (Tier 1) was 11.49%. This leverage level is adequate considering the balance sheet risks and asset growth expectations.
The tangible capital ratio, defined as shareholders’ equity minus goodwill and intangible assets divided by tangible assets, was 8.0% at the end of 2Q21.
The annual decrease in risk-weighted assets is mainly explained by the adoption of the new regulation.
5
2Q21
| | | | | | | | | | | | | |
TECHNICAL CAPITAL RISK WEIGHTED ASSETS | | | | | | | | | | | | |
|
Consolidated (COP millions) |
| 2Q20 |
| % |
| 1Q21 |
| % |
| 2Q21 |
| % |
|
Basic capital (Tier I) |
| 20,803,346 |
| 9.35 | % | 21,365,742 |
| 11.19 | % | 22,638,870 |
| 11.49 | % |
Additional capital (Tier II) |
| 7,340,890 |
| 3.30 | % | 6,891,518 |
| 3.60 | % | 7,020,090 |
| 3.56 | % |
Technical capital (1) |
| 28,144,236 |
|
|
| 28,242,651 |
|
|
| 29,644,922 |
|
| |
Risk weighted assets including market and operational risk (2) |
| 222,581,197 |
|
|
| 190,954,243 |
|
|
| 197,104,371 |
|
| |
CAPITAL ADEQUACY (3) |
|
|
| 12.64 | % |
|
| 14.79 | % |
|
| 15.04 | % |
(1) | Technical capital is the sum of basic and additional capital, minus deductions ($14,609 million for 1Q21 and $14,039MM for 2Q21). |
(2) | Operational risk only applies to 1Q21 and 2Q21 after the adoption of Basel III regulation. |
(3) | Capital adequacy is technical capital divided by risk-weighted assets. |
2.INCOME STATEMENT
Net income totaled COP 1,157 billion in 2Q21, or COP 1,202.83 per share (USD $ 1.28 per ADR). This profit represents a growth of 113.2% compared to 1Q21 and a significant recovery from the net loss presented in 2Q20. Bancolombia's annualized return on equity (“ROE”) was 16.3% for 2Q21 and 6.2% for the last 12 months.
2.1.Net Interest Income
Net interest income totaled COP 2,846 billion in 2Q21, 0.7% greater than the value reported in 1Q21, and 1.9% below 2Q20. During 2Q21, the investment, interest rate derivatives and repos portfolio generated COP 273 billion, 40.7% lower when compared to 1Q21.
Net Interest Margin
The annualized net interest margin decreased in 2Q21, reaching 5.0%. The annualized net interest margin for investments in 2Q21 was 0.5%. The decrease in the investment margin during the quarter was due to the lower allocation of resources in foreign currency securities and their respective exchange rate restatement. Additionally, the profitability of investments in fixed income assets and their derivatives decreased, explained by lower valuations in a scenario of expected changes in Colombian monetary policy for the upcoming months.
The annualized net interest margin of the loan portfolio was 5.7%, proving a relative stability compared to 1Q21. On an annual basis, the main factors that impact the lending margin are related to the repricing of assets as an effect of the reductions in the reference rate by the Central Bank in Colombia during the last year and, secondly, the lower revenues accrued by an increase of clients in stage 3 under IFRS 9.
| | | | | | | |
Annualized Interest | | | | | | |
|
Margin |
| 2Q20 |
| 1Q21 |
| 2Q21 |
|
Loans’ Interest margin |
| 5.8 | % | 5.7 | % | 5.7 | % |
Debt investments’ margin |
| 0.7 | % | 1.7 | % | 0.5 | % |
Net interest margin |
| 5.1 | % | 5.1 | % | 5.0 | % |
Total funding cost continues to show a better performance during 2Q21. Savings accounts and checking accounts have increased their share over the last 12 months. Savings accounts represented 36% in 2Q20, and 42% of total funding for 2Q21. On the other hand, checking accounts represented 13% in 2Q20, and 16% of total funding in 2Q21. The annualized average weighted cost of deposits was 1.45% in 2Q21, dropping 12 basis points compared to 1Q21 and 103 basis points compared to 2Q20.
| | | | | | | |
Average weighted | | | | | | |
|
funding cost |
| 2Q 20 |
| 1Q 21 |
| 2Q 21 |
|
Checking accounts |
| 0.00 | % | 0.00 | % | 0.00 | % |
Saving accounts |
| 1.60 | % | 0.71 | % | 0.69 | % |
Time deposits |
| 4.55 | % | 3.66 | % | 3.49 | % |
Total deposits |
| 2.48 | % | 1.57 | % | 1.45 | % |
6
2Q21
Long term debt |
| 5.40 | % | 5.02 | % | 5.19 | % |
Loans with banks |
| 2.47 | % | 2.10 | % | 2.08 | % |
Total funding cost |
| 2.77 | % | 1.94 | % | 1.85 | % |
2.2.Fees and Income from Services
During 2Q21, net fees and income from services totaled COP 807 billion, growing by 1.0% compared to 1Q21, and by 18.2% compared to 2Q20.
The better annual performance in fees is mainly due to higher volumes of transactions, denoting too the positive results on commission income for credit and debit cards and commercial establishments, payments and collections as well as banking services.
Fees from credit, debit cards and commercial establishments went up by 2.1% compared to 1Q21 and by 33.4% compared to 2Q20. Fees from asset management and trust services went down 12.4% compared to 1Q21 and increased 16.8% compared to 2Q20. Fees from our bancassurance business grew 12.4% compared to 1Q21 and declined 11.0% with respect to 2Q20.
2.3.Other Operating Income
Total other operating income was COP 526 billion in 1Q21, expanding by 53.2% compared to 1Q21 and by 23.7% compared to 2Q20. This quarterly variation is largely explained by a higher net foreign exchange as a result of the restatement of assets and liabilities.
Revenues from operating leases totaled COP 213 billion in 2Q21, going up by 2.8% when compared to 1Q21 and by 23.1% compared to those reported in 2Q20. The annual increase is due to higher volumes of operations and delivered assets under leasing.
2.4.Asset Quality, Provision Charges and Balance Sheet Strength
The principal balance for past due loans (those that are overdue for more than 30 days) totaled COP 9,034 billion at the end of 2Q21 and represented 4.6% of total gross loans, increasing when compared to 1Q21, when past due loans represented 4.7% of total gross loans. During the quarter, charge-offs totaled COP 988 billion.
The coverage, measured by the ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 169.1% at the end of 2Q21, decreasing compared to 171.7% at the end of 1Q21. The deterioration of the loan portfolio (new past due loans including charge-offs) was COP 999 billion.
Provision charges (net of recoveries) totaled COP 626 billion in 2Q21. The provisions reduction during the quarter were mainly due to macroeconomic impacts considering a better outlook in the models for 2021 compared to previous estimates, to adjustments in the provisioning rules for the portfolio under credit reliefs and to a lower deterioration in retail and SMEs customers.
Provisions as a percentage of the average gross loans were 1.3% for 2Q21 and 2.8% for the last 12 months. Bancolombia maintains a strong balance sheet supported by an adequate level of loan loss reserves. Allowances (for the principal) for loan losses totaled COP 15,275 billion, or 7.7% of total loans at the end of 2Q21, decreasing when compared to 1Q21.
The following tables present key metrics related to asset quality:
| | | | | | | |
ASSET QUALITY | | As of |
| ||||
(COP millions) |
| 2Q 20 |
| 1Q 21 |
| 2Q 21 |
|
Total 30‑day past due loans |
| 6,975,128 |
| 9,023,381 |
| 9,033,714 | |
Allowance for loan losses (1) |
| 12,512,310 |
| 15,496,916 |
| 15,274,541 | |
Past due loans to total loans |
| 3.62 | % | 4.72 | % | 4.58 | % |
Allowances to past due loans |
| 179.38 | % | 171.74 | % | 169.08 | % |
Allowance for loan losses as a percentage of total loans |
| 6.49 | % | 8.10 | % | 7.74 | % |
7
2Q21
(1) | Allowances are reserves for the principal of loans. |
| | | | | | | | | |
| | % Of loan | | 30 days |
| ||||
PDL Per Category |
| Portfolio |
| 2Q20 |
| 1Q21 |
| 2Q21 |
|
Commercial loans |
| 64.2 | % | 3.51 | % | 4.08 | % | 3.89 | % |
Consumer loans |
| 21.4 | % | 2.82 | % | 6.44 | % | 6.24 | % |
Mortgage loans |
| 13.8 | % | 5.02 | % | 4.60 | % | 4.78 | % |
Microcredit |
| 0.6 | % | 11.04 | % | 13.13 | % | 12.87 | % |
PDL TOTAL |
|
|
| 3.62 | % | 4.72 | % | 4.58 | % |
| | | | | | | | | |
| | % Of loan | | 90 days |
| ||||
PDL Per Category |
| Portfolio |
| 2Q20 |
| 1Q21 |
| 2Q21 |
|
Commercial loans |
| 64.2 | % | 3.17 | % | 3.64 | % | 3.49 | % |
Consumer loans |
| 21.4 | % | 2.31 | % | 3.80 | % | 3.24 | % |
Mortgage loans* |
| 13.8 | % | 3.83 | % | 3.21 | % | 3.00 | % |
Microcredit |
| 0.6 | % | 8.87 | % | 9.72 | % | 9.45 | % |
PDL TOTAL | | |
| 3.12 | % | 3.65 | % | 3.40 | % |
* | Mortgage loans that were overdue were calculated for past due loans for 120 days instead of 90 days. |
| | | | | | | | | | | | | | | | | |
| | 1Q21 | | 2Q21 | | 2Q21/1Q21 |
| ||||||||||
|
| Loans |
| Allowances |
| % |
| Loans |
| Allowances |
| % |
| Loans |
| Allowances |
|
Stage 1 |
| 159,644,182 |
| 2,937,773 |
| 1.8 | % | 166,401,844 |
| 2,524,994 |
| 1.5 | % | 4.2 | % | (14.1) | % |
Stage 2 |
| 20,928,355 |
| 3,762,288 |
| 18.0 | % | 21,197,366 |
| 4,203,216 |
| 19.8 | % | 1.3 | % | 11.7 | % |
Stage 3 |
| 16,546,627 |
| 10,386,896 |
| 62.8 | % | 15,936,109 |
| 10,121,023 |
| 63.5 | % | (3.7) | % | (2.6) | % |
Total |
| 197,119,164 |
| 17,086,957 |
| 8.7 | % | 203,535,319 |
| 16,849,233 |
| 8.3 | % | 3.3 | % | (1.4) | % |
Stage 1. Financial instruments that do not deteriorate since their initial recognition or that have low credit risk at the end of the reporting period. (12-month expected credit losses).
Stage 2. Financial instruments that have significantly increased their risk since their initial recognition. (Lifetime expected credit losses).
Stage 3. Financial instruments that have Objective Evidence of Impairment in the reported period. (Lifetime expected credit losses).
2.5.Operating Expenses
During 4Q20, operating expenses totaled COP 2,077 billion, increasing by 7.4% with respect to 3Q20 and During 2Q21, operating expenses totaled COP 2,081 billion, increasing by 4.4% with respect to 1Q21 and by 13.7% with respect to 2Q20.
Personnel expenses (salaries, bonus plan payments and compensation) totaled COP 844 billion in 2Q21, which represents an increase of 2.4% compared to 1Q21 and 35.8% compared to 2Q20. The annual increase in labor
8
2Q21
expenses is mainly explained by the bonus plan provisioning performed in 2021, unlike the same period of the previous year when this expense was canceled.
During 2Q21, administrative expenses totaled COP 815 billion, going up by 9.5% compared to 1Q21 and by 6.0% as compared to 2Q20.
Depreciation and amortization expenses totaled COP 205 billion in 2Q21, up by 3.6% compared to 1Q21 and by 7.0% compared to 2Q20.
As of March 31, 2021, Bancolombia had 30,993 employees, owned 933 branches, 6,018 ATMs, 21,876 banking agents and served more than 20 million customers.
2.6.Taxes
Income tax for the quarter was COP 339 billion. This expense was impacted by tax benefits such as exempt revenues from the low-income housing portfolio and returns on securities issued by the Governments (Guatemala, El Salvador and Panama), as well as by investment in fixed assets.
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) |
| 2Q20 |
| 1Q21 |
| 2Q21 |
| 2Q21/1Q21 |
| 2Q21/2Q20 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
| |
Gross loans |
| 138,321,644 |
| 135,864,009 |
| 140,953,012 |
| 3.75 | % | 1.90 | % |
Allowances for loans |
| (10,684,592) |
| (13,194,585) |
| (12,900,665) |
| (2.23) | % | 20.74 | % |
Investments |
| 24,165,442 |
| 23,969,985 |
| 24,842,217 |
| 3.64 | % | 2.80 | % |
Other assets |
| 27,676,708 |
| 23,727,457 |
| 22,857,679 |
| (3.67) | % | (17.41) | % |
Total assets |
| 179,479,202 |
| 170,366,865 |
| 175,752,243 |
| 3.16 | % | (2.08) | % |
| | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
| |
|
|
| |
| |
| | |
Deposits |
| 117,739,285 |
| 118,627,207 |
| 121,374,290 |
| 2.32 | % | 3.09 | % |
Other liabilities |
| 46,477,353 |
| 36,038,278 |
| 38,024,036 |
| 5.51 | % | (18.19) | % |
Total liabilities |
| 164,216,639 |
| 154,665,485 |
| 159,398,326 |
| 3.06 | % | (2.93) | % |
Shareholders’ equity |
| 15,262,563 |
| 15,701,380 |
| 16,353,916 |
| 4.16 | % | 7.15 | % |
Total liabilities and shareholders’ equity |
| 179,479,202 |
| 170,366,865 |
| 175,752,243 |
| 3.16 | % | (2.08) | % |
| | | | | | | | | | | |
Interest income |
| 3,326,039 |
| 2,827,821 |
| 2,809,893 |
| (0.63) | % | (15.52) | % |
Interest expense |
| (1,194,587) |
| (717,885) |
| (691,904) |
| (3.62) | % | (42.08) | % |
Net interest income |
| 2,131,452 |
| 2,109,936 |
| 2,117,989 |
| 0.38 | % | (0.63) | % |
Net provisions |
| (1,926,316) |
| (1,189,488) |
| (535,199) |
| (55.01) | % | (72.22) | % |
Fees and income from service, net |
| 466,485 |
| 526,978 |
| 527,408 |
| 0.08 | % | 13.06 | % |
Other operating income |
| 236,140 |
| 354,239 |
| 282,584 |
| (20.23) | % | 19.67 | % |
Total operating expense |
| (1,239,680) |
| (1,378,242) |
| (1,401,376) |
| 1.68 | % | 13.04 | % |
Profit before tax |
| (331,920) |
| 423,422 |
| 991,406 |
| 134.14 | % | (398.69) | % |
Income tax |
| 157,120 |
| (72,007) |
| (241,160) |
| 234.91 | % | (253.49) | % |
Net income |
| (174,800) |
| 351,415 |
| 750,247 |
| 113.49 | % | (529.20) | % |
9
2Q21
BANISTMO- PANAMA
| | | | | | | | | | | |
CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT | | Quarter | | Growth |
| ||||||
(COP million) |
| 2Q20 |
| 1Q21 |
| 2Q21 |
| 2Q21/1Q21 |
| 2Q21/2Q20 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
| |
Gross loans |
| 29,396,207 |
| 28,747,061 |
| 28,921,647 |
| 0.61 | % | (1.61) | % |
Allowances for loans |
| (1,384,193) |
| (1,914,474) |
| (2,085,148) |
| 8.91 | % | 50.64 | % |
Investments |
| 4,158,333 |
| 5,035,001 |
| 5,356,447 |
| 6.38 | % | 28.81 | % |
Other assets |
| 6,156,577 |
| 5,925,638 |
| 6,449,748 |
| 8.84 | % | 4.76 | % |
Total assets |
| 38,326,924 |
| 37,793,226 |
| 38,642,694 |
| 2.25 | % | 0.82 | % |
| | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
| |
|
|
| |
| |
| | |
Deposits |
| 25,082,529 |
| 25,899,241 |
| 26,886,609 |
| 3.81 | % | 7.19 | % |
Other liabilities |
| 9,222,568 |
| 7,989,688 |
| 7,740,319 |
| (3.12) | % | (16.07) | % |
Total liabilities |
| 34,305,097 |
| 33,888,929 |
| 34,626,928 |
| 2.18 | % | 0.94 | % |
Shareholders’ equity |
| 4,021,827 |
| 3,904,298 |
| 4,015,766 |
| 2.86 | % | (0.15) | % |
Total liabilities and shareholders’ equity |
| 38,326,924 |
| 37,793,226 |
| 38,642,694 |
| 2.25 | % | 0.82 | % |
| | | | | | | | | | | |
Interest income |
| 530,987 |
| 470,397 |
| 477,817 |
| 1.58 | % | (10.01) | % |
Interest expense |
| (223,638) |
| (196,798) |
| (201,625) |
| 2.45 | % | (9.84) | % |
Net interest income |
| 307,349 |
| 273,599 |
| 276,192 |
| 0.95 | % | (10.14) | % |
Net provisions |
| (240,469) |
| (50,814) |
| (115,699) |
| 127.69 | % | (51.89) | % |
Fees and income from service, net |
| 41,511 |
| 41,767 |
| 44,599 |
| 6.78 | % | 7.44 | % |
Other operating income |
| 10,490 |
| 7,198 |
| 3,420 |
| (52.49) | % | (67.40) | % |
Total operating expense |
| (168,199) |
| (156,144) |
| (179,942) |
| 15.24 | % | 6.98 | % |
Profit before tax |
| (49,318) |
| 115,606 |
| 28,570 |
| (75.29) | % | (157.93) | % |
Income tax |
| 2,491 |
| (17,719) |
| 11,640 |
| (165.69) | % | 367.20 | % |
Net income |
| (46,826) |
| 97,887 |
| 40,210 |
| (58.92) | % | (185.87) | % |
BANCO AGRÍCOLA- EL SALVADOR
| | | | | | | | | | | |
CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT | | Quarter | | Growth |
| ||||||
(COP million) |
| 2Q20 |
| 1Q21 |
| 2Q21 |
| 2Q21/1Q21 |
| 2Q21/2Q20 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
| |
Gross loans |
| 13,487,561 |
| 12,705,065 |
| 13,152,691 |
| 3.52 | % | (2.48) | % |
Allowances for loans |
| (614,167) |
| (838,398) |
| (837,867) |
| (0.06) | % | 36.42 | % |
Investments |
| 2,093,948 |
| 3,489,201 |
| 3,765,346 |
| 7.91 | % | 79.82 | % |
Other assets |
| 4,467,246 |
| 4,064,981 |
| 3,847,675 |
| (5.35) | % | (13.87) | % |
Total assets |
| 19,434,589 |
| 19,420,849 |
| 19,927,845 |
| 2.61 | % | 2.54 | % |
| | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
| |
|
|
| |
| |
| | |
Deposits |
| 14,572,562 |
| 14,970,223 |
| 15,406,641 |
| 2.92 | % | 5.72 | % |
Other liabilities |
| 2,994,252 |
| 2,414,098 |
| 2,307,968 |
| (4.40) | % | (22.92) | % |
Total liabilities |
| 17,566,814 |
| 17,384,321 |
| 17,714,609 |
| 1.90 | % | 0.84 | % |
Non-controlling interest | | | | | | 22,005 | | - | | - | |
Shareholders’ equity |
| 1,867,774 |
| 2,036,528 |
| 2,191,230 |
| 7.60 | % | 17.32 | % |
Total liabilities and shareholders’ equity |
| 19,434,589 |
| 19,420,849 |
| 19,927,845 |
| 2.61 | % | 2.54 | % |
| | | | | | | | | | | |
Interest income |
| 332,875 |
| 286,994 |
| 291,696 |
| 1.64 | % | (12.37) | % |
Interest expense |
| (86,977) |
| (60,657) |
| (61,768) |
| 1.83 | % | (28.98) | % |
Net interest income |
| 245,899 |
| 226,337 |
| 229,928 |
| 1.59 | % | (6.49) | % |
Net provisions |
| (132,805) |
| (43,359) |
| 7,967 |
| (118.37) | % | (106.00) | % |
Fees and income from service, net |
| 40,608 |
| 59,202 |
| 63,205 |
| 6.76 | % | 55.65 | % |
Other operating income |
| 1,477 |
| 1,020 |
| 2,011 |
| 97.15 | % | 36.16 | % |
Total operating expense |
| (124,089) |
| (114,790) |
| (142,540) |
| 24.17 | % | 14.87 | % |
Profit before tax |
| 31,090 |
| 128,410 |
| 160,571 |
| 25.05 | % | 416.47 | % |
Income tax |
| (4,124) |
| (30,119) |
| (43,889) |
| 45.72 | % | 964.28 | % |
10
2Q21
GRUPO AGROMERCANTIL HOLDING – GUATEMALA
| | | | | | | | | | | |
CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT | | Quarter | | Growth |
| ||||||
(COP million) |
| 2Q20 |
| 1Q21 |
| 2Q21 |
| 2Q21/1Q21 |
| 2Q21/2Q20 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
| |
Gross loans |
| 13,568,383 |
| 13,754,350 |
| 13,864,056 |
| 0.80 | % | 2.18 | % |
Allowances for loans |
| (927,445) |
| (918,404) |
| (813,453) |
| (11.43) | % | (12.29) | % |
Investments |
| 1,621,330 |
| 1,786,835 |
| 1,687,906 |
| (5.54) | % | 4.11 | % |
Other assets |
| 3,015,328 |
| 2,901,249 |
| 3,164,128 |
| 9.06 | % | 4.93 | % |
Total assets |
| 17,277,596 |
| 17,524,029 |
| 17,902,637 |
| 2.16 | % | 3.62 | % |
| | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
| |
|
|
| |
| |
| | |
Deposits |
| 12,887,347 |
| 13,348,299 |
| 13,689,633 |
| 2.56 | % | 6.23 | % |
Other liabilities |
| 3,055,416 |
| 2,713,936 |
| 2,641,724 |
| (2.66) | % | (13.54) | % |
Total liabilities |
| 15,942,763 |
| 16,062,235 |
| 16,331,357 |
| 1.68 | % | 2.44 | % |
Non-controlling interest |
| 20,468 |
| 19,949 |
| 20,224 |
| 1.37 | % | (1.19) | % |
Shareholders’ equity |
| 1,314,365 |
| 1,441,844 |
| 1,551,056 |
| 7.57 | % | 18.01 | % |
Total liabilities and shareholders’ equity |
| 17,277,596 |
| 17,524,029 |
| 17,902,637 |
| 2.16 | % | 3.62 | % |
| | | | | | | | | | | |
Interest income |
| 300,496 |
| 290,138 |
| 294,638 |
| 1.55 | % | (1.95) | % |
Interest expense |
| (130,959) |
| (101,869) |
| (104,784) |
| 2.86 | % | (19.99) | % |
Net interest income |
| 169,537 |
| 188,269 |
| 189,854 |
| 0.84 | % | 11.98 | % |
Net provisions |
| (144,909) |
| 8,506 |
| 7,532 |
| (11.45) | % | (105.20) | % |
Fees and income from service, net |
| 28,702 |
| 29,309 |
| 25,721 |
| (12.24) | % | (10.39) | % |
Other operating income |
| 20,431 |
| 21,483 |
| 15,821 |
| (26.35) | % | (22.56) | % |
Total operating expense |
| (128,984) |
| (110,244) |
| (129,676) |
| 17.63 | % | 0.54 | % |
Profit before tax |
| (55,223) |
| 137,322 |
| 109,252 |
| (20.44) | % | (297.84) | % |
Income tax |
| 13,977 |
| (35,503) |
| (15,279) |
| (56.96) | % | (209.31) | % |
Net income before non-controlling interest |
| (41,246) |
| 101,820 |
| 93,973 |
| (7.71) | % | (327.84) | % |
Non-controlling interest |
| (969) |
| (1,204) |
| (874) |
| (27.40) | % | (9.76) | % |
Net income |
| (42,215) |
| 100,616 |
| 93,099 |
| (7.47) | % | (320.54) | % |
4.BANCOLOMBIA Company Description (NYSE: CIB)
GRUPO BANCOLOMBIA is a full service financial conglomerate incorporated in Colombia that offers a wide range of banking products and services to a diversified individual and corporate customer base of more than 20 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: | (571) 4885371 / (574) 4043917 / (574) 4041918 |
E-mail: | IR@bancolombia.com.co |
Contacts: | Carlos Raad (IR Director) /Luis German Pelaez / Santiago López / Lina Michelle Alvarado |
Website: | http://www.grupobancolombia.com/wps/portal/about-us/corporate-information/investor-relations/ |
11
2Q21
| | | | | | | | | | | | | | | |
BALANCE SHEET | | | | | | | | Growth | | | | % of |
| ||
(COP million) |
| Jun‑20 |
| Mar‑21 |
| Jun‑21 |
| jun-21 / mar-21 |
| jun-21 / jun-20 |
| % of Assets |
| Liabilities |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Cash and balances at central bank |
| 20,720,021 |
| 16,754,365 |
| 18,409,879 |
| 9.88 | % | (11.15) | % | 6.93 | % |
| |
Interbank borrowings |
| 4,948,177 |
| 1,960,120 |
| 1,576,073 |
| (19.59) | % | (68.15) | % | 0.59 | % |
| |
Reverse repurchase agreements and other similar secured lend |
| 2,271,592 |
| 2,684,636 |
| 1,342,932 |
| (49.98) | % | (40.88) | % | 0.51 | % |
| |
Financial assets investment |
| 25,238,230 |
| 27,443,624 |
| 28,812,050 |
| 4.99 | % | 14.16 | % | 10.85 | % |
| |
Derivative financial instruments |
| 3,724,900 |
| 2,479,202 |
| 2,090,644 |
| (15.67) | % | (43.87) | % | 0.79 | % |
| |
Loans and advances to customers |
| 200,039,300 |
| 197,119,164 |
| 203,535,319 |
| 3.25 | % | 1.75 | % | 76.67 | % |
| |
Allowance for loan and lease losses |
| (13,776,335) |
| (17,086,957) |
| (16,849,233) |
| (1.39) | % | 22.31 | % | (6.35) | % |
| |
Investment in associates and joint ventures |
| 2,391,967 |
| 2,555,115 |
| 2,591,643 |
| 1.43 | % | 8.35 | % | 0.98 | % |
| |
Goodwill and Intangible assets, net |
| 8,209,183 |
| 8,012,936 |
| 8,143,475 |
| 1.63 | % | (0.80) | % | 3.07 | % |
| |
Premises and equipment, net |
| 3,910,679 |
| 4,354,737 |
| 4,480,521 |
| 2.89 | % | 14.57 | % | 1.69 | % |
| |
Investment property |
| 1,984,178 |
| 2,784,457 |
| 2,784,379 |
| 0.00 | % | 40.33 | % | 1.05 | % |
| |
Right of use assets |
| 1,781,426 |
| 1,685,327 |
| 1,671,928 |
| (0.80) | % | (6.15) | % | 0.63 | % |
| |
Prepayments |
| 395,055 |
| 442,452 |
| 422,159 |
| (4.59) | % | 6.86 | % | 0.16 | % |
| |
Tax receivables |
| 1,246,897 |
| 1,449,170 |
| 1,811,969 |
| 25.03 | % | 45.32 | % | 0.68 | % |
| |
Deferred tax |
| 553,035 |
| 710,210 |
| 746,770 |
| 5.15 | % | 35.03 | % | 0.28 | % |
| |
Assets held for sale and inventories |
| 579,182 |
| 518,252 |
| 557,866 |
| 7.64 | % | (3.68) | % | 0.21 | % |
| |
Other assets |
| 3,296,793 |
| 3,458,353 |
| 3,355,628 |
| (2.97) | % | 1.78 | % | 1.26 | % |
| |
Total assets |
| 267,514,280 |
| 257,325,163 |
| 265,484,002 |
| 3.17 | % | (0.76) | % | 100.00 | % |
| |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
| |
|
|
| |
| |
| |
| |
|
| |
LIABILITIES |
| |
|
|
| |
| |
| |
| |
|
| |
Deposit by customers |
| 181,721,729 |
| 184,542,606 |
| 189,742,391 |
| 2.82 | % | 4.41 | % | 71.47 | % | 80.78 | % |
Interbank Deposits |
| 1,160,863 |
| 757,744 |
| 656,239 |
| (13.40) | % | (43.47) | % | 0.25 | % | 0.28 | % |
Derivative financial instrument |
| 2,784,541 |
| 1,871,585 |
| 1,692,579 |
| (9.56) | % | (39.22) | % | 0.64 | % | 0.72 | % |
Borrowings from other financial institutions |
| 20,658,469 |
| 9,513,262 |
| 7,708,500 |
| (18.97) | % | (62.69) | % | 2.90 | % | 3.28 | % |
Debt securities in issue |
| 20,658,717 |
| 19,816,937 |
| 19,922,967 |
| 0.54 | % | (3.56) | % | 7.50 | % | 8.48 | % |
Lease liability |
| 1,923,046 |
| 1,816,646 |
| 1,810,508 |
| (0.34) | % | (5.85) | % | 0.68 | % | 0.77 | % |
Preferred shares |
| 555,152 |
| 541,340 |
| 555,152 |
| 2.55 | % | 0.00 | % | 0.21 | % | 0.24 | % |
Repurchase agreements and other similar secured borrowing |
| 385,306 |
| 1,626,741 |
| 4,516,556 |
| 177.64 | % | 1072.20 | % | 1.70 | % | 1.92 | % |
Current tax |
| 287,955 |
| 504,584 |
| 646,003 |
| 28.03 | % | 124.34 | % | 0.24 | % | 0.28 | % |
Deferred tax |
| 1,408,873 |
| 814,004 |
| 783,989 |
| (3.69) | % | (44.35) | % | 0.30 | % | 0.33 | % |
Employees benefit plans |
| 758,538 |
| 835,468 |
| 785,745 |
| (5.95) | % | 3.59 | % | 0.30 | % | 0.33 | % |
Other liabilities |
| 6,702,547 |
| 5,478,146 |
| 6,068,361 |
| 10.77 | % | (9.46) | % | 2.29 | % | 2.58 | % |
Total liabilities |
| 239,005,736 |
| 228,119,063 |
| 234,888,990 |
| 2.97 | % | (1.72) | % | 88.48 | % | 100.00 | % |
SHAREHOLDERS’ EQUITY |
| |
|
|
| |
| |
| |
| |
|
| |
Share Capital |
| 480,914 |
| 480,914 |
| 480,914 |
| 0.00 | % | 0.00 | % | 0.18 | % |
| |
Additional paid-in-capital |
| 4,857,454 |
| 4,857,454 |
| 4,857,454 |
| 0.00 | % | 0.00 | % | 1.83 | % |
| |
Appropriated reserves |
| 11,274,604 |
| 14,642,668 |
| 14,636,806 |
| (0.04) | % | 29.82 | % | 5.51 | % |
| |
Retained earnings |
| 5,695,101 |
| 3,740,262 |
| 4,895,330 |
| 30.88 | % | (14.04) | % | 1.84 | % |
| |
Accumulated other comprehensive income, net of tax |
| 4,164,811 |
| 3,897,004 |
| 4,134,376 |
| 6.09 | % | (0.73) | % | 1.56 | % |
| |
Stockholders’ equity attributable to the owners of the parent company |
| 26,472,884 |
| 27,618,302 |
| 29,004,880 |
| 5.02 | % | 9.56 | % | 10.93 | % |
| |
Non-controlling interest |
| 2,035,660 |
| 1,587,798 |
| 1,590,132 |
| 0.15 | % | (21.89) | % | 0.60 | % |
| |
Total liabilities and equity |
| 267,514,280 |
| 257,325,163 |
| 265,484,002 |
| 3.17 | % | (0.76) | % | 100.00 | % |
| |
12
2Q21
| | | | | | | | | | | | | | | | | |
INCOME STATEMENT | | As of | | Growth | | | | | | | | Growth |
| ||||
(COP million) |
| jun‑20 |
| jun‑21 |
| jun-21 / jun-20 |
| 2Q 20 |
| 1Q 21 |
| 2Q 21 |
| 2Q 21 / 1Q 21 |
| 2Q 21 / 2Q 20 |
|
Interest income and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest on loans and financial leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Commercial |
| 3,686,600 |
| 2,856,636 |
| (22.51) | % | 1,875,803 |
| 1,406,125 |
| 1,450,511 |
| 3.16 | % | (22.67) | % |
Consumer |
| 2,907,240 |
| 2,561,738 |
| (11.88) | % | 1,428,294 |
| 1,276,139 |
| 1,285,599 |
| 0.74 | % | (9.99) | % |
Small business loans |
| 74,431 |
| 65,616 |
| (11.84) | % | 36,389 |
| 31,619 |
| 33,997 |
| 7.52 | % | (6.57) | % |
Mortgage |
| 1,020,399 |
| 1,142,985 |
| 12.01 | % | 512,330 |
| 532,952 |
| 610,033 |
| 14.46 | % | 19.07 | % |
Leasing |
| 964,591 |
| 764,196 |
| (20.78) | % | 468,277 |
| 396,752 |
| 367,444 |
| (7.39) | % | (21.53) | % |
Interest income on loans and financial leases |
| 8,653,261 |
| 7,391,171 |
| (14.59) | % | 4,321,093 |
| 3,643,587 |
| 3,747,584 |
| 2.85 | % | (13.27) | % |
Interest income on overnight and market funds |
| 22,667 |
| 4,585 |
| (79.77) | % | 7,165 |
| 2,457 |
| 2,128 |
| (13.39) | % | (70.30) | % |
Interest and valuation on Investment |
| | | | | | | | | | | | | | | | |
Debt investments, net |
| 116,282 |
| 162,343 |
| 39.61 | % | 70,268 |
| 77,180 |
| 85,163 |
| 10.34 | % | 21.20 | % |
Net gains from investment activities at fair value through income statement |
| | | | | | | | | | | | | | | | |
Debt investments |
| 418,913 |
| 181,218 |
| (56.74) | % | 344,097 |
| 73,154 |
| 108,064 |
| 47.72 | % | (68.59) | % |
Derivatives |
| (229,338) |
| 91,617 |
| (139.95) | % | (200,546) |
| 115,863 |
| (24,246) |
| (120.93) | % | (87.91) | % |
Repos |
| 3,305 |
| (14,272) |
| (531.83) | % | 10,015 |
| 5,340 |
| (19,612) |
| (467.27) | % | (295.83) | % |
Others |
| 8,199 |
| 13,743 |
| 67.62 | % | 642 |
| 1,321 |
| 12,422 |
| 840.35 | % | 1834.89 | % |
Total Net gains from investment activities at fair value through profit and loss |
| 201,079 |
| 272,306 |
| 35.42 | % | 154,208 |
| 195,678 |
| 76,628 |
| (60.84) | % | (50.31) | % |
Total Interest and valuation on investments |
| 317,361 |
| 434,649 |
| 36.96 | % | 224,476 |
| 272,858 |
| 161,791 |
| (40.71) | % | (27.93) | % |
Total interest and valuation |
| 8,993,289 |
| 7,830,405 |
| (12.93) | % | 4,552,734 |
| 3,918,902 |
| 3,911,503 |
| (0.19) | % | (14.08) | % |
Interest expense |
| |
| |
| |
| |
| |
| |
| |
| | |
Borrowing costs |
| (295,177) |
| (149,877) |
| (49.22) | % | (159,085) |
| (80,095) |
| (69,782) |
| (12.88) | % | (56.14) | % |
Overnight funds |
| (4,538) |
| (657) |
| (85.52) | % | (929) |
| (460) |
| (197) |
| (57.17) | % | (78.79) | % |
Debt securities in issue |
| (535,438) |
| (502,341) |
| (6.18) | % | (295,486) |
| (244,518) |
| (257,823) |
| 5.44 | % | (12.75) | % |
Deposits |
| (2,247,522) |
| (1,415,614) |
| (37.01) | % | (1,148,587) |
| (725,121) |
| (690,493) |
| (4.78) | % | (39.88) | % |
Preferred Shares Dividends |
| (28,650) |
| (28,650) |
| 0.00 | % | (13,813) |
| (14,837) |
| (13,813) |
| (6.90) | % | 0.00 | % |
Interest right of use assets |
| (60,168) |
| (54,973) |
| (8.63) | % | (30,205) |
| (25,049) |
| (29,924) |
| 19.46 | % | (0.93) | % |
Other interest (expense) |
| (7,986) |
| (7,368) |
| (7.74) | % | (3,280) |
| (3,465) |
| (3,903) |
| 12.64 | % | 18.99 | % |
Total interest expenses |
| (3,179,479) |
| (2,159,480) |
| (32.08) | % | (1,651,385) |
| (1,093,545) |
| (1,065,935) |
| (2.52) | % | (35.45) | % |
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments |
| 5,813,810 |
| 5,670,925 |
| (2.46) | % | 2,901,349 |
| 2,825,357 |
| 2,845,568 |
| 0.72 | % | (1.92) | % |
13
2Q21
Credit impairment charges on loans and advance and financial leases |
| (3,870,845) |
| (2,186,647) |
| (43.51) | % | (2,403,922) |
| (1,413,843) |
| (772,804) |
| (45.34) | % | (67.85) | % |
Recovery of charged-off loans |
| 150,094 |
| 239,660 |
| 59.67 | % | 55,793 |
| 116,453 |
| 123,207 |
| 5.80 | % | 120.83 | % |
Credit impairment charges on off balance sheet credit instruments |
| (77,974) |
| 22,783 |
| (129.22) | % | (76,326) |
| 725 |
| 22,058 |
| 2942.48 | % | (128.90) | % |
Credit impairment charges/recovery on investments |
| (18,037) |
| 16,589 |
| (191.97) | % | (10,657) |
| 15,105 |
| 1,484 |
| (90.18) | % | (113.93) | % |
Total credit impairment charges, net |
| (3,816,762) |
| (1,907,615) |
| (50.02) | % | (2,435,112) |
| (1,281,560) |
| (626,055) |
| (51.15) | % | (74.29) | % |
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments |
| 1,997,048 |
| 3,763,310 |
| 88.44 | % | 466,237 |
| 1,543,797 |
| 2,219,513 |
| 43.77 | % | 376.05 | % |
Fees and commission income |
| |
| |
| |
| |
| |
| |
| |
| | |
Banking services |
| 275,740 |
| 321,303 |
| 16.52 | % | 121,057 |
| 164,202 |
| 157,101 |
| (4.32) | % | 29.77 | % |
Credit and debit card fees and commercial establishments |
| 863,119 |
| 1,017,033 |
| 17.83 | % | 385,013 |
| 503,321 |
| 513,712 |
| 2.06 | % | 33.43 | % |
Brokerage |
| 14,428 |
| 13,696 |
| (5.07) | % | 7,809 |
| 7,525 |
| 6,171 |
| (17.99) | % | (20.98) | % |
Acceptances and Guarantees |
| 30,582 |
| 33,602 |
| 9.88 | % | 15,698 |
| 15,953 |
| 17,649 |
| 10.63 | % | 12.43 | % |
Trust and Securities |
| 209,438 |
| 244,478 |
| 16.73 | % | 97,727 |
| 130,337 |
| 114,141 |
| (12.43) | % | 16.80 | % |
Investment banking |
| 27,036 |
| 37,922 |
| 40.26 | % | 4,253 |
| 7,069 |
| 30,853 |
| 336.45 | % | 625.44 | % |
Bancassurance |
| 357,069 |
| 310,205 |
| (13.12) | % | 184,372 |
| 146,075 |
| 164,130 |
| 12.36 | % | (10.98) | % |
Payments and Collections |
| 273,930 |
| 340,659 |
| 24.36 | % | 124,484 |
| 167,515 |
| 173,144 |
| 3.36 | % | 39.09 | % |
Others |
| 121,713 |
| 136,267 |
| 11.96 | % | 59,013 |
| 67,302 |
| 68,965 |
| 2.47 | % | 16.86 | % |
Fees and commission income |
| 2,173,055 |
| 2,455,165 |
| 12.98 | % | 999,426 |
| 1,209,299 |
| 1,245,866 |
| 3.02 | % | 24.66 | % |
Fees and commission expenses |
| (694,409) |
| (849,769) |
| 22.37 | % | (316,709) |
| (410,606) |
| (439,163) |
| 6.95 | % | 38.66 | % |
Total fees and comissions, net |
| 1,478,646 |
| 1,605,396 |
| 8.57 | % | 682,717 |
| 798,693 |
| 806,703 |
| 1.00 | % | 18.16 | % |
Other operating income |
| |
| |
| |
| |
| |
| |
| |
| | |
Derivatives FX contracts |
| 1,139,522 |
| 257,557 |
| (77.40) | % | (396,767) |
| 179,015 |
| 78,542 |
| (56.13) | % | (119.80) | % |
Net foreign exchange |
| (952,357) |
| (134,655) |
| (85.86) | % | 556,879 |
| (194,007) |
| 59,352 |
| (130.59) | % | (89.34) | % |
Hedging |
| (973) |
| (2,900) |
| 198.05 | % | (714) |
| (1,455) |
| (1,445) |
| (0.69) | % | 102.38 | % |
Operating leases |
| 355,070 |
| 419,294 |
| 18.09 | % | 172,691 |
| 206,740 |
| 212,554 |
| 2.81 | % | 23.08 | % |
Gains (or losses) on sale of assets |
| 33,136 |
| 48,040 |
| 44.98 | % | 7,328 |
| 26,183 |
| 21,857 |
| (16.52) | % | 198.27 | % |
Other reversals |
| 1,867 |
| 1,441 |
| (22.82) | % | 396 |
| 1,283 |
| 158 |
| (87.69) | % | (60.10) | % |
Others |
| 193,957 |
| 281,251 |
| 45.01 | % | 85,909 |
| 125,848 |
| 155,403 |
| 23.48 | % | 80.89 | % |
Total other operating income |
| 770,222 |
| 870,028 |
| 12.96 | % | 425,722 |
| 343,607 |
| 526,421 |
| 53.20 | % | 23.65 | % |
14
2Q21
Dividends received, and share of profits of equity method investees |
| | | | | | | | | | | | | | | | |
Dividends |
| 7,468 |
| 25,759 |
| 244.93 | % | 4,086 |
| 17,357 |
| 8,402 |
| (51.59) | % | 105.63 | % |
Equity investments |
| (21,505) |
| (931) |
| (95.67) | % | 5,996 |
| 2,337 |
| (3,268) |
| (239.84) | % | (154.50) | % |
Equity method |
| 19,482 |
| 100,364 |
| 415.16 | % | 33,909 |
| 58,950 |
| 41,414 |
| (29.75) | % | 22.13 | % |
Others |
| 4,687 |
| 8,163 |
| 74.16 | % | 194 |
| — |
| 8,163 |
| - | % | 4107.73 | % |
Total dividends received, and share of profits of equity method investees |
| 10,132 |
| 133,355 |
| 1216.18 | % | 44,185 |
| 78,644 |
| 54,711 |
| (30.43) | % | 23.82 | % |
Total operating income, net |
| 4,256,048 |
| 6,372,089 |
| 49.72 | % | 1,618,861 |
| 2,764,741 |
| 3,607,348 |
| 30.48 | % | 122.83 | % |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
INCOME STATEMENT | | As of | | Growth | | | | | | | | Growth |
| ||||
(COP million) |
| jun‑20 |
| jun‑21 |
| jun-21 / jun-20 |
| 2Q 20 |
| 1Q 21 |
| 2Q 21 |
| 2Q 21 / 1Q 21 |
| 2Q 21 / 2Q 20 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Salaries and employee benefits |
| (1,481,924) |
| (1,475,368) |
| (0.44) | % | (705,476) |
| (733,889) |
| (741,479) |
| 1.03 | % | 5.10 | % |
Bonuses |
| (60,795) |
| (192,911) |
| 217.31 | % | 83,790 |
| (90,450) |
| (102,461) |
| 13.28 | % | (222.28) | % |
Other administrative and general expenses |
| (1,518,482) |
| (1,559,566) |
| 2.71 | % | (768,931) |
| (744,492) |
| (815,074) |
| 9.48 | % | 6.00 | % |
Taxes other than income tax |
| (421,569) |
| (338,891) |
| (19.61) | % | (199,756) |
| (177,183) |
| (161,708) |
| (8.73) | % | (19.05) | % |
Impairment, depreciation and amortization |
| (400,458) |
| (403,733) |
| 0.82 | % | (191,984) |
| (198,341) |
| (205,392) |
| 3.55 | % | 6.98 | % |
Other expenses |
| (101,449) |
| (103,026) |
| 1.55 | % | (47,806) |
| (48,539) |
| (54,487) |
| 12.25 | % | 13.98 | % |
Total operating expenses |
| (3,984,677) |
| (4,073,495) |
| 2.23 | % | (1,830,163) |
| (1,992,894) |
| (2,080,601) |
| 4.40 | % | 13.68 | % |
Profit before tax |
| 271,371 |
| 2,298,594 |
| 747.03 | % | (211,302) |
| 771,847 |
| 1,526,747 |
| 97.80 | % | (822.54) | % |
Income tax |
| 12,053 |
| (545,837) |
| (4628.64) | % | 128,704 |
| (206,448) |
| (339,389) |
| 64.39 | % | (363.70) | % |
Profit for the year from continuing operations |
| 283,424 |
| 1,752,757 |
| 518.42 | % | (82,598) |
| 565,399 |
| 1,187,358 |
| 110.00 | % | (1537.51) | % |
Non-controlling interest |
| (20,837) |
| (53,326) |
| 155.92 | % | 9,301 |
| (22,883) |
| (30,443) |
| 33.04 | % | (427.31) | % |
Net income attributable to equity holders of the Parent Company |
| 262,587 |
| 1,699,431 |
| 547.19 | % | (73,297) |
| 542,516 |
| 1,156,915 |
| 113.25 | % | (1678.39) | % |
15
2Q21
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. | |
Date: August 11, 2021 | By: | /s/ JOSE HUMBERTO ACOSTA MARTIN. |
| Name: | Jose Humberto Acosta Martin. |
| Title: | Vice President of Finance |
16