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CIB Bancolombia

Filed: 4 May 21, 4:51pm

 

 

 

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 May 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-                    .

 

 

 

 

 

 

BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS FINANCIAL RESULTS FOR THE FIRST
QUARTER OF 2021.

 

·Gross loans amount to COP 197 trillion, which represents a 3.0% growth when compared to 4Q20.

 

·Provision charges for the quarter were COP 1.3 trillion and the coverage ratio for 90-day past due loans was 221,8%. Provision charges decreased by 36.8% when compared to 4Q20 and by 7.2% when compared to 1Q20. This level of provisions was largely explained by the deterioration in customer credit ratings due to COVID-19 in our expected losses models.

 

·The efficiency was 49.4% for the last 12 months. Operating expenses decreased by 4.1% when compared to 4Q20 and 7.5% when compared to 1Q20.

 

·Under Basel III Tier 1 basic capital stood at 11.2% as of March 31, 2021 decreasing 5 basis points with respect to December 31, 2020. The solvency ratio ended at 14.8%. Both ratios are well above the minimum regulatory levels required in Colombia.

 

·Bancolombia continues to strengthen its digital strategy with a robust growth in its mobile platform users. As of March 31, 2020, the bank has 10.8 million digital accounts, 5.8 million users in Nequi and 5.0 million in Bancolombia a la Mano.

 

May 4, 2021. Medellin, Colombia – Today, BANCOLOMBIA S.A. (“Bancolombia” or “the Bank”) announced its earnings results for the first 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 December 31, 2020 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, April 1, 2021 $3.678,62 = US$ 1

 

1

 

 

BANCOLOMBIA: Summary of consolidated financial quarterly results

 

CONSOLIDATED BALANCE SHEET
AND INCOME STATEMENT
 Quarter  Growth 
(COP million)  1Q20   4Q 20   1Q21   1Q21/4Q20   1Q21/1Q20 
ASSETS                    
Net Loans  191,641,880   174,793,687   180,032,207   3.00%  -6.06%
Investments  18,918,763   29,553,003   27,443,624   -7.14%  45.06%
Other assets  65,201,377   51,221,815   49,849,332   -2.68%  -23.55%
Total assets  275,762,020   255,568,505   257,325,163   0.69%  -6.69%
                     
LIABILITIES AND SHAREHOLDERS' EQUITY                    
Deposits  184,215,627   180,820,793   184,542,606   2.06%  0.18%
Other liabilities  62,262,956   46,632,499   43,576,457   -6.55%  -30.01%
Total liabilities  246,478,583   227,453,292   228,119,063   0.29%  -7.45%
Non-controlling interest  2,093,386   1,569,984   1,587,798   1.13%  -24.15%
Shareholders' equity  27,190,051   26,545,229   27,618,302   4.04%  1.58%
Total liabilities and shareholders' equity  275,762,020   255,568,505   257,325,163   0.69%  -6.69%
                     
Interest income  4,440,555   3,482,167   3,918,902   12.54%  -11.75%
Interest expense  (1,528,094)  (1,239,521)  (1,093,545)  -11.78%  -28.44%
Net interest income  2,912,461   2,242,646   2,825,357   25.98%  -2.99%
Net provisions  (1,381,650)  (2,026,279)  (1,281,560)  -36.75%  -7.24%
Fees and income from service, net  795,929   793,827   798,693   0.61%  0.35%
Other operating income  344,500   786,911   343,607   -56.33%  -0.26%
Total Dividends received and equity method  (34,053)  47,417   78,644   65.86%  -330.95%
Total operating expense  (2,154,514)  (2,077,206)  (1,992,894)  -4.06%  -7.50%
Profit before tax  482,673   (232,684)  771,847   -431.71%  59.91%
Income tax  (116,651)  (16,349)  (206,448)  1162.76%  76.98%
Net income before non-controlling interest  366,022   (249,033)  565,399   -327.04%  54.47%
Non-controlling interest  (30,138)  (17,199)  (22,883)  33.05%  -24.07%
Net income  335,884   (266,232)  542,516   -303.78%  61.52%

 

PRINCIPAL RATIOS  

Quarter

  

As of

 
   1Q20  4Q 20   1Q21  1Q20  1Q21
PROFITABILITY                    
Net interest margin (1) from continuing operations  5.56%  3.99%  5.10%  5.56%  5.10%
Return on average total assets (2) from continuing operations  0.54%  -0.41%  0.85%  0.54%  0.85%
Return on average shareholders´ equity (3)  4.90%  -3.88%  7.99%  4.90%  7.99%
EFFICIENCY                    
Operating expenses to net operating income  53.61%  53.66%  49.25%  53.61%  49.25%
Operating expenses to average total assets  3.48%  3.18%  3.12%  3.48%  3.12%
Operating expenses to productive assets  4.12%  3.69%  3.59%  4.12%  3.59%
CAPITAL ADEQUACY                    
Shareholders' equity to total assets  9.86%  10.39%  10.73%  9.86%  10.73%
Technical capital to risk weighted assets  12.42%  14.74%  14.79%  12.42%  14.79%
KEY FINANCIAL HIGHLIGHTS                    
Net income per ADS from continuing operations  0.34   -0.32   0.61   0.34   0.61 
Net income per share $COP from continuing operations  349.21   -276.80   564.05   349.21   564.05 
P/BV ADS (4)  0.89   1.25   1.02   0.89   1.02 
P/BV Local (5) (6)  0.85   1.27   1.00   0.85   1.00 
P/E (7) from continuing operations  17.66   -31.38   12.88   17.66   12.88 
ADR price  24.96   40.18   31.99   24.96   31.99 
Common share price (8)  24,100   34,980   28,750   24,100   28,750 
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)  4,054.54   3,432.50   3,678.62   4,054.54   3,678.62 

 

 

(1) Defined as net interest income divided by monthly average interest-earning assets. (2) Net income divided by monthly average assets. (3) Net income divided by monthly average shareholders' equity. (4) Defined as ADS price divided by ADS book value. (5) Defined as share price divided by share book value. (6) Share prices on the Colombian Stock Exchange. (7) Defined as market capitalization divided by annualized quarter results. (8) Prices at the end of the respective quarter.

 

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1.BALANCE SHEET

 

1.1.Assets

 

As of March 31, 2021, Bancolombia’s assets totaled COP 257,325 billion, which represents an increase of 0.7% compared to 4Q20 and a decrease of 6.7% compared to 1Q20.

 

During the quarter, the COP depreciated 7.2% versus the USD and over the past 12 months, it appreciated 9.3%. The average exchange rate for 1Q21 was 3.6% lower than that of 4Q20.

 

The increase in total assets during the first quarter is largely explained by the growth in the loan book and repos portfolio.

 

1.2.Loan Portfolio

 

The following table shows the composition of Bancolombia’s loans by type and currency:

 

(COP Million) Amounts in COP  Amounts in USD converted to COP   Amounts in USD (thousands)  Total    
(1 USD = 3,678.62 COP)  1Q21   1Q21/4Q20   1Q21   1Q21/4Q20   1Q21   1Q21/4Q20   1Q21   1Q21/4Q20 
Commercial loans  84,571,088   -0.49%  41,515,056   8.83%  11,285,497   1.55%  126,086,144   2.40%
Consumer loans  29,686,116   0.91%  12,832,864   9.86%  3,488,500   2.51%  42,518,980   3.46%
Mortgage loans  14,779,675   2.21%  12,490,985   8.63%  3,395,563   1.36%  27,270,661   5.05%
Small business loans  720,554   -1.94%  533,358   7.12%  144,989   -0.05%  1,253,912   1.72%
Interests paid in advance  (9,856)  -20.13%  (677)  33.58%  (184)  24.64%  (10,533)  -18.01%
Gross loans  129,747,578   0.13%  67,371,586   8.97%  18,314,364   1.68%  197,119,164   2.98%

 

In 1Q21, gross loans increased by 3.0% when compared to 4Q20 and decreased by 3.4% when compared to 1Q20. During the last twelve months peso-denominated loans grew 2.1% and the dollar-denominated loans (expressed in USD) decreased by 3.4%.

 

As of March 31, 2021, the operations in Banco Agricola in El Salvador, Banistmo in Panama and BAM in Guatemala, represented 28% of total gross loans.

 

Gross loans denominated in currencies other than COP, originated by the operations in Central America, the international operation of Bancolombia Panama, Puerto Rico and the USD denominated loans in Colombia, accounted for 34.2% and increased by 9.0% during 1Q21 (when expressed in COP).

 

Total reserves (allowances in the balance sheet) for loan losses increased by 2.8% during the quarter and totaled COP 17,087 billion, equivalent to 8.7% of gross loans at the end of the quarter.

 

For further explanation regarding coverage of the loan portfolio and credit quality trends, (see section 2.4. Asset Quality, Provision Charges and Balance Sheet Strength).

 

The following table summarizes Bancolombia’s total loan portfolio:

 

LOAN PORTFOLIO              
(COP million)  1Q20  4Q20  1Q21  1Q21/4Q20  1Q21/1Q20  % of total loans 
Commercial  132,301,722   123,131,979   126,086,144   2.40%  -4.70%  64.0%
Consumer  43,393,136   41,098,737   42,518,980   3.46%  -2.01%  21.6%
Mortgage  26,847,436   25,959,112   27,270,661   5.05%  1.58%  13.8%
Microcredit  1,419,666   1,232,748   1,253,912   1.72%  -11.68%  0.6%
Interests received in advance  (4,025)  (12,846)  (10,533)  -18.01%  161.69%  0.0%
Total loan portfolio  203,957,935   191,409,730   197,119,164   2.98%  -3.4%  100.0%
Allowance for loan losses  (12,316,055)  (16,616,043)  (17,086,957)  2.83%  38.74%    
Total loans, net  191,641,880   174,793,687   180,032,207   3.00%  -6.06%    

 

1.3.Investment Portfolio

 

As of March 31, 2021, Bancolombia’s net investment portfolio totaled COP 27,444 billion, decreasing by 7.1% from the end of 4Q20 and increasing by 45.1% from the end of 1Q20.

 

At the end of 1Q21, the debt securities portfolio had a duration of 19.0 months and a weighted average yield to maturity of 3.6%.

 

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1.4.Goodwill and intangibles

 

As of 1Q21, Bancolombia’s goodwill and intangibles totaled COP 8,013 billion, increasing by 6.7% compared to 4Q20. This variation is explained by the depreciation of the COP against the USD during the quarter.

 

1.5.Funding

 

As of March 31, 2021, Bancolombia’s liabilities totaled COP 228,119 billion, increasing by 0.3% from the end of 4Q20 and decreasing by 7.4% compared to 1Q20.

 

Deposits by customers totaled COP 184,543 billion (or 80.9% of liabilities) at the end of 1Q21, increasing by 2.1% when compared to 4Q20 and increasing by 0.2% over the last 12 months. The net loans to deposits ratio was 97.6% at the end of 1Q21 increasing when compared to 96.7% at the end of 4Q20.

 

Bancolombia’s liquidity position continues to be adequate. During 1Q21 the lower total funding cost reflects the higher share of deposits over the total funding mix.

 

Funding mix         
COP Million  1Q20   4Q20    1Q21 
Checking accounts  32,711,508   14%  31,894,229   15%  34,459,005   16%
Saving accounts  79,143,787   35%  86,147,655   40%  88,511,975   41%
Time deposits  71,295,810   31%  61,083,519   29%  59,848,463   28%
Other deposits  1,250,377   1%  3,911,553   2%  3,349,904   2%
Long term debt  23,090,151   10%  19,126,593   9%  19,816,937   9%
Loans with banks  20,873,414   9%  11,964,700   6%  10,271,006   5%
Total Funds  228,365,047   100%  214,128,249   100%  216,257,290   100%

 

1.6.Shareholders’ Equity and Regulatory Capital

 

Shareholders’ equity at the end of 1Q21 was COP 27,618 billion, increasing by 4.0% compared to 4Q20 and by 1.6% when compared to 1Q20.

 

Bancolombia's consolidated solvency ratio under Basel III was 14.79% in 1Q21, while the basic capital ratio (Tier 1) was 11.19%. These levels are above the minimum regulatory levels required under the new regulation in Colombia, which provides a period of 4 years to comply with a minimum of 11.5% of total solvency and 6.0% of basic capital.

 

The tangible capital ratio, defined as shareholders’ equity minus goodwill and intangible assets divided by tangible assets, was 7.7% at the end of 1Q21.

 

The annual decrease in risk-weighted assets is mainly explained by the adoption of the new regulation.

 

TECHNICAL CAPITAL RISK WEIGHTED ASSETS                  
Consolidated (COP millions) 1Q20  %  4Q20  %  1Q21  % 
Basic capital (Tier I)  21,424,148   9.07%  20,824,348   11.24%  21,365,742   11.19%
Additional capital (Tier II)  7,914,711   3.35%  6,494,242   3.50%  6,891,518   3.60%
 Technical capital (1)  29,338,859       27,318,590       28,242,651     
 Risk weighted assets including market and operational risk (2)  236,198,851       185,215,575       190,954,243     
 CAPITAL ADEQUACY (3)      12.42%      14.74%      14.79%

 

(1) Technical capital is the sum of basic and additional capital, minus deductions (14,609 million for 1Q21).

(2) Operational risk only applies to 4Q20 and 1Q21 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 543 billion in 1Q21, or COP 564.05 per share USD 0.61 per ADR. This profit represents a better result compared to the losses presented in the previous quarter and a growth of 61.5% compared to 1Q20. Bancolombia’s annualized ROE for 1Q21 was 8.0% and 1.8% for the last twelve months.

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2.1.Net Interest Income

 

Net interest income totaled COP 2,825 billion in 1Q21, 26.0% more than the one reported in 4Q20, and 3.0% below the figure of 1Q20.

 

During 1Q21, the investment, interest rate derivatives and repos portfolio generated COP 273 billion, which is 193.8% higher than the value generated in 1Q20 mainly explained by the derivatives book performance during the quarter. Despite an adverse scenario in the capital markets, investments leveraged by derivatives obtained significant income with low capital consumption.

 

Net Interest Margin

 

The annualized net interest margin increased to 5.1% during 1Q21. The annualized net interest margin for investments was 1.7%. The positive result of the first quarter in investments is explained by the execution of strategies on the derivatives portfolio, offsetting the negative results of the public and private debt books, as a result of the devaluation in fixed income globally. The annualized net interest margin of the loan portfolio was 5.7%, increasing when compared to the one reported in 4Q20. This quarterly variation is mainly due to the impact on the valuation of the loan portfolio that was previously under credit reliefs. On an annual basis, the effect of the lower net present value of loans resulting from solutions granted to clients is visible, as well as the impact of the reduction in the reference rates by the Central Bank in Colombia and, the lower income accrued by a greater portion of clients in stage 3 under IFRS 9.

 

Annualized Interest Margin  1Q20  4Q20  1Q21
Loans' Interest margin  6.2%  5.3%  5.7%
Debt investments' margin  0.4%  -3.2%  1.7%
Net interest margin  5.6%  4.0%  5.1%

 

Total funding cost decreased during 1Q21. Saving accounts and checking accounts have increased their share over the total funding mix during the last twelve months. Saving accounts accounted by 35% as of 1Q20, by 1Q21 they represent 41%. Checking accounts represented 14% as of 1Q20 and have increased to 16% as of 1Q21. The annualized average weighted cost of deposits was 1.57% in 1Q21, decreasing by 25 basis points when compared to 4Q20 and by 99 basis points when compared to 1Q20.

 

Average weighted funding cost  1Q20  4Q 20   1Q 21 
Checking accounts  0.00%  0.00%  0.00%
Saving accounts  1.56%  0.83%  0.71%
Time deposits  4.73%  3.92%  3.66%
Total deposits  2.56%  1.82%  1.57%
Long term debt  4.46%  5.06%  5.02%
Loans with banks  2.48%  2.18%  2.10%
Total funding cost  2.75%  2.16%  1.94%

 

2.2.Fees and Income from Services

 

During 1Q21, net fees and income from services totaled COP 799 billion, growing by 0.6% compared to 4Q20, and by 0.3% compared to 1Q20.

 

The better performance in fees during the last quarter confirms a positive trend mainly due to the recovery in transaction levels, despite the seasonality of quarters.

 

5

 

 

Fees from credit, debit cards and commercial establishments went down by 5.1% compared to 4Q20 and went up by 5.3% compared to 1Q20. Fees from asset management and trust services grew 4.4% compared to 4Q20 and 16.7% compared to 1Q20. Fees from our bancassurance business decreased by 22.3% compared to 4Q20 and by 15.4% with respect to 1Q20.

 

2.3.Other Operating Income

 

Total other operating income was COP 344 billion in 1Q21, decreasing by 56.3% compared to 4Q20 and by 0.3% compared to 1Q20. 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 207 billion in 1Q21, increasing by 8.9% compared to 4Q20 and increasing by 13.4% compared to those reported in 1Q20. 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 9,023 billion at the end of 1Q21 and represented 4.7% of total gross loans, decreasing when compared to 4Q20, when past due loans represented 4.9% of total gross loans. During the quarter, charge-offs totaled COP 1,165 billion.

 

The coverage, measured by the ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 171.7% at the end of 1Q21, increasing compared to 164.9% at the end of 4Q20. The deterioration of the loan portfolio (new past due loans including charge-offs) was COP 1,051 billion.

 

Provision charges (net of recoveries) totaled COP 1.3 trillion in 1Q21. Provisions during the quarter were mostly explained by the deterioration in customer credit ratings due to COVID-19.

 

Provisions as a percentage of the average gross loans were 2.6% for 1Q21 and 3.7% 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 15,497 billion, or 8.1% of total loans at the end of 1Q21, decreasing when compared to 4Q20.

 

The following tables present key metrics related to asset quality:

 

ASSET QUALITY As of 
(COP millions) 1Q20  4Q20  1Q21 
Total 30-day past due loans  9,078,907   9,136,694   9,023,381 
Allowance for loan losses (1)  11,343,286   15,070,638   15,496,916 
Past due loans to total loans  4.58%  4.93%  4.72%
Allowances to past due loans  124.94%  164.95%  171.74%
Allowance for loan losses as a percentage of total loans  5.72%  8.13%  8.10%

 

(1) Allowances are reserves for the principal of loans.

 

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PDL Per Category   30 days 
  % Of loan Portfolio  1Q20  4Q20  1Q21 
Commercial loans  64.0%  3.86%  4.45%  4.08%
Consumer loans  21.6%  4.93%  6.12%  6.44%
Mortgage loans  13.8%  7.09%  4.94%  4.60%
Microcredit  0.6%  11.87%  12.79%  13.13%
PDL TOTAL      4.58%  4.93%  4.72%

 

PDL Per Category    90 days 
  % Of loan Portfolio  1Q20  4Q20  1Q21 
Commercial loans  64.0%  3.02%  3.97%  3.64%
Consumer loans  21.6%  2.73%  3.43%  3.80%
Mortgage loans*  13.8%  3.41%  3.42%  3.21%
Microcredit  0.6%  7.90%  9.41%  9.72%
PDL TOTAL      3.04%  3.81%  3.65%

* Mortgage loans that were overdue were calculated for past due loans for 120 days instead of 90 days.

 

    4Q20  1Q21  1Q21/4Q20
    Loans   Allowances   %   Loans   Allowances   %   Loans   Allowances 
Stage 1   156,253,029   3,333,073   2.1%  159,644,182   2,937,773   1.8%  2.2%  -11.9%
Stage 2   18,778,668   2,987,987   15.9%  20,928,355   3,762,288   18.0%  11.4%  25.9%
Stage 3   16,378,033   10,294,983   62.9%  16,546,627   10,386,896   62.8%  1.0%  0.9%
Total   191,409,730   16,616,043   8.7%  197,119,164   17,086,957   8.7%  3.0%  2.8%

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 1Q21, operating expenses totaled COP 1,993 billion, decreasing by 4.1% with respect to 4Q20 and by 7.5% with respect to 1Q20.

 

Personnel expenses (salaries, bonus plan payments and compensation) totaled COP 824 billion in 1Q21, which represents an increase of 12.4% compared to 4Q20 and decrease of 10.5% compared to 1Q20.

 

During 1Q21, administrative expenses totaled COP 744 billion, decreasing by 17.4% compared to 4Q20 and by 0.7% as compared to 1Q20.

 

Depreciation and amortization expenses totaled COP 198 billion in 1Q21, decreasing by 12.1% compared to 4Q20 and decreasing by 4.9% compared to 1Q20.

 

As of March 31, 2021, Bancolombia had 30,628 employees, owned 952 branches, 6,096 ATMs, 19,815 banking agents and served more than 18 million customers.

 

2.6.Taxes

 

Income tax for the quarter was COP 206 billion. In the quarter, all operations presented income tax expense, being Colombia the one with the highest share. Such expense was mainly impacted by untaxed dividends from national subsidiaries in Colombia and by tax benefits from investment in fixed assets.

 

7

 

 

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) 1Q20  4Q20  1Q21  1Q21/4Q20  1Q21/1Q20 
ASSETS                    
Gross loans 136,925,149   135,572,248   135,864,009   0.22%  -0.77%
Allowances for loans  9,363,108   (13,054,985)  (13,194,585)  1.07%  -240.92%
Investments  17,977,938   27,143,924   23,969,985   -11.69%  33.33%
Other assets  35,080,308   24,805,307   23,727,457   -4.35%  -32.36%
Total assets  180,620,288   174,466,494   170,366,865   -2.35%  -5.68%
LIABILITIES AND SHAREHOLDERS' EQUITY                    
Deposits  116,410,513   119,256,503   118,627,207   -0.53%  1.90%
Other liabilities  49,433,343   39,294,248   36,038,278   -8.29%  -27.10%
Total liabilities  165,843,857   158,550,751   154,665,485   -2.45%  -6.74%
Shareholders' equity  14,776,431   15,915,743   15,701,380   -1.35%  6.26%
Total liabilities and shareholders' equity  180,620,288   174,466,494   170,366,865   -2.35%  -5.68%
Interest income  3,313,991   2,449,559   2,827,821   15.44%  -14.67%
Interest expense  (1,134,682)  (822,997)  (717,885)  -12.77%  -36.73%
Net interest income  2,179,309   1,626,562   2,109,936   29.72%  -3.18%
Net provisions  (1,128,713)  (1,535,877)  (1,189,488)  -22.55%  5.38%
Fees and income from service, net  517,776   501,730   526,978   5.03%  1.78%
Other operating income  404,274   315,852   425,332   34.66%  5.21%
Total operating expense  (1,486,287)  (1,357,537)  (1,378,242)  1.53%  -7.27%
Profit before tax  523,245   (247,604)  423,422   -271.01%  -19.08%
Income tax  (42,854)  (5,849)  (72,007)  1131.09%  68.03%
Net income  480,391   (253,453)  351,415   -238.65%  -26.85%

 

BANISTMO- PANAMA

 

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT Quarter  Growth 
(COP million) 1Q20  4Q20  1Q21  1Q21/4Q20  1Q21/1Q20 
ASSETS                    
Gross loans 31,908,019   26,652,103  28,747,061  7.86% -9.91%
Allowances for loans  (1,310,026)  (1,734,304)  (1,914,474)  10.39%  46.14%
Investments  4,740,305   4,613,723   5,035,001   9.13%  6.22%
Other assets  6,227,366   5,526,993   5,925,638   7.21%  -4.85%
Total assets  41,565,664   35,058,516   37,793,226   7.80%  -9.08%
LIABILITIES AND SHAREHOLDERS' EQUITY                    
Deposits  27,149,497   23,672,878   25,899,241   9.40%  -4.61%
Other liabilities  9,991,534   7,807,214   7,989,688   2.34%  -20.04%
Total liabilities  37,141,031   31,480,091   33,888,929   7.65%  -8.76%
Shareholders' equity  4,424,633   3,578,424   3,904,298   9.11%  -11.76%
Total liabilities and shareholders' equity  41,565,664   35,058,516   37,793,226   7.80%  -9.08%
Interest income  496,305   458,680   470,397   2.55%  -5.22%
Interest expense  (215,803)  (215,256)  (196,798)  -8.57%  -8.81%
Net interest income  280,502   243,424   273,599   12.40%  -2.46%
Net provisions  (116,987)  (416,770)  (50,814)  -87.81%  -56.56%
Fees and income from service, net  51,290   47,847   41,767   -12.71%  -18.57%
Other operating income  2,756   13,930   7,198   -48.33%  161.17%
Total operating expense  (169,721)  (197,102)  (156,144)  -20.78%  -8.00%
Profit before tax  47,840   (308,671)  115,606   -137.45%  141.65%
Income tax  (2,564)  89,506   (17,719)  -119.80%  591.14%
Net income  45,276   (219,165)  97,887   -144.66%  116.20%

 

 

8

 

 

BANCO AGRÍCOLA- EL SALVADOR

 

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT Quarter  Growth 
(COP million) 1Q20  4Q20  1Q21  1Q21/4Q20  1Q21/1Q20 
ASSETS                    
Gross loans 14,651,706   11,663,275   12,705,065   8.93%  -13.29%
Allowances for loans  (566,535)  (727,748)  (838,398)  15.20%  47.99%
Investments  1,392,973   2,869,631   3,489,201   21.59%  150.49%
Other assets  6,026,577   4,145,988   4,064,981   -1.95%  -32.55%
Total assets  21,504,721   17,951,146   19,420,849   8.19%  -9.69%
LIABILITIES AND SHAREHOLDERS' EQUITY                    
Deposits  16,115,572   13,878,209   14,970,223   7.87%  -7.11%
Other liabilities  3,399,020   2,266,166   2,414,098   6.53%  -28.98%
Total liabilities  19,514,591   16,144,374   17,384,321   7.68%  -10.92%
Shareholders' equity  1,990,129   1,806,771   2,036,528   12.72%  2.33%
Total liabilities and shareholders' equity  21,504,721   17,951,146   19,420,849   8.19%  -9.69%
Interest income  293,919   287,408   286,994   -0.14%  -2.36%
Interest expense  (78,703)  (66,100)  (60,657)  -8.24%  -22.93%
Net interest income  215,216   221,307   226,337   2.27%  5.17%
Net provisions  (1,140)  (1,285)  (1,647)  28.15%  44.42%
Fees and income from service, net  45,557   133,693   43,359   -67.57%  -4.83%
Other operating income  3,338   4,747   (627)  -113.21%  -118.78%
Total operating expense  (126,417)  (123,824)  (114,790)  -7.30%  -9.20%
Profit before tax  101,425   33,701   128,410   281.02%  26.61%
Income tax  (36,510)  (12,727)  (30,119)  136.65%  -17.50%
Net income  64,915   20,974   98,291   368.63%  51.42%

 

GRUPO AGROMERCANTIL HOLDING – GUATEMALA

 

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT Quarter  Growth 
(COP million) 1Q20  4Q20  1Q21  1Q21/4Q20  1Q21/1Q20 
ASSETS                    
Gross loans 14,812,948   12,314,524   13,754,350   11.69%  -7.15%
Allowances for loans  (890,059)  (900,125)  (918,404)  2.03%  3.18%
Investments  1,574,785   1,899,426   1,786,835   -5.93%  13.47%
Other assets  3,626,953   2,990,269   2,901,249   -2.98%  -20.01%
Total assets  19,124,627   16,304,094   17,524,029   7.48%  -8.37%
LIABILITIES AND SHAREHOLDERS' EQUITY                    
Deposits  13,650,619   12,514,295   13,348,299   6.66%  -2.21%
Other liabilities  3,995,014   2,538,090   2,713,936   6.93%  -32.07%
Total liabilities  17,645,634   15,052,385   16,062,235   6.71%  -8.97%
Non-controlling interest  19,986   21,095   19,949   -5.43%  -0.18%
Shareholders' equity  1,459,007   1,230,614   1,441,844   17.16%  -1.18%
Total liabilities and shareholders' equity  19,124,627   16,304,094   17,524,029   7.48%  -8.37%
Interest income  270,430   235,649   290,138   23.12%  7.29%
Interest expense  (116,998)  (116,590)  (101,869)  -12.63%  -12.93%
Net interest income  153,432   119,060   188,269   58.13%  22.71%
Net provisions  (62,314)  86,919   8,506   -90.21%  -113.65%
Fees and income from service, net  36,198   34,751   29,309   -15.66%  -19.03%
Other operating income  17,768   21,301   21,483   0.85%  20.91%
Total operating expense  (129,366)  (169,219)  (110,244)  -34.85%  -14.78%
Profit before tax  15,719   92,812   137,322   47.96%  773.60%
Income tax  (10,153)  (25,489)  (35,503)  39.28%  249.69%
Net income before non-controlling interest  5,566   67,322   101,820   51.24%  1729.15%
Non-controlling interest  (1,276)  (1,219)  (1,204)  -1.22%  -5.61%
Net income  4,291   66,103   100,616   52.21%  2245.03%

 

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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 18 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.), International banking 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 Daniel Raad (IR Director) / Luis Germán Pelaez / Santiago López / Lina Michelle Alvarado 
Website:http://www.grupobancolombia.com/wps/portal/about-us/corporate-information/investor-relations/

 

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       Growth       
BALANCE SHEET
(COP million)
 Mar-20  dec-20  Mar-21  mar-21 / dec-20  mar-21 / mar-20  % of Assets  % of Liabilities 
ASSETS                            
Cash and balances at central bank  27,213,050   20,185,074   16,754,365   -17.00%  -38.43%  6.51%    
Interbank borrowings  4,107,961   3,193,915   1,960,120   -38.63%  -52.28%  0.76%    
Reverse repurchase agreements and other similar secured lend  1,952,895   322,160   2,684,636   733.32%  37.47%  1.04%    
Financial assets investment  18,918,763   29,553,003   27,443,624   -7.14%  45.06%  10.66%    
Derivative financial instruments  6,731,446   2,800,719   2,479,202   -11.48%  -63.17%  0.96%    
Loans and advances to customers  203,957,935   191,409,730   197,119,164   2.99%  -3.35%  76.60%    
Allowance for loan and lease losses  (12,316,055)  (16,616,043)  (17,086,957)  2.83%  38.74%  -6.64%    
Investment in associates and joint ventures  2,334,034   2,506,315   2,555,115   1.95%  9.47%  0.99%    
Goodwill and Intangible assets, net  8,856,352   7,507,321   8,012,936   6.73%  -9.52%  3.11%    
Premises and equipment, net  4,002,305   4,302,304   4,354,737   1.22%  8.81%  1.69%    
Investment property  2,002,691   2,839,350   2,784,457   -1.93%  39.04%  1.08%    
Right of use assets  1,890,963   1,661,015   1,685,327   1.46%  -10.87%  0.65%    
Prepayments  433,880   376,608   442,452   17.48%  1.98%  0.17%    
Tax receivables  1,078,251   1,204,529   1,449,170   20.31%  34.40%  0.56%    
Deferred tax  502,880   675,295   710,210   5.17%  41.23%  0.28%    
Assets held for sale and inventories  550,040   509,145   518,252   1.79%  -5.78%  0.20%    
Other assets  3,544,629   3,138,065   3,458,353   10.21%  -2.43%  1.34%    
Total assets  275,762,020   255,568,505   257,325,163   0.69%  -6.69%  100.00%    
LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposit by customers  184,215,627   180,820,793   184,542,606   2.06%  0.18%  71.72%  80.90%
Interbank Deposits  1,681,287   762,574   757,744   -0.63%  -54.93%  0.29%  0.33%
Derivative financial instrument  4,747,806   2,381,326   1,871,585   -21.41%  -60.58%  0.73%  0.82%
Borrowings from other financial institutions  19,192,127   11,202,126   9,513,262   -15.08%  -50.43%  3.70%  4.17%
Debt securities in issue  23,090,151   19,126,593   19,816,937   3.61%  -14.18%  7.70%  8.69%
Lease liability  2,025,310   1,818,358   1,816,646   -0.09%  -10.30%  0.71%  0.80%
Preferred shares  541,340   584,204   541,340   -7.34%  0.00%  0.21%  0.24%
Repurchase agreements and other similar secured borrowing  185,855   2,216,163   1,626,741   -26.60%  775.27%  0.63%  0.71%
Current tax  518,351   296,404   504,584   70.24%  -2.66%  0.20%  0.22%
Deferred tax  1,431,240   1,056,094   814,004   -22.92%  -43.13%  0.32%  0.36%
Employees benefit plans  813,001   823,945   835,468   1.40%  2.76%  0.32%  0.37%
Other liabilities  8,036,488   6,364,712   5,478,146   -13.93%  -31.83%  2.13%  2.40%
Total liabilities  246,478,583   227,453,292   228,119,063   0.29%  -7.45%  88.65%  100.00%
SHAREHOLDERS' EQUITY                            
Share Capital  480,914   480,914   480,914   0.00%  0.00%  0.19%    
Additional paid-in-capital  4,857,454   4,857,454   4,857,454   0.00%  0.00%  1.89%    
Appropriated reserves  11,286,956   13,830,604   14,642,668   5.87%  29.73%  5.69%    
Retained earnings  5,744,491   4,187,243   3,740,262   -10.67%  -34.89%  1.45%    
Accumulated other comprehensive income, net of tax  4,820,236   3,189,014   3,897,004   22.20%  -19.15%  1.51%    
Stockholders’ equity attributable to the owners of the parent company  27,190,051   26,545,229   27,618,302   4.04%  1.58%  10.73%    
Non-controlling interest  2,093,386   1,569,984   1,587,798   1.13%  -24.15%  0.62%    
Total liabilities and equity  275,762,020   255,568,505   257,325,163   0.69%  -6.69%  100.00%    

 

 

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 As of  Growth           Growth 
INCOME STATEMENT
(COP million)
 Mar-20  Mar-21  mar-21 / mar-20  1Q20  4Q 20  1Q 21  1Q 21 / 4Q20  1Q 21 /
1Q 20
 
Interest income and expenses                                
Interest on loans and financial leases                                
Commercial  1,810,797   1,406,125   -22.35%  1,810,797   1,462,897   1,406,125   -3.88%  -22.35%
Consumer  1,478,946   1,276,139   -13.71%  1,478,946   1,280,486   1,276,139   -0.34%  -13.71%
Small business loans  38,042   31,619   -16.88%  38,042   29,976   31,619   5.48%  -16.88%
Mortgage  508,069   532,952   4.90%  508,069   415,533   532,952   28.26%  4.90%
Leasing  496,314   396,752   -20.06%  496,314   405,977   396,752   -2.27%  -20.06%
Interest income on loans and financial leases  4,332,168   3,643,587   -15.89%  4,332,168   3,594,869   3,643,587   1.36%  -15.89%
Interest income on overnight and market funds  15,502   2,457   -84.15%  15,502   3,553   2,457   -30.85%  -84.15%
Interest and valuation on Investment                                
Debt investments, net  46,014   77,180   67.73%  46,014   81,961   77,180   -5.83%  67.73%
Net gains from investment activities at fair value through income statement                                
Debt investments  74,816   73,154   -2.22%  74,816   (151,957)  73,154   -148.14%  -2.22%
Derivatives  (28,792)  115,863   -502.41%  (28,792)  (51,144)  115,863   -326.54%  -502.41%
Repos  (6,710)  5,340   -179.58%  (6,710)  (10,169)  5,340   -152.51%  -179.58%
Others  7,557   1,321   -82.52%  7,557   15,054   1,321   -91.22%  -82.52%
Total Net gains from investment activities at fair value through profit and loss  46,871   195,678   317.48%  46,871   (198,216)  195,678   -198.72%  317.48%
Total Interest and valuation on investments  92,885   272,858   193.76%  92,885   (116,255)  272,858   -334.71%  193.76%
Total interest and valuation  4,440,555   3,918,902   -11.75%  4,440,555   3,482,167   3,918,902   12.54%  -11.75%
Interest expense                                
Borrowing costs  (136,092)  (80,095)  -41.15%  (136,092)  (96,844)  (80,095)  -17.29%  -41.15%
Overnight funds  (3,609)  (460)  -87.25%  (3,609)  (759)  (460)  -39.39%  -87.25%
Debt securities in issue  (239,952)  (244,518)  1.90%  (239,952)  (254,810)  (244,518)  -4.04%  1.90%
Deposits  (1,098,935)  (725,121)  -34.02%  (1,098,935)  (839,687)  (725,121)  -13.64%  -34.02%
Preferred Shares Dividends  (14,837)  (14,837)  0.00%  (14,837)  (14,726)  (14,837)  0.75%  0.00%
Interest right of use assets  (29,963)  (25,049)  -16.40%  (29,963)  (28,970)  (25,049)  -13.53%  -16.40%
Other interest (expense)  (4,706)  (3,465)  -26.37%  (4,706)  (3,725)  (3,465)  -6.98%  -26.37%
Total interest expenses  (1,528,094)  (1,093,545)  -28.44%  (1,528,094)  (1,239,521)  (1,093,545)  -11.78%  -28.44%
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments  2,912,461   2,825,357   -2.99%  2,912,461   2,242,646   2,825,357   25.98%  -2.99%

 

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Credit impairment charges on loans and advance and financial leases  (1,466,923)  (1,413,843)  -3.62%  (1,466,923)  (2,133,254)  (1,413,843)  -33.72%  -3.62%
Recovery of charged-off loans  94,301   116,453   23.49%  94,301   184,689   116,453   -36.95%  23.49%
Credit impairment charges on off balance sheet credit instruments  (1,648)  725   -143.99%  (1,648)  (68,795)  725   -101.05%  -143.99%
Credit impairment charges/recovery on investments  (7,380)  15,105   -304.67%  (7,380)  (8,919)  15,105   -269.36%  -304.67%
Total credit impairment charges, net  (1,381,650)  (1,281,560)  -7.24%  (1,381,650)  (2,026,279)  (1,281,560)  -36.75%  -7.24%
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments  1,530,811   1,543,797   0.85%  1,530,811   216,367   1,543,797   613.51%  0.85%
Fees and commission income                                
Banking services  154,683   164,202   6.15%  154,683   160,610   164,202   2.24%  6.15%
Credit and debit card fees and commercial establishments  478,106   503,321   5.27%  478,106   530,272   503,321   -5.08%  5.27%
Brokerage  6,619   7,525   13.69%  6,619   7,019   7,525   7.21%  13.69%
Acceptances and Guarantees  14,884   15,953   7.18%  14,884   15,183   15,953   5.07%  7.18%
Trust and Securities  111,711   130,337   16.67%  111,711   124,796   130,337   4.44%  16.67%
Investment banking  22,783   7,069   -68.97%  22,783   18,553   7,069   -61.90%  -68.97%
Bancassurance  172,697   146,075   -15.42%  172,697   187,904   146,075   -22.26%  -15.42%
Payments and Collections  149,446   167,515   12.09%  149,446   174,752   167,515   -4.14%  12.09%
Other  62,700   67,302   7.34%  62,700   66,211   67,302   1.65%  7.34%
Fees and commission income  1,173,629   1,209,299   3.04%  1,173,629   1,285,300   1,209,299   -5.91%  3.04%
Fees and comission expenses                                
Banking services  (183,053)  (162,347)  -11.31%  (183,053)  (129,029)  (162,347)  25.82%  -11.31%
Other  (194,647)  (248,259)  27.54%  (194,647)  (362,444)  (248,259)  -31.50%  27.54%
Fees and commission expenses  (377,700)  (410,606)  8.71%  (377,700)  (491,473)  (410,606)  -16.45%  8.71%
Total fees and comissions, net  795,929   798,693   0.35%  795,929   793,827   798,693   0.61%  0.35%
Other operating income                                
Derivatives FX contracts  1,536,289   179,015   -88.35%  1,536,289   (308,131)  179,015   -158.10%  -88.35%
Net foreign exchange  (1,509,236)  (194,007)  -87.15%  (1,509,236)  669,701   (194,007)  -128.97%  -87.15%
Hedging  (259)  (1,455)  461.78%  (259)  (1,479)  (1,455)  -1.62%  461.78%
Operating leases  182,379   206,740   13.36%  182,379   189,841   206,740   8.90%  13.36%
Gains (or losses) on sale of assets  25,808   26,183   1.45%  25,808   16,238   26,183   61.25%  1.45%
Other reversals  1,471   1,283   -12.78%  1,471   922   1,283   39.15%  -12.78%
Others  108,048   125,848   16.47%  108,048   219,819   125,848   -42.75%  16.47%
Total other operating income  344,500   343,607   -0.26%  344,500   786,911   343,607   -56.33%  -0.26%
Dividends received, and share of profits of equity method investees                                
Dividends  3,382   17,357   413.22%  3,382   6,541   17,357   165.36%  413.22%
Equity investments  (27,501)  2,337   -108.50%  (27,501)  (6,676)  2,337   -135.01%  -108.50%
Equity method  (14,427)  58,950   -508.61%  (14,427)  51,951   58,950   13.47%  -508.61%
Others  4,493   -   -100.00%  4,493   (4,399)  -   -100.00%  -100.00%
Total dividends received, and share of profits of equity method investees  (34,053)  78,644   -330.95%  (34,053)  47,417   78,644   65.86%  -330.95%
Total operating income, net  2,637,187   2,764,741   4.84%  2,637,187   1,844,522   2,764,741   49.89%  4.84%

 

 

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INCOME STATEMENT As of  Growth           Growth 
(COP million) Mar-20  Mar-21  mar-21 / mar-20  1Q20  4Q 20  1Q 21  1Q 21 / 4Q20  1Q 21 / 1Q 20 
Operating expenses                                
Salaries and employee benefits  (776,448)  (733,889)  -5.48%  (776,448)  (705,791)  (733,889)  3.98%  -5.48%
Bonuses  (144,585)  (90,450)  -37.44%  (144,585)  (27,722)  (90,450)  226.28%  -37.44%
Other administrative and general expenses  (749,551)  (744,492)  -0.67%  (749,551)  (901,201)  (744,492)  -17.39%  -0.67%
Tax contributions and other tax burden  (221,813)  (177,183)  -20.12%  (221,813)  (162,194)  (177,183)  9.24%  -20.12%
Impairment, depreciation and amortization  (208,474)  (198,341)  -4.86%  (208,474)  (225,579)  (198,341)  -12.07%  -4.86%
Other expenses  (53,643)  (48,539)  -9.51%  (53,643)  (54,719)  (48,539)  -11.29%  -9.51%
Total operating expenses  (2,154,514)  (1,992,894)  -7.50%  (2,154,514)  (2,077,206)  (1,992,894)  -4.06%  -7.50%
Profit before tax  482,673   771,847   59.91%  482,673   (232,684)  771,847   -431.71%  59.91%
Income tax  (116,651)  (206,448)  76.98%  (116,651)  (16,349)  (206,448)  1162.76%  76.98%
Profit for the year from continuing operations  366,022   565,399   54.47%  366,022   (249,033)  565,399   -327.04%  54.47%
Non-controlling interest  (30,138)  (22,883)  -24.07%  (30,138)  (17,199)  (22,883)  33.05%  -24.07%
Net income attributable to equity holders of the Parent Company  335,884   542,516   61.52%  335,884   (266,232)  542,516   -303.78%  61.52%

 

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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 4, 2021By:/s/  JOSE HUMBERTO ACOSTA MARTIN. 
  Name:   Jose Humberto Acosta Martin.
  Title:     Vice President of Finance
  

 

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