Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Document and Entity Information | ||
Document Type | 20-F | |
Document Registration Statement | false | |
Document Annual Report | true | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Dec. 31, 2021 | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Entity File Number | 001-32535 | |
Entity Registrant Name | BANCOLOMBIA SA | |
Entity Incorporation, State or Country Code | F8 | |
Entity Address, Address Line One | Carrera 48 # 26-85 | |
Entity Address, Address Line Two | Avenida Los Industriales | |
Entity Address, City or Town | Medellín | |
Entity Address, Country | CO | |
Entity Common Stock, Shares Outstanding | 509,704,584 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
ICFR Auditor Attestation Flag | true | |
Document Accounting Standard | International Financial Reporting Standards | |
Entity Shell Company | false | |
Entity Central Index Key | 0001071371 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Auditor Name | PwC Contadores y Auditores S. A. S. | PwC Contadores y Auditores S. A. S. |
Auditor Firm ID | 6466 | 6466 |
Auditor Location | Medellín, Colombia | Medellín, Colombia |
Business Contact | ||
Document and Entity Information | ||
Contact Personnel Name | Carlos Daniel Raad Baene | |
Country Region | 57 | |
City Area Code | 601 | |
Local Phone Number | 4885371 | |
Contact Personnel Email Address | craad@bancolombia.com | |
Entity Address, Address Line One | Carrera 11 # 91-42 | |
Entity Address, Address Line Two | Edificio FIC 9211 | |
Entity Address, City or Town | Bogotá | |
Entity Address, Country | CO | |
American Depository Shares | ||
Document and Entity Information | ||
Title of 12(b) Security | American Depositary Shares | |
Trading Symbol | CIB | |
Security Exchange Name | NYSE | |
Preference shares | ||
Document and Entity Information | ||
Title of 12(b) Security | Preferred Shares | |
No Trading Symbol Flag | true | |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 25,329,846 | $ 23,701,149 |
Financial assets investments | 29,289,301 | 29,553,003 |
Derivative financial instruments | 2,454,005 | 2,800,719 |
Financial assets investments and derivative financial instruments | 31,743,306 | 32,353,722 |
Loans and advances to customers | 220,323,483 | 191,409,730 |
Allowance for loans, advances and lease losses | (15,864,482) | (16,616,043) |
Loans and advances to customers, net | 204,459,001 | 174,793,687 |
Assets held for sale and inventories, net | 546,794 | 509,145 |
Investment in associates and joint ventures | 2,720,559 | 2,506,315 |
Investment properties | 3,132,220 | 2,839,350 |
Premises and equipment, net | 5,100,652 | 4,302,304 |
Right of use assets, lease | 1,695,865 | 1,661,015 |
Goodwill and intangible assets, net | 8,628,772 | 7,507,321 |
Deferred tax, net | 746,375 | 675,295 |
Other assets, net | 5,751,658 | 4,719,202 |
TOTAL ASSETS | 289,855,048 | 255,568,505 |
LIABILITIES | ||
Deposits by customers | 210,390,848 | 180,820,793 |
Interbank deposits and repurchase agreements and other similar secured borrowing | 1,649,730 | 2,978,737 |
Derivative financial instruments | 1,961,109 | 2,381,326 |
Borrowings from other financial institutions | 8,551,558 | 11,202,126 |
Debt instruments in issue | 21,093,864 | 19,126,593 |
Lease liabilities | 1,819,077 | 1,818,358 |
Preferred shares | 584,204 | 584,204 |
Current tax | 261,653 | 296,404 |
Deferred tax, net | 1,016,586 | 1,056,094 |
Employees benefit plans | 838,237 | 823,945 |
Other liabilities | 7,762,724 | 6,364,712 |
TOTAL LIABILITIES | 255,929,590 | 227,453,292 |
EQUITY | ||
Share capital | 480,914 | 480,914 |
Additional paid-in-capital | 4,857,454 | 4,857,454 |
Appropriated reserves | 14,661,007 | 13,830,604 |
Retained earnings | 3,273,788 | 3,911,249 |
Net income attributable to equity holders of the Parent Company | 4,086,795 | 275,994 |
Accumulated other comprehensive income, net of tax | 4,874,389 | 3,189,014 |
STOCKHOLDERS' EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT COMPANY | 32,234,347 | 26,545,229 |
Non-controlling interest | 1,691,111 | 1,569,984 |
TOTAL EQUITY | 33,925,458 | 28,115,213 |
TOTAL LIABILITIES AND EQUITY | $ 289,855,048 | $ 255,568,505 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest on loans and financial leases | |||
Commercial | $ 6,073,718 | $ 6,814,749 | $ 7,319,318 |
Consumer | 5,362,194 | 5,472,703 | 5,273,101 |
Small business loans | 135,914 | 139,250 | 144,585 |
Mortgage | 2,331,971 | 1,876,304 | 1,972,661 |
Financial leases | 1,440,493 | 1,829,971 | 1,918,655 |
Total interest income on loans and financial leases | 15,344,290 | 16,132,977 | 16,628,320 |
Interest on debt instruments using the effective interest method | 311,488 | 308,453 | 160,200 |
Total Interest on financial instruments using the effective interest method | 15,655,778 | 16,441,430 | 16,788,520 |
Interest income on overnight and market funds | 9,413 | 32,362 | 67,724 |
Interest and valuation on financial instruments | 470,554 | 214,858 | 524,440 |
Total interest and valuation on financial instruments | 16,135,745 | 16,688,650 | 17,380,684 |
Interest expenses | (4,351,556) | (5,863,008) | (6,179,794) |
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 11,784,189 | 10,825,642 | 11,200,890 |
Credit impairment charges on loans, advances and financial leases, net | (2,521,178) | (7,335,755) | (3,385,181) |
Credit recovery (impairment) for other financial instruments | 100,648 | (190,694) | (25,940) |
Total credit impairment charges, net | (2,420,530) | (7,526,449) | (3,411,121) |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments and other financial instruments | 9,363,659 | 3,299,193 | 7,789,769 |
Fees and commissions income | 5,293,804 | 4,598,413 | 4,578,972 |
Fees and commissions expenses | (1,860,683) | (1,561,585) | (1,553,239) |
Total fees and commissions, net | 3,433,121 | 3,036,828 | 3,025,733 |
Other operating income | 2,022,141 | 1,844,572 | 1,535,247 |
Dividends and net income on equity investments | 328,344 | 123,325 | 380,599 |
Total operating income, net | 15,147,265 | 8,303,918 | 12,731,348 |
Operating expenses | |||
Salaries and employee benefits | (3,782,596) | (3,044,730) | (3,366,824) |
Other administrative and general expenses | (3,521,920) | (3,140,789) | (3,069,058) |
Taxes other than income tax | (719,593) | (765,766) | (757,820) |
Impairment, depreciation and amortization | (920,558) | (837,790) | (824,590) |
Other operating expenses | (218,586) | (206,070) | (235,525) |
Total operating expenses | (9,163,253) | (7,995,145) | (8,253,817) |
Profit before income tax | 5,984,012 | 308,773 | 4,477,531 |
Income tax | (1,776,225) | 6,586 | (1,262,964) |
Net income | 4,207,787 | 315,359 | 3,214,567 |
Net income attributable to equity holders of the Parent Company | 4,086,795 | 275,994 | 3,117,351 |
Non-controlling interest | $ 120,992 | $ 39,365 | $ 97,216 |
Basic earnings per share to common shareholders, stated in units of pesos | $ 4,309 | $ 347 | $ 3,301 |
Diluted earnings per share to common shareholders, stated in units of pesos | $ 4,309 | $ 347 | $ 3,301 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - COP ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||
Net income | $ 4,207,787 | $ 315,359 | $ 3,214,567 | ||
Other comprehensive income/(loss) that will not be reclassified to net income | |||||
Remeasurement income related to defined benefit liability | 7,444 | 8,556 | (38,451) | ||
Income tax | (1,791) | (4,940) | 14,835 | ||
Net of tax amount | 5,653 | 3,616 | (23,616) | ||
Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) | |||||
Unrealized gain/(loss) | 3,994 | (132,593) | 56,496 | ||
Income tax | [2] | 48,153 | [1] | 37,736 | (12,607) |
Net of tax amount | 52,147 | (94,857) | 43,889 | ||
Gains on asset revaluation | 0 | 3,561 | 0 | ||
Income tax | (142) | (1,211) | 0 | ||
Net of tax amount | (142) | 2,350 | 0 | ||
Total other comprehensive income that will not be reclassified to net income, net of tax | 57,658 | (88,891) | 20,273 | ||
Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) | |||||
Gain/(loss) on investments recycled to profit or loss upon disposal | 34,440 | 19,249 | (1,533) | ||
Unrealized (loss)/gain | (101,544) | 39,089 | 35,476 | ||
Unrealized gain/(loss) for fair value hedging | [3] | 6,285 | (5,459) | (6,592) | |
Changes in loss allowance for credit losses | (233) | 432 | 324 | ||
Income tax | [2] | 9,527 | (5,612) | 0 | |
Net of tax amount | (51,525) | 47,699 | 27,675 | ||
Foreign currency translation adjustments: | |||||
Exchange differences arising on translating the foreign operations | 2,513,742 | 339,475 | 104,955 | ||
Loss on net investment hedge in foreign operations | (1,207,052) | (341,792) | (60,258) | ||
Income tax | 493,346 | 39,443 | 20,213 | ||
Net of tax amount | [4] | 1,800,036 | 37,126 | 64,910 | |
Unrealized gain on investments in associates and joint ventures using equity method | 2,913 | 5,020 | 8,151 | ||
Income tax | (982) | (89) | (32) | ||
Net of tax amount | 1,931 | 4,931 | 8,119 | ||
Total comprehensive income that may be reclassified to net income, net of tax | 1,750,442 | 89,756 | 100,704 | ||
Other comprehensive income, attributable to the owners of the Parent Company, net of tax | 1,808,100 | 865 | 120,977 | ||
Other comprehensive income, attributable to the Non-controlling interest | 6,540 | 441,199 | 6,056 | ||
Total comprehensive income | 6,022,427 | 757,423 | 3,341,600 | ||
Total comprehensive income attributable to: Equity holders of the Parent Company | 5,894,895 | 276,859 | 3,238,328 | ||
Total comprehensive income attributable to: Non-controlling interests | $ 127,532 | $ 480,564 | $ 103,272 | ||
[1] | Includes income tax to partial payments of asset-backed securities transferred to retained earnings and reclassification of income tax on investments in associates that were transferred from retained earnings to OCI. | ||||
[2] | The tax related to financial instruments is segregated between equity instruments and debt instruments, in order to improve the presentation. | ||||
[3] | The Bank identified that the figures in 2020 and 2019 were included in line Unrealized (loss)/gain of Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI). In order to properly present the Bank reclassified fair value hedge of debt instruments with changes in other comprehensive income to the line Unrealized (loss)/gain of the fair value hedge. The net tax amount of the FVTOCI does not change. See note 5.2 Derivative financial instruments. The Bank determined the effects were inmaterial to its previously issued consolidated financial statements. | ||||
[4] | In 2021, the increase relates to devaluation amounting to 15.98% of Colombian peso against U.S. dollar. |
CONSOLIDATED STATEMENT OF COM_2
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) | Dec. 31, 2021 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |
Percentage of devaluation of Colombian peso against US Dollar | 15.98% |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - COP ($) $ in Millions | Previously ReportedAttributable to owners of Parent Company | Previously ReportedShare Capital | Previously ReportedAdditional Paid in capital | Previously ReportedAppropriated Reserves | Previously ReportedTranslation adjustment | Previously ReportedEquity Securities through OCI | Previously ReportedDebt instruments at fair value though OCI | Previously ReportedAssociates | Previously ReportedEmployee Benefits | Previously ReportedRetained earnings | Previously ReportedNet income | Previously ReportedNon-Controlling interest | Previously Reported | Effect of adoption of new accounting standardsAttributable to owners of Parent Company | Effect of adoption of new accounting standardsRetained earnings | Effect of adoption of new accounting standardsNon-Controlling interest | Effect of adoption of new accounting standards | Attributable to owners of Parent Company | Share Capital | Additional Paid in capital | Appropriated Reserves | Translation adjustment | Equity Securities through OCI | Debt instruments at fair value though OCI | Revaluation of assets | Associates | Employee Benefits | Retained earnings | Net income | Non-Controlling interest | Total | |||||
Balance at Dec. 31, 2018 | $ 24,848,920 | $ 480,914 | $ 4,857,454 | $ 9,741,774 | $ 2,882,202 | $ 392,707 | $ (19,877) | $ (1,107) | $ (50,956) | $ 3,906,945 | $ 2,658,864 | $ 1,806,305 | $ 26,655,225 | $ (181,100) | $ (181,100) | $ (3,148) | $ (184,248) | $ 24,667,820 | $ 480,914 | $ 4,857,454 | $ 9,741,774 | $ 2,882,202 | $ 392,707 | $ (19,877) | $ (1,107) | $ (50,956) | $ 3,725,845 | $ 2,658,864 | $ 1,803,157 | $ 26,470,977 | ||||||
Transfer to profit from previous years | 2,658,864 | (2,658,864) | ||||||||||||||||||||||||||||||||||
Dividend payment | (992,613) | (992,613) | (992,613) | |||||||||||||||||||||||||||||||||
Release of reserves by law | (6,561) | 6,561 | ||||||||||||||||||||||||||||||||||
Other reserves | (17,069) | 677,879 | (694,948) | (17,069) | ||||||||||||||||||||||||||||||||
Realization of retained earnings | (3,848) | 3,848 | ||||||||||||||||||||||||||||||||||
Others | (12,547) | (12,547) | (12,547) | |||||||||||||||||||||||||||||||||
Non-controlling interest | 15,271 | 15,271 | ||||||||||||||||||||||||||||||||||
Net income | 3,117,351 | 3,117,351 | 97,216 | 3,214,567 | ||||||||||||||||||||||||||||||||
Other comprehensive income | 120,977 | 64,910 | 43,889 | 27,675 | 8,119 | (23,616) | 6,056 | 127,033 | ||||||||||||||||||||||||||||
Balance at Dec. 31, 2019 | 26,883,919 | 480,914 | 4,857,454 | 10,413,092 | 2,947,112 | 432,748 | 7,798 | 7,012 | (74,572) | 4,695,010 | 3,117,351 | 1,921,700 | 28,805,619 | |||||||||||||||||||||||
Transfer to profit from previous years | 3,117,351 | (3,117,351) | ||||||||||||||||||||||||||||||||||
Dividend payment | (1,517,771) | (1,517,771) | (1,517,771) | |||||||||||||||||||||||||||||||||
Other reserves | (20,000) | [1] | 3,417,360 | (3,437,360) | (20,000) | |||||||||||||||||||||||||||||||
Realization of retained earnings | (131,949) | [2] | 131,949 | |||||||||||||||||||||||||||||||||
Others | 9,029 | 152 | 8,877 | 9,029 | ||||||||||||||||||||||||||||||||
Acquisition of the 40% of the common stock of Grupo Agromercantil Holding (GAH) | [3] | 913,193 | 913,193 | (913,193) | ||||||||||||||||||||||||||||||||
Non-controlling interest | 80,913 | 80,913 | ||||||||||||||||||||||||||||||||||
Net income | 275,994 | 275,994 | 39,365 | 315,359 | ||||||||||||||||||||||||||||||||
Other comprehensive income | 865 | 37,126 | [4] | (94,857) | 47,699 | $ 2,350 | 4,931 | 3,616 | 441,199 | [4] | 442,064 | |||||||||||||||||||||||||
Balance at Dec. 31, 2020 | 26,545,229 | 480,914 | 4,857,454 | 13,830,604 | 2,984,238 | 205,942 | 55,497 | 2,350 | 11,943 | (70,956) | 3,911,249 | 275,994 | 1,569,984 | 28,115,213 | ||||||||||||||||||||||
Transfer to profit from previous years | 275,994 | (275,994) | ||||||||||||||||||||||||||||||||||
Dividend payment | (192,374) | (192,374) | (192,374) | |||||||||||||||||||||||||||||||||
Other reserves | (6,151) | 830,403 | (836,554) | (6,151) | ||||||||||||||||||||||||||||||||
Realization of retained earnings | (122,725) | [2] | 122,725 | |||||||||||||||||||||||||||||||||
Others | (7,252) | (7,252) | (7,252) | |||||||||||||||||||||||||||||||||
Non-controlling interest | (6,405) | (6,405) | ||||||||||||||||||||||||||||||||||
Net income | 4,086,795 | 4,086,795 | 120,992 | 4,207,787 | ||||||||||||||||||||||||||||||||
Other comprehensive income | 1,808,100 | 1,800,036 | 52,147 | (51,525) | (142) | 1,931 | 5,653 | 6,540 | 1,814,640 | |||||||||||||||||||||||||||
Balance at Dec. 31, 2021 | $ 32,234,347 | $ 480,914 | $ 4,857,454 | $ 14,661,007 | $ 4,784,274 | $ 135,364 | $ 3,972 | $ 2,208 | $ 13,874 | $ (65,303) | $ 3,273,788 | $ 4,086,795 | $ 1,691,111 | $ 33,925,458 | ||||||||||||||||||||||
[1] | Corresponds to the use of the donations for social purposes reserve, approved by the shareholders. | |||||||||||||||||||||||||||||||||||
[2] | Mainly corresponds to partial payments of asset-backed securities investments. | |||||||||||||||||||||||||||||||||||
[3] | On September 29, 2020, the Bank acquired an additional 40% of the common stock of Grupo Agromercantil Holding (GAH), after obtaining the necessary regulatory approvals. The purchase price paid was USD 289,144,606 . For further information see Note 1. Reporting Entity. | |||||||||||||||||||||||||||||||||||
[4] | As of September 30, 2020, the Bank determined that the presentation of the amounts of non-controlling interest, disclosed in its consolidated financial statements were incorrect due to a miscalculation in the translation from US dollars to Colombian pesos of the fair value of non-controlling interest in Grupo Agromercantil Holding S.A and therefore should be corrected. The was originated when the Bank, applying the acquisition method, registered the fair value of the non-controlling interest of Grupo Agromercantil Holding S.A., using an incorrect exchange rate to translate US dollars to Colombian pesos. Since the acquisition date, the error amounted to COP 315,138 without any variation. For the purposes of the financial statements ending December 31, 2020, the Bank has increased the non-controlling interest line and decreased Accumulated foreign currency translation adjustments line by COP 315,138 , both in shareholders’ equity and, no other effects in accounts of financial statements were identified. According to the analysis performed, the Bank determined that the correction of the presentation of the non-controlling interest and translation adjustment should not be considered material for the financial statements, given the quantitative analysis and all qualitative considerations. For that reason, the figures of non-controlling interest and translation adjustment have been corrected as of December 31, 2020 as an out of period adjustment. |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020COP ($)$ / shares | Dec. 31, 2019COP ($)$ / shares | Dec. 31, 2018$ / sharesshares | |||
Dividends paid, ordinary shares per share | $ / shares | $ 260 | $ 1.638 | $ 1,092 | ||
Other comprehensive income | $ 442,064 | $ 127,033 | |||
Common shares | |||||
Number of shares outstanding | shares | 509,704,584 | ||||
Preference shares | |||||
Number of shares outstanding | shares | 452,122,416 | ||||
Non-Controlling interest | |||||
Increase in non-controlling interest related to business acquisition | [1] | (913,193) | |||
Other comprehensive income | 441,199 | [2] | 6,056 | ||
Non-Controlling interest | Error correction adjustment | |||||
Increase in non-controlling interest related to business acquisition | 315,138 | ||||
Translation adjustment | |||||
Other comprehensive income | 37,126 | [2] | $ 64,910 | ||
Translation adjustment | Error correction adjustment | |||||
Other comprehensive income | $ (315,138) | ||||
[1] | On September 29, 2020, the Bank acquired an additional 40% of the common stock of Grupo Agromercantil Holding (GAH), after obtaining the necessary regulatory approvals. The purchase price paid was USD 289,144,606 . For further information see Note 1. Reporting Entity. | ||||
[2] | As of September 30, 2020, the Bank determined that the presentation of the amounts of non-controlling interest, disclosed in its consolidated financial statements were incorrect due to a miscalculation in the translation from US dollars to Colombian pesos of the fair value of non-controlling interest in Grupo Agromercantil Holding S.A and therefore should be corrected. The was originated when the Bank, applying the acquisition method, registered the fair value of the non-controlling interest of Grupo Agromercantil Holding S.A., using an incorrect exchange rate to translate US dollars to Colombian pesos. Since the acquisition date, the error amounted to COP 315,138 without any variation. For the purposes of the financial statements ending December 31, 2020, the Bank has increased the non-controlling interest line and decreased Accumulated foreign currency translation adjustments line by COP 315,138 , both in shareholders’ equity and, no other effects in accounts of financial statements were identified. According to the analysis performed, the Bank determined that the correction of the presentation of the non-controlling interest and translation adjustment should not be considered material for the financial statements, given the quantitative analysis and all qualitative considerations. For that reason, the figures of non-controlling interest and translation adjustment have been corrected as of December 31, 2020 as an out of period adjustment. |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOW - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Cash flows from operating activities: | ||||
Net income | $ 4,207,787 | $ 315,359 | $ 3,214,567 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 855,167 | 736,367 | 677,253 | |
Other assets impairment | 65,391 | 101,423 | 147,337 | |
Impairment of investments in associates | [1] | 1,733 | 4,399 | |
Equity method | (199,652) | (136,596) | (249,231) | |
Credit impairment charges on loans and advances and financial leases | 2,521,178 | 7,335,755 | 3,385,181 | |
Credit impairment (recovery) charges on off balance sheet credit and other financial instruments | (100,648) | 190,694 | 25,940 | |
Gain on sales of assets held for sale and inventories | (227,445) | (65,932) | (93,548) | |
Valuation gain on investment securities | (790,063) | (814,164) | (1,113,392) | |
(Gain) loss upon disposal of investment in subsidiary and associates | [2] | (77,916) | ||
Valuation (losses) gain on derivative financial instruments | (319,524) | (629,258) | 285,220 | |
Income tax | 1,776,225 | (6,586) | 1,262,964 | |
Bonuses and short-term benefits | 526,273 | 11,816 | 403,872 | |
Dividends | (108,079) | (14,217) | (84,183) | |
Investment property valuation | (67,762) | 3,501 | (93,197) | |
Other non-cash items | (29,076) | (4,710) | 164,030 | |
Net interest | (10,992,734) | (10,269,969) | (10,448,526) | |
Change in operating assets and liabilities: | ||||
Decrease in derivative financial instruments | 245,064 | 236,143 | 219,259 | |
Decrease in accounts receivable | (489,266) | (408,015) | (185,220) | |
Increase in loans and advances to customers | (24,057,389) | (7,440,568) | (12,140,001) | |
Decrease (Increase) in other assets | (278,776) | 83,393 | (901,839) | |
Decrease in accounts payable | [3] | 1,271,347 | (10,507) | (186,368) |
Decrease in other liabilities | (296,865) | (120,429) | (362,638) | |
Increase in deposits by customers | 19,290,140 | 21,007,104 | 14,317,297 | |
(Decrease) Increase in estimated liabilities and provisions | 21,629 | (6,098) | (3,378) | |
Net changes in investment securities recognized at fair value through profit or loss | 1,834,085 | (7,514,600) | 2,626,620 | |
Proceeds from sales of assets held for sale | 735,788 | 382,139 | 429,906 | |
Recovery of charged-off loans | 565,436 | 436,908 | 551,650 | |
Income tax paid | [3] | (1,441,413) | (1,145,887) | (1,042,610) |
Dividend received | 90,822 | 90,737 | 195,046 | |
Interest received | 15,896,674 | 15,031,229 | 17,387,534 | |
Interest paid | (4,410,742) | (6,149,086) | (5,996,017) | |
Net cash provided by operating activities | 6,095,305 | 11,230,345 | 12,315,612 | |
Cash flows from investment activities: | ||||
Purchases of debt instruments at amortized cost | (3,722,124) | (3,670,705) | (2,800,997) | |
Proceeds from maturities of debt instruments at amortized cost | 2,984,260 | 2,728,509 | 2,405,509 | |
Purchases of debt instruments at fair value through OCI | (8,850,491) | (11,377,756) | (5,945,285) | |
Proceeds from debt instruments at fair value through OCI | 10,699,010 | 7,339,264 | 5,426,410 | |
Purchases of equity instruments at fair value through OCI and interests in associates and joint ventures | (44,915) | (111,349) | (40,712) | |
Proceeds from equity instruments at fair value through OCI and interests in associates and joint ventures | 69,448 | 55,174 | 131,173 | |
Purchases 40% of the sharehold of Grupo Agromercantil Holding | [4] | (1,117,680) | ||
Purchases of premises and equipment and investment properties | (2,185,800) | (1,530,153) | (1,555,453) | |
Acquisition of subsidiaries | (9,178) | |||
Proceeds from sales of premises and equipment and investment properties | 553,652 | 268,898 | 232,438 | |
Net cash inflow from sale and liquidation of investments in subsidiaries | [5] | 70,306 | ||
Purchase of other long-term assets | (144,348) | (106,269) | (114,221) | |
Net cash used in investing activities | (650,486) | (7,522,067) | (2,190,832) | |
Cash flows from financing activities: | ||||
(Decrease) Increase in repurchase agreements and other similar secured borrowing | (1,457,203) | 903,120 | (1,002,196) | |
Proceeds from borrowings from other financial institutions | 4,182,658 | 12,453,666 | 11,741,311 | |
Repayment of borrowings from other financial institutions | (8,447,238) | (14,919,903) | (14,365,716) | |
Payment of lease liability | (136,797) | (139,559) | (124,817) | |
Placement of debt instruments in issue | [6] | 1,387,401 | 3,766,499 | 2,084,743 |
Payment of debt instruments in issue | (1,871,576) | (5,382,248) | (2,561,525) | |
Dividends paid | (467,217) | (1,555,821) | (1,032,492) | |
Transactions with non-controlling interests | (41,194) | |||
Net cash used in financing activities | [7] | (6,809,972) | (4,915,440) | (5,260,692) |
Effect of exchange rate changes on cash and cash equivalents | 2,993,850 | 1,170,269 | 143,144 | |
(Decrease) Increase in cash and cash equivalents | (1,365,153) | (1,207,162) | 4,864,088 | |
Cash and cash equivalents at beginning of year | 23,701,149 | 23,738,042 | 18,730,810 | |
Cash and cash equivalents at end of year | $ 25,329,846 | $ 23,701,149 | $ 23,738,042 | |
[1] | For further information, see Note 8 investments in associates and joint ventures. | |||
[2] | As of December 31, 2019, corresponds to gains on sale of investments in associates Concesiones CCFC, Avefarma S.A.S, Glashfarma Tech S.A.S and Panamerican Pharmaceutical Holding Inc. for COP 33,253 , the winding up of joint venture Servicios de Aceptación S.A.S for COP 8,927 and the sale of subsidiaries Arrendamiento Operativo CIB and Fiduperú S.A, for COP 35,736 . During 2020, no sales were made. | |||
[3] | On December 31, 2020 and 2019, the figure disclosed in line increase (decrease) in accounts payable (10,507) and (186,368) previously presented as COP (797,207) and COP (977,266) , included COP (786,700) and COP (790,898) respectively and have been reclassified and are now presented in line income tax paid, amounts are immaterial do not impact total operating cash flows or any other financial statements or notes. The Bank concluded that revised numbers were adjusted and disclosed in 2021 Financial Statements for comparative purposes. | |||
[4] | On September 29, 2020, Grupo Bancolombia acquired 40% of the shareholdings of Grupo Agromercantil Holding (GAH). | |||
[5] | In March 2019, the Bank’s subsidiaries Renting Colombia S.A.S and Inversiones CFNS S.A.S closed the sale to Arval Relsa of 100% of the shares of Arrendamiento Operativo CIB S.A.C – Renting Peru, an operating leasing company incorporated, and with operations, in Peru. Arval Relsa is the joint venture between Arval (subsidiary of BNP Paribas, with more than one million vehicles in operational leasing) and Relsa (company with 15 years of experience in the Peruvian market) that seeks to strengthen the car leasing and vehicle fleet management businesses in Peru and Chile. The sale price amounted to USD 21.8 million. | |||
[6] | For further information, see Note 18 Debt instruments in issues. | |||
[7] | For further information about the reconciliation of the balances of liabilities from financing activities, see Note 29 Liabilities from financing activities. |
CONSOLIDATED STATEMENT OF CAS_2
CONSOLIDATED STATEMENT OF CASH FLOW (Parenthetical) item in Millions, $ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2019USD ($)item | Dec. 31, 2021COP ($) | Dec. 31, 2020COP ($) | Dec. 31, 2019COP ($) | ||
CONSOLIDATED STATEMENT OF CASH FLOW | |||||
Gain on sale of investments in associates | $ 33,253 | ||||
Gain on the winding up of investments in joint ventures | 8,927 | ||||
Gain on sale of investments in subsidiaries | 35,736 | ||||
Decrease in accounts payable | [1] | $ 1,271,347 | $ (10,507) | (186,368) | |
Transfer of loans and returned goods to assets held for sale and inventories | 672,586 | 508,040 | 508,441 | ||
Non-cash transaction, value of loans and advance to customers and assets held for sale received as payment by residual rights | $ 75,664 | ||||
Previously Reported | |||||
CONSOLIDATED STATEMENT OF CASH FLOW | |||||
Decrease in accounts payable | (797,207) | (977,266) | |||
Reclassification Adjustment | |||||
CONSOLIDATED STATEMENT OF CASH FLOW | |||||
Decrease in accounts payable | $ (786,700) | $ (790,898) | |||
Arrendamiento Operativo CIB SAC - Renting Peru | |||||
CONSOLIDATED STATEMENT OF CASH FLOW | |||||
Percentage of ownership interests sold | 100.00% | ||||
Proceeds from the sale of interests in subsidiary | $ 21.8 | ||||
BNP Paribas | |||||
CONSOLIDATED STATEMENT OF CASH FLOW | |||||
Number of vehicles in operational leasing | item | 1 | ||||
Relsa | |||||
CONSOLIDATED STATEMENT OF CASH FLOW | |||||
Number of years of operations in the Peruvian market | 15 years | ||||
[1] | On December 31, 2020 and 2019, the figure disclosed in line increase (decrease) in accounts payable (10,507) and (186,368) previously presented as COP (797,207) and COP (977,266) , included COP (786,700) and COP (790,898) respectively and have been reclassified and are now presented in line income tax paid, amounts are immaterial do not impact total operating cash flows or any other financial statements or notes. The Bank concluded that revised numbers were adjusted and disclosed in 2021 Financial Statements for comparative purposes. |
REPORTING ENTITY
REPORTING ENTITY | 12 Months Ended |
Dec. 31, 2021 | |
REPORTING ENTITY | |
REPORTING ENTITY | NOTE 1. REPORTING ENTITY Bancolombia S.A., hereinafter the Parent Company, the Group, is a credit establishment, listed on the Colombia Stock Exchange (BVC) as well as on the New York Stock Exchange (NYSE), since 1981 and 1995, respectively. The Parent Company's main location is in Medellin (Colombia), main address Carrera 48 # 26-85, Avenida Los Industriales, and was originally constituted under the name Banco Industrial Colombiano (BIC) according to public deed number 388, date January 24, 1945, from the First Notary's Office of Medellin, authorized by the Superintendence of Finance of Colombia (“SFC”). On April 3, 1998, by means of public deed No. 633, BIC merged with Bank of Colombia S.A., and the resulting organization of that merger was named Bancolombia S.A. The Parent Company bylaws are found in the public deed numer 2690, dated November 27, 2015, at the 25th Notary´s Office of Medellín. Bancolombia S.A.’s business purpose is to carry out all operations, transactions, acts and services inherent to the banking business. The Parent Company may, by itself or through its subsidiaries, own interests in other corporations, wherever authorized by law, according to all terms and requirements, limits or conditions established therein. The duration of the Parent Company contemplated in the bylaws is until December 8, 2044, but it can be dissolved or renewed before the conclusion of that period. The operating license was authorized definitively by the SFC according to Resolution number 3140 on September 24, 1993. In March 2019 the subsidiaries Renting Colombia S.A.S and Inversiones CFNS S.A.S, closed the sale to Arval Relsa of 100% of the shares of Arrendamiento Operativo CIB S.A.C. – Renting Perú, an operational leasing company incorporated and with operations in Peru, and then, in July 2019 the Bank’s subsidiaries Fiduciaria Bancolombia and Banca de Inversion Bancolombia, closed the sale to TMF Group Americas B.V. of 100% of the shares of FiduPeru S.A, a trust services company incorporated and with operations in Peru. The Parent Company and its subsidiaries include the following operating segments: Banking Colombia, Banking Panama, Banking El Salvador, Banking Guatemala, Trust, Investment banking, Brokerage, International Banking and Others. The activities carried out by each operating segment of the Bank are described in Note 3 Operating segments. On September 29, 2020, following receipt of the required regulatory authorizations, the Bank acquired an additional 40% of the shares of Grupo Agromercantil Holding (GAH), the company that owns the financial conglomerate Agromercantil of Guatemala, integrated among others, by Banco Agromercantil de Guatemala (BAM). The purchase price paid to the seller, BFC BAM Financial Corporation, was USD 289,144,606 (COP 1,117,680) *. The effect on shareholders' equity is as follows: Consideration paid to non-controlling interests 1,117,680 * Carrying amount of non-controlling interests acquired 913,193 * Excess of consideration paid recognized in the transactions with non-controlling interests reserve within equity 204,487 The Parent Company, through its subsidiaries, has banking operations and an international presence in Puerto Rico, Panama, Guatemala, and El Salvador and as of December 31, 2021, was in the process of obtaining regulatory authorizations to operate as a broker-dealer and as a registered investment adviser in the United States, through its subsidiaries Bancolombia Capital Holdings USA LLC, Bancolombia Capital LLC, and Bancolombia Capital Advisers LLC, with a capital of USD 1,500. The operations in the Cayman Islands and Barbados through Bancolombia Cayman and Mercom Bank Ltd., respectively, are in the process of being gradually wound down. The winding down of the operations will continue as the compromises related to assets and liabilities come to term. Their assets, liabilities and contracts will be transferred to other companies which are also part of Grupo Bancolombia. As of December 31, 2021 and 2020, the subsidiary Bancolombia Cayman recognized in its statement of financial position assets and liabilities, including loans and advances to customers, net for COP 8,634 and COP 6,539 , debt investments for COP 189,220 and COP 241,154 , cash and cash equivalents for COP 50,733 and COP 170,454 and other assets, net for COP 609 and COP 622 , respectively. On the other hand, liabilities in deposits by customers for COP 155,827 and COP 282,405 , other liabilities for COP 507 and COP 4,411 and a net income for COP 4,561 and COP 4,454 , respectively. As of December 31, 2020, the subsidiary recognized deposits by banks for COP 16,848 . As of December 31, 2021, no guarantees, pledges or commitments regarding the aforementioned transaction have been granted or received between the parent (Bancolombia Panamá) and the subsidiary (Bancolombia Cayman). As of December 31, 2021 and 2020, Mercom Bank Ltd recognized assets and liabilities in its statement of financial position, including loans and advances to customers, net for COP 1,159,308 and COP 1,360,670 , cash and cash equivalents for COP 1,133,518 and COP 696,452 , debt investments for COP 381,847 and COP 531,419 and other assets, net for COP 8,316 and COP 13,801 , respectively. On the other hand, liabilities in deposit by customers for COP 2,440,882 and COP 2,423,054 , other liabilities for COP 2,919 and COP 4,518 and a net income for COP 56,314 and COP 13,039 , respectively. As of December 31, 2020, Mercom Bank Ltd recognized financial obligations for COP 9,171 . During the last quarter of 2021, the Parent Company´s Board of Directors authorized the legal separation of the Nequi business, the digital platform of Grupo Bancolombia which offers financial services. The legal separation result in the creation of a new financing company supervised by the Financial Superintendence of Colombia through which Nequi will operate as a 100% digital bank (establecimiento de crédito) and the creation of other non-financial vehicles that will allow Nequi's evolution, as well as enabling and providing technological solutions. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
SIGNIFICANT ACCOUNTING POLICIES | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SIGNIFICANT ACCOUNTING POLICIES A. Basis for preparation of the consolidated financial statements The consolidated financial statements of the Bank are prepared in accordance with the International Financial Reporting Standards (hereinafter, IFRS) issued by the International Accounting Standards Board (hereinafter, IASB), as well as the interpretations issued by the International Financial Reporting Interpretations Committee (hereinafter, IFRS-IC). The preparation of consolidated financial statements in conformity with IFRS requires the use of accounting estimates which, by definition, will seldom equal the actual results. Therefore, the estimates and assumptions are constantly reviewed. Any revision is recognized in the same period if it affects the reviewed period; or in the reviewed period and future periods if it affects all the current and future periods. Impacts of COVID-19 on the preparation of the consolidated financial statements During 2021, the macroeconomic and epidemiological context caused by the Coronavirus 2019 (COVID-19) pandemic in Colombia and in the countries where the Bank operates were characterized less by the shock situation than that evidenced during 2020, despite the appearance and global expansion of the omicron variant, which caused a period of uncertainty in global financial markets. Although governments have provided more focused responses to control outbreaks and vaccination programs are positively progressing to gradually cover a larger part of the population, an upward trend in the infections level, marked by a reduction in the severity of infections, began to be observed as of December 31, 2021, due to the new omicron variant. The year 2021 was characterized by the beginning of the economic recovery process, generating a significant positive rebound compared to 2020, due to the lower impact of the COVID-19 pandemic on economic activity, reducing its overall impact and making it possible to expect the world to move officially from a pandemic to an endemic situation during 2022. During the year, there were occasional restrictions on mobility in Colombia and in other countries where the Bank operates during the peak of the pandemic in the first half of the year, but by the end of 2021, most of the controls had been lifted, returning to the normal development of daily activities. These elements have allowed the impact of the epidemiological situation to be relatively contained and the economic recovery to continue. The progressive return to a normal economic and social environment has been the predominant factor as of December 31, 2021, despite the contagiousness of the new variant, positively impacting productive activity in Colombia and in the other countries where the Bank operates. However, increases in the production costs of goods and services are still being experienced, due to the restrictions of previous periods, which caused increases in the materials prices and supply chain constraints. These situations were periodically evaluated during 2021 by Management to take appropriate measures in the ongoing management of the business; accordingly, the Bank continues with customer support strategies through credit relief and concessions due the end of the debtor support programme (‘PAD’) in Colombia on August 31, 2021, enacted by the Superintendencia Financiera de Colombia (‘SFC’), and the end of the extension of the general relief law in force in Panama since 2020, which were intended to address the social and health situation, seeking to mitigate the direct and indirect effects thereof. The effects on the Bank’s performance and financial position were included in the accompanying notes of the consolidated financial statements (see notes 3 to 32). Likewise, the Bank considered the current economic environment including the effects of the COVID-19 pandemic on its customers economy and businesses in preparation of the consolidated statement of financial position as of December 31, 2021, taking into account the best available reliable information and the evolution of the key assumptions on estimates made at the date of preparation and issuance of these consolidated financial statements. For further information, see section E. Use of estimates and judgments, paragraph 10. Effects of the COVID-19 pandemic and other relevant issues on the Bank’s judgements and estimates, set out below. Preparation of the consolidated financial statements under going concern basis Management has also assessed the Bank’s ability to continue as a going concern and confirms that the Bank has adequate liquidity and solvency to continue operating the business for the foreseeable future, which is at least, but is not limited to, 12 months from the end of the reporting period. Based on the Bank's liquidity position at the date of authorization of the consolidated financial statements and taking into account the uncertainty about the development of the COVID-19 pandemic, Management maintains a reasonable expectation that it has adequate liquidity and solvency to continue in operation for at least the next 12 months and that the going concern basis of accounting remains appropriate. The consolidated financial statements were prepared on a going concern basis and do not include any adjustments to the reported carrying amounts and classification of assets, liabilities and expenses that might otherwise be required if the going concern basis were not correct. Assets and liabilities are measured at cost or amortized cost, except for some financial assets and liabilities and investment properties that are measured at fair value. Financial assets and liabilities measured at fair value comprise those classified as assets and liabilities at fair value through profit or loss, debt instruments and equity securities measured at fair value through other comprehensive income (‘OCI’) and derivative instruments. Likewise, the carrying value of assets and liabilities recognized as a fair value hedge are adjusted for changes in fair value attributable to the hedged risk. The consolidated financial statements are stated in Colombian pesos and figures are stated in millions or billions (when indicated), except earnings per share, diluted earnings per share and the market exchange rate, which are stated in units of Colombian pesos, while other currencies (dollars, euro, pounds, etc.) are stated in thousands. The parent company’s financial statements, which have been prepared in accordance with “Normas de Contabilidad e Información Financiera” (NCIF) applicable to separate financial statements, are those that serve as the basis for the distribution of dividends and other appropriations by the shareholders. The separate financial statements are those presented by the parent company in which the entity recognizes and measures impairment for credit risk through allowances for loans losses and recognizes provisions for foreclosed assets, in accordance with the accounting required by the SFC, which differ in certain accounting principles from IFRS that are used in the consolidated financial statements. B. Presentation of the consolidated financial statements The Bank presents the consolidated statement of financial position ordered by liquidity and the consolidated statement of income is prepared based on the nature of expenses. Revenues and expenses are not offset unless such treatment is permitted or required by an accounting standard or interpretation and described in the Bank's policies. The consolidated statement of comprehensive income presents net income and items of other comprehensive income (‘OCI’) classified by nature and grouped into those that will not be reclassified subsequently to profit or loss and those that will be reclassified when specific conditions are met. The Bank discloses the amount of income tax relating to each item of OCI. The consolidated statement of cash flows was prepared using the indirect method, whereby net income is adjusted for the effects of transactions of a non-cash nature, changes during the period in operating assets and liabilities, and items of income or expense associated with investing or financing cash flows. C. Consolidation 1. Subsidiaries The consolidated financial statements include the financial statements of Bancolombia S.A. and its subsidiaries as of December 31, 2021 and 2020. The parent company consolidates the financial results of the entities over which it exerts control. In accordance with IFRS 10 Consolidated financial statements, a subsidiary is an entity controlled by any of the entities that comprise the Bank, as long as the controlling entity has: ● Power over the investee that gives it the ability to direct their relevant activities that significantly affect the investee’s returns. ● Exposure or rights to variable returns for its involvement with the investee. ● Ability to use its power over the investee to affect the investor’s returns. These type of entities include cases where the Bank has a high exposure to variable returns and retains decision-making power over the investee, either directly or through an agent. The parent company has the following subsidiaries making up the Bank´s organizational structure, which is currently registered as a corporate group: PROPORTION OF PROPORTION OF PROPORTION OF JURISDICTION OWNERSHIP OWNERSHIP OWNERSHIP ENTITY OF BUSINESS INTEREST AND INTEREST AND INTEREST AND INCORPORATION VOTING POWER VOTING POWER VOTING POWER HELD BY THE HELD BY THE HELD BY THE BANK 2021 BANK 2020 BANK 2019 Fiduciaria Bancolombia S.A. Sociedad Fiduciaria Colombia Trust 98.81 % 98.81 % 98.81 % Banca de Inversión Bancolombia S.A. Corporación Financiera Colombia Investment banking 100.00 % 100.00 % 100.00 % Valores Bancolombia S.A. Comisionista de Bolsa Colombia Securities brokerage 100.00 % 100.00 % 100.00 % VLIPCO S.A.S. (1) Colombia Technology services provider 94.77 % - - Renting Colombia S.A.S. Colombia Operating leasing 100.00 % 100.00 % 100.00 % Transportempo S.A.S. Colombia Transportation 100.00 % 100.00 % 100.00 % Inversiones CFNS S.A.S. Colombia Investments 99.94 % 99.94 % 99.94 % Pasarela Colombia S.A.S. Colombia Payment solutions 100.00 % 100.00 % 100.00 % Fondo de Capital Privado Fondo Inmobiliario Colombia (2) Colombia Real estate investment fund 49.96 % 49.96 % 49.96 % P.A. Inmuebles CEM (2) Colombia Mercantil trust 49.96 % 49.96 % - P.A. Calle 92 FIC-11 (2) Colombia Mercantil trust 32.47 % 32.47 % - P.A. FIC Edificio Corfinsura (2) Colombia Mercantil trust 49.96 % 49.96 % - P.A. FIC-A5 (2) Colombia Mercantil trust 49.96 % 49.96 % - P.A. FIC Inmuebles (2) Colombia Mercantil trust 49.96 % 49.96 % - P.A. FIC Clínica de Prado (2) Colombia Mercantil trust 38.49 % 38.49 % - P.A. FIC A6 (2) Colombia Mercantil trust 49.96 % 49.96 % - P.A. Central Point (2) Colombia Mercantil trust 37.47 % 37.47 % - Fideicomiso Irrevocable de Garantía, Fuente de Pago y Administración Inmobiliaria Polaris (2) Colombia Mercantil trust 49.96 % 49.96 % - P.A. Fideicomiso Twins Bay (2) Colombia Mercantil trust 49.96 % 49.96 % - Fideicomiso Lote Av San Martín (2) Colombia Mercantil trust 49.96 % 49.96 % - P.A. Fideicomiso Lote 30 (2) Colombia Mercantil trust 49.96 % 49.96 % - Fideicomiso Fondo Inmobiliario Bancolombia (3) Colombia Mercantil trust 17.54 % - - Valores Simesa S.A. (4) Colombia Investments 66.82 % 67.11 % 67.11 % Fideicomiso Lote Abelardo Castro (5) Colombia Mercantil trust - 66.77 % 66.77 % Fideicomiso Lote Distrito Vera B1B2 (4) Colombia Mercantil trust 66.49 % 66.77 % 66.77 % Fideicomiso Lote Distrito Vera B3B4 (4) Colombia Mercantil trust 66.49 % 66.77 % 66.77 % Bancolombia Panamá S.A. Panama Banking 100.00 % 100.00 % 100.00 % Sistemas de Inversiones y Negocios S.A. Sinesa Panama Investments 100.00 % 100.00 % 100.00 % Banagrícola S.A. Panama Investments 99.17 % 99.17 % 99.17 % Banistmo S.A. Panama Banking 100.00 % 100.00 % 100.00 % Banistmo Investment Corporation S.A. Panama Trust 100.00 % 100.00 % 100.00 % Financomer S.A. (6) Panama Financial services - 100.00 % 100.00 % Leasing Banistmo S.A. Panama Leasing 100.00 % 100.00 % 100.00 % Valores Banistmo S.A. Panama Securities brokerage 100.00 % 100.00 % 100.00 % Banistmo Panamá Fondo de Inversión S.A. Panama Holding 100.00 % 100.00 % 100.00 % Suvalor Renta Fija Internacional Corto Plazo S.A. Panama Collective investment fund 100.00 % 100.00 % 100.00 % Fondo Renta Sostenible Global S.A. (7) Panama Collective investment fund 100.00 % 100.00 % 100.00 % Banistmo Capital Markets Group Inc. (7) Panama Purchase and sale of securities 100.00 % 100.00 % 100.00 % Anavi Investment Corporation S.A. (7) Panama Real estate 100.00 % 100.00 % 100.00 % Desarrollo de Oriente S.A. (7) Panama Real estate 100.00 % 100.00 % 100.00 % Steens Enterprises S.A. (7) Panama Portfolio holder 100.00 % 100.00 % 100.00 % Ordway Holdings S.A. (7) Panama Real estate broker 100.00 % 100.00 % 100.00 % Grupo Agromercantil Holding S.A. (8) Panama Holding 100.00 % 100.00 % 60.00 % Banco Agromercantil de Guatemala S.A. (8) Guatemala Banking 99.66 % 99.59 % 59.72 % Seguros Agromercantil de Guatemala S.A. (8) Guatemala Insurance agency 79.92 % 79.90 % 47.93 % Financiera Agromercantil S.A. (8) Guatemala Financial services 100.00 % 100.00 % 60.00 % Agrovalores S.A. (8) Guatemala Securities brokerage 100.00 % 100.00 % 60.00 % Arrendadora Agromercantil S.A. (8) Guatemala Operating Leasing 100.00 % 100.00 % 60.00 % Agencia de Seguros y Fianzas Agromercantil S.A. (8) (9) Guatemala Insurance agency 100.00 % 100.00 % 60.00 % Asistencia y Ajustes S.A. (8) Guatemala Services 100.00 % 100.00 % 60.00 % Serproba S.A. (8) Guatemala Maintenance and remodelling services 100.00 % 100.00 % 60.00 % Servicios de Formalización S.A. (8) Guatemala Loans formalization 100.00 % 100.00 % 60.00 % Conserjería, Mantenimiento y Mensajería S.A. (8) (9) Guatemala Maintenance services 100.00 % 100.00 % 60.00 % Mercom Bank Ltd. (8)(10) Barbados Banking 99.66 % 99.59 % 59.72 % New Alma Enterprises Ltd. (8) Bahamas Investments 99.66 % 99.59 % 59.72 % Bancolombia Puerto Rico Internacional Inc. Puerto Rico Banking 100.00 % 100.00 % 100.00 % Bancolombia Cayman S.A. (11) Cayman Islands Banking 100.00 % 100.00 % 100.00 % Banco Agrícola S.A. El Salvador Banking 97.36 % 97.36 % 97.36 % Arrendadora Financiera S.A. Arfinsa El Salvador Leasing 97.37 % 97.37 % 97.37 % Credibac S.A. de C.V. El Salvador Credit card services 97.36 % 97.36 % 97.36 % Valores Banagrícola S.A. de C.V. El Salvador Securities brokerage 98.89 % 98.89 % 98.89 % Inversiones Financieras Banco Agrícola S.A. IFBA El Salvador Investments 98.89 % 98.89 % 98.89 % Gestora de Fondos de Inversión Banagricola S.A. El Salvador Administers investment funds 98.89 % 98.89 % 98.89 % Bagrícola Costa Rica S.A. Costa Rica Outsourcing 99.17 % 99.17 % 99.17 % Bancolombia Capital Holdings USA LLC (12) United States Holding 100.00 % - - Bancolombia Capital Adviser LLC (12) United States Investment advisor 100.00 % - - Bancolombia Capital LLC (12) United States Securities brokerage 100.00 % - - (1) On November 30, 2021, the Bank acquired 91,791 common shares of VLIPCO S.A.S. for COP 9,474 ; after such transaction, the Bank had a 94.77% interest in the company. The Bank held a 47.40% interest in VLIPCO S.A.S. before the purchase transaction. For further information, see Note 8. Investments in associates and joint ventures and Note 9.3. Business combinations. (2) In 2020, the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being met in accordance with IFRS 10. These equity securities are considered as a business, because of their capacity to generate income. (3) Company consolidated by the Fondo de Capital Privado Fondo Inmobiliario Colombia since October 2021. (4) The decrease in shareholding is due to the repurchase of outstanding stock carried out by the subsidiary during 2021. (5) The trust rights were assigned in June 2021. (6) Merger between the Banistmo S.A. (absorbing entity) and Financomer S.A. (absorbed entity) in November 2021. (7) Investments in non-operational stage. (8) On September 29, 2020, the Bank acquired 40% of the shareholdings of Grupo Agromercantil Holding (GAH), a company that owns the financial conglomerate Agromercantil of Guatemala. (9) Companies in voluntary liquidation. (10) On September 30, 2021, Mercom Bank Ltd. shareholder authorized the beginning of an organized and gradual process of transfer of the assets and liabilities of Mercom Bank Ltd., to Banco Agromercantil de Guatemala S.A. or other companies of the Bank. For further information, see Note 1. Reporting entity. (11) On October 05, 2020, the Board of Directors of Bancolombia Panamá (parent company of Bancolombia Cayman), authorized the decision to wind-down the business and operations of its subsidiary in Cayman. The wind-down was expected to be completed before the end of the year 2021. For further information, see Note 1. Reporting entity. (12) Companies created by Valores Bancolombia S.A. Comisionista de Bolsa in October 2021. For further information see Note 1. Reporting entity. When necessary, adjustments are made to the accounting principles in the financial statements of subsidiaries to bring their accounting policies into line with the Bank’s accounting policies, in order to prepare consolidated financial statements using uniform accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Bank are eliminated in full on consolidation. Non-controlling interests in controlled entities are presented in profit or loss and equity separately from the parent company’s shareholders equity and profit or loss. When the Bank loses control over a subsidiary, any residual interest remaining on the Bank’s balances is measured at fair value; gains or losses arising from this measurement are recognized in net income. The loan and financial leases originated by Banistmo and Bancolombia Panama are subject to prudential regulation in Panama by the Superintendencia de Bancos de Panamá (‘SBP´) requiring the maintenance of minimum reserves as a countercyclical capital buffer. In the second quarter of 2020, this regulation was suspended, through the General Resolution of the Board of Directors SBP-GJD-0007-2020, to provide financial relief to the banks. For the years ended as of December 31, 2021 and 2020, the reserves recognized amounted to COP 1,428,964 and COP 1,232,033. The establishment of these reserves restrict the ability of the aforementioned subsidiaries to pay dividends to Bancolombia S.A., the ultimate parent, except in the event of liquidation. 2. Transactions between entities under common control Combinations of entities under common control, i.e., transactions in which all the combining entities are under the control of the Bank both before and after the combination, and that control is not transitory, are outside the scope of the IFRS 3 Business combinations. Currently, there is no specific guidance for these transactions under IFRS, therefore, as permitted by IAS 8 Accounting policies, changes in accounting estimates and errors, the Bank has developed an accounting policy considering the pronouncements of other standard-setting bodies. The assets and liabilities recognized as a result of transactions between entities under common control are recognized at the carrying value of the acquirer’s financial statements. The Bank presents the net assets received prospectively from the date of the transfer. 3. Investments in associates and joint ventures An associate is an entity over which the Bank has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. A joint venture is an entity that the Bank controls jointly with other participants, where the parties maintain a contractual agreement that establishes joint control over the relevant activities of the entity (which only exists when decisions about those activities require unanimous consent of the parties sharing control) and the parties have rights to the net assets of the joint arrangement. At the acquisition date, the excess of the acquisition cost of the associate or joint venture shares exceeding the Bank´s share of the net fair value of identifiable assets and liabilities of the investee is recognized as goodwill and is included in the carrying amount of the investment and it is not amortized. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of assets. Impairment losses are recognized in net income and are calculated as the difference between the recoverable amount of the associate or joint venture, using the higher of its value in use and its fair value less costs of disposal, and its carrying value. The results and assets and liabilities of associates or joint ventures are incorporated in the consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. When an investment in an associate or joint venture is held by, or is held indirectly through, an entity that is a venture capital organization, or a mutual fund, unit trust or similar entities, and such investment is measured at fair value through profit or loss in that entity, the Bank may elect to measure investments in those associates and joint ventures at fair value through profit or loss in the consolidated financial statements. This election is applied on an investment by investment basis. Under the equity method, the investment is initially recorded at cost and adjusted thereafter to recognize the Bank’s share of the profits or loss and other comprehensive income of the associate or join venture after the date of acquisition, less any impairment loss on the investment. When the Bank's share of losses of an associate or joint venture exceeds the Bank's interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Bank's net investment in the associate or joint venture), the Bank discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Bank has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. When the equity method is applicable, adjustments are considered in order to adopt uniform accounting policies of the associate or joint venture with the Bank. The portion that corresponds to the Bank for changes in the investee´s other comprehensive income items is recognized in the consolidated statement of comprehensive income as “Unrealized gain/(loss) on investments in associates and joint ventures using equity method” and gains or losses of the associate or joint venture are recognized in the consolidated statement of income as “Dividends and net income on equity investments”, in accordance with the Bank's participation. Gains and losses resulting from transactions between the Bank and its associate or joint venture are recognized in the Bank´s consolidated financial statements only to the extent of the unrelated investor´s interest in the associate or joint venture. The equity method is applied from the acquisition date until the significant influence or joint control over the entity is lost. The unrealized gain or loss of an associate or joint venture is presented in the consolidated statement of comprehensive income, net of tax. Changes in the investment´s participation that arise from changes in other comprehensive income of an associate or joint venture are recognized directly in the investor’s statement of comprehensive income. The dividends received from the associate or joint venture reduce the investment carrying value. When the significant influence on the associate or the joint venture is lost, the Bank measures and recognizes any residual investment that remains at its fair value. The difference between the associate or joint venture carrying value (taking into account the relevant items of other comprehensive income), the fair value of the retained residual investment and any proceeds from disposing of a partial interest in the associate or joint venture, is recognized in the consolidated statement of income. The currency translation adjustments recognized in equity are reclassified to net income at the moment of disposal. For further information, please see Note 8. Investments in associates and joint ventures. 4. Joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The Bank recognizes and measures assets, liabilities, revenues and expenses in relation to its interest in joint operations in accordance with the applicable IFRS for the particular assets, liabilities, revenues and expenses. If the Bank acquires an interest in a joint operation in which the activity constitutes a business, as defined in IFRS 3, or when an existing business is contributed to the joint operation on its formation by one of the parties that participate in the joint operation, the Bank will apply all of the principles of IFRS 3. In this case, the Bank recognizes goodwill in the event that consideration transferred exceeds the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at least annually. When the Bank transacts with a joint operation in which the parent company or its subsidiaries is a joint operator (such as a sale or contribution of assets), the Bank is considered to be conducting the transaction with the other parties to the joint operation, and gains and losses resulting from the transactions are recognized in the Bank’s consolidated financial statements only to the extent of other parties’ interests in the joint operation. When the Bank transacts with a joint operation in which the parent company or its subsidiaries is a joint operator (such as a purchase of assets), the Bank does not recognize its share of the gains and losses until it resells those assets to a third party. 5. Fund’s administration The Bank manages assets held in mutual funds and other forms of investment. Assets managed by the Bank’s subsidiaries and owned by third parties are not included in the consolidated financial statements unless control exists as structured entities. The Bank consolidates the following funds: % of ownership % of ownership % of ownership Assets managed Name Country interest held by interest held by interest held by December 31, December 31, the Bank, 2021 the Bank, 2020 the Bank, 2019 2021 2020 Fondo de Capital Privado Fondo Inmobiliario Colombia (1) Colombia 49.96 % 49.96 % 49.96 % 4,415,509 4,128,801 Fideicomiso Lote Abelardo Castro (2) Colombia - 66.77 % 66.77 % - 13,314 Fideicomiso Lote Distrito Vera B1B2 (3) Colombia 66.49 % 66.77 % 66.77 % 57,025 58,459 Fideicomiso Lote Distrito Vera B3B4 (3) Colombia 66.49 % 66.77 % 66.77 % 54,941 56,364 Banistmo Panamá Fondo de Inversión S.A. Panama 100.00 % 100.00 % 100.00 % 414,962 522,777 (1) From 2020, the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being met in accordance with IFRS 10. This equity securities are considered a business, because of their capacity to generate income. For further information, see Note 2. C. Consolidation. (2) Trust rights in P.A. Lote Abelardo Castro were transferred in June 2021. (3) The decrease in equity interest is due to the repurchase by the subsidiary Valores Simesa S.A. (parent company of Lote Distrito Vera B1B2 and B3B4), during 2021. For all the aforementioned funds, the Bank participated in the design of the structured entity, makes operating and financial decisions on behalf of the funds and is exposed to variable returns such as dividends or returns paid in quarterly installments. Commissions earned by the management of funds that are not consolidated are included in the consolidated statement of income as “Fees and commissions income”. 6. Non-controlling interest Non-controlling interests in the net assets of consolidated subsidiaries are presented separately within the Bank’s equity. Similarly, net income and other comprehensive income are also attributed to non-controlling interest and equity holders of the parent company. The amount of non-controlling interest may be initially measured either at fair value or at the non-controlling interest’s proportionate share of the acquirer’s identifiable net assets. The option for recognition is made on an investment by investment basis. Any purchase or sale of shares in subsidiaries that does not imply a loss or gain of control is directly recognized in equity. 6.1. Significant non-controlling interest FCP Fondo Inmobiliario Colombia As of December 31, 2021 and 2020, the portion of non-controlling interest in the FCP Fondo Inmobiliario Colombia was 50.04%, which is considered a significant non-controlling interest for the Bank and its subsidiaries. The principal place of business of FCP Fondo Inmobiliario Colombia is Bogotá (Colombia). During 2021 and 2020, returns were delivered to the non-controlling interest in quarterly installments due to the nature of its business, which mainly comprises a long- term investment in real estate which is considered a low-risk portfolio. The return delivered amounted to COP 64,717 and COP 43,297, as of December 31, 2021 and 2020, respectively. The following table summarizes the assets, liabilities, net assets, net income and cash flows as of December 31, 2021 and 2020 and for the years ended December 31, 2021, 2020 and 2019, related to the FCP Fondo Inmobiliario Colombia: As of December 31, 2021 As of December 31, 2020 In millions of COP Assets 4,415,509 4,128,801 Liabilities 1,509,275 1,450,781 Net assets 2,906,234 2,678,020 Year-Ended 2021 Year-Ended 2020 Year-Ended 2019 In millions of COP Condensed statement of income Income Valuation of investment properties 85,148 (8,251) 77,527 Valuation of trust rights - 4 52,215 Rents 187,194 186,528 161,263 Profits of equity method investees 105,439 56,116 138,100 Other income 92,298 38,135 2,034 Total Income 470,079 272,532 431,139 Expenses Interest on loans (73,201) (78,008) (73,088) Other administrative and general expenses (212,385) (141,430) (170,374) Total Expenses (285,586) (219,438) (243,462) Net Income 184,493 53,094 187,677 Condensed cash flow (1) Net cash used in operating activities (34,442) (172,003) (257,733) Net cash provided by financing activities 21,882 235,214 256,787 Cash and cash equivalents at beginning of year 63,368 157 1,103 Cash and cash equivalents at end of year 50,808 63,368 157 (1) Statement of cash flow corresponds to the FCP Fondo Inmobiliario Colombia without equity securities consolidated cash flow. The information above represents the amounts before inter-company eliminations. As of December 31, 2021, 2020 and 2019, the profit allocated to non-controlling interest amounted to COP 92,353, COP 26,599 and COP 93,946, respectively. As of December 31, 2021, 2020 and 2019, the accumulated non-controlling interest of the FCP Fondo Inmobiliario Colombia amounted to COP 1,369,084, COP 1,340,317 and COP 1,250,1 |
OPERATING SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Dec. 31, 2021 | |
OPERATING SEGMENTS | |
OPERATING SEGMENTS | NOTE 3. OPERATING SEGMENTS Operating segments are defined as components of an entity about which separate financial information is available and that is evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and assessing performance; the CODM is comprised of the Bank’s President (CEO) and Financial Vicepresident (CFO). The segment information has been prepared following the Bank’s accounting policies as described in the summary of significant accounting policies in Note 2 Significant accounting policies and has been presented consistently with the internal reports provided to the CODM. The CODM uses a variety of information and key financial data on a segment basis to assess the performance and make decisions regarding the investment and allocation of resources, such as: ● Net interest margin (Net margin on financial instruments divided by average interest-earning assets). ● Return on average total assets (Net income divided by average total assets). ● Return on average stockholders’ equity. ● Efficiency ratio (Operating expenses as a percentage of interest, fees, services and other operating income). ● Asset Quality and loan coverage ratios. The Bank has the following segments: Banking Colombia, Banking Panama, Banking El Salvador, Banking Guatemala, Trust, Investment Banking, Brokerage, International Banking and All other segments. The factors used to identify the Bank’s reportable segments are the nature of the products and services provided by the subsidiaries and the geographical locations where the subsidiaries are domiciled, in line with the CODM’s operating decisions related to the results of each segment. The Bank’s operating segments are comprised as follows: · This segment provides retail and corporate banking products and services to individuals, companies and national and local governments in Colombia. The Bank’s strategy in Colombia is to grow with these clients based on value added and long-term relationships. In order to offer specialized services to individuals, small and medium size enterprises (SMEs) and big size enterprises, the Bank´s retail sales force targets the clients classified as: “Personal, plus” and “Entrepreneurs”. The Bank´s corporate and government sales force targets and specializes in companies with more than COP 100,000 million in revenue in twelve economic sectors: Agribusiness, Commerce, Manufacturing of Supplies and Materials, Consumer goods, Financial Services, Health, Education, Construction, Government, Infrastructure, Real estate, and Natural Resources. This segment is also responsible for the management of the Bank’s proprietary trading activities, liquidity and distribution of treasury products and services to its client base in Colombia. · This segment provides retail and commercial banking products and services to individuals and companies in Panama and includes all the operations of Banistmo and its subsidiaries, which are managed and monitored by the CODM on a consolidated basis. Banking Panama also includes operations of the following operational stage subsidiaries: Banistmo Investment Corporation S.A., Leasing Banistmo S.A., Valores Banistmo S.A., Banistmo Panamá Fondo de Inversión S.A., Suvalor Renta Fija Internacional Corto Plazo S.A. and Fondo Renta Sostenible Global S.A. (before Suvalor Renta Variable Colombia S.A.); and of the following non-operational subsidiaries: Banistmo Capital Markets Group Inc., Anavi Investment Corporation S.A., Desarrollo de Oriente S.A., Steens Enterpresies S.A. and Ordway Holdings S.A. In 2021, Financomer S.A, merged with Banistmo S.A. This segment is also responsible for the management of Banistmo’s proprietary trading activities, liquidity and distribution of treasury products and services to its client base in Panama. · This segment provides retail and commercial banking products and services to individuals, companies and national and local governments in El Salvador through Banco Agrícola S.A. Banking El Salvador also includes operations of the following subsidiaries: Banagrícola S.A, Inversiones Financieras Banco Agrícola S.A. IFBA, Bagrícola Costa Rica S.A., Gestora de Fondos de Inversión Banagricola, S.A, Valores Banagrícola S.A. de C.V., Credibac S.A. de C.V. and Arrendadora Financiera S.A. Arfinsa. This segment is also responsible for the management of Banco Agrícola’s proprietary trading activities, liquidity and distribution of treasury products and services to its client base in El Salvador. · This segment provides retail and commercial banking and insurance products and services to individuals, companies and national and local governments in Guatemala through Banco Agromercantil de Guatemala S.A., Banking Guatemala also includes operations of the following subsidiaries: Seguros Agromercantil S.A., Financiera Agromercantil S.A., Agrovalores S.A., Arrendadora Agromercantil S.A., Agencia de Seguros y Fianzas Agromercantil S.A. (company in liquidation), Asistencia y Ajustes S.A., Serproba S.A., Servicios de Formalización S.A., Conserjería, Mantenimiento y Mensajería S.A.(company in liquidation), New Alma Enterprises LTD. and Mercom Bank Ltd Shareholders authorized the beginning of an organized and gradual process to transfer the assets and liabilities of Mercom Bank, Ltd., to Banco Agromercantil de Guatemala, S. A. or other companies of the Bank. For further information, see Note 1 Reporting Entity. This segment is also responsible for the management of Banco Agromercantil’s proprietary trading activities, liquidity and distribution of treasury products and services to its client base in Guatemala. · This segment provides trust and asset management services to clients in Colombia through Fiduciaria Bancolombia S.A. Sociedad Fiduciaria. As of December 31, 2019, this segment includes FiduPerú S.A. Sociedad Fiduciaria’s results. This entity was sold in July 2019. For further information, see Note 1 Reporting Entity. The main products offered by this segment include money market accounts, mutual and pension funds, private equity funds, payment trust, custody services, and corporate trust. · This segment provides corporate and project financial advisory services, underwriting, capital markets services and private equity management through Banca de Inversión Bancolombia S.A. Corporación Financiera. Its customers include private and publicly-held corporations as well as government institutions. · This segment provides brokerage, investment advisory and private banking services to individuals and institutions through Valores Bancolombia S.A. Comisionista de Bolsa. It sells and distributes equities, futures, foreign currencies, fixed income securities, mutual funds and structured products. In September 2021, the Bank through Valores Bancolombia S.A. the companies Bancolombia Capital Holdings USA LLC, Bancolombia Capital LLC and Bancolombia Capital Advisers LLC were in the process of obtaining regulatory authorizations to operate as a broker-dealer and as a registered investment adviser in the United States. See Note 1 Reporting Entity. · This segment provides a complete line of international banking services to Colombian and foreign customers through Bancolombia Panamá S.A., Bancolombia Cayman S.A., and Bancolombia Puerto Rico International, Inc. It offers loans to private sector companies, trade financing, leases financing and financing for industrial projects, as well as a complete portfolio of cash management products, such as checking accounts, international collections and payments. Through these subsidiaries, the Bank also offers investment opportunities in U.S. dollars, savings and checking accounts, time deposits, and investment funds to its high net worth clients and private banking customers. On October 5, 2020, the Board of Directors of Bancolombia Panamá (Parent Company of Bancolombia Cayman), decided to wind down the business and operations of its subsidiary in Cayman. See Note 1 Reporting Entity. · This segment provides financial and operating lease activities, including leasing services to clients in Colombia. Bancolombia offers these services mainly through the following Subsidiaries: Renting Colombia S.A.S. and Transportempo S.A.S. Additionally, through the FCP Fondo Inmobiliario Colombia, the Bank provides real estate service. This segment also includes results from the operations of investment vehicles of the Bank: Valores Simesa S.A., Pasarela Colombia S.A.S., Inversiones CFNS S.A.S., Sistema de Inversiones y Negocios S.A. Sinesa and others. As of December 31, 2019, this segment includes Arrendamiento Operativo CIB S.A.C – Renting Perú’s results. This entity was sold in March 2019. For further information, see Note 1 Reporting Entity. As of December 2021, this segment includes the operations carried out by Vlipco S.A.S, a Bank´s subsidiary.In November 2021, the Bank acquired 91,791 shares of the joint venture Vlipco S.A.S. for the amount of COP 9,474, and by so doing the According to the quantitative threshold test required by IFRS 8 Operating Segments, the revenue reported by “all other segments” is less than 10 per cent of the combined revenue of all operating segments and its assets represent less than 10 percent of all operating segments combined assets of the Bank. Financial performance by operating segment: The CODM reviews the performance of the Bank using the following financial information by operating segment: For the year ended December 31, 2021 Banking Banking Banking El Banking Investment International All other Total before Adjustments for Total after Colombia Panama Salvador Guatemala Trust banking Brokerage Banking segments eliminations consolidation eliminations In millions of COP Total interest and valuation on financial instruments 11,498,013 1,963,509 1,193,824 1,178,615 46 — 12,277 251,135 37,898 16,135,317 428 16,135,745 Interest income on loans and financial leases 11,118,035 1,791,476 1,072,718 1,109,804 46 — 28 215,529 36,226 15,343,862 428 15,344,290 Total debt investments 399,517 156,377 105,035 67,772 — — 12,540 35,739 632 777,612 — 777,612 Derivatives 17,263 1,860 15,345 — — — (832) 1 — 33,637 — 33,637 Total liquidity operations (36,802) 13,796 726 1,039 — — 541 (134) 1040 (19,794) — (19,794) Interest expenses (2,666,843) (796,396) (240,144) (397,138) (167) (7) (73) (198,012) (52,776) (4,351,556) — (4,351,556) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 8,831,170 1,167,113 953,680 781,477 (121) (7) 12,204 53,123 (14,878) 11,783,761 428 11,784,189 Total credit impairment charges, net (2,122,515) (323,216) 4,271 35,841 (4,595) (55) (116) 14,995 (17,836) (2,413,226) (7,304) (2,420,530) Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 6,708,655 843,897 957,951 817,318 (4,716) (62) 12,088 68,118 (32,714) 9,370,535 (6,876) 9,363,659 Revenues (Expenses) from transactions with other operating segments of the Bank 18,458 (10,089) 7 (26,324) (26,584) 3,576 59,995 81,997 (101,036) — — — Fees and commissions income (1) 3,841,472 351,603 359,724 159,908 347,878 79,531 117,282 33,309 3,097 5,293,804 — 5,293,804 Fees and commissions expenses (1,524,691) (151,906) (116,600) (50,144) (3,881) (49) (4,135) (6,556) (2,721) (1,860,683) — (1,860,683) Total fees and commissions, net 2,316,781 199,697 243,124 109,764 343,997 79,482 113,147 26,753 376 3,433,121 — 3,433,121 Other operating income 653,968 19,101 9,712 82,855 12,702 879 (6,075) 11,109 1,238,893 2,023,144 (1,003) 2,022,141 Dividends and net income on equity investments 93,769 4,387 2,760 658 28,201 (232) 2,177 20 196,604 328,344 — 328,344 Total operating income, net 9,791,631 1,056,993 1,213,554 984,271 353,600 83,643 181,332 187,997 1,302,123 15,155,144 (7,879) 15,147,265 Operating expenses (2) (5,550,033) (700,226) (549,782) (464,199) (129,923) (34,905) (119,265) (61,191) (633,171) (8,242,695) — (8,242,695) Impairment, depreciation and amortization (529,662) (104,493) (81,201) (102,991) (1,548) (206) (1,896) (1,993) (95,773) (919,763) (795) (920,558) Total operating expenses (6,079,695) (804,719) (630,983) (567,190) (131,471) (35,111) (121,161) (63,184) (728,944) (9,162,458) (795) (9,163,253) Profit before income tax 3,711,936 252,274 582,571 417,081 222,129 48,532 60,171 124,813 573,179 5,992,686 (8,674) 5,984,012 (1) For further information about income from contracts with customers, see Note 25.3 Fees and commissions. (2) Includes salaries and employee benefits, other administration and general expenses, taxes other than income tax and other expenses. For the year ended December 31, 2020 Banking Banking Banking El Banking Investment International All other Total before Adjustments for Total after Colombia Panama Salvador Guatemala Trust banking Brokerage Banking segments eliminations consolidation eliminations In millions of COP Total interest and valuation on financial instruments 11,944,262 1,986,566 1,226,150 1,101,638 32 — 47,030 347,881 33,946 16,687,505 1,145 16,688,650 Interest income on loans and financial leases 11,859,262 1,793,826 1,140,924 1,012,174 32 — 45 293,802 31,767 16,131,832 1,145 16,132,977 Total debt investments 451,781 170,416 84,366 83,767 — — 17,086 33,885 658 841,959 — 841,959 Derivatives (381,725) (502) 227 — — — 29,209 14,995 — (337,796) — (337,796) Total liquidity operations 14,944 22,826 633 5,697 — — 690 5,199 1521 51,510 — 51,510 Interest expenses (3,914,661) (841,736) (293,317) (450,091) (166) (4) (35) (299,755) (63,243) (5,863,008) — (5,863,008) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 8,029,601 1,144,830 932,833 651,547 (134) (4) 46,995 48,126 (29,297) 10,824,497 1,145 10,825,642 Total credit impairment charges, net (5,889,710) (907,910) (366,691) (297,386) (1,270) 42 (1,518) (56,122) (13,166) (7,533,731) 7,282 (7,526,449) Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 2,139,891 236,920 566,142 354,161 (1,404) 38 45,477 (7,996) (42,463) 3,290,766 8,427 3,299,193 Revenues (Expenses) from transactions the operating segments of the Bank 142 (25,054) (7,531) (35,171) (24,159) 20,509 61,393 118,854 (108,983) — — — Fees and commission income (1) 3,291,382 310,773 289,792 176,268 349,150 37,447 112,628 28,896 2,077 4,598,413 — 4,598,413 Fees and commission expenses (1,313,286) (118,016) (74,887) (39,871) (4,095) (61) (3,597) (4,600) (3,172) (1,561,585) — (1,561,585) Total fees and commission income, net 1,978,096 192,757 214,905 136,397 345,055 37,386 109,031 24,296 (1,095) 3,036,828 — 3,036,828 Other operating income (Expenses) 817,677 30,145 14,266 74,021 13,078 1,524 (5,736) 12,939 887,454 1,845,368 (796) 1,844,572 Dividends and net income on equity investments 43,737 6,984 858 953 29,145 (2,503) (27,930) 32 54,010 105,286 18,039 123,325 Total operating income, net 4,979,543 441,752 788,640 530,361 361,715 56,954 182,235 148,125 788,923 8,278,248 25,670 8,303,918 Operating expenses (2) (4,967,506) (590,269) (424,516) (423,211) (104,005) (23,658) (88,828) (58,073) (477,289) (7,157,355) — (7,157,355) Impairment, depreciation and amortization (405,811) (112,358) (69,318) (132,237) (1,379) (217) (1,892) (2,631) (111,044) (836,887) (903) (837,790) Total operating expenses (5,373,317) (702,627) (493,834) (555,448) (105,384) (23,875) (90,720) (60,704) (588,333) (7,994,242) (903) (7,995,145) Profit (Loss) before income tax (393,774) (260,875) 294,806 (25,087) 256,331 33,079 91,515 87,421 200,590 284,006 24,767 308,773 (1) For further information about income from contracts with customers, see Note 25.3 Fees and commissions. (2) Includes salaries and employee benefits, other administration and general expenses, taxes other than income tax and other benefits. For the year ended December 31, 2019 Banking Banking Banking El Banking Investment International All other Total before Adjustments for Total after Colombia Panama Salvador Guatemala Trust Banking Brokerage Banking segments eliminations consolidation eliminations In millions of COP Total interest and valuation on financial instruments 12,970,741 1,876,925 1,094,422 977,980 152 8 5,018 614,073 12,160 17,551,479 (170,795) 17,380,684 Interest income on loans and financial leases 12,592,221 1,654,600 1,052,680 905,016 132 — 96 411,504 11,804 16,628,053 267 16,628,320 Total Debt investments 716,032 172,610 40,915 73,152 20 8 14,757 24,682 9 1,042,185 — 1,042,185 Derivatives (172,399) 1,625 — — — — (10,416) 169,483 — (11,707) (171,062) (182,769) Total liquidity operations (165,113) 48,090 827 (188) — — 581 8,404 347 (107,052) — (107,052) Interest expenses (4,408,233) (720,587) (295,433) (388,571) (138) (4) (26) (304,519) (62,283) (6,179,794) — (6,179,794) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 8,562,508 1,156,338 798,989 589,409 14 4 4,992 309,554 (50,123) 11,371,685 (170,795) 11,200,890 Total credit impairment charges, net (2,564,417) (408,132) (83,110) (333,699) (716) (251) (4,363) 19,169 (6,943) (3,382,462) (28,659) (3,411,121) Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 5,998,091 748,206 715,879 255,710 (702) (247) 629 328,723 (57,066) 7,989,223 (199,454) 7,789,769 Revenues (Expenses) from transactions with other operating segments of the Bank (19,212) (36,107) (2,154) (36,255) (25,529) 31,585 62,628 167,419 (142,375) — — — Fees and commission income (1) 3,269,747 350,055 268,309 170,854 349,438 30,829 113,364 25,800 588 4,578,984 (12) 4,578,972 Fees and commission expenses (1,297,186) (143,616) (60,673) (38,006) (2,942) (154) (3,229) (3,922) (3,511) (1,553,239) — (1,553,239) Total fees and commission income, net 1,972,561 206,439 207,636 132,848 346,496 30,675 110,135 21,878 (2,923) 3,025,745 (12) 3,025,733 Other operating income(Expenses) 433,887 29,704 6,158 68,288 13,341 5,830 (9,392) 7,067 986,126 1,541,009 (5,762) 1,535,247 Dividends and net income on equity investments 131,029 5,562 211 668 43,498 24,810 16,514 27 269,736 492,055 (111,456) 380,599 Total operating income, net 8,516,356 953,804 927,730 421,259 377,104 92,653 180,514 525,114 1,053,498 13,048,032 (316,684) 12,731,348 Operating expenses (2) (5,203,354) (573,042) (444,933) (358,923) (121,259) (32,558) (112,204) (61,087) (522,103) (7,429,463) 236 (7,429,227) Impairment, depreciation and amortization (407,102) (105,232) (46,381) (120,130) (1,031) (187) (1,738) (2,746) (138,738) (823,285) (1,305) (824,590) Total operating expenses (5,610,456) (678,274) (491,314) (479,053) (122,290) (32,745) (113,942) (63,833) (660,841) (8,252,748) (1,069) (8,253,817) Profit (Loss) before income tax 2,905,900 275,530 436,416 (57,794) 254,814 59,908 66,572 461,281 392,657 4,795,284 (317,753) 4,477,531 (1) For further information about income from contracts with customers, see Note 25.3 Fees and commissions. (2) Includes salaries and employee benefits, other administration and general expenses, taxes other than income tax and other benefits. The following table presents financial information of the total assets and liabilities by operating segment: As of December 31, 2021 In millions of COP Adjustments Banking Banking Banking El Banking Investment International Allother Total before for Total after Colombia Panama Salvador Guatemala Trust banking Brokerage Banking segments eliminations consolidation eliminations Total assets 209,948,788 40,561,211 20,980,061 19,510,688 638,280 2,039,204 371,278 24,074,957 7,117,110 325,241,577 (35,386,529) 289,855,048 Total liabilities 177,198,960 36,231,139 18,416,563 17,763,659 108,254 55,743 125,176 15,568,638 3,037,853 268,505,985 (12,576,395) 255,929,590 As of December 31, 2020 In millions of COP Adjustments Banking Banking Banking El Banking Investment International All other Total before for Total after Colombia Panama Salvador Guatemala Trust banking Brokerage Banking segments eliminations consolidation eliminations Total assets 175,697,801 35,062,418 17,986,495 16,304,094 686,895 1,648,144 316,051 20,502,898 10,408,401 278,613,197 (23,044,692) 255,568,505 Total liabilities 159,782,056 31,483,993 16,158,124 15,052,385 110,830 37,134 57,800 13,286,310 2,856,435 238,825,067 (11,371,775) 227,453,292 The following table presents financial information of the investments in associates and joint ventures by operating segment: As of December 31, 2021 (1) Banking Banking El Investment All other Colombia Salvador Trust banking segments Total In millions of COP Investments in associates and joint ventures 601,758 22,631 303,506 394,061 1,398,603 2,720,559 Equity method 45,555 2,747 27,377 1,011 122,962 199,652 (1) As of December 31, 2021, Banking Panama, Banking Guatemala, Brokerage and International Banking did not have investments in associates and joint ventures. As of December 31, 2020 (1) Banking Banking El Investment All other Colombia Salvador Trust banking segments Total In millions of COP Investments in associates and joint ventures 382,747 17,254 280,051 549,745 1,276,518 2,506,315 Equity method 39,922 840 28,848 14,912 52,074 136,596 (1) As of December 31, 2020, Banking Panama, Banking Guatemala, Brokerage and International Banking did not have investments in associates and joint ventures. For additional information related to investment in associates and joint ventures, see Note 8 Investments in associates and joint ventures. Information about products and services The Bank does not report revenues from external customers for each product and service or each group of similar products and services, because the information is not available and the cost to develop it is excessive. Geographic information The following summarizes the Bank’s total interest and valuation and long-lived assets attributable to Colombia and other foreign countries based on the country where the Interest and valuation was originated: 2021 2020 2019 Geographic information Interest and Long-lived Interest and Long-lived Interest and Long-lived valuation assets (1) valuation assets (1) valuation assets (1) In millions of COP Colombia 11,605,829 9,413,340 12,152,560 8,381,397 13,129,674 7,095,848 Panama 2,251,653 838,278 2,400,442 737,039 2,592,875 792,841 Puerto Rico 49,662 1,644 64,104 1,413 83,303 1,586 El Salvador 1,194,026 434,212 1,227,645 370,983 1,097,976 373,378 Costa Rica - - - 72 - 107 Guatemala 1,178,619 347,084 1,101,643 295,622 978,101 288,794 Total 16,279,789 11,034,558 16,946,394 9,786,526 17,881,929 8,552,554 Eliminations and translation adjustment (144,044) 7,655,610 (257,744) 6,537,003 (501,245) 6,173,494 Total, net 16,135,745 18,690,168 16,688,650 16,323,529 17,380,684 14,726,048 (1) Includes assets held for sale, premises and equipment, investment property, goodwill and intangible assets. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2021 | |
CASH AND CASH EQUIVALENTS | |
CASH AND CASH EQUIVALENTS | NOTE 4. CASH AND CASH EQUIVALENTS For purposes of the consolidated statement of cash flow and the consolidated statement of financial position, the following assets are considered as cash and cash equivalents: December 31, 2021 December 31, 2020 In millions of COP Cash and balances at central bank Cash 7,994,899 7,210,250 Due from central banks (1) 9,817,664 7,871,879 Due from other private financial entities 5,092,792 4,867,472 Checks on hold 136,050 109,736 Remittances of domestic negotiated checks in transit 106,271 125,737 Total cash and due from banks 23,147,676 20,185,074 Money market transactions Interbank borrowings 1,388,411 3,193,915 Reverse repurchase agreements and other similar secured loans 793,759 322,160 Total money market transactions 2,182,170 3,516,075 Total cash and cash equivalents 25,329,846 23,701,149 (1) According to External Resolution Number 9 of 2020, that modifies External Resolution Number 5 of 2008 issued by the Colombian Central Bank, the Parent Company must maintain the equivalent of 3.50% of its customer’s deposits with a maturity of less than 18 months as a legal banking reserve, represented in deposits at the Central Bank or as cash in hand. In addition, according to Resolution Number 177 of 2002 issued by the Guatemala Monetary Board, Grupo Agromercantil Holding through its subsidiary Banco Agromercantil de Guatemala must maintain the equivalent of 14.60% of its customer’s deposits daily balances as a legal banking reserve, represented in unrestricted deposits at the Bank of Guatemala. Additionally, according to the norm of the banks Number 3-06 of 2000 issued by the Financial System Superintendency of El Salvador, Banco Agrícola must mantain an equivalent amount of its deposits and debt securities in issue average daily balances as a liquidity reserve between 1.00% and 18.00% during 2021, and during 2020 the range of the amount equivalent was between 1.00% and 15.00% , represented in unrestricted deposits or debt securities issued by El Salvador Central Bank. Finally, in accordance with the Agreement 004 of 2008 issued by the Superintendency of Banks of Panama, all Panamanian banks must maintain a minimum legal liquidity rate established at 30.00% . As of December 31, 2021 and 2020, there is restricted cash amounting to COP 472,443 and COP 295,260, respectively, included in other assets on the consolidated statement of financial position, which represents margin deposits pledged as collateral for derivative contracts traded through Colombian clearing houses. See Note 14. Other assets, net. |
FINANCIAL ASSETS INVESTMENTS AN
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | 12 Months Ended |
Dec. 31, 2021 | |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | NOTE 5. FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES 5.1 Financial assets investments The Bank’s securities portfolios at fair value through profit or loss, other comprehensive income and at amortized cost are listed below, as of December 31, 2021 and 2020: As of December 31, 2021 Measurement methodology Financial assets investments Fair value through Fair value through other Amortized Total carrying profit or loss comprehensive income cost value In millions of COP Securities issued by the Colombian Government (1) 8,978,484 2,515,927 147,042 11,641,453 Securities issued by foreign governments 5,180,775 4,293,949 497,544 9,972,268 Securities issued by government entities 67,395 - 2,740,671 2,808,066 Corporate bonds 120,653 124,917 2,544,550 2,790,120 Securities issued by other financial institutions (2) 689,160 310,658 597,423 1,597,241 Total debt instruments 15,036,467 7,245,451 (3) 6,527,230 28,809,148 Total equity securities (4) 85,244 394,909 480,153 Total financial assets investments 29,289,301 (1) Lower investment in TES - Treasury instruments. (2) Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 113,114 . For further information on TIPS’ fair value measurement see Note 30 fair value of assets and liabilities. (3) The Bank has recognized in the consolidated statement of comprehensive income COP (51,525) related to debt instruments at fair value through OCI. See Consolidated Statement of Comprehensive Income. (4) Decrease due mainly to payments received by residual rights amounting to COP 122,988 . As of December 31, 2020 Measurement methodology Financial assets investments Fair value through Fair value through other Amortized Total carrying profit or loss comprehensive income cost value In millions of COP Securities issued by the Colombian Government 10,439,978 2,552,041 126,392 13,118,411 Securities issued by foreign governments 4,234,799 4,815,053 384,607 9,434,459 Securities issued by government entities 72,401 - 2,446,892 2,519,293 Corporate bonds 102,301 99,152 1,935,096 2,136,549 Securities issued by other financial institutions (1) 721,735 772,735 261,614 1,756,084 Total debt instruments 15,571,214 8,238,981 (2) 5,154,601 28,964,796 Total equity securities 69,426 518,781 588,207 Total financial assets investments 29,553,003 (1) Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 159,075 . For further information on TIPS' fair value measurement see Note 30 fair value of assets and liabilities. (2) The Bank has recognized in the consolidated statement of comprehensive income COP 47,699 related to debt instruments at fair value through OCI. See Consolidated Statement of Comprehensive Income. The following tables set forth the debt instruments portfolio by maturity: As of December 31, 2021 Less than 1 Between 1 and 3 Between 3 and 5 Greater than 5 year years years years Total In millions of COP Securities at fair value through profit or loss Securities issued by the Colombian Government 938,984 6,251,182 1,276,374 511,944 8,978,484 Securities issued by foreign governments 4,606,436 64,189 175,555 334,595 5,180,775 Securities issued by other financial institutions 187,194 264,720 115,920 121,326 689,160 Corporate bonds 18,861 37,377 19,591 44,824 120,653 Securities issued by government entities 14,105 39,491 9,667 4,132 67,395 Subtotal 5,765,580 6,656,959 1,597,107 1,016,821 15,036,467 Fair value through other comprehensive income Securities issued by foreign governments 2,325,032 1,085,997 539,525 343,395 4,293,949 Securities issued by the Colombian Government 2,515,927 - - - 2,515,927 Securities issued by other financial institutions 71,491 59,225 57,922 122,020 310,658 Corporate bonds - - - 124,917 124,917 Subtotal 4,912,450 1,145,222 597,447 590,332 7,245,451 Securities at amortized cost Securities issued by government entities 2,690,415 - - 50,256 2,740,671 Corporate bonds 22,504 574,384 50,426 1,897,236 2,544,550 Securities issued by other financial institutions 193,334 68,148 55,451 280,490 597,423 Securities issued by foreign governments 33,770 14,540 242,050 207,184 497,544 Securities issued by the Colombian Government - 145,060 - 1,982 147,042 Subtotal 2,940,023 802,132 347,927 2,437,148 6,527,230 Total debt instruments 13,618,053 8,604,313 2,542,481 4,044,301 28,809,148 For further information related to disclosures of the fair value of securities, please see Note 30 Fair value of assets and liabilities. As of December 31, 2020 Less than 1 Between 1 and 3 Between 3 and 5 Greater than 5 year years years years Total In millions of COP Securities at fair value through profit or loss Securities issued by the Colombian Government 1,677,621 4,936,287 2,551,658 1,274,412 10,439,978 Securities issued by foreign governments 3,831,724 13,683 13,197 376,195 4,234,799 Securities issued by other financial institutions 159,674 196,538 175,621 189,902 721,735 Corporate bonds 9,339 40,389 27,412 25,161 102,301 Securities issued by government entities 66,725 110 1,338 4,228 72,401 Subtotal 5,745,083 5,187,007 2,769,226 1,869,898 15,571,214 Fair value through other comprehensive income Securities issued by foreign governments 2,840,523 1,127,176 257,456 589,898 4,815,053 Securities issued by the Colombian Government 2,552,041 - - - 2,552,041 Securities issued by other financial institutions 577,109 53,135 - 142,491 772,735 Corporate bonds 36,595 - - 62,557 99,152 Subtotal 6,006,268 1,180,311 257,456 794,946 8,238,981 Securities at amortized cost Securities issued by government entities 2,446,892 - - - 2,446,892 Corporate bonds - 272,347 275,660 1,387,089 1,935,096 Securities issued by foreign governments 8,847 15,540 69,765 290,455 384,607 Securities issued by other financial institutions 42,811 152,629 47,857 18,317 261,614 Securities issued by the Colombian Government 28,366 - 98,026 - 126,392 Subtotal 2,526,916 440,516 491,308 1,695,861 5,154,601 Total debt instruments 14,278,267 6,807,834 3,517,990 4,360,705 28,964,796 For further information related to disclosures of the fair value of securities, please see Note 30 Fair value of assets and liabilities. The Bank has recognized in the consolidated statement of comprehensive income COP 52,147 in 2021, COP (94,857) in 2020 and COP 43,889 in 2019 related to equity securities and trust funds at fair value through OCI. See Consolidated Statement of Comprehensive Income. Equity securities that are measured at fair value through OCI are considered strategic for the Bank and, thus, there is no intention to sell them in the foreseeable future and that is the main reason for using this presentation alternative. The following table details the equity instruments designated at fair value through OCI analyzed by listing status: Carrying amount Equity securities December 31, 2021 December 31, 2020 In millions of COP Securities at fair value through OCI : Equity securities listed in Colombia 57,791 70,155 Equity securities listed in foreign countries 6,732 5,415 Equity securities unlisted: TELERED 150,943 101,988 Asociación Gremial de Instituciones Financieras Credibanco S.A. 87,344 99,553 Compañía De Procesamiento de Medios de Pago Guatemala (Bahamas), S. A. 14,054 46,889 Fondo Renta Fija Valor (1) 100 24,855 Cámara de Riesgo Central de Contraparte de Colombia S.A. 6,038 5,482 Transacciones y Transferencias, S. A. 8,282 5,248 500 Luchadores II, L.P. 9,181 4,811 CADENALCO 3,638 3,908 Others (2) 50,806 150,477 Total equity securities at fair value through OCI 394,909 518,781 (1) Decrease due to reclassification from Fair value through OCI to Fair value through profit or loss. (2) Decrease due mainly to payments received by residual rights amounting to COP 122,988 During 2021, 2020 and 2019, no impairment loss was recognized on equity securities. Dividends received from equity investments at fair value through OCI held as of December 31, 2021, 2020 and 2019 amounted to COP 12,665, COP 13,567 and COP 10,498, respectively. See Note 25.5 Dividends and net income on equity investments. Equity investments do not have a specific maturity date; therefore, they are not included in the maturity detail. The detail of the securities pledged as collateral as of December 31, 2021 and 2020 is as follows: As of December 31, 2021 Pledged financial assets Term Security pledged Carrying amount In millions of COP Investments pledged as collateral in money market Securities issued by other financial institutions Between 3 and 6 months Time deposits 5,458 Securities issued by other financial institutions Between 6 and 12 months Time deposits 4,974 Securities issued by other financial institutions Greater than 12 months Time deposits 4,919 Securities issued by other financial institutions Greater than 12 months Bonds 4,269 Securities issued by the Colombian Government Between 3 and 6 months TES - Treasury instruments 4,233 Securities issued by the Colombian Government Between 6 and 12 months Tax refund titles 40,011 Securities issued by the Colombian Government Greater than 12 months TES - Treasury instruments 421,707 Securities issued by foreign governments Greater than 12 months Bonds 124,107 Subtotal investments pledged as collateral in money market 609,678 Investments pledged as collateral in derivative operations Securities issued by the Colombian Government Between 3 and 6 months TES - Treasury instruments 242,716 Securities issued by the Colombian Government Greater than 12 months TES - Treasury instruments 303,847 Subtotal investments pledged as collateral in derivative operations 546,563 Total securities pledged as collateral 1,156,241 As of December 31, 2020 Pledged financial assets Term Security pledged Carrying amount In millions of COP Investments pledged as collateral in money market Securities issued by the Colombian Government Less than 3 months TES - Treasury instruments 59,803 Securities issued by the Colombian Government Between 3 and 6 months TES - Treasury instruments 287,816 Securities issued by the Colombian Government Greater than 12 months TES - Treasury instruments 1,742,072 Securities issued by foreign governments Between 6 and 12 months Bonds 89,245 Securities issued by foreign governments Greater than 12 months Bonds 82,380 Subtotal investments pledged as collateral in money market 2,261,316 Investments pledged as collateral in derivative operations Securities issued by the Colombian Government Between 3 and 6 months TES - Treasury instruments 49,624 Securities issued by the Colombian Government Greater than 12 months TES - Treasury instruments 340,222 Subtotal investments pledged as collateral in derivative operations 389,846 Total securities pledged as collateral 2,651,162 The following table shows the breakdown of the changes in the gross carrying amount of the debt securities at fair value through other comprehensive income and Amortized cost, in order to explain their significance to the changes in the loss allowance for the same portfolio as discussed above: As of December 31, 2021 Debt instruments portfolio measure at fair value through OCI and amortized cost Stage 1 Stage 2 Total In millions of COP Gross carrying amount as at 1 January 2021 13,237,154 156,428 13,393,582 Transfer from stage 1 to stage 2 (1) (47,331) 47,331 - Sales and maturities (8,690,663) - (8,690,663) Purchases 8,655,481 - 8,655,481 Valuation and payments (335,851) (1,596) (337,447) Foreign exchange 726,724 25,004 751,728 Gross carrying amount as at 31 December 2021 13,545,514 227,167 13,772,681 (1) Stage transfer in bonds issued by Real Estate Investment Trust and Ecopetrol. As of December 31, 2020 Debt instruments portfolio measure at fair value through OCI and amortized cost Stage 1 Stage 2 Total In millions of COP Gross carrying amount as at 1 January 2020 7,827,746 95,835 7,923,581 Sales and maturities (4,562,773) - (4,562,773) Purchases 9,830,079 56,645 9,886,724 Valuation and payments (12,681) (595) (13,276) Foreign exchange 154,783 4,543 159,326 Gross carrying amount as at 31 December 2020 13,237,154 156,428 13,393,582 The following shows provisions detail for the debt instruments portfolio using the expected credit losses model: As of December 31, 2021 Concept Stage 1 Stage 2 Total In millions of COP Securities at amortized cost 6,300,063 227,167 6,527,230 Carrying amount 6,317,752 234,157 6,551,909 Loss allowance (17,689) (6,990) (24,679) Securities at fair value through other comprehensive income 7,245,451 - 7,245,451 Total debt instruments portfolio measure at fair value through OCI and amortized cost 13,545,514 227,167 13,772,681 As of December 31, 2020 Concept Stage 1 Stage2 Total In millions of COP Securities at amortized cost 4,998,173 156,428 5,154,601 Carrying amount 5,032,673 161,054 5,193,727 Loss allowance (34,500) (4,626) (39,126) Securities at fair value through other comprehensive income 8,238,981 - 8,238,981 Total debt instruments portfolio measure at fair value through OCI and amortized cost 13,237,154 156,428 13,393,582 The changes in the allowance are mainly due to the application of the expected credit losses model to debt instruments measured at amortized cost. The following table sets forth the changes in the allowance for debt instruments measured at amortized cost and fair value through other comprehensive income: As of December 31, 2021 Concept Stage 1 Stage 2 Total In millions of COP Loss allowance of January 1, 2021 37,745 4,626 42,371 Transfer from stage 1 to stage 2 (1) (1,670) 1,670 - Sales and maturities (7,985) - (7,985) New debt instruments purchased 11,831 - 11,831 Remeasurement (2) (23,744) (46) (23,790) Foreign exchange 4,757 739 5,496 Loss allowance of December 31, 2021 20,934 6,989 27,923 (1) Stage transfer in bonds issued by Real Estate Investment Trust and Ecopetrol. (2) Decrease in stage 1 due to lower impairment loss value in Banistmo S.A. because of better economic conditions As of December 31, 2020 Concept Stage 1 Stage 2 Total In millions of COP Loss allowance of January 1, 2020 13,013 1,588 14,601 Sales and maturities (6,313) - (6,313) New debt instruments purchased 19,856 3,429 23,285 Remeasurement 10,872 (466) 10,406 Foreign exchange 317 75 392 Loss allowance of December 31, 2020 37,745 4,626 42,371 The increase in loss allowance is due to higher risk in all issuers in Bank’s investment portfolio. As of December 31, 2019 Concept Stage 1 Stage 2 Total In millions of COP Loss allowance of January 1, 2019 14,174 609 14,783 Change in measurement 228 - 228 Sales and maturities (6,599) (1) (6,600) New debt instruments purchased 5,235 1,234 6,469 Remeasurement (89) (259) (348) Foreign exchange 64 5 69 Loss allowance of December 31, 2019 13,013 1,588 14,601 5.2 Derivative financial instruments The Bank derivative activities do not give rise to significant open positions in portfolios of derivatives. The Bank enters into derivative transactions to facilitate customer business, for hedging purposes and arbitrage activities, such as forwards, options or swaps where the underlying are exchange rates, interest rates and securities. A swap agreement is a contract between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. Financial futures and forward settlement contracts are agreements to buy or sell a quantity of a financial instrument (including another derivative financial instrument), index, currency or commodity at a predetermined rate or price during a period or at a date in the future. Futures and option contracts are standardized agreements for future delivery, traded on exchanges that typically act as a platform. For further information related to the objectives, policies and processes for managing the Bank’s risk, please see Note 31. Risk management. The following table sets forth the carrying values of the Bank’s derivatives by type of risk as of December 31, 2021 and 2020: Derivatives December 31, 2021 December 31, 2020 In millions of COP Forwards Assets Foreign exchange contracts 729,367 975,125 Equity contracts 6,796 1,688 Subtotal assets 736,163 976,813 Liabilities Foreign exchange contracts (605,537) (880,614) Equity contracts (25,068) (15,333) Subtotal liabilities (630,605) (895,947) Total forwards 105,558 80,866 Swaps Assets Foreign exchange contracts 1,422,355 947,053 Interest rate contracts 247,158 840,042 Subtotal assets 1,669,513 1,787,095 Liabilities Foreign exchange contracts (960,838) (615,625) Interest rate contracts (308,457) (803,153) Subtotal liabilities (1,269,295) (1,418,778) Total swaps 400,218 368,317 Options Assets Foreign exchange contracts 48,329 36,811 Subtotal assets 48,329 36,811 Liabilities Foreign exchange contracts (61,209) (66,601) Subtotal liabilities (61,209) (66,601) Total options (12,880) (29,790) Derivative assets 2,454,005 2,800,719 Derivative liabilities (1,961,109) (2,381,326) The table below presents the notional amounts of the derivatives contracts as of December 31, 2021 and 2020: Derivatives December 31, 2021 December 31, 2020 In millions of COP Forwards Assets Foreign exchange contracts 28,582,048 21,850,683 Equity contracts 995,675 202,075 Subtotal assets 29,577,723 22,052,758 Liabilities Foreign exchange contracts (26,394,184) (21,869,963) Equity contracts (391,835) (2,832,595) Subtotal liabilities (26,786,019) (24,702,558) Total forwards 2,791,704 (2,649,800) Swaps Assets Foreign exchange contracts 9,084,313 9,785,196 Interest rate contracts 32,953,368 27,496,792 Subtotal assets 42,037,681 37,281,988 Liabilities Foreign exchange contracts (6,825,078) (4,956,902) Interest rate contracts (26,172,799) (15,130,999) Subtotal liabilities (32,997,877) (20,087,901) Total swaps 9,039,804 17,194,087 Options Assets Foreign exchange contracts 2,239,713 1,702,445 Subtotal assets 2,239,713 1,702,445 Liabilities Foreign exchange contracts (1,954,132) (1,598,200) Subtotal liabilities (1,954,132) (1,598,200) Total options 285,581 104,245 Futures Assets Foreign exchange contracts 5,994,775 8,302,204 Equity contracts 20,002 - Subtotal assets 6,014,777 8,302,204 Liabilities Foreign exchange contracts (7,445,574) (5,975,467) Others (8) (750,000) Subtotal liabilities (7,445,582) (6,725,467) Total futures (1,430,805) 1,576,737 Derivative assets 79,869,894 69,339,395 Derivative liabilities (69,183,610) (53,114,126) The following table sets forth the remaining contractual life of the derivatives portfolio: As of December 31, 2021 Forwards Swaps Options Total In millions of COP Assets 736,163 1,669,513 48,329 2,454,005 Less than 1 year 696,501 536,333 41,762 1,274,596 Between 1 and 3 years 39,662 572,400 6,567 618,629 Greater than 3 years - 560,780 - 560,780 Liabilities (630,605) (1,269,295) (61,209) (1,961,109) Less than 1 year (579,036) (333,194) (56,826) (969,056) Between 1 and 3 years (51,569) (392,277) (4,383) (448,229) Greater than 3 years - (543,824) - (543,824) As of December 31, 2020 Forwards Swaps Options Total In millions of COP Assets 976,813 1,787,095 36,811 2,800,719 Less than 1 year 971,321 268,929 34,865 1,275,115 Between 1 and 3 years 5,492 625,533 1,946 632,971 Greater than 3 years - 892,633 - 892,633 Liabilities (895,947) (1,418,778) (66,601) (2,381,326) Less than 1 year (876,888) (181,920) (62,094) (1,120,902) Between 1 and 3 years (19,059) (412,431) (4,507) (435,997) Greater than 3 years - (824,427) - (824,427) Collateral for derivatives The table below presents the collateral amounts posted under derivatives contracts as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 In millions of COP Collateral granted 911,050 641,795 Collateral received (376,447) (570,097) Day one gains or (losses) If an asset has been acquired or a liability has been assumed in a market transaction, it could be assumed that the transaction price is the fair value of the asset or liability. However, the fair value of the financial asset or liability at the time of initial recognition may be different from the transaction price, because the fair value includes variables in its valuation technique that include market information, such as interest rate yield curves, currencies rates, indicators, default factors among others. When the values are not equal, the asset or liability must be measured at fair value and the difference between the transaction price and the fair value must be recognized as follows: ● If fair value is evidenced by Level 1 inputs or is based on a valuation technique that uses only observable market data, the Group must recognize the difference as a gain or loss on initial recognition directly in the income statement. ● In all other circumstances, the entire day 1 gain or loss is deferred and is recognized in the income statement over the life of the transaction. The table below presents the unrecognised gains or (losses) for derivatives trading at the initial moment, due to use of valuation techniques for which not all inputs were observable market data: As of December 31, 2021 Forward Swaps Opciones Total In millions of COP Balance at January 1, 2021 29,102 26,984 21,452 77,538 Increase due to new trades 169,430 19,368 90,437 279,235 Reduction due to amortization (179,115) (11,560) (70,751) (261,426) Reduction due to sale or transfer (2,499) (6,898) (14,463) (23,860) Balance at December 31, 2021 16,918 27,894 26,675 71,487 As of December 31, 2020 Forward Swaps Opciones Total In millions of COP Balance at January 1, 2020 6,666 15,736 26,572 48,974 Increase due to new trades 321,006 21,481 79,181 421,668 Reduction due to amortization (293,579) (9,250) (77,180) (380,009) Reduction due to sale or transfer (4,991) (983) (7,121) (13,095) Balance at December 31, 2020 29,102 26,984 21,452 77,538 Hedge accounting The Bank, through Banistmo, has entered into derivatives to manage its interest risk. Those derivatives are designated as hedging instruments to protect the Bank against changes in the fair value of Banistmo´s position in debt instruments issued by the Panamanian Government (fair value hedge). The hedge effectiveness assessment is performed on a monthly basis consistently throughout the hedging relationship. For fair value hedges, the changes in value of the hedging derivative, as well as the changes in value of the related hedged item concerning to the risk hedged, are reflected in the statement of income in the line “Interest and valuation on financial instruments”. Fair value hedging As of December 31, 2021 and 2020, Banistmo has designated 8 derivative contracts (Interest rate swaps), as fair value hedging instruments with maturity dates ranging from July 2022. The following table contains details of the hedged expresures covered by the Group’s hedging strategies: December 31, 2021 In millions of COP Carrying amount of hedged Accumulated amount of fair value item adjustments on the hedged item Balance sheet line item Assets Liabilities Fair value hedges Interest rate - Fixed rate 333,407 (6,369) Financial assets investments December 31, 2021 In thousands of USD Carrying amount of hedged Accumulated amount of fair value item adjustments on the hedged item Balance sheet line item Assets Liabilities Fair value hedges Interest rate - 83,746 (1,600) Financial assets investments December 31, 2020 In millions of COP Carrying amount of hedged Accumulated amount of fair value item adjustments on the hedged item Balance sheet line item Assets Liabilities Fair value hedges Interest rate - Fixed rate 300,959 (11,182) Financial assets investments December 31, 2020 In thousands of USD Carrying amount of hedged Accumulated amount of fair value item adjustments on the hedged item Balance sheet line item Assets Liabilities Fair value hedges Interest rate - 87,679 (3,258) Financial assets investments The following table sets forth the notional amount and fair value of the hedged item recognized in the statement of financial position as ‘Financial assets investments’, as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 In millions of COP Notional amount 316,701 273,055 Fair value 333,407 300,959 December 31, 2021 December 31, 2020 In thousands of USD Notional amount 79,550 79,550 Fair value 83,746 87,679 The following table contains information regarding the effectiveness of the hedging relationships designated by the Group, as well as the impacts on profit or loss and other comprehensive income: December 31, 2021 In millions of COP Gains / (loss) recognized in Hedge Ineffectiveness recognized in P&L line item that includes hedge OCI P&L ineffectiveness Fair value hedges Interest rate - Fixed rate 6,285 (6,133) Other operating income December 31, 2020 In millions of COP Gains / (loss) recognized in Hedge Ineffectiveness recognized in P&L line item that includes hedge OCI P&L ineffectiveness Fair value hedges Interest rate - Fixed rate (5,459) (3,746) Other operating income December 31, 2019 In millions of COP Gains / (loss) recognized in Hedge Ineffectiveness recognized in P&L line item that includes hedge OCI P&L ineffectiveness Fair value hedges Interest rate - Fixed rate (6,592) 663 Other operating income Net foreign investment The Bank has designated debt securities in issue for USD 2,200,000 as a hedged instrument for hedging a portion of the net assets of Banistmo S.A.. Consequently, the exchange difference relating to the translation of the debt securities in issue are recognized directly in other comprehensive income by the Parent Company. The adjustment recognized in other comprehensive income amounted to COP (1,207,052), COP (341,792) and COP (60,258), for the years ended at December 31, 2021, 2020 and 2019, respectively. For further information see note 18 Debt instruments in issue and Consolidated Statement of Comprehensive Income. Offsetting of derivatives The Bank enters into International Swaps and Derivatives Association (ISDA) master netting agreements or similar agreements with substantially all of the Bank’s derivative counterparties. Where legally enforceable, and depending on the Bank’s intention, these master netting agreements give the Bank, in the event of default by the counterparty, the right to liquidate securities and cash equivalents held as collateral and to offset receivables and payables with the same counterparty. The table below presents derivative instruments subject to enforceable master netting agreements and other similar agreements but not offset in the statement of financial position as of December 31, 2021 and 2020 by derivative and by risk: As of December 31, 2021 Derivatives Assets Derivatives Liabilities In millions of COP Over-the-counter Foreign exchange contracts Swaps 1,422,355 (960,838) Forwards 729,367 (605,537) Options 48,329 (61,209) Interest rate contracts Swaps 247,158 (308,457) Equity contracts Forwards 6,796 (25,068) Gross derivative assets/liabilities 2,454,005 (1,961,109) Offseting of derivates - - Derivative financial instruments in statement of financial position 2,454,005 (1,961,109) Master netting agreements (1,785,702) 1,961,109 Collateral received/paid (668,303) - Total derivative financial instruments assetss/ liabilities before collateral and Master netting agreements - - As of December 31, 2020 Derivatives Assets Derivatives Liabilities In millions of COP Over-the-counter Foreign exchange contracts Swaps 947,053 (615,625) Forwards 975,125 (880,614) Options 36,811 (66,601) Interest rate contracts Swaps 840,042 (803,153) Equity contracts Forwards 1,688 (15,333) Gross derivative assets/liabilities 2,800,719 (2,381,326) Offseting of derivates - - Derivative financial instruments in statement of financial position 2,800,719 (2,381,326) Master netting agreements (2,258,118) 2,381,326 Collateral received/paid (542,601) - Total derivative financial instruments assetss/ liabilities before collateral and Master netting agreements - - For further information about offsetting of other financial assets and liabilities see Note 16 Interbank deposits and repurchase agreements and other similar secured borrowing. Interest rate benchmark reform The Bank, through Banistmo, has fair value hedge accounting relationships that are exposed to LIBOR. Given this benchmark rate is subject to uncertainty as a result of the replacement of LIBOR, the Bank has adopted the amendments to IFRS 9 which provide temporary relief from applying specific hedge accounting requirements (as explained in note 2 Significant Accounting Policies). The amendments to IFRS 9 provided temporary exceptions to apply specific hedge accounting requirements to hedging relationships, that are directly affected by the reform to LIBOR. The bank assumed that the hedge accounting will remain highly probable and that the hedge relationship will remain highly effective. The Bank maintains swaps as hedging instruments where it changes flows as follows: it pays a fixed interest rate and receives floating interest to hedge the market risk of fixed rate debt instruments. The table below shows the notional value of hedging instruments by benchmark interest rate impacted by the reform since December 31, 2020. In thousands of USD Notional value of Maturing after hedging instruments 31 December 2020 Fair value hedges USD LIBOR 79,550 79,550 The main sources of ineffectiveness for interest rate risk hedge accounting relationships are: ● Differences in the interest rate market curves applied to discount the hedging instrument and the hedged instrument. The effects of the reforms identified for the LIBOR rate transition, where it could be affected if the agreed times for the changes do not coincide with those made by the international market and have |
LOANS AND ADVANCES TO CUSTOMERS
LOANS AND ADVANCES TO CUSTOMERS, NET | 12 Months Ended |
Dec. 31, 2021 | |
LOANS AND ADVANCES TO CUSTOMERS, NET | |
LOANS AND ADVANCES TO CUSTOMERS, NET | NOTE 6. LOANS AND ADVANCES TO CUSTOMERS, NET Loans and financial leasing operating portfolio The following is the composition of the loans and financial leasing operations portfolio, net as of December 31, 2021 and 2020: Composition December 31, 2021 December 31, 2020 In millions of COP Commercial 114,911,843 98,659,287 Consumer 48,363,040 41,055,939 Mortgage 30,646,787 25,959,112 Financial Leases (1) 25,119,628 24,503,317 Small Business Loans 1,282,185 1,232,075 Total gross loans and advances to customers 220,323,483 191,409,730 Total allowance (15,864,482) (16,616,043) Total Net loans and advances to customers 204,459,001 174,793,687 (1) See note 7.1 Lessor. Allowance for loans losses The following table sets forth the changes in the allowance for loans and advances and lease losses as of December 31, 2021, 2020 and 2019: As of December 31, 2021 Small Concept Commercial Consumer Mortgage Financial business Total Leases loans In millions of COP Balance at beginning of period January 1, 2021 7,673,720 5,753,430 992,515 1,996,033 200,345 16,616,043 Loan purchases / Loan sales (1) (27,817) - - - - (27,817) Recovery of charged - off loans 125,208 349,125 26,660 61,303 3,140 565,436 Credit impairment charges on loans, advances and financial leases, net 198,619 2,268,595 68,809 (34,678) 19,833 2,521,178 Adjusted stage 3 (2) 216,330 288,214 49,893 40,747 12,550 607,734 Charges-off (674,248) (3,618,009) (110,408) (554,701) (79,065) (5,036,431) Translation adjustment 301,211 263,912 33,589 12,363 7,264 618,339 Balance at December 31, 2021 7,813,023 5,305,267 1,061,058 1,521,067 164,067 15,864,482 (1) This balance corresponds to the provision for portfolio sales of Bancolombia S.A. to Banco Davivienda for COP 86,800 , Money Corp for COP 5,922 , and Jobandtalent Co SAS for COP 5,060 . (2) Recognized as a reduction to Interest Income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9. As of December 31, 2020 Small Concept Commercial Consumer Mortgage Financial business Total Leases loans In millions of COP Balance at beginning of period January 1, 2020 5,456,993 3,445,818 860,665 1,025,403 140,516 10,929,395 Recovery of charged - off loans 118,196 256,836 15,943 44,381 1,552 436,908 Credit impairment charges on loans, advances and financial leases, net (1) 2,406,228 3,745,662 163,527 903,191 117,147 7,335,755 Adjusted stage 3 (1)(2) 213,214 203,420 39,793 63,240 9,907 529,574 Charges-off (527,318) (1,875,355) (89,727) (40,150) (67,853) (2,600,403) Translation adjustment 6,407 (22,951) 2,314 (32) (924) (15,186) Balance at December 31, 2020 7,673,720 5,753,430 992,515 1,996,033 200,345 16,616,043 (1) The increases are mostly due to the consequences of the COVID-19 pandemic in 2020. For more information see Note 31. Risk management. (2) It is recognized as a lower value of Interest Income on loans and financial leases in Consolidated Statement of Income, according with IFRS 9. As of December 31, 2019 Small Concept Commercial Consumer Mortgage Financial business Total Leases loans In millions of COP Balance at beginning of period January 1, 2019 5,360,833 2,892,891 853,764 990,970 137,373 10,235,831 Loan purchases / Loan sales (1) (4,332) - - (1,557) - (5,889) Recovery of charged - off loans 139,268 317,722 33,869 57,057 3,734 551,650 Credit impairment charges on loans, advances and financial leases, net 1,299,379 1,971,037 33,808 25,130 55,827 3,385,181 Adjusted stage 3 (2) 223,824 148,001 42,495 50,119 9,277 473,716 Charges-off (1,572,113) (1,890,490) (104,720) (97,148) (65,909) (3,730,380) Translation adjustment 10,134 6,657 1,449 832 214 19,286 Balance at December 31, 2019 5,456,993 3,445,818 860,665 1,025,403 140,516 10,929,395 (1) This item includes portfolio purchase/sales operation held between Bancolombia S.A. and Titularizadora Colombiana. (2) It is recognized as a lower value of Interest Income on loans and financial leases in Consolidated Statement of Income, according with IFRS 9. The following explains the significant changes in the loans and the allowance for loans losses by category during the periods ended at December 31, 2021 and 2020 as a result of applying the expected credit loss model according to IFRS 9: As of December 31, 2021 Commercial Stage1 Stage2 Stage3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance In millions of COP Balance at January 1, 2021 80,863,445 (1,212,753) 8,203,659 (761,415) 9,592,183 (5,699,552) 98,659,287 (7,673,720) Transfers of financial instruments: (1,251,539) (45,325) 791,803 (33,245) 459,736 78,570 - - Transfers from stage 1 to stage 2 (1,892,044) 53,521 1,892,044 (53,521) - - - - Transfers from stage 1 to stage 3 (487,386) 32,490 - - 487,386 (32,490) - - Transfers from stage 2 to stage 1 1,076,007 (106,935) (1,076,007) 106,935 - - - - Transfers from stage 2 to stage 3 - - (858,035) 100,584 858,035 (100,584) - - Transfers from stage 3 to stage 1 51,884 (24,401) - - (51,884) 24,401 - - Transfers from stage 3 to stage 2 - - 833,801 (187,243) (833,801) 187,243 - - Remeasurement arising from transfer of stage (250,567) 105,392 (220,848) (67,128) (198,643) (458,309) (670,058) (420,045) Remeasurement from remaining in the stage (5,706,414) 463,588 (257,121) 54,320 (17,667) (552,577) (5,981,202) (34,669) Remeasurement due to changes in economics factors - (7,878) - (141,352) - 4,333 - (144,897) Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - 5,955 - 111,748 - (2,204) - 115,499 New financial assets purchased/originated (1) 62,765,437 (429,280) 1,944,115 (258,663) 1,459,164 (943,074) 66,168,716 (1,631,017) Financial assets that have been derecognized (43,381,187) 425,740 (2,792,192) 211,516 (1,544,304) 965,533 (47,717,683) 1,602,789 Charges-off (9,647) 617 (18,777) 8,772 (645,824) 664,859 (674,248) 674,248 Foreign Exchange and other movements 3,971,052 (51,954) 685,142 (42,300) 470,837 (206,957) 5,127,031 (301,211) Balance at December 31, 2021 97,000,580 (745,898) 8,335,781 (917,747) 9,575,482 (6,149,378) 114,911,843 (7,813,023) (1) Includes financial assets purchased, originated and restructured. Consumer Stage1 Stage2 Stage3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance In millions of COP Balance at January 1, 2021 33,766,023 (1,750,083) 4,599,535 (1,651,656) 2,690,381 (2,351,691) 41,055,939 (5,753,430) Transfers of financial instruments: (968,284) (122,078) (41,117) 159,002 1,009,401 (36,924) - - Transfers from stage 1 to stage 2 (1,581,266) 167,288 1,581,266 (167,288) - - - - Transfers from stage 1 to stage 3 (892,097) 107,874 - - 892,097 (107,874) - - Transfers from stage 2 to stage 1 1,405,690 (313,273) (1,405,690) 313,273 - - - - Transfers from stage 2 to stage 3 - - (406,905) 163,117 406,905 (163,117) - - Transfers from stage 3 to stage 1 99,389 (83,967) - - (99,389) 83,967 - - Transfers from stage 3 to stage 2 - - 190,212 (150,100) (190,212) 150,100 - - Remeasurement arising from transfer of stage (221,972) 318,636 (101,206) (396,682) 531,017 (2,418,524) 207,839 (2,496,570) Remeasurement from remaining in the stage (2,934,505) 336,232 (133,850) (274,514) 348,768 (100,822) (2,719,587) (39,104) Remeasurement due to changes in economics factors - (109,364) - (162,311) - 1,395 - (270,280) Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - 41,498 - 303,387 - 22,858 - 367,743 New financial assets purchased/originated (1) 20,615,952 (640,857) 1,086,672 (393,999) 501,214 (403,843) 22,203,838 (1,438,699) Financial assets that have been derecognized (9,262,503) 401,903 (970,555) 282,944 (338,144) 286,129 (10,571,202) 970,976 Charges-off (618,911) 186,964 (845,688) 439,923 (2,153,410) 2,991,122 (3,618,009) 3,618,009 Foreign Exchange and other movements 1,397,755 (65,128) 333,596 (106,612) 72,871 (92,172) 1,804,222 (263,912) Balance at December 31, 2021 41,773,555 (1,402,277) 3,927,387 (1,800,518) 2,662,098 (2,102,472) 48,363,040 (5,305,267) (1) Includes financial assets purchased, originated and restructured. Financial Leases Stage1 Stage2 Stage3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance In millions of COP Balance at January 1, 2021 18,981,176 (204,071) 2,772,129 (310,450) 2,750,012 (1,481,512) 24,503,317 (1,996,033) Transfers of financial instruments: (382,684) (35,495) 361,729 1,126 20,955 34,369 - - Transfers from stage 1 to stage 2 (1,032,874) 16,261 1,032,874 (16,261) - - - - Transfers from stage 1 to stage 3 (105,352) 3,909 - - 105,352 (3,909) - - Transfers from stage 2 to stage 1 720,654 (48,455) (720,654) 48,455 - - - - Transfers from stage 2 to stage 3 - - (160,592) 24,862 160,592 (24,862) - - Transfers from stage 3 to stage 1 34,888 (7,210) - - (34,888) 7,210 - - Transfers from stage 3 to stage 2 - - 210,101 (55,930) (210,101) 55,930 - - Remeasurement arising from transfer of stage (114,836) 46,099 (78,108) (120,366) 69,433 (165,187) (123,511) (239,454) Remeasurement from remaining in the stage (1,697,491) 58,449 (61,487) (121,067) (25,284) (77,333) (1,784,262) (139,951) Remeasurement due to changes in economics factors - (10,269) - (3,393) - 1,143 - (12,519) Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - (6,666) - 237,506 - (47,816) - 183,024 New financial assets purchased/originated (1) 4,531,913 (29,822) 429,419 (22,306) 25,613 (8,949) 4,986,945 (61,077) Financial assets that have been derecognized (2,031,001) 41,897 (235,306) 22,802 (301,413) 137,906 (2,567,720) 202,605 Charges-off (398) 29 (304) 5,679 (553,999) 548,993 (554,701) 554,701 Foreign Exchange and other movements 640,793 (3,105) 10,110 (3,680) 8,657 (5,578) 659,560 (12,363) Balance at December 31, 2021 19,927,472 (142,954) 3,198,182 (314,149) 1,993,974 (1,063,964) 25,119,628 (1,521,067) (1) Includes financial assets purchased, originated and restructured. Mortgage Stage1 Stage2 Stage3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance In millions of COP Balance at January 1, 2021 21,676,563 (121,503) 3,093,690 (231,137) 1,188,859 (639,875) 25,959,112 (992,515) Transfers of financial instruments: (687,642) (79,010) 621,566 40,788 66,076 38,222 - - Transfers from stage 1 to stage 2 (2,286,673) 19,724 2,286,673 (19,724) - - - - Transfers from stage 1 to stage 3 (125,284) 3,774 - - 125,284 (3,774) - - Transfers from stage 2 to stage 1 1,647,426 (76,522) (1,647,426) 76,522 - - - - Transfers from stage 2 to stage 3 - - (142,948) 25,392 142,948 (25,392) - - Transfers from stage 3 to stage 1 76,889 (25,986) - - (76,889) 25,986 - - Transfers from stage 3 to stage 2 - - 125,267 (41,402) (125,267) 41,402 - - Remeasurement arising from transfer of stage (54,790) 80,969 45,212 (98,943) 66,276 (161,020) 56,698 (178,994) Remeasurement from remaining in the stage (1,286,955) (8,687) (332,481) (43,005) 375,381 (194,104) (1,244,055) (245,796) Remeasurement due to changes in economics factors - (5,176) - (35,961) - 1,502 - (39,635) Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - 12,457 - 107,285 - 158,773 - 278,515 New financial assets purchased/originated (1) 6,293,219 (31,292) 58,403 (8,186) 42,534 (29,531) 6,394,156 (69,009) Financial assets that have been derecognized (1,909,582) 11,017 (182,935) 18,593 (154,164) 79,947 (2,246,681) 109,557 Charges-off (5,665) 4,038 (5,076) 1,937 (99,667) 104,433 (110,408) 110,408 Foreign Exchange and other movements 1,422,487 (3,656) 356,331 (12,238) 59,147 (17,695) 1,837,965 (33,589) Balance at December 31, 2021 25,447,635 (140,843) 3,654,710 (260,867) 1,544,442 (659,348) 30,646,787 (1,061,058) (1) Includes financial assets purchased, originated and restructured. Small business loans Stage1 Stage2 Stage3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance In millions of COP Balance at January 1, 2021 965,822 (44,663) 109,655 (33,329) 156,598 (122,353) 1,232,075 (200,345) Transfers of financial instruments: (71,045) (716) 12,970 5,253 58,075 (4,537) - - Transfers from stage 1 to stage 2 (54,843) 3,552 54,843 (3,552) - - - - Transfers from stage 1 to stage 3 (50,148) 4,473 - 1 50,148 (4,474) - - Transfers from stage 2 to stage 1 31,728 (7,736) (31,728) 7,736 - - - - Transfers from stage 2 to stage 3 - - (21,366) 6,644 21,366 (6,644) - - Transfers from stage 3 to stage 1 2,218 (1,005) - - (2,218) 1,005 - - Transfers from stage 3 to stage 2 - - 11,221 (5,576) (11,221) 5,576 - - Remeasurement arising from transfer of stage (7,398) 7,279 (7,679) (3,067) (17,680) (47,983) (32,757) (43,771) Remeasurement from remaining in the stage (230,823) 14,626 66,725 (2,983) 3,486 (3,676) (160,612) 7,967 Remeasurement due to changes in economics factors - 2,188 - (2,616) - 34 - (394) Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - 1,250 - 5,078 - 1,161 - 7,489 New financial assets purchased/originated (1) 470,193 (10,894) 30,148 (7,569) 18,954 (14,239) 519,295 (32,702) Financial assets that have been derecognized (235,533) 7,853 (19,136) 4,513 (21,511) 13,522 (276,180) 25,888 Charges-off (7,422) 1,531 (13,819) 5,560 (57,824) 71,974 (79,065) 79,065 Foreign Exchange and other movements 67,197 (1,299) 4,829 (1,095) 7,403 (4,870) 79,429 (7,264) Balance at December 31, 2021 950,991 (22,845) 183,693 (30,255) 147,501 (110,967) 1,282,185 (164,067) (1) Includes financial assets purchased, originated and restructured. As of December 31, 2020 Commercial Stage1 Stage2 Stage3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance In millions of COP Balance at January 1, 2020 80,068,756 (544,996) 4,763,023 (514,230) 7,936,774 (4,397,767) 92,768,553 (5,456,993) Transfers of financial instruments: (3,713,748) (26,439) 2,187,077 125,585 1,526,671 (99,146) - - Transfers from stage 1 to stage 2 (3,731,056) 38,304 3,731,056 (38,304) - - - - Transfers from stage 1 to stage 3 (697,975) 27,097 - - 697,975 (27,097) - - Transfers from stage 2 to stage 1 708,096 (86,383) (708,096) 86,383 - - - - Transfers from stage 2 to stage 3 - - (892,418) 112,395 892,418 (112,395) - - Transfers from stage 3 to stage 1 7,187 (5,457) - - (7,187) 5,457 - - Transfers from stage 3 to stage 2 - - 56,535 (34,889) (56,535) 34,889 - - Remeasurement arising from transfer of stage (57,304) 59,649 (131,960) (84,391) (143,019) (788,544) (332,283) (813,286) Remeasurement from remaining in the stage (4,653,349) (77,848) (261,305) 24,899 50,574 (494,646) (4,864,080) (547,595) Remeasurement due to changes in economics factors - (772,811) - (293,441) - (2,878) - (1,069,130) Remeasurement due to changes in model inputs - 331,595 - 131,911 - 4,960 - 468,466 Remeasurement due to methodological changes - 215,377 - 40,491 - (18,034) - 237,834 New financial assets purchased/originated (1) 42,257,583 (601,500) 2,628,002 (325,057) 1,098,017 (706,337) 45,983,602 (1,632,894) Financial assets that have been derecognized (34,261,422) 202,191 (1,078,837) 124,173 (497,305) 292,603 (35,837,564) 618,967 Charges-off (4,621) 408 (30,889) 8,392 (491,808) 518,518 (527,318) 527,318 Foreign Exchange and other movements 1,227,550 1,621 128,548 253 112,279 (8,281) 1,468,377 (6,407) Balance at December 31, 2020 80,863,445 (1,212,753) 8,203,659 (761,415) 9,592,183 (5,699,552) 98,659,287 (7,673,720) (1) Includes financial assets purchased, originated and restructured. Consumer Stage1 Stage2 Stage3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance In millions of COP Balance at January 1, 2020 35,957,631 (1,206,691) 1,969,289 (653,426) 1,773,750 (1,585,701) 39,700,670 (3,445,818) Transfers of financial instruments: (3,707,605) 73,070 2,272,046 (40,762) 1,435,559 (32,308) - - Transfers from stage 1 to stage 2 (2,770,159) 161,268 2,770,159 (161,268) - - - - Transfers from stage 1 to stage 3 (1,383,742) 112,749 - - 1,383,742 (112,749) - - Transfers from stage 2 to stage 1 335,819 (94,528) (335,819) 94,528 - - - - Transfers from stage 2 to stage 3 - - (238,526) 91,967 238,526 (91,967) - - Transfers from stage 3 to stage 1 110,477 (106,419) - - (110,477) 106,419 - - Transfers from stage 3 to stage 2 - - 76,232 (65,989) (76,232) 65,989 - - Remeasurement arising from transfer of stage (57,958) 93,488 27,810 (701,575) 321,896 (2,088,963) 291,748 (2,697,050) Remeasurement from remaining in the stage (2,464,765) (174,482) (42,505) (77,187) (6,527) (11,317) (2,513,797) (262,986) Remeasurement due to changes in economics factors - (193,515) - (78,723) - 14,943 - (257,295) Remeasurement due to changes in model inputs - (229,585) - (56,358) - (9,317) - (295,260) Remeasurement due to methodological changes - 174,522 - 5,783 - 13 - 180,318 New financial assets purchased/originated (1) 11,872,373 (581,092) 1,007,026 (343,514) 465,788 (393,820) 13,345,187 (1,318,426) Financial assets that have been derecognized (7,969,415) 220,085 (269,213) 85,520 (154,352) 139,176 (8,392,980) 444,781 Charges-off (303,296) 75,717 (404,025) 187,363 (1,168,034) 1,612,275 (1,875,355) 1,875,355 Foreign Exchange and other movements 439,058 (1,600) 39,107 21,223 22,301 3,328 500,466 22,951 Balance at December 31, 2020 33,766,023 (1,750,083) 4,599,535 (1,651,656) 2,690,381 (2,351,691) 41,055,939 (5,753,430) (1) Includes financial assets purchased, originated and restructured. Financial leases Stage1 Stage2 Stage3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance In millions of COP Balance at January 1, 2020 21,069,884 (103,962) 1,857,427 (173,512) 1,623,518 (747,929) 24,550,829 (1,025,403) Transfers of financial instruments: (2,110,496) (7,637) 864,373 72,160 1,246,123 (64,523) - - Transfers from stage 1 to stage 2 (1,795,460) 14,441 1,795,460 (14,441) - - - - Transfers from stage 1 to stage 3 (595,521) 8,606 - - 595,521 (8,606) - - Transfers from stage 2 to stage 1 271,917 (27,677) (271,917) 27,677 - - - - Transfers from stage 2 to stage 3 - - (694,294) 70,158 694,294 (70,158) - - Transfers from stage 3 to stage 1 8,568 (3,007) - - (8,568) 3,007 - - Transfers from stage 3 to stage 2 - - 35,124 (11,234) (35,124) 11,234 - - Remeasurement arising from transfer of stage (15,234) 25,467 (21,789) (175,238) (32,869) (596,970) (69,892) (746,741) Remeasurement from remaining in the stage (1,495,273) (44,438) (27,939) (24,127) 16,038 (130,711) (1,507,174) (199,276) Remeasurement due to changes in economics factors - (37,766) - (25,905) - (1,631) - (65,302) Remeasurement due to changes in model inputs - 30,674 - 19,613 - (7,119) - 43,168 Remeasurement due to methodological changes - (42,164) - (431) - (1,754) - (44,349) New financial assets purchased/originated (1) 2,652,974 (32,284) 201,858 (20,383) 26,014 (13,934) 2,880,846 (66,601) Financial assets that have been derecognized (1,447,843) 7,161 (94,995) 15,893 (101,053) 45,235 (1,643,891) 68,289 Charges-off (245) 6 (9,645) 737 (30,260) 39,407 (40,150) 40,150 Foreign Exchange and other movements 327,409 872 2,839 743 2,501 (1,583) 332,749 32 Balance at December 31, 2020 18,981,176 (204,071) 2,772,129 (310,450) 2,750,012 (1,481,512) 24,503,317 (1,996,033) (1) Includes financial assets purchased, originated and restructured. Mortgage Stage1 Stage2 Stage3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance In millions of COP Balance at January 1, 2020 21,584,674 (115,817) 1,340,380 (166,255) 1,058,229 (578,593) 23,983,283 (860,665) Transfers of financial instruments: (1,953,986) (37,087) 1,751,078 17,155 202,908 19,932 - - Transfers from stage 1 to stage 2 (2,107,576) 16,759 2,107,576 (16,759) - - - - Transfers from stage 1 to stage 3 (158,243) 5,534 - - 158,243 (5,534) - - Transfers from stage 2 to stage 1 257,791 (36,111) (257,791) 36,111 - - - - Transfers from stage 2 to stage 3 - - (193,935) 29,595 193,935 (29,595) - - Transfers from stage 3 to stage 1 54,042 (23,269) - - (54,042) 23,269 - - Transfers from stage 3 to stage 2 - - 95,228 (31,792) (95,228) 31,792 - - Remeasurement arising from transfer of stage (29,583) 45,506 (14,999) (68,139) 55,225 (162,553) 10,643 (185,186) Remeasurement from remaining in the stage (670,018) (1,610) (29,867) 28,275 37,035 (95,904) (662,850) (69,239) Remeasurement due to changes in economics factors - (12,789) - (88,897) - 57,295 - (44,391) Remeasurement due to changes in model inputs - (63,963) - 19,573 - (17,785) - (62,175) Remeasurement due to methodological changes - 77,559 - 27,589 - - - 105,148 New financial assets purchased/originated (1) 3,405,877 (19,252) 83,612 (8,025) 12,878 (6,318) 3,502,367 (33,595) Financial assets that have been derecognized (1,126,329) 6,450 (62,141) 7,996 (103,654) 55,729 (1,292,124) 70,175 Charges-off (823) 13 (101) 82 (88,803) 89,632 (89,727) 89,727 Foreign Exchange and other movements 466,751 (513) 25,728 (491) 15,041 (1,310) 507,520 (2,314) Balance at December 31, 2020 21,676,563 (121,503) 3,093,690 (231,137) 1,188,859 (639,875) 25,959,112 (992,515) (1) Includes financial assets purchased, originated and restructured. Small business loans Stage1 Stage2 Stage3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance In millions of COP Balance at January 1, 2020 1,088,656 (39,456) 70,219 (16,615) 120,533 (84,445) 1,279,408 (140,516) Transfers of financial instruments: (115,997) 5,969 28,366 2,844 87,631 (8,813) - - Transfers from stage 1 to stage 2 (58,455) 3,597 58,455 (3,597) - - - - Transfers from stage 1 to stage 3 (71,502) 5,749 - - 71,502 (5,749) - - Transfers from stage 2 to stage 1 6,941 (1,847) (6,941) 1,847 - - - - Transfers from stage 2 to stage 3 - - (25,717) 6,015 25,717 (6,015) - - Transfers from stage 3 to stage 1 7,019 (1,530) - - (7,019) 1,530 - - Transfers from stage 3 to stage 2 - - 2,569 (1,421) (2,569) 1,421 - - Remeasurement arising from transfer of stage (2,093) 2,523 (7,658) (11,680) (24,797) (66,242) (34,548) (75,399) Remeasurement from remaining in the stage (119,612) 4,178 (1,359) (2,026) (278) (12,344) (121,249) (10,192) Remeasurement due to changes in economics factors - (19,442) - (522) - 486 - (19,478) Remeasurement due to changes in model inputs - 12,172 - 1,348 - 252 - 13,772 Remeasurement due to methodological changes - (326) - 72 - - - (254) New financial assets purchased/originated (1) 359,511 (18,809) 39,573 (12,742) 26,816 (20,925) 425,900 (52,476) Financial assets that have been derecognized (256,947) 7,606 (9,387) 2,433 (7,390) 5,382 (273,724) 15,421 Charges-off (8,010) 653 (11,606) 3,428 (48,237) 63,772 (67,853) 67,853 Foreign Exchange and other movements 20,314 269 1,507 131 2,320 524 24,141 924 Balance at December 31, 2020 965,822 (44,663) 109,655 (33,329) 156,598 (122,353) 1,232,075 (200,345) (1) Includes financial assets purchased, originated and restructured. Impact of movements in the value of the portfolio and loss allowance by Stage December 2021 vs December 2020 Stage 1 (12-month expected credit losses) The exposure value in stage 1 increased by COP 28,847,204 and the loss allowance decreased by COP 878,256. The increase in the portfolio in this stage is mainly due to newly granted loans in 2021, which increased 34% from December 2020 to December 2021. The second cause of this increase is the currency conversion of loans from Dollars to Colombian Pesos due to the 16% increase in the Exchange Rate compared to the same period of the previous year. The decrease in the loss allowance is due to the change in macroeconomic expectations that are more favorable for this year. Stage 2 (Lifetime expected credit losses) The exposure value in stage 2 increased by COP 521,085 and the loss allowance also increased by COP 313,787. The increase in exposure in this stage is mainly explained by specific loan migrations from Stage 3 to Stage 2 from clients in the agribusiness sector for a value of COP 681,480. The loss allowance increase is explained mainly by exposures transferred from Stage 1 to Stage 2 and the constitution of loss allowance made on debtors with financial relief, which allows reflecting a level of provisions in accordance with the situation that is expected to exist in the portfolio once the relief ends. Stage 3 (Lifetime expected credit losses) The exposure at default in stage 3 decreased by COP 454,536 and the loss allowance decreased by COP 208,353. The variation in exposure is mainly due to the charge-off of a significant client in the natural resources sector for a value of COP 401,163. The decrease of loss allowance is in line with the movements of the portfolio in this Stage, offset by the constitution of provision as a consequence of the increase of 16% in the restatement of credits compared to the same period of the previous year due to the effects of the foreign exchange differences and the increase in the loss allowance of new significant clients in default, especially in the building industry in Colombia for COP |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2021 | |
LEASES | |
LEASES | NOTE 7. LEASES 7.1. Lessor Finance leases The Bank has entered into lease agreements as the lessor. These lease arrangements involve machinery and equipment, computer equipment, vehicles and furniture and fixtures, and their terms range between one and ten years, as follows: As of December 31, 2021 Period Gross investment in finance lease receivable Present value of minimum payments In millions of COP Less than 1 year 1,183,637 735,304 Between 1 and 5 years 8,352,753 6,958,333 Greater than 5 years 25,499,661 17,425,991 Total gross investment in finance lease receivable/ present value of minimum payments 35,036,051 25,119,628 Less: Future financial income (1) (9,916,423) - Present value of payments receivable (2) 25,119,628 25,119,628 Minimum non-collectable payments impairment (1,520,880) (1,520,880) Total 23,598,748 23,598,748 (1) Future financial income: Total Gross Investment - Total Present Value of minimum payments. (2) See Note 6. Loans and advances to customers, net. As of December 31, 2020 Period Gross investment in finance lease receivable Present value of minimum payments In millions of COP Less than 1 year 1,242,852 1,103,071 Between 1 and 5 years 10,228,072 8,532,456 Greater than 5 years 21,682,923 14,867,790 Total gross investment in finance lease receivable/ present value of minimum payments 33,153,847 24,503,317 Less: Future financial income (1) (8,650,530) - Present value of payments receivable (2) 24,503,317 24,503,317 Minimum non-collectable payments impairment (1,996,033) (1,996,033) Total 22,507,284 22,507,284 (1) Future financial income: Total Gross Investment - Total Present Value of minimum payments. (2) See Note 6. Loans and advances to customers, net. Unsecured residual value (*) The following table sets the unsecured residual values by type of asset as of December 31, 2021 and 2020: Type of asset December 31, 2021 December 31, 2020 In millions of COP Technological equipment 37,139 31,761 Vehicles 23,912 21,578 Machinery and equipment 11,683 11,170 Furniture and fixtures 128 138 Total 72,862 64,647 (*) The unsecured residual value is the part of the residual value of the leased asset, whose realization is not secured or is secured by a third party related to the lessor. Amounts recognized as income for extensions At the end of the reporting period, the following entries are recognized as income corresponding to contract extensions or automatic time extension of financial leasing contracts: Type of asset December 31, 2021 December 31, 2020 In millions of COP Technological equipment 15,210 16,217 Buildings 3,052 3,032 Machinery and equipment 720 1,481 Vehicles 537 527 Furniture and fixtures 1 1 Total 19,520 21,258 As of December 31, 2021 and 2020, the financial leases income amounted to COP 1,440,493 and COP 1,829,971, respectively. Operating leases Certain of the Bank’s subsidiaries lease assets to third parties under non-cancellable operating lease arrangements. Assets provided through operating leases are recorded as premises and equipment. The terms established for these agreements range from one to ten years. The following table presents the information of minimum payments by lease to be received: December 31, 2021 December 31, 2020 In millions of COP Less than 1 year 400,296 343,516 Between 1 and 5 years 308,802 465,069 Greater than 5 years 75,521 71,622 Total 784,619 880,207 As of December 31, 2021 and 2020, the operating lease income amounted to COP 787,561 and COP 577,449, respectively. Risk management associated with leases The Bank, acting as a lessor of operating leases, has a comprehensive asset management model for those assets classified as property, plant and equipment. This model includes an impairment test that evaluates indicators that impact the assets, which is carried out annually. The test evaluates both external indicators (economic and legal), and internal ones (insurance, maintenance and used market sales). The Bank performs a detailed review process at the time of return of the asset by the lessees in order to guarantee their operating conditions. Additionally, the Bank employs experts apart from the sales force, who constantly monitor the conditions of the second-hand market, and carry out back-testing in order to determine the consistency of the residual value model, and periodically review the results together with key managers. All of the above is complemented by agreements with suppliers, which allow the exchange of information, knowledge and, in some cases, the structuring of residual risk mitigation mechanisms. In order to manage the risks associated with the assets, the Bank also employs an insurance department, and engages an international broker and insurance companies. They all serve as support to design and define the strategies for the different types of protection that cover the lessor's risks, assets and customers. Additionally, in Renting Colombia's vehicle rental business, assets are managed with the goal of preserving commercial value through necessary maintenance, which avoids deterioration beyond that generated by regular use. Service indicators with suppliers are periodically reviewed in order to ensure their quality and compliance with the expected levels. Safe mobility strategies are also defined based on the permanent analysis of the road safety indicators. These strategies aim at ensuring the status and useful life of the asset. 7.2. Lessee The Bank has entered into lease agreements as a lessee. These arrangements involve offices, branches and administrative offices as well as certain Computer equipment. As of December 31, 2021 and 2020, the rollforward of right of use assets was as follows: As of December 31, 2021 Roll - forward Right of use assets Balance at January 01, 2021 Acquisitions Additions Expenses depreciation (1) Disposals Revaluation Effect of changes in foreign exchange rate Balance at December 31, 2021 In millions of COP Buildings Cost 1,845,970 48,913 61,281 - (64,972) (11,048) 135,010 2,015,154 Accumulated depreciation (278,008) - - (163,422) 30,637 11,055 (31,409) (431,147) Furniture and fixtures Cost 3,466 224 - - - (9) 291 3,972 Accumulated depreciation (1,674) - - (969) - - (178) (2,821) Computer equipment Cost 65,681 14,723 - - (526) 3,304 4,175 87,357 Accumulated depreciation (18,282) - - (13,606) 440 - (1,090) (32,538) Vehicles Cost 58,103 22,195 - - (7,292) (1,029) 392 72,369 Accumulated depreciation (14,241) - - (12,822) 10,567 282 (267) (16,481) Total right of use assets – cost 1,973,220 86,055 61,281 - (72,790) (8,782) 139,868 2,178,852 Total right of use assets - accumulated depreciation (312,205) - - (190,819) 41,644 11,337 (32,944) (482,987) Total right of use assets, net 1,661,015 86,055 61,281 (190,819) (31,146) 2,555 106,924 1,695,865 (1) See Note 26.3 Impairment, depreciation and amortization. As of December 31, 2020 Roll - forward Right of use assets Balance at January 01, 2020 Acquisitions Additions Expenses depreciation (1) Disposals Revaluation Effect of changes in foreign exchange rate Balance at December 31, 2020 In millions of COP Buildings Cost 1,754,066 70,028 24,306 - (78,748) 36,693 39,625 1,845,970 Accumulated depreciation (134,306) - - (183,452) 40,107 - (357) (278,008) Furniture and fixtures Cost 3,842 - - - (463) 5 82 3,466 Accumulated depreciation (906) - - (991) 211 - 12 (1,674) Computer equipment Cost 57,116 31,492 - - (21,567) (3,278) 1,918 65,681 Accumulated depreciation (16,795) - - (17,338) 15,794 - 57 (18,282) Vehicles Cost 33,103 41,435 - - (13,665) (2,948) 178 58,103 Accumulated depreciation (4,004) (1,767) - (10,129) 1,766 (36) (71) (14,241) Total right of use assets – cost 1,848,127 142,955 24,306 - (114,443) 30,472 41,803 1,973,220 Total right of use assets - accumulated depreciation (156,011) (1,767) - (211,910) 57,878 (36) (359) (312,205) Total right of use assets, net 1,692,116 141,188 24,306 (211,910) (56,565) 30,436 41,444 1,661,015 (1) See Note 26.3 Impairment, depreciation and amortization. The following table sets forth the changes in lease liabilities as of December 31, 2021 and 2020: As of December 31, 2021 Concept Total In millions of COP Balance at January 01, 2021 1,818,358 (+) New contracts 63,515 (+/-) Reassessment of the lease liability (41,800) (-) Payments (259,140) (+) Accrued Interest (1) 122,011 (+/-) Effect of changes in foreign exchange rate 116,133 Balance at December 31, 2021 1,819,077 (1) The difference of COP 10,455 with the interest expense on lease liabilities recognized in the Consolidated Statement of Comprehensive Income corresponds to the expense accrued for the difference between the book value of the right-of-use asset and the lease liability at the time of early termination of contracts. As of December 31, 2020 Concept Total In millions of COP Balance at January 01, 2020 1,831,585 (+) New contracts 98,107 (+/-) Reassessment of the lease liability (12,546) (-) Payments (261,297) (+) Accrued Interest (1) 126,846 (+/-) Effect of changes in foreign exchange rate 35,663 Balance at December 31, 2020 1,818,358 (1) The difference of COP 8,246 with the interest expensive on lease liabilities recognized in the Consolidated Statement of Comprehensive Income corresponds to the expense accrued for the difference between the book value of the right-of-use asset and the lease liability at the time of early termination of contracts. The following table shows maturity analysis of lease liabilities as of December 31, 2021 and 2020: As of December 31, 2021 Type of assets Maturity less than 1 year Maturity between 1 and 3 years Maturity between 3 and 5 years Maturity more than 5 years Total lease liabilities In millions of COP Buildings 5,632 49,939 39,367 1,665,386 1,760,324 Vehicles 159 119 - - 278 Computer equipment - 29,964 15,890 11,559 57,413 Furniture and fixtures 566 496 - - 1,062 Total lease liabilities 6,357 80,518 55,257 1,676,945 1,819,077 As of December 31, 2020 Type of assets Maturity less than 1 year Maturity between 1 and 3 years Maturity between 3 and 5 years Maturity more than 5 years Total lease liabilities In millions of COP Buildings 5,562 42,237 62,490 1,656,546 1,766,835 Vehicles - 446 131 - 577 Computer equipment 875 3,486 33,188 11,471 49,020 Furniture and fixtures - 949 977 - 1,926 Total lease liabilities 6,437 47,118 96,786 1,668,017 1,818,358 The following table shows the weighted average rates and average useful life of right of use assets as of December 31, 2021 and 2020: As of December 31, 2021 Right of use assets Weighted average life Weighted average remaining lease terms Weighted average discount rates Buildings 207 123 5.35 % Computer equipment 72 40 6.94 % Furniture and fixtures 45 12 6.50 % Vehicles 46 18 3.79 % As of December 31, 2020 Right of use assets Weighted average life Weighted average remaining lease terms Weighted average discount rates Buildings 295 159 5.96 % Computer equipment 70 38 4.53 % Furniture and fixtures 45 24 6.55 % Vehicles 42 23 3.68 % The future cash outflows of variable lease payments and termination options that are not reflected in the measurement of lease liabilities as of December 31, 2021 and 2020, amount to COP 2,373 and COP 2,323. The following table shows the detail of leases in the Consolidated Statement of Income as of December 31, 2021 and 2020: As of December 31, 2021 Right of use assets Financial interest Expenses depreciation (2) Payments of penalties Effect of changes in foreign exchange rate Short-term leases Leases for which the underlying asset is of low value Variable payments In millions of COP Buildings 109,062 163,422 2,108 250 961 249 2,038 Vehicles 16 12,822 - - - 18 - Computer equipment 2,381 13,606 - - - 5,103 - Furniture and fixtures 97 969 - - 875 1,193 - Total 111,556 (1) 190,819 2,108 250 1,836 6,563 2,038 (1) Includes the expense generated by the difference between the carrying amount of the asset for the right to use and the liability for leasing at the time of the early termination of lease contracts by COP 10,455 , see Note 25.2 Interest expenses. (2) See Note 26.3 Impairment, depreciation and amortization. (0) As of December 31, 2020 Right of use assets Financial interest Expenses depreciation (2) Payments of penalties Effect of changes in foreign exchange rate Short-term leases Leases for which the underlying asset is of low value Variable payments In millions of COP Buildings 117,680 183,452 247 (375) 1,809 2,992 679 Vehicles 263 10,129 - - - 24 - Computer equipment 499 17,338 - - - 820 - Furniture and fixtures 158 991 - - 542 4,006 - Total 118,600 (1) 211,910 247 (375) 2,351 7,842 679 (1) Includes the expense generated by the difference between the carrying amount of the asset for the right to use and the liability for leasing at the time of the early termination of lease contracts by COP 8,246 , see Note 25.2 Interest expenses. (2) See Note 26.3 Impairment, depreciation and amortization. The following table contains the minimum payments lease liabilities as of December 31, 2021 and 2020: As of December 31, 2021 Type of assets Maturity less than 1 year Maturity between 1 and 3 years Maturity between 3 and 5 years Maturity more than 5 years Total minimum payments lease liabilities In millions of COP Buildings 5,890 56,726 46,573 2,394,751 2,503,940 Vehicles 160 129 - - 289 Computer equipment - 32,439 21,693 13,228 67,360 Furniture and fixtures - 1,096 - - 1,096 Total minimum payments lease liabilities 6,050 90,390 68,266 2,407,979 2,572,685 As of December 31, 2020 Type of assets Maturity less than 1 year Maturity between 1 and 3 years Maturity between 3 and 5 years Maturity more than 5 years Total minimum payments lease liabilities In millions of COP Buildings 5,697 45,492 71,088 2,444,892 2,567,169 Vehicles - 458 145 - 603 Computer equipment 1,006 3,756 35,181 14,415 54,358 Furniture and fixtures - 1,002 1,052 - 2,054 Total minimum payments lease liabilities 6,703 50,708 107,466 2,459,307 2,624,184 Impacts of adoption IFRS 16 As of January 1, 2019, the Bank adopted IFRS 16. This standard establishes the principles of recognition, measurement, presentation and disclosure of leases and requires lessees to account for all their leases under the same balance sheet model similar to the accounting under IAS 17 of the Finance leases. The standard includes two recognition exemptions for lessees: leasing of low-value assets (for example, personal computers) and short-term leases (that is, leases with a term of less than 12 months). At the beginning of the lease, the lessee recognizes a liability for lease payments (liability for lease) and an asset that represents the right to use the underlying asset during the term of the lease (right to use the asset). The Bank used the modified retrospective adoption method, where the right-of-use assets are measured as if IFRS 16 had always been applied, using the lessee’s incremental borrowing rate known at the date of transition. The change in accounting policy affected the following items in the consolidated statement of financial position as of January 1, 2019: Concepts January 1, 2019 Increase in right of use assets (1) 1,543,427 Net of deferred tax (119,173) Increase in lease liabilities 1,848,833 Net of effect of changes in foreign exchange rate (9,560) Decrease in retained earnings 184,248 (1) The increase in right of use assets for COP 1,543,427 differs from the COP 1,572,446 presented in the right of use assets at January 01, 2019, in the amount of COP 29,019 due the financial leases recognized by Transportempo S.A.S. und er IAS 17 at December 31, 2018 . |
INVESTMENTS IN ASSOCIATES AND J
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | 12 Months Ended |
Dec. 31, 2021 | |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | NOTE 8. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES The following table presents information regarding the Bank’s investments in associates and joint ventures: Composition December 31, 2021 December 31, 2020 In millions of COP Investments in associates (1) 2,138,156 1,973,092 Investments in joint ventures 582,403 533,223 Total 2,720,559 2,506,315 (1) As of December 31, 2021 and 2020, the amount includes investments in associates at fair value for COP 1,358,368 and COP 1,263,765 , respectively and investments in associates at equity method value for COP 779,788 COP 709,327 respectively. See Note 30 Fair value of assets and liabilities. The following are the investments in associates that the Bank holds as of December 31, 2021 and 2020: As of December 31, 2021 Investments in Associates % of Company name Main activity Country Ownership Included in Accumulated OCI (Equity OCI (TA) (4) OCI (Deferred Carrying interest earnings (1) OCI (2) method) (3) tax) (5) amount In millions of COP Investments in associates P.A Viva Malls. (6) Development and operation of commercial spaces Colombia 49.00 % 105,202 - - - - 1,355,688 Protección S.A. Administration of pension funds and severances Colombia 20.58 % 56,901 17,694 2,165 - (824) 630,821 Titularizadora Colombiana S.A. Hitos.* Mortgage portfolio securities Colombia 26.98 % 737 (1,379) 19 - (34) 34,241 Redeban Multicolor S.A.* Network data transmission services Colombia 20.36 % 3,743 (605) 46 - (48) 26,045 ACH Colombia S.A.* Electronic transfer services Colombia 19.94 % 14,448 (952) - - (85) 18,854 P.A La Felicidad.* (7) Real estate ecosystems Colombia 20.00 % 3 - - - - 14,443 Servicio Salvadoreño de Protección, S. A. de C.V.* Custodial services and transfer of monetary types El Salvador 25.00 % 1,549 (740) (13) (210) 9 13,145 P.A Madrid II.* (8) Real estate ecosystems Colombia 20.00 % (3) - - - - 9,117 Reintegra S.A.S.* (9) Collections and recovery of portfolio Colombia 46.00 % - 1,742 - - - 8,049 P.A Boreal.* (10) Real estate ecosystems Colombia 20.00 % 1,520 - - - - 7,942 Servicios Financieros, S.A. de C.V.* Processing of financial transactions and electronic payment methods El Salvador 49.78 % 803 9 - (81) - 7,801 Servicios de Identidad Digital S.A.S.* (11) Provide digital citizens services Colombia 33.33 % (4,878) - - - - 4,566 P.A Distrito Vera.* (12) Real estate ecosystems Colombia 33.33 % 237 - - - - 2,680 ACH de El Salvador, S. A. de C.V.* Electronic transfer services El Salvador 25.00 % 395 6 - (139) - 1,686 P.A Mirador de la Ciénaga.* (13) Real estate ecosystems Colombia 13.00 % (1) - - - - 1,329 Agricapital S.A.S.* (14) Financial services Colombia 10.02 % (63) - - - - 1,191 Internacional Ejecutiva de Aviación S.A.S.* (15) Aircraft and aircraft travel Colombia 25.00 % (1,560) (170) 674 - - 558 Net investments in associates 179,033 15,605 2,891 (16) (430) (982) (16) 2,138,156 (1) Corresponds to the income recognized as equity method in the Consolidated statement of Income for the year ended December 31, 2021. See Note 25.5 Dividends and net income on equity investments. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2021. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2021. (4) Corresponds to the other comprehensive income recognized as Translation Adjustment of Foreign Currency (TA) for the year ended December 31, 2021. (5) Corresponds to the other comprehensive income recognized as deferred tax for the year ended December 31, 2021. (6) During 2021, the investment in the associate P.A Viva Malls made a refund of contributions by COP 13,279 . (7) During 2021, Banca de inversión Bancolombia S.A ancreased its capital contribution in P.A La Felicidad by COP 2,413 . (8) During 2021, Banca de inversión Bancolombia S.A increased its capital contribution in P.A Madrid II by COP 1,954 . (9) The carrying amount includes the elimination of downstream transactions between Bancolombia S.A. and Reintegra S.A.S made during 2020 and 2019. (10) During 2021, the investment in the associate P.A Boreal made a refund of contributions by COP 3,300 . (11) During 2021, the Bank increased its capital contribution in Servicios de Identidad Digital S.A.S by COP 4,539 . (12) In 2021, the initial cost of the company was COP 3,191 , additionally, the FCP Fondo Inmobiliario Colombia, a Bank´s subsidiary, increased its capital contribution in P.A Distrito Vera by COP 1,780 . During the same year, Distrito Vera made a restitution of contributions for COP 2,529 . (13) During 2021, Inversiones CFNS S.A.S, the Bank's subsidiary, acquired 20% interest in P.A. Mirador de la Cienaga. This investment is part of an agreement that will enable the development of housing solutions with high sustainability standards. The amount of COP 1,330 was disbursed as capital contributions. (14) During 2021, the Bank acquired 10.02 % interest in Agricapital S.A.S.by COP 1,254 . (15) During 2021, given the continued losses of the company, the Bank management performed a valuation, to establish the fair value of Internacional Ejecutiva de Aviación S.A.S. As a result of the valuation, the fair value of the investment was lower than the book value, for this, the Bank recorded an impairment in the Statement of Income for COP 1,733 . See note 25.5 Dividends and net income on equity investments. During the same year, the Bank sold 25 % interest in the associate Internacional Ejecutiva de Aviación by COP 1,148 . (16) See Consolidated Statement of Comprehensive Income. (*) As of December 31, 2020 Investments in Associates % of Company name Main activity Country Ownership Included in Accumulated OCI (Equity OCI (TA) (4) OCI (Deferred Carrying interest earnings (1) OCI (2) method) (3) tax) (5) amount In millions of COP Investments in associates P.A Viva Malls. Development and operation of commercial spaces Colombia 49.00 % 56,116 - - - - 1,263,765 Protección S.A. Administration of pension funds and severances Colombia 20.58 % 59,959 15,529 264 - (56) 582,073 Titularizadora Colombiana S.A. Hitos* Mortgage portfolio securities Colombia 26.98 % 2,274 (1,398) 172 - (7) 36,081 Redeban Multicolor S.A.* Network data transmission services Colombia 20.36 % 816 (651) - - 1 22,256 ACH Colombia S.A.* Electronic transfer services Colombia 19.94 % 9,191 (952) - - 3 13,505 P.A La Felicidad. (6) Real estate development Colombia 20.00 % - - - - - 12,027 Servicio Salvadoreño de Protección, S. A. de C.V.* Custodial services and transfer of monetary types El Salvador 25.00 % 241 (727) - (5) (29) 9,914 P.A Boreal* (6) Real estate development Colombia 20.00 % 6 - - - - 9,722 P.A Madrid II. (6) Real estate development Colombia 20.00 % - - - - - 7,166 Servicios Financieros, S.A. de C.V.* (7) Processing of financial transactions and electronic payment methods El Salvador 49.78 % 395 9 - 36 - 5,991 Servicios de Identidad Digital S.A.S. (8) Provide digital citizens services Colombia 33.33 % (2,798) - - - - 4,905 Internacional Ejecutiva de Aviación S.A.S. (9) Aircraft and aircraft travel Colombia 33.33 % (2,827) (844) (1,194) - 12 4,338 ACH de El Salvador, S. A. de C.V.* Electronic transfer services El Salvador 25.00 % 204 6 - (56) - 1,349 Reintegra S.A.S.* (10) Collections and recovery of portfolio Colombia 46.00 % - 1,742 - - - - Net investments in associates 123,577 12,714 (758) (9) (25) (76) (9) 1,973,092 (1) Corresponds to the income recognized as equity method in the Consolidated Statement of Income for the year ended December 31, 2020. See Note 25.5 Dividends and net income on equity investments. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2020. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2020. (4) Corresponds to the other comprehensive income recognized as Translation Adjustment of Foreign Currency (TA) for the year ended December 31, 2020. (5) Corresponds to the other comprehensive income recognized as deferred tax for the year ended December 31, 2020. (6) During 2020, Banca de inversión Bancolombia S.A. and Inversiones CFNS S.A.S, the Bank's subsidiaries, acquired 20% interest in P.A. La Felicidad, P.A. Boreal and P.A. Madrid II. These investments are part of an agreement that will enable the development of housing solutions with high sustainability standards. The amount of COP 28,910 were disbursed as capital contributions. (7) In October 2020, Banco Agricola S.A, a Bank´s subsidiary, increased its capital contribution in Serfinsa S.A by USD 670 . This contribution increased the ownership interest by 1.92% . (8) During 2020, the Bank increased its capital contribution in Servicios de Identidad S.A.S by COP 5,333 . (9) During 2020, given the continued losses of the company, the Bank management performed a valuation, to establish the fair value of Internacional Ejecutiva de Aviación S.A.S. As a result of the valuation, the fair value of the investment was lower than the book value, for this, the Bank recorded an impairment in the Consolidated Statement of Income for COP 4,399 . See note 25.5 Dividends and net income on equity investments. (10) In 2020, the Bank increased its capital contribution in Reintegra S.A.S by COP 1,612 . The carrying amount at the end of the year is zero , because the amount of downstream transactions between Bancolombia S.A. and Reintegra made during 2020 and 2019, exceeds the net investment on the entity. (11) See Consolidated Statement of Comprehensive Income. (*) The following is additional information regarding the Bank’s most significant associates as of December 31, 2021 and 2020: As of December 31, 2021 Income from Assets Liabilities OCI ordinary activities Profits Dividends Company name (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Declared) In millions of COP P.A Viva Malls. 2,810,414 43,703 - 514,485 214,538 50,208 Protección S.A. 3,698,529 1,461,115 74,155 1,816,422 276,519 10,331 Titularizadora Colombiana S.A. Hitos. 131,166 8,303 20,663 27,341 3,347 2,596 As of December 31, 2020 Income from Assets Liabilities OCI ordinary activities Profits Dividends Company name (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Declared) In millions of COP P.A Viva Malls. 2,633,341 54,228 - 328,937 42,253 42,169 Protección S.A. 3,031,933 1,031,421 63,571 1,983,426 291,391 24,697 Titularizadora Colombiana S.A. Hitos. 142,522 12,840 20,595 31,341 7,376 3,412 The following are the joint ventures that the Bank holds as of December 31, 2021 and 2020: As of December 31, 2021 % of OCI Company name Main activity Country Ownership Included in Accumulated (Deferred Carrying interest earnings (1) OCI (2) tax) (3 ) amount In millions of COP Investments in joint ventures Compañía de financiamiento TUYA S.A. (4) Financing Services Colombia 50.00 % 5,342 - - 546,633 Fideicomiso Ruta del Sol - compartimento A.* (5) Investment in infrastructure projects Colombia 25.90 % 16,657 13 - 16,664 Puntos Colombia S.A.S.* Administration of the customers loyalty Colombia 50.00 % 1,894 - - 9,601 Ecosistemas Digitales de Negocio S.A.S.* (6) Digital electronic billing services Colombia 50.00 % 734 - - 3,615 VILIV S.A.S.* (7) Market place Colombia 50.00 % (2,420) - - 3,346 P.A Muverang.* (8) Sustainable mobility services Colombia 33.33 % (1,392) - - 2,544 P.A Reintegra.* (9) Collections and recovery of portfolio Colombia 46.00 % - - - - Vlipco S.A.S.* (10) Technology services provider Colombia 47.40 % (196) - - - Net investments in joint ventures 20,619 13 - 582,403 (1) Corresponds to the income recognized as equity method in the Consolidated Statement of Income for the year ended December 31, 2021. See Note 25.5 Dividends and net income on equity investments. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2021. (3) Corresponds to the other comprehensive income as deferred tax for the year ended December 31, 2021. (4) During 2021, The Bank increases its capital contribution in Compañia de Financiamiento TUYA S.A by COP 24,500 . (5) During 2021, The Bank through Inversiones CFNS S.A.S increases its capital contribution in Fideicomiso Ruta del Sol - compartimento A by COP 7 . (6) During 2021, The Bank through Inversiones CFNS S.A.S increases its capital contribution in Ecosistemas Digitales de Negocio S.A.S. for COP 1,565 . (7) During 2021, Banca de Inversión Bancolombia S.A increases its capital contribution in Viliv S.A.S. by COP 4,050 . (8) During 2021, The Bank through Inversiones CFNS S.A.S increases its capital contribution in P.A Muverang for COP 2,220 . (9) In 2021, the Bank adquire a 46 % interest in P.A Reintegra by COP 17 . The carrying amount at the end of the year is zero , because the amount of downstream transactions between Bancolombia S.A. and P.A Reintegra made during 2021. (10) In November 2021, the Bank acquired 91,791 shares of the investment in Vlipco S.A.S. by amount of COP 9,474 , in this operation the Bank increased its interest to 94.77% , a result of this transaction The Bank acquired control and changed its classification to subsidiary. See Note 9.3 Business Combinations. For the purposes of applying the equity method of accounting, financial statements as of November 30, 2021 have been used. However, the Bank does not consider that any adjustments have to be made since no significant transactions took place between that date and December 31, 2021. As of December 31, 2020 % of OCI Company name Main activity Country Ownership Included in Accumulated (Equity Carrying interest earnings (1) OCI (2) method) (3) amount In millions of COP Investments in joint ventures Compañía de financiamiento TUYA S.A. (4) Financing company Colombia 50.00 % 13,333 - (13) 516,791 Puntos Colombia S.A.S Administration of the customers loyalty Colombia 50.00 % 6,334 - - 7,707 Vlipco S.A.S. (5) Technology services provider Colombia 47.28 % (672) - - 3,977 Ecosistemas Digitales de Negocio S.A.S. (6) Collaborative digital ecosystems Colombia 50.00 % (3,226) - - 1,316 P.A Muverang (before P.A Dinamarca) .(7) Sustainable mobility services Colombia 33.33 % (818) - - 1,716 VILIV S.A.S. (8) Market place Colombia 50.00 % (906) - - 1,716 Fideicomiso Ruta del Sol - compartimento A. (9) Investment in infrastructure projects Colombia 26.50 % (3) 13 - - P.A CRECE. (8) Non-financial products and services platform Colombia 50.00 % (1,000) - - - P.A Servicios Tecnológicos Arus- Bancolombia. (10) Technology services provider Colombia - (23) - - - Net investments in joint ventures 13,019 13 (13) 533,223 (1) Corresponds to the income recognized as equity method in the Consolidated Statement of Income for the year ended December 31, 2020. See Note 25.5 Dividends and net income on equity investments. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2020. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2020. (4) During 2020, The Bank increases its capital contribution in Compañia de Financiamiento TUYA S.A. for COP 37,002 . (5) In October 2020, the Bank capitalized the company for COP 460 . (6) In April 2020, the Bank through Inversiones CFNS S.A.S, entered into an agreement with GDX Colombia S.A.S. to form the joint venture Ecosistemas Digitales de Negocio S.A.S., the initial contribution was of COP 3,514 , and then increases its capital contribution for COP 1,028 . The purpose of the entity is to provide electronic invoicing services. (7) During 2020, The Bank through Inversiones CFNS S.A.S increases its capital contribution in P.A Muverang (before P.A Dinamarca) for COP 2,034 . (8) In April 2020, Banca de Inversión Bancolombia S.A, a Bank subsidiary, increases its capital contribution in P.A CRECE for COP 1,013 . In August 2020, Banca de Inversión Bancolombia S.A. transferred its rights in P.A CRECE to a new joint venture VILIV S.A.S., the net value of the rights transferred was COP 1,022 . In September 2020, Banca de Inversión Bancolombia S.A. increases its capital contribution in VILIV S.A.S. for COP 1,600 . (9) During 2020, The Bank through Inversiones CFNS S.A.S increases its capital contribution in Fideicomiso Ruta del Sol - compartimento A for COP 3 . (10) In July 2020, the Joint venture P.A Servicios Tecnológicos Arus- Bancolombia was liquidated. The following is additional information regarding the Bank’s most significant joint ventures as of December 31, 2021 and 2020: As of December 31, 2021 Income from Assets Liabilities ordinary activities Profits Dividends Company name (unaudited) (unaudited) (unaudited) (unaudited) (Declared) In millons of COP Compañía de financiamiento TUYA S.A. 3,965,397 (1) 3,392,041 1,675,439 10,681 (2) - (1) Includes cash and cash equivalents by COP 353,348 . (2) Includes interest and valuation income by COP 630,936 , interest expenses by COP 82,537 , depreciation and amortization by COP 21,113 and income tax by COP 13,828. As of December 31, 2020 Income from Assets Liabilities ordinary activities (Loss) Dividends Company name (unaudited) (unaudited) (unaudited) (unaudited) (Declared) In millons of COP Compañía de financiamiento TUYA S.A. 3,235,475 (1) 2,721,800 1,524,072 26,665 (2) - (1) Includes cash and cash equivalents by COP 339,044 . (2) Includes intereset and valuation income by COP 605,979 , interest expenses by COP 142,770 , depreciation and amortization by COP 18,692 and income tax by COP 2,381 . As of December 31, 2021 and 2020, there are no restrictions on the ability of the associates and joint ventures to transfer funds to the Bank in the form of cash dividends. As of December 31, 2021 and 2020, there are no contingent liabilities incurred by the Bank regarding its interests in the aforementioned joint ventures and associates. |
GOODWILL AND INTANGIBLE ASSETS,
GOODWILL AND INTANGIBLE ASSETS, NET | 12 Months Ended |
Dec. 31, 2021 | |
GOODWILL AND INTANGIBLE ASSETS, NET | |
GOODWILL AND INTANGIBLE ASSETS, NET | NOTE 9. GOODWILL AND INTANGIBLE ASSETS, NET Intangibles assets and goodwill net are as follows: December 31, 2021 December 31, 2020 In millions of COP Intangible assets 485,626 495,606 Goodwill (1) 8,143,146 7,011,715 Total 8,628,772 7,507,321 (1) Includes the goodwill recognized for the acquisition of Vlipco S.A.S. See Note 9.3 Business combination. 9.1. Intangible assets The following table sets forth the Bank’s intangible assets as of December 31, 2021 and 2020, including the reconciliation of initial and final balances of the cost and accrued amortization: As of December 31, 2021 Licenses, software Cost Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2021 20,293 823,318 395,726 1,239,337 Acquisitions - 144,514 - 144,514 Acquisitions through business combination (1) - 13,196 - 13,196 Write off - (49,805) - (49,805) Foreign currency translation adjustment 3,244 66,386 63,254 132,884 Balance at December 31, 2021 23,537 997,609 458,980 1,480,126 (1) See Note 9.3 Business combination. Licenses, software Amortization Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2021 14,495 398,521 330,715 743,731 Write off - (49,805) - (49,805) Amortization expense (1) 3,165 131,288 63,716 198,169 Foreign currency translation adjustment 2,514 43,051 56,840 102,405 Balance at December 31, 2021 20,174 523,055 451,271 994,500 Intangible assets at December 31, 2021, net 3,363 474,554 7,709 485,626 (1) See Note 26.3 Impairment, depreciation and amortization. As of December 31, 2020 Licenses, software Cost Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2020 19,375 768,923 377,815 1,166,113 Acquisitions - 106,404 - 106,404 Write off - (68,484) - (68,484) Foreign currency translation adjustment 918 16,475 17,911 35,304 Balance at December 31, 2020 20,293 823,318 395,726 1,239,337 Licenses, software Amortization Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2020 11,071 342,229 273,855 627,155 Write off - (68,484) - (68,484) Amortization expense (1) 3,118 113,452 47,184 163,754 Foreign currency translation adjustment 306 11,324 9,676 21,306 Balance at December 31, 2020 14,495 398,521 330,715 743,731 Intangible assets at December 31, 2020, net 5,798 424,797 65,011 495,606 (1) Licenses, software and computer applications includes cancellations of Core Factoring and Sede 30 projects amounted to COP 6,879 and COP 2,716 , respectively. See Note 26.3 Impairment, depreciation and amortization. As of December 31, 2021 and 2020, the assessment made by the Bank indicates there is no evidence of impairment of intangible assets. As of December 31, 2021 and 2020, the Bank does not have intangible assets with restricted ownership, intangible assets pledged as collateral or contractual agreements for the acquisition of this class of assets. Research and development costs related to software development During the period ending at December 31, 2021, 2020 and 2019, the Bank incurred costs that are directly related to software development in the amounts of COP 11,882, COP 18,736 and COP 85,532, respectively. These costs were the result of the analysis design and implementation of the transformation projects, the most representative of which are: Implementation of the New GAP Application (ALM), Core Banking Renewal - Collections, Connected and SAP BPC (automation of the disclosure process). The expenses were recorded mainly as fees in the line ‘Other administrative and general expenses’ of the Consolidated statement of Income. Intangibles which did not meet the criteria to be recognized as assets During the period ended December 31, 2021, 2020 and 2019, the Bank recognized in the statement of income the amount of COP 10,046, COP 86,168 and 48,584, respectively, related to expenditures which were not recognized as intangible assets. These expenses were not recorded as assets due to the lack of characterists to be reliably identifiable, and those assets do not support critical processes to be recognized as intangible assets. 9.2 Goodwill The following table sets forth an analysis of the activity in the goodwill account: December 31, 2021 December 31, 2020 In millions of COP Balance at beginning of the year, net 7,011,715 6,694,354 Acquisitions (1) 10,660 - Effect of change in foreign exchange rate (2) 1,120,771 317,361 Balance at end of the year, net 8,143,146 7,011,715 (1) Corresponds to the goodwill recognized for the acquisition of Vlipco S.A.S. See Note 9.3 Business combination (2) The conversion rate from US dollars to Colombian pesos at the end of December 31, 2021 is COP 3,981.16 (in pesos) and 2020 is COP 3,432.50 (in pesos). See Note 2.D.3. Foreign subsidiaries The Bank tests goodwill recognized as a result of business combinations for impairment at least annually using a process that begins with an estimation of the recoverable amount of a group of cash-generation units equal to the operating segment. Recoverable amount is determined by management by reference to market value, if available, by pricing models, or with the assistance of a valuation specialist. Determination of recoverable amount requires management to make assumptions and use estimates to forecast cash flow for periods that are beyond the normal requirements of management reporting; the assessment of the appropriate discount rate; estimation of the recoverable amount of cash-generation units; and the valuation of the separable assets of each business whose goodwill is being reviewed. The key assumptions used by management in determining the recoverable amount are: Discount Rate Growth rate Operating segment Goodwill 2021 Valuation Methodology Key Assumptions (real) (real) In millions of COP Banking Panama 6,080,314 Discounted Cash flow 5 years plan 8.80% and 8.70 % 5.40 % Banking El Salvador 1,122,986 Discounted Cash flow 5 years plan 14.90 % 4.10 % Banking Guatemala 929,186 Discounted Cash flow 5 years plan 10.10 % 5.10 % Others Segments (1) 10,660 Does not apply Does not apply Does not apply Does not apply (1) Corresponds to the goodwill recognized for the acquisition of Vlipco S.A.S. See Note 9.3 Business combination. In 2021 and 2020, the Bank tested the aforementioned goodwill for impairment purposes at the following operating segment levels: Banking Panama, Banking El Salvador and Banking Guatemala. Each operating segment represents a group of cash generating units. Evaluating the goodwill impairment at an operating segment level ensures the alignment with the approach used by the CODM to make decisions about resources to be allocated to the segments and assess its performance. Sensitivity analysis: In order to assess the impact of changes in certain significant inputs such as the discount rate and the growth rate in the operating segments’ recoverable amount, the Bank undertook a sensitivity analysis of these inputs through alternative scenarios. The tables below present the estimated recoverable amount of each operating segment obtained as a result of sensitivity analysis: As of December 31, 2021 Banking Panama Discount rate 9.30% 8.80% 8.30% Growth rate 9.20% 8.70% 8.20% 5.40% 10,929,065 12,664,169 15,019,623 Growth rate Discount rate 4.90% 5.40% 5.90% 8.80% and 8.70% 11,550,846 12,664,169 14,175,111 Banking El Salvador Discount rate Growth rate 15.90% 14.90% 13.90% 4.10% 4,611,843 5,041,507 5,559,874 Growth rate Discount rate 3.60% 4.10% 4.60% 14.90% 4,948,901 5,041,507 5,143,103 Banking Guatemala Discount rate Growth rate 10.60% 10.10% 9.60% 5.10% 5,514,165 6,156,028 6,942,610 Growth rate Discount rate 4.60% 5.10% 5.60% 10.10% 5,807,354 6,156,028 6,582,183 As of December 31, 2020 Banking Panama Discount rate Growth rate 9.10% 8.60% 8.10% 5.80% 10,825,415 12,875,675 15,818,601 Growth rate Discount rate 5.30% 5.80% 6.30% 8.60% 11,445,342 12,875,675 14,927,894 Banking El Salvador Discount rate Growth rate 15.00% 14.50% 14.00% 3.70% 2,767,605 2,910,600 3,067,742 Growth rate Discount rate 3.20% 3.70% 4.20% 14.50% 2,860,861 2,910,600 2,965,172 Banking Guatemala Discount rate Growth rate 11.30% 10.80% 10.30% 5.10% 3,183,867 3,511,578 3,903,315 Growth rate Discount rate 4.60% 5.10% 5.60% 10.80% 3,347,817 3,511,578 3,706,836 The Bank considers goodwill as an asset with indefinite useful life. 9.3 Intangible assets On November 10, 2021, Bancolombia S.A., entered into a stock purchase agreement, pursuant to which Bancolombia agreed to purchase an additional 47.37% stake in the capital stock of the Colombian company Vlipco S.A.S. Vlipco provides technology services to financial companies and qualifies as a business as defined in IFRS 3. At the acquisition date, the Bank owned 91,838 shares of Vlipco that represented 47.40% of the total capital stock of the company, classified as an investment in joint venture. The transaction was completed on November 30, 2021, upon receipt of required regulatory approvals from the Superintendencia of Industry and Commerce, and as a result Bancolombia obtained control of Vlipco. The consideration paid by Bancolombia was COP 9,474, in cash. The acquisition of Vlipco in stages is being accounted for under the acquisition method in accordance with IFRS 3. Accordingly, the Bank has remeasured its previously held equity interest in Vlipco at its acquisition-date fair value and recognized the resulting gain or loss and equity method adjustment. The purchase price was preliminarily allocated to the acquired assets and liabilities based on their estimated fair values at the acquisition date as summarized in the following table. The goodwill of COP 10,660 is calculated as the purchase premium after adjusting for the fair value of net assets acquired, and reflects the value expected from the synergies from combining Vlipco’s technology services with the Bank’s financial services, as well as the opportunity to increase its national and international operations in the payments gateway market, that do not qualify for a separate recognition as intangible assets. The goodwill has been allocated to the segment Other Segments. None of the goodwill is expected to be deductible for income tax purposes. The Bank has elected to measure the non-controlling interests of 5.23% in the acquiree at fair value, the amount at the acquisition date was COP 1,047. For this acquisition, the estimated fair value of assets acquired and liabilities assumed are based on the information available at November 30, 2021. The Bank believes that this information provides a reasonable basis for determining fair values. In millions of COP Vlipco Purchase Price Allocation Pruchase price on November 30, 2021 9,474 Fair value of previously held invesment 9,479 Non-controlling interest at fair value 1,047 TOTAL 20,000 Book value of net assets acquired ASSETS Cash and cash equivalents 296 Accounts receivable 241 Taxes receivable 433 Premises and equipment, net 22 Other assets 32 Total Assets 1,024 LIABILITIES Short-term borrowings 37 Accounts payable 45 Taxes liabilities 78 Employee benefit plans 106 Total Liabilities 266 Net Assets at book value 758 Vlipco intangibles assets recognized at the acquisition date: Software (1) 13,196 Deferred tax (4,614) Fair value of net assets acquired 9,340 Goodwill 10,660 (1) The fair value of the intangible assets includes a software development that supports the operation of the Wompi payment gateway, with a fair value of COP 13,196 . Acquisition-related cost In connection with the acquisition of Vlipco, the Bank incurred costs which are recorded in the ‘Other administrative and general expenses’ line item of the Consolidated Statement of Income. Previously held interest Prior to control being obtained, the Bank accounted for its investment in Vlipco using the equity method, due to the fact that the Bank had joint control of Vlipco and, accordingly, it was classified as a joint venture. The previous shareholding was 47.40%. Date and nature of investment Share in equity Investment recorded as an joint venture (1) 47.40 % November 2021 – acquisition of 47.37% , control obtained 47.37 % Total at December 31, 2021 94.77 % (1) Investment made since July 2019, the participation percentage was 48.91% at initial recognition. At the date of obtaining control (the acquisition date), the Bank remeasured the previously held equity interest to fair value and recognized revenue amounting to COP 5,197 in the Consolidated Statement of Income as ‘Dividends and net income on equity investments’ (See Note 25.5. Dividends and net income on equity investments). |
PREMISES AND EQUIPMENT, NET
PREMISES AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2021 | |
PREMISES AND EQUIPMENT, NET | |
PREMISES AND EQUIPMENT, NET | NOTE 10. PREMISES AND EQUIPMENT, NET As of December 31, 2021 and 2020, the premises and equipment, net consisted of the following: As of December 31, 2021 Premises and equipment for own use Roll - forward Balance at Effect of Balance at Premises and equipment for own use January 1, Expenses Assets changes in December 31, 2021 Additions depreciation (1) Disposals classified foreign 2021 as held for exchange sale rate In millions of COP Land Cost 498,981 39,661 - (15,206) - 28,048 551,484 Construction in progress Cost 63,192 35,205 - (65,769) - 4,412 37,040 Buildings Cost 1,652,899 127,695 - (70,783) - 85,429 1,795,240 Accumulated depreciation (390,798) - (33,158) 7,633 - (42,461) (458,784) Furniture and fixtures Cost 666,748 44,767 - (83,214) - 34,084 662,385 Accumulated depreciation (389,892) - (53,785) 80,105 - (24,433) (388,005) Computer equipment Cost 895,602 83,503 - (145,334) - 47,285 881,056 Accumulated depreciation (539,795) - (110,969) 140,254 - (35,444) (545,954) Vehicles Cost 27,203 19,488 - (6,985) (116) 2,776 42,366 Accumulated depreciation (14,477) - (3,771) 1,103 15 (1,103) (18,233) Leasehold improvements Cost 41,667 21,057 - (57,649) - 232 5,307 Accumulated depreciation (1,168) - (273) 1,014 - (83) (510) Total premises and equipment for own use - cost 3,846,292 371,376 - (444,940) (116) 202,266 3,974,878 Total premises and equipment - accumulated depreciation (1,336,130) - (201,956) 230,109 15 (103,524) (1,411,486) Total premises and equipment for own use, net 2,510,162 371,376 (201,956) (214,831) (101) 98,742 2,563,392 (1) See Note 26.3. Impairment, depreciation and amortization. Premises and equipment in operating leases Roll - forward Balance at Effect of Balance at Premises and equipment in operating leases January 1, Expenses Assets changes in December 31, 2021 Additions depreciation (1) Disposals classified foreign 2021 as held for exchange sale rate In millions of COP Furniture and fixtures Cost - 2,091 - - - - 2,091 Accumulated depreciation - - (106) - - - (106) Computer equipment Cost 74,120 54,293 - (1,996) (5,346) - 121,071 Accumulated depreciation (30,412) - (23,106) 1,659 4,975 - (46,884) Vehicles Cost 2,299,514 1,254,452 - (39,746) (400,709) - 3,113,511 Accumulated depreciation (551,080) - (241,011) (1,732) 141,400 - (652,423) Total premises and equipment in operating leases - cost 2,373,634 1,310,836 - (41,742) (406,055) - 3,236,673 Total premises and equipment - accumulated depreciation (581,492) - (264,223) (73) 146,375 - (699,413) Total premises and equipment in operating leases, net 1,792,142 1,310,836 (264,223) (41,815) (259,680) - 2,537,260 (1) See Note 26.3. Impairment, depreciation and amortization. Premises and equipment total Roll - forward Balance at Effect of Balance at Premises and equipment total January 1, Expenses Assets changes in December 31, 2021 Additions depreciation (1) Disposals classified foreign 2021 as held for exchange sale rate In millions of COP Total premises and equipment - cost 6,219,926 1,682,212 - (486,682) (406,171) 202,266 7,211,551 Total premises and equipment - accumulated depreciation (1,917,622) - (466,179) 230,036 146,390 (103,524) (2,110,899) Total premises and equipment, net 4,302,304 1,682,212 (466,179) (256,646) (259,781) 98,742 5,100,652 (1) See Note 26.3. Impairment, depreciation and amortization. As of December 31, 2020 Premises and equipment for own use Roll - forward Balance at Effect of Balance at Premises and equipment for own use January 1, Expenses Assets changes in December 31, 2020 Additions depreciation (1) Disposals classified foreign 2020 as held for exchange sale rate In millions of COP Land Cost 486,915 17,410 - (12,988) - 7,644 498,981 Construction in progress Cost 30,898 38,395 - (7,330) - 1,229 63,192 Buildings Cost 1,606,420 68,785 - (42,705) (2,876) 23,275 1,652,899 Accumulated depreciation (360,921) - (29,982) 10,628 - (10,523) (390,798) Furniture and fixtures Cost 647,278 45,269 - (38,181) - 12,382 666,748 Accumulated depreciation (372,471) - (43,466) 34,473 - (8,428) (389,892) Computer equipment Cost 896,146 123,795 - (144,387) - 20,048 895,602 Accumulated depreciation (558,561) - (104,164) 139,204 - (16,274) (539,795) Vehicles Cost 22,384 8,644 - (3,321) (510) 6 27,203 Accumulated depreciation (11,376) (1,052) (3,966) 1,846 89 (18) (14,477) Leasehold improvements Cost 9,502 52,453 - (20,320) - 32 41,667 Accumulated depreciation (1,031) - (125) 11 - (23) (1,168) Total premises and equipment for own use - cost 3,699,543 354,751 - (269,232) (3,386) 64,616 3,846,292 Total premises and equipment - accumulated depreciation (1,304,360) (1,052) (181,703) 186,162 89 (35,266) (1,336,130) Total premises and equipment for own use, net 2,395,183 353,699 (181,703) (83,070) (3,297) 29,350 2,510,162 (1) See Note 26.3. Impairment, depreciation and amortization. Premises and equipment in operating leases Roll - forward Balance at Effect of Balance at Premises and equipment in operating leases January 1, Expenses Assets changes in December 31, 2020 Additions depreciation (1) Disposals classified foreign 2020 as held for exchange sale rate In millions of COP Furniture and fixtures Cost 103 - - (103) - - - Accumulated depreciation (85) - (5) 90 - - - Computer equipment Cost 55,989 28,059 - (3,410) (6,518) - 74,120 Accumulated depreciation (25,542) - (13,911) 3,127 5,914 - (30,412) Vehicles Cost 1,914,752 798,388 - (13,903) (399,723) (2) - 2,299,514 Accumulated depreciation (512,535) (13,179) (165,084) 4,023 135,695 (2) - (551,080) Total premises and equipment in operating leases - cost 1,970,844 826,447 - (17,416) (406,241) - 2,373,634 Total premises and equipment - accumulated depreciation (538,162) (13,179) (179,000) 7,240 141,609 - (581,492) Total premises and equipment in operating leases, net 1,432,682 813,268 (179,000) (10,176) (264,632) - 1,792,142 (1) See Note 26.3. Impairment, depreciation and amortization. (2) Corresponds to transfers of vehicles to Assets Held for Sale, in the subsidiary Renting Colombia, due to the decrease in demand for vehicle rentals during 2020. Premises and equipment total Roll - forward Balance at Effect of Balance at Premises and equipment total January 1, Expenses Assets changes in December 31, 2020 Additions depreciation (1) Disposals classified foreign 2020 as held for exchange sale rate In millions of COP Total premises and equipment - cost 5,670,387 1,181,198 - (286,648) (409,627) 64,616 6,219,926 Total premises and equipment - accumulated depreciation (1,842,522) (14,231) (360,703) 193,402 141,698 (35,266) (1,917,622) Total premises and equipment, net 3,827,865 1,166,967 (360,703) (93,246) (267,929) 29,350 4,302,304 (1) See Note 26.3. Impairment, depreciation and amortization. As of December 31, 2021, there were contractual commitments for the purchase of premises and equipment of COP 158,128. As of December 31, 2021 and 2020, there was no property and equipment related to subsidiaries classified as held for sale or premises and equipment pledged as collateral. Additionally, the assessment made by the Bank indicates there is no evidence of impairment of its premises and equipment. As of December 31, 2021 and 2020, the amount of fully depreciated property and equipment that is still in use is COP 622,589 and COP 563,625, respectively, mainly comprised of computer equipment, Furniture and fixtures and office equipment. |
INVESTMENT PROPERTIES
INVESTMENT PROPERTIES | 12 Months Ended |
Dec. 31, 2021 | |
INVESTMENT PROPERTIES | |
INVESTMENT PROPERTIES | NOTE 11. INVESTMENT PROPERTIES The table below sets forth the reconciliation between the initial balance account and the balance at the end of the period, at fair value: December 31, 2021 December 31, 2020 In millions of COP Balance at the beginning of the year 2,839,350 1,992,964 Acquisitions 14,709 163,344 Subsequent expenditure recognised as an asset 422,755 105,085 Sales/Write-offs (259,743) (111,092) Amount reclassified from equity securities (1) - 686,114 Amount reclassified from inventories (2) 47,387 6,436 Gains on valuation (3) 67,762 (3,501) Balance at the end of the period (4) 3,132,220 2,839,350 (1) From the year 2020, the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being met in accordance with IFRS 10. These equity securities are considered as a business, because of their capacity to generate income. (2) Returned properties from financial leasing operations were reclassified from inventories to investment property, because they are held for obtaining profits and capital appreciation. (3) See Note 25.4 Other operating income, net. (4) Between December 31, 2021 and 2020, there were no transfers in and out of Level 3 fair value hierarchy related with investment properties. See Note 30 Fair value of assets and liabilities. The valuation adjustments recorded by the Bank related to its investment properties are detailed below: As of December 31, 2021 Balance at the Net increase (decrease) Amount Amount Adjusted fair Type of asset beginning of the Appraisals in investment reclassified reclassified value at the end year properties from inventories from inventories of the year In millions of COP Buildings 2,583,155 72,533 246,645 (1) - 47,387 2,949,720 Lands 256,195 (4,771) (68,924) (2) - - 182,500 Total 2,839,350 67,762 177,721 - 47,387 3,132,220 (1) Corresponds mainly to additions for subsequent expenditure recognised as an asset amounting to COP 422,155 , and the sales amounting to COP 169,866 by Fondo de Capital Privado Fondo Inmobiliario Colombia. (2) Corresponds to the disposal of eight lands by Valores Simesa S.A. As of December 31, 2020 Balance at the Net increase (decrease) Amount Amount Adjusted fair Type of asset beginning of the Appraisals in investment reclassified reclassified value at the end year properties from inventories (1) from inventories of the year In millions of COP Buildings 1,724,719 7,756 158,130 (2) 686,114 6,436 2,583,155 Lands 268,245 (11,257) (793) - - 256,195 Total 1,992,964 (3,501) 157,337 686,114 6,436 2,839,350 (1) From the year 2020, the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being met in accordance with IFRS 10. These equity securities are considered as a business, because of their capacity to generate income. (2) Corresponds mainly to acquisition of buildings amounting to COP 61,719 by Bancolombia S.A. and amounting to COP 74,227 by Fondo de Capital Privado Fondo Inmobiliario Colombia. Amounts recognized in the statement of income for the period. The table sets forth the main income recorded by the Bank related to its investment properties: December 31, 2021 December 31, 2020 December 31, 2019 In millions of COP Income from rentals 139,021 125,494 85,507 Operating expenses due to: Investment properties that generated income through rentals 15,331 16,012 15,669 Investment properties that did not generate income through rentals 10,050 6,004 2,183 Currently, there are no restrictions on the use or income derived from the buildings or lands that the Bank has as investment property. The fair value of the Bank’s investment properties for the year ending at December 31, 2021 and 2020, has been recorded according to the assessment made by independent external consulting companies that have the appropriate capacity and experience in performing those assessments. The appraisers are either approved by the Property Market Auctions of Colombia or foreign appraisers, who are required to provide a second signature by a Colombia appraiser accredited by the Property Market Auctions. Fair value appraisals are carried out in accordance with IFRS 13. The reports made by the external consulting company contain the description of the valuation methodologies used, and key assumptions such as: discount rates, calculation of applied expenses and income approach, among others. The fair value of the investment properties is based on the comparative market approach, which reflects the prices of recent transactions with similar characteristics. Upon determining the fair value of these investment properties, the greater and best use of these investment properties is their present use. For further information about measurement techniques and inputs used by consulting companies, see Note 30 Fair Value of assets and liabilities. As of December 31, 2021 and 2020, the Bank does not have investment properties held under financial leases. |
INCOME TAX
INCOME TAX | 12 Months Ended |
Dec. 31, 2021 | |
INCOME TAX | |
INCOME TAX | NOTE 12. INCOME TAX The income tax is recognized in each of the countries where the Bancolombia Group has operations, in accordance with the tax regulations in force in each of the jurisdictions. 12.1 Components recognized in the income statement: December 31, December 31, December 31, 2021 2020 2019 In millions of Colombian pesos Current tax (1) Fiscal term (1,321,400) (673,603) (1,040,558) Prior fiscal terms 71,932 4,723 (7,908) Total current tax (1,249,468) (668,880) (1,048,466) Deferred tax Fiscal term (2) (530,926) 684,413 (210,898) Adjustments for consolidation purposes 4,169 (8,947) (3,600) Total deferred tax (526,757) 675,466 (214,498) Total income tax (3) (1,776,225) 6,586 (1,262,964) (1) The nominal income tax rate used in Colombia for the year 2021 is 31% and for the year 2020 it was 32% . The Colombian financial institutions of the Group liquidated some additional points in the income tax of 3% for the year 2021 and 4% for the year 2020. (2) The variation is mainly generated by the update of the deferred tax rate introduced by Law 2155 of 2021 from 33% to 38% in Colombia, for financial institutions. (3) See table 12.3 Reconciliation of the effective tax rate. 12.2 Legal regulatory changes Colombia: The applicable Corporate Income Tax rate in Colombia for FY 2022 onwards is 35%. Financial institutions must add a surcharge of 3% on the general rate of the corporate income Tax until 2025. These additional points are applicable when taxable income exceeds over 120.000 UVT. From FY 2022, only 50% of the industry and trade Tax- ITT can be credited against the Corporate Income Tax liability. A reduced statute of limitations has been established for FY 2022 and 2023. The reduced statute of limitations applies for taxpayers that increase their net income tax liability by at least 35% or 25% with respect to the net income tax in the previous year. The limitation period will apply after 6 Article 616-1 of the Tax Statute was modified, leaving transitory paragraph 1 of the same article invalid, therefore, as of the year 2022, an electronic sales invoice, equivalent document and/or electronic documents will be required. current tax regulations as fiscal support for the origin of deductions in income tax and deductible taxes in sales tax (VAT). At the same time, for the purposes of the electronic invoice being deemed as a support of costs, expenses and creditable taxes, when the sale of a good and / or the provision of a service is carried out on credit or a term is extended for the payment, the acquirer must confirm the reception of the electronic invoice and the goods or services acquired by electronic message sent to the issuer for issuance of the same, taking into account the deadlines, as well as the conditions, mechanisms, technical and technological requirements established by the DIAN. The Tax Administration will determine those who are obliged to provide information in accordance with the automatic exchange of information, as well as the information they must provide and the due diligence procedures they must comply with. In addition, authority for the superivision of the due diligence procedures has been transferred to the DIAN and the penalty system for the breach of obligations related to the prevention of money laundering and the financing of terrorism applicable to the entities supervised by the respective superintendence has been deleted. Finally, the definition of “final beneficiary” is modified into the tax legal system. On December 27th of 2021, the tax administration issued Ruling 164 which ruled sections 631-5 y 631-6 of the Colombian Tax code and set forth the terms and conditions applicable to the final beneficiary register by its acronym in spanish RUB. Other Countries: The income tax rate in the other countries where the Group has a presence amounts to 25% in Guatemala and Panama Costa Rica $500.000 12.3 Reconciliation of the effective tax rate The reconciliation between total income tax expenses calculated at the current nominal tax rate and the tax expense recognized in the income statement for the periods ended December 31, 2021, 2020 and 2019 is detailed below: December 31, December 31, December 31, Reconciliation of the tax rate 2021 2020 2019 In millions of Colombian pesos Accounting profit 5,984,012 308,773 4,477,531 Applicable tax with nominal rate (2,034,564) (111,158) (1,477,585) Non-deductible expenses to determine taxable profit (loss) (260,546) (709,601) (281,633) Accounting and non-tax expense (income) to determine taxable profit (loss) 767,857 580,970 822,683 Differences in accounting bases (1) (32,714) (400,042) (304,871) Fiscal and non-accounting expense (income) to determine taxable profit (loss) (285,191) (270,326) (434,929) Ordinary activities income exempt from taxation 412,495 290,822 258,622 Ordinary activities income not constituting income or occasional tax gain 98,870 153,638 173,791 Tax deductions 226,064 112,746 151,011 Goodwill Depreciation 200,617 212,378 194,679 Tax depreciation surplus 140,384 156,998 100,286 Untaxed recoveries (84,692) (35,788) (22,800) Tax rate effect in other countries (2) (384,669) (139,106) (27,038) Prior fiscal terms 71,932 4,723 (7,908) Other effects of the tax rate by reconciliation between accounting profit and tax expense (income) (3) (612,068) 160,332 (407,272) Total income tax (1,776,225) 6,586 (1,262,964) (1) Difference between the technical accounting frameworks in force in Colombia and the full International Financial Reporting Standards (IFRS) (2) The variation originates from the adjustments for the different rates in the jurisdictions where Grupo Bancolombia is present. (3) The variation is mainly generated by the update of the deferred tax rate introduced by Law 2155 of 2021 from 33% to 38% in Colombia, for financial institutions. 12.4 Components recognized in Other Comprehensive Income (OCI) See Consolidated Statement of Comprehensive Income December 31, 2021 In millions of Colombian pesos Amounts before taxes Deferred tax Net taxes Remeasurement income related to defined benefit liability 7,444 (1,791) 5,653 Unrealized gain Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) (1) 3,994 48,153 52,147 Gains due to asset revaluation - (142) (142) Unrealized loss Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) (61,052) 9,527 (51,525) Loss on net investment hedge in foreign operations (1,207,052) 493,346 (713,706) Exchange differences arising on translating the foreign operations. 2,513,742 - 2,513,742 Unrealized gains on investments in associates and joint ventures using equity method 2,913 (982) 1,931 Net 1,259,989 548,111 1,808,100 (1) Includes income tax to partial payments of asset-backed securities transferred to retained earnings and reclassification of income tax on investments in associates that were transferred from retained earnings to OCI. See Consolidated Statement of Comprehensive Income December 31, 2020 In millions of Colombian pesos Amounts before taxes Deferred tax Net taxes Remeasurement income related to defined benefit liability 8,556 (4,940) 3,616 Unrealized loss Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) (1) (132,593) 37,736 (94,857) Gains due to asset revaluation 3,561 (1,211) 2,350 Unrealized gain Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) 53,311 (5,612) 47,699 Loss on net investment hedge in foreign operations (341,792) 39,443 (302,349) Exchange differences arising on translating the foreign operations. 339,475 - 339,475 Unrealized gains on investments in associates and joint ventures using equity method 5,020 (89) 4,931 Net (64,462) 65,327 865 (1) The tax related to financial instruments is segregated between equity instruments and debt instruments, in order to improve the presentation. See Consolidated Statement of Comprehensive Income December 31, 2019 In millions of Colombian pesos Amounts before taxes Deferred tax Net taxes Remeasurement expense related to defined benefit liability (38,451) 14,835 (23,616) Unrealized gain Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) (1) 56,496 (12,607) 43,889 Unrealized gain Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) 27,675 - 27,675 Loss on net investment hedge in foreign operations (60,258) 20,213 (40,045) Exchange differences arising on translating the foreign operations. 104,955 - 104,955 Unrealized gains on investments in associates and joint ventures using equity method 8,151 (32) 8,119 Net 98,568 22,409 120,977 (1) The tax related to financial instruments is segregated between equity instruments and debt instruments, in order to improve the presentation. 12.5 Deferred tax In accordance with its financial projections, the companies from the Bancolombia Group's expects in the future to generate enough liquid income to offset the items recorded as deductible deferred tax. These estimates start from the financial projections that were prepared considering information from the Bancolombia Group's economic research records, the expected economic environment for the next five years. The main indicators on which the models are based are GDP growth, loans growth and interest rates. In addition to these elements, the long-term Group's strategy is taken into account. Effect on Adjustments for December 31, Income Effect on Effect on Foreign consolidation December 31, 2020 Statement OCI Equity Exchange purposes 2021 In millions of Colombian pesos Asset Deferred Tax: Property and equipment 4,041 (1,413) - - 530 - 3,158 Employee Benefits 231,470 49,867 (1,798) - 3,744 - 283,283 Deterioration assessment 860,229 (338,036) - - 91,976 437 614,606 Financial instruments evaluation 4,939 373 71 - - - 5,383 Tax credits settlement 73,051 (43,387) - - - - 29,664 Financial Obligations 45,601 194,501 - - - - 240,102 Net investment coverage in operations abroad 346,956 167,456 493,346 - 2,186 - 1,009,944 Other deductions 111,930 (20,769) - - 621 - 91,782 implementation adjustment 400,123 (13,528) - - 23,409 - 410,004 Total Asset Deferred Tax 2,078,340 (4,936) 491,619 - 122,466 437 2,687,926 Liability Deferred Tax: Property and equipment (288,662) (25,687) (142) - (3,099) - (317,590) Employee Benefits (7) - 7 - - - - Deterioration assessment (14,875) 2,032 - - (4,082) 2,274 (14,651) Financial instruments evaluation (231,491) 148,753 57,609 (15,395) (238) 1,458 (39,304) Derivatives evaluation (113,968) (40,495) - - - - (154,463) Lease restatement (237,852) (13,010) - - - - (250,862) Investments in associates. Adjustment for equity method (784) (176,089) (982) 5,119 - - (172,736) Goodwill (1,184,058) (383,107) - - (2,830) - (1,569,995) Properties received in payment (138,210) (24,448) - - (2,896) - (165,554) Other deductions (240,827) (13,942) - (4,614) (3,858) - (263,241) implementation adjustment (8,405) 3 - - (1,339) - (9,741) Total Liability Deferred Tax (2,459,139) (525,990) 56,492 (14,890) (18,342) 3,732 (2,958,137) Net Deferred Tax (380,799) (530,926) 548,111 (14,890) 104,124 4,169 (270,211) 12.6 Amount of temporary differences in subsidiaries, branches, associates over which deferred tax was not recognized is In accordance with IAS 12, no deferred tax credit was recorded, because management can control the future moment in which such differences are reversed and this is not expected to occur in the foreseeable future. December 31, 2021 December 31, 2020 In millions of Colombian pesos Temporary differences Local Subsidiaries (1,800,928) (1,219,380) Foreign Subsidiaries (17,966,532) (4,547,635) 12.7 Tax credits For the 2021 period, a deferred tax asset was recognized since the Group companies will have future taxable profits in which they can charge this temporary difference. The following is the detail of the fiscal losses and presumptive income excesses over net income in the Group's entities, which have not been used, as of December 31, 2021. Deferred tax Company Base recognized asset In millions of Colombian pesos Renting Colombia 89,501 29,536 Pasarela Colombia 366 128 Total 89,867 29,664 12.8 Dividends 12.8.1 Dividend Payment If the parent company or any of its subsidiaries were to distribute dividends, they would be subject to the tax regulations of each of the countries in which they are decreed and distributed. In the case of Colombian companies, dividends will be subject to the application of Articles 48 and 49 of the Tax Statute and consequently will be subject to withholding at source at the established rates, in accordance with the tax characteristics of each shareholder. 12.8.2 Dividends received from Subsidiary Companies Considering the historical tax status of the dividends received by the Bank from its affiliates and national subsidiaries, it is expected that in the future dividends will be received on the basis of non-income tax. They will not be subject to withholding tax, taking into account that the Bank, its affiliates and national subsidiaries belong to the same business group. 12.9 Tax In the determination of the effective current and deferred taxes subject to review by the tax authority, the relevant regulations have been applied in accordance with the interpretations made by the Group Bancolombia. In Colombia due to the complexity of the tax system, ongoing amendments to the tax regulations, accounting changes with implications on tax bases and in general the legal instability of the country, the tax authority may at any time have different criteria than that of the Bancolombia Group. Consequently, a dispute or inspection by the tax authority on a tax treatment may affect the Group Bancolombia accounting of assets or liabilities for deferred or current taxes, in accordance with the requirements of IAS 12. In the other countries where the Group is present, uncertain tax positions have not not recognized. For Colombia, the Group recognizes uncertain tax positions according to the criteria established in the interpretation of IFRIC 23. Additionally, these positions were updated in the course of 2021. The movement of the provision as of December 2021 is presented below and 2020: Balance December Balance December 2020 Update Payments Reversal 2021 113,522 8,760 - (122,282) - The value of the uncertain tax position was recovered, taking into account that the tax returns on which it was constituted became final in the course of 2021. Balance December Balance December 2019 Update Payments Reversal 2020 102,552 10,970 - - 113,522 |
ASSETS HELD FOR SALE AND INVENT
ASSETS HELD FOR SALE AND INVENTORIES, NET | 12 Months Ended |
Dec. 31, 2021 | |
ASSETS HELD FOR SALE AND INVENTORIES, NET | |
ASSETS HELD FOR SALE AND INVENTORIES, NET | NOTE 13. ASSETS HELD FOR SALE AND INVENTORIES, NET The breakdown of inventories and assets held for sale, net of the Bank is as follows: Assets held for sale and inventories December 31, 2021 December 31, 2020 In millions of COP Inventories, net 413,097 426,642 Assets held for sale 133,697 82,503 Total assets held for sale and inventories, net 546,794 509,145 13.1. Inventories Due to the nature of the financial services provided by some subsidiaries of the Bank, assets provided through operating or financial leases to third parties that do not exercise the purchase option or that do not have a purchase option, are recorded as inventories once the agreement expires, considering that in the course of the ordinary activities performed by such subsidiaries, those assets are routinely sold. The Bank’s inventories at December 31, 2021 and 2020, are summarized as follows: Inventories December 31, 2021 December 31, 2020 In millions of COP Lands and buildings 335,936 380,009 Vehicles 80,064 59,035 Machinery 31,422 30,473 Total inventory cost 447,422 469,517 Impairment (34,325) (42,875) Total inventories, net 413,097 426,642 Impairment is recognized based on market price fluctuation due to the fact that the fair value is determined by the offering price less cost to sell. There are no inventories pledged as collateral for liabilities as of December 31, 2021 and 2020. 13.2. Assets held for sale The assets recognized by the Bank as assets held for sale correspond to machinery, equipment, motor vehicles, technology, and investment property, among others that have been received as foreclosed assets. These assets are subject to a current plan for their sale, which contains the details of the selling price allocation and the advertising and marketing plan. Furthermore, the plan specifies the conditions to proceed with the selling process. The total balance of assets held for sale, by operating segment, are detailed below: As of December 31, 2021 Banking Banking Banking Banking Assets held for sale Colombia Panama El Salvador Guatemala Total In millions of COP Machinery and equipment 2,277 2,063 - - 4,340 Cost 2,305 2,153 - - 4,458 Impairment (28) (90) - - (118) Real estate for residential purposes 9,119 (1) 83,321 (2) 7,419 1,355 101,214 Cost 9,147 85,315 7,642 1,699 103,803 Impairment (28) (1,994) (223) (344) (2,589) Real estate different from residential properties 13,817 (3) 14,326 - - 28,143 Cost 13,817 14,383 - - 28,200 Impairment - (57) - - (57) Total assets held for sale - cost 25,269 101,851 7,642 1,699 136,461 Total assets held for sale - impairment (56) (2,141) (223) (344) (2,764) Total assets held for sale (4) 25,213 99,710 7,419 1,355 133,697 (1) The decrease corresponds to reclassifications to the Marketable and non-marketable for sale assets category. See Note 14 Other assets, net. (2) The increase corresponds to 62 Real estate for residential purposes received during 2021. (3) The increase corresponds to the income from 22 assets, mainly a warehouse received for COP 9,123 . (4) For 2021 there are no assets related to investments held for sale. As of December 31, 2020 Banking Banking Banking Banking Assets held for sale Colombia Panama El Salvador Guatemala Total In millions of COP Machinery and equipment 1,978 1,299 - - 3,277 Cost 2,070 1,384 - - 3,454 Impairment (92) (85) - - (177) Real estate for residential purposes 26,138 35,732 4,918 3,464 70,252 Cost 26,348 37,156 5,120 3,464 72,088 Impairment (210) (1,424) (202) - (1,836) Real estate different from residential properties - 8,974 - - 8,974 Cost - 9,055 - - 9,055 Impairment - (81) - - (81) Total assets held for sale - cost 28,418 47,595 5,120 3,464 84,597 Total assets held for sale - impairment (302) (1,590) (202) - (2,094) Total assets held for sale (1) 28,116 46,005 4,918 3,464 82,503 (1) For 2020 there are no assets related to investments held for sale. Impairment losses are recognized for the difference between the carrying and recoverable amount of the asset. |
OTHER ASSETS, NET
OTHER ASSETS, NET | 12 Months Ended |
Dec. 31, 2021 | |
OTHER ASSETS, NET | |
OTHER ASSETS, NET | NOTE 14. OTHER ASSETS, NET As of December 31, 2021 and 2020 the Bank’s other assets, net consist of: Other Assets, net December 31, 2021 December 31, 2020 In millions of COP Tax advance (1) 1,643,171 1,205,870 Marketable and non-marketable for sale assets 850,688 856,527 Other receivables (2) 777,830 891,811 Assets pledged as collateral 472,443 295,260 Prepaid expenses 454,595 376,608 Receivables related to abandoned accounts (3) 386,451 276,087 Receivable Sales of goods and service 198,453 93,417 Accounts receivable from contracts with customers (4) 182,672 177,991 Taxes receivable 141,624 49,069 Operating leases 109,122 80,056 Balance in credit card clearing house 90,627 163,813 Commission for letters of credit 74,320 24,702 Debtors 19,483 15,723 Others 350,970 213,828 Total other assets 5,752,449 4,720,762 Allowance others (791) (1,560) Total other assets, net 5,751,658 4,719,202 (1) The balance in favor of taxes for the year 2020, requested during the year 2021, is in process with the DIAN. (2) The other receivables are mainly comprised by factoring importations, bank acceptances, reconciling entries from correspondent banks, tax receivables from DIAN, derivative receivables,debt securities and spot transactions, TIP interests, FRECH interest subsidized by the government, among others. (3) The item corresponds to receivables related to the application of the Colombian Law 1777 of February 1, 2016, which establishes that entities holding accounts deemed abandoned must transfer the related amounts to a fund constituted and regulated by the Icetex (Governmental entity responsible for promoting high quality education in Colombia). (4) See Note 25.3 Fees and commissions. |
DEPOSITS BY CUSTOMERS
DEPOSITS BY CUSTOMERS | 12 Months Ended |
Dec. 31, 2021 | |
DEPOSITS BY CUSTOMERS. | |
DEPOSITS BY CUSTOMERS | NOTE 15. DEPOSITS BY CUSTOMERS The detail of the deposits as of December 31, 2021 and 2020 is as follows: Deposits December 31, 2021 December 31, 2020 In millions of COP Saving accounts 106,398,922 86,147,655 Time deposits 59,492,839 61,083,519 Checking accounts 40,567,168 31,894,229 Other deposits 3,931,919 1,695,390 Total 210,390,848 (1) 180,820,793 (1) As of December 31, 2021 includes Nequi Deposits by COP 1,408,869 . The following table details the time deposits issued by the Bank: Time deposits Effective interest rate December 31, 2021 Modality Minimum Maximum Carrying Value Fair value (1) In millions of COP Less than 6 months 0.10 % 6.00 % 14,224,144 14,199,074 Between 6 months and 12 months 0.01 % 6.50 % 6,048,004 6,032,234 Between 12 months and 18 months 0.00 % 7.25 % 5,800,772 5,823,728 Greater than 18 months 0.00 % 9.79 % 33,419,919 34,666,641 Total 59,492,839 60,721,677 (1) See Note 30. Fair value of assets and liabilities. Time deposits Effective interest rate December 31, 2020 Modality Minimum Maximum Carrying Value Fair value (1) In millions of COP Less than 6 months 0.10 % 7.00 % 10,324,370 10,313,384 Between 6 months and 12 months 0.20 % 7.25 % 7,061,159 7,061,834 Between 12 months and 18 months 0.25 % 6.50 % 7,798,737 7,895,539 Greater than 18 months 0.01 % 9.45 % 35,899,253 37,014,083 Total 61,083,519 62,284,840 (1) See Note 30. Fair value of assets and liabilities. The detail of Time deposits issued by the Bank by maturity is as follows: December 31, 2021 Period Carrying value Fair value (1) In millions of COP Less than 1 year 42,595,157 43,621,375 Between 1 and 3 years 11,584,328 11,729,237 Between 3 and 5 years 2,719,748 2,795,178 Greater than 5 years 2,593,606 2,575,887 Total 59,492,839 60,721,677 (1) See Note 30. Fair value of assets and liabilities. December 31, 2020 Period Carrying value Fair value (1) In millions of COP Less than 1 year 43,134,613 43,489,653 Between 1 and 3 years 11,592,876 11,971,664 Between 3 and 5 years 5,194,234 5,538,916 Greater than 5 years 1,161,796 1,284,607 Total 61,083,519 62,284,840 (1) See Note 30 Fair value of assets and liabilities. |
INTERBANK DEPOSITS AND REPURCHA
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING | 12 Months Ended |
Dec. 31, 2021 | |
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING | |
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING | NOTE 16. INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING The following table sets forth information regarding the money market operations recognized as liabilities in the statement of financial position: Interbank and repurchase agreements and other similar secured borrowing December 31, 2021 December 31, 2020 In millions of COP Interbank Deposits Interbank liabilities 886,405 762,574 Total interbank 886,405 762,574 Repurchase agreements and other similar secured borrowing Short selling operations 276,242 128,257 Temporary transfer of securities 487,083 2,087,906 Total Repurchase agreements and other similar secured borrowing (1) 763,325 2,216,163 Total money market transactions 1,649,730 2,978,737 (1) Total repo liabilities have maturities of less than 30 days . Offsetting of Repurchase and Resale Agreements For the Bank and its Colombian subsidiaries, substantially all repurchase and resale activities are transacted under legally enforceable repurchase agreements that give the Bank, in the event of default by the counterparty, the right to liquidate securities held with the same counterparty. However, the local law for certain jurisdictions outside of Colombia applies in determining the enforceability of offsetting rights. The Bank does not offset repurchase and resale transactions with the same counterparty in the consolidated statement of financial position. The table below presents repurchases and resale transactions included in the consolidated statement of financial position at December 31, 2021 and 2020: As of December 31, 2021 Net balance Assets / Amounts offset in presented in the Financial Assets / liabilities gross the statement of statement of financial instruments as liabilities financial position position collaterals net In millions of COP Securities purchased under resale agreements (1) 817,960 - 817,960 (817,960) - Securities sold under repurchase agreements (763,325) - (763,325) 763,325 - Total repurchase and resale agreements 54,635 - 54,635 (54,635) - (1) The amount includes those presented as cash and cash equivalents and those presented as other assets. As of December 31, 2020 Net balance Assets / Amounts offset in presented in the Financial Assets / liabilities gross the statement of statement of financial instruments as liabilities financial position position collaterals net In millions of COP Securities purchased under resale agreements 322,160 - 322,160 (322,160) - Securities sold under repurchase agreements (2,216,163) - (2,216,163) 2,216,163 - Total repurchase and resale agreements (1,894,003) - (1,894,003) 1,894,003 - For further information about offsetting of other financial assets and liabilities see Note 5 Financial assets investments and derivatives. |
BORROWINGS FROM OTHER FINANCIAL
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | 12 Months Ended |
Dec. 31, 2021 | |
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | NOTE 17. BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS As of December 31, 2021 and 2020, the composition of the borrowings from other financial institutions measured at amortized cost is the following: Borrowings from other financial institutions December 31, 2021 December 31, 2020 In millions of COP Obligations granted by domestic banks 4,816,609 6,001,619 Obligations granted by foreign banks 3,734,949 5,200,507 Total 8,551,558 11,202,126 Obligations granted by domestic banks As of December 31, 2021 Rate Rate Financial entity Maximum (1) Minimum (1) December 31, 2021 In millions of COP Financiera de desarrollo territorial (Findeter) 10.79 % 0.11 % 2,259,714 Banco de comercio exterior de Colombia (Bancoldex) 8.66 % 0.77 % 876,498 Fondo para el financiamiento del sector agropecuario (Finagro) 6.00 % 0.03 % 836,185 Other private financial entities 8.62 % 4.24 % 844,212 Total 4,816,609 (1) The increase in the intervention rate issued by Banco de la República during the year 2021, which went from 1.75% to 3.00% , has an impact on the rates of operations in financial obligations. As of December 31, 2020 Rate Rate Financial entity Maximum (1) Minimum (1) December 31, 2020 In millions of COP Financiera de desarrollo territorial (Findeter) 7.32 % 0.02 % 2,561,051 Banco de comercio exterior de Colombia (Bancoldex) 7.85 % 0.44 % 1,460,412 Fondo para el financiamiento del sector agropecuario (Finagro) 6.44 % 0.10 % 1,050,552 Other private financial entities 6.83 % 3.35 % 929,604 Total 6,001,619 (1) The decrease in the intervention rate issued by Banco de la República during the year 2020, which went from 4.25% to 1.75% , has an impact on the rates of operations in financial obligations. The maturities of financial obligations with domestic banks as of December 31, 2021 and 2020, are as follows: Domestic December 31, 2021 December 31, 2020 In millions of COP Amount expected to be settled: More than twelve months after the reporting period 4,595,510 5,387,563 No more than twelve months after the reporting period 221,099 614,056 Total 4,816,609 6,001,619 Obligations granted by foreign banks As of December 31, 2021 Financial entity Rate Maximum Rate Minimum December 31, 2021 In millions of COP Financing with Correspondent Banks and Multilateral Entities 4.46 % 0.53 % 3,169,060 Banco Interamericano de Desarrollo (BID) 4.05 % 1.81 % 525,475 Banco Latinoamericano de Comercio Exterior (Bladex) 2.97 % 2.97 % 40,147 Corporación Andina de Fomento (CAF) 2.44 % 2.44 % 267 Total 3,734,949 As of December 31, 2020 Financial entity Rate Maximum Rate Minimum December 31, 2020 In millions of COP Financing with Correspondent Banks and Multilateral Entities 4.81 % 0.49 % 4,825,811 Banco Interamericano de Desarrollo (BID) 3.25 % 2.58 % 231,563 Banco Latinoamericano de Comercio Exterior (Bladex) 4.75 % 4.60 % 138,116 Corporación Andina de Fomento (CAF) 2.58 % 2.52 % 5,017 Total 5,200,507 The maturities of the financial obligations with foreign entities as of December 31, 2021 and 2020 are the following: Foreign December 31, 2021 December 31, 2020 In millions of COP Amount expected to be settled: No more than twelve months after the reporting period 1,919,781 3,084,730 More than twelve months after the reporting period 1,815,168 2,115,777 Total 3,734,949 5,200,507 As of December 31, 2021 and 2020, there were some financial covenants, mainly regarding capital adequacy ratios, past due loans and allowances, linked to some of the aforementioned outstanding credit facilities. None of these covenants had been breached nor were the related obligations past due. |
DEBT INSTRUMENTS IN ISSUE
DEBT INSTRUMENTS IN ISSUE | 12 Months Ended |
Dec. 31, 2021 | |
DEBT INSTRUMENTS IN ISSUE. | |
DEBT INSTRUMENTS IN ISSUE | NOTE 18. DEBT INSTRUMENTS IN ISSUE Duly authorized by the authority in each country bonds have been issued as follows: As of December 31, 2021 Issuer Currency Face value (1) Balance Rate Range Bancolombia S.A. (2) Local COP 4,158,757 4,190,777 4.35%-10.30% Bancolombia S.A. Foreign USD 2,967,644 11,449,784 0.30%-5.19% Banistmo S.A. y filiales Foreign USD 1,079,981 4,334,751 1.20%-5.00% Banagrícola S.A. y Filiales Foreign USD 162,000 644,557 5.60%-6.40% Bancolombia Panamá S.A. Foreign USD 113,413 457,155 0.45%-3.75% Bancolombia Puerto Rico Internacional Inc. Foreign USD 3,645 14,575 0.95%-0.95% Grupo Agromercantil Holding S.A. Foreign USD 569 2,265 0.25%-7.25% Total 21,093,864 (1) Face value is in US dollar for foreign currency bonds. (2) See Note 18.1. Issue of Bancolombia S.A. sustainable ordinary bonds. As of December 31, 2020 Issuer Currency Face value (1) Balance Rate Range Bancolombia S.A. Local COP 4,125,500 4,159,065 3.37%-10.77% Bancolombia S.A. (2) Foreign USD 2,956,491 9,749,569 0.25%-5.19% Banistmo S.A. y filiales (3) Foreign USD 1,158,763 4,003,076 0.50%-5.00% Banco Agrícola S.A. (4) Foreign USD 212,000 727,116 5.58%-6.41% Bancolombia Panamá S.A. Foreign USD 121,399 426,689 0.40%-3.75% Bancolombia Puerto Rico Internacional Inc. Foreign USD 16,595 57,955 2.30%-2.65% Grupo Agromercantil Holding S.A. Foreign USD 910 3,123 0.25%-7.25% Total 19,126,593 (1) Face value is in US dollar for foreign currency bonds. (2) See Note 18.2. Issue of Bancolombia S.A. ordinary bonds. (3) See Note 18.3. Issue of Banistmo S.A. ordinary bonds. (4) See Note 18.4. Payment of Banco Agrícola S.A. bonds. The following table shows the detail of the bonds classified by currency, term and type of issue: As of December 31, 2021 Less than Between Between Issuer 1 year 1 and 3 years 3 and 5 years Greater than 5 years Total amortized cost In millions of COP Local currency Subordinated bonds (1) - - - 1,213,988 1,213,988 Ordinary bonds - - 164,753 2,812,036 2,976,789 Foreign currency Subordinated bonds (1) - - - 7,753,417 7,753,417 Ordinary bonds 408,859 205,913 331,131 8,203,767 9,149,670 Total 408,859 205,913 495,884 19,983,208 21,093,864 (1) In the event of default of the Bank, the subordinated bonds, will be subordinated to the claims of depositors and all other creditors of the issuer, other than creditors whose claims rank equally with, or are junior to, the claims of the holders of the subordinated liabilities. 18.1 Issue of Bancolombia S.A. sustainable ordinary bonds. On September 16, 2021, Bancolombia S.A. issued in the Colombian public securities market sustainable ordinary bonds in an aggregate principal amount of six hundred thousand million pesos (COP 600,000) (approximately USD 156,848), under the program for ordinary bonds, green bonds, social bonds, sustainable bonds, orange bonds and subordinated bonds. Bids for 1.8 times the aggregate amount of bonds offered were received. The bonds are offered in two series with terms of 3 5 As of December 31, 2020 Issuer Less than Between Between 1 year 1 to 3 years 3 to 5 years Greater than 5 years Total amortized cost In millions of COP Local currency Subordinated bonds (1) - - - 1,216,831 1,216,831 Ordinary bonds - - 154,671 2,787,563 2,942,234 Foreign currency Subordinated bonds (1) - - - 6,659,541 6,659,541 Ordinary bonds 151,992 588,958 284,323 7,282,714 8,307,987 Total 151,992 588,958 438,994 17,946,649 19,126,593 (1) In the event of default of the Bank, the subordinated bonds will be subordinated to the claims of depositors and all other creditors of the issuer, other than creditors whose claims rank equally with, or are junior to, the claims of the holders of the subordinated liabilities. 18.2 Issue of Bancolombia S.A. ordinary bonds. On January 8, 2020, Bancolombia S.A. announced that Citigroup Global Markets Inc. had commenced a foreign in-the-money tender offer to purchase all of the 5.950% ordinary bonds due 2021 issued by the Bank (the "Bonds"), subject to the terms and conditions set forth in the tender offer document ("the Offer"). The Bank redeemed all the remaining bonds that were not purchased in the Offer. On January 23, 2020, the Bank issued USD 950,000 aggregate principal amount of senior notes through an international public offering. The bonds have a 5 year maturity and a coupon of 3% , payable semi-annually on January 29 and July 29 of each year, commencing on July 29, 2020. The Bank used the net proceeds from the issuance of these bonds to complete Offer described above and to redeem the remaining bonds that were not purchased in the Offering. The closing of the issuance occurred on January 29, 2020. 18.3 Issue of Banistmo S.A. ordinary bonds. On July 28, 2020, Banistmo, a subsidiary of the Bancolombia Group in Panama, issued USD 400,000 aggregate principal amount of ordinary bonds, with a term of 7 years and a coupon of 4.250%. 18.4 Payment of Banco Agrícola S.A. bonds. On June 18, 2020, the structured financing transaction for USD 300,371, including principal plus interest, matured and was fully paid. For information related to the disclosures of fair value of the debt securities in issue, see Note 30 Fair value of assets and liabilities. The following is a schedule of the debt instruments in issue by maturity: Issuer December 31, 2021 December 31, 2020 In millions of COP Amount expected to be settled: No more than twelve months after the reporting period 5,697,371 1,514,548 More than twelve months after the reporting period 15,396,493 17,612,045 Total 21,093,864 19,126,593 As of December 31, 2021 and 2020, there were no financial covenants linked to the aforementioned securities in issue, except for some financial covenants related to the Banistmo´s social gender private placement bond. None of these covenants had been breached nor were the related obligations past due. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2021 | |
EMPLOYEE BENEFIT PLANS | |
EMPLOYEE BENEFIT PLANS | NOTE 19. EMPLOYEE BENEFIT PLANS The following table shows liabilities relating to post-employment benefit and long-term benefit plans: December 31, December 31, Post-employment and long-term benefit plans 2021 2020 In millions of COP 19.1 Defined benefit pension plan 168,816 163,204 19.2 Severance obligation 18,429 22,228 19.3 Retirement Pension Premium Plan and Senior Management Pension Plan Premium 219,496 202,580 19.4 Other long term benefits 465,744 465,046 Total Post-employment and long-term benefit plans 872,485 853,058 Fair value Plan assets 34,248 29,113 Total Unfunded Post-employment and long-term benefit plans 838,237 823,945 These benefits include all types of payments that the Bank provides to its employees. The recognition of liabilities related to post-employment and long-term employee benefit plans is based on actuarial computations which involve judgments and assumptions made by management (with the assistance of external actuaries) related to the future macroeconomic and employee demographic factors, among others, which will not necessarily coincide with the future outcome of such factors. As of December 31, 2019, the amount recognized through profit or loss, due to benefit employee plans’ current service cost and interest cost, was COP 135,415; on the other hand, COP 45,340 was recognized through other comprehensive income as a result of the net actuarial gain or loss due to change in assumptions, demographic experience and foreign currency translation effect. Post-employment benefits 19.1 Defined benefit pension plan Colombia Under Colombian law, employee pension obligations are managed as a defined contribution plan since 1990. The Bank’s legal retirement benefit obligation as of December 31, 2020 and 2019 relates to retired employees who rendered services to the Bank before the current regulations took effect. Under this unfunded plan, benefits are based on length of service and level of compensation. As of December 31, 2021, 555 participants were covered by this plan, and as of December 31, 2020, 603 participants. For purposes of the projected assessment of the pension plan obligation, in the absence of an extensive market for high-quality corporate debt, the sovereign bond curve of the Colombian government is used, with maturity similar to the residual life of the obligation of the projected benefit. The net cost of pensions is accounted for in the statement of income as “salaries and employee benefits”, and includes the interest costs and cost of current service. Defined benefit pension plan 2021 2020 In millions of COP Present value of the obligation as of January 1 127,132 129,028 Interest cost 7,011 7,244 Benefits paid (11,545) (12,009) Net actuarial (gain) / loss due to changes in demographic assumptions (7,459) 23 Net actuarial loss due to plan experience (5,121) 2,846 Defined obligation, unfunded as of December 31 110,018 127,132 Panama The Chase Manhattan Bank Corporation, N.A. (formerly “HSBC Bank Panama”, later merged with Banistmo S.A. in 2000) offered a defined benefit pension plan based on the average salaries paid during the 120 most recent months prior to the employee's retirement date and the years of employment service. The right to this plan was obtained after 10 years of service with the organization. This individual plan covered a certain group of employees who were hired by Chase Manhattan Bank Corporation, N.A. and it was not extended to employees of HSBC Bank Panama, now Banistmo, S.A. As of December 31, 2021, and 2020, there were 47 participants (17 participants with deferred benefits and 30 participants receiving benefits), and 50 participants (20 participants with deferred benefits and 30 participants receiving benefits), respectively. Defined benefit pension plan 2021 2020 In millions of COP Present value of the obligation as of January 1 5,920 5,371 Interest cost 150 164 Actuarial (gain) / loss – experience (825) 372 Actuarial loss - financial assumptions 266 353 Benefits paid from plan assets (383) (572) Foreign currency translation effect 897 232 Defined obligation, funded as of December 31 6,025 5,920 Guatemala Grupo Agromercantil Holding has established a retirement pension plan for its employees. Under this plan, the employees are entitled to receive a lifetime payment of 50% of their monthly nominal wage wage Defined benefit pension plan 2021 2020 In millions of COP Present value of the obligation as of January 1 30,152 28,753 Current cost of service 1,664 1,165 Interest cost 2,253 2,597 Benefits paid (1,347) (1,251) Actuarial loss / (gain) - financial assumptions 13,840 (2,052) Foreign currency translation effect 6,211 940 Defined obligation, funded as of December 31 52,773 30,152 19.2 Severance obligation Colombia Under Colombian labor regulations, employees hired before 1990 are entitled to receive severance in an amount equal to one month’s salary for each year of service. This benefit accumulates and is paid to the employees upon their termination or retirement from the Bank, calculated based on the employees’ last salary base; however, employees may request advances against this benefit at any time. In 1990, the Colombian government revised its labor regulations for new employees to permit companies, subject to the approval of the employees, to transfer this severance obligation annually to private pension funds (this scheme of employee benefits is known as the current severance obligation). The Bank’s severance obligations relate to employees hired before 1990. As of December 2021 and 2020, 204 and 287 participants, respectively, were covered by this plan. The balances recognized in the statement of financial position are listed below: Defined benefit severance obligation plan 2021 2020 In millions of COP Present value of the obligation as of January 1 22,228 26,547 Current cost of service 531 716 Interest cost 1,149 1,490 Benefits paid (6,678) (6,214) Net actuarial loss (gain) due to assumption changes and plan experience 1,199 (311) Defined obligation, unfunded as of December 31 18,429 22,228 Current severance regimen (1) 95,331 87,022 Total 113,760 109,250 (1) Corresponds to the amounts pending to transfer to private funds. See Note 20 Other liabilities 19.3 Retirement Pension Premium Plan and Senior Management Pension Plan Premium Colombia Under Colombian labor regulations, employers and employees are entitled to negotiate private agreements. The Bank’s employees and its subsidiaries Valores Bancolombia, Banca de Inversión Bancolombia and Fiduciaria Bancolombia participate in a defined benefit plan according to which they are entitled to receive, on the date of their retirement, a single payment. On the other hand, the Bank has established a retirement benefit plan for its senior management executives. Under this plan, the executives are entitled to receive a one-off payment on their retirement date based on the number of years of service to the organization. El Salvador By means of Decree 592 of 2013, under Salvadorian labor regulations, employees are entitled to receive 15 days of salary for each year of service. This benefit is payable upon retirement, resignation, unjustified dismissal, death and disability. As of December 31, 2021, and 2020, there were 2,738 and 2,819 participants respectively, covered by the plan. Banagrícola S.A established a retirement benefit plan for its senior management executives. Under this plan, the executives are entitled to receive a one-off payment on their retirement date, death or disability based on the number of years of service to the organization. As of December 31, 2021, there was 1 participant covered by the plan. Guatemala Grupo Agromercantil Holding has established a defined benefit plan for its employees. Under this plan, the employees are entitled to receive a one-off payment based on the number of years of service to the organization in the event of waiver before retirement. As of December 31, 2021, and 2020, there were 3,263 and 3,017 participants respectively, covered by the plan. Panama Banistmo S.A established a retirement benefit plan for its senior management executives. Under this plan, the executives are entitled to receive a one-off payment on their retirement date, death or disability based on the number of years of service to the organization. As of December 31, 2021, there was 1 participant covered by the plan. The annual change of the present value of the obligations of defined benefit plans is as follows: Retirement Pension Premium Plan and Senior Management Pension Plan Premium 2021 2020 In millions of COP Present value of the obligation as of January 1 202,580 198,260 Current service cost 18,669 16,626 Interest cost 11,686 11,770 Benefits paid (19,788) (23,226) Past service cost (1) 3,326 381 Others changes (1,900) - Net actuarial (gain) due to assumption changes and plan experience (7,214) (3,745) Foreign currency translation effect (2) 12,137 2,514 Defined obligation, unfunded as of December 31 219,496 202,580 (1) Corresponds to the updating of the percentage of the tax factor used to calculate the total benefit. (2) Corresponds to Grupo Agromercantil Holding S.A. given higher devaluation between COP to USD currencies 19.4 Other long term benefits In addition to legal benefits and the aforementioned post-employment benefits, the Bank grants to its employees other benefits based on the employees’ seniority. For the periods ended December 31, 2021 and December 31, 2020, the reconciliation of the other long term benefits is set below: Other long term benefits 2021 2020 In millions of COP Present value of the obligation as of January 1 465,046 416,969 Current service cost 47,339 40,637 Interest cost 27,490 24,021 First time application effect of IAS 19 to new defined benefit obligation of Banco Agromercantil Holding S.A. at Decembre 31, 2020 (1) - 20,723 Benefits paid (45,086) (37,049) Net actuarial (gain) due to assumption changes and plan experience (2) (34,463) (654) Foreign currency translation effect 5,418 399 Defined obligation, unfunded as of December 31 465,744 465,046 (1) In 2020, Grupo Agromercantil Holding S.A. decided to recognize a new employee benefit plan for its employees based on the continuous and uninterrupted years of service in the organization. (2) Mainly due to changes in the discount rate and the inflation rate used in actuarial valuations of 2021 against 2020. 19.5 Plan Assets Bancolombia The Bank established an asset plan to secure the benefits promised in the Senior Management Pension Plan Premium. The assets plan is managed by a Private Pension Fund. The plan's investment assets are measured at fair value using significant, unobservable market data and, therefore, are classified as Level 3. The plan assets’ fair value as of December 31, 2021 and 2020 is as follow: Bancolombia’s Plan assets 2021 2020 In millions of COP Fair value of assets as of January 1 25,211 31,761 Employee contributions 2,500 - Interest income on plan assets 1,538 1,918 Return on plan assets greater than discount rate 872 629 Benefits paid - (9,097) Fair value assets at the end of the year 30,121 25,211 Banistmo The Bank, through its subsidiary Banistmo, has established a plan with assets to secure benefits promised by Banistmo to the employees entitled to participate in the Pension Plan under the terms described above and to comply with Panama labor code, which specifies the terms for securing the payments to be made in the event of an employee’s termination (voluntary or involuntary) or upon retirement (termination indemnity plan). Banistmo’s pension and post-retirement plan assets consider investments in fixed-term deposits and cash and due from banks, in order to reduce the investment risk. The plan assets are managed by a trustee (third party). Likewise, the assets allocation is periodically reviewed by Banistmo and, when necessary, adjusted according to the investment strategy. The plan's investment assets are measured at fair value using significant, unobservable market data and, therefore, are classified as Level 3. The expected return on assets assumption represents the long term rate of return based on analysis of historical returns, historical asset class volatilities and the fund’s past experience. The components of the periodic net cost of the plans previously mentioned and the total of charges (credits) recognized in the consolidated statement of income are as follows: The following table details the change in plan assets: Banistmo’s Plan assets 2021 2020 In millions of COP Fair value of assets as of January 1 3,902 4,220 Interest income on plan assets 30 40 Return on plan assets less than discount rate - (25) Benefits paid (405) (572) Foreign currency translation effect 600 239 Fair value of assets as of December 31 4,127 3,902 Defined contribution plans The expense recognized in the line “Salaries and employee benefits” of the consolidated statement of income for defined contribution plans, for current severance regimen and pension benefits, is as follows: Defined contribution plans 2021 2020 In millions of COP Pension 186,117 185,925 Current severance regimen 64,075 60,376 Total 250,192 246,301 The economic assumptions used in the determination of the present value of the defined benefit plans, in nominal terms, are as follows: Colombia Main projected assumptions December 31, 2021 December 31, 2020 Discount rate 8.00 % 5.50 % Rate of wage increase 7.20 % 5.75 % Projected inflation 4.70 % 3.25 % Rate of pension increase 4.70 % 3.25 % Bancolombfia Panama Main projected assumptions December 31, 2021 December 31, 2020 Discount rate 2.40 % 2.40 % Rate of wage increase 2.00 % 2.00 % Projected inflation 1.00 % 1.00 % Banistmo Main projected assumptions December 31, 2021 December 31, 2020 Discount rate 3.70 % 2.40 % Expected long-term rate of return on plan assets 0.70 % (1.70) % Rate of wage increase 2.00 % 1.00 % El Salvador Main projected assumptions December 31, 2021 December 31, 2020 Discount rate 2.50 % 2.30 % Rate of wage increase 2.00 % 2.00 % Projected inflation 1.00 % 1.00 % Guatemala Main projected assumptions December 31, 2021 December 31, 2020 Discount rate 6.10 % 8.20 % Rate of wage increase 5.00 % 5.00 % Projected inflation 4.00 % 4.00 % In 2021, the assumption of mortality used in the preparation of the assessment of the estimated liabilities is based on tables RP-2000, CSO-80 and RV-08, which reflect average ages of mortality from 32-75 years. The rate used to discount the obligation of the defined benefit plan to reflect the duration of the labor liabilities as of December 2021 corresponds to the yield of sovereign bonds of each country where the plan is established, either Colombia, Panama, Guatemala and El Salvador, as applicable, since the market transactions of these countries involving corporate bonds of high quality have no high levels of activity. The assumption of the rate of inflation is based on the long term projection of the Central Bank of Colombia, Panama, Guatemala and El Salvador. The nature of the risks related to the obligations aforementioned are summarized below: Investment risk The present value of the obligation for the defined benefits plan is calculated using a discount rate determined with reference to high quality sovereign yields of each country. Currently, the plan includes investment in financial instruments that are not vulnerable to market risks Interest rate risks A reduction of the bond interest rates will increase the obligation of the plan Longevity risk The present value of the obligation of the defined benefit plan is calculated with reference to the highest estimate of the mortality of participants during their time of employment. An increase in the life expectancy of the participants will increase the plan obligation Salary risk The present value of the obligation of the benefit plan is calculated with reference to the future salaries of the participants. As such, an increase in the participants’ wages will increase the obligation of the plan Estimated payment of future benefits The payments of benefits, which reflect future service rendered, are considered to be paid as follows: Years Pension Benefits Other benefits In millions of COP 2022 14,181 65,543 2023 14,213 75,429 2024 14,148 71,459 2025 14,016 71,908 2026 13,895 81,911 2027 a 2031 64,575 419,943 Sensitivity analysis In presenting the sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method used to calculate the defined benefit obligation (DBO) recognized in the Statement of Financial Position. Obligations and expenses will change in the future as a result of future changes in the methods of projection and assumption, participant information, plan provisions and regulations, or as resulting from future gains and losses. There were no changes in the methods and assumptions used in preparing the sensitivity analyses from prior years. Colombia Defined benefit pension plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 8.50 % 0.50% increase (3,657) Discount rate 7.50 % 0.50% decrease 3,904 Salary increases 5.20 % 0.50% increase 4,261 Salary decreases 4.20 % 0.50% decrease (4,019) Mortality Table RV-08 ("Rentistas Validos") One year increase in life expectancy 4,972 Retirement Pension Premium Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 9.25 % 0.50% increase (5,228) Discount rate 8.25 % 0.50% decrease 5,729 Salary increases 7.70 % 0.50% increase 5,815 Salary decreases 6.70 % 0.50% decrease (5,349) Severance obligation Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 7.50 % 0.50% increase (341) Discount rate 6.50 % 0.50% decrease 353 Salary increases 7.70 % 0.50% increase 852 Salary decreases 6.70 % 0.50% decrease (832) Senior Management Pension Plan Premium Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 8.25 % 0.50% increase (882) Discount rate 7.25 % 0.50% decrease 921 Salary increases 7.70 % 0.50% increase 1,105 Salary decreases 6.70 % 0.50% decrease 1,068 Panama Defined benefit pension plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 4.20 % 0.50% increase (254) Discount rate 3.20 % 0.50% decrease 274 Mortality Table RP-2000 One year increase in life expectancy 208 Guatemala Pension Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 6.60 % 0.50% increase (5,156) Discount rate 5.60 % 0.50% decrease 5,984 Salary increases 5.50 % 0.50% increase 3,813 Salary decreases 4.50 % 0.50% decrease (3,415) Mortality Table RP-2000 One year increase in life expectancy 1,755 Retirement Pension Premium Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 5.90 % 0.50% increase (1,666) Discount rate 4.90 % 0.50% decrease 1,764 Salary increases 5.50 % 0.50% increase 1,763 Salary decreases 4.50 % 0.50% decrease (1,680) El Salvador Retirement Pension Premium Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 3.10 % 0.50% increase (1,195) Discount rate 2.10 % 0.50% decrease 1,301 Salary increases 2.50 % 0.50% increase 331 Salary decreases 1.50 % 0.50% decrease (373) Other long term benefits Colombia Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 8.50 % 0.50% increase (14,472) Discount rate 7.50 % 0.50% decrease 15,214 Salary increases 7.70 % 0.50% increase 15,237 Salary decreases 6.70 % 0.50% decrease (14,628) Guatemala Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 6.10 % 0.50% increase (1,119) Discount rate 5.10 % 0.50% decrease 1,207 Salary increases 5.50 % 0.50% increase 1,208 Salary decreases 4.50 % 0.50% decrease (1,130) El Salvador Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 3.00 % 0.50% increase (236) Discount rate 2.00 % 0.50% decrease 253 Bonuses and short-term benefits Short-term employment benefit plans recognized in the Consolidated Statement of Financial Position in the line “other liabilities” consist of the following: December 31, December 31, Other employment benefit plans 2021 2020 In millions of COP Current severance obligation (1) 95,331 87,022 Bonuses and short-term benefits (2) 526,273 11,816 Other employment benefit plans 621,604 98,838 (1) See 19.2 Severance obligation. (2) The increases between December 31, 2021 and 2020, corresponds to the reactivation of bonuses related to employees’ variable compensation. See Note 20 Other Liabilities. |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
OTHER LIABILITIES | |
OTHER LIABILITIES | NOTE 20. OTHER LIABILITIES Other liabilities consist of the following: Other liabilities December 31, 2021 December 31, 2020 In millions of COP Payables 2,491,055 1,967,492 Suppliers 1,435,569 1,119,734 Advances 799,819 779,681 Collection services (1) 716,031 316,749 Bonuses and short-term benefits (2) 526,273 11,816 Deposits delivered as security (3) 376,447 570,097 Salaries and other labor obligations (4) 352,198 311,627 Security contributions 340,322 318,179 Provisions (5) 288,017 346,597 Advances in leasing operations and loans 169,153 123,932 Dividends (6) 78,304 299,495 Deferred interests 77,115 24,929 Liabilities from contracts with customers (7) 55,025 64,071 Other 57,396 110,313 Total 7,762,724 6,364,712 (1) In 2020 there is a decrease for a lower transaction volume, related to the COVID-19 pandemic. (2) For further information, see Note 19 Employee benefit plans (Bonuses and short-term benefits). (3) See Note 5.2 Derivative financial instruments. (4) For more information related to other employee benefits, see Note 19 Employee benefits. (5) See Note 21 Provisions and contingent liabilities. (6) The increase is due to the last installment payment effective for the dividends approved by the annual shareholders’ meeting that took place in 2021 and 2020, respectively. (7) See Note 25.3 Fees and commissions. |
PROVISIONS AND CONTINGENT LIABI
PROVISIONS AND CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
PROVISIONS AND CONTINGENT LIABILITIES | |
PROVISIONS AND CONTINGENT LIABILITIES | NOTE 21. PROVISIONS AND CONTINGENT LIABILITIES 21.1. Provisions The following tables show the detail of the provisions: As of December 31, 2021 Judicial Administrative Financial Loan Onerous proceedings proceedings guarantees (1) commitments (2) contracts (3) Total In millions of COP Balance at January 1, 2021 35,640 2,399 23,035 285,198 325 346,597 Additions recognized in the year 8,766 13,625 8,219 - 938 31,548 Provisions used during the period (5,587) (500) - - - (6,087) Provisions reversed during the period (4,513) (184) (243) (92,567) (167) (97,674) Foreign currency translation adjustment 158 - 100 12,024 - 12,282 Effect of discounted cash flows 1,351 - - - - 1,351 Final balance at December 31, 2021 35,815 15,340 31,111 204,655 1096 288,017 (1) Changes in financial guarantees corresponds to higher provisions in Bancolombia. (2) Changes in loan commitments corresponds to increases in the reversal of the provision in Bancolombia, Banistmo, GAH and Banco Agrícola due to lower risks from the global COVID-19 pandemic. (3) Onerous contracts corresponds to Renting Colombia S.A.S. As of December 31, 2020 Judicial Administrative Financial Loan Onerous proceedings proceedings guarantees (1) commitments (2) contracts (3) Total In millions of COP Balance at January 1, 2020 35,752 6,607 16,945 131,386 - 190,690 Additions recognized in the year 9,063 1,259 6,190 224,603 325 241,440 Provisions used during the period (4,673) (3,059) - - - (7,732) Provisions reversed during the period (5,196) (2,408) (50) (71,497) - (79,151) Foreign currency translation adjustment 382 - (50) 706 - 1,038 Effect of discounted cash flows 312 - - - - 312 Final balance at December 31, 2020 35,640 2,399 23,035 285,198 325 346,597 (1) Changes in financial guarantees corresponds to higher provisions in Bancolombia. (2) Changes in loan commitments corresponds to increases in Bancolombia, Banistmo, GAH and Banco Agrícola due to increased risks from the global COVID-19 pandemic. (3) Onerous contracts corresponds to Renting Colombia S.A.S. The following explains the significant changes in the provisions of financial guarantees and loan commitments during period at December 31, 2021 and 2020 with the expected credit loss model: Stage 1 Stage 2 Stage 3 TOTAL Balance at January 1, 2021 192,597 75,135 40,501 308,233 Transfers (77,194) 3,221 42,737 (31,236) Transfer to stage 1 (45,706) (65,020) (15,063) (125,789) Transfer to stage 2 (23,860) 87,990 (16,801) 47,329 Transfer to stage 3 (7,628) (19,749) 74,601 47,224 Provisions used during the period 241,953 32,694 59,949 334,596 Provisions reversed during the period (229,798) (55,735) (102,418) (387,951) Translation adjustment 7,615 4,462 47 12,124 Balance at December 31, 2021 135,173 59,777 40,816 235,766 Stage1 Stage2 Stage3 TOTAL Balance at January 1, 2020 119,865 28,433 33 148,331 Transfers 30,893 54,918 295 86,106 Transfer to stage 1 75,694 (44,821) - 30,873 Transfer to stage 2 (34,778) 115,398 - 80,620 Transfer to stage 3 (10,023) (15,659) 295 (25,387) Provisions used during the period 95,212 9,283 40,192 144,687 Provisions reversed during the period (54,823) (16,724) - (71,547) Translation adjustment 1,450 (775) (19) 656 Balance at December 31, 2020 192,597 75,135 40,501 308,233 Judicial proceedings Judicial provisions refer to pending legal proceedings on employment matters, ordinary lawsuits, class actions suits, civil actions within criminal prosecutions and executive proceedings against the Bank. In the opinion of management, after receiving pertinent legal advice, the payments estimated to be made in connection with these proceedings will not generate significant losses in addition to the provisions recognized as of December 31, 2021 and 2020. In addition, the Bank does not expect to obtain any reimbursement from judicial proceedings raised against it and, therefore, has not recognized any assets for that purpose, see Note 21.2 Contingent liabilities. Loan commitments In order to meet the needs of its customers, the Bank issues loan commitments, letters of credit and bank guarantees. Loan commitments are those approved irrevocable loans, in which, despite having acquired a commitment to grant them, due to the contract or agreement or for any other reason they are still pending disbursement. See Note 2.D Significant Accounting Policies (7.5.2 Financial guarantee contracts and loan commitments). Financial guarantees The Bank issues bank guarantees on behalf of its customers. A bank guarantee represents an irrevocable commitment pursuant to which the Bank will cover, up to the maximum amount guaranteed,a breach of the client's contractual obligations to third parties for a certain period of time. These are commitments issued by the Bank to guarantee the performance of a customer to a third party and are mainly issued to guarantee agreements established between parties from the energy sector, hydrocarbons sector, private sector and public procurement contracts. The Bank expects most of those guarantees provided to expire before they are used. See Note 2.D Significant Accounting Policies (7.5.2 Financial guarantee contracts and loan commitments). The events or circumstances that would require the Bank to perform under a guarantee are determined by the type of guarantee: Guarantees for the energy sector The Bank is responsible before the guarantee’s beneficiary in the following situations: ● Lack of energy supply due to a low availability from the generating company (the guaranteed entity). ● Non-compliance with the contract signed by the guaranteed entity. ● Non-compliance with the payment of energy supply. ● Non-compliance with the construction and operating of power plants. ● Non-compliance with the construction and operating of transmission lines. Guarantees for the hydrocarbons sector The Bank is responsible before the guarantee’s beneficiary in the following situations: ● Non-compliance with the contractual obligations in the Minimum Exploration Program. ● Non-compliance with the contractual obligations in the Additional Exploratory Program ● Non-compliance with the contractual obligations in the Post Exploratory Program. ● Non-compliance with the Technical Evaluation obligations. Guarantees for public procurement The Bank must pay a state entity up to the amount guaranteed for the breach by the contractor of the contractual or legal obligations agreed. Onerous contracts For the Bank, an onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. Commitment issued by the Bank to guarantee the performance of a customer from the private sector The Bank must pay the third party if there is any breach of what has been agreed upon or due to the economic insolvency of the client. As of December 31, 2021 Maturity Financial Guarantees In millions of COP Guarantees under 1 month 620,120 Guarantees greater than 1 month and up to 3 months 1,051,714 Guarantees greater than 3 months and up to 1 years (1) 5,616,089 Guarantees greater than 1 year and up to 3 years (2) 1,513,774 Guarantees greater than 3 years and up to 5 years 84,273 Guarantees greater than 5 years 150,494 Total 9,036,464 (1) Mainly due to the change in duration for COP 2,505,284 and the opening of guarantees for COP 880,388 that expire in 2022, with the following economic sectors: Energy services and the private sector. (2) Mainly due to the change in duration for COP 3,056,310 and the opening of guarantees for COP 812,403 that expire in 2022, with the economic sector of financial services. As of December 31, 2020 Maturity Financial Guarantees In millions of COP Guarantees under 1 month 388,859 Guarantees greater than 1 month and up to 3 months 616,879 Guarantees greater than 3 months and up to 1 year 2,911,975 Guarantees greater than 1 year and up to 3 years (1) 3,568,858 Guarantees greater than 3 years and up to 5 years 42,788 Guarantees greater than 5 years 144,157 Total 7,673,516 (1) Mainly due to 4 new guarantees amounting to COP 2,909,063 , expiring in 2022 with in Telecommunications and financial sectors. The total amount outstanding is the maximum potential payments which represent a “worse-case scenario”, and does not reflect expected results. The table below shows the maximum exposure to credit risk and provision based on the bank´s internal credit rating system, 12 month Basel PD range and year-end stage classification. As of December 31, 2021 Standard PD range Stage 1 Stage 2 Stage 3 Total Total Exposure Provision Exposure Provision Exposure Provision Exposure Provision In millions of COP Normal risk 0% - 3.11% 8,638,607 15 31,477 2 - - 8,670,084 17 Acceptable risk > 3.11% - 11.15% 189,644 18 30,634 1 - - 220,278 19 Appreciable risk > 11.15% - 72.75% 434 - - - - - 434 - Significant risk > 72.75% - 89.89% - - - - 140,520 30,748 140,520 30,748 Bad risk > 89.89% - 100% - - 4,206 11 942 316 5,148 327 Total 8,828,685 33 66,317 14 141,462 31,064 9,036,464 31,111 As of December 31, 2020 Standard PD range Stage 1 Stage 2 Stage 3 Total Total Exposure Provision Exposure Provision Exposure Provision Exposure Provision In millions of COP Normal risk 0% - 3.11% 6,693,881 30 25,056 - - - 6,718,937 30 Acceptable risk > 3.11% - 11.15% 637,593 211 16,118 8 - - 653,711 219 Appreciable risk > 11.15% - 72.75% 187,633 264 88,103 100 - - 275,736 364 Significant risk > 72.75% - 89.89% - - - - - - - - Bad risk > 89.89% - 100% - - - - 25,132 22,422 25,132 22,422 Total 7,519,107 505 129,277 108 25,132 22,422 7,673,516 23,035 21.2. Contingent liabilities Contingencies with an individual claimed amount against the Bank higher than USD 5,000, with significant importance to the financial statements as of December 31, 2021 are presented below: BANCOLOMBIA Constitutional Public Interest Action (“Acción Popular”) of Carlos Julio Aguilar, et al. This constitutional public interest action (“Acción Popular”) was filed by the plaintiff arguing that the restructuring of the Departamento del Valle’s financial obligations and the performance plan executed, allegedly violates the collective rights of the public administration’s morality and of the public funds of the Departamento del Valle. This action was on hold due to its merger with the constitutional public interest action filed by Carlos Aponte against various financial institutions. As of December 31, 2020, such proceeding is in the evidentiary stage, specifically in the practice of the expert opinion and no provisions have been made. Fiscal Responsibility Lawsuit (“Proceso de responsabilidad fiscal”) between Contraloría Departamental de Cundinamarca vs. GEHS, Bancolombia, et al. The Wastewater Treatments Plant Chía I Delicias Sur of the Municipality of Chía’s development was represented by a leasing agreement entered on September 28, 2015 by and between the Municipality of Chia (tenant) and Bancolombia S.A., valued at USD 5,846. The object of such agreement was the financing of the project, optimization, design and construction of the wastewater treatment plant PTAR Chía I Delicias Sur; as of December 31, 2018, the agreement was in the advances stage (with payment of interest on the disbursements made to the supplier), which refers to the contractual stage in which the proceeds are delivered for the execution of the project in advance of the final payment. The current Mayor of the Municipality of Chía has conveyed anomalies he has found in the execution of the aforementioned project and, as a consequence of the aforementioned anomalies, the Contraloría de Cundinamarca initiated a fiscal responsibility lawsuit for an alleged patrimonial detriment in public funds of the amount of USD 5,846 against GEHS Global Environment and Health Solutions of Colombia (provider), Guillermo Varela Romero, Rafael Antonio Ballesteros Gómez, Luis Alejandro Prieto González and Bancolombia S.A. As of December 31, 2021, the fiscal responsibility lawsuit is pending for the appeal against the decision of the judge that denied the nullity of a judge resolution. The pleadings stage has not started yet. The process has a provision of USD 1,145 . BANISTMO Ordinary claim filed by Menelao Mora and Said Diaz: The plaintiffs seek payment of the costs of the material and moral damages resulting from a criminal proceeding filed by Banistmo (28-10-2004) against them for alleged criminal acts that caused damage to the Bank because of the unauthorized use of credit lines to enterprises for which they acted as legal representatives. The plaintiffs seek damages in the amount of USD 20,000. In initial judgment, Bank was ordered to repair the material damages, product of the criminal process against the plaintiffs, as well as to pay the sum of USD 2,300 to each of the plaintiffs for moral damages. The Bank filed an appeal against the initial judgement, alleging errors made in the consideration of the evidence and legal grounds on which the decision was based. The external counsel has labeled this contingency as probable. Ordinary Claim filed by Deniss Rafael Pérez Perozo, Carlos Pérez Leal et al. Promotora Terramar (a HSBC client) received USD 299 in payments through Visa Gift Cards issued by U.S Bank, as partial payment for two apartments in Panama City. The Credit Card Securities and Fraud Prevention department of the HSBC bank detected an irregular activity promoted by Promotora Terramar on June 3rd, 2008, when a deposit monitoring alert was activated due to the high number of cards with the same BIN and Bank. Therefore, pursuant to the Business Establishments Affiliate Agreement, HSBC held USD 287 from Promotora Terramar´s accounts; nevertheless, after further investigations the money was refunded. The plaintiffs filed on October 2013 a claim for compensation of the material and moral damages caused, which according to their valuation amounts to USD 5,252,435. Although Banistmo was notified on November 26, 2014, as of December 31, 2021, the process is suspended and pending the initiation of the evidentiary stage. The external counsel has labeled this contingency as remote. Constructora Tymsa Lawsuit was initiated after supposed fraudulent acts on a sale of a property owned by the plaintiff. Plaintiff asked to rescind the public documents effecting the transfer of the property, in which Limipa was the buyer. Limipa then took a credit from Banistmo and guaranteed its contractual obligation with an administration and guarantee trust, which was administrated by Banistmo Investments. Tymsa claims that the signature and fingerprint were forged. Plaintiff’s claims are in an amount up to USD 10,000 plus interests and other expenses. Banistmo and Banistmo Investments have contested their responsibility or guilty conduct related to the transfere of the property. Bank’s counselors have qualified this contingency as eventual. As of December 31, the process is in notification stages. BANCO AGRÍCOLA Authority on Taxes The authority on taxes of El Salvador, in accordance with the resolution of October 2018, determined that Banco Agrícola failed to pay and declare income taxes related to fiscal year 2014 for a total of USD 11,116 and related penalties. In 2021, there was a decision on an appeal from the Bank. According to resolution of the appeal, the initial resolution from the authority on taxes was modified, adjusting the tax on income to the amount of USD 6,341 and repealing the penalties aware. The Bank intends to bring the case to the Administrative Judges to have nullified the initial decisions. According to external counselors, this contingency is qualified as remote. As of December 31, 2021, the Bank has not recorden provisions for this matter. ARRENDADORA FINANCIERA S.A. ARFINSA SUBSIDIARY OF BANCO AGRÍCOLA Corporación de Alimentos S.A. de CV- Cordal The plaintiffs filed a claim for alleged damages derived from funds wrongfully delivered to third parties that were not entitled to receive said funds. Arfinsa claims that these funds were not under its responsibility as assignee or administrator. The claim seeks USD 6,454 . As of December 31, 2021, the process is in the evidentiary stage, specifically in the discovery of accounting records. The external counsel has labeled this contingency as remote. BANCO AGROMERCANTIL Superintendence of Tax Administration The Superintendence of Tax Administration of Guatemala (SAT) made a tax adjustment on the Income Tax return duly paid by BAM for 2014 fiscal year for a value of USD 13.617 6.808 6.808 This trial is pending the first decision, as of December 31, 2021. There are no provisions recorded for this lawsuit. Delicarnes, Sociedad Anónima Delicarnes, Sociedad Anónima, acquired a mortgage loan from BAM and failed to pay its obligation on the agreed date, so BAM filed a collection lawsuit against it. Delicarnes, in addition to opposing the collection lawsuit, filed against BAM an ordinary claim for damages caused, on the basis that Delicarnes believes it did not breach the contract and therefore, should not have been sued. In 2021, the court ruled in favor of BAM, in the first instance. The judgement was appealed by the counterparty. As of December 31, 2021, the lawsuit was in appeal stage. There are no provisions recorded for this matter. Dany Ward Mcnab Valladares Lawsuit concluded on April 2021 due to withdrawal by the plaintiffs, after an extrajudicial agreement with BAM. |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2021 | |
SHARE CAPITAL | |
SHARE CAPITAL | NOTE 22. SHARE CAPITAL The subscribed and paid-in capital is the following: Share capital December 31, 2021 December 31, 2020 Authorized shares 1,400,000,000 1,400,000,000 Subscribed and paid-in shares: Ordinary shares with a nominal value of COP 500 pesos 509,704,584 509,704,584 Preferred shares with dividend without voting rights with nominal value of COP 500 pesos 452,122,416 452,122,416 Total subscribed and paid-in shares 961,827,000 961,827,000 Subscribed and paid capital (nominal value, in millions of COP) 480,914 480,914 Dividends declared The declaration, amount and payment of dividends are based on Bancolombia S.A.’s unconsolidated net income. Dividends must be approved at the ordinary general shareholders' meeting upon the recommendation of the Board of Directors. Under the Colombian Commercial Code, after payment of income taxes and appropriation of legal and other reserves, and after setting off losses from prior fiscal years, Bancolombia must distribute to its stockholders at least 50% of its annual net income or 70% of its annual net income if the total amount of reserves exceeds its outstanding capital, unless such minimum percentages are waived by an affirmative vote of the holders of at least 78% of the shares present at the stockholders’ meeting. Such dividend distribution must be made to all stockholders, in cash or in issued stock of Bancolombia, as may be determined by the stockholders, and within a year from the date of the annual general ordinary stockholders' meeting in which the dividend was declared. The payment of dividends must be made in cash during the year following the applicable date for the annual general ordinary stockholders' meeting. If the payment is made in the Bank’s own equity securities instead of cash, that must be approved by 80% of the outstanding common shareholders and 80% of the outstanding preferred shares. The annual net profits of Bancolombia must be applied as follows: (i) first, an amount equal to 10% of Bancolombia’s net profits to a legal reserve until such reserve is equal to at least 50% of the Bank’s paid-in capital; (ii) second, to the payment of the minimum dividend on the preferred shares; and (iii) third, as may be determined in the ordinary annual general ordinary stockholders' meeting by the vote of the holders of a majority of the shares entitled to vote. The Board of Directors of Bancolombia S.A., considering the current capital levels and the results of operations and business of the Bancolombia Group in 2021, and recommended to management to review the dividend policy to increase the percentage of profit distribution to be proposed to shareholders at the next ordinary general shareholders' meeting Dividends declared with respect to Cash dividends per share net income earned in: (Stated in COP) 2021 3,120 2020 260 2019 1,638 2018 1,092 2017 1,020 Common shares The holders of common shares are entitled to vote on any matter subject to approval at an annual general ordinary stockholders' meeting. Within 15 calendar days prior to such meeting, such holders are entitled to inspect the books and records of the Company. Also, the holders of common shares will receive a proportion of the profits subject to the provisions of law, statutes and established at general shareholders’ meeting. The dividend received by holders of common shares may not be higher than the dividend assigned to preferred shares. Preferred shares Holders of preferred shares are entitled to receive dividends based on the net profits of the preceding fiscal year, after deducting losses affecting the capital and once the amount that shall be legally set apart for the legal reserve has been deducted, but before creating or accruing for any other reserve, of a non-cumulative minimum preferred dividend equal to one percent (1%) yearly of the subscription price of the preferred share, provided this dividend is higher than the dividend assigned to common shares. If this is not the case, the dividend shall be increased to an amount that is equal to the per share dividend on the common shares. Payment of the preferred dividend shall be made at the time and in the manner established in the general shareholders’ meeting and with the priority indicated by Colombian law. Any dividend in shares requires the approval of 80% or more of the shares present at a shareholders’ meeting, which will include 80% or more of the outstanding preferred shares. In the event of absence of such holders of preferred shares, a stock dividend only has can be payable to the holders of common shares that aprove this payment. Reserved Shares Stocks that are available between maximum authorized shares and paid-in shares. The Bank has not reserved shares. |
APPROPRIATED RESERVES
APPROPRIATED RESERVES | 12 Months Ended |
Dec. 31, 2021 | |
APPROPRIATED RESERVES | |
APPROPRIATED RESERVES | NOTE 23. APPROPRIATED RESERVES As of December 31, 2021 and 2020, the appropriated retained earnings consist of the following: Concept December 31, 2021 December 31, 2020 In millions of COP Appropriation of net income (1)(2) 13,628,995 13,406,195 Others 1,032,012 424,409 Total Appropiated reserves 14,661,007 13,830,604 (1) The legal reserve fulfills two objetives: to increase and maintain the company's capital and to absorb economic losses. Based on the aforementioned, this amount shall not be distributed in dividends to the stockholders. (2) Includes no claimed dividends reclassification by COP 4,441 pursuant to Article 85 of the Bank’s bylaws. |
UNCONSOLIDATED STRUCTURED ENTIT
UNCONSOLIDATED STRUCTURED ENTITIES | 12 Months Ended |
Dec. 31, 2021 | |
UNCONSOLIDATED STRUCTURED ENTITIES | |
UNCONSOLIDATED STRUCTURED ENTITIES | NOTE 24. UNCONSOLIDATED STRUCTURED ENTITIES Nature and risks associated with the Bank’s interests in unconsolidated structured entities The term "unconsolidated structured entities" refers to all structured entities that are not controlled by the Bank. The Bank manages transactions with unconsolidated structured entities in the normal course of business to facilitate customer transactions and for specific investment opportunities. The table below shows the total assets of unconsolidated structured entities in which the Bank had an interest at the reporting date and its maximum exposure to loss in relation to those interests. As of December 31, 2021 Securitizations The Bank’s managed funds Total In millions of COP Total assets of the entities 1,661,019 167,129,575 168,790,594 The Bank’s interest-assets Investments at fair value through profit or loss 110,026 - 110,026 Investments at fair value through other comprehensive income 42,864 - 42,864 Loans and advances to customers - 5,851,195 5,851,195 Total assets in relation to the Bank’s interests in the unconsolidated structured entities 152,890 5,851,195 6,004,085 The Bank’s maximum exposure 152,890 5,851,195 6,004,085 Fees income 6,936 471,765 478,701 As of December 31, 2020 Securitizations The Bank’s managed funds Total In millions of COP Total assets of the entities 2,405,326 162,021,763 164,427,089 The Bank’s interest-assets - Investments at fair value through profit or loss 154,397 - 154,397 Investments at fair value through other comprehensive income 142,400 - 142,400 Loans and advances to customers - 4,211,304 4,211,304 Total assets in relation to the Bank’s interests in the unconsolidated structured entities 296,797 4,211,304 4,508,101 The Bank’s maximum exposure 296,797 4,211,304 4,508,101 Fees income 8,756 464,805 473,561 The Bank invests in asset-backed securities issued by securitization entities for which underlying assets are mortgages originated by financial institutions. The Bank does not have a significant exposure to sub-prime securities. The asset-backed securities are denominated in local market TIPS and accounted for as investment at fair value through profit or loss. These asset-backed securities have different maturities and are generally classified by credit ratings. The Bank does not expect significant changes in those ratings. Also, the Bank retains beneficial interests in the form of servicing fees on the securitized mortgages. Revenues generated by the Bank´s asset management, are derived from the following type of business lines: related trusts, mutual funds sold to individuals, corporate trusts, escrow accounts, private equity funds, and delegated tailor-made mandates from third parties. Generally, the revenues correspond to the fees received from the management of resources that are invested in several instruments and management of properties and premises related to real estate projects in progress. Likewise, the Bank receives fees for management assets pledged as collateral for clients’ commitments and obligations, and fees from management of resources of government agencies and entities. On the other hand, there is not an additional exposure to loss, such as funding commitments with regards to the Bank’s involvement with those entities. |
OPERATING INCOME
OPERATING INCOME | 12 Months Ended |
Dec. 31, 2021 | |
OPERATING INCOME | |
OPERATING INCOME | NOTE 25. OPERATING INCOME 25.1. Interest and valuation on financial instruments The following table sets forth the detail of interest and valuation on financial asset instruments for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 In millions of COP Interest on debt instruments using the effective interest method 311,488 308,453 160,200 Interest and valuation on financial instruments Debt investments 466,124 533,506 881,985 Derivatives 33,637 (337,796) (182,769) Spot transactions 27,348 20,173 483 Repos (56,555) (1,025) (175,259) Total valuation on financial instruments 470,554 214,858 524,440 Total Interest and valuation on financial instruments 782,042 523,311 684,640 25.2. Interest expenses The following table sets forth the detail of interest on financial liability instruments for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 In millions of COP Deposits (1) 2,814,505 4,084,192 4,164,798 Debt instruments in issue 1,053,441 1,053,989 1,164,808 Borrowing costs (2) 293,949 527,825 627,058 Lease liabilities (3) 111,556 118,600 121,946 Preferred shares 57,701 57,701 57,908 Borrowings from other financial institutions 3,870 5,838 21,663 Other interest 16,534 14,863 21,613 Total interest expenses 4,351,556 5,863,008 6,179,794 (1) The decrease is mainly presented in Bancolombia S.A., due to intervention rate issued by Banco de la República decreased in 2020 until October 2021, which has an impact on the rates of deposits and local borrowing costs. (2) Lower expenses in 2021 due to the annual decrease in financial obligations by COP 2.7 billion; additionally, rates have decreased due to the effects of the global economic situation. Also, the amount in 2019 includes the expense recognized for borrowing costs of the subsidiaries sold for COP 1,224 . (3) For more information refer to Note 7.2 Lessee. Net interest income amounts to COP 11,304,222, COP 10,578,422 and COP 10,608,726 for the years ended December 31, 2021, 2020 and 2019, respectively, and includes interest on loan portfolio and financial leasing operations, interest on debt instruments measured by the effective interest method and interest expense. 25.3. Fees and commissions The Bank has elected to present the income from contracts with customers as an element in a line named “Fees and commissions income” in the consolidated statement of income separated from the other income sources. The information contained in this section about the fees and commission’s income presents information on the nature, amount, timing and uncertainty of the income from ordinary activities which arise from a contract with a customer under the regulatory framework of IFRS 15 Revenue from Ordinary activities from Contracts with Customers. In the following table, the description of the main activities through which the Bank generates revenue from contracts with customers is presented: Fees and Commissions Description Banking services Banking Services are related to commissions from the use of digital physical channels or once the customer makes a transaction. The performance obligation is fulfilled once the payment is delivered to its beneficiary and the proof of receipt of the payment is sent, in that moment, the collection of the commission charged to the customer is generated, which is a fixed amount. The commitment is satisfied during the entire validity of the contract with the customer. The Bank acts as principal. Credit and debit card fees In debit card product contracts, it is identified that the price assigned to the services promised by the Bank to the customers is fixed. Given that no financing component exists, it is established on the basis of the national and international interbank rate. Additionally, the product charges to the customers commissions for handling fees, at a determined time and with a fixed rate. For Credit Cards, the commissions are the handling fees and depend on the card franchise. The commitment is satisfied in so far that the customer has capacity available on the card. Other revenue received by the (issuer) credit card product, is advance commission; this revenue is the charge generated each time the customer makes a national or international advance, at owned or non-owned ATMs, or through a physical branch. The exchange bank fee is a revenue for the Issuing Bank of the credit card for the services provided to the business for the transaction effected at the point of sale. The commission is accrued and collected immediately at the establishment and has a fixed amount. In the credit cards product there is a customer loyalty program, in which points are awarded for each transaction made by the customer in a retail establishment. The program is administrated by a third party who assumes the inventory and claims risks, for which it acts as agent. The Bank, recognized it as a lower value of the revenue from the exchange bank fee. The rights and obligations of each party in respect of the goods and services for transfer are clearly identified, the payment terms are explicit, and it is probable, that is, it takes into consideration the capacity of the customer and the intention of having to pay the consideration at termination to those entitled to change the transferred goods or services. The revenue is recognized at a point in time: the Bank satisfies the performance obligation when the “control” of the goods or services was transferred to the customers. Deposits Deposits are related to the services generated from the offices network of the Bank once a customer makes a transaction. The Bank generally commits to maintain active channels for the products that the customer has with the Bank, with the purpose of making payments and transfers, sending statements and making transactions in general. The commissions are deducted from the deposit account, and they are incurred at a point in time. The Bank acts as principal. Electronic services and ATMs Revenue received from electronic services and ATMs arises through the provision of services so that the customers may make required transactions, and which are enabled by the Bank. These include online and real-time payments by the customers of the Bank holding a checking or savings accounts, with a debit or credit card for the products and services that the customer offers. Each transaction has a single price, for a single service. The provision of collection services or other different services provided by the Bank, through electronic equipment, generates consideration chargeable to the customer established contractually by the Bank as a fee. The Bank acts as principal and the revenue is recognized at a point in time. Brokerage Brokerage is a group of services for the negotiation and administration of operations for purchasing fixed revenue securities, equities and operations with derivatives in its own name, but on the account of others. The performance obligations are fulfilled at a point in time when the commission agent in making its best effort can execute the business entrusted by the customer in the best conditions. The performance obligations are considered satisfied once the service stipulated in the contract is fulfilled, as consideration fixed, or variable payments are agreed, depending on the service. The Bank acts generally as principle and in some special cases as agent. Remittance Revenue for remittance is received as consideration for the commitment established by the Bank to pay remittances sent by the remitting companies to the beneficiaries of the same. The commitment is satisfied at a point in time to the extent that the remittance is paid to the beneficiary. The price is fixed, but may vary in accordance to the transferred amount, due to the operation being dependent on the volume of operations generated and the transaction type. There is no component of financing, nor the right to receive consideration dependent on the occurrence or not of a future event. Acceptances, Guarantees and Standby Letters of Credit Banking Service from acceptances, guarantees and standby letters of credit which are not part of the portfolio of the Bank. There exist different performance obligations; the satisfaction of performance obligations occurs when the service is given to the customer. The consideration in these types of contracts may include fixed amounts, variable amounts, or both, and the Bank acts as principal. The revenue is recognized at a point in time. Trust Revenue related to Trust are received from the administration of the customer resources in the business of investment trusts, property trusts, management trusts, guarantee trusts, for the resources of the general social security system, Collective portfolios and Private Equity Funds (PEF). The commitments are established in contracts independently and in an explicit manner, and the services provided by the Bank are not inter-related between the contracts. The performance obligation corresponds to performing the best management in terms of the services to be provided in relation to trust characteristics, thus fixed and variable prices are established depending on the complexity of the business, similarly, revenues are recognized throughout or at a determined time. In all the established businesses it acts as principal. Placement of Securities Valores Bancolombia makes available its commercial strength for the deposit, reinvestment of resources through financial instruments to the issuing company. It receives a payment for deposits made. The commitment of the contract is satisfied to the extent that the resources requested by the issuer are obtained through the distribution desks of Valores Bancolombia. The collection is made monthly. It is established that Valores Bancolombia may undertake collection of these commissions at the end of the month through a collection account charged to the issuer, acting as principal. Bancassurance The bank receives a commission for collecting insurance premiums at a given time and for allowing the use of its network to sell insurance from different insurance companies over time. The Bank in these bancassurance contracts acts as agent (intermediary between the customer and the insurance company), since it is the insurance company which assumes the risks, and which handles the complaints and claims of the customers inherent in each insurance. Therefore, the insurance company acts as principal before the customer. The prices agreed in bancassurance are defined as a percentage on the value of the policy premiums. The payment shall be tied to the premiums collected, sold or taken for the case of employees’ insurance. The aforementioned then means that the price is variable, since, the revenue will depend on the quantity of policies or calculations made by the insurance companies. Collections The Bank acting as principal, commits to collect outstanding invoices receivable by the collecting customers through the different channels offered by the bank, send the information of the collections made and credit the money to the savings or checking account defined by the collecting customer. The commitment is satisfied at a point in time to the extent that the money is collected by the different channels, the information of the said collections is delivered appropriately, and the resources are credited in real-time to the account agreed with the customer. For the service, the Bank receives a fixed payment, which is received for each transaction once the contract is in effect. Services These are the maintenance services performed on the fleet owned by the customers, these services are performed on demand, and the value of the service cost is invoiced plus an intermediation margin. The collection is made by the amount of expense invoiced by the provider plus an intermediation percentage, which ranges between 0% and 4% depending on the customer. The contract is written, is based on a framework contract which is held between the customers which contains the general terms of negotiation and the payment terms are generally 30 days after generating the invoice. The revenue is recognized when the service is provided. There is no financing nor sanctions for early cancellations. In logistic operation services the contract is written, with a defined duration, and details the rights and obligations of the parties. In general terms, the Bank commits to provide to customers merchandise transport services, which includes the driver, fuel, maintenance, tolls and other elements required to carry out the routes requested by the customer. Once the trip is finished, the price is variable and is determined by the average cost per route, which is updated at the start of the year. At the end of the month an adjustment is made to this price, with the actual costs incurred in the operation, such as the fuel, tolls, handling, maintenance, administrative expenses, among others. To view the details of the balance, refer to line ‘Services’ in Note 25.4 Other operational Income. Gains on sale of assets These are the revenue from the sale of assets, where the sale value is higher than the book value recorded in the accounts, the difference representing the gains. The recognition of the revenue is at a point in time once the sale is realized. The Bank acts as principal in this type of transaction and the transaction price is determined by the market value of the asset being sold. To view the details of the balance, refer to line ‘Gain on sale of assets’ in Note 25.4 Other operational Income. Investment Banking Investment Banking offers to customer’s financial advisory services in the structuring of businesses in accordance with the needs of each one of them. The advisory services consist in realizing a financial structuring of a credit or bond in which the Investment Bank offers the elements so that the company decides the best option for structuring the instrument. In the financial advisory contract, a best efforts clause is included. The promises given to the customers are established in the contracts independently and explicitly. The services provided by the Invesment Bank are not interrelated between the contracts, correspond to the independent advice agreed and do not include additional services in the commission agreed with the customer. The advisory services offered in each one of the contracts are identifiable separately from the other performance commitments that the Investment Bank may have with the customers. The Investment Bank does not have a standard contract for the provision of advisory services, given than each contract is tailored to the customer’s needs. The transaction price is defined at the start of the contract and is assigned to each service provided independently. The price contains a fixed and a variable portion which is provided in the contracts. The variation depends on the placement amount for the case of a financial structuring contract and coordination of the issuance and conditions of the same. In these operations Banca de Inversion Bancolombia provides advice to the customers and the price shall depend at times on the success and amount of the operation. In the contracts subject to evaluation there are no incremental costs associated with the satisfaction of the commitments of the Bank with the customers provided for. In the contracts signed with the customers, a penalty clause is established in case of a customer withdrawing from continuing with the provision of the services established in the commercial offer. The penalty shall be recognized in the financial statements once the Investment Bank is notified on the withdrawal under the concept of charges for early termination of the contract. The Bank presents the information on revenue from contracts with customers in accordance with its operating segments defined earlier in Note 3 Operating Segments for each of the principal services offered. The following table shows the balances categorized by nature and by segment of revenue from ordinary activities from contracts with customers, for further information about composition of Bank’ segments see Note 3 Operating segments: As of December 31, 2021 Banking Banking Banking El Banking Investment International All Other Total Colombia Panama Salvador Guatemala Trust Banking Brokerage Banking Segments Revenue from contracts with customers In millions of COP Fees and Commissions Banking services 414,870 69,379 118,532 56,548 - - - 22,902 - 682,231 Credit and debit card fees and commercial estabilshments 1,830,128 174,226 168,273 61,831 - - - 1,663 - 2,236,121 Brokerage - 12,661 - - - - 14,193 - - 26,854 Acceptances, Guarantees and Standby Letters of Credit 43,863 16,125 6,928 3,716 - - - 1,917 - 72,549 Trust - 17,420 6,567 704 347,838 - 90,548 46 - 463,123 Placement of securities and investment banking - 1,998 1,353 - - 79,521 11,481 - - 94,353 Bancassurance (1) 636,632 49,730 129 - 40 10 51 - - 686,592 Payment and collections 723,297 10,064 - - - - - - - 733,361 Others 192,682 - 57,942 37,109 - - 1,009 6,781 3,097 298,620 Total revenue from contracts with customers (1) 3,841,472 351,603 359,724 159,908 347,878 79,531 117,282 33,309 3,097 5,293,804 (1) Decrease in revenues due to the number of claims arising from the impact of the global COVID-19 pandemic. As of December 31, 2020 Banking Banking Banking El Banking Investment International All Other Total Colombia Panama Salvador Guatemala Trust Banking Brokerage Banking Segments Revenue from contracts with customers In millions of COP Fees and Commissions Banking services 329,281 77,727 105,821 49,782 - - - 20,234 - 582,845 Credit and debit card fees and commercial estabilshments 1,484,085 147,448 126,857 85,643 - - - 1,834 - 1,845,867 Brokerage - 10,047 - 9 - - 18,308 - - 28,364 Acceptances, Guarantees and Standby Letters of Credit 38,864 13,976 5,112 2,713 - - - 1,109 - 61,774 Trust 844 18,089 1,868 788 349,127 - 81,373 46 2,115 454,250 Placement of securities and investment banking - 789 1,723 - - 37,354 12,170 - - 52,036 Bancassurance 685,783 42,697 139 - 8 3 12 - - 728,642 Payment and collections 595,222 - - - - - - - - 595,222 Others 157,303 - 48,272 37,333 15 90 765 5,673 (38) 249,413 Total revenue from contracts with customers 3,291,382 310,773 289,792 176,268 349,150 37,447 112,628 28,896 2,077 4,598,413 As of December 31, 2019 Banking Banking Banking El Banking Investment International All Other Total Colombia Panama Salvador Guatemala Trust Banking Brokerage Banking Segments Revenue from contracts with customers In millions of COP Fees and Commissions Banking services 422,943 77,976 99,222 52,627 - - - 15,683 - 668,451 Credit and debit card fees and commercial estabilshments 1,421,039 200,372 117,541 78,764 - - - 4,230 - 1,821,946 Brokerage - 7,893 - 24 - - 18,617 - - 26,534 Acceptances, Guarantees and Standby Letters of Credit 32,829 14,369 5,541 2,440 - - - 844 - 56,023 Trust - 13,033 1,713 572 349,402 - 80,534 41 509 445,804 Placement of securities and investment banking - 391 1,496 - - 30,142 6,961 - - 38,990 Bancassurance 607,758 35,014 160 - 36 7 51 - - 643,026 Payment and collections 623,758 - - - - - - - - 623,758 Others 161,420 1,007 42,636 36,427 - 680 7,201 5,002 79 254,452 Total revenue from contracts with customers 3,269,747 350,055 268,309 170,854 349,438 30,829 113,364 25,800 588 4,578,984 For the determination of the transaction price, the Bank assigns to each one of the services the amount which represents the value expected to be received as consideration for each independent commitment, which is based on the relative price of independent sale. The price that the Bank determines for each performance obligation is done by defining the cost of each service, related tax and associated risks to the operation and inherent to the transaction plus the margin expected to be received in each one of the services, taking as references the market prices and conditions, as well as the segmentation of the customer. In the transactions evaluated in the contracts, changes in the price of the transaction are not identified. Contract Assets The Bank receives payments from customers based on the provision of the service, in accordance to that established in the contracts. When the Bank incurs costs for providing the service prior to the invoicing, and if these are directly related with a contract, they improve the resources of the entity and are expected to recuperate, these costs correspond to a contract asset. Currently, the Group does not have assets related to contracts with customers. As a practical expedient, the Bank recognizes the incremental costs of obtaining a contract as an expense when the amortization period of the asset is one year or less. Contract Liabilities The contract liabilities constitute the obligation of the Bank to transfer the services to a customer, for which the Group has received a payment on the part of the final customer or if the amount is due before the execution of the contract. They also include deferred income related to services that shall be delivered or provided in the future, which will be invoiced to the customer in advance, but which are still not due. The contract liabilities increased COP 9,046 in 2021. The changes in contract liabilities are due to performance circumscribed in the contract. The following table shows the detail of accounts receivable, and contract liabilities balances as at December 31, 2021, 2020 and 2019: 2021 2020 2019 In millions of COP Accounts receivable from contracts with customers (1) 182,672 177,991 203,198 Liabilities from contracts with customers (2) 55,025 64,071 60,791 (1) Allowances for receivables from customers are COP 16,537 , COP 36,061 and COP 9,769 for the year 2021, 2020 and 2019 respectively. The increase in 2021 for impairment, corresponds to the growth of accounts receivable for credit card fees, due to the additional extensions granted to customers, according to External Circulars 007, 009, 014 and 022 of 2020 of the SFC. (2) See Note 20 Other liabilities. Fees and Commissions Expenses Fees and Commissions Expenses 2021 2020 2019 In millions of COP Banking services 798,729 587,531 585,593 Sales, collections and other services (1) 619,715 558,038 423,630 Correspondent banking (2) 307,308 213,850 176,326 Payments and collections 26,897 20,034 44,990 Others 108,034 182,132 322,700 Total expenses for commissions 1,860,683 1,561,585 1,553,239 (1) Increase in 2021 due to greater demand for attention through the telephone channel (contact center services). (2) The increase is due to higher transactions, due to the opening of new correspondents in 2021. 25.4. Other operating income The following table sets forth the detail of other operating income net for the years ended December 31, 2021, 2020 and 2019: Other operating income 2021 2020 2019 In millions of COP Leases (1) 936,574 711,575 682,525 Net foreign exchange and Derivatives Foreign exchange contracts (2) 296,534 599,396 219,835 Gains on sale of assets (3) 227,445 65,932 93,548 Services 140,451 143,145 170,494 Investment property valuation (4) 67,762 (3,501) 93,197 Other reversals 56,381 70,352 49,079 Insurance (5) 54,833 59,514 60,452 Penalties for failure to contracts 15,680 8,207 28,554 Hedging (6,133) (3,746) 663 Others 232,614 193,698 136,900 Total Other operating income 2,022,141 1,844,572 1,535,247 (1) As of December 31, 2021, 2020 and 2019, the amount consists of income from operating leases for COP 787,561 , COP 577,449 and COP 562,067 (See Note 7.1. Lessor); property leases for COP 139,021 , COP 125,494 and COP 85,507 (See Note 11. Investment properties); and other assets leases for COP 9,992 , COP 8,632 and COP 34,951 ; respectively. (2) Corresponds to the management of assets and liabilities in foreign currencies and the volatility of the U.S. dollar. (3) The increase in 2021 corresponds mainly to gains on assets held for sale, mainly vehicles and assets returned from leasing contracts. (4) At the end of 2020 there was a devaluation of investment properties, as a result of the conditions of each property and the effect of the COVID-19 pandemic. See Note 11. Investment properties. (5) Corresponds to income from insurance operations of Seguros Agromercantil S.A., which operates in Guatemala. 25.5. Dividends and net income on equity investments The following table sets forth the detail of dividends received, and share of profits of equity method investees for the years ended December 31, 2021, 2020 and 2019: Dividends and net income on equity investments 2021 2020 2019 In millions of COP Equity method (1) 199,652 136,596 249,231 Dividends (2) 108,079 14,217 84,183 Gains on sale of investments in associates (3) 9,896 - 77,916 Equity investments (4) 7,253 (27,795) 71,207 Impairment of investments in associates (5) (1,733) (4,399) - Others (6) 5,197 4,706 (101,938) Total dividends received, and share of profits of equity method investees 328,344 123,325 380,599 (1) Corresponds to income from equity method of investments in associates as of December 31, 2021 and 2020 for COP 179,033 and COP 123,676 , respectively, and joint ventures for COP 20,619 and COP 13,019 , respectively. For further information, see Note 8 investments in associates and joint ventures. (2) Dividends received from equity investments at fair value through profit or loss as of December 31, 2021, 2020 and 2019 amount COP 40,439 , COP 650 and COP 73,685 , respectively. The increase in 2021 is explained by the dividends of the privileged share of Tuya S.A. Dividends from equity investments at fair value through OCI amount COP 12,665 , COP 13,567 and COP 10,498 , respectively. As of December 31, 2021, 2020 and 2019, the amount includes dividends of investments derecognised for COP 251 , COP 490 and COP 4,100 , respectively. (3) Corresponds to the payment of the contingent value, as resulting from the sale made in 2019 of investments in associates Avefarma S.A.S, Glashfarma Tech S.A.S and Panamerican Pharmaceutical Holding Inc. (4) During 2020, the losses in the investment portfolios of the Bank are due to the negative macroeconomic impacts generated by the global COVID-19 pandemic. (5) For 2021 and 2020, corresponds to the recognized impairment losses of the associate Internacional Ejecutiva de Aviación S.A.S. For further information, see Note 8 Investments in associates and joint ventures. (6) In 2021, corresponds to gains recognized by the Bank as the difference between book value and fair value of Vlipco S.A.S. previous to its acquisition date, the transaction was made in November 2021. For further information, see Note 9.3 Business combinations. In 2020, corresponds to the valuation of the financial liability that the Bank had with BAM Financial Corporation (BFC), due to its obligation to pay cash in future to purchase the non-controlling shares of Grupo Agromercantil Holding pursuant to an outstanding put option expiring in 2024. In February 2020, BFC notified its decision to exercise the contractual put option for the sale of the GAH common stock held, and in September, 2020, the Bank purchased 40% of the common stock of GAH from BFC, after obtaining the neccesary regulatory approvals. |
OPERATING EXPENSES
OPERATING EXPENSES | 12 Months Ended |
Dec. 31, 2021 | |
OPERATING EXPENSES | |
OPERATING EXPENSES | NOTE 26. OPERATING EXPENSES 26.1. Salaries and employee benefit The detail for salaries and employee benefits for the years ended December 31, 2021, 2020 and 2019 is as follows: Salaries and employee benefit 2021 2020 2019 In millions of COP Salaries 1,648,872 1,568,432 1,449,765 Bonuses (1) 714,353 112,843 560,149 Private premium 384,056 402,154 378,979 Social security contributions 355,166 334,831 319,424 Indemnization payment 137,453 100,228 140,633 Other benefits 542,696 526,242 517,874 Total Salaries and employee benefit 3,782,596 3,044,730 3,366,824 (1) The decrease in 2020 corresponds to the suspension of bonuses related to the variable compensation of Grupo Bancolombia employees during this year. 26.2. Other administrative and general expenses The detail for administrative and general expenses for the years ended December 31, 2021, 2020 and 2019 is as follows: Other administrative and general expenses 2021 2020 2019 In millions of COP Fees (1) 756,835 539,473 531,669 Maintenance and repairs 592,493 580,752 599,519 Insurance 495,146 518,553 423,785 Data processing 363,105 307,609 234,219 Frauds and claims 201,115 144,689 65,589 Transport 198,828 178,841 212,582 Advertising 153,066 128,011 151,246 Public services 149,029 110,998 116,837 Cleaning and security services 111,717 106,112 100,593 Contributions and affiliations 101,727 95,638 73,689 Communications 71,861 75,847 77,375 Trust (2) 64,575 34,470 59,334 Properties improvements and installation 64,554 46,489 51,187 Useful and stationery 53,476 50,575 83,891 Real estate management 28,962 26,968 25,012 Others 115,431 195,764 262,531 Total other administrative and general expenses 3,521,920 3,140,789 3,069,058 Taxes other than income tax (3) 719,593 765,766 757,820 (1) The Increase generated mainly by digital transformation fees. (2) The increase is mainly to the payment of yields trust. The yields for 2020 were impacted by the COVID-19 pandemic. (3) See Note 12 Income tax. 26.3. Impairment, depreciation and amortization The detail for Impairment, depreciation and amortization for the years ended December 31, 2021, 2020 and 2019 is as follows: Impairment, depreciation and amortization 2021 2020 2019 In millions of COP Depreciation of premises and equipment (1) 466,179 360,703 358,439 Amortization of intangible assets (2) 198,169 163,754 141,104 Depreciation of right-of-use assets 190,819 211,910 177,709 Impairment of other assets, net (3) 65,391 101,423 147,338 Total impairment, depreciation and amortization 920,558 837,790 824,590 (1) See Note 10 Premises and equipment, net. (2) See Note 9 Goodwill and intangibles assets, net (3) The detail of the impairment of other assets net by operating segments for the years ended December 31, 2021, 2020 and 2019 is presented in the table below: Impairment (recovery) of other assets, net 2021 2020 2019 In millions of COP Banking Colombia (1) 38,632 47,420 108,861 Banking Panamá 17,962 13,211 17,869 Banking Guatemala (2) 7,554 42,006 29,930 All other segments 848 1,339 792 International Banking - 182 933 Brokerage - - 1 Banking El Salvador 395 (2,735) (11,048) Total 65,391 101,423 147,338 (1) Corresponds to impairment of foreclosed assets. (2) Corresponds mainly to the recognition of impairment of North Shore Development Company S.A. in 2020, sold in 2021. During 2021, 2020 and 2019 there did not materialize significant cybersecurity breaches according to the data security policies established by Management.blished by the management. |
EARNING PER SHARE ('EPS')
EARNING PER SHARE ('EPS') | 12 Months Ended |
Dec. 31, 2021 | |
EARNING PER SHARE ('EPS') | |
EARNING PER SHARE ('EPS') | NOTE 27. EARNING PER SHARE (‘EPS’) Basic EPS is calculated by reducing the income from continuing operations by the amount of dividends declared in the current period for each class of stock and by the contractual amount of dividends that must be paid for the current period, considering the allocation of remaining earnings to common stock and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. EPS is determined by dividing the total earnings allocated to each security by the weighted average number of common shares outstanding. Diluted EPS assumes the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. The Bank had no dilutive potential common shares as of December 31, 2021, 2020 and 2019. The following table summarizes information related to the computation of basic EPS for the years ended December 31, 2021, 2020 and 2019 (in millions of pesos, except per share data): 2021 2020 2019 Income from continuing operations before attribution of non-controlling interests 4,207,787 315,359 3,214,567 Less: Non-controlling interests from continuing operations 120,992 39,365 97,216 Net income from continuing operations 4,086,795 275,994 3,117,351 Less: Preferred dividends declared 59,851 682,876 435,810 Less: Allocation of undistributed earnings to preferred stockholders 1,830,636 (583,718) 998,864 Net income allocated to common shareholders for basic and diluted EPS 2,196,308 176,836 1,682,677 Weighted average number of common shares outstanding used in basic EPS calculation (In millions) 510 510 510 Basic and Diluted earnings per share to common shareholders 4,309 347 3,301 Basic and Diluted earnings per share from continuing operations 4,309 347 3,301 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 28. RELATED PARTY TRANSACTIONS IAS 24 Related Party Disclosures requires that an entity discloses: (a) Transactions with its related parties; and (b) Relationships between a parent and its subsidiaries irrespective of whether there have been transactions between them. Under IAS 24, an entity must disclose transactions with its related parties, outstanding balances, including commitments, recognized in the consolidated and separate financial statements of a parent or investors with joint control or significant influence over, an investee presented in accordance with IFRS 10 Consolidated Financial Statements. Under this standard parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions, or one other party controls both. This definition applies to the Bank in the cases below: ● Stockholders with ownership interest equal or higher than 20% of the Bank’s capital: - Grupo de Inversiones Suramericana S.A. - Fondo Bancolombia ADR Program. ● Members of Board of Directors and Senior Management, understood as the president and corporate Vice-presidents, as well as their close relatives (spouse and children) and the companies in which they have a participation of 10% or more of the Bank's capital. ● Associates and joint ventures for which the Bank provides commercial banking services and deposits. For these purposes all companies in which the Bank has joint control or significant influence have been included. For more information see note 8. Investments in associates and joint control. The Parent Company provides banking and financial services to its related parties in order to satisfy their liquidity needs, and except for the intercompany merger agreement described below, these transactions are conducted on similar terms to third-party transactions and are not individually material. In the case of treasury operations, Bancolombia operates between its own position and its related parties through transactional channels or systems established for this purpose and under the conditions established by current regulations Between the Parent Company and its related parties, during the periods ending at December 31, 2021, 2020 and 2019, there were no: - Loans that for its contractual terms do not represent a lending transaction. - Loans with interest rates different to those that are ordinarily paid or charged to third parties in similar conditions of term, risk, etc. - No guarantees, pledges or commitments have been given or received in respect of the aforementioned transactions. As of December 31, 2021 Stockholders with an interest equal or Directors and Associates and higher than 20% of senior joint ventures the Bank's capital (1) management In millions of COP Assets Financial assets investments 2,755 - 9,635 Derivative financial instruments - 25 - Loans and advances to customers 937,190 17,821 234,956 Allowance for loans, advances and lease losses (3,028) (84) (5,360) Investment in associates and joint ventures - - 2,720,559 Other assets 7,644 913 172,636 Total assets 944,561 18,675 3,132,426 Liabilities Deposits by customers 2,101,846 8,162 195,647 Derivative financial instruments - - 7,782 Other liabilities 1,120 387 36,596 Total liabilities 2,102,966 8,549 240,025 Income Interest and other operating income 766,772 857 27,440 Valuation on financial instruments (1,840) 1,112 (8,405) Dividends and net income on equity investments 58 - 289,423 Other income - - 52,582 Net income 764,990 1,969 361,040 Expenses Interests and other operating expenses 20,315 224 137,786 Fees 1,243 1,700 977 Other expenses 72,435 4 30,784 Total expenses 93,993 1,928 169,547 (1) Includes Grupo Sura conglomerate. As of December 31, 2020 Stockholders with an interest equal or Directors and Associates and higher than 20% of senior joint ventures the Bank’s capital (1) management In millions of COP Assets Financial assets investments 742 - 9,786 Derivative financial instruments - 108 2,327 Loans and advances to customers 1,080,819 17,270 231,371 Allowance for loans, advances and lease losses (3,035) (71) (153) Investment in associates and joint ventures - - 2,506,315 Other assets 11,549 2,122 59,158 Total assets 1,090,075 19,429 2,808,804 Liabilities Deposits by customers 2,136,549 8,092 178,382 Derivative financial instruments 513 - - Other liabilities 6,859 - 26,779 Total liabilities 2,143,921 8,092 205,161 Income Interest and other operating income 816,502 975 25,589 Valuation on financial instruments 2,383 160 7,557 Dividends and net income on equity investments 78 - 136,596 Other income - - 47,916 Net income 818,963 1,135 217,658 Expenses Interests and other operating expenses 62,134 243 82,500 Fees 2,601 1,675 703 Other expenses 148,850 55 22,830 Total expenses 213,585 1,973 106,033 (1) Includes Grupo Sura conglomerate. As of December 31, 2019 Stockholders with an interest equal or Directors and Associates and higher than 20% of senior joint ventures the Bank’s capital (1) management In millions of COP Assets Financial assets investments 14,369 - 34,378 Derivative financial instruments - 235 6,581 Loans and advances to customers 1,115,151 20,910 130,170 Allowance for loans, advances and lease losses (2,007) (75) (160) Investment in associates and joint ventures - - 2,367,757 Other assets 54,563 773 53,830 Total assets 1,182,076 21,843 2,592,556 Liabilities Deposits by customers 1,761,362 4,345 156,516 Other liabilities 1,379 - 33,705 Total liabilities 1,762,741 4,345 190,221 Income Interest and other operating income 738,594 231 10,830 Valuation on financial instruments (63) 1,349 Dividends and net income on equity investments 33 - 316,270 Other income - - 99,424 Net income 738,627 168 427,873 Expenses Interests and other operating expenses 66,286 160 47,840 Fees 540 1,236 1,197 Other expenses 131,938 52 24,359 Total expenses 198,764 1,448 73,396 (1) Includes Grupo Sura conglomerate. During the years ending December 31, 2021, 2020 and 2019, the Bank paid fees to the directors of COP 1,655, COP 1,675 and COP 1,236, respectively, as compensation for attending meetings of Board and Support Committees (Audit Committee, etc.). The payments to senior management in the same periods were COP 10,487, COP 14,786, and COP 16,488 for short-term benefits, COP 604, COP 50 and COP 439 for long-term benefits, and COP 3,207, COP 9,592 and COP 2,112 for other payments for post – employement benefits, respectively. The Parent company, which is also the ultimate parent company, is Bancolombia S.A. Transactions between companies included in consolidation, described in the significant accounting policies, see Note 2.C.1 Subsidiaries, meet the definition of related party transactions and were eliminated from the consolidated financial statements. |
LIABILITIES FROM FINANCING ACTI
LIABILITIES FROM FINANCING ACTIVITIES | 12 Months Ended |
Dec. 31, 2021 | |
LIABILITIES FROM FINANCING ACTIVITIES | |
LIABILITIES FROM FINANCING ACTIVITIES | NOTE 29. LIABILITIES FROM FINANCING ACTIVITIES The following table presents the reconciliation of the balances of liabilities from financing activities as of December 31, 2021 and 2020: Non-cash changes Balance as of Foreign January 1, 2021 Cash flows currency Interests Other Balance as of translation accrued movements December 31, 2021 adjustment In millions of COP Liabilities from financing activities Repurchase agreements and other similar secured borrowing 2,216,163 (1,457,203) 4,365 - - 763,325 Borrowings from other financial institutions (1) 11,202,126 (4,558,397) 1,624,466 293,949 (10,586) 8,551,558 Debt instruments in issue (1) 19,126,593 (1,425,634) 2,339,464 1,053,441 - 21,093,864 Preferred shares (2) 584,204 (57,701) - 57,701 - 584,204 Total liabilities from financing activities 33,129,086 (7,498,935) 3,968,295 1,405,091 (10,586) 30,992,951 (1) The cash flows disclosed in this table related with Borrowings from other financial institutions and Debt securities in issue include the interests paid during the year amounting to COP 293,817 and COP 941,459 , respectively, which are classified as cash flows from operating activities in the consolidated statement of cash flow. (2) The cash flow amounting to COP 57,701 corresponds to the fixed minimum dividend paid to the preferred shares' holders and is included in the line "dividends paid" of the consolidated statement of cash flow, which includes the divideds paid during the year to both preferred and common shares holders. Non-cash changes Balanceasof Foreign January 1, 2020 Cash flows currency Interests Other Balance as of translation accrued movements December 31, 2020 adjustment In millions of COP Liabilities from financing activities Repurchase agreements and other similar secured borrowing 1,313,737 903,120 (694) - - 2,216,163 Borrowings from other financial institutions (1)(2) 13,959,343 (4,137,376) 837,779 527,825 14,555 11,202,126 Debt instruments in issue (1) 19,921,515 (2,608,701) 759,790 1,053,989 - 19,126,593 Preferred shares (3) 584,204 (57,701) - 57,701 - 584,204 Total liabilities from financing activities 35,778,799 (5,900,658) 1,596,875 1,639,515 14,555 33,129,086 (1) The cash flows disclosed in this table related with Borrowings from other financial institutions and Debt securities in issue include the interests paid during the year amounting to COP 553,125 and COP 992,952 , respectively, which are classified as cash flows from operating activities in the consolidated statement of cash flow. (2) Borrowings from other financial institutions cash flows include COP 1,117,680 related to acquisition of 40% of interest in Grupo Agromercantil Holding (GAH), which are classified as cash flows from operating activities in the consolidated statement of cash flow. (3) The cash flow amounting to COP 57,701 corresponds to the fixed minimum dividend paid to the preferred shares' holders and is included in the line "dividends paid" of the consolidated statement of cash flow, which includes the divideds paid during the year to both preferred and common shares holders (4) |
FAIR VALUE OF ASSETS AND LIABIL
FAIR VALUE OF ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
FAIR VALUE OF ASSETS AND LIABILITIES | |
FAIR VALUE OF ASSETS AND LIABILITIES | NOTE 30. FAIR VALUE OF ASSETS AND LIABILITIES The following table presents the carrying amount and the fair value of the assets and liabilities as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Carrying Fair Carrying Fair amount Value amount Value In millions of COP Assets Debt instruments at fair value through profit or loss 15,036,467 15,036,467 15,571,214 15,571,214 Debt instruments at fair value through OCI 7,245,451 7,245,451 8,238,981 8,238,981 Debt instruments at amortized cost 6,527,230 6,502,271 5,154,601 5,200,688 Derivative financial instruments 2,454,005 2,454,005 2,800,719 2,800,719 Equity securities at fair value 480,153 480,153 588,207 588,207 Loans and advances to customers, net 204,459,001 213,262,329 174,793,687 183,162,834 Investment property 3,132,220 3,132,220 2,839,350 2,839,350 Investments in associates (1) 1,358,368 1,358,368 1,263,765 1,263,765 Total 240,692,895 249,471,264 211,250,524 219,665,758 Liabilities Deposits by customers (210,390,848) (211,619,686) (180,820,793) (182,022,114) Interbank deposits (886,405) (886,405) (762,574) (762,574) Repurchase agreements and other similar secured borrowing (763,325) (763,325) (2,216,163) (2,216,163) Derivative financial instruments (1,961,109) (1,961,109) (2,381,326) (2,381,326) Borrowings from other financial institutions (8,551,558) (8,551,558) (11,202,126) (11,202,126) Preferred shares (584,204) (604,025) (584,204) (602,987) Debt instruments in issue (21,093,864) (21,696,836) (19,126,593) (20,530,091) Total (244,231,313) (246,082,944) (217,093,779) (219,717,381) (1) It corresponds to investments in associates P.A Viva Malls and Distrito Vera. See Note 8 Investments in associates and joint ventures. · IFRS 13 establishes a fair value hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable, that reflects the significance of inputs adopted in the measurement process. In accordance with IFRS the financial instruments are classified as follows: Level 1: Level 2: Level 3 : · The valuation to fair value prices is performed using prices, methodologies and inputs provided by the official pricing services provider (Precia) to the Bank. All methodologies and procedures developed by the pricing services provider are supervised by the SFC, which has not objected to them. On a daily basis, the back-office Service Valuation Officer (SVO) verifies the valuation of investments, and the Credit and Financial Risk Manager area reports the results of the portfolio’s valuation. Fair value measurement Assets and liabilities a. Debt instruments The Bank assigns prices to those debt investments, using the prices provided by the official pricing services provider (Precia) and assigns the appropriate level according to the procedure described above. For securities not traded or over-the-counter such as certain bonds issued by other financial institutions, the Bank generally determines fair value utilizing internal valuation and standard techniques. These techniques include determination of expected future cash flows which are discounted using curves of the applicable currencies and the Colombian consumer price index (interest rate in this case), modified by the credit risk and liquidity risk. The interest rate is generally computed using observable market data and reference yield curves derived from quoted interest in appropriate time bandings, which match the timings of the cash flows and maturities of the instruments. b. Equity securities The Bank performs the market price valuation of its investments in variable income using the prices provided by the official pricing services provider (Precia) and classifies those investments according to the procedure described above (Hierarchy of fair value section). Likewise, the fair value of unlisted equity securities is based on an assessment of each individual investment using methodologies that include publicly-traded comparables derived by multiplying a key performance metric (e.g., earnings before interest, taxes, depreciation and amortization) of the portfolio company by the relevant valuation multiple observed for comparable companies, acquisition comparables, and if necessary considered, are subject to appropriate discounts for lack of liquidity or marketability. Interests in investment funds, trusts and collective portfolios are valued using the investment unit value determined by the fund management company. For investment funds where the underlying assets are investment properties, the investment unit value depends on the investment properties value, determined as described below in “i. Investment property”. c. Derivative financial instruments The Bank holds positions in standardized derivatives, such as futures over local stocks, and over the representative exchange rate (TRM). These instruments are evaluated according to the information provided by Precia, which perfectly matches the information provided by the Central Counterparty Clearing House – CCP. Additionally, the Bank holds positions in OTC derivatives, which in the absence of prices, are valued using the inputs and methodologies provided by the pricing services provider. The key inputs depend upon the type of derivative and the nature of the underlying instrument and include interest rate yield curves, foreign exchange rates, the spot price of the underlying volatility, credit curves and correlation of such inputs. d. Credit valuation adjustment The Bank measures the effects of the credit risk of its counterparties and its own creditworthiness in determining fair value of the swap, option and forward derivatives. Counterparty credit-risk adjustments are applied to derivatives when the Bank’s position is a derivative asset and the Bank’s credit risk is incorporated when the position is a derivative liability. The Bank attempts to mitigate credit risk to third parties which are international banks by entering into master netting agreements. The agreements allow to offset or bring net amounts that are liabilities, derivates from transactions carried out by the different agreements. Master netting agreements take different forms and may allow payments to be made under a variety of other master agreements or other negotiation agreements between the same parties; some may have a monthly basis and others only apply at the time the agreements are terminated. When assessing the impact of credit exposure, only the net counterparty exposure is considered at risk, due to the offsetting of certain same-counterparty positions and the application of cash and other collateral. The Bank generally calculates the asset’s credit risk adjustment for derivatives transacted with international financial institutions by incorporating indicative credit related pricing that is generally observable in the market (“CDS”). The credit-risk adjustment for derivatives transacted with non-public counterparties is calculated by incorporating unobservable credit data derived from internal credit qualifications to the financial institutions and corporate companies located in Colombia. The Bank also considers its own creditworthiness when determining the fair value of an instrument, including OTC derivative instruments if the Bank believes market participants would take that into account when transacting the respective instrument. The approach to measuring the impact of the Bank’s credit risk on an instrument transacted with international financial institutions is done using the asset swap curve calculated for subordinated bonds issued by the Bank in foreign currency. For derivatives transacted with local financial institutions, the Bank calculates the credit risk adjustment by incorporating credit risk data provided by rating agencies and released in the Colombian financial market. e. Impaired loans measured at fair value The Bank measured certain impaired loans based on the fair value of the associated collateral less costs to sell. The fair values were determined as follows using external and internal valuation techniques or third party experts, depending on the type of underlying asset. For vehicles under leasing arrangements, the Bank uses an internal valuation model based on price curves for each type of vehicle. Such curves show the expected price of the vehicle at different points in time based on the initial price and projection of economic variables such as inflation, devaluation and customs. The prices modelled in the curves are compared every six months with market information for the same or similar vehicles and in the case of significant deviation; the curve is adjusted to reflect the market conditions. Other vehicles are measured using matrix pricing from a third party. This matrix is used by most of the market participants and is updated monthly. The matrix is developed from values provided by several price providers for identical or similar vehicles and considers brand, characteristics of the vehicles, and manufacturing date among other variables to determine the prices. For real estate assets, a third-party qualified appraiser is used. The methodologies vary depending on the date of the last appraisal available for the property (the appraisal is estimated based on either of three approaches: cost, sales comparison and income approach, and is required every three years). When the property has been valued in the last 12 months and the market conditions have not shown significant changes, the most recent valuation is considered the fair value of the property. For all other cases (for example, appraisals older than 12 months) the value of the property is updated by adjusting the value in the last appraisal for weighted factors such as location, type and characteristics of the property, size, structural conditions and the expected sales prices, among others. The factors are determined based on current market information gathered from several external real estate specialists. f. Assets held for sale measured at fair value less cost of sale The Bank measures certain impaired foreclosed assets and premises and equipment held for sale based on fair value less costs to sell. The fair values were determined using external and internal valuation techniques, depending on the type of underlying asset. Those assets are comprised mainly of real estate properties for which the appraisal is conducted by experts considering factors such as the location, type and characteristics of the property, size, physical conditions and expected selling costs, among others. Likewise, in some cases the fair value is estimated considering comparable prices or promises of sale and offering prices from auctions process. g. Mortgage-backed securities (“TIPS”) and Asset-Backed securities The Bank invests in asset-backed securities for which underlying assets are mortgages and earnings under contracts issued by financial institutions and corporations, respectively. The Bank does not have a significant exposure to sub-prime securities. The asset-backed securities are denominated in local market TIPS and are classified as fair value through profit or loss. These asset-backed securities have different maturities and are generally classified by credit ratings. TIPS are part of the Bank portfolio and its fair value is measured with published price by the official pricing services provider. These securities are leveled by margin and are assigned level 2 or 3 based on the Precia information. Residual TIPS have their fair value measured using the discounted flow method, taking into account the amortization tables of the Titularizadora Colombiana, the betas in COP and UVR of Precia (used to construct the curves) and the margins; when they are residual TIPS of subordinated issues, a liquidity premium is applied. These securities are assigned level 3. h. Investments in associates measured at fair value The Bank recognizes its investments in P.A Viva Malls and P.A Distrito Vera as an associate at fair value. The estimated amount is provided by the fund manager as the variation of the units according to the units owned by the FCP Fondo Inmobiliario Colombia. The associate’s assets are comprised of investment properties which are measured using the following techniques: comparable prices, discounted cash flows, replacement cost and direct capitalization. For further information about techniques methodologies and inputs used by the external party see “Quantitative Information about Level 3 Fair Value Measurements”. i. Investment property The Bank’s investment property is valued by external experts, who use valuation techniques based on comparable prices, direct capitalization, discounted cash flows and replacement costs. Assets and liabilities measured at fair value on a recurring basis The following table presents for each of the Fair-Value hierarchy levels the Bank’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2021 and 2020: Financial Assets December 31, 2021 December 31, 2020 Type of instrument Fair value hierarchy Total fair Fair value hierarchy Total fair Level 1 Level 2 Level 3 value Level 1 Level 2 Level 3 value In millions of COP Investment securities Debt instruments at fair value through profit or loss Securities issued by the Colombian Government 8,377,741 600,743 - 8,978,484 9,177,665 1,262,313 - 10,439,978 Securities issued or secured by government entities - 67,395 - 67,395 - 72,401 - 72,401 Securities issued by other financial institutions 197,315 378,787 113,058 689,160 138,101 461,349 122,285 721,735 Securities issued by foreign governments 3,083,180 2,097,595 - 5,180,775 3,211,372 1,023,427 - 4,234,799 Corporate bonds 28,483 92,170 - 120,653 25,161 66,348 10,792 102,301 Total debt instruments at fair value through profit or loss 11,686,719 3,236,690 113,058 15,036,467 12,552,299 2,885,838 133,077 15,571,214 Debt instruments at fair value through OCI Securities issued by the Colombian Government - 2,515,927 - 2,515,927 - 2,552,041 - 2,552,041 Securities issued by other financial institutions 188,638 122,020 - 310,658 230,095 542,640 - 772,735 Securities issued by foreign governments 2,672,889 1,621,060 - 4,293,949 2,561,302 2,253,751 - 4,815,053 Corporate bonds 87,021 37,896 - 124,917 62,556 36,596 - 99,152 Total debt instruments at fair value through OCI 2,948,548 4,296,903 - 7,245,451 2,853,953 5,385,028 - 8,238,981 Total debt instruments 14,635,267 7,533,593 113,058 22,281,918 15,406,252 8,270,866 133,077 23,810,195 Equity securities Equity securities 35,833 109,314 335,006 480,153 90,988 51,863 445,356 588,207 Total equity securities 35,833 109,314 335,006 480,153 90,988 51,863 445,356 588,207 Derivative financial instruments Forwards Foreign exchange contracts - 251,299 478,068 729,367 - 582,282 392,843 975,125 Equity contracts - 6,483 313 6,796 - 1,688 - 1,688 Total forwards - 257,782 478,381 736,163 - 583,970 392,843 976,813 Swaps Foreign exchange contracts 1,007,173 415,182 1,422,355 - 794,202 152,851 947,053 Interest rate contracts 89,069 111,696 46,393 247,158 30,146 673,723 136,173 840,042 Total swaps 89,069 1,118,869 461,575 1,669,513 30,146 1,467,925 289,024 1,787,095 Options Foreign exchange contracts 368 3,578 44,383 48,329 22 2,277 34,512 36,811 Total options 368 3,578 44,383 48,329 22 2,277 34,512 36,811 Total derivative financial instruments 89,437 1,380,229 984,339 2,454,005 30,168 2,054,172 716,379 2,800,719 Investment properties Lands - - 182,500 182,500 - - 256,195 256,195 Buildings - - 2,949,720 2,949,720 - - 2,583,155 2,583,155 Total investment properties - - 3,132,220 3,132,220 - - 2,839,350 2,839,350 Investment in associates at fair valure P.A Viva Malls - - 1,355,688 1,355,688 - - 1,263,765 1,263,765 P.A Distrito Vera - - 2,680 2,680 - - - - Total investment in associates at fair value - - 1,358,368 1,358,368 - - 1,263,765 1,263,765 Total 14,760,537 9,023,136 5,922,991 29,706,664 15,527,408 10,376,901 5,397,927 31,302,236 Financial liabilities December 31, 2021 December 31, 2020 Type of instrument Fair value hierarchy Total fair Fair value hierarchy Total fair Level 1 Level 2 Level 3 value Level 1 Level 2 Level 3 value In millions of COP Derivative financial instruments Forwards Foreign exchange contracts - (535,535) (70,002) (605,537) - (823,360) (57,254) (880,614) Equity contracts - (25,068) - (25,068) - (15,333) - (15,333) Total forwards - (560,603) (70,002) (630,605) - (838,693) (57,254) (895,947) Swaps Foreign exchange contracts - (798,396) (162,442) (960,838) - (581,120) (34,505) (615,625) Interest rate contracts (76,925) (227,220) (4,312) (308,457) (26,940) (773,774) (2,439) (803,153) Total swaps (76,925) (1,025,616) (166,754) (1,269,295) (26,940) (1,354,894) (36,944) (1,418,778) Options Foreign exchange contracts - (61,209) - (61,209) (17) (66,584) - (66,601) Total options - (61,209) - (61,209) (17) (66,584) - (66,601) Total derivative financial instruments (76,925) (1,647,428) (236,756) (1,961,109) (26,957) (2,260,171) (94,198) (2,381,326) Total (76,925) (1,647,428) (236,756) (1,961,109) (26,957) (2,260,171) (94,198) (2,381,326) Fair value of assets and liabilities that are not measured at fair value in the Statement of Financial Position The following table presents for each of the fair-value hierarchy levels the Bank’s assets and liabilities that are not measured at fair value in the statement of financial position, but for which the fair value is disclosed at December 31, 2021 and 2020: Assets December 31, 2021 December 31, 2020 Type of instrument Fair value hierarchy Total fair Fair value hierarchy Total fair Level 1 Level 2 Level 3 value Level 1 Level 2 Level 3 value In millions of COP Debt instruments Securities issued by the Colombian Government 147,502 - - 147,502 131,530 - - 131,530 Securities issued or secured by government entities - 50,598 2,647,497 2,698,095 - - 2,423,639 2,423,639 Securities issued by other financial institutions 294,421 294,717 3,106 592,244 238,317 - 32,428 270,745 Securities issued by foreign governments 318,035 182,987 - 501,022 239,623 150,667 - 390,290 Corporate bonds 1,039,185 15,034 1,509,189 2,563,408 644,745 13,265 1,326,474 1,984,484 Total – Debt instruments 1,799,143 543,336 4,159,792 6,502,271 1,254,215 163,932 3,782,541 5,200,688 Loans and advances to customers, net 213,262,329 213,262,329 - - 183,162,834 183,162,834 Total 1,799,143 543,336 217,422,121 219,764,600 1,254,215 163,932 186,945,375 188,363,522 Liabilities December 31, 2021 December 31, 2020 Type of instruments Fair value hierarchy Total fair Fair value hierarchy Total fair Level 1 Level 2 Level 3 value Level 1 Level 2 Level 3 value In millions of COP Deposits by customers - (24,126,509) (187,493,177) (211,619,686) - (29,309,307) (152,712,807) (182,022,114) Interbank deposits - - (886,405) (886,405) - - (762,574) (762,574) Repurchase agreements and other similar secured borrowing - - (763,325) (763,325) - - (2,216,163) (2,216,163) Borrowings from other financial institutions - - (8,551,558) (8,551,558) - - (11,202,126) (11,202,126) Debt instruments in issue (11,673,618) (1) (7,948,718) (2,074,500) (21,696,836) (10,507,774) (8,407,005) (1,615,312) (20,530,091) Preferred shares - - (604,025) (604,025) - - (602,987) (602,987) Total (11,673,618) (32,075,227) (200,372,990) (244,121,835) (10,507,774) (37,716,312) (169,111,969) (217,336,055) (1) Change of level in bonds issued by Bancolombia according to its market liquidity. IFRS requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the statement of financial position, for which it is practicable to estimate fair value. Certain categories of assets and liabilities, however, are not eligible for fair value accounting. The financial instruments below are not measured at fair value on a recurring and nonrecurring basis: Short-term financial instruments Short-term financial instruments are valued at their carrying amounts included in the consolidated statement of financial position, which are reasonable estimates of fair value due to the relatively short period to maturity of the instruments. This approach was used for cash and cash equivalents, accrued interest receivable, customers’ acceptances, accounts receivable, accounts payable, accrued interest payable and bank acceptances outstanding. Deposits from customers The fair value of time deposits was estimated based on the discounted value of cash flows using the appropriate discount rate for the applicable maturity. Fair value of deposits with no contractual maturities represents the amount payable on demand as of the statement of financial position date. Interbank deposits and repurchase agreements and other similar secured borrowings Short-term interbank borrowings and repurchase agreements have been valued at their carrying amounts because of their relatively short-term nature. Long-term and domestic development bank borrowings have also been valued at their carrying amount because they bear interest at variable rates. Borrowings from other financial institutions The fair value of borrowings from other financial institutions were determined using discounted cash flow models. The cash flows projection of capital and interest was made according to the contractual terms, considering capital amortization and interest bearing. Subsequently, the cash flows were discounted using reference curves formed by the weighted average of the Bank’s deposit rates. Debt instruments in issue The fair value of debt instruments in issue, comprised of bonds issued by Bancolombia S.A. and its subsidiaries, was estimated substantially based on quoted market prices. The fair value of certain bonds which do not have a public trading market, were determined based on the discounted value of cash flows using the rates currently offered for bonds of similar remaining maturities and the Bank’s creditworthiness. Preferred shares In the valuation of the liability component of preferred shares related to the minimum dividend of 1% of the subscription price, the Bank uses the Gordon Model to price the obligation, taking into account its own credit risk, which is measured using the market spread based on observable inputs such as quoted prices of sovereign debt. The Gordon Model is commonly used to determine the intrinsic value of a stock based on a future series of dividends that are estimated by the Bank and growth at a constant rate considering the Bank’s own perspectives of the payout ratio. Loans and advances to customers Estimating the fair value of loans and advances to customers is considered an area of considerable uncertainty as there is no observable market. The loan portfolio is stratified into tranches and loans segments suchs as commercial, consumer, small business loans, mortgage and leasing. The fair value of loans and advances to customers and financial institutions is determined using a discounted cash flow methodology, considering each credit’s principal and interest projected cash flows to the prepayment date. The projected cash flows are discounted using reference curves according to the type of loan and its maturity date. Items Measured at fair value on a non-recurring basis The Bank measures assets held for sale based on fair value less costs to sell. This category includes certain foreclosed assets and investments in associates held for sale. The fair values were determined using external and internal valuation techniques or third party experts, depending on the type of underlying asset. The following breakdown sets forth the fair value hierarchy of those assets classified by type: December 31, 2021 December 31, 2020 Fair-value hierarchy Total fair Fair-value hierarchy Total fair Level 1 Level 2 Level 3 value Level 1 Level 2 Level 3 value In millions of COP Machinery and equipment - - 4,340 4,340 - - 3,277 3,277 Real estate for residential purposes - - 101,214 101,214 - - 70,252 70,252 Real estate different from residential properties - - 28,143 28,143 - - 8,974 8,974 Total - - 133,697 133,697 - - 82,503 82,503 Changes in Level 3 Fair-Value category The table below presents reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during 2021 and 2020: As of December 31, 2021 Balance, Included Transfers Transfers Balance, January 1, in OCI Purchases Settlement Reclassifications Prepaids in to out of December 31, 2021 earnings level3 level3 2021 In millions of COP Assets Debt instruments at fair value though profit or loss Securities issued or secured by other financial entities 122,285 (106) - 5,034 (14,623) - (32,211) 32,679 - 113,058 Corporate bonds 10,792 - - - (7,127) - - (3,665) - Total 133,077 (106) - 5,034 (21,750) - (32,211) 32,679 (3,665) 113,058 Derivative financial instruments Foreign exchange contracts 580,206 105,528 - 532,190 (456,806) (19,593) - 235,709 (39,601) 937,633 Interest rate contracts 136,173 (37,024) - 6,635 (26,569) (7,308) - 13,812 (39,326) 46,393 Equity contracts - - - 313 - - - - - 313 Total 716,379 68,504 - 539,138 (483,375) (26,901) (1) - 249,521 (78,927) 984,339 Equity securities Equity securities 445,356 (474) 36,656 2,664 (124,343) - - 2 (24,855) 335,006 Total 445,356 (474) 36,656 2,664 (124,343) - - 2 (24,855) 335,006 Investment in associates PA Viva Malls 1,263,765 105,202 - - (13,279) - - - - 1,355,688 PA Distrito Vera - 237 - 1,779 (2,529) 3,193 - - - 2,680 Total 1,263,765 105,439 - 1,779 (15,808) 3,193 - - - 1,358,368 Total Assets 2,558,577 173,363 36,656 548,615 (645,276) (23,708) (32,211) 282,202 (107,447) 2,790,771 Liabilities Derivative financial instruments Foreign exchange contracts (91,759) 2,351 - (71,358) 52,311 19,593 - (160,156) 16,574 (232,444) Interest rate contracts (2,439) (7,694) - (648) 28 7,308 - (3,278) 2,411 (4,312) Total (94,198) (5,343) - (72,006) 52,339 26,901 (1) - (163,434) 18,985 (236,756) Total liabilities (94,198) (5,343) - (72,006) 52,339 26,901 - (163,434) 18,985 (236,756) (1) From derivative assets to derivative liabilities classified in level 3 and viceversa. As of December 31, 2020 Balance, Included Transfers Transfers Balance, January 1, in OCI Purchases Settlement Reclassifications Prepaids in to out of December 31, 2020 earnings Level3 Level3 2020 In millions of COP Assets Debt instruments at fair value though profit or loss Securities issued or secured by other financial entities 126,049 14,325 - 4,325 (24,501) - (36,507) 40,558 (1,964) 122,285 Corporate bonds 2,030 1,344 - - - - (1,353) 8,771 - 10,792 Total 128,079 15,669 - 4,325 (24,501) - (37,860) 49,329 (1,964) 133,077 Derivative financial instruments Foreign exchange contracts 394,280 16,561 - 463,285 (282,053) (4,270) - 308 (7,905) 580,206 Interest rate contracts 56,054 53,367 - 33,076 (3,934) - - 1,758 (4,148) 136,173 Equity contracts 142 - - - (142) - - - - - Total 450,476 69,928 - 496,361 (286,129) (4,270) (1) - 2,066 (12,053) 716,379 Equity securities Equity securities 1,079,700 (17,045) 36,682 26,281 (79,287) (573,592) - 27 (27,410) 445,356 Total 1,079,700 (17,045) 36,682 26,281 (79,287) (573,592) - 27 (27,410) 445,356 Investment in associates PA Viva Malls 1,249,818 56,116 - - (42,169) - - - - 1,263,765 Total 1,249,818 56,116 - - (42,169) - - - - 1,263,765 Total Assets 2,908,073 124,668 36,682 526,967 (432,086) (577,862) (37,860) 51,422 (41,427) 2,558,577 Liabilities Derivative financial instruments Foreign exchange contracts (119,643) (4,067) - (73,770) 111,182 4,270 - (12,325) 2,594 (91,759) Interest rate contracts (1,376) - - (40) 519 - - (2,399) 857 (2,439) Equity contracts (199) - - - 199 - - - - - Total (121,218) (4,067) - (73,810) 111,900 4,270 (1) - (14,724) 3,451 (94,198) Total liabilities (121,218) (4,067) - (73,810) 111,900 4,270 - (14,724) 3,451 (94,198) (1) From derivative assets to derivative liabilities classified in level 3 and viceversa. In 2020 the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being according to IFRS 10. These equity securities are considered as a business, because of their capacity to generate income. Level 3 fair value rollforward The following were the significant Level 3 transfers for the period December 31, 2020 to 2021: Transfer of COP 86,087 and COP (12,658) in 2021 and 2020 respectively, from Level 2 to Level 3 of the derivative foreign exchange contracts and Interest rate contracts, was presented due to the transfer of the credit risk from the Bank to the credit risk of the counterparty. As of December 31, 2021 and 2020 unrealized gains and losses on debt instruments were COP (106) and COP 15,669; Equity Securities COP (474) and COP (17,045), respectively. Transfer of COP 24,855 in 2021, out Level 3 in Equity securities is caused by Banistmo with Fondo Renta Fija Valor. Transfers between Level 1 and Level 2 of the Fair Value hierarchy The table below presents the transfers for all assets and liabilities measured at fair value on a recurring basis between Level 1 and Level 2 as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Transfers level 1 Tra |
RISK MANAGEMENT
RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2021 | |
RISK MANAGEMENT | |
RISK MANAGEMENT | = COP 100,000 M. Banistmo places borrowers with annual sales >= USD 10 M. Banco Agrícola and BAM place borrowers with annual sales >= USD 25 M. Business Companies with annual sales > = COP 13,000 M and < COP 100,000 M. For Banco Agrícola and BAM, borrowers with annual sales >= USD 5 M and < USD 25 M. Commercial For BAM, companies with annual sales >= USD 2 M y < USD 5 M. Business Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity, with annual sales >= COP 20,000 M and <= COP 45,000 M. They must have more than 3 projects executed as previous experience. Corporate Construction Constructors who dedicate themselves to the construction of buildings to be sold or rented as their main activity, with annual sales > COP 45,000 M. They must have more than 3 projects executed as previous experience. SME Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity with annual sales >= COP 380 M and <= COP 20,000 M. They must have more than 3 projects executed as previous experience. Institutional Financing Financial sector institutions. Government Municipalities, districts, departments with their respective decentralized organizations and entities at the national level with incomes >= COP 20,000 M. SME Annual sales < COP 13,000 M, with a classification between small, medium, large and plus except for Banistmo which places borrowers < USD 10 M in annual sales. For Banco Agrícola, borrowers with annual sales < USD 5 M and BAM, borrowers with annual sales < USD 2 M. · Loans and advances, regardless of amount, granted to individuals for the purchase of consumer goods or to pay for non-commercial or business services. These loans are classified as follows: Classification Vehicles Credits granted for the acquisition of vehicles. The vehicle financed is used as collateral for the loan. Credit cards Revolving credit limits for the acquisition of consumer goods, utilized by means of a plastic card. Payroll loans It is a credit line attached to an authorized individual payroll amount. Other loans Loans granted for the acquisition of consumer goods other than vehicles and Payroll loans Credit cards are not included in this segment. The counterparties in this portfolio are mainly individuals, segmented in homogenous groups, which are formed according to their size, which is calculated by their monthly income. · These are loans, regardless of amount, granted to individuals for the purchase of a new or used house, commercial real estate or construction of a home. These loans include loans denominated in local units or local currency that are guaranteed by a senior mortgage on the property and that are financed with a total repayment term of 5 30 The counterparties in the mortgage portfolio are mainly made up of individuals segmented in homogenous groups, which are formed according to their size, which is calculated by their monthly income. · These are issued for the purpose of encouraging the activities of small business and are subject to the following requirements: (i) their indebtedness with all entities cannot exceed 120 minimum wages (excluding mortgage obligations for housing financing); (ii) the client's total assets, excluding mortgage assets, are less than 500 minimum wages. For the classification of those small business that present combinations of number of employees parameters and total assets different from those indicated, the determining factor will be that of total assets. The borrowers in this portfolio are mainly individuals, segmented in homogenous groups, which are formed according to their commercial size, which is calculated by their monthly income. Analysis of the behavior and impairment of the loan portfolio and financial lease operations As of December 31, 2021, the Bank’s total loan portfolio valued in Colombian pesos registered an increase of 15.1% compared to December 2020, driven by a growth mainly of Bancolombia’s Commercial and Consumer loans, the increasing dynamics in USD portfolio focused in BAM and Bancolombia Panamá, besides devaluation of the Colombian peso against the U.S. dollar that increased the equivalent value in pesos of Group´s portfolio. The 30-day past due loan ratio (consolidated) stood at 4.55% in December 2021 compared to 5.47% in December 2020, this decrease has been driven by the support given for the bank to costumers, offering tailored relief and financial structures according to the new reality due to COVID-19 effects. ● Commercial loans and finance lease amounted to COP 140,031 billion, which represented an increase of 13.7% with respect to 2020. Its 30-day past due loan ratio was 3.77% compared to 4.90% in December 2020. ● Consumer loans stood at COP 48,363 billion, which represented an increase of 17.8% with respect to 2020. Its 30-day past due loan ratio was 5.63% compared to 6.76% in December 2020. ● Mortgage loans came to COP 30,647 billion, which represented an increase of 18.06% with respect to 2020. Its 30-day past due loan ratio was 6.04% compared to 5.71% in December 2020. ● Small Business loans ended at COP 1,282 billion, which represented an increase of 4.07% with respect to 2020. Its 30-day past due loan ratio was 12.85% compared to 14.09% in December 2020. In order to monitor credit risk associated with clients, the Bank has established regular meetings conducted by the AEC Committee to identify events that can lead to a reduction in borrowers’ ability to pay. Generally, clients with good credit behavior could be included in the watch list in case of detecting any event that can lead to future financial difficulties to repay their loans; for instance, internal factors such as the economic activity and sector, financial weakness, impacts of macroeconomic conditions, changes in corporate governance and other situations that could affect clients’ business. The amount and allowance of clients included in the described watch list, as of December 31, 2021 and December 2020 is shown below. December 2021: Watch List december 31, 2021 In millions of COP Risk Level Amount % Allowance Level 1 – Low Risk 13,487,382 1.79 % 241,520 Level 2 – Medium Risk 7,896,250 8.38 % 661,419 Level 3 – High Risk 3,678,230 47.87 % 1,760,840 Level 4 – High Risk 6,329,634 82.42 % 5,217,032 Total 31,391,496 25.10 % 7,880,811 December 2020: Watch List december 31, 2020 In millions of COP Risk Level Amount % Allowance Level 1 – Low Risk 18,297,145 1.86 % 340,643 Level 2 – Medium Risk 8,271,558 7.10 % 587,281 Level 3 – High Risk 4,608,165 40.45 % 1,864,016 Level 4 – High Risk 5,840,519 73.02 % 4,264,740 Total 37,017,387 19.06 % 7,056,680 Loans and Financial Leases Collateral The Bank obtains collateral for loans and leases in order to mitigate credit risk by foreclosing the collateral when the borrower cannot fully repay the loan or lease. Collateral is considered in the determination of the allowance for loans and advances and lease losses when it complies with the following conditions: ● Its fair value was established according to technical and objective criteria. ● The Bank is granted a preference to obtain the payment of the obligation, becoming an effective legal mechanism over it. ● Its performance is reasonably possible. The Bank has defined the criteria for collateral enforceability, which are established according to the classification of the loan portfolio. In addition, the Bank has set guidelines to value collateral and the frequency of such valuations, as well as those guidelines related to the legalization, registry and maintenance of the collateral. Likewise, the Bank has defined the criteria for insurability, custody and the necessary procedures for their cancellation. The update of the fair value of mortgages and vehicles collaterals for the loan portfolio is made at least once a year. The methodology used to estimate the fair value of the properties is applied by external and independent entities. Updating the fair value of the vehicles is done through guides and valid values commonly used as reference to set the value of a vehicle. The fair value of real state and vehicles are classified in levels 2 and 3 depending on the observability and significance of the inputs used in the valuation techniques according to the hierarchy established by IFRS 13. To determine the suitability of appraiser’s selection, there are internal guidelines to be fulfilled related to independence, professional certification, reputation and experience. In a similar way, to validate the appraisal´s suitability, the bank has defined guidelines based on current regulations which are related to methodologies, report quality and commercial value. During the reporting period, the Group’s collateral policies have not changed significantly in relation to the way collateral is held and its overall quality. The following table shows loans and financial leases, classified in commercial, consumer, mortgage, financial leases and small business loans, and disaggregated by type of collateral: December 31, 2021 Amount Covered by Collateral In Millions of COP Financial Small Nature of the Collateral Commercial Consumer Mortgage Leasing Business Total Real Estate and Residential 25,087,070 1,700,588 28,131,226 132 408,974 55,327,990 Goods Given in Real Estate Leasing - - 200 15,868,852 - 15,869,052 Goods Given in Leasing Other Than Real Estate - 54 - 6,168,941 - 6,168,995 Stand by Letters of Credit 632,108 - - - - 632,108 Security Deposits 427,921 348,964 - - 104,061 880,946 Guarantee Fund 6,190,851 5,642 - 93,877 300,679 6,591,049 Sovereign of the Nation - - - - - - Collection Rights 5,389,352 38,094 - - 613 5,428,059 Other Collateral (Pledges) 3,412,129 6,707,149 97,455 - 3,614 10,220,347 Without Guarantee (Uncovered Balance) 73,772,412 39,562,549 2,417,906 2,987,826 464,244 119,204,937 Total loans and financial leases 114,911,843 48,363,040 30,646,787 25,119,628 1,282,185 220,323,483 December 31, 2020 Amount Covered by Collateral In Millions of COP Financial Small Nature of the Collateral Commercial Consumer Mortgage Leasing Business Total Real Estate and Residential 20,197,850 1,625,193 23,877,715 - 239,737 45,940,495 Goods Given in Real Estate Leasing - - 220 14,946,258 - 14,946,478 Goods Given in Leasing Other Than Real Estate - - - 5,647,128 - 5,647,128 Stand by Letters of Credit 533,921 202 - - - 534,123 Security Deposits 257,602 328,212 - - 34,950 620,764 Guarantee Fund 4,894,425 5,796 - 100,402 355,760 5,356,383 Sovereign of the Nation - - - - - - Collection Rights 4,323,241 3" id="sjs-B4">NOTE 31. RISK MANAGEMENT The Bank’s comprehensive risk management is developed in compliance with current regulations and internal standards as defined by the Board of Directors, in relation to market, credit/ counterparty, liquidity and operational risk. The SFC issued the External Circular Letter 018 as of September 2021, with guidelines for the definition of the risk appetite framework and establishes a system that integrates the management of credit, market, liquidity, operational, counterparty, guarantee, insurance and country risks through the creation of Chapter XXXI "Integral Risk Management System (SIAR)" in the Basic Accounting and Financial Circular. This system provides for a comprehensive view of the risks to which an entity is exposed and is in alingment with international practices and recommendations made by multilateral organizations about the matter. In accordance with the requirements of the Circular, in December 2021 the "Internal Implementation Plan" was sent to the SFC, denoting the activities proposed for the compliance and development of the instructions contained therein. The instructions indicated in the Circular will become effective as of June 1, 2023, with the exception of numeral 10 of Part II of Chapter XXXI related to the aggregation of data on risks and reporting, which will become effective no later than December 31, 2023. To strengthen comprehensive risk management, the Bank has a three lines of defense model, with a cohesive and coordinated approach, in which its independence is guaranteed. Within the Corporate Governance Framework, the roles of the responsible areas in each line are defined, according to the level of responsibility in Grupo Bancolombia, in order to guarantee effective and efficient coordination among them for risk management (in its different stages) and internal control. First line: Second line: Specifically, the Board of Directors reviews and approves the resources, structure and processes of the Bank associated with risk management; in addition, it evaluates, through periodic reports from Management, the levels of exposure to the different risks, their impact and the mitigation strategies, in accordance with the functions established in the current regulation and the Corporate Governance Code regarding the risk management. For the development of its supervisory functions, the Board has the support of the Risk Committee which is in charge of the approval, monitoring and control of policies, methodologies, tools, guidelines and strategies for the identification, measurement, control and mitigation of risks. According to the corporate guidelines, the Risk Committee consists of members from the Board of Directors. The main function of the Corporate Risk Vicepresidency is to design and propose risk management strategies to the Board of Directors and Senior Management, lead its execution and define the Group’s risk appetite, in such a way as to ensure alignment with the corporate strategy of the Group. In addition, it defines the risk guidelines in policies, methodologies and tools for the Group. The Risk Corporate Vicepresidency professionals manage the different risks inherent to the activities undertaken in the fulfillment of their responsibilities. Third line : Specifically, the Internal Audit function periodically evaluates the execution of the processes and the application of the methodologies for measurement and control of risks that support the operations carried out by the entity, in accordance with current regulations and internal regulations defined by the Board of Directors and Senior Management. 31.1 Credit risk Credit risk is the risk of an economic loss to the Bank due to a non-fulfillment of financial obligations by a customer or counterparty and arises principally from the decline on borrower´s creditworthiness or changes in the business climate. Credit risk is the single largest risk for the Bank's business; the Bank manages its exposure to credit risk. The information below contains the maximum exposure to credit risk: December 31, 2021 Maximum exposure to credit risk - Financial instruments subject to impairment In millions of COP Stage 1 Stage 2 Stage 3 Total Loans and Advances 185,100,233 19,299,753 15,923,497 220,323,483 Commercial 97,000,580 8,335,781 9,575,482 114,911,843 Consumer 41,773,555 3,927,387 2,662,098 48,363,040 Mortgage 25,447,635 3,654,710 1,544,442 30,646,787 Small Business Loans 950,991 183,693 147,501 1,282,185 Financial Leases 19,927,472 3,198,182 1,993,974 25,119,628 Off-Balance Sheet Exposures 45,348,295 697,067 302,358 46,347,720 Financial Guarantees 8,714,751 46,845 942 8,762,538 Loan Commitments 36,633,544 650,222 301,416 37,585,182 Loss Allowance (2,589,992) (3,383,311) (10,126,945) (16,100,248) Total 227,858,536 16,613,509 6,098,910 250,570,955 December 31, 2020 Maximum exposure to credit risk - Financial instruments subject to impairment In millions of COP Stage 1 Stage 2 Stage 3 Total Loans and Advances 156,253,029 18,778,668 16,378,033 191,409,730 Commercial 80,863,445 8,203,659 9,592,183 98,659,287 Consumer 33,766,023 4,599,535 2,690,381 41,055,939 Mortgage 21,676,563 3,093,690 1,188,859 25,959,112 Small Business Loans 965,822 109,655 156,598 1,232,075 Financial Leases 18,981,176 2,772,129 2,750,012 24,503,317 Off-Balance Sheet Exposures 38,980,523 859,263 320,205 40,159,991 Financial Guarantees 7,553,064 77,626 1,641 7,632,331 Loan Commitments 31,427,459 781,637 318,564 32,527,660 Loss Allowance (3,525,671) (3,063,121) (10,335,484) (16,924,276) Total 191,707,881 16,574,810 6,362,754 214,645,445 Other Financial Instruments Maximum Exposure to Credit Risk - Other Financial Instruments Maximum Exposure Collateral * Net Exposure 2021 2020 2021 2020 2021 2020 Maximum Exposure to Credit Risk Debt instruments 28,833,828 29,003,922 (1,214,692) (2,529,943) 27,619,136 26,473,979 Derivatives ** 1,090,121 1,093,357 (87) (136) 1,090,034 1,093,221 Equity 480,153 588,207 - - 480,153 588,207 Total 30,404,102 30,685,486 (1,214,779) (2,530,079) 29,189,323 28,155,407 See Notes on this table: * Collateral Held (-) and Collateral Pledged (+) ** Exposure in Derivatives with base in MTM (only positive values), netting by counterparty is applied * Debt instruments Book value 100% * Equity Instruments: - Shares:100% - Investment funds: Book value 100% Maximum exposure to credit risk of the loans and advances refers to the carrying amount at the end of the period. It does not take into account any collateral received or any other credit risk mitigants. Maximum exposure to credit risk of financial guarantees and loan commitments corresponds to the total amount guaranteed at the end of the period. It does not take into account any collateral received or any other credit risk mitigants. Maximum exposure to derivatives refers to the fair value at the end of the period, without considering any guarantee received or any other credit risk mitigants. Maximum exposure to credit risk of debt instruments and equity securities refers to the carrying amount at the end of the period without considering any guarantee received. a. Credit Risk Management - Loans and Advances Credit risk management during 2021 continued to focus on the deployment of customer support strategies through the possibilities provided by local regulations and structural solutions offered by the bank to obtain repayment. Although the first half of the year was characterized by the most challenging situations related to the economic uncertainty concerning Covid-19 and the public order situation in Colombia, it was offset during the second half by general economic confidence due to the advance of vaccination plans in the countries where the Bank has a presence, as well as the gradual recovery in relevant economic sectors. Until the third quarter of the year, the bank continued to offer alternatives in force by governments, to improve the borrower’s ability to repay loans. The key point for these solutions was their agreed application with the customer, knowing structural issues and focused actions tailored to their new economic reality following each country’s regulatory framework. In December 2021, the relief plans of local governments related to Covid-19 in the markets where the Bank has a presence expired. However, some provisions of those prior relief efforts are still active and are monitored by the Bank. Similarly, the Bank continued to offer alternatives to redefine conditions in the traditional regulatory framework, which includes facilities open to customers affected beyond Covid-19 situations. The portfolio of loans subject to active financial is classified as follows: December 31, 2021 In millions of COP # financial obligations Amount ECL Stage 1 18,900 1,947,617 54,551 Stage 2 39,067 5,708,061 577,688 Stage 3 21,693 1,567,188 810,867 Total Loans and Advances 79,660 9,222,866 1,443,106 December 31, 2020 In millions of COP # financial obligations Amount ECL Stage 1 479,512 17,866,538 724,148 Stage 2 220,256 9,782,256 1,458,818 Stage 3 77,986 2,277,165 1,330,512 Total Loans and Advances 777,754 29,925,959 3,513,478 The following table shows the 30-day past due loan ratio on portfolio loans that had Covid-19 financial reliefs during 2020 and 2021, and that were ended: December 31, 2021 In millions of COP Commercial and financial leases Consumer Mortgage Small business loan Total Total Loans and Advances 140,031,471 48,363,040 30,646,787 1,282,185 220,323,483 Total Past-due 5,282,456 2,721,730 1,851,082 164,762 10,020,030 Past-due of customer with not current financial reliefs 620,309 1,272,036 516,122 50,151 2,458,618 % Past-due with not current reliefs 12% 47% 28% 30% 25% December 31, 2020 In millions of COP Commercial and financial leases Consumer Mortgage Small business loan Total Total Loans and Advances 123,162,604 41,055,939 25,959,112 1,232,075 191,409,730 Total Past-due 6,036,849 2,774,345 1,482,245 173,562 10,467,001 Past-due of customer with not current financial reliefs 686,532 1,886,479 362,339 60,420 2,995,770 % Past-due with not current reliefs 11% 68% 24% 35% 29% The monitoring of the credit portfolio continues to be a key factor in the identification and application of strategies in different credit cycle stages, beyond what happened due to circumstances arising from the pandemic. Risk management during the credit life cycle is developed through the fulfillment of the policies, procedures and methodologies stipulated in the Credit Risk Administration System, in accordance with the strategy approved by the Board of Directors for monitoring and controlling credit risk. The Credit Risk Administration System also contains the general criteria to evaluate, classify, measure and mitigate credit risk. In addition, the credit risk department has developed methodologies and manuals that specify the policies and procedures for different products and segments managed by the Bank To maintain credit quality and manage the risk arising from its lending activities, the Bank has established general loan policies, including the following: ● Credit exposure limits: Contains guidelines with regards to the establishment of credit exposure limits. This is set as a result of legal requirements and according to the Bank’s internal guidelines. ● Origination policies: These policies aim to acquire ample and sufficient knowledge of the characteristics of potential borrowers and to select them properly. The risk level of the individual and legal entities is determined using rating and scoring models which define cut-off points that are applied in the process of issuing credit. These models use information such as the credit history of the borrower, sociodemographic particularities, the type of business the borrower engages in, the borrower’s ability to repay the loan, and information received from the credit risk bureaus. In addition, sectorial and macroeconomic behavior is taken into account. Loan applications, depending on their amount and risk level, are presented for approval at the level of management authority required. ● Collaterals policies : For the purpose of mitigating risk associated with non-fulfillment of obligations agreed upon by the borrower, the Bank has established policies for the valuation of collateral received as well as for the determination of the maximum loan amount that can be granted against the value of the collateral. ● Allowance policies: The objective of this policy is to fulfill legal requirements and the Bank’s business policies. In addition, this policy is meant to provide the guidelines to analyze the client’s status and take the necessary actions in order to mitigate credit risk to which the Bank is exposed. For further information, please see Note 2. ● Monitoring policies: Contains various monitoring procedures, portfolio reports and policies for the purpose of overseeing, in an adequate and timely manner, the evolution of credit risk. These procedures include a continuous process of classification and reassessment of credit operations and they maintain consistency with the policies implemented for granting loans. ● Portfolio recovery policies: Through these policies, the Bank aims to establish those mechanisms that allow it to anticipate the action to be taken in the event of possible delays and minimize the impact resulting from non-fulfillment of payment or delays by the borrower. Additionally, the aspects established in this policy delimit what the Bank has defined as collection management and that make it possible to obtain information to improve the origination policies and the allowances for loans and advances and lease losses models. The established actions are combined with strategies to adjust to the economy, market and costumer conditions, allowing the Bank to offer alternatives tailored to each case, such as payment deals, foreclosed assets, cession agreements, modifications, restructuring, and so on. Management of credit risk is carried out through all the credit life cycle. These processes are defined in the following way: ● Origination: Knowing the borrower, payment capacity analysis, payment behavior and credit approval and structure. ● Monitoring: Knowing the borrower’s situation during the life of the credit. ● Recovery: Collection management during the different stages of the same credit. In order to support the credit origination processes, the Bank develops models, methodologies and analytic techniques based on statistical information or criteria from experts, which differentiate the risk levels of potential borrowers in order to support the decision-making process. The Risk Corporate Vice Presidency is in charge of defining and documenting the specific characteristics of the models, methodologies and analytics techniques, as well as the parameters, variables and the cut-off points that are applied in the process of issuing credit, according to market and product conditions, as well as the appetite framework approved by the board of directors. Those models, methodologies and analytic techniques can incorporate different kinds of variables such as social demographic, qualitative issues, internal and external behavior, product parameters, etc. In addition, as defined for regulatory basis, Risk Corporate Vice Presidency performs back testing to these models and methodologies in order to evaluate their effectiveness, reporting their results to the board of directors. The Risk Corporate Vice Presidency establishes through internal guidelines the scoring or cut-off points required in the different process of issuing credit. In the same way, this Vice Presidency can adjust parameters to give a different score considering relevant qualitative and quantitative information, such as customer´s sector, financial indicators, historical payment behavior, etc. Moreover, on a monthly basis, the entire credit portfolio is rated considering the established internal models for the purpose of evaluating the credit risk of each borrower and constitutes the required allowance for loans and advances and lease losses. In addition to the evaluation and qualification of the portfolio, the monthly allowance for loans and advances and lease losses serves to measure the present condition of the portfolio and the methodologies used for its calculation serve as a tool to evaluate risk, be it in a collective or individual manner. Collective evaluation of the portfolio applies the following parameters for measuring risk: probability of default (PD), loss given default (LGD) and exposure at default (EAD). For further details please see Note 2 Significant Accounting Policies, section 7.4.5 Impairment of financial assets at amortized cost. An individual’s risk evaluation is made in respect of consumers classified in stage 3 with significant exposure and corporate clients classified in stage 2 who were previously in stage 3. The analysis is based on the projection of the individual client cash flow, parameters such as recovery rates estimated by models that include financial, behavioral information, collaterals and qualitative variables, which serve as elements to measure risk and define allowances for loans, advances and lease losses for each borrower. Annual backtesting must be performed on the allowances for loans and advances and lease losses models for the purpose of maintaining suitable hedge levels in accordance with the Bank’s risk appetite. The Bank is continuously monitoring the concentration of risk groups, as well as carrying out a daily control of the exposure to different economic groups, evaluating the legal limits of indebtedness in order to fulfill the norms established about the concentration limits. The Bank performs international references determined by the rankings of external risks that allow the analysis of concentration levels in different geographic areas. On the other hand, at the legal level, the Bank is governed by the concepts and methodologies established by the external norms regarding the construction, administration and control of the concentration of economic groups. The following classifications are established for the analysis of concentration: ● By country: Based on the country where the loans were originated. ● By sector: According to the sectorial sub-segmentation defined by the Bank based mainly on the code CIIU 1 . ● By categories: According to the portfolio category of each agreement (commercial, financial leases, consumer loans, small business loans and mortgages). ● By economic group: According to the characteristics of economic groups as established by regulations. ● By maturity: According to the remaining term to loan maturity. ● By past due days: This concentration evaluates loans that are more than one month overdue. 1 CIIU: International Standard Industrial Classification of All Economic Activities. b. Credit Quality Analysis - Loans and Financial Leases As a result of atypical effects during the year driven by economic and social uncertainty and general risks due COVID-19, the Bank continues to apply different strategies focused on analysis and diagnosis of the portfolio, identifying early alerts to provide proactive solutions to their customers. Those strategies are aligned with the common monitoring process made by the Bank and the watch list methodology. Rating System for Credit Risk Management The principal aim of this rating system is to determine the risk profile of the borrower, which is obtained through a rating. The rating for corporate loans is assigned principally based on the analysis of the interrelation of both qualitative and quantitative elements that can affect the fulfillment of the financial commitments acquired by a borrower. Information from financial statements, profit and loss statements, historical payment behavior both with the Bank and with other entities, and qualitative information on variables that are not explicit in the financial statements are taken into account. The rating model is applied at the origination of the loan and is updated by a central qualification office to undertake a periodical evaluation of the loan portfolio. In the case of a retail customer, granting and behavior scoring models are used in order to identify the level of risk associated with the borrower. These models include information such as personal details, financial information, historical behavior, the total number of credit products and external information from credit bureaus. Description of Loans and Financial Leases In order to evaluate and manage credit risk, the credits and financial leasing operations have been classified as: · Loans granted to individuals or companies in order to carry out organized economic activities and are not classified as small business loans. The borrowers in this portfolio are mainly made up of companies, segmented in homogenous groups that are constituted according to size, annual sales or main activity. The following variables are part of this classification: Segment Incomes/Sales Corporate Companies with annual sales >= COP 100,000 M. Banistmo places borrowers with annual sales >= USD 10 M. Banco Agrícola and BAM place borrowers with annual sales >= USD 25 M. Business Companies with annual sales > = COP 13,000 M and < COP 100,000 M. For Banco Agrícola and BAM, borrowers with annual sales >= USD 5 M and < USD 25 M. Commercial For BAM, companies with annual sales >= USD 2 M y < USD 5 M. Business Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity, with annual sales >= COP 20,000 M and <= COP 45,000 M. They must have more than 3 projects executed as previous experience. Corporate Construction Constructors who dedicate themselves to the construction of buildings to be sold or rented as their main activity, with annual sales > COP 45,000 M. They must have more than 3 projects executed as previous experience. SME Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity with annual sales >= COP 380 M and <= COP 20,000 M. They must have more than 3 projects executed as previous experience. Institutional Financing Financial sector institutions. Government Municipalities, districts, departments with their respective decentralized organizations and entities at the national level with incomes >= COP 20,000 M. SME Annual sales < COP 13,000 M, with a classification between small, medium, large and plus except for Banistmo which places borrowers < USD 10 M in annual sales. For Banco Agrícola, borrowers with annual sales < USD 5 M and BAM, borrowers with annual sales < USD 2 M. · Loans and advances, regardless of amount, granted to individuals for the purchase of consumer goods or to pay for non-commercial or business services. These loans are classified as follows: Classification Vehicles Credits granted for the acquisition of vehicles. The vehicle financed is used as collateral for the loan. Credit cards Revolving credit limits for the acquisition of consumer goods, utilized by means of a plastic card. Payroll loans It is a credit line attached to an authorized individual payroll amount. Other loans Loans granted for the acquisition of consumer goods other than vehicles and Payroll loans Credit cards are not included in this segment. The counterparties in this portfolio are mainly individuals, segmented in homogenous groups, which are formed according to their size, which is calculated by their monthly income. · These are loans, regardless of amount, granted to individuals for the purchase of a new or used house, commercial real estate or construction of a home. These loans include loans denominated in local units or local currency that are guaranteed by a senior mortgage on the property and that are financed with a total repayment term of 5 30 The counterparties in the mortgage portfolio are mainly made up of individuals segmented in homogenous groups, which are formed according to their size, which is calculated by their monthly income. · These are issued for the purpose of encouraging the activities of small business and are subject to the following requirements: (i) their indebtedness with all entities cannot exceed 120 minimum wages (excluding mortgage obligations for housing financing); (ii) the client's total assets, excluding mortgage assets, are less than 500 minimum wages. For the classification of those small business that present combinations of number of employees parameters and total assets different from those indicated, the determining factor will be that of total assets. The borrowers in this portfolio are mainly individuals, segmented in homogenous groups, which are formed according to their commercial size, which is calculated by their monthly income. Analysis of the behavior and impairment of the loan portfolio and financial lease operations As of December 31, 2021, the Bank’s total loan portfolio valued in Colombian pesos registered an increase of 15.1% compared to December 2020, driven by a growth mainly of Bancolombia’s Commercial and Consumer loans, the increasing dynamics in USD portfolio focused in BAM and Bancolombia Panamá, besides devaluation of the Colombian peso against the U.S. dollar that increased the equivalent value in pesos of Group´s portfolio. The 30-day past due loan ratio (consolidated) stood at 4.55% in December 2021 compared to 5.47% in December 2020, this decrease has been driven by the support given for the bank to costumers, offering tailored relief and financial structures according to the new reality due to COVID-19 effects. ● Commercial loans and finance lease amounted to COP 140,031 billion, which represented an increase of 13.7% with respect to 2020. Its 30-day past due loan ratio was 3.77% compared to 4.90% in December 2020. ● Consumer loans stood at COP 48,363 billion, which represented an increase of 17.8% with respect to 2020. Its 30-day past due loan ratio was 5.63% compared to 6.76% in December 2020. ● Mortgage loans came to COP 30,647 billion, which represented an increase of 18.06% with respect to 2020. Its 30-day past due loan ratio was 6.04% compared to 5.71% in December 2020. ● Small Business loans ended at COP 1,282 billion, which represented an increase of 4.07% with respect to 2020. Its 30-day past due loan ratio was 12.85% compared to 14.09% in December 2020. In order to monitor credit risk associated with clients, the Bank has established regular meetings conducted by the AEC Committee to identify events that can lead to a reduction in borrowers’ ability to pay. Generally, clients with good credit behavior could be included in the watch list in case of detecting any event that can lead to future financial difficulties to repay their loans; for instance, internal factors such as the economic activity and sector, financial weakness, impacts of macroeconomic conditions, changes in corporate governance and other situations that could affect clients’ business. The amount and allowance of clients included in the described watch list, as of December 31, 2021 and December 2020 is shown below. December 2021: Watch List december 31, 2021 In millions of COP Risk Level Amount % Allowance Level 1 – Low Risk 13,487,382 1.79 % 241,520 Level 2 – Medium Risk 7,896,250 8.38 % 661,419 Level 3 – High Risk 3,678,230 47.87 % 1,760,840 Level 4 – High Risk 6,329,634 82.42 % 5,217,032 Total 31,391,496 25.10 % 7,880,811 December 2020: Watch List december 31, 2020 In millions of COP Risk Level Amount % Allowance Level 1 – Low Risk 18,297,145 1.86 % 340,643 Level 2 – Medium Risk 8,271,558 7.10 % 587,281 Level 3 – High Risk 4,608,165 40.45 % 1,864,016 Level 4 – High Risk 5,840,519 73.02 % 4,264,740 Total 37,017,387 19.06 % 7,056,680 Loans and Financial Leases Collateral The Bank obtains collateral for loans and leases in order to mitigate credit risk by foreclosing the collateral when the borrower cannot fully repay the loan or lease. Collateral is considered in the determination of the allowance for loans and advances and lease losses when it complies with the following conditions: ● Its fair value was established according to technical and objective criteria. ● The Bank is granted a preference to obtain the payment of the obligation, becoming an effective legal mechanism over it. ● Its performance is reasonably possible. The Bank has defined the criteria for collateral enforceability, which are established according to the classification of the loan portfolio. In addition, the Bank has set guidelines to value collateral and the frequency of such valuations, as well as those guidelines related to the legalization, registry and maintenance of the collateral. Likewise, the Bank has defined the criteria for insurability, custody and the necessary procedures for their cancellation. The update of the fair value of mortgages and vehicles collaterals for the loan portfolio is made at least once a year. The methodology used to estimate the fair value of the properties is applied by external and independent entities. Updating the fair value of the vehicles is done through guides and valid values commonly used as reference to set the value of a vehicle. The fair value of real state and vehicles are classified in levels 2 and 3 depending on the observability and significance of the inputs used in the valuation techniques according to the hierarchy established by IFRS 13. To determine the suitability of appraiser’s selection, there are internal guidelines to be fulfilled related to independence, professional certification, reputation and experience. In a similar way, to validate the appraisal´s suitability, the bank has defined guidelines based on current regulations which are related to methodologies, report quality and commercial value. During the reporting period, the Group’s collateral policies have not changed significantly in relation to the way collateral is held and its overall quality. The following table shows loans and financial leases, classified in commercial, consumer, mortgage, financial leases and small business loans, and disaggregated by type of collateral: December 31, 2021 Amount Covered by Collateral In Millions of COP Financial Small Nature of the Collateral Commercial Consumer Mortgage Leasing Business Total Real Estate and Residential 25,087,070 1,700,588 28,131,226 132 408,974 55,327,990 Goods Given in Real Estate Leasing - - 200 15,868,852 - 15,869,052 Goods Given in Leasing Other Than Real Estate - 54 - 6,168,941 - 6,168,995 Stand by Letters of Credit 632,108 - - - - 632,108 Security Deposits 427,921 348,964 - - 104,061 880,946 Guarantee Fund 6,190,851 5,642 - 93,877 300,679 6,591,049 Sovereign of the Nation - - - - - - Collection Rights 5,389,352 38,094 - - 613 5,428,059 Other Collateral (Pledges) 3,412,129 6,707,149 97,455 - 3,614 10,220,347 Without Guarantee (Uncovered Balance) 73,772,412 39,562,549 2,417,906 2,987,826 464,244 119,204,937 Total loans and financial leases 114,911,843 48,363,040 30,646,787 25,119,628 1,282,185 220,323,483 December 31, 2020 Amount Covered by Collateral In Millions of COP Financial Small Nature of the Collateral Commercial Consumer Mortgage Leasing Business Total Real Estate and Residential 20,197,850 1,625,193 23,877,715 - 239,737 45,940,495 Goods Given in Real Estate Leasing - - 220 14,946,258 - 14,946,478 Goods Given in Leasing Other Than Real Estate - - - 5,647,128 - 5,647,128 Stand by Letters of Credit 533,921 202 - - - 534,123 Security Deposits 257,602 328,212 - - 34,950 620,764 Guarantee Fund 4,894,425 5,796 - 100,402 355,760 5,356,383 Sovereign of the Nation - - - - - - Collection Rights 4,323,241 3 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 32. SUBSEQUENT EVENTS Approval of Consolidated Financial Statements The consolidated financial statements were approved by the Board of Director on April 26, 2022. Ordinary claim filed by Menelao Mora and Said Diaz: On March 4, 2022, the Court of Appeals upheld the initial judgment and added US$261 for each plaintiff as an additional award for costs incurred. The Bank formally announced the filing of a request to null the sentence (“recurso de casación”) before the Supreme Court based on errors made in the consideration of the evidence as well as the legal grounds on which the decision was made. External counsel evaluated the risk level of the case and, accordingly, the Bank has established a provision of US$2,561. PA FAI Calle 77 acquisition On June 4, 2021, Bancolombia S.A. entered into an agreement with CCLA Colombia S.A.S. for the conditional assignment of the fiduciary rights of the Trust named PA FAI Calle 77, which owns the Nomad 77 Building located in the city of Bogotá (Colombia), which is the first project built for Multifamily rental housing in Colombia. Bancolombia S.A. concluded that it has control over the PA FAI Calle 77 given that it has exposures, or rights, to variable returns from its involvement in the investee and also has the ability to use its power to affect returns from the rental housing activity, through its participation in executive committees, and has the capacity to direct the activity that most significantly affects returns of all business – namely, approval rights over the disposal of the real estate projects. The transaction was completed on March 1, 2022, upon Bancolombia S.A.’s obtaining the registration that qualifies it as a lessor of real estate for urban housing from the “Secretaría de Habitat” of Bogota. This registration was the condition to which the cession of the fiduciary rights was subject. Therefore, on March 1, 2022, the Group obtained control of the PA FAI Calle 77 Trust, and has an equity interest of 98%. This acquisition reflects the Group's objective to evolve its value proposition based on the current needs of the market, seeking to provide a differential service in the rental of housing real estate. The consideration paid by Bancolombia S.A. was COP 56,968, which consisted of a cash advance of COP 29,025 on June 9, 2021 and settlement of an active financial leasing obligation that the previous owners had with the bank for COP 27,943. The acquisition of the PA FAI Calle 77 Trust was accounted for in accordance with the acquisition method of IFRS 3. The purchase price was assigned to the assets and liabilities acquired based on their estimated fair values at the acquisition date. The Bank opted to measure at fair value the non-controlling interest in the acquiree of 2.00%; at the acquisition date, the non-controlling interest amounted to COP 1,166. The estimate of the fair value of the assets acquired and liabilities assumed was based on information available as of March 1, 2022. The Bank considers that this information provides a reasonable basis for determining fair values: In millions of COP Purchase Price Allocation: Purchase price on June 9, 2021 56,968 Non-controlling interest at fair value 1,166 TOTAL 58,134 Fair value of net assets acquired: Assets Cash and cash equivalents 799 Accounts receivable 299 Premises and equipment, net 3 Investment property 60,849 Other assets 79 Total assets 62,029 Liability Accounts payable 1,080 Deferred tax 283 Other liabilities 99 Total liabilities 1,462 Fair value of net assets acquired 60,567 Gain from a bargain purchase 2,433 The acquisition of PA FAI Calle 77 Trust resulted in the recognition of a gain from a bargain purchase of COP 2,433, which was recognized in the “Dividends and net income on equity investments” line item of the Consolidated Statement of Income. The amount of the identifiable net assets of the acquiree exceeds the fair value of the consideration transferred, plus the fair value of the non-controlling interest therein, due to the fact that the price was agreed to nine months before the effective transfer of control of the business. Acquisition-related cost In connection with the acquisition, the Bank incurred costs which are recorded in the "Other administrative and general expenses" line item of the Consolidated Statement of Income. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Basis for preparation | A. Basis for preparation of the consolidated financial statements The consolidated financial statements of the Bank are prepared in accordance with the International Financial Reporting Standards (hereinafter, IFRS) issued by the International Accounting Standards Board (hereinafter, IASB), as well as the interpretations issued by the International Financial Reporting Interpretations Committee (hereinafter, IFRS-IC). The preparation of consolidated financial statements in conformity with IFRS requires the use of accounting estimates which, by definition, will seldom equal the actual results. Therefore, the estimates and assumptions are constantly reviewed. Any revision is recognized in the same period if it affects the reviewed period; or in the reviewed period and future periods if it affects all the current and future periods. Impacts of COVID-19 on the preparation of the consolidated financial statements During 2021, the macroeconomic and epidemiological context caused by the Coronavirus 2019 (COVID-19) pandemic in Colombia and in the countries where the Bank operates were characterized less by the shock situation than that evidenced during 2020, despite the appearance and global expansion of the omicron variant, which caused a period of uncertainty in global financial markets. Although governments have provided more focused responses to control outbreaks and vaccination programs are positively progressing to gradually cover a larger part of the population, an upward trend in the infections level, marked by a reduction in the severity of infections, began to be observed as of December 31, 2021, due to the new omicron variant. The year 2021 was characterized by the beginning of the economic recovery process, generating a significant positive rebound compared to 2020, due to the lower impact of the COVID-19 pandemic on economic activity, reducing its overall impact and making it possible to expect the world to move officially from a pandemic to an endemic situation during 2022. During the year, there were occasional restrictions on mobility in Colombia and in other countries where the Bank operates during the peak of the pandemic in the first half of the year, but by the end of 2021, most of the controls had been lifted, returning to the normal development of daily activities. These elements have allowed the impact of the epidemiological situation to be relatively contained and the economic recovery to continue. The progressive return to a normal economic and social environment has been the predominant factor as of December 31, 2021, despite the contagiousness of the new variant, positively impacting productive activity in Colombia and in the other countries where the Bank operates. However, increases in the production costs of goods and services are still being experienced, due to the restrictions of previous periods, which caused increases in the materials prices and supply chain constraints. These situations were periodically evaluated during 2021 by Management to take appropriate measures in the ongoing management of the business; accordingly, the Bank continues with customer support strategies through credit relief and concessions due the end of the debtor support programme (‘PAD’) in Colombia on August 31, 2021, enacted by the Superintendencia Financiera de Colombia (‘SFC’), and the end of the extension of the general relief law in force in Panama since 2020, which were intended to address the social and health situation, seeking to mitigate the direct and indirect effects thereof. The effects on the Bank’s performance and financial position were included in the accompanying notes of the consolidated financial statements (see notes 3 to 32). Likewise, the Bank considered the current economic environment including the effects of the COVID-19 pandemic on its customers economy and businesses in preparation of the consolidated statement of financial position as of December 31, 2021, taking into account the best available reliable information and the evolution of the key assumptions on estimates made at the date of preparation and issuance of these consolidated financial statements. For further information, see section E. Use of estimates and judgments, paragraph 10. Effects of the COVID-19 pandemic and other relevant issues on the Bank’s judgements and estimates, set out below. Preparation of the consolidated financial statements under going concern basis Management has also assessed the Bank’s ability to continue as a going concern and confirms that the Bank has adequate liquidity and solvency to continue operating the business for the foreseeable future, which is at least, but is not limited to, 12 months from the end of the reporting period. Based on the Bank's liquidity position at the date of authorization of the consolidated financial statements and taking into account the uncertainty about the development of the COVID-19 pandemic, Management maintains a reasonable expectation that it has adequate liquidity and solvency to continue in operation for at least the next 12 months and that the going concern basis of accounting remains appropriate. The consolidated financial statements were prepared on a going concern basis and do not include any adjustments to the reported carrying amounts and classification of assets, liabilities and expenses that might otherwise be required if the going concern basis were not correct. Assets and liabilities are measured at cost or amortized cost, except for some financial assets and liabilities and investment properties that are measured at fair value. Financial assets and liabilities measured at fair value comprise those classified as assets and liabilities at fair value through profit or loss, debt instruments and equity securities measured at fair value through other comprehensive income (‘OCI’) and derivative instruments. Likewise, the carrying value of assets and liabilities recognized as a fair value hedge are adjusted for changes in fair value attributable to the hedged risk. The consolidated financial statements are stated in Colombian pesos and figures are stated in millions or billions (when indicated), except earnings per share, diluted earnings per share and the market exchange rate, which are stated in units of Colombian pesos, while other currencies (dollars, euro, pounds, etc.) are stated in thousands. The parent company’s financial statements, which have been prepared in accordance with “Normas de Contabilidad e Información Financiera” (NCIF) applicable to separate financial statements, are those that serve as the basis for the distribution of dividends and other appropriations by the shareholders. The separate financial statements are those presented by the parent company in which the entity recognizes and measures impairment for credit risk through allowances for loans losses and recognizes provisions for foreclosed assets, in accordance with the accounting required by the SFC, which differ in certain accounting principles from IFRS that are used in the consolidated financial statements. |
Presentation of consolidated financial statements | B. Presentation of the consolidated financial statements The Bank presents the consolidated statement of financial position ordered by liquidity and the consolidated statement of income is prepared based on the nature of expenses. Revenues and expenses are not offset unless such treatment is permitted or required by an accounting standard or interpretation and described in the Bank's policies. The consolidated statement of comprehensive income presents net income and items of other comprehensive income (‘OCI’) classified by nature and grouped into those that will not be reclassified subsequently to profit or loss and those that will be reclassified when specific conditions are met. The Bank discloses the amount of income tax relating to each item of OCI. The consolidated statement of cash flows was prepared using the indirect method, whereby net income is adjusted for the effects of transactions of a non-cash nature, changes during the period in operating assets and liabilities, and items of income or expense associated with investing or financing cash flows. |
Consolidation | C. Consolidation 1. Subsidiaries The consolidated financial statements include the financial statements of Bancolombia S.A. and its subsidiaries as of December 31, 2021 and 2020. The parent company consolidates the financial results of the entities over which it exerts control. In accordance with IFRS 10 Consolidated financial statements, a subsidiary is an entity controlled by any of the entities that comprise the Bank, as long as the controlling entity has: ● Power over the investee that gives it the ability to direct their relevant activities that significantly affect the investee’s returns. ● Exposure or rights to variable returns for its involvement with the investee. ● Ability to use its power over the investee to affect the investor’s returns. These type of entities include cases where the Bank has a high exposure to variable returns and retains decision-making power over the investee, either directly or through an agent. The parent company has the following subsidiaries making up the Bank´s organizational structure, which is currently registered as a corporate group: PROPORTION OF PROPORTION OF PROPORTION OF JURISDICTION OWNERSHIP OWNERSHIP OWNERSHIP ENTITY OF BUSINESS INTEREST AND INTEREST AND INTEREST AND INCORPORATION VOTING POWER VOTING POWER VOTING POWER HELD BY THE HELD BY THE HELD BY THE BANK 2021 BANK 2020 BANK 2019 Fiduciaria Bancolombia S.A. Sociedad Fiduciaria Colombia Trust 98.81 % 98.81 % 98.81 % Banca de Inversión Bancolombia S.A. Corporación Financiera Colombia Investment banking 100.00 % 100.00 % 100.00 % Valores Bancolombia S.A. Comisionista de Bolsa Colombia Securities brokerage 100.00 % 100.00 % 100.00 % VLIPCO S.A.S. (1) Colombia Technology services provider 94.77 % - - Renting Colombia S.A.S. Colombia Operating leasing 100.00 % 100.00 % 100.00 % Transportempo S.A.S. Colombia Transportation 100.00 % 100.00 % 100.00 % Inversiones CFNS S.A.S. Colombia Investments 99.94 % 99.94 % 99.94 % Pasarela Colombia S.A.S. Colombia Payment solutions 100.00 % 100.00 % 100.00 % Fondo de Capital Privado Fondo Inmobiliario Colombia (2) Colombia Real estate investment fund 49.96 % 49.96 % 49.96 % P.A. Inmuebles CEM (2) Colombia Mercantil trust 49.96 % 49.96 % - P.A. Calle 92 FIC-11 (2) Colombia Mercantil trust 32.47 % 32.47 % - P.A. FIC Edificio Corfinsura (2) Colombia Mercantil trust 49.96 % 49.96 % - P.A. FIC-A5 (2) Colombia Mercantil trust 49.96 % 49.96 % - P.A. FIC Inmuebles (2) Colombia Mercantil trust 49.96 % 49.96 % - P.A. FIC Clínica de Prado (2) Colombia Mercantil trust 38.49 % 38.49 % - P.A. FIC A6 (2) Colombia Mercantil trust 49.96 % 49.96 % - P.A. Central Point (2) Colombia Mercantil trust 37.47 % 37.47 % - Fideicomiso Irrevocable de Garantía, Fuente de Pago y Administración Inmobiliaria Polaris (2) Colombia Mercantil trust 49.96 % 49.96 % - P.A. Fideicomiso Twins Bay (2) Colombia Mercantil trust 49.96 % 49.96 % - Fideicomiso Lote Av San Martín (2) Colombia Mercantil trust 49.96 % 49.96 % - P.A. Fideicomiso Lote 30 (2) Colombia Mercantil trust 49.96 % 49.96 % - Fideicomiso Fondo Inmobiliario Bancolombia (3) Colombia Mercantil trust 17.54 % - - Valores Simesa S.A. (4) Colombia Investments 66.82 % 67.11 % 67.11 % Fideicomiso Lote Abelardo Castro (5) Colombia Mercantil trust - 66.77 % 66.77 % Fideicomiso Lote Distrito Vera B1B2 (4) Colombia Mercantil trust 66.49 % 66.77 % 66.77 % Fideicomiso Lote Distrito Vera B3B4 (4) Colombia Mercantil trust 66.49 % 66.77 % 66.77 % Bancolombia Panamá S.A. Panama Banking 100.00 % 100.00 % 100.00 % Sistemas de Inversiones y Negocios S.A. Sinesa Panama Investments 100.00 % 100.00 % 100.00 % Banagrícola S.A. Panama Investments 99.17 % 99.17 % 99.17 % Banistmo S.A. Panama Banking 100.00 % 100.00 % 100.00 % Banistmo Investment Corporation S.A. Panama Trust 100.00 % 100.00 % 100.00 % Financomer S.A. (6) Panama Financial services - 100.00 % 100.00 % Leasing Banistmo S.A. Panama Leasing 100.00 % 100.00 % 100.00 % Valores Banistmo S.A. Panama Securities brokerage 100.00 % 100.00 % 100.00 % Banistmo Panamá Fondo de Inversión S.A. Panama Holding 100.00 % 100.00 % 100.00 % Suvalor Renta Fija Internacional Corto Plazo S.A. Panama Collective investment fund 100.00 % 100.00 % 100.00 % Fondo Renta Sostenible Global S.A. (7) Panama Collective investment fund 100.00 % 100.00 % 100.00 % Banistmo Capital Markets Group Inc. (7) Panama Purchase and sale of securities 100.00 % 100.00 % 100.00 % Anavi Investment Corporation S.A. (7) Panama Real estate 100.00 % 100.00 % 100.00 % Desarrollo de Oriente S.A. (7) Panama Real estate 100.00 % 100.00 % 100.00 % Steens Enterprises S.A. (7) Panama Portfolio holder 100.00 % 100.00 % 100.00 % Ordway Holdings S.A. (7) Panama Real estate broker 100.00 % 100.00 % 100.00 % Grupo Agromercantil Holding S.A. (8) Panama Holding 100.00 % 100.00 % 60.00 % Banco Agromercantil de Guatemala S.A. (8) Guatemala Banking 99.66 % 99.59 % 59.72 % Seguros Agromercantil de Guatemala S.A. (8) Guatemala Insurance agency 79.92 % 79.90 % 47.93 % Financiera Agromercantil S.A. (8) Guatemala Financial services 100.00 % 100.00 % 60.00 % Agrovalores S.A. (8) Guatemala Securities brokerage 100.00 % 100.00 % 60.00 % Arrendadora Agromercantil S.A. (8) Guatemala Operating Leasing 100.00 % 100.00 % 60.00 % Agencia de Seguros y Fianzas Agromercantil S.A. (8) (9) Guatemala Insurance agency 100.00 % 100.00 % 60.00 % Asistencia y Ajustes S.A. (8) Guatemala Services 100.00 % 100.00 % 60.00 % Serproba S.A. (8) Guatemala Maintenance and remodelling services 100.00 % 100.00 % 60.00 % Servicios de Formalización S.A. (8) Guatemala Loans formalization 100.00 % 100.00 % 60.00 % Conserjería, Mantenimiento y Mensajería S.A. (8) (9) Guatemala Maintenance services 100.00 % 100.00 % 60.00 % Mercom Bank Ltd. (8)(10) Barbados Banking 99.66 % 99.59 % 59.72 % New Alma Enterprises Ltd. (8) Bahamas Investments 99.66 % 99.59 % 59.72 % Bancolombia Puerto Rico Internacional Inc. Puerto Rico Banking 100.00 % 100.00 % 100.00 % Bancolombia Cayman S.A. (11) Cayman Islands Banking 100.00 % 100.00 % 100.00 % Banco Agrícola S.A. El Salvador Banking 97.36 % 97.36 % 97.36 % Arrendadora Financiera S.A. Arfinsa El Salvador Leasing 97.37 % 97.37 % 97.37 % Credibac S.A. de C.V. El Salvador Credit card services 97.36 % 97.36 % 97.36 % Valores Banagrícola S.A. de C.V. El Salvador Securities brokerage 98.89 % 98.89 % 98.89 % Inversiones Financieras Banco Agrícola S.A. IFBA El Salvador Investments 98.89 % 98.89 % 98.89 % Gestora de Fondos de Inversión Banagricola S.A. El Salvador Administers investment funds 98.89 % 98.89 % 98.89 % Bagrícola Costa Rica S.A. Costa Rica Outsourcing 99.17 % 99.17 % 99.17 % Bancolombia Capital Holdings USA LLC (12) United States Holding 100.00 % - - Bancolombia Capital Adviser LLC (12) United States Investment advisor 100.00 % - - Bancolombia Capital LLC (12) United States Securities brokerage 100.00 % - - (1) On November 30, 2021, the Bank acquired 91,791 common shares of VLIPCO S.A.S. for COP 9,474 ; after such transaction, the Bank had a 94.77% interest in the company. The Bank held a 47.40% interest in VLIPCO S.A.S. before the purchase transaction. For further information, see Note 8. Investments in associates and joint ventures and Note 9.3. Business combinations. (2) In 2020, the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being met in accordance with IFRS 10. These equity securities are considered as a business, because of their capacity to generate income. (3) Company consolidated by the Fondo de Capital Privado Fondo Inmobiliario Colombia since October 2021. (4) The decrease in shareholding is due to the repurchase of outstanding stock carried out by the subsidiary during 2021. (5) The trust rights were assigned in June 2021. (6) Merger between the Banistmo S.A. (absorbing entity) and Financomer S.A. (absorbed entity) in November 2021. (7) Investments in non-operational stage. (8) On September 29, 2020, the Bank acquired 40% of the shareholdings of Grupo Agromercantil Holding (GAH), a company that owns the financial conglomerate Agromercantil of Guatemala. (9) Companies in voluntary liquidation. (10) On September 30, 2021, Mercom Bank Ltd. shareholder authorized the beginning of an organized and gradual process of transfer of the assets and liabilities of Mercom Bank Ltd., to Banco Agromercantil de Guatemala S.A. or other companies of the Bank. For further information, see Note 1. Reporting entity. (11) On October 05, 2020, the Board of Directors of Bancolombia Panamá (parent company of Bancolombia Cayman), authorized the decision to wind-down the business and operations of its subsidiary in Cayman. The wind-down was expected to be completed before the end of the year 2021. For further information, see Note 1. Reporting entity. (12) Companies created by Valores Bancolombia S.A. Comisionista de Bolsa in October 2021. For further information see Note 1. Reporting entity. When necessary, adjustments are made to the accounting principles in the financial statements of subsidiaries to bring their accounting policies into line with the Bank’s accounting policies, in order to prepare consolidated financial statements using uniform accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Bank are eliminated in full on consolidation. Non-controlling interests in controlled entities are presented in profit or loss and equity separately from the parent company’s shareholders equity and profit or loss. When the Bank loses control over a subsidiary, any residual interest remaining on the Bank’s balances is measured at fair value; gains or losses arising from this measurement are recognized in net income. The loan and financial leases originated by Banistmo and Bancolombia Panama are subject to prudential regulation in Panama by the Superintendencia de Bancos de Panamá (‘SBP´) requiring the maintenance of minimum reserves as a countercyclical capital buffer. In the second quarter of 2020, this regulation was suspended, through the General Resolution of the Board of Directors SBP-GJD-0007-2020, to provide financial relief to the banks. For the years ended as of December 31, 2021 and 2020, the reserves recognized amounted to COP 1,428,964 and COP 1,232,033. The establishment of these reserves restrict the ability of the aforementioned subsidiaries to pay dividends to Bancolombia S.A., the ultimate parent, except in the event of liquidation. 2. Transactions between entities under common control Combinations of entities under common control, i.e., transactions in which all the combining entities are under the control of the Bank both before and after the combination, and that control is not transitory, are outside the scope of the IFRS 3 Business combinations. Currently, there is no specific guidance for these transactions under IFRS, therefore, as permitted by IAS 8 Accounting policies, changes in accounting estimates and errors, the Bank has developed an accounting policy considering the pronouncements of other standard-setting bodies. The assets and liabilities recognized as a result of transactions between entities under common control are recognized at the carrying value of the acquirer’s financial statements. The Bank presents the net assets received prospectively from the date of the transfer. 3. Investments in associates and joint ventures An associate is an entity over which the Bank has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. A joint venture is an entity that the Bank controls jointly with other participants, where the parties maintain a contractual agreement that establishes joint control over the relevant activities of the entity (which only exists when decisions about those activities require unanimous consent of the parties sharing control) and the parties have rights to the net assets of the joint arrangement. At the acquisition date, the excess of the acquisition cost of the associate or joint venture shares exceeding the Bank´s share of the net fair value of identifiable assets and liabilities of the investee is recognized as goodwill and is included in the carrying amount of the investment and it is not amortized. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of assets. Impairment losses are recognized in net income and are calculated as the difference between the recoverable amount of the associate or joint venture, using the higher of its value in use and its fair value less costs of disposal, and its carrying value. The results and assets and liabilities of associates or joint ventures are incorporated in the consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current assets held for sale and discontinued operations. When an investment in an associate or joint venture is held by, or is held indirectly through, an entity that is a venture capital organization, or a mutual fund, unit trust or similar entities, and such investment is measured at fair value through profit or loss in that entity, the Bank may elect to measure investments in those associates and joint ventures at fair value through profit or loss in the consolidated financial statements. This election is applied on an investment by investment basis. Under the equity method, the investment is initially recorded at cost and adjusted thereafter to recognize the Bank’s share of the profits or loss and other comprehensive income of the associate or join venture after the date of acquisition, less any impairment loss on the investment. When the Bank's share of losses of an associate or joint venture exceeds the Bank's interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Bank's net investment in the associate or joint venture), the Bank discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Bank has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. When the equity method is applicable, adjustments are considered in order to adopt uniform accounting policies of the associate or joint venture with the Bank. The portion that corresponds to the Bank for changes in the investee´s other comprehensive income items is recognized in the consolidated statement of comprehensive income as “Unrealized gain/(loss) on investments in associates and joint ventures using equity method” and gains or losses of the associate or joint venture are recognized in the consolidated statement of income as “Dividends and net income on equity investments”, in accordance with the Bank's participation. Gains and losses resulting from transactions between the Bank and its associate or joint venture are recognized in the Bank´s consolidated financial statements only to the extent of the unrelated investor´s interest in the associate or joint venture. The equity method is applied from the acquisition date until the significant influence or joint control over the entity is lost. The unrealized gain or loss of an associate or joint venture is presented in the consolidated statement of comprehensive income, net of tax. Changes in the investment´s participation that arise from changes in other comprehensive income of an associate or joint venture are recognized directly in the investor’s statement of comprehensive income. The dividends received from the associate or joint venture reduce the investment carrying value. When the significant influence on the associate or the joint venture is lost, the Bank measures and recognizes any residual investment that remains at its fair value. The difference between the associate or joint venture carrying value (taking into account the relevant items of other comprehensive income), the fair value of the retained residual investment and any proceeds from disposing of a partial interest in the associate or joint venture, is recognized in the consolidated statement of income. The currency translation adjustments recognized in equity are reclassified to net income at the moment of disposal. For further information, please see Note 8. Investments in associates and joint ventures. 4. Joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The Bank recognizes and measures assets, liabilities, revenues and expenses in relation to its interest in joint operations in accordance with the applicable IFRS for the particular assets, liabilities, revenues and expenses. If the Bank acquires an interest in a joint operation in which the activity constitutes a business, as defined in IFRS 3, or when an existing business is contributed to the joint operation on its formation by one of the parties that participate in the joint operation, the Bank will apply all of the principles of IFRS 3. In this case, the Bank recognizes goodwill in the event that consideration transferred exceeds the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at least annually. When the Bank transacts with a joint operation in which the parent company or its subsidiaries is a joint operator (such as a sale or contribution of assets), the Bank is considered to be conducting the transaction with the other parties to the joint operation, and gains and losses resulting from the transactions are recognized in the Bank’s consolidated financial statements only to the extent of other parties’ interests in the joint operation. When the Bank transacts with a joint operation in which the parent company or its subsidiaries is a joint operator (such as a purchase of assets), the Bank does not recognize its share of the gains and losses until it resells those assets to a third party. 5. Fund’s administration The Bank manages assets held in mutual funds and other forms of investment. Assets managed by the Bank’s subsidiaries and owned by third parties are not included in the consolidated financial statements unless control exists as structured entities. The Bank consolidates the following funds: % of ownership % of ownership % of ownership Assets managed Name Country interest held by interest held by interest held by December 31, December 31, the Bank, 2021 the Bank, 2020 the Bank, 2019 2021 2020 Fondo de Capital Privado Fondo Inmobiliario Colombia (1) Colombia 49.96 % 49.96 % 49.96 % 4,415,509 4,128,801 Fideicomiso Lote Abelardo Castro (2) Colombia - 66.77 % 66.77 % - 13,314 Fideicomiso Lote Distrito Vera B1B2 (3) Colombia 66.49 % 66.77 % 66.77 % 57,025 58,459 Fideicomiso Lote Distrito Vera B3B4 (3) Colombia 66.49 % 66.77 % 66.77 % 54,941 56,364 Banistmo Panamá Fondo de Inversión S.A. Panama 100.00 % 100.00 % 100.00 % 414,962 522,777 (1) From 2020, the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being met in accordance with IFRS 10. This equity securities are considered a business, because of their capacity to generate income. For further information, see Note 2. C. Consolidation. (2) Trust rights in P.A. Lote Abelardo Castro were transferred in June 2021. (3) The decrease in equity interest is due to the repurchase by the subsidiary Valores Simesa S.A. (parent company of Lote Distrito Vera B1B2 and B3B4), during 2021. For all the aforementioned funds, the Bank participated in the design of the structured entity, makes operating and financial decisions on behalf of the funds and is exposed to variable returns such as dividends or returns paid in quarterly installments. Commissions earned by the management of funds that are not consolidated are included in the consolidated statement of income as “Fees and commissions income”. 6. Non-controlling interest Non-controlling interests in the net assets of consolidated subsidiaries are presented separately within the Bank’s equity. Similarly, net income and other comprehensive income are also attributed to non-controlling interest and equity holders of the parent company. The amount of non-controlling interest may be initially measured either at fair value or at the non-controlling interest’s proportionate share of the acquirer’s identifiable net assets. The option for recognition is made on an investment by investment basis. Any purchase or sale of shares in subsidiaries that does not imply a loss or gain of control is directly recognized in equity. 6.1. Significant non-controlling interest FCP Fondo Inmobiliario Colombia As of December 31, 2021 and 2020, the portion of non-controlling interest in the FCP Fondo Inmobiliario Colombia was 50.04%, which is considered a significant non-controlling interest for the Bank and its subsidiaries. The principal place of business of FCP Fondo Inmobiliario Colombia is Bogotá (Colombia). During 2021 and 2020, returns were delivered to the non-controlling interest in quarterly installments due to the nature of its business, which mainly comprises a long- term investment in real estate which is considered a low-risk portfolio. The return delivered amounted to COP 64,717 and COP 43,297, as of December 31, 2021 and 2020, respectively. The following table summarizes the assets, liabilities, net assets, net income and cash flows as of December 31, 2021 and 2020 and for the years ended December 31, 2021, 2020 and 2019, related to the FCP Fondo Inmobiliario Colombia: As of December 31, 2021 As of December 31, 2020 In millions of COP Assets 4,415,509 4,128,801 Liabilities 1,509,275 1,450,781 Net assets 2,906,234 2,678,020 Year-Ended 2021 Year-Ended 2020 Year-Ended 2019 In millions of COP Condensed statement of income Income Valuation of investment properties 85,148 (8,251) 77,527 Valuation of trust rights - 4 52,215 Rents 187,194 186,528 161,263 Profits of equity method investees 105,439 56,116 138,100 Other income 92,298 38,135 2,034 Total Income 470,079 272,532 431,139 Expenses Interest on loans (73,201) (78,008) (73,088) Other administrative and general expenses (212,385) (141,430) (170,374) Total Expenses (285,586) (219,438) (243,462) Net Income 184,493 53,094 187,677 Condensed cash flow (1) Net cash used in operating activities (34,442) (172,003) (257,733) Net cash provided by financing activities 21,882 235,214 256,787 Cash and cash equivalents at beginning of year 63,368 157 1,103 Cash and cash equivalents at end of year 50,808 63,368 157 (1) Statement of cash flow corresponds to the FCP Fondo Inmobiliario Colombia without equity securities consolidated cash flow. The information above represents the amounts before inter-company eliminations. As of December 31, 2021, 2020 and 2019, the profit allocated to non-controlling interest amounted to COP 92,353, COP 26,599 and COP 93,946, respectively. As of December 31, 2021, 2020 and 2019, the accumulated non-controlling interest of the FCP Fondo Inmobiliario Colombia amounted to COP 1,369,084, COP 1,340,317 and COP 1,250,131, respectively. Grupo Agromercantil Holding S.A. On February 28, 2020, the Bank announced that it received a notice from BAM Financial Corporation (‘BFC’), which held a non-controlling interest of 40.00% of the common stock of Grupo Agromercantil Holding (GAH), notifying the Bank of BFC’s decision to exercise a contractual put option for the sale of the GAH common stock held by BFC to Bancolombia Panama S.A. (the Bank’s subsidiary domiciled in Panama) in accordance with preexisting agreements. On September 29, 2020, regulatory authorizations were obtained to complete the acquisition of the remaining 40.00% of the shareholding of the GAH. With those authorizations, the acquisition of 100.00% of the operations was completed and GAH is no longer considered a significant non-controlling interest for the Bank and its subsidiaries. Therefore, in accordance with IFRS 10, changes in the parent’s ownership interest in the subsidiary are considered as equity transactions. The following table summarizes the net income and cash flows for the year ended December 31, 2019 GAH: Year-Ended 2019 In millions of COP Condensed statement of income Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off-balance sheet credit instruments 218,536 Total fees and commission, net 132,845 Other operating income 68,288 Dividends received and equity method 668 Total operating income, net 420,337 Operating expenses (478,133) Income tax 19,367 Net income (38,429) Condensed cash flow Net cash used in operating activities (62,327) Net cash provided by investing activities 273,604 Net cash used in financing activities (26,926) Translation adjustment 12,648 Cash and cash equivalents at beginning of year 1,500,647 Cash and cash equivalents at end of year 1,697,646 Other comprehensive income Investments at fair value through OCI (3,362) Translation adjustment 9,281 Others (8,093) Total other comprehensive income (2,174) For the year 2021, there were no dividends declared, and for the year 2020 and 2019, the dividends received from Grupo Agromercantil amounted to COP 85,297 and COP 31,936, respectively. D. Significant Accounting Policies |
Functional and presentation currency | 1. Functional and presentation currency Items included in the financial statements of each of the Bank’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Colombian pesos, which is the functional currency for the parent company, and the presentation currency for the consolidated financial statements. All transactions and balances in other currency than pesos are considered as foreign currency. |
Transactions and balances in foreign currency | 2. Transactions and balances in foreign currency Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at period end exchange rates are generally recognized in net income. They are deferred in equity (other comprehensive income) if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Non-monetary items that are measured at cost are held at the exchange rate at the transaction date, while those which are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. When a gain or loss on a non-monetary item is recognized in the consolidated statement of comprehensive income, any exchange component of that gain or loss is recognized in other comprehensive income. Conversely, when a gain or loss on a non-monetary item is recognized in net income, any exchange component of that gain or loss shall be recognized in net income. |
Foreign subsidiaries | 3. Foreign subsidiaries The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the Bank´s presentation currency is translated into the presentation currency, as follows: ● Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that consolidated statement of financial position, ● Income and expenses for each statement of income and statement of comprehensive income is translated at average exchange rates, and ● All resulting exchange differences are recognized in other comprehensive income in translation adjustment reserve. As part of the consolidation process, exchange differences arising from debt securities in issue and the portion of other financial securities designated as hedges of foreign operations that are determined to be an effective hedge are recognized in other comprehensive income in Translation adjustment reserve. When a foreign operation is sold or any debt securities in issue forming part of the net investment are repaid, the associated exchange differences are reclassified to net income, as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing exchange rate. The table below sets forth the exchange rate used by the Bank and its subsidiaries to convert consolidated statement of financial position accounts and transactions in U.S. dollar into Colombian pesos: December 31, 2021 December 31, 2020 December 31, 2019 Year-end exchange rate 3,981.16 3,432.50 3,277.14 Average rate for the period ended at 3,747.24 3,691.27 3,282.39 |
Cash and cash equivalents | 4. Cash and cash equivalents The Bank considers cash and cash equivalents to include cash and balances at banks and the Central Bank, interbank assets and reverse repurchase agreements and other similar secured lending that have original maturities up to 90 days, as shown in Note 4. Cash and cash equivalents. |
Security deposits | 5. Security deposits Security deposits are assets pledged as collateral that correspond to cash guarantees made by the Bank to other financial institutions. The carrying amount is increased when a margin call is issued or when it is necessary to increase the trading quota; conversely, it is decreased when the aim is to lower that quota. The security deposits are recognized as other assets in the consolidated statement of financial position at the amount paid in favor of the counterpart and these assets are subject to interest recognition. These assets are included in the consolidated statement of financial position as “Other assets, net”. |
Business combinations and goodwill | 6. Business combinations and goodwill Business combinations are those transactions where an acquirer obtains control of a business (e.g., an acquisition or merger). Business combinations are accounted for using the acquisition method as follows: a) identifiable acquired assets, liabilities and contingent liabilities assumed in the acquisition are recognized at fair value at the date of acquisition; b) acquisition costs are recognized in the consolidated statement of income as expenses in the periods in which the costs are incurred and the services are received; and c) goodwill is recognized as an asset in the consolidated statement of financial position or a gain from a bargain purchase. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree, and the equity interests issued by the Bank (if any). Goodwill is measured as the excess of the sum of the consideration transferred, the value of any non-controlled interest and, when applicable, the fair value of any previous equity interest in the acquired entity, over the net fair value of the acquired assets, liabilities or contingent liabilities assumed at the date of acquisition. For each business combination, at the date of acquisition, the Bank measures the non-controlling interest by the proportional share of the identifiable assets acquired, as well as liabilities and contingent liabilities assumed by the acquired company, or by their fair value. Any contingent consideration in a business combination is classified as a liability or as equity and is recognized at fair value at the date of acquisition, the liability is remeasured at subsequent reporting dates in accordance with IAS 37 Provisions, contingent liabilities and contingent assets, and the consideration classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. The goodwill acquired in a business combination is allocated, at the date of acquisition, to the Bank's cash-generating units (or group of cash generating units) which are expected to benefit from the combination, regardless of whether other assets or liabilities of the acquiree are assigned to those units or group of units. For business combinations achieved in stages, any previous equity interest held by the Bank in the acquiree is remeasured at its fair value at the date of acquisition and any resulting gain (or loss) is reported in the consolidated statement of income or other comprehensive income, as appropriate. Amounts related to such investments previously recognized in other comprehensive income that must be recycled through net income are reclassified to the consolidated statement of income, as if such investment had been sold. When the associate had other comprehensive income, which was not reclassified to profit or loss, the amounts were reclassified within equity to retained earnings once the investment was sold. On November 30, 2021, the Bank acquired control of Vlipco S.A.S., a company that provides technology services. For further details of this transaction, see Note 9.3. Business combination. 7. Financial instruments |
Financial instruments | 7. Financial instruments A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. 7.1. Recognition of financial assets and liabilities Financial assets and liabilities are recognized in the consolidated statement of financial position when the Bank becomes party to the contractual provisions of the instrument. This includes regular way purchases and sales, which are those purchases and sales of financial assets that require the delivery of assets within the time frame established by regulation or convention in the marketplace. The Bank uses settlement date accounting for regular way contracts when recording financial asset transactions. 7.2. Offsetting of financial instruments Financial assets and financial liabilities are reported on a net basis on the consolidated statement of financial position if and only if (i) there is currently a legally enforceable right to set off the recognized amounts and (ii) there is an intention to settle on a net basis, or to realize the asset and settle the liability simultaneously. The Bank does not offset income and expenses, unless required or permitted by an IFRS. 7.3. Fair value of financial instruments The fair value of all financial assets and liabilities is determined at the consolidated statement of financial position date, for recognition or disclosure in the notes to the consolidated financial statements. To determine fair value, characteristics of the asset or liability are taken into account in the same way that market participants would use when pricing the asset or liability at the measurement date; the following items are taken into consideration to assess the estimates: ● Based on quoted prices (unadjusted) in active markets for identical assets or liabilities to which the Bank can access at the measurement date (level 1). ● Based on inputs of valuation methodologies commonly used by the market participants, these inputs are other than quoted prices that are observable for the assets or liabilities, either directly or indirectly; considering inputs as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities like interest rates and yield curves observable at commonly quoted intervals, implied volatilities and credit spreads, and market-corroborated inputs (level 2). ● Based on internal valuation techniques of discounted cash flow and other valuation methodologies, where one or more inputs are unobservable and therefore estimated by the Bank for the assets or liabilities, in the absence of observable inputs (level 3). The accounting judgments used in determining fair value relate to matters such as liquidity risk, credit risk and volatility. The changes in estimates related to these factors could affect the recognized fair value of the financial instruments. In Note 30. Fair value of assets and liabilities, an analysis is provided of the fair values of financial instruments and non-financial assets and liabilities, including further details about the measurement of fair value, hierarchy levels and transfers between levels, if any. |
Financial assets | 7.4. Financial assets At initial recognition, the Bank measures financial assets at fair value plus, in the case of a financial asset that is not measured at fair value through profit or loss, the transaction costs directly attributable to the acquisition of the financial assets. Financial assets are then classified considering their subsequent measurement at fair value through profit or loss, fair value through OCI or amortized cost on the basis of the business model for managing the financial assets and the contractual cash flow characteristics of the instrument. In addition, for particular investments in equity instruments, in accordance with IFRS 9 Financial instruments, the Bank made the irrevocable election to present subsequent changes in fair value in other comprehensive income. 7.4.1 Money market operations Interbank assets and interbank deposits These are funds that the Bank lends to other financial institutions or borrows from the Central Bank and other financial institutions. The transactions in an asset position with maturity of up to ninety days are classified as cash equivalents, as long as they are not impacted by market fluctuations. The operations in an asset position with maturity greater than ninety days and all the operations in a liability position are measured at amortized cost and presented as “Other assets, net” or “Interbank deposits”, respectively, in the consolidated statement of financial position. Repurchase agreements and other similar secured transactions ● Asset Position Asset position refers to transactions accounted for as collateralized lending in which the Bank purchases securities with an agreement to resell them back to the seller at a stated price plus interest at a specified date, not exceeding one year. Repos in asset position are initially recognized at the consideration paid and they are subsequently measured at amortized cost. The difference between the purchase value and resale price is recorded in net interest income and accrued over the life of the agreement using the effective interest rate method. ● Liability Position Liability position refers to transactions accounted for as collateralized borrowing in which the Bank sells debt securities with an agreement to repurchase them back from the buyer at a stated price plus interest at a specified date, not exceeding one year. The securities sold under those agreements are not derecognized from the consolidated statement of financial position when the Bank substantially retains all of the risks and rewards of the securities. However, the securities are disclosed as pledged assets. The amounts received are initially recognized, at fair value, as a financial liability and subsequently measured at amortized cost. The difference between the sale value and the repurchase value is treated as interest expense and accrued over the life of the agreement by the effective interest rate method. 7.4.2 Debt and equity securities Securities at amortized cost Debt securities are classified at amortized cost only if the asset is maintained within a business model whose objective is to hold it in order to collect contractual cash flows and the contractual terms of the security give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The subsequent measurement of its interest income is recognized using the effective interest rate method. The effective interest method is a method used to calculate the amortized cost of an asset and to assign the income or cost in interest during the relevant period. The effective interest rate is the discount rate at which the present value of future estimated cash payments or those received through the expected life of the financial instrument, or, when appropriate, in a shorter time frame, are equal to the net carrying value at the beginning. To calculate the effective interest rate, the Bank estimates cash flows considering all the contractual terms of the financial instrument, including transaction costs and premiums granted minus commissions and discounts, but without considering future credit losses. Securities at fair value through profit or loss These are equity securities and debt securities that are not subsequently measured at amortized cost or at fair value through other comprehensive income. The difference between the current fair value and the immediately preceding fair value of the respective security is recorded as a higher or lower value of the asset, affecting the consolidated statement of income. Investments at fair value through other comprehensive income Investments in debt securities are classified as measured at fair value through other comprehensive income if they are maintained under a business model whose objective is achieved by both obtaining the contractual cash flows and selling the instruments and, in addition, the instruments give rise, on specific dates to cash flows that correspond only to payments of capital and interest on the principal amount outstanding. Changes in fair value of the investment are recognized in other comprehensive income, except for impairment gains or losses, interest income and foreign exchange gains or losses which are recognized in profit or loss. When the financial asset is written off, the accumulated gain or loss previously recognized in other comprehensive income is reclassified from equity to the consolidated statement of income. Interest income from these financial assets is recognized in the consolidated statement of income as “Interest and valuation on financial instruments” of the consolidated statement of income, using the effective interest rate method. 7.4.3 Equity instruments at fair value through other comprehensive income The Bank has made an irrevocable election to present in other comprehensive income, subsequent changes in fair value of some equity instruments that are not held for trading. Dividends from this type of instrument are recognized in net income only when the entity’s right to receive payment of the dividend is established. 7.4.4 Loans and advances to customers and financial institutions, leases and other receivables These are financial assets that consist primarily of corporate loans, personal loans (including mainly consumer finance and overdrafts), residential mortgage loans and financial leases. The Bank established that loans, advances to customers and other receivables are held within a business model whose objective is to hold them in order to collect contractual cash flows and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. They are initially measured at fair value, plus transaction costs and origination fees that are directly attributable to the acquisition. They are subsequently measured at amortized cost using the effective interest rate method. 7.4.5 Impairment of financial assets at amortized cost or at fair value through other comprehensive income ‘FVTOCI’ 7.4.5.1 Allowance for loans, advances and leases As described in section E. Use of estimates and judgments, paragraph 1. Credit risk Impairment and Note 6. Loans and advances to customers, net, Management assessed the adequacy of the allowance for loan losses based on evaluations of the loan portfolio using objective and subjective criteria. As disclosed by Management, expected credit losses are calculated using individual and collective models and methodologies based on assumptions and judgements considering historical credit data, current borrower situation and reasonable and supportable forecasts of future economic conditions. Collective models include parameters of probability of default at 12 months, probability of default throughout the lifetime of the obligation (when the loan is classified as stage 2), loss given default, and exposure at default with the inclusion of the prospective approach that includes assumptions of future macroeconomic conditions in plausible future scenarios. In addition, for loans individually assessed in stage 3, the Bank will evaluate defaulted significant loans, analyzing the debt profile of each debtor, the fair value of guarantees granted, information on the credit behavior and the future cash flows expected from the client. At the end of each period, the Bank assesses the impairment model based on the expected loss of a financial asset or a group of them measured at amortized cost, or at fair value through other comprehensive income, where the impairment loss will be measured from “day 1” after its initial recognition. The model is structured in three phases in which the financial asset can be categorized, from its initial recognition, considering the degree of credit risk, and the circumstances that have produced a significant increase in it, as described below: Stage 1 Stage 2 Stage 3 (Initial recognition) (Significant increase in credit risk (Credit-impaired assets) since initial recognition) 12-month expected credit losses Lifetime expected credit losses Lifetime expected credit losses The expected loss is based on estimates of losses, including reasonable information about past events, current situations, and forecasts about future economic conditions. The Bank has determined that the measurement of impairment of the loan portfolio and financial leasing operations can be made through a collective or individual assessment, in accordance with the amount of and characteristics of the loan. Collective models include 12-months probability of default parameters (12-month PD), the lifetime probability of default (lifetime PD-when the loan is classified as stage 2), loss given default (LGD), and exposure at default (EAD) with the inclusion of the prospective approach. The individual analysis methodology is applied to significant exposures and includes the evaluation of weighted loss scenarios, considering the macroeconomic forecasts and the special conditions of each debtor for the future generation of the cash flow. During 2021, some adjustments were implemented in the methodology to better estimate the ECL in the loan portfolio. In addition, the Bank recorded a general provision adjustment (Overlay) on the loans with relief granted as a consequence of the COVID-19 pandemic in Panama and Colombia. The probability of default models were not updated with recent information, in order to exclude data from grace periods or extended terms granted in response to the pandemic; therefore, the models incorporate data up to February 2020. These adjustments are explained in detail later. Staging assessment The staging assessment of a significant increase in credit risk can be classified in different stages: ● Stage 1: Financial instruments that have not had a significant increase in credit risk since initial recognition, or that have low credit risk at the reporting date. ● Stage 2: Financial instruments that have had a significant increase in credit risk since initial recognition (unless they have low credit risk at the reporting date), but that do not have objective evidence of impairment. ● Stage 3: Financial assets that have objective evidence of impairment (OEI) at the reporting date. For each of the stages, an expected credit loss (ECL) will be calculated which will include current and future conditions, both of the behavior of the portfolio and of different associated macroeconomic conditions. For stage 1, a 12-month ECL will be calculated which will acknowledge the expected credit losses that result from default events that are possible within 12 months after the reporting date, while for stage 2 and 3 a Lifetime ECL will be calculated which contains the expected credit losses that result from all possible default events over the expected life of the financial instrument. Significant increase in risk To establish whether an asset presents a significant increase in risk since the initial recognition, the Bank performs an assessment of quantitative and qualitative factors and reviews, for each portfolio, the rebuttable presumption of more than 30 days of default. The way in which the Bank determines whether the credit risk of financial instruments has increased significantly since the initial recognition is as follows: Quantitative criteria Lifetime PD assessment: The Bank has determined that the most suitable quantitative way to establish the significant increase in credit risk is by comparing the residual lifetime PD at the initial recognition and the current lifetime PD. To measure this difference, two thresholds are defined: ● Absolute threshold: Is the absolute difference between the value of the residual lifetime PD at the initial recognition and the current lifetime PD. This threshold determines the value from which a positive absolute variation identifies an increase in the risk of the instrument. ● Relative threshold: It is a percentage variation between the value of the residual lifetime PD at the initial recognition and the current lifetime PD. This threshold determines the value from which a positive percentage variation identifies an increase in the instrument risk. In the event the comparison of PD’s results in the surpassing of one threshold but not the other, it is not considered that there is a significant increase in the risk for the instrument. If the instrument does not exceed the threshold, other qualitative criteria are assessed, which can identify a significant increase in credit risk even when the obligation is very close to expiration. These criterions are the following: Qualitative criteria ● The assets restructured by risk, where the client is experiencing financial difficulties, are classified in stage 2 and provisioned by lifetime expected credit loss until the instrument is canceled, or cured, or it is transferred to stage 3 because it fulfills the definition of default. The following table shows the cure period of the assets restructured by country: Country Portfolio Months SME Commercial 36 Colombia Corporate Does not apply Mortgage 34 Consumer 22 Consumer 19 Panama Commercial Does not apply Mortgage 14 Commercial 18 El Salvador Consumer 18 Mortgage 34 ● Clients on the watch list with medium risk level. ● The Bank additionally reviews every six months if there are collective criteria for the migration of a group of clients to stage 2, for example, if a significant change has occurred from the commencement of a specific product or geographic region, or the occurrence of industry events, regulatory, market or any other, that is considered a significant event with impact on the generation of future cash flow of the customer's operation. The Bank implemented the following measures in Staging assessment as a consequence of the reprofile of the loan’s repayment schedule due to COVID-19: Measures applied in 2021: In Colombia, some reliefs were provided until the month of August 2021, and for these clients the following measures were implemented: 1. The clients that in 2020 were identified with medium or high risk and classified in stages 2 or 3 were reviewed again in 2021 at the AEC committee (Special Client Administration), and those which were identified with less risk returned to stage 1 or stage 2 in accordance with the new risk level. 2. Clients who were given a relief in Colombia due to COVID-19 (similar to a restructuring), are classified in stage 2 for the following period of time: Portfolio Months SME Commercial 12 Corporate Client-to-client review Mortgage 16 Consumer 12 3. Clients with payment concessions cannot upgrade a stage for a period of 3 months after the payment concession ends. In Panama, at the end of December 2021, massive relief continues, so the following adjustments are made to the stage classifications: ● Consumer loan clients identified as unemployed or whose wages have decreased and have not made at least 3 payments because these payments are not still due, are classified in stage 2. ● In the mortgage portfolio, clients with massive relief who have not made at least 3 payments are not still due, are classified in stage 2. ● Consumer loan clients without a payment agreement and who have not made any payment are classified in stage 3. Measures applied in 2020: 1. Clients identified with greater risk through the implementation of expert models and crisis forums are classified in stage 2. 2. Clients with payment modifications that in the last year were past due more than 30 days are classified in stage 2. 3. Clients with payment concessions cannot upgrade a stage for a period of 3 months after the payment concession was granted. 4. Clients identified as affected by their ability to pay due to COVID-19 are classified in stage 2. Refutable presumption of more than 30 days of default The Bank has reviewed for each portfolio the presumption of a significant increase in 30 days past due and finds historical evidence that there is a relationship between this presumption and default, except for Banistmo's mortgage portfolio, where the Bank has refuted the presumption. The basis for refuting this presumption in Banistmo is that there is reasonable and sustainable information that shows that when the contractual payments are more than 30 days past due, this does not represent a significant increase in the credit risk of a financial instrument, the main causes being: ● Banistmo has a percentage of the mortgage portfolio that remains in the delinquency range of 31 - 60 days for operational issues due to the collection of checks (which generate a high operational burden), so that usual payment practice exceeds 30 days; in accordance with IFRS 9.B5.5.20, when a non-payment is an administrative oversight, instead of a financial difficulty of the borrower, this presumption may be refused. ● There is no relationship between mortgages whose payments are past due for more than 30 days and default. In accordance with the previous paragraph, the significant increase in credit risk for Banistmo's mortgage portfolio is defined at 60 days past due. The following table show the participation for each of the stages and the distribution of stage 2 is detailed for the reasons that represent the significant increase in credit risk: December 31, 2021 Stage 2 Portfolio Stage 1 Threshold Watch list Restructured ** More Than COVID-19 Total Stage 3 30 Days* Measures Commercial 84.74 % 37.67 % 59.77 % 1.00 % 1.14 % 0.42 % 7.28 % 7.98 % Consumer 86.36 % 62.19 % 0.65 % 7.99 % 13.75 % 15.42 % 8.52 % 5.12 % Mortgage 83.76 % 27.18 % 0.50 % 8.49 % 8.42 % 55.41 % 12.67 % 3.58 % Total Portfolio 84.95 % 40.72 % 32.73 % 4.31 % 5.66 % 16.58 % 8.39 % 6.67 % *The significant increase in credit risk for Banistmo's mortgage portfolio is 60 days past due. ** Restructured clients may also be shown in the columns Threshold and Watchlist if they are in those conditions too. December 31, 2020 Stage 2 Portfolio Stage 1 Threshold Watch list Restructured ** More Than COVID-19 Total Stage 3 30 Days* Measures Commercial 82.20 % 20.80 % 73.80 % 0.80 % 1.40 % 3.20 % 8.10 % 9.70 % Consumer 82.30 % 52.20 % 0.10 % 4.40 % 12.00 % 31.40 % 11.00 % 6.70 % Mortgage 83.80 % 35.80 % 0.10 % 5.30 % 7.80 % 51.00 % 11.80 % 4.40 % Total Portfolio 82.40 % 31.80 % 40.70 % 2.60 % 5.40 % 19.60 % 9.30 % 8.30 % *The significant increase in credit risk for Banistmo's mortgage portfolio is 60 days past due. ** Restructured clients may also be shown in the columns Threshold and Watchlist if they are in those conditions too. Definition of default To establish whether an asset is in default, the Bank performs an assessment of quantitative and qualitative factors and reviews for each portfolio the rebuttable presumption of more than 90 days of default. The criteria applied by the Bank to determine if there is a breach are the following: Quantitative criteria ● Clients with at least one written off loan. ● Clients who are 90 or more days past due. Qualitative criteria ● Clients in special states of restructuring or business reorganization and insolvency agreements. ● Clients on the watchlist with high risk level. ● The Bank also aligns all products of the same client to stage 3 when one of its obligations is in default. Refutable presumption of more than 90 days of default The Bank has reviewed for each portfolio the presumption of default in 90 days past due and finds historical evidence of high probability of loss at 90 days, except for Banistmo's mortgage portfolio, where the Bank has refuted the presumption. The basis for refuting this presumption is that there is historical evidence that shows that the default occurs at 180 days. Measurement of expected credit losses by collective methodology The quantification of the expected credit losses collectively is done according to the stage classification, the homogeneous groups defined in each type of portfolio and the client’s risk level. The segmentation of homogeneous groups is carried out by type of client; for individuals it is grouped by product and for companies by industry segments defined from the sales level of the client. Similarly, risk level is assigned based on the type of client. For individuals, the risk is measured using a behavioral scoring model for consumer products and a behavioral scoring for housing products; the function of these models is to rank the clients according to risk and thus have a better follow-up with them. Scoring is based on historical behavior and management variables for each one of the products. In Colombia, Guatemala and Panama, the rating system for the consumer portfolio is assessed using random forest methodology, which are mathematical models that allow a greater number of variables related to the client and that have more precise rating consistent with the level of risk. These methodologies have a fundamental role in the evaluation and monitoring of credit risk. For companies, the level of risk is measured based on an internal rating model, which uses qualitative and quantitative variables as financial indicators of the client, with ranking on a scale between level 1 and 19. Also, involved in this process are qualification programs of the region, factors of the local market and the knowledge of the client in the market. In Colombia, a random forest methodology model is used for rating the SME portfolio; these are mathematical models which allow the use of a greater number of variables related to the client such as financial information, internal and external payment behavior, non- financial variables (such as: partners, seniority), sociodemographic and transactional information, imports, exports, among others, and have more precise rating consistent with the level of risk. These methodologies have a fundamental role in the evaluation and monitoring of credit risk. The Bank implemented the following measures in the assignment of the score as a consequence of the reprofile of the loan’s repayment schedule due to COVID-19: Measures applied in 2021: 1. Minimum qualification for customers with modified loans continues for 4 months after relief ends. Measures applied in 2020: 1. Commercial clients are individually analyzed through crisis forums and the portfolio rating process carried out at the end of 2020. 2. Minimum score for modified or restructured clients. 3. Consumer loans with current relief at the end of 2021 are assigned the highest impairment rating between the current month and the rating before COVID-19 pandemic (February 2020). For further details, please see Note 31. Risk management, section Description of Loans and Financial Leases. To estimate the expected credit losses (ECL) under the collective methodology, the following formula is used: ECL = Probability of Default * Loss Given Default * Esposure At Default The factors are estimated using statistical models developed from internal historical information of the entity and then adjusted with forward-looking information as described below: ● Probability of Default (PD): Estimated probability of occurrence of a default of an instrument. IFRS 9 proposes the specification of this parameter and its application according to the classification of stages 1, 2 and 3. o PD 12 months: The estimated probability of occurrence of a default in the next 12 months of the instrument’s life as of the date of analysis. The Bank defines the use of PD 12 months for current portfolio that does not present a significant increase in credit risk or any impairment evidence (portfolio classified in stage 1). To estimate the probability of default for 12 months, the Bank uses traditional techniques such as logistic regression, modeling the behavior of the portfolio by level of risk for each of the segments. o Lifetime PD: The estimated probability of occurrence of a default over the remaining life of an instrument, being dependent on the conditions of the product and the level of risk. The Bank defines the use of lifetime PD for portfolio with a significant increase in credit risk (portfolio classified in stage 2). The Bank estimates this factor using survival models which propose a statistical analysis to quantify the survival rate of a portfolio for a given period. One of the advantages of the methodology is the inclusion of prepaid models. The Bank made improvement in the stage 2 ECL assessment methodology to measure losses over the lifetime of the loan (Cox proportional hazards model, sometimes abbreviated Cox Model), which allow a better adjustment of the macroeconomic variables in the face of the COVID-19 situation. o PD stage 3: The customers evaluated by the collective methodology in stage 3 have an associated probability of default of 100.00%. ● Loss Given Default (LGD): The severity of Loss Given Default is the percentage of exposure that the entity ultimately expects to lose in the event of a default in a financial instrument. The general formulation for the calculation of the LGD is equal to (1 – Recovery Percentage), where the recovery percentage refers to the sum of the flows received from the transaction discounted at the rate for the client on the date of analysis on the total of the exposure at the time of default, including contractual debt sales and other recovery strategy. For secured products, this is primarily based on collateral type and projected collateral values, the use of appraisals to determine the value of the collateral and time to repossession and recovery costs observed. The Bank made adjustments in the LGD parameter (Loss Given Default) and the collateral methodology, in order to incorporate maintenance expenses of the collaterals foreclosed upon, implement a greater segregation of default bands and eliminate the loan portfolio historic data that were not representative of the current portfolio. ● Exposure at Default (EAD): The exposed value of the asset valued at amortized cost (includes the balance of capital, interest and accounts receivable), this is based on the contractual repayments owed by the borrower over a 12 month or lifetime basis. For revolving products and those with available borrowing that is likely to be used in its entirety, the Exposure At Default (EAD) estimate considers the use of the CCF (risk conversion factor), in order to find a relationship corresponding to the used and unused component of the instrument. To estimate the expected credit losses (ECL), a component of probability of becoming loan is included. To estimate the lifetime expected credit loss, the exposed balance is projected annually, taking into account the discount of contractual payments agreed with the client for each year. Cash flows are discounted at the effective interest rate or an approximation of it. The Bank changed one of the assumptions used to measure the expected loss of stage 1. Where in the past, it was assumed that the loss occurs at the beginning of the year, as best practice it is now assumed that the loss occurs in the middle of the year. Forward-looking information incorporated in the ECL models To incorporate the prospective information to the factors defined for the estimation of the expected loss, the Bank uses methodologies that correlate the historical behavior of the portfolio with certain economic variables. The Bank uses projections based on three macro scenarios (base, pessimistic and optimistic); each scenario has a plausible probability of occurrence to evaluate the best estimate of the expected loss under possible future economic conditions. To make the projections, the Corporate Economic Research team has defined a process for the generation of estimates under two perspectives: thematic and analytical. ● Thematic Perspective: In the first instance, a series of external variables are defined, which are those whose values are established at a global level and in whose definition the idiosyncratic dynamics of the analyzed country have no incidence. As these are issues whose detailed study is beyond the scope of the Corporate Economic Research team, the Bank uses as reference the estimates made by external analysts. ● Analytical Perspective: This consists in the compilation of the historical information for the most important economic and financial variables of the country. The information bases are compiled from official sources, which mostly correspond to official authorities, such as the Superintendency or Central Bank of each country. The Bank estimates forecasts based on time series models widely used in econometrics. As a result, projections are obtained for the economic variables of interest, which are formulated monthly in a time horizon that includes the current year and five subsequent years. After five years, given the technical difficulties and the high uncertainty, the projection of the economic variables for the total remaining useful life of each instrument corresponds to the value of the last projection. The Bank considers that a five (5) years projection horizon continues to be reasonable and that maintaining the fifth-year estimate for subsequent periods is a good approximation. This is based on the natural behavior of any statistical or econometric exercise of variable projection, in which the series tend towards a reversion to the mean or, in this case, to the long-term trend or equilibrium level. Then, in subsequent periods they remain there once the macroeconomic projections reach that steady state and only the materialization of a shock (unpredictable, so it is not possible to project when it will happen) would cause a deviation. It is reasonable to think that in a period of 5 years, the macroeconomic variables projection would already be at a level very close to their equilibrium, since historically the maximum periods of consecutive deviation above or below the long-term trend (more or less 0.25 standard deviations of the variable) of the economic cycle (from the series of annual economic growth in the period 1972-2020) has been precisely a period of 5 years. With the current projections as of December 31, 2021, although the economic shock of the COVID-19 pandemic was of unprecedented magnitude, the subsequent economic recovery has also occurred at an unprecedented speed, so the scenario that incorporates the figures for the fifth year of the projection proposes records very close to the long-term levels of the variables and allows this assumption to remain valid. Economic scenario weightings To incorporate not only a perspective, but also to recognize the uncertainty surrounding the short and medium-term economic context that the country will experience, the projection work incorporates three scenarios: base, optimistic and pessimistic. It is intended that each perspective contain reasonable expectations and that each has a relevant level of probability associated with it. In other words, we seek to formulate possible, not extreme, scenarios. Due to economic events and risks related to COVID-19, at the closure of 2020 the economic scenario weightings were as follows: base scenario with a weighting of 60.00%, pessimistic scenario with a weighting of 30.00%, and finally optimistic scenario with a weighting of 10.00%. In 2021, the scenarios are weighted as follows: Country Optimistic Base Pessimistic 2020 2021 2020 2021 2020 2021 Colombia 10.00 % 20.00 % 60.00 % 50.00 % 30.00 % 30.00 |
Financial liabilities | 7.5. Financial liabilities At initial recognition, the Bank measures its financial liabilities at fair value. The transaction costs that are directly attributable to the financial liability are deducted from its fair value if the instruments are subsequently recognized at amortized cost or will be recognized in the consolidated statement of income if the liabilities are measured at fair value. Derivative liabilities are measured at fair value through profit and loss and the gains or losses of those liabilities are recognized in the consolidated statement of income for subsequent measurements. Non-derivative financial liabilities are measured at amortized cost using the effective interest rate. Interest expenses are recognized in the consolidated statement of income unless the financial liability is designated as at fair value through profit or loss, for which it is required to present the effects of changes in the liability’s credit risk in other comprehensive income. 7.5.1 Compound instruments Compound financial instruments that are comprised of both a liability and equity component must be separated and accounted for separately. Therefore, for initial measurement, the liability component is the fair value of a similar liability which doesn´t have an equity component (determined by discounting future cash flows using the market rate at the date of the issuance). The difference between the fair value of the liability component and the fair value of the compound financial instrument, considered as a whole, is the residual value assigned to the equity component. After initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not re-measured subsequent to initial recognition. The liability component corresponds to the preferred dividend related to 1% of the subscription price, which is the payment of the minimum dividend on the preferred shares for each period in accordance with the Bank’s bylaws. 7.5.2 Financial guarantee contracts and loan commitments In order to meet the needs of its customers, the Bank issues financial standby letters of credit, bank guarantees and loan commitments. Loan commitments are those agreements under which the Bank has an irrevocable obligation to grant the loan. The financial guarantee contracts issued by the Bank are contracts that require the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due to accordance with the original or modified terms of a debt instrument. Both financial guarantee contracts and loan commitments are initially recognized as liabilities at fair value, which is normally the fee received, adjusted for the directly attributable transaction costs incurred. Subsequently, liabilities are measured at the higher of the provision amount measured according to IFRS 9, and the amount initially recognized, less the accumulated amortization recognized according to IFRS 15 Revenue from contracts with customers. Income derived from guarantees is recognized as fees and commission income in the consolidated statement of income over the term of the contract, in accordance with the method and frequency of commission’s payments. |
Derecognition of financial assets and liabilities | 7.6 Derecognition of financial assets and liabilities Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred, and the Bank has transferred substantially all the risks and rewards of ownership, or when the Bank neither transfers nor retains substantially all of the risks and rewards of ownership but it does not retain control of the financial asset. On derecognition of a financial asset, the difference between (a) the carrying amount (measured at the date of derecognition) and (b) the consideration received (including any new asset obtained less any new liability assumed) is recognized in net income. In transactions in which the Bank neither transfers nor retains substantially all the risks and rewards of ownership of a financial asset, the Bank continues to recognize the asset to the extent of its continuing involvement, determined by the extent to which it is exposed to changes in the value of the transferred financial asset. A financial liability is removed from the consolidated statement of financial position when it is extinguished, that is, when the obligation is discharged, cancelled or expired. Debt exchange The Bank assesses whether the instruments subject to exchange are substantially different from each other, considering qualitative aspects such as currencies, terms, rates, conditions of subordination, regulatory framework, among others; and quantitative aspects, including whether the present value of discounted cash flows under the conditions of the new instruments (including any commission paid net of any commission received) and using the original effective interest rate to calculate the discount, is at least 10 percent different from the discounted present value of the cash flows that still remain of the original financial liability. When it is determined that the instruments subject to debt exchange are not substantially different (based on the analysis of qualitative variables such as changes in currency or emission market, and quantitative assessments in some cases), the transaction is recognized as a debt modification. In this case, the amortized cost of the modified liability is adjusted to the present value of the estimated contractual cash flows which are discounted at the original effective interest rate of the financial instrument, and a gain or loss is recognized immediately in profit or loss. Incremental costs and commissions adjust the carrying amount of the liability and are amortized over the remaining life of the modified liability; its subsequent measurement continues at amortized cost. In debt exchanges where the new instrument is considered substantially different, the liability is derecognized against the consolidated statement of income, and a new financial liability arises. 7.6.1 Written-Off loan portfolio Loans are written off when the Bank concludes there is no realistic expectation of recovery of the loans and receivables balances from a client or third party. In general, this characteristic will be fulfilled when the following delinquency conditions are present: Type Length of delinquency Consumer 180 days, 450 days for vehicles in GAH, 720 days for loans with mortgage guarantee in Banco Agricola and 1,080 days Commercial 360 days Small Business Loan 180 days, 1,080 days Mortgage 1,080 days 1,440 days Among the reasons underlying a loan's non-recoverability are the estimated recovery time of the obligation and the probable recovery percentage given the existence or lack of collateral. When default conditions are present, it is initially necessary to evaluate whether the collateral that supports the loan generates a reasonable expectation of recovery; if so, the necessary steps are taken to realize on the collateral prior to writing-off the loan. In cases where the collateral net fair value indicates that there are no reasonable expectations of recovery, loans are written-off in the consolidated financial statements. |
Derivatives financial instruments | 7.7. Derivatives financial instruments A financial derivative is an instrument whose value changes in response to changes in a variable such as an interest rate, exchange rate, the price of a financial instrument, a credit rating or a credit index. This instrument requires no initial payment, or a smaller investment than would be required for other financial instruments with a similar response to changes in market conditions, and it is generally settled at a future date. The Bank recognizes its derivatives financial instruments at fair value based on the prices and methodologies provided by the official pricing services provider (Precia). Counterparty credit-risk adjustments are applied to derivatives when the Bank’s position is a derivative asset and the Bank’s credit risk is incorporated when the position is a derivative liability. For further information, see Note 30. Fair value of assets and liabilities, section d. Credit valuation adjustment. The Bank carries out derivative transactions to facilitate the business of clients related to the Management of their market and credit risk, managing the exposure in its own position to changes in interest rates and risks in exchange rates, or to obtain benefits from changes in valuations experienced by these instruments in the market. Derivatives are recognized and measured at fair value through profit or loss, unless such derivatives are designated as hedging instruments in cash flow hedges or as a hedge of a net investment in a foreign operation. In those cases, the effective portion of changes in the fair value of the derivatives are recognized in other comprehensive income. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative. 7.7.1 Hedge accounting Fair value hedges are used by the Bank, through its Panamanian subsidiary, Banistmo, to protect against changes in the fair value of investment securities that are attributable to interest rate variability. When the hedging relationship is considered to be highly effective, the changes in value of the hedging derivative are accounted for according to their classification, as fair value hedges, cash flow hedges and hedges of net investment in foreign operations, as set out in the paragraph below. The Bank assesses at the inception of the hedge and on a monthly basis during the life of the instrument, whether the hedge used in the transaction is expected to be aligned with the hedge effectiveness requirement (prospective effectiveness): ● Economic relationship between the hedging instrument and the hedged item. ● The effect of credit risk does not predominate over the value of the economic relationship. ● Designated hedge ratio is consistent with risk management strategy. The Bank discontinues the hedge accounting when the hedging relationship no longer meets the criteria provided for hedge effectiveness or when the hedging instrument expires or is sold, terminated or exercised. Consequently, the item no longer complies with the hedge accounting conditions or the hedging relationship no longer complies with the risk management objective. When hedge accounting for a fair value hedge is terminated, the previous adjustments related to the changes in fair value of the hedged item are subsequently recorded in the consolidated statement of income in the same manner as other components of the carrying amount of that asset. When hedge accounting for a cash flow hedge is terminated, the accumulated gains and losses recorded in equity will be reclassified to the consolidated statement of income in the same period or periods during which the hedged expected future cash flows are realized. Before the establishment of hedge accounting, the Bank documents the relationship between hedged items and hedging instruments, as well as its risk management objectives and hedging strategies, which are approved by the Risk Management Committee as the body designated by the Board of Directors. Hedge relationships are classified and accounted for in the following ways: Fair value hedges Changes in the fair value of derivatives that are designated and qualify as hedging instruments in fair value hedges are recognized in the consolidated statement of income as interest and valuation on financial instruments. The change in fair value of the hedged item attributable to the hedged risk is included as part of the carrying value of the hedged item, and it is also recognized in the aforementioned item of the consolidated statement of income. For fair value hedges that are related to items accounted for at amortized cost, the adjustments to the carrying value are amortized through the consolidated statement of income during the remaining term until their expiry. The amortization of the effective interest rate shall begin as long as there is an adjustment to the carrying value of the hedged item and shall begin no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged. The adjustment is based on a recalculated effective interest rate at the date amortization begins. If the hedged item is derecognized, the non-amortized fair value is recognized immediately in the consolidated statement of income. If the hedge instrument expires or it is sold, terminated or exercised, or when the hedge no longer meets the criteria for hedge accounting, the Bank discontinues prospectively the hedge accounting. For the items hedged at amortized cost, the difference between the carrying value of the item hedged at the termination of the hedge and the nominal value are amortized using the effective rate method during the time beyond the original terms of the hedge. If the hedged item is derecognized, the remaining value to amortize is recognized immediately in the consolidated statement of income. When an unrecognized firm commitment is designated as a hedged item, the subsequent cumulative change in the fair value of the firm commitment attributable to the hedged risk is recognized as an asset or liability with corresponding gain or loss recognized in net income. Cash flow hedges The portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognized in other comprehensive income. The ineffective portion of the gain or loss on the hedging instrument is recognized in the consolidated statement of income. If the hedging instrument expires or is sold, terminated or exercised, without replacement or rollover into another hedging instrument, or if the hedging designation no longer meets the criteria provided for the hedge effectiveness requirements after any subsequent rebalancing adjustment, any accumulated gain or loss previously recognized in OCI remains in OCI, until the planned operation or the firm commitment affects the result. The Bank ceases hedge accounting when the hedging relationship ceases to meet the objective of managing the hedged risk when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulated in equity at that time remains in equity and is recognized in other comprehensive income when the forecast transaction is ultimately recognized in net income. When a forecasted transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in net income. Hedges of a net investment in a foreign operation: |
Day one profit adjustment | 7.8. Day one profit adjustment If an asset has been acquired, or a liability has been assumed, in a market transaction, it might be assumed that the transaction price can be taken to be the fair value of the asset or the liability. However, the fair value of the financial asset or financial liability can be different from the transaction price at initial recognition. When the amounts are not equal, the asset or liability should be measured at fair value and the difference between the transaction price and fair value is required to be recognized as follows: ● If the fair value is assessed as Level 1 based on the inputs or the valuation technique uses only data from observable markets, therefore Bank recognizes the difference as a gain or loss on initial recognition. ● In all other circumstances, the Bank defers day one gain or loss recognition in the consolidated statement of income over the life of the transaction. |
Premises and equipment | 8. Premises and equipment Premises and equipment include tangible items that are held for use, for rental to others, or for administrative purposes and are expected to be used for more than one period. Items of premises and equipment are expressed at cost less accumulated depreciation and impairment losses. Depreciation is calculated using the straight-line method, in order to derecognize the depreciable amount of promises and equipment over the estimated useful lives of the assets. The depreciable amount is the cost of an asset less its residual value. The estimated useful lives for each asset group are: Asset group Useful life range Buildings 10 Furniture and fixtures (1) 5 Computer equipment 3 Equipment and machinery 3 Vehicles 3 (1) Companies in El Salvador have a useful life range of 4 to 20 years . The asset’s residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. When there is a significant change, the depreciation and the charge to the consolidated statement of income are adjusted based on the new estimation. The Bank assesses at the end of each year whether there is any indication of external or internal reduction in the asset’s recoverable value. If there is any indication of impairment, the Bank estimates the recoverable amount of the assets and then recognizes the impairment loss in the consolidated statement of income. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount and is recognized in the consolidated statement of income as “Impairment, depreciation and amortization”. When the carrying value exceeds the recoverable value (the greater of fair value less the costs of sale and value in use), the carrying value is adjusted to its recoverable value, modifying the future charges for depreciation, according to its new remaining useful life. In a similar way, when indications exist that the value of an asset has been recovered, reversal of an impairment loss is recognized immediately in the consolidated statement of income and consequently the future charges for the asset’s depreciation are adjusted. In any case, the reversal of the impairment loss of assets cannot increase it carrying value above the amount that it would have if impairment losses in previous periods had not been recognized. For the purposes of assessing impairment, assets are grouped at the smallest identifiable group that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). The evaluation can be carried out at the individual asset level when the fair value less the cost of sale can be reliably determined and the value in use is estimated to be close to its fair value less costs to sell and fair value less costs to sell can be determined. Maintenance expenses of the premises and equipment are recognized as an expense in the period in which they are incurred and are registered in the consolidated statement of income as “Other administrative and general expenses”. Gains and losses in the sale of premises and equipment are registered in the consolidated statement of income as “Other operating income” or “Other operating expenses”. |
Investment properties | 9. Investment properties Land and buildings that the Bank holds to earn rentals or for capital appreciation or both rather than for their use in the supply of services or sale in the ordinary course of business are recognized as investment properties. The investment properties are measured initially at cost, including the transaction costs. The carrying value includes the cost of replacement or substitution of a part of an investment property at the time the cost is incurred, if the cost meets the recognition criteria; and it excludes the daily maintenance costs of the investment property which are included in the consolidated statement of income as “Other operating expenses”. After the initial recognition, the investment properties are measured at fair value which reflects the market conditions at the consolidated statement of financial position date and are valued by external experts using valuation techniques based on comparable prices, direct capitalization, discounted cash flows and replacement cost. The gains and losses that arise from changes in the fair values of investment properties are included in the consolidated statement of income as “Other operating income”. The investment properties are derecognized, either at the moment of their disposal or when they are permanently withdrawn from use and no future economic benefits are expected. The difference between the net disposal proceeds of the investment properties and the carrying value is recognized in net income in the period the disposal occurs. Transfers of an asset to or from the investment properties are only made when there is a change in its use. For a transfer from an investment property to premises and equipment, the cost taken into account for its subsequent accounting is the fair value at the time of the change in use. If a premise and equipment becomes an investment property, it will be accounted for at its fair value. |
Intangible assets | 10. Intangible assets An intangible asset is an identifiable non-monetary asset with no physical appearance. Separately acquired intangible assets are measured initially at their cost. The cost of intangible assets acquired in business combinations is their fair value at the date of acquisition. After the initial recognition, the intangible assets are accounted for at cost less any accumulated amortization and any accumulated impairment loss. The costs of internally generated intangible assets, excluding the costs from development that meet the recognition criteria, are not capitalized and the expense is reflected in the consolidated statement of income as it is incurred. The useful lives of intangible assets are determined as finite or indefinite. The intangible assets with finite useful lives are amortized using the straight-line method over their estimated useful lives. The amortization period and the amortization method for intangible assets with a finite useful life are reviewed at least annually. The expected changes in the useful life or in the pattern of consumption of the future economic benefits of the asset are accounted for when changing the period or amortization method, as appropriate, and they are treated as changes in the accounting estimates. The amortization expense of intangible assets with finite useful lives is recognized in the consolidated statement of income. The useful lives of the intangible assets with finite life ranges between 1 When intangible assets with finite useful life are written-off, the expected future economic benefits period is reduced to increase the amount of amortization, resulting in the derecognition of the intangible asset in a shorter period than initially estimated. The Bank assesses annually its intangible assets with finite life in order to identify whether any indications of impairment exist, as well as possible reversal of previous impairment losses. Intangible assets with indefinite useful lives are not subject to amortization but are periodically tested to identify any impairment, either individually or at the cash-generating unit level. The assessment of the indefinite life is reviewed annually to determine if it continues being supportable. In the event that the assessment was not valid, the change from indefinite useful life to finite useful life is recognized prospectively. The gain or loss that arises when an intangible asset is derecognized is measured as the difference between the disposal value and the carrying value of the asset and is recognized in the consolidated statement of income. The Bank’s intangible assets comprise mainly intangibles of finite useful life: licenses, software and computer applications, customer relationships and trademarks (See Note 9. Goodwill and intangible assets, net). Intangibles of indefinite useful life include Goodwill. For further information on the effects of the COVID-19 pandemic, see section E. Use of estimates and judgments, paragraph 10. Effects of the COVID-19 pandemic and other relevant issues on the Bank’s judgements and estimates, set out below. On November 30, 2021, the Bank acquired control of Vlipco S.A.S., a company that provides technology services, and as a result of this transaction an intangible asset was recognized corresponding to entity's software developments. For further details of this transaction, see Note 9.3. Business combination. 10.1 Research and development costs Research costs are recorded as expenses as they are incurred. Costs directly related to the development of a stand-alone project are recognized as intangible assets when the following criteria are met: ● It is technically feasible to complete the intangible asset so that it will be available for use or sale; ● Management intends to complete the intangible asset and use or sell it; ● There is an ability to use or sell the intangible asset; ● It can be demonstrated how the asset will generate probable future economic benefits; ● Adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; and ● The expenditure attributable to the intangible asset during its development can be reliably measured. In the consolidated statement of financial position, the related capitalized costs are recorded at cost less accumulated depreciation and accumulated impairment losses. Costs are capitalized during the application development stage and amortized on a straight-line basis from the beginning of the production stage over the period of expected future economic benefits. During the development period, the asset is subjected to impairment testing at least annually to determine if impairment indications exist. The research and development costs that do not qualify for capitalization are recorded as expenses in the consolidated statement of income of the period (see item 13. Impairment of non-financial assets and cash-generating units and goodwill, set below). |
Inventories | 11. Inventories The inventories of returned property are those assets that come from an early termination of a lease (returned properties) or those upon which the lease has already concluded (premises and equipment), which are expected to be sold in the normal course of business. These are controlled by the Bank and are expected to generate future economic benefits. The inventories of returned property are recognized as an asset from the date on which the Bank assumes the risks and benefits of the inventories, provided that the cost of the asset can be reliably measured, and it is probable that it will generate future economic benefits. The inventories of returned property are valued using the specific identification method and their costs include the carrying value at the time the asset is returned. The carrying value of returned property is measured at the lower of cost and net realizable value (NRV). The net realizable value is the estimated selling price in the ordinary course of business less estimated costs to sell. The adjustment in the carrying value to reflect the NRV is recognized in the consolidated statement of income for the period in which the goods are returned. The value of any reversion that comes from an increase in the NRV in which the increase occurs is recognized as a lower expense in the period. Other new inventories are measured initially at acquisition cost which comprises the sum of the purchase price, the import costs (if applicable), the non-recoverable taxes paid, the storage, the transport costs, and other attributable or necessary costs for their acquisition, less discounts, reductions or similar items. Those inventories do not include selling costs. The Bank must review the NRV of its inventories at least annually or whenever necessary if indicated by market conditions. Any write-down adjustment must be recognized directly in the consolidated statement of income. |
Assets held for sale and discontinued operations | 12. Assets held for sale and discontinued operations A non-current asset or a disposal group of assets are classified as held for sale if their carrying value will be recovered through a sale transaction, rather than through continuing use. These assets or groups of assets are shown separately in the consolidated statement of financial position at the lower of their carrying value and their fair value less costs to sell and they are not depreciated nor amortized from the date of their classification. The held for sale condition is met if the assets or group of assets are available, in their current condition, for immediate sale and the sale transaction is highly probable and is expected to be completed within the year following the date of classification. The Bank performs the measurement of the assets held for sale at the consolidated statement of financial position date. However, these assets are evaluated quarterly if impairment indicators exist that imply review of the carrying value recorded in the accounts. If those indications are identified, impairment losses are recognized for the difference between the carrying and recoverable amount of an asset as “Impairment, depreciation and amortization” in the consolidated statement of income. Gains and losses in the sale of premises and equipment are recognized in the consolidated statement of income as “Other operating income” or “Other operating expenses”. A discontinued operation is a component of an entity that has been disposed of, or is classified as held for sale, and represents a separate major line of business or a geographical area of operations, is part of a single coordinated and individual plan to dispose of a separate major line of business or geographical area of operations, or is a subsidiary acquired exclusively with a view to resale. Income and expenses coming from a discontinued operation must be disclosed separately from those coming from continued operations, in a single item after the income tax, in the consolidated statement of income of the current period and comparatively with previous period even though the Bank retains a non-controlling interest in the subsidiary after the sale. Management has developed quantitative thresholds such as “rules of thumb” to determine the materiality of major line of business. In the absence of particular standards, a line of business below the threshold of 5% of net assets in the consolidated statement of financial position is not considered material. |
Impairment of non-financial assets, cash-generating units and goodwill | 13. Impairment of non-financial assets and cash-generating units and goodwill The Bank evaluates at the end of each period whether there is any indication that on a stand-alone basis non-financial assets and cash-generating units are impaired. If some indication of impairment does exist, the Bank estimates the recoverable amount of the assets and the loss by impairment, the impairment loss is recognized for the amount by which the carrying amount of the cash generating unit exceeds its recoverable amount. Regardless of whether impairment indicators exist, impairment of goodwill is assessed annually. The recoverable amount is determined by Management by reference to market value, if available, by pricing models, or with the assistance of a valuation specialist. Determination of the recoverable amount requires Management to make assumptions and use estimates to forecast cash flow for periods that are beyond the normal requirements of management reporting; the assessment of the appropriate discount rate and growth rate, estimation of the recoverable amount of cash generation units and the valuation of the separable assets of each business whose goodwill is being reviewed. If an asset does not generate cash flows that are independent from the rest of the assets or group of assets, the recoverable amount is determined by the cash-generating unit to which the asset belongs. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The amount of impairment losses recognized in net income during the period are included in the consolidated statement of income as “Impairment, depreciation and amortization”. |
Other assets | 14. Other assets The Bank presents as other assets, among other things, (a) the expenses paid in advance incurred in the development of its business, in order to receive future services, which are amortized during the period in which services are received or the costs or expenses are recorded and (b) foreclosed assets that do not comply with the requirements to be recognized as assets held for sale and where there are no plans to use them in the supply of services or for administrative purposes. Foreclosed assets are initially recognized at the lower of net amount of the charged-off financial assets to which the foreclosed assets relate and net realizable value of the foreclosed asset (the net realizable value will be the estimated selling price of the asset or its awarding value, less the estimated costs necessary to carry out its sale), pending obtaining a plan for its commercialization. If net amount of the charged-off financial assets is greater than net realizable value of the foreclosed asset, an adjustment for impairment of credit risk of the financial asset is recorded in the results for the period. There is evidence of impairment when these group of assets remain in the consolidated statement of financial position for a period of time exceeding one year from the reception date, without buyer having been found, despite the Bank’s ongoing efforts to sell them (even adjusting the selling price). Foreclosed assets are subsequently assessed to determine whether an impairment lost must be recognized. In the case of events that arise that are beyond the control of the Bank and that make remote the realization of these assets, they are identified as "non-tradable" and a complete impairment is carried out. |
Employee benefits | 15. Employee benefits 15.1 Short term benefits The Bank grants to its employees short-term benefits such as bonuses based on added value to clients and the Bank’s results (which was suspended for the year 2020), salaries, accrued performance costs and social security that are expected to be wholly settled within 12 months. Expenses related to these benefits are recognized over the period in which the employees provide the services to which the payments relate. For further information, see Note 19. Employee benefit plans. 15.2 Other long-term employee benefits The Bank grants to its employees seniority bonuses as long-term employee benefits whose payment is not expected within the 12 months following the end of the annual period in which the employees have rendered their services. These benefits are projected up to the date of payment and are discounted through the projected unit credit method. The cost of long-term employee benefits is allocated across the period from the time the employee was hired by the Bank and the expected date of obtaining the benefit. 15.3 Pensions and other post-employment benefits - Defined contribution plans The Bank makes monthly contributions to pension funds, due to legal requirements and it has no legal obligation to pay further contributions. The Bank recognizes contributions in the consolidated statement of income once the contribution is accrued. Any contributions unpaid at the consolidated statement of financial position date are included as a liability. - Defined benefit plans These are post-employment benefit plans in which the Bank has the legal or constructive obligation to take responsibility for the payments of benefits that have been agreed, for example, severance obligation, retirement pension premium plan and senior management pension plan premium and pension plan. The Bank makes an actuarial valuation based on the projected unit credit method and a risk-free rate which reflects current market assessments of the time value of money in each country, related to the characteristics and the benefit flows weighted average, to discount such obligation. |
Provisions, contingent liabilities and contingent assets | 16. Provisions, contingent liabilities and contingent assets Provisions are recorded when the Bank has a present obligation (legal or constructive) as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are determined by Management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period, which estimate is discounted using a risk-free rate which reflects current market assessments of the time value of money in each country, which for Colombia is the interest rate on treasury bonds (TES)1. The corresponding expense of any provision is recorded in the consolidated statement of income, as a provision, net of all expected reimbursement. The increase of the provision due to the time value of money is recognized as a financial expense. The amounts recognized in the consolidated statement of financial position, correspond mainly to: - Provisions for loan commitments and financial guarantee contracts; and - Provisions for legal proceedings, classified as probable to be decided against the Bank. Possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events, not wholly within the control of the Bank, or present obligations that arise from past events but are not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligations or the amount of the obligations cannot be measured with sufficient reliability, are not recognized in the consolidated statement of financial position, but instead are disclosed as contingent liabilities, unless the possibility of an outflow of resources embodying economic benefits is remote, in which case no disclosure is required. Possible assets that arise from past events whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events, not wholly within the control of the Bank, are not recognized in the consolidated statement of financial position; instead, these are disclosed as contingent assets where an inflow of economic benefits is probable. When the realization of income is virtually certain, then the related asset is not a contingent asset and its recognition is appropriate. 1 The interest rate of treasury bonds (TES), representative of the nation's public debt. |
Customer loyalty program | 17. Customer loyalty program The Bank maintains a credit card loyalty program to provide incentives to its customers. The program allows customers to purchase goods and services, based on the exchange of awards points, which are awarded based on purchases using the Bank's credit cards and the fulfillment of certain conditions established in such program. The redemption of points for prizes is carried out by a third party. According to IFRS 15, the expenses of the Bank's commitments with its clients arising from this program are recognized as a lower value of the fees and commission income, considering the total number of points that can be redeemed over the accumulated prizes and taking into account the probability of redemptions. |
Revenue recognition | 18. Revenue recognition The Bank recognizes revenue from ordinary activities, which represent the transfer of goods or services committed with customers in exchange for an amount that reflects the consideration to which the entity expects to be entitled in exchange for such assets or services. The recognition and measurement of interest income and dividend income from debt and equity instruments are not within the scope of IFRS 15. Instead, they are within the scope of IFRS 9. The Bank evaluates the contracts and commitments established with customers, identifying compliance with the five steps established in IFRS 15 as follows: 1. Identifying the contract: The parties’ rights, payment conditions, evaluation of the commercial basis and characteristics of the consideration are identified, and the Bank evaluates if there are modifications or combinations that apply. 2. Identifying performance obligations: The Bank evaluates the commitments included in the entity's contracts to identify when the customer makes use of the service and whether the obligations are identifiable separately. 3. Determining the transaction price: The characteristics of the amounts for which the agreed services were exchanged are reviewed in the Bank's contracts, to estimate the effect of variable consideration in kind, or others payable to the customer. 4. Allocating the transaction price to performance obligations: In the evaluation of prices under the Bank's contracts, these are allocated individually to the services provided by the Bank, even for products where there are packaged commitments. 5. Satisfaction of performance obligations: The obligations established in contracts with customers are satisfied when the control of the service is transferred to the customer and the recognition is performed as established in IFRS 15, over time or at a point in time. The Bank satisfies a performance obligation and recognizes revenue over time if one of the following criteria is met: a) The Bank's performance does not create an asset with an alternative use for the entity, and it has an enforceable right to receive payment for the performance completed to date. b) The Bank's performance creates or enhances an asset that the customer controls as the asset is created or enhanced. c) The customer simultaneously receives and consumes the benefits provided by the Bank’s performance as the Bank performs. For performance obligations where none of the indicated conditions is fulfilled, the Bank satisfies the performance obligation at a point in time, at which the customer obtains control of the promised services and the entity satisfies a performance obligation. When the Bank fulfills a performance obligation through the delivery of promised goods or services, it creates a contractual asset for the consideration amount obtained with the performance. A contract asset is the right of the Bank to receive a payment in exchange for goods or services that the Bank has transferred to a customer, when that right is dependent on something other than the passage of time (for example, billing or delivery of other elements part of the contract). The Bank recognizes the contractual assets as current assets, as they are expected to be realized within the normal operating cycle. The costs of contracts eligible for capitalization as incremental costs when obtaining a contract are recognized as a contractual asset. Contractual costs are capitalized when incurred if the Bank expects to recover those costs. Contractual costs constitute non-current assets to the extent that the Bank expects to receive the economic benefits of those assets in a period greater than twelve months. The contractual costs are amortized systematically and consistently with the transfer of the services to the customer once the corresponding revenue has been recognized. The capitalized contractual costs are impaired if the customer withdraws or if the carrying amount of the asset exceeds the projection of the discounted cash flows that are related to the contract. When the amount of consideration received from a customer exceeds the amount of the recognized revenue, this creates a contractual liability. Contract liabilities constitute the Bank's obligation to transfer goods or services to a customer, for which the Bank has received a payment from the end customer or if the amount is past due. They also include deferred income related to goods or services that shall be delivered or provided in the future, which will be billed to the customer in advance, but which are not yet past due. Revenue is measured based on the consideration specified in the contract with the customer, and excludes amounts received on behalf of third parties when the Bank is an agent. The Bank recognizes revenue when it transfers control over a good or service to a customer. Revenue is presented net of reimbursements and discounts and after eliminating inter-group sales. The Bank evaluates its revenue categories based on specific criteria to determine whether it acts as principal or agent. Revenue is recognized to the extent that it is probable that economic benefits will flow to the Bank and it is possible to reliably measure the related revenues and costs. 18.1. Interest income and expenses For all financial instruments measured at amortized cost, interest income and interest expenses are recognized using the effective interest rate. The effective interest rate is the rate that exactly discounts future estimated cash flows payments through the expected life of the financial instrument or, when appropriate, a shorter period, to the net carrying value of the financial liability or asset. The computation takes into account all the contractual conditions of the financial instrument (for example, prepayment options) and includes incremental fees or expenses that are directly attributed to the instrument and are an integral part of the Effective Interest Rate (EIR), but not future credit losses. For debt securities at fair value, gains and losses arising from changes in fair value are included in the consolidated statement of income as “Interest and valuation on financial instruments”. 18.2. Fees and commission income The Bank charges fees for the services it provides to its customers. Fee income can be divided into the following three categories: Income from fees that are an integral part of the effective interest rate of a financial instrument Commissions for loan commitments that have a high probability of being used are deferred (together with any incremental cost) via the effective interest rate, once the loan is granted (in accordance with section 18.1). If the commitment expires and no loan is made, the fee is recognized as income at the time of termination. The opening fees received for the issuance of a financial liability measured at amortized cost are included in the effective interest rate of the financial instrument and its recognition as income is generated during the estimated life of the asset. Income from fees obtained from the services that are provided during a certain period of time These payments include income from commissions and asset management, custody and other administration and advisory commissions. In loan commitments, when it is not possible to demonstrate the probability that a loan will be used, the opening fees of the loan are recognized in the consolidated statement of income as revenue from ordinary activities, in accordance with IFRS 15, and are recognized based on the past due and the frequency of fee payment. Income from the provision of services Fees arising from the negotiation or participation in the negotiation of a transaction for a third party, such as the acquisition of shares or other securities or the purchase or sale of businesses, are recognized at the closing of the underlying transaction. Commissions or fee components that are linked to a specified performance are recognized after the corresponding criteria are met. 18.3. Dividend revenue For the investments that are not associates or joint ventures, dividends are recognized when the right to payment of the Bank is established, which is generally when the shareholders declare the dividend. These are included in the consolidated statement of income as dividends received and share of profits of equity method investees. 18.4. Total operating income, net Income derived from commercial operations (trading) includes all profits and losses from variations in the fair value and revenue or expenses for related interests from financial liabilities or assets. This includes any ineffectiveness registered in the hedging transactions. |
Income tax | 19. Income tax The Bank recognizes, when appropriate, deferred tax assets and liabilities by estimating the future tax effects attributable to differences between book values of assets, liabilities and their tax bases. Deferred tax assets and liabilities are measured based on the tax rate that, in accordance with the valid tax laws in each country where the Bank has operations, must be applied in the year in which the deferred tax assets and liabilities are expected to be realized or settled. The future effects of changes in tax laws or tax rates are recognized in the deferred taxes as from the date of publication of the law providing for such changes. Tax bases for deferred tax must be calculated by factoring in the definition of IAS 12 Income tax and the value of the assets and liabilities that will be realized or settled in the future according to the valid tax laws of each of the countries where the Bank has operations. Deferred tax liabilities due to deductible temporary differences associated with investments in subsidiary and associated entities or shares in joint ventures, are recognized, except when the Bank is able to control the period in which the deductible temporary difference is reverted, and it is likely that the temporary difference will not be reverted in the foreseeable future. Deferred tax assets, identified with temporary differences, are only recognized if it is considered likely that the Bank will have sufficient taxable income in the future that allows it to be recovered based on the stand-alone entity expected cash flow forecast for the next three years. Tax credit from fiscal losses and surplus amounts from the presumptive income on the net income are recognized as a deferred asset, provided that it is likely that the Bank will generate future net income to allow their offset. The deferred tax is recorded as debit or credit according to the result of each of the companies that form the Bank, and for the purpose of disclosure on the consolidated statement of financial position it is disclosed as net. The deferred tax expense is recognized in the consolidated statement of income under the heading “Income tax”, except when referring to amounts directly recognized in OCI (Other Comprehensive Income). Regulatory changes in tax laws and in tax rates are recognized in the consolidated statement of income under the heading “Income Tax” in the period when such rule becomes enforceable. Interest and fines are recognized in the consolidated statement of income under the other administrative and general expenses. The Bank periodically assesses the tax positions adopted in tax returns, and, according to the results of the tax audits conducted by the tax authorities, determines possible tax outcomes provided it has a present obligation and it is more likely than not that the Bank will have to dispose of the economic resources to cancel the obligation, and the Bank can make an accurate estimate of the amount of the obligation. The recorded sums are based on the estimated fair amount that is expected to cover the amount expected to be paid in the future. In 2021, the value of the uncertain tax position in Colombia was recovered, considering that the tax returns on which it was based were final in the course of the same year and no glosses were received from the Dirección de Impuestos y Aduanas Nacionales ('DIAN') on these aspects. Revisions of tax returns must be documented, as well as any uncertain tax positions that are taken in them. For further information about deferred tax considerations derived from the last Colombian tax reform (Law 2155 of 2021), see Note 12. Income Tax. Transfer pricing policy The Bank has as a general policy that each of its companies be responsible for their income, costs and expenses independently. The policy takes into account the regulation for the parent company provided for in the Organic Statute of the Financial System (article 119, numeral 4) which in relation to the autonomy of the subsidiaries states that: The activity of the subsidiaries of entities subject to the control and supervision of the SFC must be carried out in conditions of independence and administrative autonomy, so that they have sufficient decision-making capacity to carry out the operations that constitute their object. The Bank recognizes arm’s length operations with economic links. These operations are documented and reported to the tax Administration according to the last evaluation date corresponding to the previous year. Therefore, the income tax returns for 2020 and 2019, filed in 2021 and 2020, were adjusted for amount of COP 5,207 and COP 11,198, respectively. |
Operating segments | 20. Operating segments Operating segments are defined as components of the Bank that are engaged in business activities from which they may earn revenues and incur expenses, for which separate financial information is available that is regularly used by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Bank manages and measures the performance of its operations through the operating segments using the same accounting policies described in the summary of significant accounting policies described in Note 3. Operating segments. |
Earnings per share | 21. Earnings per share The basic earnings per share are calculated by dividing net income attributable to the ordinary equity holders of the parent company by the weighted average number of ordinary shares outstanding during the period. To calculate diluted earnings per share, the net income attributable to ordinary equity holders, and the weighted average number of outstanding shares, is adjusted by the dilutive effects inherent to potential ordinary shares. Currently, the Bank does not have any dilutive instruments as to be considered in diluted earnings per share due to the fact that the Bank’s current common shares are anti-dilutive. |
Paid-in capital | 22. Paid-in capital Paid in capital represents the amount paid by the shareholders in excess of the nominal value of the shares. |
Use of estimates and judgments | E. Use of estimates and judgments The preparation of consolidated financial statements requires Bank's Management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Judgments or changes in assumptions are disclosed in the notes to the consolidated financial statements. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under current circumstances. Actual results may differ from these estimates if assumptions and conditions change. The significant accounting estimates that the Bank uses in preparing its consolidated financial statements are detailed below: 1. Credit risk impairment As disclosed by Management and described in section D. Significant Accounting Policies, paragraph 7.4.5 Impairment of financial assets at amortized cost or at fair value through other comprehensive income ‘FVTOCI’, expected credit losses are calculated using individual and collective models and methodologies based on assumptions and judgement considering historical credit data, current borrower situation and reasonable and supportable forecasts of future economic conditions. Collective models include parameters of probability of default at 12 months, probability of default throughout the lifetime of the obligation, loss given default, and exposure at default with the inclusion of the prospective approach that include assumptions of future macroeconomic conditions in plausible future scenarios. In addition, for loans individually assessed in stage 3, the Bank will evaluate defaulted significant loans, analyzing the debt profile of each debtor, the fair value of guarantees granted, information on credit behavior and the future cash flows expected from the client. Expected credit losses (‘ECL’) are calculated using individual and collective models and methodologies based on assumptions and judgement considering historical credit data, current situation and reasonable and supportable forecasts of future economic conditions. The impact of COVID-19 has increased the uncertainty around ECL impairment calculations and has required Management to make additional judgements and accounting estimates that affect the reported amount of assets and level of expenses regarding provisions. For further information, see section 10. Effects of the COVID-19 pandemic and other relevant issues on the Bank’s judgements and estimates, set out below. The estimation of impairment charges is a critical accounting policy because of the significance of this line item, the sensitivity of the charges to changes in assumptions about future events (behavior of the expected macroeconomic variables), weighting of macroeconomic scenarios, uncertainty about the COVID-19 effects and other somewhat subjective judgments that are incorporated in the individual credit loss models. Some relevant assumptions must be made to operate the mathematical models behind the expected credit loss assessment. Assumptions are constructed from historical data to consider whether a customer has a significant increase in risk or is in default; these are reviewed by expert panels. Other assumptions such as future economic conditions, the simulation of reasonable future economic scenarios and the likelihood of those scenarios have a high impact on lifetime default probability models. These scenarios are determined and leveraged by the Direction of Economic Research, which operates independently of the Bank’s risk Management division. The main factors considered in collective estimations of credit losses are the definition of significant increase in credit risk, definition of default, collateral values, loan maturity and macroeconomic forecast of variables such as unemployment, GDP, interest rates, among others. It is also important to consider any other variable that could influence a client´s willingness to pay. In addition, individual credit loss models consider assumptions on how the financial performance and future cash flow of a client could be affected, the client’s expected future operational and commercial activity, the capacity to generate sufficient cash to pay debt obligations and trends and regulatory changes in the economic sector in which the client operates, changes in the collateral value, weighting of the scenarios used, as well as other internal or external factors. Given the inherent uncertainties and the high level of subjectivity involved in the assessment of three following factors, it is possible that the outcomes in the next financial year could differ from the expectations on which Management’s estimates are based: ● Exposure at default : The exposed balance of assets to the current capital balance, interest, and receivable accounts. In the case of products whose nature is revolving and that have an available borrowing that is susceptible to be used in its entirety according to loan contracts subscribed with clients, this parameter includes an estimation of the use of those products after the client’s default. ● Probability of default (PD): This is the probability that the debtor fails to fulfill their obligations of capital and/or interest payment over a period of 12 months. This is linked to the rating/scoring of each debtor/operation. ● Loss given default (LGD): This is defined as the economic impairment that the entity would incur in the event of any instance of default. This depends mainly upon the characteristics of the debtor and upon the valuation of guarantees or collateral associated with the operation. This parameter has been assessed as a critical estimate due to the effects caused by COVID-19 in the real economy. For further information, see section 10. Effects of the COVID-19 pandemic and other relevant issues on the Bank’s judgements and estimates, set out below. Impairment loss models and methodologies, and the related assumptions, are assessed by the Bank’s Chief Risk Officer (CRO) on a regular basis, using robust validation procedures in order to assure a reasonable coverage of effective losses. This process enables Management to periodically determine whether assumptions and models used to measure credit risk impairment should be adjusted to achieve more precise estimations. Internal controls, data governance standards and approval processes, have been implemented by the Bank to make estimations more accurate. For further details, please see Note 2. Significant accounting policies, section 7.4.5 Impairment of financial assets at amortized cost or at fair value through other comprehensive income ‘FVOCI’. 2. Impairment testing of cash generating units (‘CGU’), including goodwill The Bank tests goodwill recognized upon business combinations for impairment at least annually. The impairment test for goodwill involves estimates and significant judgments, including the identification of cash generating units and the allocation of goodwill based on the expectations of which operating segments of the Bank will benefit from the acquisition. The fair value of the acquired companies is sensitive to changes in the valuation models’ assumptions. Adverse changes in any of the factors underlying these assumptions could lead the Bank to record a goodwill impairment charge. Management believes that the assumptions and estimates used are reasonable and supportable in the existing market environment and commensurate with the risk profile of the assets valued. See Note 9. Goodwill and intangible assets, net, for further information related to carrying amount, valuation methodologies, key assumptions, sensitivities and the allocation of goodwill. Having considered the extraordinary uncertainty created by COVID-19 and its potential impact on the carrying value of goodwill, Management performed multiple weighted scenarios for assessing the expected future cash flows for each CGU taking into consideration the impact of COVID-19. For further information, see section 10. Effects of the COVID-19 pandemic and other relevant issues on the Bank’s judgements and estimates, set out below. 3. Deferred tax Deferred tax assets and liabilities are recorded on deductible or levied temporary differences originating between tax and accounting bases, taking into account the tax rules applicable in each country where the Bank has operations. Due to the changing conditions of the political, social and economic environment, the constant amendments to tax legislation and the permanent changes in the tax principles and changes in interpretations by tax authorities determining the tax bases for the deferred tax items involves difficult judgments including estimates of future gains, offsets or tax deductions. Accordingly, the determination of the deferred tax is considered a critical accounting policy. For more information relating to the nature of deferred tax assets and liabilities recognized by the Bank, please see Note 12. Income tax. 4. Provisions and contingent liabilities The Bank is subject to contingent liabilities, including those arising from judicial, regulatory and arbitration proceedings, tax and other claims arising from the conduct of the Bank’s business activities. These contingencies are evaluated based on Management’s best estimates and provisions are established for legal and other claims by assessing the likelihood of the loss actually occurring as probable, possible or remote. Contingences are provisioned and recorded when all the information available indicates that it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation before the consolidated statement of financial position date and the amounts may be reasonably estimated. The Bank engages internal and external experts in assessing probability and in estimating any amounts involved. Throughout the life of a contingency, the Bank may learn of additional information that can affect assessments regarding probability or the estimates of amounts involved; changes in these assessments can lead to changes in recorded provisions. The Bank considers the estimates used to determine the provisions for contingent liabilities critical estimates because the probability of their occurrence and the amounts that the Bank may be required to pay are based on the Bank’s judgment and those of its internal and external experts, which will not necessarily coincide with the future outcome of the proceedings. For further information regarding legal proceedings and contingencies and their carrying amounts, see Note 21. Provisions and contingent liabilities. 5. Fair value of financial assets and liabilities Financial assets and liabilities recorded at fair value on the Bank’s statement of financial position include debt, equity securities and derivatives classified at fair value through profit or loss, debt classified at fair value through other comprehensive income and equity securities which the Bank has made an irrevocable election to present changes in its fair value in other comprehensive income. To increase consistency and comparability in fair value measurements and related disclosures, IFRS 13 Fair value measurement specifies different levels of inputs that may be used to measure the fair value of financial instruments. In accordance with this standard, financial instruments are classified as follows: Level 1: Instruments are valued by reference to unadjusted quoted prices for identical assets or liabilities in active markets where the quoted price is readily available, and the price represents actual and regularly occurring market transactions. Level 2: Level 3: Transfers into or out of Level 3 are made if the significant inputs used in the financial models measuring the fair values of the assets and liabilities became unobservable or observable, respectively, in the current marketplace. All transfers between the aforementioned levels are assumed to occur at the end of the reporting period. The measurement of the fair value of financial instruments generally involves a higher degree of complexity and requires the application of judgments especially when the models use unobservable inputs (level 3) based on the assumptions that would be used in the market to determine the price for assets or liabilities. Determination of these assumptions includes consideration of market conditions and liquidity levels. Changes in the market conditions, such as reduced liquidity in the capital markets or changes in secondary market activities, may reduce the availability and reliability of quoted prices or observable data used to determine fair value. When developing fair value measurements, the Bank maximizes the use of observable inputs and minimizes the use of unobservable inputs in measuring fair value. Internal models used to determine fair value are validated in accordance with the Bank’s policies by an internal model validation group. Additionally, the Bank uses third-party pricing services to obtain fair values, which are used to either record the price of an instrument or to corroborate internally developed prices. Third-party price validation procedures are performed over the reasonableness of the fair value measurements. For further details regarding carrying amount and sensitivity disclosures, please see Note 30. Fair value of assets and liabilities. The impact of COVID-19 on markets and financial instrument valuations were not a significant impact on the value of financial assets such as debt securities, equities, etc. For further information, see section 10. Effects of the COVID-19 pandemic and other relevant issues on the Bank’s judgements and estimates, set out below. 6. Measurement of Employee benefits The measurement of post-employment benefit obligations and long-term employee benefits takes into account a range of inputs and it is dependent upon a series of assumptions of future events. The projected unit credit method is used to determine the present value of the obligation for the defined benefits and its associated cost. Future measurements of obligations may differ to those presented in the consolidated financial statements, among others, due to changes in economic and demographic assumptions and significant events. As of December 31, 2021, an improvement in the actuarial valuation methodology of the post-employment and long-term benefit plans was presented, in order to include typified discount rates by each benefit plan, with the objective of presenting more relevant information on the value of these plans in the consolidated financial statements. For further information, see Note 19. Employee benefit plans. 7. Transaction price determination With respect to contracts with the Bank’s customers, for the determination of the transaction price, the Bank allocates to each one of the performance obligations under the contract the price which represents the value expected to be received in respect of each such performance obligation based on its relative stand-alone selling price. Such price is determined based on the cost of each service, related tax and associated risks to the operation and inherent to the transaction, plus the margin expected to be received for the services, considering in each case the market price for the service, the conditions agreed with the customer and the customer’s segment. The bank has fixed and variable prices considering the characteristics of each service, future events, discounts, returns and other variables that may influence the selling price. No significant financing components are factored in the determination of the selling price. 8. Leases The measurement of the right-of-use asset and of the lease liabilities requires a series of judgments, among which are the determination of the term of the lease and the rate used in discounting the cash flows. The term of the lease is defined according to the historical information of the contracts and the period over which an asset is expected to be economically usable, which involves a high degree of uncertainty due to the use of relevant information about past events. In the Bank’s case, the weighted average lessee’s incremental borrowing rate was used to discount the cash flows associated with the leasing contracts. The Bank performs analysis taking into account the currency, lease term, economic environment and class of underlying assets, as to determine the weighted average lessee’s incremental borrowing rate. During the lockdowns that took place in 2021 and 2020 to stem the COVID-19 pandemic, the Bank did not receive substantial rent concessions as lessee in the payment terms of its lease contracts. For further information, see section 10. Effects of the COVID-19 pandemic and other relevant issues on the Bank’s judgements and estimates, set out below. 9. Uncertainty over Income Tax Treatments In the process of determining the current and deferred tax for periods subject to review by the tax authority, the applicable rules have been applied and interpretations have been made to take positions, on which different interpretations could arise from those made by the entity. Due to the complexity of the tax system, the continuous modifications of the fiscal rules, the accounting changes with implications in the tax bases and in general the legal instability of the country, at any time the tax authority could have different criteria from the Bank. Therefore, a dispute or inspection by the tax authority on a specific tax treatment may affect the deferred or current tax asset or liability bank´s accounting, in accordance with the requirements of IAS 12. Management and its advisors believe that their decisions concerning the estimates and judgments made in each fiscal period are in accordance with those required by the current tax regulations, and therefore have not considered it necessary to recognize any additional provisions to those indicated in Note 12. Income tax. 10. Effects of the COVID-19 pandemic and other relevant issues on the Bank’s judgements and estimates The progressive return to a normal economic and social environment has been the predominant factor as of December 31, 2021, despite the contagiousness of the omicron variant, positively impacting productive activity in Colombia and in the other countries where the Bank operates, as well as the future economy performance expectations. However, the Bank continues to assess the application of additional prudential measures to evaluate (a) whether uncertainties arose as to the ability to continue generating revenues from contracts with customers and commissions, (b) going concern considerations in relation to liquidity, regulatory capital requirements and concentrations of market risk, (c) whether fair value adjustments were necessary for financial instruments, (d) the measurement of the impact of changes in loan terms agreed with customers, (e) whether a significant increase in credit risk (SICR) has occurred for its financial assets, and (f) any potential impact on the carrying value of goodwill and non-financial assets, among others: * Relevant uncertainties or analysis regarding the ability to continue generating revenues from contracts with customers and commissions: * Assessment of changes in business strategies and business model: * Assessment of significant changes in fair value measurements of financial instruments: * Assessment of changes in credit conditions: temporary measures in Colombia, El Salvador, Guatemala and Panama, to support our customers who took a payment holiday and help them resume payment during this extraordinary situation. Furthermore, in order to provide an economic relief to customers whose ability to pay had been affected by the COVID-19 situation, in June 2021 the Superintendencia de Bancos de Panamá (‘SPB’) issued agreement number 002-2021 and the General Resolutions of the Board of Directors SBP-GJD-0003-2021 and SBP-GJD-0004-2021, which established guidelines for credit and counterparty risk management of modified loans, granted new loan restructurings as of July 01, 2021 and until September 30, 2021, based on the debtor's payment capacity, financial viability and each bank’s policies, and also established the mechanisms for reporting this portfolio to the SBP. These regulatory changes represented an extension of general relief law in force since 2020. In Colombia, the SFC had established a debtor support programme (‘PAD’) applicable until August 31, 2021, however, Bancolombia S.A. continues to offer concessions and relief to its customers under similar conditions to those established by the PAD, although not limited to those affecting customer’s income or payment capacity as a direct consequence of the COVID-19 situation. In Banco Agrícola S.A., in accordance with the expectation of economic recovery and the degree to which the customer was affected by the pandemic, special concessions were granted until September 30, 2021. Until September 30, 2021, the Bank maintained a program to support customers in accordance with each customer’s individual situation to help them to resume payments by means of the modification of loan terms when the debtors have been financially affected due to the COVID-19 pandemic. Therefore, the Bank established a segmentation of clients in specific groups based on their capability to resume payments (customers will be in a position to resume payments once the payment holiday arrangements expire and those who might need additional short or longer term support), for which the entity offers: i) reduction in the installment amounts without increasing the initially agreed interest rate and ii) periods of payment holidays or additional extensions of time. Some of these reliefs continue to be granted, as a way of accommodating customers who have difficulties in meeting their credit obligations. In this regard, Management has evaluated each of these relief efforts and granted and applied the corresponding judgment to assess, in each case, whether a modification is considered “substantial” or “non-substantial”. Therefore, the Bank has an accounting policy of applying the “10% test” for modified loans. Consequently, the terms are substantially different if the net present value of the cash flows under the new terms (including any fees paid net of any fees received) discounted using the original effective interest rate (‘EIR´), is at least 10 percent different from the net present value of the remaining cash flows of the original financial asset. If the relief results in a substantial modification, the financial asset should be derecognized. When the contractual cash flows of a financial asset are renegotiated or otherwise modified and the renegotiation or modification does not result in the derecognition of that financial asset, the Bank adjusts the gross carrying amount of the existing loan to reflect the revised estimated cash flow payments discounted using the original EIR. The adjustment is recognized as a modification gain or loss in accordance with IFRS 9:5.4.3. The adjustment is recognized in the consolidated statement of income under the line "Interest income on loans and financial leases". The aforementioned relief provided by the Bank to company and individual customers in some cases resulted in the renegotiation of the contractual terms. The impact of the relief provided to clients due to the holiday payments and loan modification amounted to COP 53,745 as of December 31, 2021 and was recognized as a higher value in the line “Interest income on loans and financial leases” of the consolidated statement of income and amounted to COP 150,958 as a lower value in the same line of the consolidated statement of income as of December 31, 2020. * Credit risk impairment assessment: For 2021, the Bank updated its macroeconomic projections for all the countries in which it operates. This update considered the applicable government’s measures announced for each country to support the economy. To the extent that the severity of the economic downturn depends on the actions taken by governments, different probabilities of occurrence have been assigned to the base, pessimistic and optimistic scenarios. These probabilities, which reflect the expectations that the Bank has set for the future macroeconomic conditions, have been updated using the best available and reliable information based on past events, current conditions, and forecasts, in order to identify the increase in risk of debtors and to incorporate the economic perspectives in the expected loss models. In order to mitigate excessively procyclical assumptions when determining the provisions caused by the volatility of the macroeconomic forecasts which induce significant constitution of provisions followed by releases of comparable magnitudes and given the high uncertainty associated with the economic behavior due to COVID-19, to measure forward-looking effects, the Bank used a temporary adjustment to the allowance in the form of an Overlay as a single non-recurring event into the ECL measurement process associated with the mid-term macroeconomic forecasts stabilization in Colombia due to the smoothing of the macroeconomic variables. In addition, the Bank made the following improvements to the methodologies used for the accounting for expected credit losses: ● Improvement in the stage 2 ECL assessment methodology to measure losses over the lifetime of the loan (Cox proportional hazards model, sometimes abbreviated Cox model), which allow a better adjustment of the macroeconomic variables in the face of the situation due to COVID-19. ● Mid-term macroeconomic forecasts stabilization in Colombia due to the smoothing of the macroeconomic variables. ● Change in one of the assumptions used to measure the expected loss of stage 1; while in the past, it was assumed that the loss occurs at the beginning of the year, as best practice it is now assumed that the loss occurs in the middle of the year. ● Adjustments in the LGD parameter (Loss Given Default) and the collateral methodology, in order to incorporate external direct expenses and maintenance expenses of the collaterals received in payment, improve to a greater segregation of default bands and eliminate data that are not representative of the current portfolio. These methodological improvements generated a Reversal of provision for credit losses of COP 383,790 as of December 2021. On the other hand, the government support measures put into place in the countries in which the Bank operates may vary from jurisdiction to jurisdiction and it remains unclear how these will evolve and how they might impede the decrease in the risk deterioration metrics of our customers. For example, the governmental support measures may negatively impact the identification of customers that are in a difficult financial situation but that are not reaching the level of default to be considered customers with a significant risk increase, or at the default height of arrears. To identify the increase in risk of debtors for which financial relief was granted, the Bank has added a Management Overlay adjustment, which is applied in countries where there was still a massive relief population, which allows for estimating the portfolio risk and reflects a level of expected credit losses in accordance with the current situation in the portfolio once the aforementioned relief efforts expire. In some cases, this loss allowance is recorded globally given the uncertainty in the portfolio subject to payment deferrals (Banistmo), where the Overlays were generated on populations identified as high risk (unemployed, uncontacted customers and decrease in income); in other cases, it was possible to incorporate the Overlay client by client (Colombia), either because they were identified through direct contact or by expert models, which allow increasing the risk rating and/or stage impairment. The estimated Overlay considered by the Bank as of December 31, 2021, was COP 727,216. The Overlays will be released to the extent that the client presents good payment behavior or used in cases where the client does not comply with the agreement and consequently defaults. * Impairment of non-financial assets: variables could trigger an impairment in certain Bank investments in associates and joint ventures and, taking into account that some of these investments could reflect an adverse behavior in their accumulated results, Management developed the respective analysis of the most significant investments in associates and joint ventures financial performance, and advanced the process of estimating their recoverable value. Management did not identify the existence of an impairment in associate’s companies and joint ventures at the date of this report as of December 31, 2021 and 2020. Additionally, the Bank has considered all macroeconomic impacts when developing the economic budget assessments, forecasts and other underlying assumptions commonly used to determine the recoverable value of non-financial long-lived assets, such as goodwill, intangibles, investment property, plant and equipment, among others. As of December 31, 2021, and 2020, the total amount of the long-lived assets was concluded to be recoverable based on the assessments carried out by Management. However, for foreclosed assets, it has been necessary to recognize an impairment adjustment for amount of COP 39,173 and COP 48,257 as of December 31, 2021 and 2020, respectively, based on updated appraisals. Further, for assets held for sale, the Bank recognized an impairment adjustment amounted to COP 1,339 as of December 31, 2020, for COVID-19 impacts presented mainly in the vehicles held for sale by the company Renting Colombia; as of December 31, 2021, this situation did not arise. * Other issues: - Recognition of provisions: As of December 31, 2021 and 2020, Management has assessed the recognition of provisions without having identified any circumstances that would have implied the recognition of present obligations that have a high probability of outflow of resources or the recognition of significant unavoidable costs of meeting the obligations under a contract that may exceed the benefits expected to be received, as onerous contracts by the COVID-19 pandemic. - Resources to promote the provision of services: Despite the pandemic, the Bank’s financial subsidiaries continued to support customers by providing them financial services, and we complied with the biosecurity recommendations suggested by the World Health Organization, applicable to the financial services provided by the Bank. Accordingly, the Bank took the necessary measures to prepare its branches and administrative offices to comply with the biosafety requirements of the national government of each country in which the Bank operates, guaranteeing the availability of financial services and reducing the time customers and users of financial services spend in offices and branches. As a result of these measurements, the Bank allocated in expenses amounts of COP 3,339 and COP 39,421 as of December 31, 2021 and 2020, respectively, to put in place additional protocols that have worked effectively in Colombia and all other countries in which the Bank operates; however, by 2021, these expenses ceased to be temporary and were integrated as a part of the business operation. Additionally, to ensure service continuity in the network of bank branches in Colombia, the Bank has incurred in maintenance, repair and adaptation expenses an amount of COP 5,697 as of December 31, 2021, as a result of the damages to premises caused during the Colombian national strike, which began in April 2021 after the filing of the first tax reform bill called Ley de Solidaridad Sostenible, which was subsequently withdrawn in May 2021. - Bitcoin Law in El Salvador: To promote financial inclusion and boost the economic growth of El Salvador, on June 8, 2021 the Bitcoin Law was issued, which authorized the circulation of the virtual currency Bitcoin as legal tender, on par with the US dollar, from September 7, 2021, whose value depend exclusively to free market criteria and will use the dollar as a reference currency. In this way, it was mandated that all economic agents accept t |
Recently Issued Accounting Pronouncements | F. Recently issued accounting pronouncements a) Accounting Pronouncements Applicable in 2020 Interest Rate Benchmark Reform (IBOR reform)-Phase 1. Amendments to IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosure: The amendments to IFRS 9 provided temporary exceptions to apply specific hedge accounting requirements to hedging relationships, that are directly affected by the reform to LIBOR and other Interbank Offered Rates, which included: - To assume that the expected hedged cash flows based on benchmark interest rates are not altered because of the reform. - To assume that both the hedged cash flows and the hedged risk of a hedge exposed to benchmark interest rates are not altered because of the reform, in the prospective measurement of hedge effectiveness. - Hedging relationships will not be discontinued because of ineffectiveness arising from the reform to the benchmark interest rate. The Bank applied these amendments as of January 01, 2020. For further information, see Note 5.2 Derivative financial instruments. Interest Rate Benchmark Reform (IBOR reform)-Phase 2. Amendments to IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement, IFRS 7 Financial Instruments: Disclosure, IFRS 4 Insurance Contracts and IFRS 16 Leases: Interest Rate Benchmark Reform-Phase 2 requires that, for financial instruments at amortized cost and at fair value through profit or loss, changes to the basis for determining the contractual cash flows required by interest rate benchmark reform are reflected by adjusting their effective interest rate. No immediate gain or loss is recognized. This expedient is only applicable to changes that are required by interest rate benchmark reform, which is the case if, and only if, the change is necessary as a direct consequence of interest rate benchmark reform and the new basis for determining the contractual cash flows is economically equivalent to the previous basis (that is, the basis immediately preceding the change). Where some or all change in the basis for determining the contractual cash flows of a financial asset and liability does not meet the above criteria, the above practical expedient is first applied to the changes required by interest rate benchmark reform, including updating the instrument’s effective interest rate. Any additional changes are accounted for in the normal way (that is, assessed for modification or derecognition, with the resulting modification gain / loss recognized immediately in profit or loss where the instrument is not derecognized). The Bank applied these amendments after January 01, 2021, disclosing in its notes the nature and extent of risks to which it is exposed, the management of these risks and the progress to complete the transition to alternative benchmark rate. For further information, see Note 31. Risk Management, section Interest Rate Benchmark Reform. Covid-19-Related Rent Concessions beyond June 30, 2021. Amendment to IFRS 16 Leases: The 2021 amendment resulted in the practical expedient applying to rent concessions for which any reduction in lease payments affects only payments originally due on or before 30 June 2022, provided the other conditions for applying the practical expedient are met. Management evaluated this practical expedient at the beginning of the annual reporting period on June 01,2020, with the May 2020, amendment to IFRS 16 Leases-Covid-19-Related Rent Concessions. However, no significant impacts were included in the consolidated financial statements as of December 31, 2021, due to the Bank not receiving substantial modifications as a lessee in the terms of payment of its lease contracts beyond June 30, 2022, as a result of the COVID-19 pandemic. b) Recently Issued Accounting Pronouncements Applicable in Future Periods Amendments to IAS 1 Presentation of Financial Statements - The amendments specify that the conditions which exist at the end of the reporting period of an obligation are those which will be used to determine if a right to defer settlement of a liability exists. - Management expectations about events after the balance sheet date, for example on whether a covenant will be breached, or whether early settlement will take place, are not relevant. - The amendments clarify the situations that are considered settlement of a liability. The amendments to IAS 1 are required to be applied for annual periods beginning on or after January 01, 2023. The amendments must be applied retrospectively in accordance with IAS 8. Early application is permitted. Management is evaluating the impact of the modification on the Bank´s consolidated statement of financial position and disclosures. Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: In addition, this amendment clarifies that before recognizing the provision for loss on the onerous contract, impairment losses on the assets held to comply with the contract must be recognized, in accordance with IAS 36. This amendment is applicable for annual periods beginning on or after January 01, 2022 and early application is permitted. Management is currently evaluating the impact that this amendment would have on the Bank’s consolidated financial statement and disclosures. Amendments to IFRS 3 Business Combinations: - The IASB may add an additional exception to the recognition principle in IFRS 3. This exception indicates that on the acquisition date the acquirer will account for contingent liabilities and liabilities within the scope of IAS 37 or IFRIC 21 Levies if incurred separately, rather than assumed in a business combination. - Explicitly incorporate the prohibition of the recognition of contingent assets acquired in a business combination, clarifying that the reference to the 2018 Conceptual Framework does not change the requirement for these assets. The amendment to IFRS 3 is effective for annual periods beginning on or after January 01, 2022. Early application is permitted if the Bank also applies all the modifications made by the amendments to the references to the Conceptual Framework in the IFRS Standards, issued in March 2018. Management evaluated the impact of the changes that the amendment to IFRS 3 would have on the Bank’s consolidated financial statements and disclosures, and no impact is expected. Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Definition of Accounting Estimates: Management evaluated and concluded that no impact is expected, due to the new definition of accounting estimates being in accordance with that which the Bank currently applies and discloses. Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements. Disclosure of Accounting Policies: Management is currently evaluating the impact that this amendment would have on the Bank’s consolidated financial statement and disclosures. Amendments to IAS 12 Income Taxes. Deferred Tax related to Assets and Liabilities arising from a Single Transaction: Management is currently evaluating the impact that this amendment would have on the Bank’s consolidated financial statement and disclosures. Annual improvements to IFRS Cycle 2018-2020 During 2021, the following amendments have been evaluated by the Bank without identifying significant impacts on the consolidated financial statements or disclosures: ● IFRS 1 First-time Adoption of International Financial Reporting Standards: The Board proposes to require a subsidiary that elects to apply paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported by the parent, based on the parent’s date of transition to IFRSs. This proposed amendment would also apply to an associate or joint venture that elects to apply paragraph D16 (a) of IFRS 1. These improvements apply from January 01, 2022. ● Illustrative Examples accompanying IFRS 16 Leases: The Board proposes to amend Illustrative Example 13 accompanying IFRS 16 to remove the illustration of payments from the lessor relating to leasehold improvements. The proposed amendment would remove potential for confusion regarding the treatment of lease incentives applying IFRS 16. These improvements apply from January 01, 2022. ● Amendments to IFRS 9 Financial Instruments-Fees in the ‘10 percent’ test for derecognition of financial liabilities : In determining whether to derecognize a financial liability that has been modified or exchanged, an entity is required to assess whether the terms are substantially different. The Board clarified the fees that should be included by an entity when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. Based on this amendment, the entity shall include only fees paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. This amendment is mandatory for the annual periods beginning on or after January 01, 2022. Earlier application is permitted. The Bank applied this amendment to financial liabilities that were modified or exchanged on the periods beginning on after January 01, 2020. |
REPORTING ENTITY (Tables)
REPORTING ENTITY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
REPORTING ENTITY | |
Schedule of the effect on shareholders' equity | The effect on shareholders' equity is as follows: Consideration paid to non-controlling interests 1,117,680 * Carrying amount of non-controlling interests acquired 913,193 * Excess of consideration paid recognized in the transactions with non-controlling interests reserve within equity 204,487 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of subsidiaries making up the Bank's organizational structure | The parent company has the following subsidiaries making up the Bank´s organizational structure, which is currently registered as a corporate group: PROPORTION OF PROPORTION OF PROPORTION OF JURISDICTION OWNERSHIP OWNERSHIP OWNERSHIP ENTITY OF BUSINESS INTEREST AND INTEREST AND INTEREST AND INCORPORATION VOTING POWER VOTING POWER VOTING POWER HELD BY THE HELD BY THE HELD BY THE BANK 2021 BANK 2020 BANK 2019 Fiduciaria Bancolombia S.A. Sociedad Fiduciaria Colombia Trust 98.81 % 98.81 % 98.81 % Banca de Inversión Bancolombia S.A. Corporación Financiera Colombia Investment banking 100.00 % 100.00 % 100.00 % Valores Bancolombia S.A. Comisionista de Bolsa Colombia Securities brokerage 100.00 % 100.00 % 100.00 % VLIPCO S.A.S. (1) Colombia Technology services provider 94.77 % - - Renting Colombia S.A.S. Colombia Operating leasing 100.00 % 100.00 % 100.00 % Transportempo S.A.S. Colombia Transportation 100.00 % 100.00 % 100.00 % Inversiones CFNS S.A.S. Colombia Investments 99.94 % 99.94 % 99.94 % Pasarela Colombia S.A.S. Colombia Payment solutions 100.00 % 100.00 % 100.00 % Fondo de Capital Privado Fondo Inmobiliario Colombia (2) Colombia Real estate investment fund 49.96 % 49.96 % 49.96 % P.A. Inmuebles CEM (2) Colombia Mercantil trust 49.96 % 49.96 % - P.A. Calle 92 FIC-11 (2) Colombia Mercantil trust 32.47 % 32.47 % - P.A. FIC Edificio Corfinsura (2) Colombia Mercantil trust 49.96 % 49.96 % - P.A. FIC-A5 (2) Colombia Mercantil trust 49.96 % 49.96 % - P.A. FIC Inmuebles (2) Colombia Mercantil trust 49.96 % 49.96 % - P.A. FIC Clínica de Prado (2) Colombia Mercantil trust 38.49 % 38.49 % - P.A. FIC A6 (2) Colombia Mercantil trust 49.96 % 49.96 % - P.A. Central Point (2) Colombia Mercantil trust 37.47 % 37.47 % - Fideicomiso Irrevocable de Garantía, Fuente de Pago y Administración Inmobiliaria Polaris (2) Colombia Mercantil trust 49.96 % 49.96 % - P.A. Fideicomiso Twins Bay (2) Colombia Mercantil trust 49.96 % 49.96 % - Fideicomiso Lote Av San Martín (2) Colombia Mercantil trust 49.96 % 49.96 % - P.A. Fideicomiso Lote 30 (2) Colombia Mercantil trust 49.96 % 49.96 % - Fideicomiso Fondo Inmobiliario Bancolombia (3) Colombia Mercantil trust 17.54 % - - Valores Simesa S.A. (4) Colombia Investments 66.82 % 67.11 % 67.11 % Fideicomiso Lote Abelardo Castro (5) Colombia Mercantil trust - 66.77 % 66.77 % Fideicomiso Lote Distrito Vera B1B2 (4) Colombia Mercantil trust 66.49 % 66.77 % 66.77 % Fideicomiso Lote Distrito Vera B3B4 (4) Colombia Mercantil trust 66.49 % 66.77 % 66.77 % Bancolombia Panamá S.A. Panama Banking 100.00 % 100.00 % 100.00 % Sistemas de Inversiones y Negocios S.A. Sinesa Panama Investments 100.00 % 100.00 % 100.00 % Banagrícola S.A. Panama Investments 99.17 % 99.17 % 99.17 % Banistmo S.A. Panama Banking 100.00 % 100.00 % 100.00 % Banistmo Investment Corporation S.A. Panama Trust 100.00 % 100.00 % 100.00 % Financomer S.A. (6) Panama Financial services - 100.00 % 100.00 % Leasing Banistmo S.A. Panama Leasing 100.00 % 100.00 % 100.00 % Valores Banistmo S.A. Panama Securities brokerage 100.00 % 100.00 % 100.00 % Banistmo Panamá Fondo de Inversión S.A. Panama Holding 100.00 % 100.00 % 100.00 % Suvalor Renta Fija Internacional Corto Plazo S.A. Panama Collective investment fund 100.00 % 100.00 % 100.00 % Fondo Renta Sostenible Global S.A. (7) Panama Collective investment fund 100.00 % 100.00 % 100.00 % Banistmo Capital Markets Group Inc. (7) Panama Purchase and sale of securities 100.00 % 100.00 % 100.00 % Anavi Investment Corporation S.A. (7) Panama Real estate 100.00 % 100.00 % 100.00 % Desarrollo de Oriente S.A. (7) Panama Real estate 100.00 % 100.00 % 100.00 % Steens Enterprises S.A. (7) Panama Portfolio holder 100.00 % 100.00 % 100.00 % Ordway Holdings S.A. (7) Panama Real estate broker 100.00 % 100.00 % 100.00 % Grupo Agromercantil Holding S.A. (8) Panama Holding 100.00 % 100.00 % 60.00 % Banco Agromercantil de Guatemala S.A. (8) Guatemala Banking 99.66 % 99.59 % 59.72 % Seguros Agromercantil de Guatemala S.A. (8) Guatemala Insurance agency 79.92 % 79.90 % 47.93 % Financiera Agromercantil S.A. (8) Guatemala Financial services 100.00 % 100.00 % 60.00 % Agrovalores S.A. (8) Guatemala Securities brokerage 100.00 % 100.00 % 60.00 % Arrendadora Agromercantil S.A. (8) Guatemala Operating Leasing 100.00 % 100.00 % 60.00 % Agencia de Seguros y Fianzas Agromercantil S.A. (8) (9) Guatemala Insurance agency 100.00 % 100.00 % 60.00 % Asistencia y Ajustes S.A. (8) Guatemala Services 100.00 % 100.00 % 60.00 % Serproba S.A. (8) Guatemala Maintenance and remodelling services 100.00 % 100.00 % 60.00 % Servicios de Formalización S.A. (8) Guatemala Loans formalization 100.00 % 100.00 % 60.00 % Conserjería, Mantenimiento y Mensajería S.A. (8) (9) Guatemala Maintenance services 100.00 % 100.00 % 60.00 % Mercom Bank Ltd. (8)(10) Barbados Banking 99.66 % 99.59 % 59.72 % New Alma Enterprises Ltd. (8) Bahamas Investments 99.66 % 99.59 % 59.72 % Bancolombia Puerto Rico Internacional Inc. Puerto Rico Banking 100.00 % 100.00 % 100.00 % Bancolombia Cayman S.A. (11) Cayman Islands Banking 100.00 % 100.00 % 100.00 % Banco Agrícola S.A. El Salvador Banking 97.36 % 97.36 % 97.36 % Arrendadora Financiera S.A. Arfinsa El Salvador Leasing 97.37 % 97.37 % 97.37 % Credibac S.A. de C.V. El Salvador Credit card services 97.36 % 97.36 % 97.36 % Valores Banagrícola S.A. de C.V. El Salvador Securities brokerage 98.89 % 98.89 % 98.89 % Inversiones Financieras Banco Agrícola S.A. IFBA El Salvador Investments 98.89 % 98.89 % 98.89 % Gestora de Fondos de Inversión Banagricola S.A. El Salvador Administers investment funds 98.89 % 98.89 % 98.89 % Bagrícola Costa Rica S.A. Costa Rica Outsourcing 99.17 % 99.17 % 99.17 % Bancolombia Capital Holdings USA LLC (12) United States Holding 100.00 % - - Bancolombia Capital Adviser LLC (12) United States Investment advisor 100.00 % - - Bancolombia Capital LLC (12) United States Securities brokerage 100.00 % - - (1) On November 30, 2021, the Bank acquired 91,791 common shares of VLIPCO S.A.S. for COP 9,474 ; after such transaction, the Bank had a 94.77% interest in the company. The Bank held a 47.40% interest in VLIPCO S.A.S. before the purchase transaction. For further information, see Note 8. Investments in associates and joint ventures and Note 9.3. Business combinations. (2) In 2020, the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being met in accordance with IFRS 10. These equity securities are considered as a business, because of their capacity to generate income. (3) Company consolidated by the Fondo de Capital Privado Fondo Inmobiliario Colombia since October 2021. (4) The decrease in shareholding is due to the repurchase of outstanding stock carried out by the subsidiary during 2021. (5) The trust rights were assigned in June 2021. (6) Merger between the Banistmo S.A. (absorbing entity) and Financomer S.A. (absorbed entity) in November 2021. (7) Investments in non-operational stage. (8) On September 29, 2020, the Bank acquired 40% of the shareholdings of Grupo Agromercantil Holding (GAH), a company that owns the financial conglomerate Agromercantil of Guatemala. (9) Companies in voluntary liquidation. (10) On September 30, 2021, Mercom Bank Ltd. shareholder authorized the beginning of an organized and gradual process of transfer of the assets and liabilities of Mercom Bank Ltd., to Banco Agromercantil de Guatemala S.A. or other companies of the Bank. For further information, see Note 1. Reporting entity. (11) On October 05, 2020, the Board of Directors of Bancolombia Panamá (parent company of Bancolombia Cayman), authorized the decision to wind-down the business and operations of its subsidiary in Cayman. The wind-down was expected to be completed before the end of the year 2021. For further information, see Note 1. Reporting entity. (12) Companies created by Valores Bancolombia S.A. Comisionista de Bolsa in October 2021. For further information see Note 1. Reporting entity. |
Schedule of consolidated funds | The Bank consolidates the following funds: % of ownership % of ownership % of ownership Assets managed Name Country interest held by interest held by interest held by December 31, December 31, the Bank, 2021 the Bank, 2020 the Bank, 2019 2021 2020 Fondo de Capital Privado Fondo Inmobiliario Colombia (1) Colombia 49.96 % 49.96 % 49.96 % 4,415,509 4,128,801 Fideicomiso Lote Abelardo Castro (2) Colombia - 66.77 % 66.77 % - 13,314 Fideicomiso Lote Distrito Vera B1B2 (3) Colombia 66.49 % 66.77 % 66.77 % 57,025 58,459 Fideicomiso Lote Distrito Vera B3B4 (3) Colombia 66.49 % 66.77 % 66.77 % 54,941 56,364 Banistmo Panamá Fondo de Inversión S.A. Panama 100.00 % 100.00 % 100.00 % 414,962 522,777 (1) From 2020, the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being met in accordance with IFRS 10. This equity securities are considered a business, because of their capacity to generate income. For further information, see Note 2. C. Consolidation. (2) Trust rights in P.A. Lote Abelardo Castro were transferred in June 2021. (3) The decrease in equity interest is due to the repurchase by the subsidiary Valores Simesa S.A. (parent company of Lote Distrito Vera B1B2 and B3B4), during 2021. |
Schedule of exchange rate used by the Bank and its subsidiaries | The table below sets forth the exchange rate used by the Bank and its subsidiaries to convert consolidated statement of financial position accounts and transactions in U.S. dollar into Colombian pesos: December 31, 2021 December 31, 2020 December 31, 2019 Year-end exchange rate 3,981.16 3,432.50 3,277.14 Average rate for the period ended at 3,747.24 3,691.27 3,282.39 |
Schedule of cure period assets restructured by risk | Country Portfolio Months SME Commercial 36 Colombia Corporate Does not apply Mortgage 34 Consumer 22 Consumer 19 Panama Commercial Does not apply Mortgage 14 Commercial 18 El Salvador Consumer 18 Mortgage 34 |
Schedule of relief in Colombia due to COVID-19 like a risk restructuring | Portfolio Months SME Commercial 12 Corporate Client-to-client review Mortgage 16 Consumer 12 |
Schedule of participation for each of the stages and the distribution of stage 2 | The following table show the participation for each of the stages and the distribution of stage 2 is detailed for the reasons that represent the significant increase in credit risk: December 31, 2021 Stage 2 Portfolio Stage 1 Threshold Watch list Restructured ** More Than COVID-19 Total Stage 3 30 Days* Measures Commercial 84.74 % 37.67 % 59.77 % 1.00 % 1.14 % 0.42 % 7.28 % 7.98 % Consumer 86.36 % 62.19 % 0.65 % 7.99 % 13.75 % 15.42 % 8.52 % 5.12 % Mortgage 83.76 % 27.18 % 0.50 % 8.49 % 8.42 % 55.41 % 12.67 % 3.58 % Total Portfolio 84.95 % 40.72 % 32.73 % 4.31 % 5.66 % 16.58 % 8.39 % 6.67 % *The significant increase in credit risk for Banistmo's mortgage portfolio is 60 days past due. ** Restructured clients may also be shown in the columns Threshold and Watchlist if they are in those conditions too. December 31, 2020 Stage 2 Portfolio Stage 1 Threshold Watch list Restructured ** More Than COVID-19 Total Stage 3 30 Days* Measures Commercial 82.20 % 20.80 % 73.80 % 0.80 % 1.40 % 3.20 % 8.10 % 9.70 % Consumer 82.30 % 52.20 % 0.10 % 4.40 % 12.00 % 31.40 % 11.00 % 6.70 % Mortgage 83.80 % 35.80 % 0.10 % 5.30 % 7.80 % 51.00 % 11.80 % 4.40 % Total Portfolio 82.40 % 31.80 % 40.70 % 2.60 % 5.40 % 19.60 % 9.30 % 8.30 % *The significant increase in credit risk for Banistmo's mortgage portfolio is 60 days past due. ** Restructured clients may also be shown in the columns Threshold and Watchlist if they are in those conditions too. |
Schedule of economic scenario weighting | Country Optimistic Base Pessimistic 2020 2021 2020 2021 2020 2021 Colombia 10.00 % 20.00 % 60.00 % 50.00 % 30.00 % 30.00 % Panama 10.00 % 15.00 % 60.00 % 60.00 % 30.00 % 25.00 % El Salvador 10.00 % 16.00 % 60.00 % 66.00 % 30.00 % 18.00 % Guatemala 10.00 % 15.00 % 60.00 % 55.00 % 30.00 % 30.00 % |
Summary of information about the projections of macroeconomic variables | The following is a comparison of the main macroeconomic variable projected in each country, "GDP growth", used to estimate ECL as of December 31, 2021 and December 31, 2020: As of December 31, 2021 Colombia Panama Cutoff Optimistic Base Pessimistic Optimistic Base Pessimistic 2021 10.40 % 10.00 % 9.60 % 18.00 % 16.00 % 13.50 % 2022 5.70 % 4.00 % 2.40 % 7.50 % 6.50 % 4.50 % 2023 5.30 % 3.40 % 1.50 % 5.50 % 4.50 % 3.50 % As of December 31, 2021 Guatemala El Salvador Cutoff Optimistic Base Pessimistic Optimistic Base Pessimistic 2021 7.10 % 5.70 % 4.40 % 11.00 % 9.50 % 7.50 % 2022 5.20 % 4.30 % 3.00 % 4.30 % 3.70 % 2.80 % 2023 4.00 % 3.40 % 2.30 % 2.60 % 2.30 % 1.80 % As of December 31, 2020 Colombia Panama Cutoff Optimistic Base Pessimistic Optimistic Base Pessimistic 2020 (6.50) % (7.40) % (9.80) % (17.70) % (19.20) % (21.70) % 2021 8.20 % 5.70 % 3.20 % 10.00 % 6.50 % 2.90 % 2022 5.50 % 4.50 % 4.00 % 5.80 % 4.80 % 3.80 % As of December 31, 2020 Guatemala El Salvador Cutoff Optimistic Base Pessimistic Optimistic Base Pessimistic 2020 (1.60) % (2.90) % (3.50) % (6.00) % (7.00) % (8.20) % 2021 3.50 % 3.00 % 2.50 % 4.40 % 3.40 % 2.60 % 2022 4.00 % 3.50 % 2.80 % 3.70 % 3.00 % 2.40 % |
Schedule of significant increase in risk using external credit rating | EXTERNAL RATING ORIGIN SIGNIFICANT INCREASE IN RISK Ba1/BB+ 3 Notches Ba2/BB 3 Notches Ba3/BB- 3 Notches B1/B+ 2 Notches B2/B 2 Notches B3/B- 1 Notch Caa/CCC 1 Notch |
Summary of information about written-off loan portfolio | Loans are written off when the Bank concludes there is no realistic expectation of recovery of the loans and receivables balances from a client or third party. In general, this characteristic will be fulfilled when the following delinquency conditions are present: Type Length of delinquency Consumer 180 days, 450 days for vehicles in GAH, 720 days for loans with mortgage guarantee in Banco Agricola and 1,080 days Commercial 360 days Small Business Loan 180 days, 1,080 days Mortgage 1,080 days 1,440 days |
Schedule of estimated useful lives for each asset group | Asset group Useful life range Buildings 10 Furniture and fixtures (1) 5 Computer equipment 3 Equipment and machinery 3 Vehicles 3 (1) Companies in El Salvador have a useful life range of 4 to 20 years . |
FCP Fondo Inmobiliario Colombia | |
SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of assets, liabilities, net assets, net income and cash flows of non-controlling interest | The following table summarizes the assets, liabilities, net assets, net income and cash flows as of December 31, 2021 and 2020 and for the years ended December 31, 2021, 2020 and 2019, related to the FCP Fondo Inmobiliario Colombia: As of December 31, 2021 As of December 31, 2020 In millions of COP Assets 4,415,509 4,128,801 Liabilities 1,509,275 1,450,781 Net assets 2,906,234 2,678,020 Year-Ended 2021 Year-Ended 2020 Year-Ended 2019 In millions of COP Condensed statement of income Income Valuation of investment properties 85,148 (8,251) 77,527 Valuation of trust rights - 4 52,215 Rents 187,194 186,528 161,263 Profits of equity method investees 105,439 56,116 138,100 Other income 92,298 38,135 2,034 Total Income 470,079 272,532 431,139 Expenses Interest on loans (73,201) (78,008) (73,088) Other administrative and general expenses (212,385) (141,430) (170,374) Total Expenses (285,586) (219,438) (243,462) Net Income 184,493 53,094 187,677 Condensed cash flow (1) Net cash used in operating activities (34,442) (172,003) (257,733) Net cash provided by financing activities 21,882 235,214 256,787 Cash and cash equivalents at beginning of year 63,368 157 1,103 Cash and cash equivalents at end of year 50,808 63,368 157 (1) Statement of cash flow corresponds to the FCP Fondo Inmobiliario Colombia without equity securities consolidated cash flow. |
Grupo Agromercantil Holding (GAH) | |
SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of assets, liabilities, net assets, net income and cash flows of non-controlling interest | The following table summarizes the net income and cash flows for the year ended December 31, 2019 GAH: Year-Ended 2019 In millions of COP Condensed statement of income Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off-balance sheet credit instruments 218,536 Total fees and commission, net 132,845 Other operating income 68,288 Dividends received and equity method 668 Total operating income, net 420,337 Operating expenses (478,133) Income tax 19,367 Net income (38,429) Condensed cash flow Net cash used in operating activities (62,327) Net cash provided by investing activities 273,604 Net cash used in financing activities (26,926) Translation adjustment 12,648 Cash and cash equivalents at beginning of year 1,500,647 Cash and cash equivalents at end of year 1,697,646 Other comprehensive income Investments at fair value through OCI (3,362) Translation adjustment 9,281 Others (8,093) Total other comprehensive income (2,174) |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OPERATING SEGMENTS | |
Schedule of financial performance by operating segment | The CODM reviews the performance of the Bank using the following financial information by operating segment: For the year ended December 31, 2021 Banking Banking Banking El Banking Investment International All other Total before Adjustments for Total after Colombia Panama Salvador Guatemala Trust banking Brokerage Banking segments eliminations consolidation eliminations In millions of COP Total interest and valuation on financial instruments 11,498,013 1,963,509 1,193,824 1,178,615 46 — 12,277 251,135 37,898 16,135,317 428 16,135,745 Interest income on loans and financial leases 11,118,035 1,791,476 1,072,718 1,109,804 46 — 28 215,529 36,226 15,343,862 428 15,344,290 Total debt investments 399,517 156,377 105,035 67,772 — — 12,540 35,739 632 777,612 — 777,612 Derivatives 17,263 1,860 15,345 — — — (832) 1 — 33,637 — 33,637 Total liquidity operations (36,802) 13,796 726 1,039 — — 541 (134) 1040 (19,794) — (19,794) Interest expenses (2,666,843) (796,396) (240,144) (397,138) (167) (7) (73) (198,012) (52,776) (4,351,556) — (4,351,556) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 8,831,170 1,167,113 953,680 781,477 (121) (7) 12,204 53,123 (14,878) 11,783,761 428 11,784,189 Total credit impairment charges, net (2,122,515) (323,216) 4,271 35,841 (4,595) (55) (116) 14,995 (17,836) (2,413,226) (7,304) (2,420,530) Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 6,708,655 843,897 957,951 817,318 (4,716) (62) 12,088 68,118 (32,714) 9,370,535 (6,876) 9,363,659 Revenues (Expenses) from transactions with other operating segments of the Bank 18,458 (10,089) 7 (26,324) (26,584) 3,576 59,995 81,997 (101,036) — — — Fees and commissions income (1) 3,841,472 351,603 359,724 159,908 347,878 79,531 117,282 33,309 3,097 5,293,804 — 5,293,804 Fees and commissions expenses (1,524,691) (151,906) (116,600) (50,144) (3,881) (49) (4,135) (6,556) (2,721) (1,860,683) — (1,860,683) Total fees and commissions, net 2,316,781 199,697 243,124 109,764 343,997 79,482 113,147 26,753 376 3,433,121 — 3,433,121 Other operating income 653,968 19,101 9,712 82,855 12,702 879 (6,075) 11,109 1,238,893 2,023,144 (1,003) 2,022,141 Dividends and net income on equity investments 93,769 4,387 2,760 658 28,201 (232) 2,177 20 196,604 328,344 — 328,344 Total operating income, net 9,791,631 1,056,993 1,213,554 984,271 353,600 83,643 181,332 187,997 1,302,123 15,155,144 (7,879) 15,147,265 Operating expenses (2) (5,550,033) (700,226) (549,782) (464,199) (129,923) (34,905) (119,265) (61,191) (633,171) (8,242,695) — (8,242,695) Impairment, depreciation and amortization (529,662) (104,493) (81,201) (102,991) (1,548) (206) (1,896) (1,993) (95,773) (919,763) (795) (920,558) Total operating expenses (6,079,695) (804,719) (630,983) (567,190) (131,471) (35,111) (121,161) (63,184) (728,944) (9,162,458) (795) (9,163,253) Profit before income tax 3,711,936 252,274 582,571 417,081 222,129 48,532 60,171 124,813 573,179 5,992,686 (8,674) 5,984,012 (1) For further information about income from contracts with customers, see Note 25.3 Fees and commissions. (2) Includes salaries and employee benefits, other administration and general expenses, taxes other than income tax and other expenses. For the year ended December 31, 2020 Banking Banking Banking El Banking Investment International All other Total before Adjustments for Total after Colombia Panama Salvador Guatemala Trust banking Brokerage Banking segments eliminations consolidation eliminations In millions of COP Total interest and valuation on financial instruments 11,944,262 1,986,566 1,226,150 1,101,638 32 — 47,030 347,881 33,946 16,687,505 1,145 16,688,650 Interest income on loans and financial leases 11,859,262 1,793,826 1,140,924 1,012,174 32 — 45 293,802 31,767 16,131,832 1,145 16,132,977 Total debt investments 451,781 170,416 84,366 83,767 — — 17,086 33,885 658 841,959 — 841,959 Derivatives (381,725) (502) 227 — — — 29,209 14,995 — (337,796) — (337,796) Total liquidity operations 14,944 22,826 633 5,697 — — 690 5,199 1521 51,510 — 51,510 Interest expenses (3,914,661) (841,736) (293,317) (450,091) (166) (4) (35) (299,755) (63,243) (5,863,008) — (5,863,008) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 8,029,601 1,144,830 932,833 651,547 (134) (4) 46,995 48,126 (29,297) 10,824,497 1,145 10,825,642 Total credit impairment charges, net (5,889,710) (907,910) (366,691) (297,386) (1,270) 42 (1,518) (56,122) (13,166) (7,533,731) 7,282 (7,526,449) Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 2,139,891 236,920 566,142 354,161 (1,404) 38 45,477 (7,996) (42,463) 3,290,766 8,427 3,299,193 Revenues (Expenses) from transactions the operating segments of the Bank 142 (25,054) (7,531) (35,171) (24,159) 20,509 61,393 118,854 (108,983) — — — Fees and commission income (1) 3,291,382 310,773 289,792 176,268 349,150 37,447 112,628 28,896 2,077 4,598,413 — 4,598,413 Fees and commission expenses (1,313,286) (118,016) (74,887) (39,871) (4,095) (61) (3,597) (4,600) (3,172) (1,561,585) — (1,561,585) Total fees and commission income, net 1,978,096 192,757 214,905 136,397 345,055 37,386 109,031 24,296 (1,095) 3,036,828 — 3,036,828 Other operating income (Expenses) 817,677 30,145 14,266 74,021 13,078 1,524 (5,736) 12,939 887,454 1,845,368 (796) 1,844,572 Dividends and net income on equity investments 43,737 6,984 858 953 29,145 (2,503) (27,930) 32 54,010 105,286 18,039 123,325 Total operating income, net 4,979,543 441,752 788,640 530,361 361,715 56,954 182,235 148,125 788,923 8,278,248 25,670 8,303,918 Operating expenses (2) (4,967,506) (590,269) (424,516) (423,211) (104,005) (23,658) (88,828) (58,073) (477,289) (7,157,355) — (7,157,355) Impairment, depreciation and amortization (405,811) (112,358) (69,318) (132,237) (1,379) (217) (1,892) (2,631) (111,044) (836,887) (903) (837,790) Total operating expenses (5,373,317) (702,627) (493,834) (555,448) (105,384) (23,875) (90,720) (60,704) (588,333) (7,994,242) (903) (7,995,145) Profit (Loss) before income tax (393,774) (260,875) 294,806 (25,087) 256,331 33,079 91,515 87,421 200,590 284,006 24,767 308,773 (1) For further information about income from contracts with customers, see Note 25.3 Fees and commissions. (2) Includes salaries and employee benefits, other administration and general expenses, taxes other than income tax and other benefits. For the year ended December 31, 2019 Banking Banking Banking El Banking Investment International All other Total before Adjustments for Total after Colombia Panama Salvador Guatemala Trust Banking Brokerage Banking segments eliminations consolidation eliminations In millions of COP Total interest and valuation on financial instruments 12,970,741 1,876,925 1,094,422 977,980 152 8 5,018 614,073 12,160 17,551,479 (170,795) 17,380,684 Interest income on loans and financial leases 12,592,221 1,654,600 1,052,680 905,016 132 — 96 411,504 11,804 16,628,053 267 16,628,320 Total Debt investments 716,032 172,610 40,915 73,152 20 8 14,757 24,682 9 1,042,185 — 1,042,185 Derivatives (172,399) 1,625 — — — — (10,416) 169,483 — (11,707) (171,062) (182,769) Total liquidity operations (165,113) 48,090 827 (188) — — 581 8,404 347 (107,052) — (107,052) Interest expenses (4,408,233) (720,587) (295,433) (388,571) (138) (4) (26) (304,519) (62,283) (6,179,794) — (6,179,794) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 8,562,508 1,156,338 798,989 589,409 14 4 4,992 309,554 (50,123) 11,371,685 (170,795) 11,200,890 Total credit impairment charges, net (2,564,417) (408,132) (83,110) (333,699) (716) (251) (4,363) 19,169 (6,943) (3,382,462) (28,659) (3,411,121) Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 5,998,091 748,206 715,879 255,710 (702) (247) 629 328,723 (57,066) 7,989,223 (199,454) 7,789,769 Revenues (Expenses) from transactions with other operating segments of the Bank (19,212) (36,107) (2,154) (36,255) (25,529) 31,585 62,628 167,419 (142,375) — — — Fees and commission income (1) 3,269,747 350,055 268,309 170,854 349,438 30,829 113,364 25,800 588 4,578,984 (12) 4,578,972 Fees and commission expenses (1,297,186) (143,616) (60,673) (38,006) (2,942) (154) (3,229) (3,922) (3,511) (1,553,239) — (1,553,239) Total fees and commission income, net 1,972,561 206,439 207,636 132,848 346,496 30,675 110,135 21,878 (2,923) 3,025,745 (12) 3,025,733 Other operating income(Expenses) 433,887 29,704 6,158 68,288 13,341 5,830 (9,392) 7,067 986,126 1,541,009 (5,762) 1,535,247 Dividends and net income on equity investments 131,029 5,562 211 668 43,498 24,810 16,514 27 269,736 492,055 (111,456) 380,599 Total operating income, net 8,516,356 953,804 927,730 421,259 377,104 92,653 180,514 525,114 1,053,498 13,048,032 (316,684) 12,731,348 Operating expenses (2) (5,203,354) (573,042) (444,933) (358,923) (121,259) (32,558) (112,204) (61,087) (522,103) (7,429,463) 236 (7,429,227) Impairment, depreciation and amortization (407,102) (105,232) (46,381) (120,130) (1,031) (187) (1,738) (2,746) (138,738) (823,285) (1,305) (824,590) Total operating expenses (5,610,456) (678,274) (491,314) (479,053) (122,290) (32,745) (113,942) (63,833) (660,841) (8,252,748) (1,069) (8,253,817) Profit (Loss) before income tax 2,905,900 275,530 436,416 (57,794) 254,814 59,908 66,572 461,281 392,657 4,795,284 (317,753) 4,477,531 (1) For further information about income from contracts with customers, see Note 25.3 Fees and commissions. (2) Includes salaries and employee benefits, other administration and general expenses, taxes other than income tax and other benefits. |
Schedule of financial information of the total assets and liabilities by operating segment | The following table presents financial information of the total assets and liabilities by operating segment: As of December 31, 2021 In millions of COP Adjustments Banking Banking Banking El Banking Investment International Allother Total before for Total after Colombia Panama Salvador Guatemala Trust banking Brokerage Banking segments eliminations consolidation eliminations Total assets 209,948,788 40,561,211 20,980,061 19,510,688 638,280 2,039,204 371,278 24,074,957 7,117,110 325,241,577 (35,386,529) 289,855,048 Total liabilities 177,198,960 36,231,139 18,416,563 17,763,659 108,254 55,743 125,176 15,568,638 3,037,853 268,505,985 (12,576,395) 255,929,590 As of December 31, 2020 In millions of COP Adjustments Banking Banking Banking El Banking Investment International All other Total before for Total after Colombia Panama Salvador Guatemala Trust banking Brokerage Banking segments eliminations consolidation eliminations Total assets 175,697,801 35,062,418 17,986,495 16,304,094 686,895 1,648,144 316,051 20,502,898 10,408,401 278,613,197 (23,044,692) 255,568,505 Total liabilities 159,782,056 31,483,993 16,158,124 15,052,385 110,830 37,134 57,800 13,286,310 2,856,435 238,825,067 (11,371,775) 227,453,292 |
Schedule of financial information of the investments in associates and joint ventures by operating segment | The following table presents financial information of the investments in associates and joint ventures by operating segment: As of December 31, 2021 (1) Banking Banking El Investment All other Colombia Salvador Trust banking segments Total In millions of COP Investments in associates and joint ventures 601,758 22,631 303,506 394,061 1,398,603 2,720,559 Equity method 45,555 2,747 27,377 1,011 122,962 199,652 (1) As of December 31, 2021, Banking Panama, Banking Guatemala, Brokerage and International Banking did not have investments in associates and joint ventures. As of December 31, 2020 (1) Banking Banking El Investment All other Colombia Salvador Trust banking segments Total In millions of COP Investments in associates and joint ventures 382,747 17,254 280,051 549,745 1,276,518 2,506,315 Equity method 39,922 840 28,848 14,912 52,074 136,596 (1) As of December 31, 2020, Banking Panama, Banking Guatemala, Brokerage and International Banking did not have investments in associates and joint ventures. |
Schedule of geographic information | The following summarizes the Bank’s total interest and valuation and long-lived assets attributable to Colombia and other foreign countries based on the country where the Interest and valuation was originated: 2021 2020 2019 Geographic information Interest and Long-lived Interest and Long-lived Interest and Long-lived valuation assets (1) valuation assets (1) valuation assets (1) In millions of COP Colombia 11,605,829 9,413,340 12,152,560 8,381,397 13,129,674 7,095,848 Panama 2,251,653 838,278 2,400,442 737,039 2,592,875 792,841 Puerto Rico 49,662 1,644 64,104 1,413 83,303 1,586 El Salvador 1,194,026 434,212 1,227,645 370,983 1,097,976 373,378 Costa Rica - - - 72 - 107 Guatemala 1,178,619 347,084 1,101,643 295,622 978,101 288,794 Total 16,279,789 11,034,558 16,946,394 9,786,526 17,881,929 8,552,554 Eliminations and translation adjustment (144,044) 7,655,610 (257,744) 6,537,003 (501,245) 6,173,494 Total, net 16,135,745 18,690,168 16,688,650 16,323,529 17,380,684 14,726,048 (1) Includes assets held for sale, premises and equipment, investment property, goodwill and intangible assets. |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
CASH AND CASH EQUIVALENTS | |
Schedule of cash and cash equivalents | For purposes of the consolidated statement of cash flow and the consolidated statement of financial position, the following assets are considered as cash and cash equivalents: December 31, 2021 December 31, 2020 In millions of COP Cash and balances at central bank Cash 7,994,899 7,210,250 Due from central banks (1) 9,817,664 7,871,879 Due from other private financial entities 5,092,792 4,867,472 Checks on hold 136,050 109,736 Remittances of domestic negotiated checks in transit 106,271 125,737 Total cash and due from banks 23,147,676 20,185,074 Money market transactions Interbank borrowings 1,388,411 3,193,915 Reverse repurchase agreements and other similar secured loans 793,759 322,160 Total money market transactions 2,182,170 3,516,075 Total cash and cash equivalents 25,329,846 23,701,149 (1) According to External Resolution Number 9 of 2020, that modifies External Resolution Number 5 of 2008 issued by the Colombian Central Bank, the Parent Company must maintain the equivalent of 3.50% of its customer’s deposits with a maturity of less than 18 months as a legal banking reserve, represented in deposits at the Central Bank or as cash in hand. In addition, according to Resolution Number 177 of 2002 issued by the Guatemala Monetary Board, Grupo Agromercantil Holding through its subsidiary Banco Agromercantil de Guatemala must maintain the equivalent of 14.60% of its customer’s deposits daily balances as a legal banking reserve, represented in unrestricted deposits at the Bank of Guatemala. Additionally, according to the norm of the banks Number 3-06 of 2000 issued by the Financial System Superintendency of El Salvador, Banco Agrícola must mantain an equivalent amount of its deposits and debt securities in issue average daily balances as a liquidity reserve between 1.00% and 18.00% during 2021, and during 2020 the range of the amount equivalent was between 1.00% and 15.00% , represented in unrestricted deposits or debt securities issued by El Salvador Central Bank. Finally, in accordance with the Agreement 004 of 2008 issued by the Superintendency of Banks of Panama, all Panamanian banks must maintain a minimum legal liquidity rate established at 30.00% . |
FINANCIAL ASSETS INVESTMENTS _2
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |
Schedule of financial assets investments | As of December 31, 2021 Measurement methodology Financial assets investments Fair value through Fair value through other Amortized Total carrying profit or loss comprehensive income cost value In millions of COP Securities issued by the Colombian Government (1) 8,978,484 2,515,927 147,042 11,641,453 Securities issued by foreign governments 5,180,775 4,293,949 497,544 9,972,268 Securities issued by government entities 67,395 - 2,740,671 2,808,066 Corporate bonds 120,653 124,917 2,544,550 2,790,120 Securities issued by other financial institutions (2) 689,160 310,658 597,423 1,597,241 Total debt instruments 15,036,467 7,245,451 (3) 6,527,230 28,809,148 Total equity securities (4) 85,244 394,909 480,153 Total financial assets investments 29,289,301 (1) Lower investment in TES - Treasury instruments. (2) Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 113,114 . For further information on TIPS’ fair value measurement see Note 30 fair value of assets and liabilities. (3) The Bank has recognized in the consolidated statement of comprehensive income COP (51,525) related to debt instruments at fair value through OCI. See Consolidated Statement of Comprehensive Income. (4) Decrease due mainly to payments received by residual rights amounting to COP 122,988 . As of December 31, 2020 Measurement methodology Financial assets investments Fair value through Fair value through other Amortized Total carrying profit or loss comprehensive income cost value In millions of COP Securities issued by the Colombian Government 10,439,978 2,552,041 126,392 13,118,411 Securities issued by foreign governments 4,234,799 4,815,053 384,607 9,434,459 Securities issued by government entities 72,401 - 2,446,892 2,519,293 Corporate bonds 102,301 99,152 1,935,096 2,136,549 Securities issued by other financial institutions (1) 721,735 772,735 261,614 1,756,084 Total debt instruments 15,571,214 8,238,981 (2) 5,154,601 28,964,796 Total equity securities 69,426 518,781 588,207 Total financial assets investments 29,553,003 (1) Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 159,075 . For further information on TIPS' fair value measurement see Note 30 fair value of assets and liabilities. (2) The Bank has recognized in the consolidated statement of comprehensive income COP 47,699 related to debt instruments at fair value through OCI. See Consolidated Statement of Comprehensive Income. |
Schedule of debt instruments portfolio by maturity | As of December 31, 2021 Less than 1 Between 1 and 3 Between 3 and 5 Greater than 5 year years years years Total In millions of COP Securities at fair value through profit or loss Securities issued by the Colombian Government 938,984 6,251,182 1,276,374 511,944 8,978,484 Securities issued by foreign governments 4,606,436 64,189 175,555 334,595 5,180,775 Securities issued by other financial institutions 187,194 264,720 115,920 121,326 689,160 Corporate bonds 18,861 37,377 19,591 44,824 120,653 Securities issued by government entities 14,105 39,491 9,667 4,132 67,395 Subtotal 5,765,580 6,656,959 1,597,107 1,016,821 15,036,467 Fair value through other comprehensive income Securities issued by foreign governments 2,325,032 1,085,997 539,525 343,395 4,293,949 Securities issued by the Colombian Government 2,515,927 - - - 2,515,927 Securities issued by other financial institutions 71,491 59,225 57,922 122,020 310,658 Corporate bonds - - - 124,917 124,917 Subtotal 4,912,450 1,145,222 597,447 590,332 7,245,451 Securities at amortized cost Securities issued by government entities 2,690,415 - - 50,256 2,740,671 Corporate bonds 22,504 574,384 50,426 1,897,236 2,544,550 Securities issued by other financial institutions 193,334 68,148 55,451 280,490 597,423 Securities issued by foreign governments 33,770 14,540 242,050 207,184 497,544 Securities issued by the Colombian Government - 145,060 - 1,982 147,042 Subtotal 2,940,023 802,132 347,927 2,437,148 6,527,230 Total debt instruments 13,618,053 8,604,313 2,542,481 4,044,301 28,809,148 For further information related to disclosures of the fair value of securities, please see Note 30 Fair value of assets and liabilities. As of December 31, 2020 Less than 1 Between 1 and 3 Between 3 and 5 Greater than 5 year years years years Total In millions of COP Securities at fair value through profit or loss Securities issued by the Colombian Government 1,677,621 4,936,287 2,551,658 1,274,412 10,439,978 Securities issued by foreign governments 3,831,724 13,683 13,197 376,195 4,234,799 Securities issued by other financial institutions 159,674 196,538 175,621 189,902 721,735 Corporate bonds 9,339 40,389 27,412 25,161 102,301 Securities issued by government entities 66,725 110 1,338 4,228 72,401 Subtotal 5,745,083 5,187,007 2,769,226 1,869,898 15,571,214 Fair value through other comprehensive income Securities issued by foreign governments 2,840,523 1,127,176 257,456 589,898 4,815,053 Securities issued by the Colombian Government 2,552,041 - - - 2,552,041 Securities issued by other financial institutions 577,109 53,135 - 142,491 772,735 Corporate bonds 36,595 - - 62,557 99,152 Subtotal 6,006,268 1,180,311 257,456 794,946 8,238,981 Securities at amortized cost Securities issued by government entities 2,446,892 - - - 2,446,892 Corporate bonds - 272,347 275,660 1,387,089 1,935,096 Securities issued by foreign governments 8,847 15,540 69,765 290,455 384,607 Securities issued by other financial institutions 42,811 152,629 47,857 18,317 261,614 Securities issued by the Colombian Government 28,366 - 98,026 - 126,392 Subtotal 2,526,916 440,516 491,308 1,695,861 5,154,601 Total debt instruments 14,278,267 6,807,834 3,517,990 4,360,705 28,964,796 For further information related to disclosures of the fair value of securities, please see Note 30 Fair value of assets and liabilities. |
Schedule of the equity instruments designated at fair value through OCI analyzed by listing status | The following table details the equity instruments designated at fair value through OCI analyzed by listing status: Carrying amount Equity securities December 31, 2021 December 31, 2020 In millions of COP Securities at fair value through OCI : Equity securities listed in Colombia 57,791 70,155 Equity securities listed in foreign countries 6,732 5,415 Equity securities unlisted: TELERED 150,943 101,988 Asociación Gremial de Instituciones Financieras Credibanco S.A. 87,344 99,553 Compañía De Procesamiento de Medios de Pago Guatemala (Bahamas), S. A. 14,054 46,889 Fondo Renta Fija Valor (1) 100 24,855 Cámara de Riesgo Central de Contraparte de Colombia S.A. 6,038 5,482 Transacciones y Transferencias, S. A. 8,282 5,248 500 Luchadores II, L.P. 9,181 4,811 CADENALCO 3,638 3,908 Others (2) 50,806 150,477 Total equity securities at fair value through OCI 394,909 518,781 (1) Decrease due to reclassification from Fair value through OCI to Fair value through profit or loss. (2) Decrease due mainly to payments received by residual rights amounting to COP 122,988 |
Schedule of the detail of the securities pledged as collateral | The detail of the securities pledged as collateral as of December 31, 2021 and 2020 is as follows: As of December 31, 2021 Pledged financial assets Term Security pledged Carrying amount In millions of COP Investments pledged as collateral in money market Securities issued by other financial institutions Between 3 and 6 months Time deposits 5,458 Securities issued by other financial institutions Between 6 and 12 months Time deposits 4,974 Securities issued by other financial institutions Greater than 12 months Time deposits 4,919 Securities issued by other financial institutions Greater than 12 months Bonds 4,269 Securities issued by the Colombian Government Between 3 and 6 months TES - Treasury instruments 4,233 Securities issued by the Colombian Government Between 6 and 12 months Tax refund titles 40,011 Securities issued by the Colombian Government Greater than 12 months TES - Treasury instruments 421,707 Securities issued by foreign governments Greater than 12 months Bonds 124,107 Subtotal investments pledged as collateral in money market 609,678 Investments pledged as collateral in derivative operations Securities issued by the Colombian Government Between 3 and 6 months TES - Treasury instruments 242,716 Securities issued by the Colombian Government Greater than 12 months TES - Treasury instruments 303,847 Subtotal investments pledged as collateral in derivative operations 546,563 Total securities pledged as collateral 1,156,241 As of December 31, 2020 Pledged financial assets Term Security pledged Carrying amount In millions of COP Investments pledged as collateral in money market Securities issued by the Colombian Government Less than 3 months TES - Treasury instruments 59,803 Securities issued by the Colombian Government Between 3 and 6 months TES - Treasury instruments 287,816 Securities issued by the Colombian Government Greater than 12 months TES - Treasury instruments 1,742,072 Securities issued by foreign governments Between 6 and 12 months Bonds 89,245 Securities issued by foreign governments Greater than 12 months Bonds 82,380 Subtotal investments pledged as collateral in money market 2,261,316 Investments pledged as collateral in derivative operations Securities issued by the Colombian Government Between 3 and 6 months TES - Treasury instruments 49,624 Securities issued by the Colombian Government Greater than 12 months TES - Treasury instruments 340,222 Subtotal investments pledged as collateral in derivative operations 389,846 Total securities pledged as collateral 2,651,162 |
Schedule of changes in debt securities | The following table shows the breakdown of the changes in the gross carrying amount of the debt securities at fair value through other comprehensive income and Amortized cost, in order to explain their significance to the changes in the loss allowance for the same portfolio as discussed above: As of December 31, 2021 Debt instruments portfolio measure at fair value through OCI and amortized cost Stage 1 Stage 2 Total In millions of COP Gross carrying amount as at 1 January 2021 13,237,154 156,428 13,393,582 Transfer from stage 1 to stage 2 (1) (47,331) 47,331 - Sales and maturities (8,690,663) - (8,690,663) Purchases 8,655,481 - 8,655,481 Valuation and payments (335,851) (1,596) (337,447) Foreign exchange 726,724 25,004 751,728 Gross carrying amount as at 31 December 2021 13,545,514 227,167 13,772,681 (1) Stage transfer in bonds issued by Real Estate Investment Trust and Ecopetrol. As of December 31, 2020 Debt instruments portfolio measure at fair value through OCI and amortized cost Stage 1 Stage 2 Total In millions of COP Gross carrying amount as at 1 January 2020 7,827,746 95,835 7,923,581 Sales and maturities (4,562,773) - (4,562,773) Purchases 9,830,079 56,645 9,886,724 Valuation and payments (12,681) (595) (13,276) Foreign exchange 154,783 4,543 159,326 Gross carrying amount as at 31 December 2020 13,237,154 156,428 13,393,582 |
Schedule of provisions for the debt instruments portfolio using the expected credit losses model | As of December 31, 2021 Concept Stage 1 Stage 2 Total In millions of COP Securities at amortized cost 6,300,063 227,167 6,527,230 Carrying amount 6,317,752 234,157 6,551,909 Loss allowance (17,689) (6,990) (24,679) Securities at fair value through other comprehensive income 7,245,451 - 7,245,451 Total debt instruments portfolio measure at fair value through OCI and amortized cost 13,545,514 227,167 13,772,681 As of December 31, 2020 Concept Stage 1 Stage2 Total In millions of COP Securities at amortized cost 4,998,173 156,428 5,154,601 Carrying amount 5,032,673 161,054 5,193,727 Loss allowance (34,500) (4,626) (39,126) Securities at fair value through other comprehensive income 8,238,981 - 8,238,981 Total debt instruments portfolio measure at fair value through OCI and amortized cost 13,237,154 156,428 13,393,582 |
Schedule of the changes in the allowance for debt instruments measured at amortized cost and fair value through other comprehensive income | As of December 31, 2021 Concept Stage 1 Stage 2 Total In millions of COP Loss allowance of January 1, 2021 37,745 4,626 42,371 Transfer from stage 1 to stage 2 (1) (1,670) 1,670 - Sales and maturities (7,985) - (7,985) New debt instruments purchased 11,831 - 11,831 Remeasurement (2) (23,744) (46) (23,790) Foreign exchange 4,757 739 5,496 Loss allowance of December 31, 2021 20,934 6,989 27,923 (1) Stage transfer in bonds issued by Real Estate Investment Trust and Ecopetrol. (2) Decrease in stage 1 due to lower impairment loss value in Banistmo S.A. because of better economic conditions As of December 31, 2020 Concept Stage 1 Stage 2 Total In millions of COP Loss allowance of January 1, 2020 13,013 1,588 14,601 Sales and maturities (6,313) - (6,313) New debt instruments purchased 19,856 3,429 23,285 Remeasurement 10,872 (466) 10,406 Foreign exchange 317 75 392 Loss allowance of December 31, 2020 37,745 4,626 42,371 The increase in loss allowance is due to higher risk in all issuers in Bank’s investment portfolio. As of December 31, 2019 Concept Stage 1 Stage 2 Total In millions of COP Loss allowance of January 1, 2019 14,174 609 14,783 Change in measurement 228 - 228 Sales and maturities (6,599) (1) (6,600) New debt instruments purchased 5,235 1,234 6,469 Remeasurement (89) (259) (348) Foreign exchange 64 5 69 Loss allowance of December 31, 2019 13,013 1,588 14,601 |
Schedule of the carrying values of bank's derivatives by type of risk | The following table sets forth the carrying values of the Bank’s derivatives by type of risk as of December 31, 2021 and 2020: Derivatives December 31, 2021 December 31, 2020 In millions of COP Forwards Assets Foreign exchange contracts 729,367 975,125 Equity contracts 6,796 1,688 Subtotal assets 736,163 976,813 Liabilities Foreign exchange contracts (605,537) (880,614) Equity contracts (25,068) (15,333) Subtotal liabilities (630,605) (895,947) Total forwards 105,558 80,866 Swaps Assets Foreign exchange contracts 1,422,355 947,053 Interest rate contracts 247,158 840,042 Subtotal assets 1,669,513 1,787,095 Liabilities Foreign exchange contracts (960,838) (615,625) Interest rate contracts (308,457) (803,153) Subtotal liabilities (1,269,295) (1,418,778) Total swaps 400,218 368,317 Options Assets Foreign exchange contracts 48,329 36,811 Subtotal assets 48,329 36,811 Liabilities Foreign exchange contracts (61,209) (66,601) Subtotal liabilities (61,209) (66,601) Total options (12,880) (29,790) Derivative assets 2,454,005 2,800,719 Derivative liabilities (1,961,109) (2,381,326) |
Schedule of the notional amounts of the derivatives contracts | The table below presents the notional amounts of the derivatives contracts as of December 31, 2021 and 2020: Derivatives December 31, 2021 December 31, 2020 In millions of COP Forwards Assets Foreign exchange contracts 28,582,048 21,850,683 Equity contracts 995,675 202,075 Subtotal assets 29,577,723 22,052,758 Liabilities Foreign exchange contracts (26,394,184) (21,869,963) Equity contracts (391,835) (2,832,595) Subtotal liabilities (26,786,019) (24,702,558) Total forwards 2,791,704 (2,649,800) Swaps Assets Foreign exchange contracts 9,084,313 9,785,196 Interest rate contracts 32,953,368 27,496,792 Subtotal assets 42,037,681 37,281,988 Liabilities Foreign exchange contracts (6,825,078) (4,956,902) Interest rate contracts (26,172,799) (15,130,999) Subtotal liabilities (32,997,877) (20,087,901) Total swaps 9,039,804 17,194,087 Options Assets Foreign exchange contracts 2,239,713 1,702,445 Subtotal assets 2,239,713 1,702,445 Liabilities Foreign exchange contracts (1,954,132) (1,598,200) Subtotal liabilities (1,954,132) (1,598,200) Total options 285,581 104,245 Futures Assets Foreign exchange contracts 5,994,775 8,302,204 Equity contracts 20,002 - Subtotal assets 6,014,777 8,302,204 Liabilities Foreign exchange contracts (7,445,574) (5,975,467) Others (8) (750,000) Subtotal liabilities (7,445,582) (6,725,467) Total futures (1,430,805) 1,576,737 Derivative assets 79,869,894 69,339,395 Derivative liabilities (69,183,610) (53,114,126) |
Schedule of the remaining contractual life of the derivatives portfolio | As of December 31, 2021 Forwards Swaps Options Total In millions of COP Assets 736,163 1,669,513 48,329 2,454,005 Less than 1 year 696,501 536,333 41,762 1,274,596 Between 1 and 3 years 39,662 572,400 6,567 618,629 Greater than 3 years - 560,780 - 560,780 Liabilities (630,605) (1,269,295) (61,209) (1,961,109) Less than 1 year (579,036) (333,194) (56,826) (969,056) Between 1 and 3 years (51,569) (392,277) (4,383) (448,229) Greater than 3 years - (543,824) - (543,824) As of December 31, 2020 Forwards Swaps Options Total In millions of COP Assets 976,813 1,787,095 36,811 2,800,719 Less than 1 year 971,321 268,929 34,865 1,275,115 Between 1 and 3 years 5,492 625,533 1,946 632,971 Greater than 3 years - 892,633 - 892,633 Liabilities (895,947) (1,418,778) (66,601) (2,381,326) Less than 1 year (876,888) (181,920) (62,094) (1,120,902) Between 1 and 3 years (19,059) (412,431) (4,507) (435,997) Greater than 3 years - (824,427) - (824,427) |
Schedule of collateral for derivatives | The table below presents the collateral amounts posted under derivatives contracts as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 In millions of COP Collateral granted 911,050 641,795 Collateral received (376,447) (570,097) |
Schedule of unrecognised gains or (losses) for derivatives trading at the initial moment | The table below presents the unrecognised gains or (losses) for derivatives trading at the initial moment, due to use of valuation techniques for which not all inputs were observable market data: As of December 31, 2021 Forward Swaps Opciones Total In millions of COP Balance at January 1, 2021 29,102 26,984 21,452 77,538 Increase due to new trades 169,430 19,368 90,437 279,235 Reduction due to amortization (179,115) (11,560) (70,751) (261,426) Reduction due to sale or transfer (2,499) (6,898) (14,463) (23,860) Balance at December 31, 2021 16,918 27,894 26,675 71,487 As of December 31, 2020 Forward Swaps Opciones Total In millions of COP Balance at January 1, 2020 6,666 15,736 26,572 48,974 Increase due to new trades 321,006 21,481 79,181 421,668 Reduction due to amortization (293,579) (9,250) (77,180) (380,009) Reduction due to sale or transfer (4,991) (983) (7,121) (13,095) Balance at December 31, 2020 29,102 26,984 21,452 77,538 |
Schedule of the hedged exposures covered by the Group's hedging strategies | The following table contains details of the hedged expresures covered by the Group’s hedging strategies: December 31, 2021 In millions of COP Carrying amount of hedged Accumulated amount of fair value item adjustments on the hedged item Balance sheet line item Assets Liabilities Fair value hedges Interest rate - Fixed rate 333,407 (6,369) Financial assets investments December 31, 2021 In thousands of USD Carrying amount of hedged Accumulated amount of fair value item adjustments on the hedged item Balance sheet line item Assets Liabilities Fair value hedges Interest rate - 83,746 (1,600) Financial assets investments December 31, 2020 In millions of COP Carrying amount of hedged Accumulated amount of fair value item adjustments on the hedged item Balance sheet line item Assets Liabilities Fair value hedges Interest rate - Fixed rate 300,959 (11,182) Financial assets investments December 31, 2020 In thousands of USD Carrying amount of hedged Accumulated amount of fair value item adjustments on the hedged item Balance sheet line item Assets Liabilities Fair value hedges Interest rate - 87,679 (3,258) Financial assets investments |
Schedule of the notional amount and fair value of the hedged item | The following table sets forth the notional amount and fair value of the hedged item recognized in the statement of financial position as ‘Financial assets investments’, as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 In millions of COP Notional amount 316,701 273,055 Fair value 333,407 300,959 December 31, 2021 December 31, 2020 In thousands of USD Notional amount 79,550 79,550 Fair value 83,746 87,679 |
Schedule of the information regarding effectiveness of the hedging relationships | The following table contains information regarding the effectiveness of the hedging relationships designated by the Group, as well as the impacts on profit or loss and other comprehensive income: December 31, 2021 In millions of COP Gains / (loss) recognized in Hedge Ineffectiveness recognized in P&L line item that includes hedge OCI P&L ineffectiveness Fair value hedges Interest rate - Fixed rate 6,285 (6,133) Other operating income December 31, 2020 In millions of COP Gains / (loss) recognized in Hedge Ineffectiveness recognized in P&L line item that includes hedge OCI P&L ineffectiveness Fair value hedges Interest rate - Fixed rate (5,459) (3,746) Other operating income December 31, 2019 In millions of COP Gains / (loss) recognized in Hedge Ineffectiveness recognized in P&L line item that includes hedge OCI P&L ineffectiveness Fair value hedges Interest rate - Fixed rate (6,592) 663 Other operating income |
Schedule of derivative instruments subject to enforceable master netting agreements and other similar agreements | As of December 31, 2021 Derivatives Assets Derivatives Liabilities In millions of COP Over-the-counter Foreign exchange contracts Swaps 1,422,355 (960,838) Forwards 729,367 (605,537) Options 48,329 (61,209) Interest rate contracts Swaps 247,158 (308,457) Equity contracts Forwards 6,796 (25,068) Gross derivative assets/liabilities 2,454,005 (1,961,109) Offseting of derivates - - Derivative financial instruments in statement of financial position 2,454,005 (1,961,109) Master netting agreements (1,785,702) 1,961,109 Collateral received/paid (668,303) - Total derivative financial instruments assetss/ liabilities before collateral and Master netting agreements - - As of December 31, 2020 Derivatives Assets Derivatives Liabilities In millions of COP Over-the-counter Foreign exchange contracts Swaps 947,053 (615,625) Forwards 975,125 (880,614) Options 36,811 (66,601) Interest rate contracts Swaps 840,042 (803,153) Equity contracts Forwards 1,688 (15,333) Gross derivative assets/liabilities 2,800,719 (2,381,326) Offseting of derivates - - Derivative financial instruments in statement of financial position 2,800,719 (2,381,326) Master netting agreements (2,258,118) 2,381,326 Collateral received/paid (542,601) - Total derivative financial instruments assetss/ liabilities before collateral and Master netting agreements - - |
Schedule of notional value of hedging instruments by benchmark interest rate impacted by interest rate reform | In thousands of USD Notional value of Maturing after hedging instruments 31 December 2020 Fair value hedges USD LIBOR 79,550 79,550 |
LOANS AND ADVANCES TO CUSTOME_2
LOANS AND ADVANCES TO CUSTOMERS, NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
LOANS AND ADVANCES TO CUSTOMERS, NET | |
Schedule of loans and financial leasing operating portfolio | The following is the composition of the loans and financial leasing operations portfolio, net as of December 31, 2021 and 2020: Composition December 31, 2021 December 31, 2020 In millions of COP Commercial 114,911,843 98,659,287 Consumer 48,363,040 41,055,939 Mortgage 30,646,787 25,959,112 Financial Leases (1) 25,119,628 24,503,317 Small Business Loans 1,282,185 1,232,075 Total gross loans and advances to customers 220,323,483 191,409,730 Total allowance (15,864,482) (16,616,043) Total Net loans and advances to customers 204,459,001 174,793,687 (1) See note 7.1 Lessor. |
Schedule of the changes in the allowance for loans and advances and lease losses | As of December 31, 2021 Small Concept Commercial Consumer Mortgage Financial business Total Leases loans In millions of COP Balance at beginning of period January 1, 2021 7,673,720 5,753,430 992,515 1,996,033 200,345 16,616,043 Loan purchases / Loan sales (1) (27,817) - - - - (27,817) Recovery of charged - off loans 125,208 349,125 26,660 61,303 3,140 565,436 Credit impairment charges on loans, advances and financial leases, net 198,619 2,268,595 68,809 (34,678) 19,833 2,521,178 Adjusted stage 3 (2) 216,330 288,214 49,893 40,747 12,550 607,734 Charges-off (674,248) (3,618,009) (110,408) (554,701) (79,065) (5,036,431) Translation adjustment 301,211 263,912 33,589 12,363 7,264 618,339 Balance at December 31, 2021 7,813,023 5,305,267 1,061,058 1,521,067 164,067 15,864,482 (1) This balance corresponds to the provision for portfolio sales of Bancolombia S.A. to Banco Davivienda for COP 86,800 , Money Corp for COP 5,922 , and Jobandtalent Co SAS for COP 5,060 . (2) Recognized as a reduction to Interest Income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9. As of December 31, 2020 Small Concept Commercial Consumer Mortgage Financial business Total Leases loans In millions of COP Balance at beginning of period January 1, 2020 5,456,993 3,445,818 860,665 1,025,403 140,516 10,929,395 Recovery of charged - off loans 118,196 256,836 15,943 44,381 1,552 436,908 Credit impairment charges on loans, advances and financial leases, net (1) 2,406,228 3,745,662 163,527 903,191 117,147 7,335,755 Adjusted stage 3 (1)(2) 213,214 203,420 39,793 63,240 9,907 529,574 Charges-off (527,318) (1,875,355) (89,727) (40,150) (67,853) (2,600,403) Translation adjustment 6,407 (22,951) 2,314 (32) (924) (15,186) Balance at December 31, 2020 7,673,720 5,753,430 992,515 1,996,033 200,345 16,616,043 (1) The increases are mostly due to the consequences of the COVID-19 pandemic in 2020. For more information see Note 31. Risk management. (2) It is recognized as a lower value of Interest Income on loans and financial leases in Consolidated Statement of Income, according with IFRS 9. As of December 31, 2019 Small Concept Commercial Consumer Mortgage Financial business Total Leases loans In millions of COP Balance at beginning of period January 1, 2019 5,360,833 2,892,891 853,764 990,970 137,373 10,235,831 Loan purchases / Loan sales (1) (4,332) - - (1,557) - (5,889) Recovery of charged - off loans 139,268 317,722 33,869 57,057 3,734 551,650 Credit impairment charges on loans, advances and financial leases, net 1,299,379 1,971,037 33,808 25,130 55,827 3,385,181 Adjusted stage 3 (2) 223,824 148,001 42,495 50,119 9,277 473,716 Charges-off (1,572,113) (1,890,490) (104,720) (97,148) (65,909) (3,730,380) Translation adjustment 10,134 6,657 1,449 832 214 19,286 Balance at December 31, 2019 5,456,993 3,445,818 860,665 1,025,403 140,516 10,929,395 (1) This item includes portfolio purchase/sales operation held between Bancolombia S.A. and Titularizadora Colombiana. (2) It is recognized as a lower value of Interest Income on loans and financial leases in Consolidated Statement of Income, according with IFRS 9. |
Schedule of significant changes in the loans and the allowance for loans losses by category | The following explains the significant changes in the loans and the allowance for loans losses by category during the periods ended at December 31, 2021 and 2020 as a result of applying the expected credit loss model according to IFRS 9: As of December 31, 2021 Commercial Stage1 Stage2 Stage3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance In millions of COP Balance at January 1, 2021 80,863,445 (1,212,753) 8,203,659 (761,415) 9,592,183 (5,699,552) 98,659,287 (7,673,720) Transfers of financial instruments: (1,251,539) (45,325) 791,803 (33,245) 459,736 78,570 - - Transfers from stage 1 to stage 2 (1,892,044) 53,521 1,892,044 (53,521) - - - - Transfers from stage 1 to stage 3 (487,386) 32,490 - - 487,386 (32,490) - - Transfers from stage 2 to stage 1 1,076,007 (106,935) (1,076,007) 106,935 - - - - Transfers from stage 2 to stage 3 - - (858,035) 100,584 858,035 (100,584) - - Transfers from stage 3 to stage 1 51,884 (24,401) - - (51,884) 24,401 - - Transfers from stage 3 to stage 2 - - 833,801 (187,243) (833,801) 187,243 - - Remeasurement arising from transfer of stage (250,567) 105,392 (220,848) (67,128) (198,643) (458,309) (670,058) (420,045) Remeasurement from remaining in the stage (5,706,414) 463,588 (257,121) 54,320 (17,667) (552,577) (5,981,202) (34,669) Remeasurement due to changes in economics factors - (7,878) - (141,352) - 4,333 - (144,897) Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - 5,955 - 111,748 - (2,204) - 115,499 New financial assets purchased/originated (1) 62,765,437 (429,280) 1,944,115 (258,663) 1,459,164 (943,074) 66,168,716 (1,631,017) Financial assets that have been derecognized (43,381,187) 425,740 (2,792,192) 211,516 (1,544,304) 965,533 (47,717,683) 1,602,789 Charges-off (9,647) 617 (18,777) 8,772 (645,824) 664,859 (674,248) 674,248 Foreign Exchange and other movements 3,971,052 (51,954) 685,142 (42,300) 470,837 (206,957) 5,127,031 (301,211) Balance at December 31, 2021 97,000,580 (745,898) 8,335,781 (917,747) 9,575,482 (6,149,378) 114,911,843 (7,813,023) (1) Includes financial assets purchased, originated and restructured. Consumer Stage1 Stage2 Stage3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance In millions of COP Balance at January 1, 2021 33,766,023 (1,750,083) 4,599,535 (1,651,656) 2,690,381 (2,351,691) 41,055,939 (5,753,430) Transfers of financial instruments: (968,284) (122,078) (41,117) 159,002 1,009,401 (36,924) - - Transfers from stage 1 to stage 2 (1,581,266) 167,288 1,581,266 (167,288) - - - - Transfers from stage 1 to stage 3 (892,097) 107,874 - - 892,097 (107,874) - - Transfers from stage 2 to stage 1 1,405,690 (313,273) (1,405,690) 313,273 - - - - Transfers from stage 2 to stage 3 - - (406,905) 163,117 406,905 (163,117) - - Transfers from stage 3 to stage 1 99,389 (83,967) - - (99,389) 83,967 - - Transfers from stage 3 to stage 2 - - 190,212 (150,100) (190,212) 150,100 - - Remeasurement arising from transfer of stage (221,972) 318,636 (101,206) (396,682) 531,017 (2,418,524) 207,839 (2,496,570) Remeasurement from remaining in the stage (2,934,505) 336,232 (133,850) (274,514) 348,768 (100,822) (2,719,587) (39,104) Remeasurement due to changes in economics factors - (109,364) - (162,311) - 1,395 - (270,280) Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - 41,498 - 303,387 - 22,858 - 367,743 New financial assets purchased/originated (1) 20,615,952 (640,857) 1,086,672 (393,999) 501,214 (403,843) 22,203,838 (1,438,699) Financial assets that have been derecognized (9,262,503) 401,903 (970,555) 282,944 (338,144) 286,129 (10,571,202) 970,976 Charges-off (618,911) 186,964 (845,688) 439,923 (2,153,410) 2,991,122 (3,618,009) 3,618,009 Foreign Exchange and other movements 1,397,755 (65,128) 333,596 (106,612) 72,871 (92,172) 1,804,222 (263,912) Balance at December 31, 2021 41,773,555 (1,402,277) 3,927,387 (1,800,518) 2,662,098 (2,102,472) 48,363,040 (5,305,267) (1) Includes financial assets purchased, originated and restructured. Financial Leases Stage1 Stage2 Stage3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance In millions of COP Balance at January 1, 2021 18,981,176 (204,071) 2,772,129 (310,450) 2,750,012 (1,481,512) 24,503,317 (1,996,033) Transfers of financial instruments: (382,684) (35,495) 361,729 1,126 20,955 34,369 - - Transfers from stage 1 to stage 2 (1,032,874) 16,261 1,032,874 (16,261) - - - - Transfers from stage 1 to stage 3 (105,352) 3,909 - - 105,352 (3,909) - - Transfers from stage 2 to stage 1 720,654 (48,455) (720,654) 48,455 - - - - Transfers from stage 2 to stage 3 - - (160,592) 24,862 160,592 (24,862) - - Transfers from stage 3 to stage 1 34,888 (7,210) - - (34,888) 7,210 - - Transfers from stage 3 to stage 2 - - 210,101 (55,930) (210,101) 55,930 - - Remeasurement arising from transfer of stage (114,836) 46,099 (78,108) (120,366) 69,433 (165,187) (123,511) (239,454) Remeasurement from remaining in the stage (1,697,491) 58,449 (61,487) (121,067) (25,284) (77,333) (1,784,262) (139,951) Remeasurement due to changes in economics factors - (10,269) - (3,393) - 1,143 - (12,519) Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - (6,666) - 237,506 - (47,816) - 183,024 New financial assets purchased/originated (1) 4,531,913 (29,822) 429,419 (22,306) 25,613 (8,949) 4,986,945 (61,077) Financial assets that have been derecognized (2,031,001) 41,897 (235,306) 22,802 (301,413) 137,906 (2,567,720) 202,605 Charges-off (398) 29 (304) 5,679 (553,999) 548,993 (554,701) 554,701 Foreign Exchange and other movements 640,793 (3,105) 10,110 (3,680) 8,657 (5,578) 659,560 (12,363) Balance at December 31, 2021 19,927,472 (142,954) 3,198,182 (314,149) 1,993,974 (1,063,964) 25,119,628 (1,521,067) (1) Includes financial assets purchased, originated and restructured. Mortgage Stage1 Stage2 Stage3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance In millions of COP Balance at January 1, 2021 21,676,563 (121,503) 3,093,690 (231,137) 1,188,859 (639,875) 25,959,112 (992,515) Transfers of financial instruments: (687,642) (79,010) 621,566 40,788 66,076 38,222 - - Transfers from stage 1 to stage 2 (2,286,673) 19,724 2,286,673 (19,724) - - - - Transfers from stage 1 to stage 3 (125,284) 3,774 - - 125,284 (3,774) - - Transfers from stage 2 to stage 1 1,647,426 (76,522) (1,647,426) 76,522 - - - - Transfers from stage 2 to stage 3 - - (142,948) 25,392 142,948 (25,392) - - Transfers from stage 3 to stage 1 76,889 (25,986) - - (76,889) 25,986 - - Transfers from stage 3 to stage 2 - - 125,267 (41,402) (125,267) 41,402 - - Remeasurement arising from transfer of stage (54,790) 80,969 45,212 (98,943) 66,276 (161,020) 56,698 (178,994) Remeasurement from remaining in the stage (1,286,955) (8,687) (332,481) (43,005) 375,381 (194,104) (1,244,055) (245,796) Remeasurement due to changes in economics factors - (5,176) - (35,961) - 1,502 - (39,635) Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - 12,457 - 107,285 - 158,773 - 278,515 New financial assets purchased/originated (1) 6,293,219 (31,292) 58,403 (8,186) 42,534 (29,531) 6,394,156 (69,009) Financial assets that have been derecognized (1,909,582) 11,017 (182,935) 18,593 (154,164) 79,947 (2,246,681) 109,557 Charges-off (5,665) 4,038 (5,076) 1,937 (99,667) 104,433 (110,408) 110,408 Foreign Exchange and other movements 1,422,487 (3,656) 356,331 (12,238) 59,147 (17,695) 1,837,965 (33,589) Balance at December 31, 2021 25,447,635 (140,843) 3,654,710 (260,867) 1,544,442 (659,348) 30,646,787 (1,061,058) (1) Includes financial assets purchased, originated and restructured. Small business loans Stage1 Stage2 Stage3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance In millions of COP Balance at January 1, 2021 965,822 (44,663) 109,655 (33,329) 156,598 (122,353) 1,232,075 (200,345) Transfers of financial instruments: (71,045) (716) 12,970 5,253 58,075 (4,537) - - Transfers from stage 1 to stage 2 (54,843) 3,552 54,843 (3,552) - - - - Transfers from stage 1 to stage 3 (50,148) 4,473 - 1 50,148 (4,474) - - Transfers from stage 2 to stage 1 31,728 (7,736) (31,728) 7,736 - - - - Transfers from stage 2 to stage 3 - - (21,366) 6,644 21,366 (6,644) - - Transfers from stage 3 to stage 1 2,218 (1,005) - - (2,218) 1,005 - - Transfers from stage 3 to stage 2 - - 11,221 (5,576) (11,221) 5,576 - - Remeasurement arising from transfer of stage (7,398) 7,279 (7,679) (3,067) (17,680) (47,983) (32,757) (43,771) Remeasurement from remaining in the stage (230,823) 14,626 66,725 (2,983) 3,486 (3,676) (160,612) 7,967 Remeasurement due to changes in economics factors - 2,188 - (2,616) - 34 - (394) Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - 1,250 - 5,078 - 1,161 - 7,489 New financial assets purchased/originated (1) 470,193 (10,894) 30,148 (7,569) 18,954 (14,239) 519,295 (32,702) Financial assets that have been derecognized (235,533) 7,853 (19,136) 4,513 (21,511) 13,522 (276,180) 25,888 Charges-off (7,422) 1,531 (13,819) 5,560 (57,824) 71,974 (79,065) 79,065 Foreign Exchange and other movements 67,197 (1,299) 4,829 (1,095) 7,403 (4,870) 79,429 (7,264) Balance at December 31, 2021 950,991 (22,845) 183,693 (30,255) 147,501 (110,967) 1,282,185 (164,067) (1) Includes financial assets purchased, originated and restructured. As of December 31, 2020 Commercial Stage1 Stage2 Stage3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance In millions of COP Balance at January 1, 2020 80,068,756 (544,996) 4,763,023 (514,230) 7,936,774 (4,397,767) 92,768,553 (5,456,993) Transfers of financial instruments: (3,713,748) (26,439) 2,187,077 125,585 1,526,671 (99,146) - - Transfers from stage 1 to stage 2 (3,731,056) 38,304 3,731,056 (38,304) - - - - Transfers from stage 1 to stage 3 (697,975) 27,097 - - 697,975 (27,097) - - Transfers from stage 2 to stage 1 708,096 (86,383) (708,096) 86,383 - - - - Transfers from stage 2 to stage 3 - - (892,418) 112,395 892,418 (112,395) - - Transfers from stage 3 to stage 1 7,187 (5,457) - - (7,187) 5,457 - - Transfers from stage 3 to stage 2 - - 56,535 (34,889) (56,535) 34,889 - - Remeasurement arising from transfer of stage (57,304) 59,649 (131,960) (84,391) (143,019) (788,544) (332,283) (813,286) Remeasurement from remaining in the stage (4,653,349) (77,848) (261,305) 24,899 50,574 (494,646) (4,864,080) (547,595) Remeasurement due to changes in economics factors - (772,811) - (293,441) - (2,878) - (1,069,130) Remeasurement due to changes in model inputs - 331,595 - 131,911 - 4,960 - 468,466 Remeasurement due to methodological changes - 215,377 - 40,491 - (18,034) - 237,834 New financial assets purchased/originated (1) 42,257,583 (601,500) 2,628,002 (325,057) 1,098,017 (706,337) 45,983,602 (1,632,894) Financial assets that have been derecognized (34,261,422) 202,191 (1,078,837) 124,173 (497,305) 292,603 (35,837,564) 618,967 Charges-off (4,621) 408 (30,889) 8,392 (491,808) 518,518 (527,318) 527,318 Foreign Exchange and other movements 1,227,550 1,621 128,548 253 112,279 (8,281) 1,468,377 (6,407) Balance at December 31, 2020 80,863,445 (1,212,753) 8,203,659 (761,415) 9,592,183 (5,699,552) 98,659,287 (7,673,720) (1) Includes financial assets purchased, originated and restructured. Consumer Stage1 Stage2 Stage3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance In millions of COP Balance at January 1, 2020 35,957,631 (1,206,691) 1,969,289 (653,426) 1,773,750 (1,585,701) 39,700,670 (3,445,818) Transfers of financial instruments: (3,707,605) 73,070 2,272,046 (40,762) 1,435,559 (32,308) - - Transfers from stage 1 to stage 2 (2,770,159) 161,268 2,770,159 (161,268) - - - - Transfers from stage 1 to stage 3 (1,383,742) 112,749 - - 1,383,742 (112,749) - - Transfers from stage 2 to stage 1 335,819 (94,528) (335,819) 94,528 - - - - Transfers from stage 2 to stage 3 - - (238,526) 91,967 238,526 (91,967) - - Transfers from stage 3 to stage 1 110,477 (106,419) - - (110,477) 106,419 - - Transfers from stage 3 to stage 2 - - 76,232 (65,989) (76,232) 65,989 - - Remeasurement arising from transfer of stage (57,958) 93,488 27,810 (701,575) 321,896 (2,088,963) 291,748 (2,697,050) Remeasurement from remaining in the stage (2,464,765) (174,482) (42,505) (77,187) (6,527) (11,317) (2,513,797) (262,986) Remeasurement due to changes in economics factors - (193,515) - (78,723) - 14,943 - (257,295) Remeasurement due to changes in model inputs - (229,585) - (56,358) - (9,317) - (295,260) Remeasurement due to methodological changes - 174,522 - 5,783 - 13 - 180,318 New financial assets purchased/originated (1) 11,872,373 (581,092) 1,007,026 (343,514) 465,788 (393,820) 13,345,187 (1,318,426) Financial assets that have been derecognized (7,969,415) 220,085 (269,213) 85,520 (154,352) 139,176 (8,392,980) 444,781 Charges-off (303,296) 75,717 (404,025) 187,363 (1,168,034) 1,612,275 (1,875,355) 1,875,355 Foreign Exchange and other movements 439,058 (1,600) 39,107 21,223 22,301 3,328 500,466 22,951 Balance at December 31, 2020 33,766,023 (1,750,083) 4,599,535 (1,651,656) 2,690,381 (2,351,691) 41,055,939 (5,753,430) (1) Includes financial assets purchased, originated and restructured. Financial leases Stage1 Stage2 Stage3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance In millions of COP Balance at January 1, 2020 21,069,884 (103,962) 1,857,427 (173,512) 1,623,518 (747,929) 24,550,829 (1,025,403) Transfers of financial instruments: (2,110,496) (7,637) 864,373 72,160 1,246,123 (64,523) - - Transfers from stage 1 to stage 2 (1,795,460) 14,441 1,795,460 (14,441) - - - - Transfers from stage 1 to stage 3 (595,521) 8,606 - - 595,521 (8,606) - - Transfers from stage 2 to stage 1 271,917 (27,677) (271,917) 27,677 - - - - Transfers from stage 2 to stage 3 - - (694,294) 70,158 694,294 (70,158) - - Transfers from stage 3 to stage 1 8,568 (3,007) - - (8,568) 3,007 - - Transfers from stage 3 to stage 2 - - 35,124 (11,234) (35,124) 11,234 - - Remeasurement arising from transfer of stage (15,234) 25,467 (21,789) (175,238) (32,869) (596,970) (69,892) (746,741) Remeasurement from remaining in the stage (1,495,273) (44,438) (27,939) (24,127) 16,038 (130,711) (1,507,174) (199,276) Remeasurement due to changes in economics factors - (37,766) - (25,905) - (1,631) - (65,302) Remeasurement due to changes in model inputs - 30,674 - 19,613 - (7,119) - 43,168 Remeasurement due to methodological changes - (42,164) - (431) - (1,754) - (44,349) New financial assets purchased/originated (1) 2,652,974 (32,284) 201,858 (20,383) 26,014 (13,934) 2,880,846 (66,601) Financial assets that have been derecognized (1,447,843) 7,161 (94,995) 15,893 (101,053) 45,235 (1,643,891) 68,289 Charges-off (245) 6 (9,645) 737 (30,260) 39,407 (40,150) 40,150 Foreign Exchange and other movements 327,409 872 2,839 743 2,501 (1,583) 332,749 32 Balance at December 31, 2020 18,981,176 (204,071) 2,772,129 (310,450) 2,750,012 (1,481,512) 24,503,317 (1,996,033) (1) Includes financial assets purchased, originated and restructured. Mortgage Stage1 Stage2 Stage3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance In millions of COP Balance at January 1, 2020 21,584,674 (115,817) 1,340,380 (166,255) 1,058,229 (578,593) 23,983,283 (860,665) Transfers of financial instruments: (1,953,986) (37,087) 1,751,078 17,155 202,908 19,932 - - Transfers from stage 1 to stage 2 (2,107,576) 16,759 2,107,576 (16,759) - - - - Transfers from stage 1 to stage 3 (158,243) 5,534 - - 158,243 (5,534) - - Transfers from stage 2 to stage 1 257,791 (36,111) (257,791) 36,111 - - - - Transfers from stage 2 to stage 3 - - (193,935) 29,595 193,935 (29,595) - - Transfers from stage 3 to stage 1 54,042 (23,269) - - (54,042) 23,269 - - Transfers from stage 3 to stage 2 - - 95,228 (31,792) (95,228) 31,792 - - Remeasurement arising from transfer of stage (29,583) 45,506 (14,999) (68,139) 55,225 (162,553) 10,643 (185,186) Remeasurement from remaining in the stage (670,018) (1,610) (29,867) 28,275 37,035 (95,904) (662,850) (69,239) Remeasurement due to changes in economics factors - (12,789) - (88,897) - 57,295 - (44,391) Remeasurement due to changes in model inputs - (63,963) - 19,573 - (17,785) - (62,175) Remeasurement due to methodological changes - 77,559 - 27,589 - - - 105,148 New financial assets purchased/originated (1) 3,405,877 (19,252) 83,612 (8,025) 12,878 (6,318) 3,502,367 (33,595) Financial assets that have been derecognized (1,126,329) 6,450 (62,141) 7,996 (103,654) 55,729 (1,292,124) 70,175 Charges-off (823) 13 (101) 82 (88,803) 89,632 (89,727) 89,727 Foreign Exchange and other movements 466,751 (513) 25,728 (491) 15,041 (1,310) 507,520 (2,314) Balance at December 31, 2020 21,676,563 (121,503) 3,093,690 (231,137) 1,188,859 (639,875) 25,959,112 (992,515) (1) Includes financial assets purchased, originated and restructured. Small business loans Stage1 Stage2 Stage3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance In millions of COP Balance at January 1, 2020 1,088,656 (39,456) 70,219 (16,615) 120,533 (84,445) 1,279,408 (140,516) Transfers of financial instruments: (115,997) 5,969 28,366 2,844 87,631 (8,813) - - Transfers from stage 1 to stage 2 (58,455) 3,597 58,455 (3,597) - - - - Transfers from stage 1 to stage 3 (71,502) 5,749 - - 71,502 (5,749) - - Transfers from stage 2 to stage 1 6,941 (1,847) (6,941) 1,847 - - - - Transfers from stage 2 to stage 3 - - (25,717) 6,015 25,717 (6,015) - - Transfers from stage 3 to stage 1 7,019 (1,530) - - (7,019) 1,530 - - Transfers from stage 3 to stage 2 - - 2,569 (1,421) (2,569) 1,421 - - Remeasurement arising from transfer of stage (2,093) 2,523 (7,658) (11,680) (24,797) (66,242) (34,548) (75,399) Remeasurement from remaining in the stage (119,612) 4,178 (1,359) (2,026) (278) (12,344) (121,249) (10,192) Remeasurement due to changes in economics factors - (19,442) - (522) - 486 - (19,478) Remeasurement due to changes in model inputs - 12,172 - 1,348 - 252 - 13,772 Remeasurement due to methodological changes - (326) - 72 - - - (254) New financial assets purchased/originated (1) 359,511 (18,809) 39,573 (12,742) 26,816 (20,925) 425,900 (52,476) Financial assets that have been derecognized (256,947) 7,606 (9,387) 2,433 (7,390) 5,382 (273,724) 15,421 Charges-off (8,010) 653 (11,606) 3,428 (48,237) 63,772 (67,853) 67,853 Foreign Exchange and other movements 20,314 269 1,507 131 2,320 524 24,141 924 Balance at December 31, 2020 965,822 (44,663) 109,655 (33,329) 156,598 (122,353) 1,232,075 (200,345) (1) Includes financial assets purchased, originated and restructured. |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
LEASES | |
Schedule of finance leases | As of December 31, 2021 Period Gross investment in finance lease receivable Present value of minimum payments In millions of COP Less than 1 year 1,183,637 735,304 Between 1 and 5 years 8,352,753 6,958,333 Greater than 5 years 25,499,661 17,425,991 Total gross investment in finance lease receivable/ present value of minimum payments 35,036,051 25,119,628 Less: Future financial income (1) (9,916,423) - Present value of payments receivable (2) 25,119,628 25,119,628 Minimum non-collectable payments impairment (1,520,880) (1,520,880) Total 23,598,748 23,598,748 (1) Future financial income: Total Gross Investment - Total Present Value of minimum payments. (2) See Note 6. Loans and advances to customers, net. As of December 31, 2020 Period Gross investment in finance lease receivable Present value of minimum payments In millions of COP Less than 1 year 1,242,852 1,103,071 Between 1 and 5 years 10,228,072 8,532,456 Greater than 5 years 21,682,923 14,867,790 Total gross investment in finance lease receivable/ present value of minimum payments 33,153,847 24,503,317 Less: Future financial income (1) (8,650,530) - Present value of payments receivable (2) 24,503,317 24,503,317 Minimum non-collectable payments impairment (1,996,033) (1,996,033) Total 22,507,284 22,507,284 (1) Future financial income: Total Gross Investment - Total Present Value of minimum payments. (2) See Note 6. Loans and advances to customers, net. |
Schedule of unsecured residual value | Type of asset December 31, 2021 December 31, 2020 In millions of COP Technological equipment 37,139 31,761 Vehicles 23,912 21,578 Machinery and equipment 11,683 11,170 Furniture and fixtures 128 138 Total 72,862 64,647 (*) The unsecured residual value is the part of the residual value of the leased asset, whose realization is not secured or is secured by a third party related to the lessor. |
Schedule of amounts recognized as income for extensions | Amounts recognized as income for extensions At the end of the reporting period, the following entries are recognized as income corresponding to contract extensions or automatic time extension of financial leasing contracts: Type of asset December 31, 2021 December 31, 2020 In millions of COP Technological equipment 15,210 16,217 Buildings 3,052 3,032 Machinery and equipment 720 1,481 Vehicles 537 527 Furniture and fixtures 1 1 Total 19,520 21,258 |
Schedule of minimum payments on operating leases to be received | December 31, 2021 December 31, 2020 In millions of COP Less than 1 year 400,296 343,516 Between 1 and 5 years 308,802 465,069 Greater than 5 years 75,521 71,622 Total 784,619 880,207 |
Schedule of the rollforward of right of use assets | As of December 31, 2021 Roll - forward Right of use assets Balance at January 01, 2021 Acquisitions Additions Expenses depreciation (1) Disposals Revaluation Effect of changes in foreign exchange rate Balance at December 31, 2021 In millions of COP Buildings Cost 1,845,970 48,913 61,281 - (64,972) (11,048) 135,010 2,015,154 Accumulated depreciation (278,008) - - (163,422) 30,637 11,055 (31,409) (431,147) Furniture and fixtures Cost 3,466 224 - - - (9) 291 3,972 Accumulated depreciation (1,674) - - (969) - - (178) (2,821) Computer equipment Cost 65,681 14,723 - - (526) 3,304 4,175 87,357 Accumulated depreciation (18,282) - - (13,606) 440 - (1,090) (32,538) Vehicles Cost 58,103 22,195 - - (7,292) (1,029) 392 72,369 Accumulated depreciation (14,241) - - (12,822) 10,567 282 (267) (16,481) Total right of use assets – cost 1,973,220 86,055 61,281 - (72,790) (8,782) 139,868 2,178,852 Total right of use assets - accumulated depreciation (312,205) - - (190,819) 41,644 11,337 (32,944) (482,987) Total right of use assets, net 1,661,015 86,055 61,281 (190,819) (31,146) 2,555 106,924 1,695,865 (1) See Note 26.3 Impairment, depreciation and amortization. As of December 31, 2020 Roll - forward Right of use assets Balance at January 01, 2020 Acquisitions Additions Expenses depreciation (1) Disposals Revaluation Effect of changes in foreign exchange rate Balance at December 31, 2020 In millions of COP Buildings Cost 1,754,066 70,028 24,306 - (78,748) 36,693 39,625 1,845,970 Accumulated depreciation (134,306) - - (183,452) 40,107 - (357) (278,008) Furniture and fixtures Cost 3,842 - - - (463) 5 82 3,466 Accumulated depreciation (906) - - (991) 211 - 12 (1,674) Computer equipment Cost 57,116 31,492 - - (21,567) (3,278) 1,918 65,681 Accumulated depreciation (16,795) - - (17,338) 15,794 - 57 (18,282) Vehicles Cost 33,103 41,435 - - (13,665) (2,948) 178 58,103 Accumulated depreciation (4,004) (1,767) - (10,129) 1,766 (36) (71) (14,241) Total right of use assets – cost 1,848,127 142,955 24,306 - (114,443) 30,472 41,803 1,973,220 Total right of use assets - accumulated depreciation (156,011) (1,767) - (211,910) 57,878 (36) (359) (312,205) Total right of use assets, net 1,692,116 141,188 24,306 (211,910) (56,565) 30,436 41,444 1,661,015 (1) See Note 26.3 Impairment, depreciation and amortization. |
Schedule of the changes in lease liabilities | The following table sets forth the changes in lease liabilities as of December 31, 2021 and 2020: As of December 31, 2021 Concept Total In millions of COP Balance at January 01, 2021 1,818,358 (+) New contracts 63,515 (+/-) Reassessment of the lease liability (41,800) (-) Payments (259,140) (+) Accrued Interest (1) 122,011 (+/-) Effect of changes in foreign exchange rate 116,133 Balance at December 31, 2021 1,819,077 (1) The difference of COP 10,455 with the interest expense on lease liabilities recognized in the Consolidated Statement of Comprehensive Income corresponds to the expense accrued for the difference between the book value of the right-of-use asset and the lease liability at the time of early termination of contracts. As of December 31, 2020 Concept Total In millions of COP Balance at January 01, 2020 1,831,585 (+) New contracts 98,107 (+/-) Reassessment of the lease liability (12,546) (-) Payments (261,297) (+) Accrued Interest (1) 126,846 (+/-) Effect of changes in foreign exchange rate 35,663 Balance at December 31, 2020 1,818,358 (1) The difference of COP 8,246 with the interest expensive on lease liabilities recognized in the Consolidated Statement of Comprehensive Income corresponds to the expense accrued for the difference between the book value of the right-of-use asset and the lease liability at the time of early termination of contracts. |
Schedule of maturity analysis of lease liabilities | As of December 31, 2021 Type of assets Maturity less than 1 year Maturity between 1 and 3 years Maturity between 3 and 5 years Maturity more than 5 years Total lease liabilities In millions of COP Buildings 5,632 49,939 39,367 1,665,386 1,760,324 Vehicles 159 119 - - 278 Computer equipment - 29,964 15,890 11,559 57,413 Furniture and fixtures 566 496 - - 1,062 Total lease liabilities 6,357 80,518 55,257 1,676,945 1,819,077 As of December 31, 2020 Type of assets Maturity less than 1 year Maturity between 1 and 3 years Maturity between 3 and 5 years Maturity more than 5 years Total lease liabilities In millions of COP Buildings 5,562 42,237 62,490 1,656,546 1,766,835 Vehicles - 446 131 - 577 Computer equipment 875 3,486 33,188 11,471 49,020 Furniture and fixtures - 949 977 - 1,926 Total lease liabilities 6,437 47,118 96,786 1,668,017 1,818,358 |
Schedule of weighted average rates and average useful life of right of use assets | As of December 31, 2021 Right of use assets Weighted average life Weighted average remaining lease terms Weighted average discount rates Buildings 207 123 5.35 % Computer equipment 72 40 6.94 % Furniture and fixtures 45 12 6.50 % Vehicles 46 18 3.79 % As of December 31, 2020 Right of use assets Weighted average life Weighted average remaining lease terms Weighted average discount rates Buildings 295 159 5.96 % Computer equipment 70 38 4.53 % Furniture and fixtures 45 24 6.55 % Vehicles 42 23 3.68 % |
Summary of leases in the Consolidated Statement of Income | As of December 31, 2021 Right of use assets Financial interest Expenses depreciation (2) Payments of penalties Effect of changes in foreign exchange rate Short-term leases Leases for which the underlying asset is of low value Variable payments In millions of COP Buildings 109,062 163,422 2,108 250 961 249 2,038 Vehicles 16 12,822 - - - 18 - Computer equipment 2,381 13,606 - - - 5,103 - Furniture and fixtures 97 969 - - 875 1,193 - Total 111,556 (1) 190,819 2,108 250 1,836 6,563 2,038 (1) Includes the expense generated by the difference between the carrying amount of the asset for the right to use and the liability for leasing at the time of the early termination of lease contracts by COP 10,455 , see Note 25.2 Interest expenses. (2) See Note 26.3 Impairment, depreciation and amortization. (0) As of December 31, 2020 Right of use assets Financial interest Expenses depreciation (2) Payments of penalties Effect of changes in foreign exchange rate Short-term leases Leases for which the underlying asset is of low value Variable payments In millions of COP Buildings 117,680 183,452 247 (375) 1,809 2,992 679 Vehicles 263 10,129 - - - 24 - Computer equipment 499 17,338 - - - 820 - Furniture and fixtures 158 991 - - 542 4,006 - Total 118,600 (1) 211,910 247 (375) 2,351 7,842 679 (1) Includes the expense generated by the difference between the carrying amount of the asset for the right to use and the liability for leasing at the time of the early termination of lease contracts by COP 8,246 , see Note 25.2 Interest expenses. (2) See Note 26.3 Impairment, depreciation and amortization. |
Schedule of minimum payments lease liabilities | As of December 31, 2021 Type of assets Maturity less than 1 year Maturity between 1 and 3 years Maturity between 3 and 5 years Maturity more than 5 years Total minimum payments lease liabilities In millions of COP Buildings 5,890 56,726 46,573 2,394,751 2,503,940 Vehicles 160 129 - - 289 Computer equipment - 32,439 21,693 13,228 67,360 Furniture and fixtures - 1,096 - - 1,096 Total minimum payments lease liabilities 6,050 90,390 68,266 2,407,979 2,572,685 As of December 31, 2020 Type of assets Maturity less than 1 year Maturity between 1 and 3 years Maturity between 3 and 5 years Maturity more than 5 years Total minimum payments lease liabilities In millions of COP Buildings 5,697 45,492 71,088 2,444,892 2,567,169 Vehicles - 458 145 - 603 Computer equipment 1,006 3,756 35,181 14,415 54,358 Furniture and fixtures - 1,002 1,052 - 2,054 Total minimum payments lease liabilities 6,703 50,708 107,466 2,459,307 2,624,184 |
Summary of impacts of the adoption of IFRS 16 to the Consolidated Statement of Financial Position | The change in accounting policy affected the following items in the consolidated statement of financial position as of January 1, 2019: Concepts January 1, 2019 Increase in right of use assets (1) 1,543,427 Net of deferred tax (119,173) Increase in lease liabilities 1,848,833 Net of effect of changes in foreign exchange rate (9,560) Decrease in retained earnings 184,248 (1) The increase in right of use assets for COP 1,543,427 differs from the COP 1,572,446 presented in the right of use assets at January 01, 2019, in the amount of COP 29,019 due the financial leases recognized by Transportempo S.A.S. und er IAS 17 at December 31, 2018 . |
INVESTMENTS IN ASSOCIATES AND_2
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |
Schedule of bank's investments in associates and joint ventures | The following table presents information regarding the Bank’s investments in associates and joint ventures: Composition December 31, 2021 December 31, 2020 In millions of COP Investments in associates (1) 2,138,156 1,973,092 Investments in joint ventures 582,403 533,223 Total 2,720,559 2,506,315 (1) As of December 31, 2021 and 2020, the amount includes investments in associates at fair value for COP 1,358,368 and COP 1,263,765 , respectively and investments in associates at equity method value for COP 779,788 COP 709,327 respectively. See Note 30 Fair value of assets and liabilities. |
Schedule of the investments in associates | The following are the investments in associates that the Bank holds as of December 31, 2021 and 2020: As of December 31, 2021 Investments in Associates % of Company name Main activity Country Ownership Included in Accumulated OCI (Equity OCI (TA) (4) OCI (Deferred Carrying interest earnings (1) OCI (2) method) (3) tax) (5) amount In millions of COP Investments in associates P.A Viva Malls. (6) Development and operation of commercial spaces Colombia 49.00 % 105,202 - - - - 1,355,688 Protección S.A. Administration of pension funds and severances Colombia 20.58 % 56,901 17,694 2,165 - (824) 630,821 Titularizadora Colombiana S.A. Hitos.* Mortgage portfolio securities Colombia 26.98 % 737 (1,379) 19 - (34) 34,241 Redeban Multicolor S.A.* Network data transmission services Colombia 20.36 % 3,743 (605) 46 - (48) 26,045 ACH Colombia S.A.* Electronic transfer services Colombia 19.94 % 14,448 (952) - - (85) 18,854 P.A La Felicidad.* (7) Real estate ecosystems Colombia 20.00 % 3 - - - - 14,443 Servicio Salvadoreño de Protección, S. A. de C.V.* Custodial services and transfer of monetary types El Salvador 25.00 % 1,549 (740) (13) (210) 9 13,145 P.A Madrid II.* (8) Real estate ecosystems Colombia 20.00 % (3) - - - - 9,117 Reintegra S.A.S.* (9) Collections and recovery of portfolio Colombia 46.00 % - 1,742 - - - 8,049 P.A Boreal.* (10) Real estate ecosystems Colombia 20.00 % 1,520 - - - - 7,942 Servicios Financieros, S.A. de C.V.* Processing of financial transactions and electronic payment methods El Salvador 49.78 % 803 9 - (81) - 7,801 Servicios de Identidad Digital S.A.S.* (11) Provide digital citizens services Colombia 33.33 % (4,878) - - - - 4,566 P.A Distrito Vera.* (12) Real estate ecosystems Colombia 33.33 % 237 - - - - 2,680 ACH de El Salvador, S. A. de C.V.* Electronic transfer services El Salvador 25.00 % 395 6 - (139) - 1,686 P.A Mirador de la Ciénaga.* (13) Real estate ecosystems Colombia 13.00 % (1) - - - - 1,329 Agricapital S.A.S.* (14) Financial services Colombia 10.02 % (63) - - - - 1,191 Internacional Ejecutiva de Aviación S.A.S.* (15) Aircraft and aircraft travel Colombia 25.00 % (1,560) (170) 674 - - 558 Net investments in associates 179,033 15,605 2,891 (16) (430) (982) (16) 2,138,156 (1) Corresponds to the income recognized as equity method in the Consolidated statement of Income for the year ended December 31, 2021. See Note 25.5 Dividends and net income on equity investments. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2021. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2021. (4) Corresponds to the other comprehensive income recognized as Translation Adjustment of Foreign Currency (TA) for the year ended December 31, 2021. (5) Corresponds to the other comprehensive income recognized as deferred tax for the year ended December 31, 2021. (6) During 2021, the investment in the associate P.A Viva Malls made a refund of contributions by COP 13,279 . (7) During 2021, Banca de inversión Bancolombia S.A ancreased its capital contribution in P.A La Felicidad by COP 2,413 . (8) During 2021, Banca de inversión Bancolombia S.A increased its capital contribution in P.A Madrid II by COP 1,954 . (9) The carrying amount includes the elimination of downstream transactions between Bancolombia S.A. and Reintegra S.A.S made during 2020 and 2019. (10) During 2021, the investment in the associate P.A Boreal made a refund of contributions by COP 3,300 . (11) During 2021, the Bank increased its capital contribution in Servicios de Identidad Digital S.A.S by COP 4,539 . (12) In 2021, the initial cost of the company was COP 3,191 , additionally, the FCP Fondo Inmobiliario Colombia, a Bank´s subsidiary, increased its capital contribution in P.A Distrito Vera by COP 1,780 . During the same year, Distrito Vera made a restitution of contributions for COP 2,529 . (13) During 2021, Inversiones CFNS S.A.S, the Bank's subsidiary, acquired 20% interest in P.A. Mirador de la Cienaga. This investment is part of an agreement that will enable the development of housing solutions with high sustainability standards. The amount of COP 1,330 was disbursed as capital contributions. (14) During 2021, the Bank acquired 10.02 % interest in Agricapital S.A.S.by COP 1,254 . (15) During 2021, given the continued losses of the company, the Bank management performed a valuation, to establish the fair value of Internacional Ejecutiva de Aviación S.A.S. As a result of the valuation, the fair value of the investment was lower than the book value, for this, the Bank recorded an impairment in the Statement of Income for COP 1,733 . See note 25.5 Dividends and net income on equity investments. During the same year, the Bank sold 25 % interest in the associate Internacional Ejecutiva de Aviación by COP 1,148 . (16) See Consolidated Statement of Comprehensive Income. (*) As of December 31, 2020 Investments in Associates % of Company name Main activity Country Ownership Included in Accumulated OCI (Equity OCI (TA) (4) OCI (Deferred Carrying interest earnings (1) OCI (2) method) (3) tax) (5) amount In millions of COP Investments in associates P.A Viva Malls. Development and operation of commercial spaces Colombia 49.00 % 56,116 - - - - 1,263,765 Protección S.A. Administration of pension funds and severances Colombia 20.58 % 59,959 15,529 264 - (56) 582,073 Titularizadora Colombiana S.A. Hitos* Mortgage portfolio securities Colombia 26.98 % 2,274 (1,398) 172 - (7) 36,081 Redeban Multicolor S.A.* Network data transmission services Colombia 20.36 % 816 (651) - - 1 22,256 ACH Colombia S.A.* Electronic transfer services Colombia 19.94 % 9,191 (952) - - 3 13,505 P.A La Felicidad. (6) Real estate development Colombia 20.00 % - - - - - 12,027 Servicio Salvadoreño de Protección, S. A. de C.V.* Custodial services and transfer of monetary types El Salvador 25.00 % 241 (727) - (5) (29) 9,914 P.A Boreal* (6) Real estate development Colombia 20.00 % 6 - - - - 9,722 P.A Madrid II. (6) Real estate development Colombia 20.00 % - - - - - 7,166 Servicios Financieros, S.A. de C.V.* (7) Processing of financial transactions and electronic payment methods El Salvador 49.78 % 395 9 - 36 - 5,991 Servicios de Identidad Digital S.A.S. (8) Provide digital citizens services Colombia 33.33 % (2,798) - - - - 4,905 Internacional Ejecutiva de Aviación S.A.S. (9) Aircraft and aircraft travel Colombia 33.33 % (2,827) (844) (1,194) - 12 4,338 ACH de El Salvador, S. A. de C.V.* Electronic transfer services El Salvador 25.00 % 204 6 - (56) - 1,349 Reintegra S.A.S.* (10) Collections and recovery of portfolio Colombia 46.00 % - 1,742 - - - - Net investments in associates 123,577 12,714 (758) (9) (25) (76) (9) 1,973,092 (1) Corresponds to the income recognized as equity method in the Consolidated Statement of Income for the year ended December 31, 2020. See Note 25.5 Dividends and net income on equity investments. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2020. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2020. (4) Corresponds to the other comprehensive income recognized as Translation Adjustment of Foreign Currency (TA) for the year ended December 31, 2020. (5) Corresponds to the other comprehensive income recognized as deferred tax for the year ended December 31, 2020. (6) During 2020, Banca de inversión Bancolombia S.A. and Inversiones CFNS S.A.S, the Bank's subsidiaries, acquired 20% interest in P.A. La Felicidad, P.A. Boreal and P.A. Madrid II. These investments are part of an agreement that will enable the development of housing solutions with high sustainability standards. The amount of COP 28,910 were disbursed as capital contributions. (7) In October 2020, Banco Agricola S.A, a Bank´s subsidiary, increased its capital contribution in Serfinsa S.A by USD 670 . This contribution increased the ownership interest by 1.92% . (8) During 2020, the Bank increased its capital contribution in Servicios de Identidad S.A.S by COP 5,333 . (9) During 2020, given the continued losses of the company, the Bank management performed a valuation, to establish the fair value of Internacional Ejecutiva de Aviación S.A.S. As a result of the valuation, the fair value of the investment was lower than the book value, for this, the Bank recorded an impairment in the Consolidated Statement of Income for COP 4,399 . See note 25.5 Dividends and net income on equity investments. (10) In 2020, the Bank increased its capital contribution in Reintegra S.A.S by COP 1,612 . The carrying amount at the end of the year is zero , because the amount of downstream transactions between Bancolombia S.A. and Reintegra made during 2020 and 2019, exceeds the net investment on the entity. (11) See Consolidated Statement of Comprehensive Income. (*) |
Schedule of additional information regarding the Bank's most significant associates | The following is additional information regarding the Bank’s most significant associates as of December 31, 2021 and 2020: As of December 31, 2021 Income from Assets Liabilities OCI ordinary activities Profits Dividends Company name (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Declared) In millions of COP P.A Viva Malls. 2,810,414 43,703 - 514,485 214,538 50,208 Protección S.A. 3,698,529 1,461,115 74,155 1,816,422 276,519 10,331 Titularizadora Colombiana S.A. Hitos. 131,166 8,303 20,663 27,341 3,347 2,596 As of December 31, 2020 Income from Assets Liabilities OCI ordinary activities Profits Dividends Company name (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (Declared) In millions of COP P.A Viva Malls. 2,633,341 54,228 - 328,937 42,253 42,169 Protección S.A. 3,031,933 1,031,421 63,571 1,983,426 291,391 24,697 Titularizadora Colombiana S.A. Hitos. 142,522 12,840 20,595 31,341 7,376 3,412 |
Schedule of the joint ventures | As of December 31, 2021 % of OCI Company name Main activity Country Ownership Included in Accumulated (Deferred Carrying interest earnings (1) OCI (2) tax) (3 ) amount In millions of COP Investments in joint ventures Compañía de financiamiento TUYA S.A. (4) Financing Services Colombia 50.00 % 5,342 - - 546,633 Fideicomiso Ruta del Sol - compartimento A.* (5) Investment in infrastructure projects Colombia 25.90 % 16,657 13 - 16,664 Puntos Colombia S.A.S.* Administration of the customers loyalty Colombia 50.00 % 1,894 - - 9,601 Ecosistemas Digitales de Negocio S.A.S.* (6) Digital electronic billing services Colombia 50.00 % 734 - - 3,615 VILIV S.A.S.* (7) Market place Colombia 50.00 % (2,420) - - 3,346 P.A Muverang.* (8) Sustainable mobility services Colombia 33.33 % (1,392) - - 2,544 P.A Reintegra.* (9) Collections and recovery of portfolio Colombia 46.00 % - - - - Vlipco S.A.S.* (10) Technology services provider Colombia 47.40 % (196) - - - Net investments in joint ventures 20,619 13 - 582,403 (1) Corresponds to the income recognized as equity method in the Consolidated Statement of Income for the year ended December 31, 2021. See Note 25.5 Dividends and net income on equity investments. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2021. (3) Corresponds to the other comprehensive income as deferred tax for the year ended December 31, 2021. (4) During 2021, The Bank increases its capital contribution in Compañia de Financiamiento TUYA S.A by COP 24,500 . (5) During 2021, The Bank through Inversiones CFNS S.A.S increases its capital contribution in Fideicomiso Ruta del Sol - compartimento A by COP 7 . (6) During 2021, The Bank through Inversiones CFNS S.A.S increases its capital contribution in Ecosistemas Digitales de Negocio S.A.S. for COP 1,565 . (7) During 2021, Banca de Inversión Bancolombia S.A increases its capital contribution in Viliv S.A.S. by COP 4,050 . (8) During 2021, The Bank through Inversiones CFNS S.A.S increases its capital contribution in P.A Muverang for COP 2,220 . (9) In 2021, the Bank adquire a 46 % interest in P.A Reintegra by COP 17 . The carrying amount at the end of the year is zero , because the amount of downstream transactions between Bancolombia S.A. and P.A Reintegra made during 2021. (10) In November 2021, the Bank acquired 91,791 shares of the investment in Vlipco S.A.S. by amount of COP 9,474 , in this operation the Bank increased its interest to 94.77% , a result of this transaction The Bank acquired control and changed its classification to subsidiary. See Note 9.3 Business Combinations. For the purposes of applying the equity method of accounting, financial statements as of November 30, 2021 have been used. However, the Bank does not consider that any adjustments have to be made since no significant transactions took place between that date and December 31, 2021. As of December 31, 2020 % of OCI Company name Main activity Country Ownership Included in Accumulated (Equity Carrying interest earnings (1) OCI (2) method) (3) amount In millions of COP Investments in joint ventures Compañía de financiamiento TUYA S.A. (4) Financing company Colombia 50.00 % 13,333 - (13) 516,791 Puntos Colombia S.A.S Administration of the customers loyalty Colombia 50.00 % 6,334 - - 7,707 Vlipco S.A.S. (5) Technology services provider Colombia 47.28 % (672) - - 3,977 Ecosistemas Digitales de Negocio S.A.S. (6) Collaborative digital ecosystems Colombia 50.00 % (3,226) - - 1,316 P.A Muverang (before P.A Dinamarca) .(7) Sustainable mobility services Colombia 33.33 % (818) - - 1,716 VILIV S.A.S. (8) Market place Colombia 50.00 % (906) - - 1,716 Fideicomiso Ruta del Sol - compartimento A. (9) Investment in infrastructure projects Colombia 26.50 % (3) 13 - - P.A CRECE. (8) Non-financial products and services platform Colombia 50.00 % (1,000) - - - P.A Servicios Tecnológicos Arus- Bancolombia. (10) Technology services provider Colombia - (23) - - - Net investments in joint ventures 13,019 13 (13) 533,223 (1) Corresponds to the income recognized as equity method in the Consolidated Statement of Income for the year ended December 31, 2020. See Note 25.5 Dividends and net income on equity investments. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2020. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2020. (4) During 2020, The Bank increases its capital contribution in Compañia de Financiamiento TUYA S.A. for COP 37,002 . (5) In October 2020, the Bank capitalized the company for COP 460 . (6) In April 2020, the Bank through Inversiones CFNS S.A.S, entered into an agreement with GDX Colombia S.A.S. to form the joint venture Ecosistemas Digitales de Negocio S.A.S., the initial contribution was of COP 3,514 , and then increases its capital contribution for COP 1,028 . The purpose of the entity is to provide electronic invoicing services. (7) During 2020, The Bank through Inversiones CFNS S.A.S increases its capital contribution in P.A Muverang (before P.A Dinamarca) for COP 2,034 . (8) In April 2020, Banca de Inversión Bancolombia S.A, a Bank subsidiary, increases its capital contribution in P.A CRECE for COP 1,013 . In August 2020, Banca de Inversión Bancolombia S.A. transferred its rights in P.A CRECE to a new joint venture VILIV S.A.S., the net value of the rights transferred was COP 1,022 . In September 2020, Banca de Inversión Bancolombia S.A. increases its capital contribution in VILIV S.A.S. for COP 1,600 . (9) During 2020, The Bank through Inversiones CFNS S.A.S increases its capital contribution in Fideicomiso Ruta del Sol - compartimento A for COP 3 . (10) In July 2020, the Joint venture P.A Servicios Tecnológicos Arus- Bancolombia was liquidated. |
Schedule of additional information regarding the bank's most significant joint ventures | As of December 31, 2021 Income from Assets Liabilities ordinary activities Profits Dividends Company name (unaudited) (unaudited) (unaudited) (unaudited) (Declared) In millons of COP Compañía de financiamiento TUYA S.A. 3,965,397 (1) 3,392,041 1,675,439 10,681 (2) - (1) Includes cash and cash equivalents by COP 353,348 . (2) Includes interest and valuation income by COP 630,936 , interest expenses by COP 82,537 , depreciation and amortization by COP 21,113 and income tax by COP 13,828. As of December 31, 2020 Income from Assets Liabilities ordinary activities (Loss) Dividends Company name (unaudited) (unaudited) (unaudited) (unaudited) (Declared) In millons of COP Compañía de financiamiento TUYA S.A. 3,235,475 (1) 2,721,800 1,524,072 26,665 (2) - (1) Includes cash and cash equivalents by COP 339,044 . (2) Includes intereset and valuation income by COP 605,979 , interest expenses by COP 142,770 , depreciation and amortization by COP 18,692 and income tax by COP 2,381 . |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
GOODWILL AND INTANGIBLE ASSETS, NET | |
Schedule of intangible assets and goodwill, net | December 31, 2021 December 31, 2020 In millions of COP Intangible assets 485,626 495,606 Goodwill (1) 8,143,146 7,011,715 Total 8,628,772 7,507,321 (1) Includes the goodwill recognized for the acquisition of Vlipco S.A.S. See Note 9.3 Business combination. |
Schedule of intangible assets | As of December 31, 2021 Licenses, software Cost Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2021 20,293 823,318 395,726 1,239,337 Acquisitions - 144,514 - 144,514 Acquisitions through business combination (1) - 13,196 - 13,196 Write off - (49,805) - (49,805) Foreign currency translation adjustment 3,244 66,386 63,254 132,884 Balance at December 31, 2021 23,537 997,609 458,980 1,480,126 (1) See Note 9.3 Business combination. Licenses, software Amortization Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2021 14,495 398,521 330,715 743,731 Write off - (49,805) - (49,805) Amortization expense (1) 3,165 131,288 63,716 198,169 Foreign currency translation adjustment 2,514 43,051 56,840 102,405 Balance at December 31, 2021 20,174 523,055 451,271 994,500 Intangible assets at December 31, 2021, net 3,363 474,554 7,709 485,626 (1) See Note 26.3 Impairment, depreciation and amortization. As of December 31, 2020 Licenses, software Cost Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2020 19,375 768,923 377,815 1,166,113 Acquisitions - 106,404 - 106,404 Write off - (68,484) - (68,484) Foreign currency translation adjustment 918 16,475 17,911 35,304 Balance at December 31, 2020 20,293 823,318 395,726 1,239,337 Licenses, software Amortization Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2020 11,071 342,229 273,855 627,155 Write off - (68,484) - (68,484) Amortization expense (1) 3,118 113,452 47,184 163,754 Foreign currency translation adjustment 306 11,324 9,676 21,306 Balance at December 31, 2020 14,495 398,521 330,715 743,731 Intangible assets at December 31, 2020, net 5,798 424,797 65,011 495,606 (1) Licenses, software and computer applications includes cancellations of Core Factoring and Sede 30 projects amounted to COP 6,879 and COP 2,716 , respectively. See Note 26.3 Impairment, depreciation and amortization. |
Schedule of reconciliation of changes in goodwill | The following table sets forth an analysis of the activity in the goodwill account: December 31, 2021 December 31, 2020 In millions of COP Balance at beginning of the year, net 7,011,715 6,694,354 Acquisitions (1) 10,660 - Effect of change in foreign exchange rate (2) 1,120,771 317,361 Balance at end of the year, net 8,143,146 7,011,715 (1) Corresponds to the goodwill recognized for the acquisition of Vlipco S.A.S. See Note 9.3 Business combination (2) The conversion rate from US dollars to Colombian pesos at the end of December 31, 2021 is COP 3,981.16 (in pesos) and 2020 is COP 3,432.50 (in pesos). See Note 2.D.3. Foreign subsidiaries |
Summary of key assumptions used by management in determining the recoverable amount | The key assumptions used by management in determining the recoverable amount are: Discount Rate Growth rate Operating segment Goodwill 2021 Valuation Methodology Key Assumptions (real) (real) In millions of COP Banking Panama 6,080,314 Discounted Cash flow 5 years plan 8.80% and 8.70 % 5.40 % Banking El Salvador 1,122,986 Discounted Cash flow 5 years plan 14.90 % 4.10 % Banking Guatemala 929,186 Discounted Cash flow 5 years plan 10.10 % 5.10 % Others Segments (1) 10,660 Does not apply Does not apply Does not apply Does not apply (1) Corresponds to the goodwill recognized for the acquisition of Vlipco S.A.S. See Note 9.3 Business combination. |
Schedule of estimated recoverable amount of each operating segment obtained as a result of sensitivity analysis | As of December 31, 2021 Banking Panama Discount rate 9.30% 8.80% 8.30% Growth rate 9.20% 8.70% 8.20% 5.40% 10,929,065 12,664,169 15,019,623 Growth rate Discount rate 4.90% 5.40% 5.90% 8.80% and 8.70% 11,550,846 12,664,169 14,175,111 Banking El Salvador Discount rate Growth rate 15.90% 14.90% 13.90% 4.10% 4,611,843 5,041,507 5,559,874 Growth rate Discount rate 3.60% 4.10% 4.60% 14.90% 4,948,901 5,041,507 5,143,103 Banking Guatemala Discount rate Growth rate 10.60% 10.10% 9.60% 5.10% 5,514,165 6,156,028 6,942,610 Growth rate Discount rate 4.60% 5.10% 5.60% 10.10% 5,807,354 6,156,028 6,582,183 As of December 31, 2020 Banking Panama Discount rate Growth rate 9.10% 8.60% 8.10% 5.80% 10,825,415 12,875,675 15,818,601 Growth rate Discount rate 5.30% 5.80% 6.30% 8.60% 11,445,342 12,875,675 14,927,894 Banking El Salvador Discount rate Growth rate 15.00% 14.50% 14.00% 3.70% 2,767,605 2,910,600 3,067,742 Growth rate Discount rate 3.20% 3.70% 4.20% 14.50% 2,860,861 2,910,600 2,965,172 Banking Guatemala Discount rate Growth rate 11.30% 10.80% 10.30% 5.10% 3,183,867 3,511,578 3,903,315 Growth rate Discount rate 4.60% 5.10% 5.60% 10.80% 3,347,817 3,511,578 3,706,836 |
VLIPCO S.A.S. | |
GOODWILL AND INTANGIBLE ASSETS, NET | |
Schedule of the estimated fair value of assets acquired and liabilities assumed | In millions of COP Vlipco Purchase Price Allocation Pruchase price on November 30, 2021 9,474 Fair value of previously held invesment 9,479 Non-controlling interest at fair value 1,047 TOTAL 20,000 Book value of net assets acquired ASSETS Cash and cash equivalents 296 Accounts receivable 241 Taxes receivable 433 Premises and equipment, net 22 Other assets 32 Total Assets 1,024 LIABILITIES Short-term borrowings 37 Accounts payable 45 Taxes liabilities 78 Employee benefit plans 106 Total Liabilities 266 Net Assets at book value 758 Vlipco intangibles assets recognized at the acquisition date: Software (1) 13,196 Deferred tax (4,614) Fair value of net assets acquired 9,340 Goodwill 10,660 (1) The fair value of the intangible assets includes a software development that supports the operation of the Wompi payment gateway, with a fair value of COP 13,196 . |
Summary of previously held interest in business combination | Date and nature of investment Share in equity Investment recorded as an joint venture (1) 47.40 % November 2021 – acquisition of 47.37% , control obtained 47.37 % Total at December 31, 2021 94.77 % (1) Investment made since July 2019, the participation percentage was 48.91% at initial recognition. |
PREMISES AND EQUIPMENT, NET (Ta
PREMISES AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
PREMISES AND EQUIPMENT, NET | |
Schedule of premises and equipment for own use | As of December 31, 2021 Premises and equipment for own use Roll - forward Balance at Effect of Balance at Premises and equipment for own use January 1, Expenses Assets changes in December 31, 2021 Additions depreciation (1) Disposals classified foreign 2021 as held for exchange sale rate In millions of COP Land Cost 498,981 39,661 - (15,206) - 28,048 551,484 Construction in progress Cost 63,192 35,205 - (65,769) - 4,412 37,040 Buildings Cost 1,652,899 127,695 - (70,783) - 85,429 1,795,240 Accumulated depreciation (390,798) - (33,158) 7,633 - (42,461) (458,784) Furniture and fixtures Cost 666,748 44,767 - (83,214) - 34,084 662,385 Accumulated depreciation (389,892) - (53,785) 80,105 - (24,433) (388,005) Computer equipment Cost 895,602 83,503 - (145,334) - 47,285 881,056 Accumulated depreciation (539,795) - (110,969) 140,254 - (35,444) (545,954) Vehicles Cost 27,203 19,488 - (6,985) (116) 2,776 42,366 Accumulated depreciation (14,477) - (3,771) 1,103 15 (1,103) (18,233) Leasehold improvements Cost 41,667 21,057 - (57,649) - 232 5,307 Accumulated depreciation (1,168) - (273) 1,014 - (83) (510) Total premises and equipment for own use - cost 3,846,292 371,376 - (444,940) (116) 202,266 3,974,878 Total premises and equipment - accumulated depreciation (1,336,130) - (201,956) 230,109 15 (103,524) (1,411,486) Total premises and equipment for own use, net 2,510,162 371,376 (201,956) (214,831) (101) 98,742 2,563,392 (1) See Note 26.3. Impairment, depreciation and amortization. As of December 31, 2020 Premises and equipment for own use Roll - forward Balance at Effect of Balance at Premises and equipment for own use January 1, Expenses Assets changes in December 31, 2020 Additions depreciation (1) Disposals classified foreign 2020 as held for exchange sale rate In millions of COP Land Cost 486,915 17,410 - (12,988) - 7,644 498,981 Construction in progress Cost 30,898 38,395 - (7,330) - 1,229 63,192 Buildings Cost 1,606,420 68,785 - (42,705) (2,876) 23,275 1,652,899 Accumulated depreciation (360,921) - (29,982) 10,628 - (10,523) (390,798) Furniture and fixtures Cost 647,278 45,269 - (38,181) - 12,382 666,748 Accumulated depreciation (372,471) - (43,466) 34,473 - (8,428) (389,892) Computer equipment Cost 896,146 123,795 - (144,387) - 20,048 895,602 Accumulated depreciation (558,561) - (104,164) 139,204 - (16,274) (539,795) Vehicles Cost 22,384 8,644 - (3,321) (510) 6 27,203 Accumulated depreciation (11,376) (1,052) (3,966) 1,846 89 (18) (14,477) Leasehold improvements Cost 9,502 52,453 - (20,320) - 32 41,667 Accumulated depreciation (1,031) - (125) 11 - (23) (1,168) Total premises and equipment for own use - cost 3,699,543 354,751 - (269,232) (3,386) 64,616 3,846,292 Total premises and equipment - accumulated depreciation (1,304,360) (1,052) (181,703) 186,162 89 (35,266) (1,336,130) Total premises and equipment for own use, net 2,395,183 353,699 (181,703) (83,070) (3,297) 29,350 2,510,162 (1) See Note 26.3. Impairment, depreciation and amortization. |
Schedule of premises and equipment in operating leases | Premises and equipment in operating leases Roll - forward Balance at Effect of Balance at Premises and equipment in operating leases January 1, Expenses Assets changes in December 31, 2021 Additions depreciation (1) Disposals classified foreign 2021 as held for exchange sale rate In millions of COP Furniture and fixtures Cost - 2,091 - - - - 2,091 Accumulated depreciation - - (106) - - - (106) Computer equipment Cost 74,120 54,293 - (1,996) (5,346) - 121,071 Accumulated depreciation (30,412) - (23,106) 1,659 4,975 - (46,884) Vehicles Cost 2,299,514 1,254,452 - (39,746) (400,709) - 3,113,511 Accumulated depreciation (551,080) - (241,011) (1,732) 141,400 - (652,423) Total premises and equipment in operating leases - cost 2,373,634 1,310,836 - (41,742) (406,055) - 3,236,673 Total premises and equipment - accumulated depreciation (581,492) - (264,223) (73) 146,375 - (699,413) Total premises and equipment in operating leases, net 1,792,142 1,310,836 (264,223) (41,815) (259,680) - 2,537,260 (1) See Note 26.3. Impairment, depreciation and amortization. Premises and equipment in operating leases Roll - forward Balance at Effect of Balance at Premises and equipment in operating leases January 1, Expenses Assets changes in December 31, 2020 Additions depreciation (1) Disposals classified foreign 2020 as held for exchange sale rate In millions of COP Furniture and fixtures Cost 103 - - (103) - - - Accumulated depreciation (85) - (5) 90 - - - Computer equipment Cost 55,989 28,059 - (3,410) (6,518) - 74,120 Accumulated depreciation (25,542) - (13,911) 3,127 5,914 - (30,412) Vehicles Cost 1,914,752 798,388 - (13,903) (399,723) (2) - 2,299,514 Accumulated depreciation (512,535) (13,179) (165,084) 4,023 135,695 (2) - (551,080) Total premises and equipment in operating leases - cost 1,970,844 826,447 - (17,416) (406,241) - 2,373,634 Total premises and equipment - accumulated depreciation (538,162) (13,179) (179,000) 7,240 141,609 - (581,492) Total premises and equipment in operating leases, net 1,432,682 813,268 (179,000) (10,176) (264,632) - 1,792,142 (1) See Note 26.3. Impairment, depreciation and amortization. (2) Corresponds to transfers of vehicles to Assets Held for Sale, in the subsidiary Renting Colombia, due to the decrease in demand for vehicle rentals during 2020. |
Schedule of premises and equipment total | Premises and equipment total Roll - forward Balance at Effect of Balance at Premises and equipment total January 1, Expenses Assets changes in December 31, 2021 Additions depreciation (1) Disposals classified foreign 2021 as held for exchange sale rate In millions of COP Total premises and equipment - cost 6,219,926 1,682,212 - (486,682) (406,171) 202,266 7,211,551 Total premises and equipment - accumulated depreciation (1,917,622) - (466,179) 230,036 146,390 (103,524) (2,110,899) Total premises and equipment, net 4,302,304 1,682,212 (466,179) (256,646) (259,781) 98,742 5,100,652 (1) See Note 26.3. Impairment, depreciation and amortization. Premises and equipment total Roll - forward Balance at Effect of Balance at Premises and equipment total January 1, Expenses Assets changes in December 31, 2020 Additions depreciation (1) Disposals classified foreign 2020 as held for exchange sale rate In millions of COP Total premises and equipment - cost 5,670,387 1,181,198 - (286,648) (409,627) 64,616 6,219,926 Total premises and equipment - accumulated depreciation (1,842,522) (14,231) (360,703) 193,402 141,698 (35,266) (1,917,622) Total premises and equipment, net 3,827,865 1,166,967 (360,703) (93,246) (267,929) 29,350 4,302,304 (1) See Note 26.3. Impairment, depreciation and amortization. |
INVESTMENT PROPERTIES (Tables)
INVESTMENT PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INVESTMENT PROPERTIES | |
Schedule of changes in investment property | December 31, 2021 December 31, 2020 In millions of COP Balance at the beginning of the year 2,839,350 1,992,964 Acquisitions 14,709 163,344 Subsequent expenditure recognised as an asset 422,755 105,085 Sales/Write-offs (259,743) (111,092) Amount reclassified from equity securities (1) - 686,114 Amount reclassified from inventories (2) 47,387 6,436 Gains on valuation (3) 67,762 (3,501) Balance at the end of the period (4) 3,132,220 2,839,350 (1) From the year 2020, the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being met in accordance with IFRS 10. These equity securities are considered as a business, because of their capacity to generate income. (2) Returned properties from financial leasing operations were reclassified from inventories to investment property, because they are held for obtaining profits and capital appreciation. (3) See Note 25.4 Other operating income, net. (4) Between December 31, 2021 and 2020, there were no transfers in and out of Level 3 fair value hierarchy related with investment properties. See Note 30 Fair value of assets and liabilities. |
Schedule of valuation obtained for investment property | As of December 31, 2021 Balance at the Net increase (decrease) Amount Amount Adjusted fair Type of asset beginning of the Appraisals in investment reclassified reclassified value at the end year properties from inventories from inventories of the year In millions of COP Buildings 2,583,155 72,533 246,645 (1) - 47,387 2,949,720 Lands 256,195 (4,771) (68,924) (2) - - 182,500 Total 2,839,350 67,762 177,721 - 47,387 3,132,220 (1) Corresponds mainly to additions for subsequent expenditure recognised as an asset amounting to COP 422,155 , and the sales amounting to COP 169,866 by Fondo de Capital Privado Fondo Inmobiliario Colombia. (2) Corresponds to the disposal of eight lands by Valores Simesa S.A. As of December 31, 2020 Balance at the Net increase (decrease) Amount Amount Adjusted fair Type of asset beginning of the Appraisals in investment reclassified reclassified value at the end year properties from inventories (1) from inventories of the year In millions of COP Buildings 1,724,719 7,756 158,130 (2) 686,114 6,436 2,583,155 Lands 268,245 (11,257) (793) - - 256,195 Total 1,992,964 (3,501) 157,337 686,114 6,436 2,839,350 (1) From the year 2020, the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being met in accordance with IFRS 10. These equity securities are considered as a business, because of their capacity to generate income. (2) Corresponds mainly to acquisition of buildings amounting to COP 61,719 by Bancolombia S.A. and amounting to COP 74,227 by Fondo de Capital Privado Fondo Inmobiliario Colombia. |
Schedule of main income recorded by the Bank related to its investment properties | The table sets forth the main income recorded by the Bank related to its investment properties: December 31, 2021 December 31, 2020 December 31, 2019 In millions of COP Income from rentals 139,021 125,494 85,507 Operating expenses due to: Investment properties that generated income through rentals 15,331 16,012 15,669 Investment properties that did not generate income through rentals 10,050 6,004 2,183 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INCOME TAX | |
Schedule of tax components recognized in the income statement | December 31, December 31, December 31, 2021 2020 2019 In millions of Colombian pesos Current tax (1) Fiscal term (1,321,400) (673,603) (1,040,558) Prior fiscal terms 71,932 4,723 (7,908) Total current tax (1,249,468) (668,880) (1,048,466) Deferred tax Fiscal term (2) (530,926) 684,413 (210,898) Adjustments for consolidation purposes 4,169 (8,947) (3,600) Total deferred tax (526,757) 675,466 (214,498) Total income tax (3) (1,776,225) 6,586 (1,262,964) (1) The nominal income tax rate used in Colombia for the year 2021 is 31% and for the year 2020 it was 32% . The Colombian financial institutions of the Group liquidated some additional points in the income tax of 3% for the year 2021 and 4% for the year 2020. (2) The variation is mainly generated by the update of the deferred tax rate introduced by Law 2155 of 2021 from 33% to 38% in Colombia, for financial institutions. (3) See table 12.3 Reconciliation of the effective tax rate. |
Schedule of reconciliation of the effective tax rate | The reconciliation between total income tax expenses calculated at the current nominal tax rate and the tax expense recognized in the income statement for the periods ended December 31, 2021, 2020 and 2019 is detailed below: December 31, December 31, December 31, Reconciliation of the tax rate 2021 2020 2019 In millions of Colombian pesos Accounting profit 5,984,012 308,773 4,477,531 Applicable tax with nominal rate (2,034,564) (111,158) (1,477,585) Non-deductible expenses to determine taxable profit (loss) (260,546) (709,601) (281,633) Accounting and non-tax expense (income) to determine taxable profit (loss) 767,857 580,970 822,683 Differences in accounting bases (1) (32,714) (400,042) (304,871) Fiscal and non-accounting expense (income) to determine taxable profit (loss) (285,191) (270,326) (434,929) Ordinary activities income exempt from taxation 412,495 290,822 258,622 Ordinary activities income not constituting income or occasional tax gain 98,870 153,638 173,791 Tax deductions 226,064 112,746 151,011 Goodwill Depreciation 200,617 212,378 194,679 Tax depreciation surplus 140,384 156,998 100,286 Untaxed recoveries (84,692) (35,788) (22,800) Tax rate effect in other countries (2) (384,669) (139,106) (27,038) Prior fiscal terms 71,932 4,723 (7,908) Other effects of the tax rate by reconciliation between accounting profit and tax expense (income) (3) (612,068) 160,332 (407,272) Total income tax (1,776,225) 6,586 (1,262,964) (1) Difference between the technical accounting frameworks in force in Colombia and the full International Financial Reporting Standards (IFRS) (2) The variation originates from the adjustments for the different rates in the jurisdictions where Grupo Bancolombia is present. (3) The variation is mainly generated by the update of the deferred tax rate introduced by Law 2155 of 2021 from 33% to 38% in Colombia, for financial institutions. |
Schedule of components recognized in Other Comprehensive Income | See Consolidated Statement of Comprehensive Income December 31, 2021 In millions of Colombian pesos Amounts before taxes Deferred tax Net taxes Remeasurement income related to defined benefit liability 7,444 (1,791) 5,653 Unrealized gain Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) (1) 3,994 48,153 52,147 Gains due to asset revaluation - (142) (142) Unrealized loss Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) (61,052) 9,527 (51,525) Loss on net investment hedge in foreign operations (1,207,052) 493,346 (713,706) Exchange differences arising on translating the foreign operations. 2,513,742 - 2,513,742 Unrealized gains on investments in associates and joint ventures using equity method 2,913 (982) 1,931 Net 1,259,989 548,111 1,808,100 (1) Includes income tax to partial payments of asset-backed securities transferred to retained earnings and reclassification of income tax on investments in associates that were transferred from retained earnings to OCI. See Consolidated Statement of Comprehensive Income December 31, 2020 In millions of Colombian pesos Amounts before taxes Deferred tax Net taxes Remeasurement income related to defined benefit liability 8,556 (4,940) 3,616 Unrealized loss Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) (1) (132,593) 37,736 (94,857) Gains due to asset revaluation 3,561 (1,211) 2,350 Unrealized gain Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) 53,311 (5,612) 47,699 Loss on net investment hedge in foreign operations (341,792) 39,443 (302,349) Exchange differences arising on translating the foreign operations. 339,475 - 339,475 Unrealized gains on investments in associates and joint ventures using equity method 5,020 (89) 4,931 Net (64,462) 65,327 865 (1) The tax related to financial instruments is segregated between equity instruments and debt instruments, in order to improve the presentation. See Consolidated Statement of Comprehensive Income December 31, 2019 In millions of Colombian pesos Amounts before taxes Deferred tax Net taxes Remeasurement expense related to defined benefit liability (38,451) 14,835 (23,616) Unrealized gain Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) (1) 56,496 (12,607) 43,889 Unrealized gain Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) 27,675 - 27,675 Loss on net investment hedge in foreign operations (60,258) 20,213 (40,045) Exchange differences arising on translating the foreign operations. 104,955 - 104,955 Unrealized gains on investments in associates and joint ventures using equity method 8,151 (32) 8,119 Net 98,568 22,409 120,977 (1) The tax related to financial instruments is segregated between equity instruments and debt instruments, in order to improve the presentation. |
Schedule of deferred tax assets and liabilities | Effect on Adjustments for December 31, Income Effect on Effect on Foreign consolidation December 31, 2020 Statement OCI Equity Exchange purposes 2021 In millions of Colombian pesos Asset Deferred Tax: Property and equipment 4,041 (1,413) - - 530 - 3,158 Employee Benefits 231,470 49,867 (1,798) - 3,744 - 283,283 Deterioration assessment 860,229 (338,036) - - 91,976 437 614,606 Financial instruments evaluation 4,939 373 71 - - - 5,383 Tax credits settlement 73,051 (43,387) - - - - 29,664 Financial Obligations 45,601 194,501 - - - - 240,102 Net investment coverage in operations abroad 346,956 167,456 493,346 - 2,186 - 1,009,944 Other deductions 111,930 (20,769) - - 621 - 91,782 implementation adjustment 400,123 (13,528) - - 23,409 - 410,004 Total Asset Deferred Tax 2,078,340 (4,936) 491,619 - 122,466 437 2,687,926 Liability Deferred Tax: Property and equipment (288,662) (25,687) (142) - (3,099) - (317,590) Employee Benefits (7) - 7 - - - - Deterioration assessment (14,875) 2,032 - - (4,082) 2,274 (14,651) Financial instruments evaluation (231,491) 148,753 57,609 (15,395) (238) 1,458 (39,304) Derivatives evaluation (113,968) (40,495) - - - - (154,463) Lease restatement (237,852) (13,010) - - - - (250,862) Investments in associates. Adjustment for equity method (784) (176,089) (982) 5,119 - - (172,736) Goodwill (1,184,058) (383,107) - - (2,830) - (1,569,995) Properties received in payment (138,210) (24,448) - - (2,896) - (165,554) Other deductions (240,827) (13,942) - (4,614) (3,858) - (263,241) implementation adjustment (8,405) 3 - - (1,339) - (9,741) Total Liability Deferred Tax (2,459,139) (525,990) 56,492 (14,890) (18,342) 3,732 (2,958,137) Net Deferred Tax (380,799) (530,926) 548,111 (14,890) 104,124 4,169 (270,211) |
Schedule of temporary differences in subsidiaries, branches, associates over which deferred tax was not recognized | In accordance with IAS 12, no deferred tax credit was recorded, because management can control the future moment in which such differences are reversed and this is not expected to occur in the foreseeable future. December 31, 2021 December 31, 2020 In millions of Colombian pesos Temporary differences Local Subsidiaries (1,800,928) (1,219,380) Foreign Subsidiaries (17,966,532) (4,547,635) |
Schedule of fiscal losses and presumptive income excesses over net income | The following is the detail of the fiscal losses and presumptive income excesses over net income in the Group's entities, which have not been used, as of December 31, 2021. Deferred tax Company Base recognized asset In millions of Colombian pesos Renting Colombia 89,501 29,536 Pasarela Colombia 366 128 Total 89,867 29,664 |
Schedule of uncertain positions | For Colombia, the Group recognizes uncertain tax positions according to the criteria established in the interpretation of IFRIC 23. Additionally, these positions were updated in the course of 2021. The movement of the provision as of December 2021 is presented below and 2020: Balance December Balance December 2020 Update Payments Reversal 2021 113,522 8,760 - (122,282) - The value of the uncertain tax position was recovered, taking into account that the tax returns on which it was constituted became final in the course of 2021. Balance December Balance December 2019 Update Payments Reversal 2020 102,552 10,970 - - 113,522 |
ASSETS HELD FOR SALE AND INVE_2
ASSETS HELD FOR SALE AND INVENTORIES, NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
ASSETS HELD FOR SALE AND INVENTORIES, NET | |
Schedule of assets held for sale and inventories, net | The breakdown of inventories and assets held for sale, net of the Bank is as follows: Assets held for sale and inventories December 31, 2021 December 31, 2020 In millions of COP Inventories, net 413,097 426,642 Assets held for sale 133,697 82,503 Total assets held for sale and inventories, net 546,794 509,145 |
Schedule of inventories, net | Inventories December 31, 2021 December 31, 2020 In millions of COP Lands and buildings 335,936 380,009 Vehicles 80,064 59,035 Machinery 31,422 30,473 Total inventory cost 447,422 469,517 Impairment (34,325) (42,875) Total inventories, net 413,097 426,642 |
Schedule of assets held for sale by operating segment | As of December 31, 2021 Banking Banking Banking Banking Assets held for sale Colombia Panama El Salvador Guatemala Total In millions of COP Machinery and equipment 2,277 2,063 - - 4,340 Cost 2,305 2,153 - - 4,458 Impairment (28) (90) - - (118) Real estate for residential purposes 9,119 (1) 83,321 (2) 7,419 1,355 101,214 Cost 9,147 85,315 7,642 1,699 103,803 Impairment (28) (1,994) (223) (344) (2,589) Real estate different from residential properties 13,817 (3) 14,326 - - 28,143 Cost 13,817 14,383 - - 28,200 Impairment - (57) - - (57) Total assets held for sale - cost 25,269 101,851 7,642 1,699 136,461 Total assets held for sale - impairment (56) (2,141) (223) (344) (2,764) Total assets held for sale (4) 25,213 99,710 7,419 1,355 133,697 (1) The decrease corresponds to reclassifications to the Marketable and non-marketable for sale assets category. See Note 14 Other assets, net. (2) The increase corresponds to 62 Real estate for residential purposes received during 2021. (3) The increase corresponds to the income from 22 assets, mainly a warehouse received for COP 9,123 . (4) For 2021 there are no assets related to investments held for sale. As of December 31, 2020 Banking Banking Banking Banking Assets held for sale Colombia Panama El Salvador Guatemala Total In millions of COP Machinery and equipment 1,978 1,299 - - 3,277 Cost 2,070 1,384 - - 3,454 Impairment (92) (85) - - (177) Real estate for residential purposes 26,138 35,732 4,918 3,464 70,252 Cost 26,348 37,156 5,120 3,464 72,088 Impairment (210) (1,424) (202) - (1,836) Real estate different from residential properties - 8,974 - - 8,974 Cost - 9,055 - - 9,055 Impairment - (81) - - (81) Total assets held for sale - cost 28,418 47,595 5,120 3,464 84,597 Total assets held for sale - impairment (302) (1,590) (202) - (2,094) Total assets held for sale (1) 28,116 46,005 4,918 3,464 82,503 (1) For 2020 there are no assets related to investments held for sale. |
OTHER ASSETS, NET (Tables)
OTHER ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OTHER ASSETS, NET | |
Schedule of detailed information about other assets | Other Assets, net December 31, 2021 December 31, 2020 In millions of COP Tax advance (1) 1,643,171 1,205,870 Marketable and non-marketable for sale assets 850,688 856,527 Other receivables (2) 777,830 891,811 Assets pledged as collateral 472,443 295,260 Prepaid expenses 454,595 376,608 Receivables related to abandoned accounts (3) 386,451 276,087 Receivable Sales of goods and service 198,453 93,417 Accounts receivable from contracts with customers (4) 182,672 177,991 Taxes receivable 141,624 49,069 Operating leases 109,122 80,056 Balance in credit card clearing house 90,627 163,813 Commission for letters of credit 74,320 24,702 Debtors 19,483 15,723 Others 350,970 213,828 Total other assets 5,752,449 4,720,762 Allowance others (791) (1,560) Total other assets, net 5,751,658 4,719,202 (1) The balance in favor of taxes for the year 2020, requested during the year 2021, is in process with the DIAN. (2) The other receivables are mainly comprised by factoring importations, bank acceptances, reconciling entries from correspondent banks, tax receivables from DIAN, derivative receivables,debt securities and spot transactions, TIP interests, FRECH interest subsidized by the government, among others. (3) The item corresponds to receivables related to the application of the Colombian Law 1777 of February 1, 2016, which establishes that entities holding accounts deemed abandoned must transfer the related amounts to a fund constituted and regulated by the Icetex (Governmental entity responsible for promoting high quality education in Colombia). (4) See Note 25.3 Fees and commissions. |
DEPOSITS BY CUSTOMERS (Tables)
DEPOSITS BY CUSTOMERS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
DEPOSITS BY CUSTOMERS. | |
Schedule of detail of deposits | Deposits December 31, 2021 December 31, 2020 In millions of COP Saving accounts 106,398,922 86,147,655 Time deposits 59,492,839 61,083,519 Checking accounts 40,567,168 31,894,229 Other deposits 3,931,919 1,695,390 Total 210,390,848 (1) 180,820,793 (1) As of December 31, 2021 includes Nequi Deposits by COP 1,408,869 . |
Schedule of time deposits issued by bank | The following table details the time deposits issued by the Bank: Time deposits Effective interest rate December 31, 2021 Modality Minimum Maximum Carrying Value Fair value (1) In millions of COP Less than 6 months 0.10 % 6.00 % 14,224,144 14,199,074 Between 6 months and 12 months 0.01 % 6.50 % 6,048,004 6,032,234 Between 12 months and 18 months 0.00 % 7.25 % 5,800,772 5,823,728 Greater than 18 months 0.00 % 9.79 % 33,419,919 34,666,641 Total 59,492,839 60,721,677 (1) See Note 30. Fair value of assets and liabilities. Time deposits Effective interest rate December 31, 2020 Modality Minimum Maximum Carrying Value Fair value (1) In millions of COP Less than 6 months 0.10 % 7.00 % 10,324,370 10,313,384 Between 6 months and 12 months 0.20 % 7.25 % 7,061,159 7,061,834 Between 12 months and 18 months 0.25 % 6.50 % 7,798,737 7,895,539 Greater than 18 months 0.01 % 9.45 % 35,899,253 37,014,083 Total 61,083,519 62,284,840 (1) See Note 30. Fair value of assets and liabilities. |
Schedule of time deposits issued by the bank by maturity | December 31, 2021 Period Carrying value Fair value (1) In millions of COP Less than 1 year 42,595,157 43,621,375 Between 1 and 3 years 11,584,328 11,729,237 Between 3 and 5 years 2,719,748 2,795,178 Greater than 5 years 2,593,606 2,575,887 Total 59,492,839 60,721,677 (1) See Note 30. Fair value of assets and liabilities. December 31, 2020 Period Carrying value Fair value (1) In millions of COP Less than 1 year 43,134,613 43,489,653 Between 1 and 3 years 11,592,876 11,971,664 Between 3 and 5 years 5,194,234 5,538,916 Greater than 5 years 1,161,796 1,284,607 Total 61,083,519 62,284,840 (1) See Note 30 Fair value of assets and liabilities. |
INTERBANK DEPOSITS AND REPURC_2
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING | |
Schedule of money market operations recognized as liabilities | The following table sets forth information regarding the money market operations recognized as liabilities in the statement of financial position: Interbank and repurchase agreements and other similar secured borrowing December 31, 2021 December 31, 2020 In millions of COP Interbank Deposits Interbank liabilities 886,405 762,574 Total interbank 886,405 762,574 Repurchase agreements and other similar secured borrowing Short selling operations 276,242 128,257 Temporary transfer of securities 487,083 2,087,906 Total Repurchase agreements and other similar secured borrowing (1) 763,325 2,216,163 Total money market transactions 1,649,730 2,978,737 (1) Total repo liabilities have maturities of less than 30 days . |
Schedule of repurchases and resale transactions | As of December 31, 2021 Net balance Assets / Amounts offset in presented in the Financial Assets / liabilities gross the statement of statement of financial instruments as liabilities financial position position collaterals net In millions of COP Securities purchased under resale agreements (1) 817,960 - 817,960 (817,960) - Securities sold under repurchase agreements (763,325) - (763,325) 763,325 - Total repurchase and resale agreements 54,635 - 54,635 (54,635) - (1) The amount includes those presented as cash and cash equivalents and those presented as other assets. As of December 31, 2020 Net balance Assets / Amounts offset in presented in the Financial Assets / liabilities gross the statement of statement of financial instruments as liabilities financial position position collaterals net In millions of COP Securities purchased under resale agreements 322,160 - 322,160 (322,160) - Securities sold under repurchase agreements (2,216,163) - (2,216,163) 2,216,163 - Total repurchase and resale agreements (1,894,003) - (1,894,003) 1,894,003 - |
BORROWINGS FROM OTHER FINANCI_2
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |
Schedule of borrowings from other financial institutions measured at amortized cost | As of December 31, 2021 and 2020, the composition of the borrowings from other financial institutions measured at amortized cost is the following: Borrowings from other financial institutions December 31, 2021 December 31, 2020 In millions of COP Obligations granted by domestic banks 4,816,609 6,001,619 Obligations granted by foreign banks 3,734,949 5,200,507 Total 8,551,558 11,202,126 |
Schedule of Obligations granted by domestic banks | As of December 31, 2021 Rate Rate Financial entity Maximum (1) Minimum (1) December 31, 2021 In millions of COP Financiera de desarrollo territorial (Findeter) 10.79 % 0.11 % 2,259,714 Banco de comercio exterior de Colombia (Bancoldex) 8.66 % 0.77 % 876,498 Fondo para el financiamiento del sector agropecuario (Finagro) 6.00 % 0.03 % 836,185 Other private financial entities 8.62 % 4.24 % 844,212 Total 4,816,609 (1) The increase in the intervention rate issued by Banco de la República during the year 2021, which went from 1.75% to 3.00% , has an impact on the rates of operations in financial obligations. As of December 31, 2020 Rate Rate Financial entity Maximum (1) Minimum (1) December 31, 2020 In millions of COP Financiera de desarrollo territorial (Findeter) 7.32 % 0.02 % 2,561,051 Banco de comercio exterior de Colombia (Bancoldex) 7.85 % 0.44 % 1,460,412 Fondo para el financiamiento del sector agropecuario (Finagro) 6.44 % 0.10 % 1,050,552 Other private financial entities 6.83 % 3.35 % 929,604 Total 6,001,619 (1) The decrease in the intervention rate issued by Banco de la República during the year 2020, which went from 4.25% to 1.75% , has an impact on the rates of operations in financial obligations. |
Schedule of maturities of financial obligations with domestic banks | The maturities of financial obligations with domestic banks as of December 31, 2021 and 2020, are as follows: Domestic December 31, 2021 December 31, 2020 In millions of COP Amount expected to be settled: More than twelve months after the reporting period 4,595,510 5,387,563 No more than twelve months after the reporting period 221,099 614,056 Total 4,816,609 6,001,619 |
Schedule of Obligations granted by foreign banks | Obligations granted by foreign banks As of December 31, 2021 Financial entity Rate Maximum Rate Minimum December 31, 2021 In millions of COP Financing with Correspondent Banks and Multilateral Entities 4.46 % 0.53 % 3,169,060 Banco Interamericano de Desarrollo (BID) 4.05 % 1.81 % 525,475 Banco Latinoamericano de Comercio Exterior (Bladex) 2.97 % 2.97 % 40,147 Corporación Andina de Fomento (CAF) 2.44 % 2.44 % 267 Total 3,734,949 As of December 31, 2020 Financial entity Rate Maximum Rate Minimum December 31, 2020 In millions of COP Financing with Correspondent Banks and Multilateral Entities 4.81 % 0.49 % 4,825,811 Banco Interamericano de Desarrollo (BID) 3.25 % 2.58 % 231,563 Banco Latinoamericano de Comercio Exterior (Bladex) 4.75 % 4.60 % 138,116 Corporación Andina de Fomento (CAF) 2.58 % 2.52 % 5,017 Total 5,200,507 |
Schedule of maturities of financial obligations with foreign banks | The maturities of the financial obligations with foreign entities as of December 31, 2021 and 2020 are the following: Foreign December 31, 2021 December 31, 2020 In millions of COP Amount expected to be settled: No more than twelve months after the reporting period 1,919,781 3,084,730 More than twelve months after the reporting period 1,815,168 2,115,777 Total 3,734,949 5,200,507 |
DEBT INSTRUMENTS IN ISSUE (Tabl
DEBT INSTRUMENTS IN ISSUE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
DEBT INSTRUMENTS IN ISSUE. | |
Schedule of bonds issued | Duly authorized by the authority in each country bonds have been issued as follows: As of December 31, 2021 Issuer Currency Face value (1) Balance Rate Range Bancolombia S.A. (2) Local COP 4,158,757 4,190,777 4.35%-10.30% Bancolombia S.A. Foreign USD 2,967,644 11,449,784 0.30%-5.19% Banistmo S.A. y filiales Foreign USD 1,079,981 4,334,751 1.20%-5.00% Banagrícola S.A. y Filiales Foreign USD 162,000 644,557 5.60%-6.40% Bancolombia Panamá S.A. Foreign USD 113,413 457,155 0.45%-3.75% Bancolombia Puerto Rico Internacional Inc. Foreign USD 3,645 14,575 0.95%-0.95% Grupo Agromercantil Holding S.A. Foreign USD 569 2,265 0.25%-7.25% Total 21,093,864 (1) Face value is in US dollar for foreign currency bonds. (2) See Note 18.1. Issue of Bancolombia S.A. sustainable ordinary bonds. As of December 31, 2020 Issuer Currency Face value (1) Balance Rate Range Bancolombia S.A. Local COP 4,125,500 4,159,065 3.37%-10.77% Bancolombia S.A. (2) Foreign USD 2,956,491 9,749,569 0.25%-5.19% Banistmo S.A. y filiales (3) Foreign USD 1,158,763 4,003,076 0.50%-5.00% Banco Agrícola S.A. (4) Foreign USD 212,000 727,116 5.58%-6.41% Bancolombia Panamá S.A. Foreign USD 121,399 426,689 0.40%-3.75% Bancolombia Puerto Rico Internacional Inc. Foreign USD 16,595 57,955 2.30%-2.65% Grupo Agromercantil Holding S.A. Foreign USD 910 3,123 0.25%-7.25% Total 19,126,593 (1) Face value is in US dollar for foreign currency bonds. (2) See Note 18.2. Issue of Bancolombia S.A. ordinary bonds. (3) See Note 18.3. Issue of Banistmo S.A. ordinary bonds. (4) See Note 18.4. Payment of Banco Agrícola S.A. bonds. |
Schedule of detailed information about breakdown of the Bank securities in issue by maturity | The following table shows the detail of the bonds classified by currency, term and type of issue: As of December 31, 2021 Less than Between Between Issuer 1 year 1 and 3 years 3 and 5 years Greater than 5 years Total amortized cost In millions of COP Local currency Subordinated bonds (1) - - - 1,213,988 1,213,988 Ordinary bonds - - 164,753 2,812,036 2,976,789 Foreign currency Subordinated bonds (1) - - - 7,753,417 7,753,417 Ordinary bonds 408,859 205,913 331,131 8,203,767 9,149,670 Total 408,859 205,913 495,884 19,983,208 21,093,864 (1) In the event of default of the Bank, the subordinated bonds, will be subordinated to the claims of depositors and all other creditors of the issuer, other than creditors whose claims rank equally with, or are junior to, the claims of the holders of the subordinated liabilities. As of December 31, 2020 Issuer Less than Between Between 1 year 1 to 3 years 3 to 5 years Greater than 5 years Total amortized cost In millions of COP Local currency Subordinated bonds (1) - - - 1,216,831 1,216,831 Ordinary bonds - - 154,671 2,787,563 2,942,234 Foreign currency Subordinated bonds (1) - - - 6,659,541 6,659,541 Ordinary bonds 151,992 588,958 284,323 7,282,714 8,307,987 Total 151,992 588,958 438,994 17,946,649 19,126,593 (1) In the event of default of the Bank, the subordinated bonds will be subordinated to the claims of depositors and all other creditors of the issuer, other than creditors whose claims rank equally with, or are junior to, the claims of the holders of the subordinated liabilities. |
Schedule of detailed information about debt securities in issue by maturity | The following is a schedule of the debt instruments in issue by maturity: Issuer December 31, 2021 December 31, 2020 In millions of COP Amount expected to be settled: No more than twelve months after the reporting period 5,697,371 1,514,548 More than twelve months after the reporting period 15,396,493 17,612,045 Total 21,093,864 19,126,593 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of employee benefit plans | |
Schedule of post-employment benefit and long-term benefit plans | The following table shows liabilities relating to post-employment benefit and long-term benefit plans: December 31, December 31, Post-employment and long-term benefit plans 2021 2020 In millions of COP 19.1 Defined benefit pension plan 168,816 163,204 19.2 Severance obligation 18,429 22,228 19.3 Retirement Pension Premium Plan and Senior Management Pension Plan Premium 219,496 202,580 19.4 Other long term benefits 465,744 465,046 Total Post-employment and long-term benefit plans 872,485 853,058 Fair value Plan assets 34,248 29,113 Total Unfunded Post-employment and long-term benefit plans 838,237 823,945 |
Schedule of short-term employment benefit plans | Short-term employment benefit plans recognized in the Consolidated Statement of Financial Position in the line “other liabilities” consist of the following: December 31, December 31, Other employment benefit plans 2021 2020 In millions of COP Current severance obligation (1) 95,331 87,022 Bonuses and short-term benefits (2) 526,273 11,816 Other employment benefit plans 621,604 98,838 (1) See 19.2 Severance obligation. (2) The increases between December 31, 2021 and 2020, corresponds to the reactivation of bonuses related to employees’ variable compensation. See Note 20 Other Liabilities. |
Schedule of expense recognized in salaries and employee benefits | The expense recognized in the line “Salaries and employee benefits” of the consolidated statement of income for defined contribution plans, for current severance regimen and pension benefits, is as follows: Defined contribution plans 2021 2020 In millions of COP Pension 186,117 185,925 Current severance regimen 64,075 60,376 Total 250,192 246,301 |
Schedule of economic assumptions used in the determination of the present value of the defined benefit plans | The economic assumptions used in the determination of the present value of the defined benefit plans, in nominal terms, are as follows: Colombia Main projected assumptions December 31, 2021 December 31, 2020 Discount rate 8.00 % 5.50 % Rate of wage increase 7.20 % 5.75 % Projected inflation 4.70 % 3.25 % Rate of pension increase 4.70 % 3.25 % Bancolombfia Panama Main projected assumptions December 31, 2021 December 31, 2020 Discount rate 2.40 % 2.40 % Rate of wage increase 2.00 % 2.00 % Projected inflation 1.00 % 1.00 % Banistmo Main projected assumptions December 31, 2021 December 31, 2020 Discount rate 3.70 % 2.40 % Expected long-term rate of return on plan assets 0.70 % (1.70) % Rate of wage increase 2.00 % 1.00 % El Salvador Main projected assumptions December 31, 2021 December 31, 2020 Discount rate 2.50 % 2.30 % Rate of wage increase 2.00 % 2.00 % Projected inflation 1.00 % 1.00 % Guatemala Main projected assumptions December 31, 2021 December 31, 2020 Discount rate 6.10 % 8.20 % Rate of wage increase 5.00 % 5.00 % Projected inflation 4.00 % 4.00 % |
Schedule of estimated payment of future benefits | The payments of benefits, which reflect future service rendered, are considered to be paid as follows: Years Pension Benefits Other benefits In millions of COP 2022 14,181 65,543 2023 14,213 75,429 2024 14,148 71,459 2025 14,016 71,908 2026 13,895 81,911 2027 a 2031 64,575 419,943 |
Banistmo | |
Disclosure of employee benefit plans | |
Schedule of change in plan assets | The following table details the change in plan assets: Banistmo’s Plan assets 2021 2020 In millions of COP Fair value of assets as of January 1 3,902 4,220 Interest income on plan assets 30 40 Return on plan assets less than discount rate - (25) Benefits paid (405) (572) Foreign currency translation effect 600 239 Fair value of assets as of December 31 4,127 3,902 |
Defined benefit pension plan | Colombia | |
Disclosure of employee benefit plans | |
Schedule of short-term employment benefit plans | Defined benefit pension plan 2021 2020 In millions of COP Present value of the obligation as of January 1 127,132 129,028 Interest cost 7,011 7,244 Benefits paid (11,545) (12,009) Net actuarial (gain) / loss due to changes in demographic assumptions (7,459) 23 Net actuarial loss due to plan experience (5,121) 2,846 Defined obligation, unfunded as of December 31 110,018 127,132 |
Schedule of sensitivity analysis for actuarial assumptions | Colombia Defined benefit pension plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 8.50 % 0.50% increase (3,657) Discount rate 7.50 % 0.50% decrease 3,904 Salary increases 5.20 % 0.50% increase 4,261 Salary decreases 4.20 % 0.50% decrease (4,019) Mortality Table RV-08 ("Rentistas Validos") One year increase in life expectancy 4,972 |
Defined benefit pension plan | Guatemala | |
Disclosure of employee benefit plans | |
Schedule of short-term employment benefit plans | Defined benefit pension plan 2021 2020 In millions of COP Present value of the obligation as of January 1 30,152 28,753 Current cost of service 1,664 1,165 Interest cost 2,253 2,597 Benefits paid (1,347) (1,251) Actuarial loss / (gain) - financial assumptions 13,840 (2,052) Foreign currency translation effect 6,211 940 Defined obligation, funded as of December 31 52,773 30,152 |
Defined benefit pension plan | Panama | |
Disclosure of employee benefit plans | |
Schedule of short-term employment benefit plans | Defined benefit pension plan 2021 2020 In millions of COP Present value of the obligation as of January 1 5,920 5,371 Interest cost 150 164 Actuarial (gain) / loss – experience (825) 372 Actuarial loss - financial assumptions 266 353 Benefits paid from plan assets (383) (572) Foreign currency translation effect 897 232 Defined obligation, funded as of December 31 6,025 5,920 |
Pension plan | Guatemala | |
Disclosure of employee benefit plans | |
Schedule of sensitivity analysis for actuarial assumptions | Pension Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 6.60 % 0.50% increase (5,156) Discount rate 5.60 % 0.50% decrease 5,984 Salary increases 5.50 % 0.50% increase 3,813 Salary decreases 4.50 % 0.50% decrease (3,415) Mortality Table RP-2000 One year increase in life expectancy 1,755 |
Defined benefit severance obligation plan | Colombia | |
Disclosure of employee benefit plans | |
Schedule of short-term employment benefit plans | The balances recognized in the statement of financial position are listed below: Defined benefit severance obligation plan 2021 2020 In millions of COP Present value of the obligation as of January 1 22,228 26,547 Current cost of service 531 716 Interest cost 1,149 1,490 Benefits paid (6,678) (6,214) Net actuarial loss (gain) due to assumption changes and plan experience 1,199 (311) Defined obligation, unfunded as of December 31 18,429 22,228 Current severance regimen (1) 95,331 87,022 Total 113,760 109,250 (1) Corresponds to the amounts pending to transfer to private funds. See Note 20 Other liabilities |
Schedule of sensitivity analysis for actuarial assumptions | Severance obligation Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 7.50 % 0.50% increase (341) Discount rate 6.50 % 0.50% decrease 353 Salary increases 7.70 % 0.50% increase 852 Salary decreases 6.70 % 0.50% decrease (832) |
Defined benefit severance obligation plan | Panama | |
Disclosure of employee benefit plans | |
Schedule of sensitivity analysis for actuarial assumptions | Defined benefit pension plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 4.20 % 0.50% increase (254) Discount rate 3.20 % 0.50% decrease 274 Mortality Table RP-2000 One year increase in life expectancy 208 |
Retirement Pension Premium Plan and Senior Management Pension Plan Premium | |
Disclosure of employee benefit plans | |
Schedule of short-term employment benefit plans | The annual change of the present value of the obligations of defined benefit plans is as follows: Retirement Pension Premium Plan and Senior Management Pension Plan Premium 2021 2020 In millions of COP Present value of the obligation as of January 1 202,580 198,260 Current service cost 18,669 16,626 Interest cost 11,686 11,770 Benefits paid (19,788) (23,226) Past service cost (1) 3,326 381 Others changes (1,900) - Net actuarial (gain) due to assumption changes and plan experience (7,214) (3,745) Foreign currency translation effect (2) 12,137 2,514 Defined obligation, unfunded as of December 31 219,496 202,580 (1) Corresponds to the updating of the percentage of the tax factor used to calculate the total benefit. (2) Corresponds to Grupo Agromercantil Holding S.A. given higher devaluation between COP to USD currencies |
Senior Management Pension Plan Premium | Bancolombia | |
Disclosure of employee benefit plans | |
Schedule of plan assets fair value | The plan assets’ fair value as of December 31, 2021 and 2020 is as follow: Bancolombia’s Plan assets 2021 2020 In millions of COP Fair value of assets as of January 1 25,211 31,761 Employee contributions 2,500 - Interest income on plan assets 1,538 1,918 Return on plan assets greater than discount rate 872 629 Benefits paid - (9,097) Fair value assets at the end of the year 30,121 25,211 |
Senior Management Pension Plan Premium | Colombia | |
Disclosure of employee benefit plans | |
Schedule of sensitivity analysis for actuarial assumptions | Senior Management Pension Plan Premium Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 8.25 % 0.50% increase (882) Discount rate 7.25 % 0.50% decrease 921 Salary increases 7.70 % 0.50% increase 1,105 Salary decreases 6.70 % 0.50% decrease 1,068 |
Retirement Pension Premium Plan | Colombia | |
Disclosure of employee benefit plans | |
Schedule of sensitivity analysis for actuarial assumptions | Retirement Pension Premium Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 9.25 % 0.50% increase (5,228) Discount rate 8.25 % 0.50% decrease 5,729 Salary increases 7.70 % 0.50% increase 5,815 Salary decreases 6.70 % 0.50% decrease (5,349) |
Other long term benefits | Colombia | |
Disclosure of employee benefit plans | |
Schedule of sensitivity analysis for actuarial assumptions | Other long term benefits Colombia Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 8.50 % 0.50% increase (14,472) Discount rate 7.50 % 0.50% decrease 15,214 Salary increases 7.70 % 0.50% increase 15,237 Salary decreases 6.70 % 0.50% decrease (14,628) |
Other long term benefits | Guatemala | |
Disclosure of employee benefit plans | |
Schedule of sensitivity analysis for actuarial assumptions | Guatemala Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 6.10 % 0.50% increase (1,119) Discount rate 5.10 % 0.50% decrease 1,207 Salary increases 5.50 % 0.50% increase 1,208 Salary decreases 4.50 % 0.50% decrease (1,130) |
Other long term benefits | El Salvador | |
Disclosure of employee benefit plans | |
Schedule of sensitivity analysis for actuarial assumptions | El Salvador Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 3.00 % 0.50% increase (236) Discount rate 2.00 % 0.50% decrease 253 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OTHER LIABILITIES | |
Schedule of other liabilities | Other liabilities December 31, 2021 December 31, 2020 In millions of COP Payables 2,491,055 1,967,492 Suppliers 1,435,569 1,119,734 Advances 799,819 779,681 Collection services (1) 716,031 316,749 Bonuses and short-term benefits (2) 526,273 11,816 Deposits delivered as security (3) 376,447 570,097 Salaries and other labor obligations (4) 352,198 311,627 Security contributions 340,322 318,179 Provisions (5) 288,017 346,597 Advances in leasing operations and loans 169,153 123,932 Dividends (6) 78,304 299,495 Deferred interests 77,115 24,929 Liabilities from contracts with customers (7) 55,025 64,071 Other 57,396 110,313 Total 7,762,724 6,364,712 (1) In 2020 there is a decrease for a lower transaction volume, related to the COVID-19 pandemic. (2) For further information, see Note 19 Employee benefit plans (Bonuses and short-term benefits). (3) See Note 5.2 Derivative financial instruments. (4) For more information related to other employee benefits, see Note 19 Employee benefits. (5) See Note 21 Provisions and contingent liabilities. (6) The increase is due to the last installment payment effective for the dividends approved by the annual shareholders’ meeting that took place in 2021 and 2020, respectively. (7) See Note 25.3 Fees and commissions. |
PROVISIONS AND CONTINGENT LIA_2
PROVISIONS AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
PROVISIONS AND CONTINGENT LIABILITIES | |
Schedule of provisions | As of December 31, 2021 Judicial Administrative Financial Loan Onerous proceedings proceedings guarantees (1) commitments (2) contracts (3) Total In millions of COP Balance at January 1, 2021 35,640 2,399 23,035 285,198 325 346,597 Additions recognized in the year 8,766 13,625 8,219 - 938 31,548 Provisions used during the period (5,587) (500) - - - (6,087) Provisions reversed during the period (4,513) (184) (243) (92,567) (167) (97,674) Foreign currency translation adjustment 158 - 100 12,024 - 12,282 Effect of discounted cash flows 1,351 - - - - 1,351 Final balance at December 31, 2021 35,815 15,340 31,111 204,655 1096 288,017 (1) Changes in financial guarantees corresponds to higher provisions in Bancolombia. (2) Changes in loan commitments corresponds to increases in the reversal of the provision in Bancolombia, Banistmo, GAH and Banco Agrícola due to lower risks from the global COVID-19 pandemic. (3) Onerous contracts corresponds to Renting Colombia S.A.S. As of December 31, 2020 Judicial Administrative Financial Loan Onerous proceedings proceedings guarantees (1) commitments (2) contracts (3) Total In millions of COP Balance at January 1, 2020 35,752 6,607 16,945 131,386 - 190,690 Additions recognized in the year 9,063 1,259 6,190 224,603 325 241,440 Provisions used during the period (4,673) (3,059) - - - (7,732) Provisions reversed during the period (5,196) (2,408) (50) (71,497) - (79,151) Foreign currency translation adjustment 382 - (50) 706 - 1,038 Effect of discounted cash flows 312 - - - - 312 Final balance at December 31, 2020 35,640 2,399 23,035 285,198 325 346,597 (1) Changes in financial guarantees corresponds to higher provisions in Bancolombia. (2) Changes in loan commitments corresponds to increases in Bancolombia, Banistmo, GAH and Banco Agrícola due to increased risks from the global COVID-19 pandemic. (3) Onerous contracts corresponds to Renting Colombia S.A.S. |
Schedule of provisions of financial guarantees and loan commitments | The following explains the significant changes in the provisions of financial guarantees and loan commitments during period at December 31, 2021 and 2020 with the expected credit loss model: Stage 1 Stage 2 Stage 3 TOTAL Balance at January 1, 2021 192,597 75,135 40,501 308,233 Transfers (77,194) 3,221 42,737 (31,236) Transfer to stage 1 (45,706) (65,020) (15,063) (125,789) Transfer to stage 2 (23,860) 87,990 (16,801) 47,329 Transfer to stage 3 (7,628) (19,749) 74,601 47,224 Provisions used during the period 241,953 32,694 59,949 334,596 Provisions reversed during the period (229,798) (55,735) (102,418) (387,951) Translation adjustment 7,615 4,462 47 12,124 Balance at December 31, 2021 135,173 59,777 40,816 235,766 Stage1 Stage2 Stage3 TOTAL Balance at January 1, 2020 119,865 28,433 33 148,331 Transfers 30,893 54,918 295 86,106 Transfer to stage 1 75,694 (44,821) - 30,873 Transfer to stage 2 (34,778) 115,398 - 80,620 Transfer to stage 3 (10,023) (15,659) 295 (25,387) Provisions used during the period 95,212 9,283 40,192 144,687 Provisions reversed during the period (54,823) (16,724) - (71,547) Translation adjustment 1,450 (775) (19) 656 Balance at December 31, 2020 192,597 75,135 40,501 308,233 |
Schedule of commitments | As of December 31, 2021 Maturity Financial Guarantees In millions of COP Guarantees under 1 month 620,120 Guarantees greater than 1 month and up to 3 months 1,051,714 Guarantees greater than 3 months and up to 1 years (1) 5,616,089 Guarantees greater than 1 year and up to 3 years (2) 1,513,774 Guarantees greater than 3 years and up to 5 years 84,273 Guarantees greater than 5 years 150,494 Total 9,036,464 (1) Mainly due to the change in duration for COP 2,505,284 and the opening of guarantees for COP 880,388 that expire in 2022, with the following economic sectors: Energy services and the private sector. (2) Mainly due to the change in duration for COP 3,056,310 and the opening of guarantees for COP 812,403 that expire in 2022, with the economic sector of financial services. As of December 31, 2020 Maturity Financial Guarantees In millions of COP Guarantees under 1 month 388,859 Guarantees greater than 1 month and up to 3 months 616,879 Guarantees greater than 3 months and up to 1 year 2,911,975 Guarantees greater than 1 year and up to 3 years (1) 3,568,858 Guarantees greater than 3 years and up to 5 years 42,788 Guarantees greater than 5 years 144,157 Total 7,673,516 (1) Mainly due to 4 new guarantees amounting to COP 2,909,063 , expiring in 2022 with in Telecommunications and financial sectors. |
Schedule of contingencies | As of December 31, 2021 Standard PD range Stage 1 Stage 2 Stage 3 Total Total Exposure Provision Exposure Provision Exposure Provision Exposure Provision In millions of COP Normal risk 0% - 3.11% 8,638,607 15 31,477 2 - - 8,670,084 17 Acceptable risk > 3.11% - 11.15% 189,644 18 30,634 1 - - 220,278 19 Appreciable risk > 11.15% - 72.75% 434 - - - - - 434 - Significant risk > 72.75% - 89.89% - - - - 140,520 30,748 140,520 30,748 Bad risk > 89.89% - 100% - - 4,206 11 942 316 5,148 327 Total 8,828,685 33 66,317 14 141,462 31,064 9,036,464 31,111 As of December 31, 2020 Standard PD range Stage 1 Stage 2 Stage 3 Total Total Exposure Provision Exposure Provision Exposure Provision Exposure Provision In millions of COP Normal risk 0% - 3.11% 6,693,881 30 25,056 - - - 6,718,937 30 Acceptable risk > 3.11% - 11.15% 637,593 211 16,118 8 - - 653,711 219 Appreciable risk > 11.15% - 72.75% 187,633 264 88,103 100 - - 275,736 364 Significant risk > 72.75% - 89.89% - - - - - - - - Bad risk > 89.89% - 100% - - - - 25,132 22,422 25,132 22,422 Total 7,519,107 505 129,277 108 25,132 22,422 7,673,516 23,035 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SHARE CAPITAL | |
Schedule of subscribed and paid-in capital | The subscribed and paid-in capital is the following: Share capital December 31, 2021 December 31, 2020 Authorized shares 1,400,000,000 1,400,000,000 Subscribed and paid-in shares: Ordinary shares with a nominal value of COP 500 pesos 509,704,584 509,704,584 Preferred shares with dividend without voting rights with nominal value of COP 500 pesos 452,122,416 452,122,416 Total subscribed and paid-in shares 961,827,000 961,827,000 Subscribed and paid capital (nominal value, in millions of COP) 480,914 480,914 |
Schedule of dividends declared | Dividends declared with respect to Cash dividends per share net income earned in: (Stated in COP) 2021 3,120 2020 260 2019 1,638 2018 1,092 2017 1,020 |
APPROPRIATED RESERVES (Tables)
APPROPRIATED RESERVES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
APPROPRIATED RESERVES | |
Schedule of appropriated retained earnings | Concept December 31, 2021 December 31, 2020 In millions of COP Appropriation of net income (1)(2) 13,628,995 13,406,195 Others 1,032,012 424,409 Total Appropiated reserves 14,661,007 13,830,604 (1) The legal reserve fulfills two objetives: to increase and maintain the company's capital and to absorb economic losses. Based on the aforementioned, this amount shall not be distributed in dividends to the stockholders. (2) Includes no claimed dividends reclassification by COP 4,441 pursuant to Article 85 of the Bank’s bylaws. |
UNCONSOLIDATED STRUCTURED ENT_2
UNCONSOLIDATED STRUCTURED ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
UNCONSOLIDATED STRUCTURED ENTITIES | |
Schedule of interests in unconsolidated structured entities | The table below shows the total assets of unconsolidated structured entities in which the Bank had an interest at the reporting date and its maximum exposure to loss in relation to those interests. As of December 31, 2021 Securitizations The Bank’s managed funds Total In millions of COP Total assets of the entities 1,661,019 167,129,575 168,790,594 The Bank’s interest-assets Investments at fair value through profit or loss 110,026 - 110,026 Investments at fair value through other comprehensive income 42,864 - 42,864 Loans and advances to customers - 5,851,195 5,851,195 Total assets in relation to the Bank’s interests in the unconsolidated structured entities 152,890 5,851,195 6,004,085 The Bank’s maximum exposure 152,890 5,851,195 6,004,085 Fees income 6,936 471,765 478,701 As of December 31, 2020 Securitizations The Bank’s managed funds Total In millions of COP Total assets of the entities 2,405,326 162,021,763 164,427,089 The Bank’s interest-assets - Investments at fair value through profit or loss 154,397 - 154,397 Investments at fair value through other comprehensive income 142,400 - 142,400 Loans and advances to customers - 4,211,304 4,211,304 Total assets in relation to the Bank’s interests in the unconsolidated structured entities 296,797 4,211,304 4,508,101 The Bank’s maximum exposure 296,797 4,211,304 4,508,101 Fees income 8,756 464,805 473,561 |
OPERATING INCOME (Tables)
OPERATING INCOME (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OPERATING INCOME | |
Schedule of interest and valuation on financial asset instruments | The following table sets forth the detail of interest and valuation on financial asset instruments for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 In millions of COP Interest on debt instruments using the effective interest method 311,488 308,453 160,200 Interest and valuation on financial instruments Debt investments 466,124 533,506 881,985 Derivatives 33,637 (337,796) (182,769) Spot transactions 27,348 20,173 483 Repos (56,555) (1,025) (175,259) Total valuation on financial instruments 470,554 214,858 524,440 Total Interest and valuation on financial instruments 782,042 523,311 684,640 |
Schedule of interest on financial liability instruments | The following table sets forth the detail of interest on financial liability instruments for the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 In millions of COP Deposits (1) 2,814,505 4,084,192 4,164,798 Debt instruments in issue 1,053,441 1,053,989 1,164,808 Borrowing costs (2) 293,949 527,825 627,058 Lease liabilities (3) 111,556 118,600 121,946 Preferred shares 57,701 57,701 57,908 Borrowings from other financial institutions 3,870 5,838 21,663 Other interest 16,534 14,863 21,613 Total interest expenses 4,351,556 5,863,008 6,179,794 (1) The decrease is mainly presented in Bancolombia S.A., due to intervention rate issued by Banco de la República decreased in 2020 until October 2021, which has an impact on the rates of deposits and local borrowing costs. (2) Lower expenses in 2021 due to the annual decrease in financial obligations by COP 2.7 billion; additionally, rates have decreased due to the effects of the global economic situation. Also, the amount in 2019 includes the expense recognized for borrowing costs of the subsidiaries sold for COP 1,224 . (3) For more information refer to Note 7.2 Lessee. |
Schedule of balances categorized by nature and by segment of revenue from ordinary activities from contracts with customers | The following table shows the balances categorized by nature and by segment of revenue from ordinary activities from contracts with customers, for further information about composition of Bank’ segments see Note 3 Operating segments: As of December 31, 2021 Banking Banking Banking El Banking Investment International All Other Total Colombia Panama Salvador Guatemala Trust Banking Brokerage Banking Segments Revenue from contracts with customers In millions of COP Fees and Commissions Banking services 414,870 69,379 118,532 56,548 - - - 22,902 - 682,231 Credit and debit card fees and commercial estabilshments 1,830,128 174,226 168,273 61,831 - - - 1,663 - 2,236,121 Brokerage - 12,661 - - - - 14,193 - - 26,854 Acceptances, Guarantees and Standby Letters of Credit 43,863 16,125 6,928 3,716 - - - 1,917 - 72,549 Trust - 17,420 6,567 704 347,838 - 90,548 46 - 463,123 Placement of securities and investment banking - 1,998 1,353 - - 79,521 11,481 - - 94,353 Bancassurance (1) 636,632 49,730 129 - 40 10 51 - - 686,592 Payment and collections 723,297 10,064 - - - - - - - 733,361 Others 192,682 - 57,942 37,109 - - 1,009 6,781 3,097 298,620 Total revenue from contracts with customers (1) 3,841,472 351,603 359,724 159,908 347,878 79,531 117,282 33,309 3,097 5,293,804 (1) Decrease in revenues due to the number of claims arising from the impact of the global COVID-19 pandemic. As of December 31, 2020 Banking Banking Banking El Banking Investment International All Other Total Colombia Panama Salvador Guatemala Trust Banking Brokerage Banking Segments Revenue from contracts with customers In millions of COP Fees and Commissions Banking services 329,281 77,727 105,821 49,782 - - - 20,234 - 582,845 Credit and debit card fees and commercial estabilshments 1,484,085 147,448 126,857 85,643 - - - 1,834 - 1,845,867 Brokerage - 10,047 - 9 - - 18,308 - - 28,364 Acceptances, Guarantees and Standby Letters of Credit 38,864 13,976 5,112 2,713 - - - 1,109 - 61,774 Trust 844 18,089 1,868 788 349,127 - 81,373 46 2,115 454,250 Placement of securities and investment banking - 789 1,723 - - 37,354 12,170 - - 52,036 Bancassurance 685,783 42,697 139 - 8 3 12 - - 728,642 Payment and collections 595,222 - - - - - - - - 595,222 Others 157,303 - 48,272 37,333 15 90 765 5,673 (38) 249,413 Total revenue from contracts with customers 3,291,382 310,773 289,792 176,268 349,150 37,447 112,628 28,896 2,077 4,598,413 As of December 31, 2019 Banking Banking Banking El Banking Investment International All Other Total Colombia Panama Salvador Guatemala Trust Banking Brokerage Banking Segments Revenue from contracts with customers In millions of COP Fees and Commissions Banking services 422,943 77,976 99,222 52,627 - - - 15,683 - 668,451 Credit and debit card fees and commercial estabilshments 1,421,039 200,372 117,541 78,764 - - - 4,230 - 1,821,946 Brokerage - 7,893 - 24 - - 18,617 - - 26,534 Acceptances, Guarantees and Standby Letters of Credit 32,829 14,369 5,541 2,440 - - - 844 - 56,023 Trust - 13,033 1,713 572 349,402 - 80,534 41 509 445,804 Placement of securities and investment banking - 391 1,496 - - 30,142 6,961 - - 38,990 Bancassurance 607,758 35,014 160 - 36 7 51 - - 643,026 Payment and collections 623,758 - - - - - - - - 623,758 Others 161,420 1,007 42,636 36,427 - 680 7,201 5,002 79 254,452 Total revenue from contracts with customers 3,269,747 350,055 268,309 170,854 349,438 30,829 113,364 25,800 588 4,578,984 |
Schedule of contract assets and liabilities | The following table shows the detail of accounts receivable, and contract liabilities balances as at December 31, 2021, 2020 and 2019: 2021 2020 2019 In millions of COP Accounts receivable from contracts with customers (1) 182,672 177,991 203,198 Liabilities from contracts with customers (2) 55,025 64,071 60,791 (1) Allowances for receivables from customers are COP 16,537 , COP 36,061 and COP 9,769 for the year 2021, 2020 and 2019 respectively. The increase in 2021 for impairment, corresponds to the growth of accounts receivable for credit card fees, due to the additional extensions granted to customers, according to External Circulars 007, 009, 014 and 022 of 2020 of the SFC. (2) See Note 20 Other liabilities. |
Schedule of fees and commissions expenses | Fees and Commissions Expenses 2021 2020 2019 In millions of COP Banking services 798,729 587,531 585,593 Sales, collections and other services (1) 619,715 558,038 423,630 Correspondent banking (2) 307,308 213,850 176,326 Payments and collections 26,897 20,034 44,990 Others 108,034 182,132 322,700 Total expenses for commissions 1,860,683 1,561,585 1,553,239 (1) Increase in 2021 due to greater demand for attention through the telephone channel (contact center services). (2) The increase is due to higher transactions, due to the opening of new correspondents in 2021. |
Schedule of other operating income | Other operating income 2021 2020 2019 In millions of COP Leases (1) 936,574 711,575 682,525 Net foreign exchange and Derivatives Foreign exchange contracts (2) 296,534 599,396 219,835 Gains on sale of assets (3) 227,445 65,932 93,548 Services 140,451 143,145 170,494 Investment property valuation (4) 67,762 (3,501) 93,197 Other reversals 56,381 70,352 49,079 Insurance (5) 54,833 59,514 60,452 Penalties for failure to contracts 15,680 8,207 28,554 Hedging (6,133) (3,746) 663 Others 232,614 193,698 136,900 Total Other operating income 2,022,141 1,844,572 1,535,247 (1) As of December 31, 2021, 2020 and 2019, the amount consists of income from operating leases for COP 787,561 , COP 577,449 and COP 562,067 (See Note 7.1. Lessor); property leases for COP 139,021 , COP 125,494 and COP 85,507 (See Note 11. Investment properties); and other assets leases for COP 9,992 , COP 8,632 and COP 34,951 ; respectively. (2) Corresponds to the management of assets and liabilities in foreign currencies and the volatility of the U.S. dollar. (3) The increase in 2021 corresponds mainly to gains on assets held for sale, mainly vehicles and assets returned from leasing contracts. (4) At the end of 2020 there was a devaluation of investment properties, as a result of the conditions of each property and the effect of the COVID-19 pandemic. See Note 11. Investment properties. (5) Corresponds to income from insurance operations of Seguros Agromercantil S.A., which operates in Guatemala. |
Schedule of dividends received, and share of profits of equity method investees | Dividends and net income on equity investments 2021 2020 2019 In millions of COP Equity method (1) 199,652 136,596 249,231 Dividends (2) 108,079 14,217 84,183 Gains on sale of investments in associates (3) 9,896 - 77,916 Equity investments (4) 7,253 (27,795) 71,207 Impairment of investments in associates (5) (1,733) (4,399) - Others (6) 5,197 4,706 (101,938) Total dividends received, and share of profits of equity method investees 328,344 123,325 380,599 (1) Corresponds to income from equity method of investments in associates as of December 31, 2021 and 2020 for COP 179,033 and COP 123,676 , respectively, and joint ventures for COP 20,619 and COP 13,019 , respectively. For further information, see Note 8 investments in associates and joint ventures. (2) Dividends received from equity investments at fair value through profit or loss as of December 31, 2021, 2020 and 2019 amount COP 40,439 , COP 650 and COP 73,685 , respectively. The increase in 2021 is explained by the dividends of the privileged share of Tuya S.A. Dividends from equity investments at fair value through OCI amount COP 12,665 , COP 13,567 and COP 10,498 , respectively. As of December 31, 2021, 2020 and 2019, the amount includes dividends of investments derecognised for COP 251 , COP 490 and COP 4,100 , respectively. (3) Corresponds to the payment of the contingent value, as resulting from the sale made in 2019 of investments in associates Avefarma S.A.S, Glashfarma Tech S.A.S and Panamerican Pharmaceutical Holding Inc. (4) During 2020, the losses in the investment portfolios of the Bank are due to the negative macroeconomic impacts generated by the global COVID-19 pandemic. (5) For 2021 and 2020, corresponds to the recognized impairment losses of the associate Internacional Ejecutiva de Aviación S.A.S. For further information, see Note 8 Investments in associates and joint ventures. (6) In 2021, corresponds to gains recognized by the Bank as the difference between book value and fair value of Vlipco S.A.S. previous to its acquisition date, the transaction was made in November 2021. For further information, see Note 9.3 Business combinations. In 2020, corresponds to the valuation of the financial liability that the Bank had with BAM Financial Corporation (BFC), due to its obligation to pay cash in future to purchase the non-controlling shares of Grupo Agromercantil Holding pursuant to an outstanding put option expiring in 2024. In February 2020, BFC notified its decision to exercise the contractual put option for the sale of the GAH common stock held, and in September, 2020, the Bank purchased 40% of the common stock of GAH from BFC, after obtaining the neccesary regulatory approvals. |
OPERATING EXPENSES (Tables)
OPERATING EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OPERATING EXPENSES | |
Schedule of salaries and employee benefit expenses | The detail for salaries and employee benefits for the years ended December 31, 2021, 2020 and 2019 is as follows: Salaries and employee benefit 2021 2020 2019 In millions of COP Salaries 1,648,872 1,568,432 1,449,765 Bonuses (1) 714,353 112,843 560,149 Private premium 384,056 402,154 378,979 Social security contributions 355,166 334,831 319,424 Indemnization payment 137,453 100,228 140,633 Other benefits 542,696 526,242 517,874 Total Salaries and employee benefit 3,782,596 3,044,730 3,366,824 (1) The decrease in 2020 corresponds to the suspension of bonuses related to the variable compensation of Grupo Bancolombia employees during this year. |
Schedule of other administrative and general expenses | The detail for administrative and general expenses for the years ended December 31, 2021, 2020 and 2019 is as follows: Other administrative and general expenses 2021 2020 2019 In millions of COP Fees (1) 756,835 539,473 531,669 Maintenance and repairs 592,493 580,752 599,519 Insurance 495,146 518,553 423,785 Data processing 363,105 307,609 234,219 Frauds and claims 201,115 144,689 65,589 Transport 198,828 178,841 212,582 Advertising 153,066 128,011 151,246 Public services 149,029 110,998 116,837 Cleaning and security services 111,717 106,112 100,593 Contributions and affiliations 101,727 95,638 73,689 Communications 71,861 75,847 77,375 Trust (2) 64,575 34,470 59,334 Properties improvements and installation 64,554 46,489 51,187 Useful and stationery 53,476 50,575 83,891 Real estate management 28,962 26,968 25,012 Others 115,431 195,764 262,531 Total other administrative and general expenses 3,521,920 3,140,789 3,069,058 Taxes other than income tax (3) 719,593 765,766 757,820 (1) The Increase generated mainly by digital transformation fees. (2) The increase is mainly to the payment of yields trust. The yields for 2020 were impacted by the COVID-19 pandemic. (3) See Note 12 Income tax. |
Schedule of impairment, depreciation and amortization expenses | The detail for Impairment, depreciation and amortization for the years ended December 31, 2021, 2020 and 2019 is as follows: Impairment, depreciation and amortization 2021 2020 2019 In millions of COP Depreciation of premises and equipment (1) 466,179 360,703 358,439 Amortization of intangible assets (2) 198,169 163,754 141,104 Depreciation of right-of-use assets 190,819 211,910 177,709 Impairment of other assets, net (3) 65,391 101,423 147,338 Total impairment, depreciation and amortization 920,558 837,790 824,590 (1) See Note 10 Premises and equipment, net. (2) See Note 9 Goodwill and intangibles assets, net (3) The detail of the impairment of other assets net by operating segments for the years ended December 31, 2021, 2020 and 2019 is presented in the table below: Impairment (recovery) of other assets, net 2021 2020 2019 In millions of COP Banking Colombia (1) 38,632 47,420 108,861 Banking Panamá 17,962 13,211 17,869 Banking Guatemala (2) 7,554 42,006 29,930 All other segments 848 1,339 792 International Banking - 182 933 Brokerage - - 1 Banking El Salvador 395 (2,735) (11,048) Total 65,391 101,423 147,338 (1) Corresponds to impairment of foreclosed assets. (2) Corresponds mainly to the recognition of impairment of North Shore Development Company S.A. in 2020, sold in 2021. |
EARNING PER SHARE ('EPS') (Tabl
EARNING PER SHARE ('EPS') (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
EARNING PER SHARE ('EPS') | |
Schedule of computation of basic EPS | The following table summarizes information related to the computation of basic EPS for the years ended December 31, 2021, 2020 and 2019 (in millions of pesos, except per share data): 2021 2020 2019 Income from continuing operations before attribution of non-controlling interests 4,207,787 315,359 3,214,567 Less: Non-controlling interests from continuing operations 120,992 39,365 97,216 Net income from continuing operations 4,086,795 275,994 3,117,351 Less: Preferred dividends declared 59,851 682,876 435,810 Less: Allocation of undistributed earnings to preferred stockholders 1,830,636 (583,718) 998,864 Net income allocated to common shareholders for basic and diluted EPS 2,196,308 176,836 1,682,677 Weighted average number of common shares outstanding used in basic EPS calculation (In millions) 510 510 510 Basic and Diluted earnings per share to common shareholders 4,309 347 3,301 Basic and Diluted earnings per share from continuing operations 4,309 347 3,301 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
RELATED PARTY TRANSACTIONS | |
Schedule of transactions between related parties | As of December 31, 2021 Stockholders with an interest equal or Directors and Associates and higher than 20% of senior joint ventures the Bank's capital (1) management In millions of COP Assets Financial assets investments 2,755 - 9,635 Derivative financial instruments - 25 - Loans and advances to customers 937,190 17,821 234,956 Allowance for loans, advances and lease losses (3,028) (84) (5,360) Investment in associates and joint ventures - - 2,720,559 Other assets 7,644 913 172,636 Total assets 944,561 18,675 3,132,426 Liabilities Deposits by customers 2,101,846 8,162 195,647 Derivative financial instruments - - 7,782 Other liabilities 1,120 387 36,596 Total liabilities 2,102,966 8,549 240,025 Income Interest and other operating income 766,772 857 27,440 Valuation on financial instruments (1,840) 1,112 (8,405) Dividends and net income on equity investments 58 - 289,423 Other income - - 52,582 Net income 764,990 1,969 361,040 Expenses Interests and other operating expenses 20,315 224 137,786 Fees 1,243 1,700 977 Other expenses 72,435 4 30,784 Total expenses 93,993 1,928 169,547 (1) Includes Grupo Sura conglomerate. As of December 31, 2020 Stockholders with an interest equal or Directors and Associates and higher than 20% of senior joint ventures the Bank’s capital (1) management In millions of COP Assets Financial assets investments 742 - 9,786 Derivative financial instruments - 108 2,327 Loans and advances to customers 1,080,819 17,270 231,371 Allowance for loans, advances and lease losses (3,035) (71) (153) Investment in associates and joint ventures - - 2,506,315 Other assets 11,549 2,122 59,158 Total assets 1,090,075 19,429 2,808,804 Liabilities Deposits by customers 2,136,549 8,092 178,382 Derivative financial instruments 513 - - Other liabilities 6,859 - 26,779 Total liabilities 2,143,921 8,092 205,161 Income Interest and other operating income 816,502 975 25,589 Valuation on financial instruments 2,383 160 7,557 Dividends and net income on equity investments 78 - 136,596 Other income - - 47,916 Net income 818,963 1,135 217,658 Expenses Interests and other operating expenses 62,134 243 82,500 Fees 2,601 1,675 703 Other expenses 148,850 55 22,830 Total expenses 213,585 1,973 106,033 (1) Includes Grupo Sura conglomerate. As of December 31, 2019 Stockholders with an interest equal or Directors and Associates and higher than 20% of senior joint ventures the Bank’s capital (1) management In millions of COP Assets Financial assets investments 14,369 - 34,378 Derivative financial instruments - 235 6,581 Loans and advances to customers 1,115,151 20,910 130,170 Allowance for loans, advances and lease losses (2,007) (75) (160) Investment in associates and joint ventures - - 2,367,757 Other assets 54,563 773 53,830 Total assets 1,182,076 21,843 2,592,556 Liabilities Deposits by customers 1,761,362 4,345 156,516 Other liabilities 1,379 - 33,705 Total liabilities 1,762,741 4,345 190,221 Income Interest and other operating income 738,594 231 10,830 Valuation on financial instruments (63) 1,349 Dividends and net income on equity investments 33 - 316,270 Other income - - 99,424 Net income 738,627 168 427,873 Expenses Interests and other operating expenses 66,286 160 47,840 Fees 540 1,236 1,197 Other expenses 131,938 52 24,359 Total expenses 198,764 1,448 73,396 (1) Includes Grupo Sura conglomerate. |
LIABILITIES FROM FINANCING AC_2
LIABILITIES FROM FINANCING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
LIABILITIES FROM FINANCING ACTIVITIES | |
Schedule of reconciliation of the balances of liabilities from financing activities | Non-cash changes Balance as of Foreign January 1, 2021 Cash flows currency Interests Other Balance as of translation accrued movements December 31, 2021 adjustment In millions of COP Liabilities from financing activities Repurchase agreements and other similar secured borrowing 2,216,163 (1,457,203) 4,365 - - 763,325 Borrowings from other financial institutions (1) 11,202,126 (4,558,397) 1,624,466 293,949 (10,586) 8,551,558 Debt instruments in issue (1) 19,126,593 (1,425,634) 2,339,464 1,053,441 - 21,093,864 Preferred shares (2) 584,204 (57,701) - 57,701 - 584,204 Total liabilities from financing activities 33,129,086 (7,498,935) 3,968,295 1,405,091 (10,586) 30,992,951 (1) The cash flows disclosed in this table related with Borrowings from other financial institutions and Debt securities in issue include the interests paid during the year amounting to COP 293,817 and COP 941,459 , respectively, which are classified as cash flows from operating activities in the consolidated statement of cash flow. (2) The cash flow amounting to COP 57,701 corresponds to the fixed minimum dividend paid to the preferred shares' holders and is included in the line "dividends paid" of the consolidated statement of cash flow, which includes the divideds paid during the year to both preferred and common shares holders. Non-cash changes Balanceasof Foreign January 1, 2020 Cash flows currency Interests Other Balance as of translation accrued movements December 31, 2020 adjustment In millions of COP Liabilities from financing activities Repurchase agreements and other similar secured borrowing 1,313,737 903,120 (694) - - 2,216,163 Borrowings from other financial institutions (1)(2) 13,959,343 (4,137,376) 837,779 527,825 14,555 11,202,126 Debt instruments in issue (1) 19,921,515 (2,608,701) 759,790 1,053,989 - 19,126,593 Preferred shares (3) 584,204 (57,701) - 57,701 - 584,204 Total liabilities from financing activities 35,778,799 (5,900,658) 1,596,875 1,639,515 14,555 33,129,086 (1) The cash flows disclosed in this table related with Borrowings from other financial institutions and Debt securities in issue include the interests paid during the year amounting to COP 553,125 and COP 992,952 , respectively, which are classified as cash flows from operating activities in the consolidated statement of cash flow. (2) Borrowings from other financial institutions cash flows include COP 1,117,680 related to acquisition of 40% of interest in Grupo Agromercantil Holding (GAH), which are classified as cash flows from operating activities in the consolidated statement of cash flow. (3) The cash flow amounting to COP 57,701 corresponds to the fixed minimum dividend paid to the preferred shares' holders and is included in the line "dividends paid" of the consolidated statement of cash flow, which includes the divideds paid during the year to both preferred and common shares holders |
FAIR VALUE OF ASSETS AND LIAB_2
FAIR VALUE OF ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
FAIR VALUE OF ASSETS AND LIABILITIES | |
Schedule of carrying amount and the fair value of the assets and liabilities | The following table presents the carrying amount and the fair value of the assets and liabilities as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Carrying Fair Carrying Fair amount Value amount Value In millions of COP Assets Debt instruments at fair value through profit or loss 15,036,467 15,036,467 15,571,214 15,571,214 Debt instruments at fair value through OCI 7,245,451 7,245,451 8,238,981 8,238,981 Debt instruments at amortized cost 6,527,230 6,502,271 5,154,601 5,200,688 Derivative financial instruments 2,454,005 2,454,005 2,800,719 2,800,719 Equity securities at fair value 480,153 480,153 588,207 588,207 Loans and advances to customers, net 204,459,001 213,262,329 174,793,687 183,162,834 Investment property 3,132,220 3,132,220 2,839,350 2,839,350 Investments in associates (1) 1,358,368 1,358,368 1,263,765 1,263,765 Total 240,692,895 249,471,264 211,250,524 219,665,758 Liabilities Deposits by customers (210,390,848) (211,619,686) (180,820,793) (182,022,114) Interbank deposits (886,405) (886,405) (762,574) (762,574) Repurchase agreements and other similar secured borrowing (763,325) (763,325) (2,216,163) (2,216,163) Derivative financial instruments (1,961,109) (1,961,109) (2,381,326) (2,381,326) Borrowings from other financial institutions (8,551,558) (8,551,558) (11,202,126) (11,202,126) Preferred shares (584,204) (604,025) (584,204) (602,987) Debt instruments in issue (21,093,864) (21,696,836) (19,126,593) (20,530,091) Total (244,231,313) (246,082,944) (217,093,779) (219,717,381) (1) It corresponds to investments in associates P.A Viva Malls and Distrito Vera. See Note 8 Investments in associates and joint ventures. |
Schedule of fair-value hierarchy levels the Bank's assets that are measured at fair value on a recurring basis | The following table presents for each of the Fair-Value hierarchy levels the Bank’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2021 and 2020: Financial Assets December 31, 2021 December 31, 2020 Type of instrument Fair value hierarchy Total fair Fair value hierarchy Total fair Level 1 Level 2 Level 3 value Level 1 Level 2 Level 3 value In millions of COP Investment securities Debt instruments at fair value through profit or loss Securities issued by the Colombian Government 8,377,741 600,743 - 8,978,484 9,177,665 1,262,313 - 10,439,978 Securities issued or secured by government entities - 67,395 - 67,395 - 72,401 - 72,401 Securities issued by other financial institutions 197,315 378,787 113,058 689,160 138,101 461,349 122,285 721,735 Securities issued by foreign governments 3,083,180 2,097,595 - 5,180,775 3,211,372 1,023,427 - 4,234,799 Corporate bonds 28,483 92,170 - 120,653 25,161 66,348 10,792 102,301 Total debt instruments at fair value through profit or loss 11,686,719 3,236,690 113,058 15,036,467 12,552,299 2,885,838 133,077 15,571,214 Debt instruments at fair value through OCI Securities issued by the Colombian Government - 2,515,927 - 2,515,927 - 2,552,041 - 2,552,041 Securities issued by other financial institutions 188,638 122,020 - 310,658 230,095 542,640 - 772,735 Securities issued by foreign governments 2,672,889 1,621,060 - 4,293,949 2,561,302 2,253,751 - 4,815,053 Corporate bonds 87,021 37,896 - 124,917 62,556 36,596 - 99,152 Total debt instruments at fair value through OCI 2,948,548 4,296,903 - 7,245,451 2,853,953 5,385,028 - 8,238,981 Total debt instruments 14,635,267 7,533,593 113,058 22,281,918 15,406,252 8,270,866 133,077 23,810,195 Equity securities Equity securities 35,833 109,314 335,006 480,153 90,988 51,863 445,356 588,207 Total equity securities 35,833 109,314 335,006 480,153 90,988 51,863 445,356 588,207 Derivative financial instruments Forwards Foreign exchange contracts - 251,299 478,068 729,367 - 582,282 392,843 975,125 Equity contracts - 6,483 313 6,796 - 1,688 - 1,688 Total forwards - 257,782 478,381 736,163 - 583,970 392,843 976,813 Swaps Foreign exchange contracts 1,007,173 415,182 1,422,355 - 794,202 152,851 947,053 Interest rate contracts 89,069 111,696 46,393 247,158 30,146 673,723 136,173 840,042 Total swaps 89,069 1,118,869 461,575 1,669,513 30,146 1,467,925 289,024 1,787,095 Options Foreign exchange contracts 368 3,578 44,383 48,329 22 2,277 34,512 36,811 Total options 368 3,578 44,383 48,329 22 2,277 34,512 36,811 Total derivative financial instruments 89,437 1,380,229 984,339 2,454,005 30,168 2,054,172 716,379 2,800,719 Investment properties Lands - - 182,500 182,500 - - 256,195 256,195 Buildings - - 2,949,720 2,949,720 - - 2,583,155 2,583,155 Total investment properties - - 3,132,220 3,132,220 - - 2,839,350 2,839,350 Investment in associates at fair valure P.A Viva Malls - - 1,355,688 1,355,688 - - 1,263,765 1,263,765 P.A Distrito Vera - - 2,680 2,680 - - - - Total investment in associates at fair value - - 1,358,368 1,358,368 - - 1,263,765 1,263,765 Total 14,760,537 9,023,136 5,922,991 29,706,664 15,527,408 10,376,901 5,397,927 31,302,236 Financial liabilities December 31, 2021 December 31, 2020 Type of instrument Fair value hierarchy Total fair Fair value hierarchy Total fair Level 1 Level 2 Level 3 value Level 1 Level 2 Level 3 value In millions of COP Derivative financial instruments Forwards Foreign exchange contracts - (535,535) (70,002) (605,537) - (823,360) (57,254) (880,614) Equity contracts - (25,068) - (25,068) - (15,333) - (15,333) Total forwards - (560,603) (70,002) (630,605) - (838,693) (57,254) (895,947) Swaps Foreign exchange contracts - (798,396) (162,442) (960,838) - (581,120) (34,505) (615,625) Interest rate contracts (76,925) (227,220) (4,312) (308,457) (26,940) (773,774) (2,439) (803,153) Total swaps (76,925) (1,025,616) (166,754) (1,269,295) (26,940) (1,354,894) (36,944) (1,418,778) Options Foreign exchange contracts - (61,209) - (61,209) (17) (66,584) - (66,601) Total options - (61,209) - (61,209) (17) (66,584) - (66,601) Total derivative financial instruments (76,925) (1,647,428) (236,756) (1,961,109) (26,957) (2,260,171) (94,198) (2,381,326) Total (76,925) (1,647,428) (236,756) (1,961,109) (26,957) (2,260,171) (94,198) (2,381,326) |
Schedule of fair-value hierarchy levels the Bank's liabilities that are measured at fair value on a recurring basis | |
Schedule of fair-value hierarchy levels the Bank's assets and liabilities that are not measured at fair value in the statement of financial position | Assets December 31, 2021 December 31, 2020 Type of instrument Fair value hierarchy Total fair Fair value hierarchy Total fair Level 1 Level 2 Level 3 value Level 1 Level 2 Level 3 value In millions of COP Debt instruments Securities issued by the Colombian Government 147,502 - - 147,502 131,530 - - 131,530 Securities issued or secured by government entities - 50,598 2,647,497 2,698,095 - - 2,423,639 2,423,639 Securities issued by other financial institutions 294,421 294,717 3,106 592,244 238,317 - 32,428 270,745 Securities issued by foreign governments 318,035 182,987 - 501,022 239,623 150,667 - 390,290 Corporate bonds 1,039,185 15,034 1,509,189 2,563,408 644,745 13,265 1,326,474 1,984,484 Total – Debt instruments 1,799,143 543,336 4,159,792 6,502,271 1,254,215 163,932 3,782,541 5,200,688 Loans and advances to customers, net 213,262,329 213,262,329 - - 183,162,834 183,162,834 Total 1,799,143 543,336 217,422,121 219,764,600 1,254,215 163,932 186,945,375 188,363,522 Liabilities December 31, 2021 December 31, 2020 Type of instruments Fair value hierarchy Total fair Fair value hierarchy Total fair Level 1 Level 2 Level 3 value Level 1 Level 2 Level 3 value In millions of COP Deposits by customers - (24,126,509) (187,493,177) (211,619,686) - (29,309,307) (152,712,807) (182,022,114) Interbank deposits - - (886,405) (886,405) - - (762,574) (762,574) Repurchase agreements and other similar secured borrowing - - (763,325) (763,325) - - (2,216,163) (2,216,163) Borrowings from other financial institutions - - (8,551,558) (8,551,558) - - (11,202,126) (11,202,126) Debt instruments in issue (11,673,618) (1) (7,948,718) (2,074,500) (21,696,836) (10,507,774) (8,407,005) (1,615,312) (20,530,091) Preferred shares - - (604,025) (604,025) - - (602,987) (602,987) Total (11,673,618) (32,075,227) (200,372,990) (244,121,835) (10,507,774) (37,716,312) (169,111,969) (217,336,055) (1) Change of level in bonds issued by Bancolombia according to its market liquidity. |
Schedule of Items Measured at fair value on a non-recurring basis | The Bank measures assets held for sale based on fair value less costs to sell. This category includes certain foreclosed assets and investments in associates held for sale. The fair values were determined using external and internal valuation techniques or third party experts, depending on the type of underlying asset. The following breakdown sets forth the fair value hierarchy of those assets classified by type: December 31, 2021 December 31, 2020 Fair-value hierarchy Total fair Fair-value hierarchy Total fair Level 1 Level 2 Level 3 value Level 1 Level 2 Level 3 value In millions of COP Machinery and equipment - - 4,340 4,340 - - 3,277 3,277 Real estate for residential purposes - - 101,214 101,214 - - 70,252 70,252 Real estate different from residential properties - - 28,143 28,143 - - 8,974 8,974 Total - - 133,697 133,697 - - 82,503 82,503 |
Schedule of Changes in Level 3 Fair-Value Category | The table below presents reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during 2021 and 2020: As of December 31, 2021 Balance, Included Transfers Transfers Balance, January 1, in OCI Purchases Settlement Reclassifications Prepaids in to out of December 31, 2021 earnings level3 level3 2021 In millions of COP Assets Debt instruments at fair value though profit or loss Securities issued or secured by other financial entities 122,285 (106) - 5,034 (14,623) - (32,211) 32,679 - 113,058 Corporate bonds 10,792 - - - (7,127) - - (3,665) - Total 133,077 (106) - 5,034 (21,750) - (32,211) 32,679 (3,665) 113,058 Derivative financial instruments Foreign exchange contracts 580,206 105,528 - 532,190 (456,806) (19,593) - 235,709 (39,601) 937,633 Interest rate contracts 136,173 (37,024) - 6,635 (26,569) (7,308) - 13,812 (39,326) 46,393 Equity contracts - - - 313 - - - - - 313 Total 716,379 68,504 - 539,138 (483,375) (26,901) (1) - 249,521 (78,927) 984,339 Equity securities Equity securities 445,356 (474) 36,656 2,664 (124,343) - - 2 (24,855) 335,006 Total 445,356 (474) 36,656 2,664 (124,343) - - 2 (24,855) 335,006 Investment in associates PA Viva Malls 1,263,765 105,202 - - (13,279) - - - - 1,355,688 PA Distrito Vera - 237 - 1,779 (2,529) 3,193 - - - 2,680 Total 1,263,765 105,439 - 1,779 (15,808) 3,193 - - - 1,358,368 Total Assets 2,558,577 173,363 36,656 548,615 (645,276) (23,708) (32,211) 282,202 (107,447) 2,790,771 Liabilities Derivative financial instruments Foreign exchange contracts (91,759) 2,351 - (71,358) 52,311 19,593 - (160,156) 16,574 (232,444) Interest rate contracts (2,439) (7,694) - (648) 28 7,308 - (3,278) 2,411 (4,312) Total (94,198) (5,343) - (72,006) 52,339 26,901 (1) - (163,434) 18,985 (236,756) Total liabilities (94,198) (5,343) - (72,006) 52,339 26,901 - (163,434) 18,985 (236,756) (1) From derivative assets to derivative liabilities classified in level 3 and viceversa. As of December 31, 2020 Balance, Included Transfers Transfers Balance, January 1, in OCI Purchases Settlement Reclassifications Prepaids in to out of December 31, 2020 earnings Level3 Level3 2020 In millions of COP Assets Debt instruments at fair value though profit or loss Securities issued or secured by other financial entities 126,049 14,325 - 4,325 (24,501) - (36,507) 40,558 (1,964) 122,285 Corporate bonds 2,030 1,344 - - - - (1,353) 8,771 - 10,792 Total 128,079 15,669 - 4,325 (24,501) - (37,860) 49,329 (1,964) 133,077 Derivative financial instruments Foreign exchange contracts 394,280 16,561 - 463,285 (282,053) (4,270) - 308 (7,905) 580,206 Interest rate contracts 56,054 53,367 - 33,076 (3,934) - - 1,758 (4,148) 136,173 Equity contracts 142 - - - (142) - - - - - Total 450,476 69,928 - 496,361 (286,129) (4,270) (1) - 2,066 (12,053) 716,379 Equity securities Equity securities 1,079,700 (17,045) 36,682 26,281 (79,287) (573,592) - 27 (27,410) 445,356 Total 1,079,700 (17,045) 36,682 26,281 (79,287) (573,592) - 27 (27,410) 445,356 Investment in associates PA Viva Malls 1,249,818 56,116 - - (42,169) - - - - 1,263,765 Total 1,249,818 56,116 - - (42,169) - - - - 1,263,765 Total Assets 2,908,073 124,668 36,682 526,967 (432,086) (577,862) (37,860) 51,422 (41,427) 2,558,577 Liabilities Derivative financial instruments Foreign exchange contracts (119,643) (4,067) - (73,770) 111,182 4,270 - (12,325) 2,594 (91,759) Interest rate contracts (1,376) - - (40) 519 - - (2,399) 857 (2,439) Equity contracts (199) - - - 199 - - - - - Total (121,218) (4,067) - (73,810) 111,900 4,270 (1) - (14,724) 3,451 (94,198) Total liabilities (121,218) (4,067) - (73,810) 111,900 4,270 - (14,724) 3,451 (94,198) (1) From derivative assets to derivative liabilities classified in level 3 and viceversa. In 2020 the Bank consolidated certain equity securities that are controlled through its subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, due to the control definition being according to IFRS 10. These equity securities are considered as a business, because of their capacity to generate income. |
Schedule of transfers for all assets and liabilities measured at fair value on a recurring basis between Level 1 and Level 2 | The table below presents the transfers for all assets and liabilities measured at fair value on a recurring basis between Level 1 and Level 2 as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Transfers level 1 Transfers level Transfers level Transfers level to level 2 2 to level 1 1 to level 2 2 to level 1 Debt instruments at fair value though profit or loss Securities issued or secured by other financial entities 10,293 - - - Securities issued or secured by foreign government - - 50 663 Total 10,293 - 50 663 Debt instruments at fair value through OCI Securities issued or secured by foreign government - - 481,294 34,325 Total - - 481,294 34,325 Equity securities Equity securities 80,990 - - 70,206 Total 80,990 - - 70,206 |
Schedule of significant unobservable inputs related to the Bank's material categories of Level 3 financial assets and liabilities and the sensitivity of these fair values to reasonably possible alternative assumptions | As of December 31, 2021 Sensitivity Sensitivity Valuation Significant Range of Weighted 100 100 Financial instrument Fair Value technique unobservable input inputs average basis point basis point increase decrease Amounts in millions of COP Debt instruments Securities issued by other financial institutions TIPS 98,383 Discounted cash flow Yield 0.14% a 5.46 % 2.74 % 96,097 100,779 Prepayment Speed n/a n/a 95,889 102,148 Other bonds 9,635 Discounted cash flow Yield 1.16% a 1.16 % 1.16 % 9,276 10,014 Liquidity risk 2.55% a 2.55 % 2.55 % 9,281 10,008 Time deposits 5,040 Discounted cash flow Interest rate 0.47% a 4.25 % 3.84 % 4,989 5,053 Total debt instruments 113,058 Equity securities Equity securities 335,006 Price-based Price n/a n/a n/a n/a Derivative financial instruments Forward 408,379 Discounted cash flow Credit spread 0% a 32.81 % 6.83 % 406,899 409,594 Yield Swaps 294,821 Discounted cash flow Credit spread 0% a 28.85 % 3.82 % 309,046 285,805 Yield Options 44,383 Discounted cash flow Credit spread 0.14% a 37.57 % 0.63 % 44,048 44,575 Total derivative financial instruments 747,583 Investment in associates P.A Viva Malls 1,355,688 Price-based Price n/a n/a n/a n/a P.A Distrito Vera 2,680 Price-based Price n/a n/a n/a n/a As of December 31, 2020 Sensitivity Sensitivity Valuation Significant Range of Weighted 100 100 Financial instrument Fair Value technique unobservable input inputs average basis point basis point increase decrease In millions of COP Debt instruments Securities issued by other financial institutions TIPS 108,992 Discounted cash flow Yield 0.14% to 5.46 % 2.73 % 106,498 110,328 Prepayment Speed n/a n/a 110,178 107,586 Other bonds 9,786 Discounted cash flow Yield 2.20% to 2.20 % 2.2 % 9,335 10,267 Liquidity risk 2.55% to 2.55 % 2.55 % 9,337 10,265 Time deposits 3,507 Discounted cash flow Interest rate 2.95% to 5.10 % 5.13 % 3,499 3,514 Securities issued by other financial institutions 122,285 Corporate bonds Corporate bonds 10,792 Discounted cash flow Yield 3.32 % 3.32 % 10,711 10,890 Total debt instruments 133,077 Equity securities Equity securities 445,356 Price-based Price n/a n/a n/a n/a Derivative financial instruments Forward 335,589 Discounted cash flow Credit spread 0% to 22.58 % 3.69 % 334,916 336,268 Swaps 252,080 Discounted cash flow Credit spread 0% to 32.25 % 4.39 % 247,382 239,563 Options 34,512 Black-Scholes Credit spread 0% to 36.99 % 1.78 % 34,270 34,732 Total derivative financial instruments 622,181 Investment in associates P.A Viva Malls 1,263,765 Price-based Price n/a n/a n/a n/a |
RISK MANAGEMENT (Tables)
RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
RISK MANAGEMENT | |
Schedule of maximum exposure to credit risk | The information below contains the maximum exposure to credit risk: December 31, 2021 Maximum exposure to credit risk - Financial instruments subject to impairment In millions of COP Stage 1 Stage 2 Stage 3 Total Loans and Advances 185,100,233 19,299,753 15,923,497 220,323,483 Commercial 97,000,580 8,335,781 9,575,482 114,911,843 Consumer 41,773,555 3,927,387 2,662,098 48,363,040 Mortgage 25,447,635 3,654,710 1,544,442 30,646,787 Small Business Loans 950,991 183,693 147,501 1,282,185 Financial Leases 19,927,472 3,198,182 1,993,974 25,119,628 Off-Balance Sheet Exposures 45,348,295 697,067 302,358 46,347,720 Financial Guarantees 8,714,751 46,845 942 8,762,538 Loan Commitments 36,633,544 650,222 301,416 37,585,182 Loss Allowance (2,589,992) (3,383,311) (10,126,945) (16,100,248) Total 227,858,536 16,613,509 6,098,910 250,570,955 December 31, 2020 Maximum exposure to credit risk - Financial instruments subject to impairment In millions of COP Stage 1 Stage 2 Stage 3 Total Loans and Advances 156,253,029 18,778,668 16,378,033 191,409,730 Commercial 80,863,445 8,203,659 9,592,183 98,659,287 Consumer 33,766,023 4,599,535 2,690,381 41,055,939 Mortgage 21,676,563 3,093,690 1,188,859 25,959,112 Small Business Loans 965,822 109,655 156,598 1,232,075 Financial Leases 18,981,176 2,772,129 2,750,012 24,503,317 Off-Balance Sheet Exposures 38,980,523 859,263 320,205 40,159,991 Financial Guarantees 7,553,064 77,626 1,641 7,632,331 Loan Commitments 31,427,459 781,637 318,564 32,527,660 Loss Allowance (3,525,671) (3,063,121) (10,335,484) (16,924,276) Total 191,707,881 16,574,810 6,362,754 214,645,445 Other Financial Instruments Maximum Exposure to Credit Risk - Other Financial Instruments Maximum Exposure Collateral * Net Exposure 2021 2020 2021 2020 2021 2020 Maximum Exposure to Credit Risk Debt instruments 28,833,828 29,003,922 (1,214,692) (2,529,943) 27,619,136 26,473,979 Derivatives ** 1,090,121 1,093,357 (87) (136) 1,090,034 1,093,221 Equity 480,153 588,207 - - 480,153 588,207 Total 30,404,102 30,685,486 (1,214,779) (2,530,079) 29,189,323 28,155,407 See Notes on this table: * Collateral Held (-) and Collateral Pledged (+) ** Exposure in Derivatives with base in MTM (only positive values), netting by counterparty is applied * Debt instruments Book value 100% * Equity Instruments: - Shares:100% - Investment funds: Book value 100% |
Schedule of credit risk management for loans and advances | December 31, 2021 In millions of COP # financial obligations Amount ECL Stage 1 18,900 1,947,617 54,551 Stage 2 39,067 5,708,061 577,688 Stage 3 21,693 1,567,188 810,867 Total Loans and Advances 79,660 9,222,866 1,443,106 December 31, 2020 In millions of COP # financial obligations Amount ECL Stage 1 479,512 17,866,538 724,148 Stage 2 220,256 9,782,256 1,458,818 Stage 3 77,986 2,277,165 1,330,512 Total Loans and Advances 777,754 29,925,959 3,513,478 The following table shows the 30-day past due loan ratio on portfolio loans that had Covid-19 financial reliefs during 2020 and 2021, and that were ended: December 31, 2021 In millions of COP Commercial and financial leases Consumer Mortgage Small business loan Total Total Loans and Advances 140,031,471 48,363,040 30,646,787 1,282,185 220,323,483 Total Past-due 5,282,456 2,721,730 1,851,082 164,762 10,020,030 Past-due of customer with not current financial reliefs 620,309 1,272,036 516,122 50,151 2,458,618 % Past-due with not current reliefs 12% 47% 28% 30% 25% December 31, 2020 In millions of COP Commercial and financial leases Consumer Mortgage Small business loan Total Total Loans and Advances 123,162,604 41,055,939 25,959,112 1,232,075 191,409,730 Total Past-due 6,036,849 2,774,345 1,482,245 173,562 10,467,001 Past-due of customer with not current financial reliefs 686,532 1,886,479 362,339 60,420 2,995,770 % Past-due with not current reliefs 11% 68% 24% 35% 29% |
Schedule of amount and allowance of clients included in the described watch list | December 2021: Watch List december 31, 2021 In millions of COP Risk Level Amount % Allowance Level 1 – Low Risk 13,487,382 1.79 % 241,520 Level 2 – Medium Risk 7,896,250 8.38 % 661,419 Level 3 – High Risk 3,678,230 47.87 % 1,760,840 Level 4 – High Risk 6,329,634 82.42 % 5,217,032 Total 31,391,496 25.10 % 7,880,811 December 2020: Watch List december 31, 2020 In millions of COP Risk Level Amount % Allowance Level 1 – Low Risk 18,297,145 1.86 % 340,643 Level 2 – Medium Risk 8,271,558 7.10 % 587,281 Level 3 – High Risk 4,608,165 40.45 % 1,864,016 Level 4 – High Risk 5,840,519 73.02 % 4,264,740 Total 37,017,387 19.06 % 7,056,680 |
Schedule of loans and financial leases by type of collateral | December 31, 2021 Amount Covered by Collateral In Millions of COP Financial Small Nature of the Collateral Commercial Consumer Mortgage Leasing Business Total Real Estate and Residential 25,087,070 1,700,588 28,131,226 132 408,974 55,327,990 Goods Given in Real Estate Leasing - - 200 15,868,852 - 15,869,052 Goods Given in Leasing Other Than Real Estate - 54 - 6,168,941 - 6,168,995 Stand by Letters of Credit 632,108 - - - - 632,108 Security Deposits 427,921 348,964 - - 104,061 880,946 Guarantee Fund 6,190,851 5,642 - 93,877 300,679 6,591,049 Sovereign of the Nation - - - - - - Collection Rights 5,389,352 38,094 - - 613 5,428,059 Other Collateral (Pledges) 3,412,129 6,707,149 97,455 - 3,614 10,220,347 Without Guarantee (Uncovered Balance) 73,772,412 39,562,549 2,417,906 2,987,826 464,244 119,204,937 Total loans and financial leases 114,911,843 48,363,040 30,646,787 25,119,628 1,282,185 220,323,483 December 31, 2020 Amount Covered by Collateral In Millions of COP Financial Small Nature of the Collateral Commercial Consumer Mortgage Leasing Business Total Real Estate and Residential 20,197,850 1,625,193 23,877,715 - 239,737 45,940,495 Goods Given in Real Estate Leasing - - 220 14,946,258 - 14,946,478 Goods Given in Leasing Other Than Real Estate - - - 5,647,128 - 5,647,128 Stand by Letters of Credit 533,921 202 - - - 534,123 Security Deposits 257,602 328,212 - - 34,950 620,764 Guarantee Fund 4,894,425 5,796 - 100,402 355,760 5,356,383 Sovereign of the Nation - - - - - - Collection Rights 4,323,241 36,910 - - 742 4,360,893 Other Collateral (Pledges) 2,775,786 5,131,570 41,429 133 4,399 7,953,317 Without Guarantee (Uncovered Balance) 65,676,462 33,928,056 2,039,748 3,809,396 596,487 106,050,149 Total loans and financial leases 98,659,287 41,055,939 25,959,112 24,503,317 1,232,075 191,409,730 |
Schedule of financial assets that are classified in Stage 3 | December 31, 2021 In Millions of COP Classification Amount Allowance Total Fair Value of Collateral Commercial 725,212 300,688 424,524 2,290,284 Consumer Mortgage 158,328 39,827 118,501 197,339 Small Business Loans Financial Leases 812,927 292,016 520,911 1,291,636 Total credit assets 1,696,467 632,531 1,063,936 3,779,259 December 31, 2020 In Millions of COP Classification Amount Allowance Total Fair Value of Collateral Commercial 790,508 275,862 514,646 2,129,688 Consumer Mortgage 181,029 26,572 154,457 220,167 Small Business Loans Financial Leases 1,013,141 286,413 726,728 1,616,142 Total credit assets 1,984,678 588,847 1,395,831 3,965,997 |
Schedule of loans concentration by category | The composition of the credit portfolio in commercial, consumer, mortgage, financial leases and small business loans categories are as follows: Composition December 31, 2021 December 31, 2020 In millions of COP Commercial 114,911,843 98,659,287 Corporate 60,920,083 51,884,404 SME 15,010,566 13,249,336 Others 38,981,194 33,525,547 Consumer 48,363,040 41,055,939 Credit card 8,910,716 7,610,590 Vehicle 4,595,726 3,929,299 Payroll loans 9,307,057 7,879,427 Others 25,549,541 21,636,623 Mortgage 30,646,787 25,959,112 VIS 2 9,286,304 7,384,737 Non- VIS 21,360,483 18,574,375 Financial Leases 25,119,628 24,503,317 Small Business Loans 1,282,185 1,232,075 Loans and advances to customers and financial institutions 220,323,483 191,409,730 Allowance for loans and advances and lease losses (15,864,482) (16,616,043) Total net loan and financial leases 204,459,001 174,793,687 |
Schedule of credit concentration of loans and financial leases by maturity | The following table shows the ranges of maturity for the credit loans and financial leases, according for the remaining term for the completion of the contract of loans and financial leases: December 31, 2021 Between 1 and 5 Between 5 and 15 Greater Than 15 Maturity Less Than 1 Year Years Years Years Total In millions of COP Commercial 34,695,533 46,230,960 32,314,993 1,670,357 114,911,843 Corporate 17,124,666 22,523,964 19,979,836 1,291,617 60,920,083 SME 3,946,269 8,296,746 2,425,844 341,707 15,010,566 Others 13,624,598 15,410,250 9,909,313 37,033 38,981,194 Consumer 1,066,641 28,018,402 15,283,421 3,994,576 48,363,040 Credit card 328,066 7,500,460 992,408 89,782 8,910,716 Vehicle 48,381 2,048,490 1,905,002 593,853 4,595,726 Order of payment 54,864 1,407,000 5,005,482 2,839,711 9,307,057 Others 635,330 17,062,452 7,380,529 471,230 25,549,541 Mortgage 70,037 1,027,396 7,950,061 21,599,293 30,646,787 VIS 18,566 231,344 1,691,105 7,345,289 9,286,304 Non-VIS 51,471 796,052 6,258,956 14,254,004 21,360,483 Financial Leases 1,727,484 7,121,356 13,160,512 3,110,276 25,119,628 Small business loans 183,156 644,545 205,482 249,002 1,282,185 Total gross loans and financial leases 37,742,851 83,042,659 68,914,469 30,623,504 220,323,483 December 31, 2020 Between 1 and 5 Between 5 and 15 Greater Than 15 Maturity Less Than 1 Year Years Years Years Total In millions of COP Commercial 28,123,513 41,771,863 28,572,265 191,646 98,659,287 Corporate 13,684,065 20,537,590 17,508,451 154,298 51,884,404 SME 3,391,411 7,109,643 2,728,364 19,918 13,249,336 Others 11,048,037 14,124,630 8,335,450 17,430 33,525,547 Consumer 765,768 20,447,636 19,167,121 675,414 41,055,939 Credit card 136,020 2,239,661 5,234,909 - 7,610,590 Vehicle 59,748 1,869,431 1,999,959 161 3,929,299 Order of payment 56,970 1,727,593 5,765,310 329,554 7,879,427 Others 513,030 14,610,951 6,166,943 345,699 21,636,623 Mortgage 50,830 722,804 8,468,455 16,717,023 25,959,112 VIS 9,161 182,405 1,599,498 5,593,673 7,384,737 Non-VIS 41,669 540,399 6,868,957 11,123,350 18,574,375 Financial Leases 1,471,148 6,626,997 13,933,395 2,471,777 24,503,317 Small business loans 215,420 792,563 223,323 769 1,232,075 Total gross loans and financial leases 30,626,679 70,361,863 70,364,559 20,056,629 191,409,730 2 VIS: Social Interest Homes, corresponds to mortgage loans granted by the financial institutions of amounts less than 135 minimum wages. |
Schedule of credit concentration of loans and financial leases by past due days | The following table shows the loans and financial leases according to past due days. Loans or financial leases are considered past due if it is more than one month overdue (i.e. 31 days): December 31, 2021 Past-due More Than 360 Period 0 - 30 Days 31 - 90 Days 91 - 120 Days 121 - 360 Days Days Total In millions of COP Commercial 110,548,513 378,809 170,053 691,471 3,122,997 114,911,843 Consumer 45,641,310 1,192,401 340,202 974,325 214,802 48,363,040 Mortgage 28,795,705 694,085 99,448 250,893 806,656 30,646,787 Financial Leases 24,200,502 136,901 30,788 141,589 609,848 25,119,628 Small Business Loans 1,117,423 50,744 8,999 55,434 49,585 1,282,185 Total 210,303,453 2,452,940 649,490 2,113,712 4,803,888 220,323,483 December 31, 2020 Past-due More Than 360 Period 0 - 30 Days 31 - 90 Days 91 - 120 Days 121 - 360 Days Days Total In millions of COP Commercial 93,964,499 442,168 380,250 940,604 2,931,766 98,659,287 Consumer 38,281,594 1,186,264 360,392 1,041,383 186,306 41,055,939 Mortgage 24,476,867 343,553 60,578 233,077 845,037 25,959,112 Financial Leases 23,161,256 161,373 56,704 601,506 522,478 24,503,317 Small Business Loans 1,058,513 44,729 14,062 66,913 47,858 1,232,075 Total 180,942,729 2,178,087 871,986 2,883,483 4,533,445 191,409,730 |
Schedule of credit concentration of loans and financial leases by economic sector | The following table contains the detail of the portfolio of loans and financial leases by main economic activity of the borrower: December 31, 2021 Economic sector Loans and advances Local Foreign Total In millions of COP Agriculture 4,651,163 2,336,176 6,987,339 Petroleum and Mining Products 645,145 57,420 702,565 Food, Beverages and Tobacco 7,870,572 295,771 8,166,343 Chemical Production 3,871,876 96,760 3,968,636 Government 6,012,867 96,458 6,109,325 Construction 16,618,406 6,988,228 23,606,634 Commerce and Tourism 20,662,350 6,971,109 27,633,459 Transport and Communications 9,233,456 255,060 9,488,516 Public Services 6,096,804 1,626,642 7,723,446 Consumer Services 50,300,516 30,284,100 80,584,616 Commercial Services 20,328,600 12,226,246 32,554,846 Other Industries and Manufactured Products 7,894,237 4,903,521 12,797,758 Total 154,185,992 66,137,491 220,323,483 December 31, 2020 Economic sector Loans and advances Local Foreign Total In millions of COP Agriculture 4,045,683 1,913,513 5,959,196 Petroleum and Mining Products 533,665 88,598 622,263 Food, Beverages and Tobacco 7,217,056 420,145 7,637,201 Chemical Production 3,612,279 68,406 3,680,685 Government 5,584,177 82,377 5,666,554 Construction 13,885,112 6,387,823 20,272,935 Commerce and Tourism 18,290,824 8,413,363 26,704,187 Transport and Communications 8,511,251 437,685 8,948,936 Public Services 5,444,056 1,154,961 6,599,017 Consumer Services 43,873,694 24,899,809 68,773,503 Commercial Services 18,808,277 7,160,887 25,969,164 Other Industries and Manufactured Products 6,641,593 3,934,496 10,576,089 Total 136,447,667 54,962,063 191,409,730 |
Schedule of credit concentration of loans and financial leases by country | The following table shows the concentration of the loans and financial leases by country. Loans are presented based on the country in wich they were originated: December 31, 2021 Allowance for loans and Country Loans and advances % Participation advances and lease losses % Participation Colombia 150,253,740 68.20 % (12,089,509) 76.20 % Panama 39,523,944 17.94 % (2,213,859) 13.95 % El Salvador 14,179,860 6.44 % (676,827) 4.27 % Puerto Rico 903,270 0.41 % (60,475) 0.38 % Guatemala 15,453,481 7.01 % (823,258) 5.19 % Other Countries 9,188 0.00 % (554) 0.00 % Total 220,323,483 100.00 % (15,864,482) 100.00 % December 31, 2020 Allowance for loans and Country Loans and advances % Participation advances and lease losses % Participation Colombia 134,068,265 70.04 % (13,089,744) 78.78 % Panama 32,468,343 16.96 % (1,847,754) 11.12 % El Salvador 11,665,440 6.09 % (729,275) 4.39 % Puerto Rico 886,069 0.46 % (48,596) 0.29 % Guatemala 12,314,524 6.44 % (900,125) 5.42 % Other Countries 7,089 0.01 % (549) 0.00 % Total 191,409,730 100.00 % (16,616,043) 100.00 % |
Schedule of information about credit quality of the borrower | The following table shows information about credit quality of the borrower: December 31 2021 Classification Stage 1 Stage 2 Stage 3 Total In millions of COP Commercial 97,000,580 8,335,781 9,575,482 114,911,843 Consumer 41,773,555 3,927,387 2,662,098 48,363,040 Mortgage 25,447,635 3,654,710 1,544,442 30,646,787 Small Business Loans 950,991 183,693 147,501 1,282,185 Financial Leases 19,927,472 3,198,182 1,993,974 25,119,628 Loans and Advances 185,100,233 19,299,753 15,923,497 220,323,483 December 31 2020 Classification Stage 1 Stage 2 Stage 3 Total In millions of COP Commercial 80,863,445 8,203,659 9,592,183 98,659,287 Consumer 33,766,023 4,599,535 2,690,381 41,055,939 Mortgage 21,676,563 3,093,690 1,188,859 25,959,112 Small Business Loans 965,822 109,655 156,598 1,232,075 Financial Leases 18,981,176 2,772,129 2,750,012 24,503,317 Loans and Advances 156,253,029 18,778,668 16,378,033 191,409,730 |
Schedule of Stage 3 loans and advances according to their type of evaluation | The table below shows Stage 3 loans and advances according to their type of evaluation: December 31 2021 Impairment Individual Evaluation Collective Evaluation Carrying Amount ECL Carrying Amount ECL In millions of COP Commercial 6,701,278 3,730,093 2,874,204 2,419,285 Consumer - - 2,662,098 2,102,473 Mortgage - - 1,544,442 659,348 Financial Leases 1,046,248 680,702 (898,747) 383,262 Small Business Loan - - 1,993,974 110,967 Total 7,747,526 4,410,795 8,175,971 5,675,335 December 31 2020 Impairment Individual Evaluation Collective Evaluation Carrying Amount ECL Carrying Amount ECL In millions of COP Commercial 6,050,143 3,090,340 3,542,040 2,609,212 Consumer - - 2,690,381 2,351,691 Mortgage - - 1,188,859 639,875 Financial Leases 1,543,691 1,053,567 1,206,321 427,945 Small Business Loan - - 156,598 122,353 Total 7,593,834 4,143,907 8,784,199 6,151,076 |
Schedule of changes in the expected credit losses for each methodology | The Bank has estimated the impact on the expected credit loss (ECL) assuming the forward-looking scenarios (e.g. optimistic and pessimistic) were weighted 100% instead of applying scenario probability weights across the two scenarios. The table below shows the impact on the expected credit loss (ECL) for each methodology: December 31, 2021 Optimistic Pessimistic Optimistic Pessimistic In millions of COP Collective methodology (179,919) 166,619 (819,971) 625,161 Collateral methodology (405,438) 822,293 (314,094) 1,071,738 Individual methodology* (146,251) 151,972 (134,434) 130,160 Total (731,608) 1,140,884 (1,268,499) 1,827,059 *For individual methodology, the applied scenarios are the base in the optimistic scenario and the alternative in the pessimistic scenario with a weighting of 100% each. |
Schedule of credit quality analysis of the Group | Credit Quality Analysis of the Group Debt instruments Equity Derivatives (1) 2021 2020 2021 2020 2021 2020 Maximum Exposure to Credit Risk Low Risk 24,183,394 25,567,960 256,916 274,916 1,047,939 1,078,261 Medium Risk 2,730,400 2,092,898 33,627 1,590 38,521 3,380 High Risk 1,920,034 1,343,064 12,526 5,767 3,661 1,207 Without Rating - - 177,084 305,934 - 10,509 Total 28,833,828 29,003,922 480,153 588,207 1,090,121 1,093,357 (1) For derivatives transactions counterparty risk is disclosed as long as the valuation is positive. Therefore, the value described here differs from the book value. |
Schedule of maximum exposure level to the credit risk | Maximum Exposure Collateral* Net Exposure 2021 2020 2021 2020 2021 2020 Maximum Exposure to Credit Risk Debt instruments 28,833,828 29,003,922 (1,214,692) (2,529,943) 27,619,136 26,473,979 Derivatives ** 1,090,121 1,093,357 (87) (136) 1,090,034 1,093,221 Equity 480,153 588,207 - - 480,153 588,207 Total 30,404,102 30,685,486 (1,214,779) (2,530,079) 29,189,323 28,155,407 See Notes on this table: * Collateral Held (-) and Collateral Pledged (+) ** Exposure in Derivatives with base in MTM (only positive values), netting by counterparty is applied * Debt instruments Book value 100% * Equity Instruments: Shares:100% Investment funds: Book value 100% |
Schedule of individual evaluation of impairment at the end of the period for other financial instruments | Debt instruments Exposure Impairment Final Exposure 2021 2020 2021 2020 2021 2020 Maximum Exposure to Credit Risk Fair Value 15,036,467 15,571,214 - - 15,036,467 15,571,213 Amortized Cost 13,797,361 13,432,708 27,923 42,371 13,769,438 13,390,337 Total 28,833,828 29,003,922 27,923 42,371 28,805,905 28,961,550 Equity Exposure Impairment Final Exposure 2021 2020 2021 2020 2021 2020 Maximum Exposure to Credit Risk Fair Value through profit or loss 85,244 69,426 - - 85,244 69,426 Fair Value through OCI 394,909 518,781 - - 394,909 518,781 Total 480,153 588,207 - - 480,153 588,207 |
Schedule of level of collateral held | ● Level of collateral held: Collateral* Main type of collateral 2021 2020 2021 2020 Maximum Exposure to Credit Risk Debt Securities (1,214,692) (2,529,943) Government bonds (TES) Government bonds (TES) Derivatives (87) (136) Cash Cash Equity - - Total (1,214,779) (2,530,079) See Notes on this table: * Collateral Held (-) and Collateral Pledged (+) |
Schedule of risk exposure by economic sector and risk region | Debt instruments Equity Derivative 2021 2020 2021 2020 2021 2020 Maximum Exposure to Credit Risk Sector Concentration Corporate 3,149,784 4,731,926 248,457 419,236 224,762 527,599 Financial 4,437,972 1,717,723 199,500 87,044 511,994 546,356 Government 21,246,072 22,554,273 - - - - Funds ETF - - 32,196 81,927 353,365 19,402 Total 28,833,828 29,003,922 480,153 588,207 1,090,121 1,093,357 Concentration by Region North America 5,275,608 5,195,358 1,806 2 67,379 34,164 Latin America 23,457,650 23,443,701 443,390 538,676 352,541 600,339 Europe - 109,161 - - 306,683 458,854 Others (Includes Funds and ETF) 100,570 255,702 34,957 49,529 363,518 - Total 28,833,828 29,003,922 480,153 588,207 1,090,121 1,093,357 |
Schedule of risk exposure by credit rating | Other financial instruments 2021 2020 Maximum Exposure to Credit Risk Sovereign Risk 11,714,435 9,964,881 AAA 6,566,489 9,645,217 AA+ 3,068,211 1,781,437 AA 103,626 153,263 AA- 23,858 450,328 A+ 441,670 803,321 A 84,104 676,205 A- 661,994 307,795 BBB+ 560,987 659,735 BBB 307,309 1,424,257 BBB- 1,955,566 1,054,698 Other 4,738,768 3,447,906 Not rated 177,085 316,443 Total 30,404,102 30,685,486 |
Summary of interest rate risk | Modified Duration Changes in Interest Rates (bps) Zone Band Lower Limit Upper Limit Legal Currency UVR Foreign Currency 1 0 0.08 274 274 100 Zone 1 2 0.08 0.25 268 274 100 3 0.25 0.5 259 274 100 4 0.5 1 233 274 100 5 1 1.9 222 250 90 Zone 2 6 1.9 2.8 222 250 80 7 2.8 3.6 211 220 75 8 3.6 4.3 211 220 75 9 4.3 5.7 172 200 70 10 5.7 7.3 162 170 65 Zone 3 11 7.3 9.3 162 170 60 12 9.3 10.6 162 170 60 13 10.6 12 162 170 60 14 12 20 162 170 60 15 20 162 170 60 |
Summary of sensitivity factor by currency | Currency Sensitivity Factor United States Dollar 12.49 % Euro 11.00 % Other currencies 13.02 % Equity and Fund Risk 14.70 % |
Schedule of total change on market risk and every risk factor | The following table presents the total change on market risk and every risk factor. December 2021 In millions of COP Factor December 31 Average Maximum Minimum Interest Rate 403,556 407,530 450,774 347,163 Exchange Rate 88,477 82,247 98,848 63,375 Share Price 99,895 96,543 103,187 91,944 Collective Portfolios 225,373 221,810 225,892 216,153 Total Value at Risk 817,301 808,130 862,101 743,910 December 2020 In millions of COP Factor December 31 Average Maximum Minimum Interest Rate 402,882 340,886 402,882 286,283 Exchange Rate 95,926 421,716 1,344,673 54,056 Share Price 98,131 99,033 130,654 89,564 Collective Portfolios 214,308 214,415 218,487 208,928 Total Value at Risk 811,247 1,076,050 1,974,758 673,680 |
Schedule of interest rate risk sensitivity in local currency | The chart below provides information about Bancolombia’s interest rate risk sensitivity in local currency (COP) at December 31, 2021 and December 31, 2020: December 31, 2021 December 31, 2020 In millions of COP Assets sensitivity 100 bps 859,122 759,905 Liabilities sensitivity 100 bps 419,027 399,109 Net interest income sensitivity 100 bps 440,095 360,796 The chart below provides information about Bancolombia’s interest rate risk sensitivity in foreign currency (US dollars) at December 31, 2020 and December 31, 2019: December 31, 2021 December 31, 2020 In Thousands of USD Assets sensitivity 100 bps 77,106 68,577 Liabilities sensitivity 100 bps 55,786 58,009 Net interest income sensitivity 100 bps 21,320 10,568 |
Schedule of equity risk exposure | December 31, 2021 December 31, 2020 Fair Value 49,925 40,502 Delta 14.70 % 14.70 % Sensitivity 7,339 5,954 |
Schedule of liquidity coverage ratio | Liquidity Coverage Ratio December 31, 2021 December 31, 2020 Net cash outflows into 30 days** 15,897,163 14,073,878 Liquid Assets 44,198,889 37,757,819 Liquidity coverage ratio* 278.03 % 268.28 % * The minimum level required of the liquidity coverage ratio by the legal norm is 100%. ** Net cash outflows into 30 days: |
Schedule of liquid assets held by Banks | Liquid Assets (1) December 31, 2021 December 31, 2020 High quality liquid assets* Cash 22,641,516 18,356,375 High quality liquid securities 18,258,002 16,729,107 Other Liquid Assets Other securities** 3,299,371 2,672,337 Total Liquid Assets 44,198,889 37,757,819 (1) Cash and those liquid assets received by the Central Bank for its operations expansion and monetary contraction are the assets with highest liquidity. Liquid assets are adjusted by a haircut. The following are considered as liquid assets: cash, repos held for trading and investments held for trading in listed shares in Colombia’s stock exchange, in investment funds units or in other trading debt instruments. * High-quality liquid assets : ** Other Securities : |
Schedule of contractual maturities of financial assets | The tables below set out the remaining contractual maturities of principal and interest balances of the Group’s financial assets: Contractual maturities of financial assets December 31, 2021 Financial Assets 0 - 1 Year 1 - 3 Years 3 - 5 Years More than 5 years Cash and balances with central bank 23,147,676 - - - Interbank borrowings - Repurchase agreements 2,815,395 16,009 - - Financial assets investments 12,928,653 12,045,202 3,367,322 3,776,184 Loans and advances to customers 79,699,695 77,406,800 48,316,830 82,004,125 Derivative financial instruments 7,113,744 2,996,618 1,423,639 1,150,230 Total financial assets 125,705,163 92,464,629 53,107,791 86,930,539 Contractual maturities of financial assets December 31, 2020 Financial Assets 0 - 1 Year 1 - 3 Years 3 - 5 Years More than 5 years Cash and balances with central bank 20,185,074 - - - Interbank borrowings - Repurchase agreements 3,749,640 35,310 - - Financial assets investments 12,991,981 10,019,356 3,898,989 4,062,918 Loans and advances to customers 65,699,670 65,425,431 41,214,446 67,751,331 Derivative financial instruments 6,340,313 2,516,756 799,226 976,658 Total financial assets 108,966,678 77,996,853 45,912,661 72,790,907 |
Schedule of contractual maturities of financial liabilities | The tables below set out the remaining contractual maturities of principal and interest balances of the Bank’s financial liabilities: Contractual maturities of financial liabilities December 31, 2021 Financial Liabilities 0 - 1 Year 1 - 3 Years 3 - 5 Years More than 5 years Demand deposit from customers 147,346,348 - - - Time deposits from customers 43,981,065 12,910,755 3,380,419 3,652,367 Interbank deposits-Repurchase agreements 1,613,808 7,241 - - Borrowings from other financial institutions 9,047,192 4,500,806 2,171,491 1,298,168 Debt securities in issue 6,772,372 4,958,788 5,917,577 9,021,223 Derivative financial instruments 6,946,974 2,898,219 1,714,709 1,857,768 Total financial liabilities 215,707,759 25,275,809 13,184,196 15,829,526 Contractual maturities of financial liabilities December 31, 2020 Financial Liabilities 0 - 1 Year 1 - 3 Years 3 - 5 Years More than 5 years Demand deposit from customers 118,041,884 - - - Time deposits from customers 43,948,183 12,555,125 5,563,309 1,345,843 Interbank deposits-Repurchase agreements 2,937,007 38,892 - - Borrowings from other financial institutions 5,021,402 3,353,845 2,169,508 1,282,177 Debt securities in issue 1,684,715 6,932,978 6,261,008 7,950,753 Derivative financial instruments 6,090,360 2,353,515 760,880 1,096,024 Total financial liabilities 177,723,551 25,234,355 14,754,705 11,674,797 |
Schedule of contractual maturities of financial guarantees | The tables below set out the remaining contractual maturities of the Group’s financial guarantees December 31, 2021 0 - 1 Year 1 - 3 Years 3 - 5 Years More than 5 years In millions of COP Financial guarantees 7,287,923 1,513,774 84,273 150,494 December 31, 2020 0 - 1 Year 1 - 3 Years 3 - 5 Years More than 5 years In millions of COP Financial guarantees 3,917,713 3,568,858 42,788 144,157 |
Schedule of financial instruments which have yet to transition to alternative benchmark rate | December 31, 2020 In millions of COP USD LIBOR 1 Assets Loans 16,144,745 Bonds 522,796 Derivatives 124,822 Total Assets 16,792,363 Liabilities Loans 5,526,743 Term deposits 3,168 Total Liabilities 5,529,911 1 December 31, 2021 In millions of COP USD LIBOR 1 Assets Loans 24,077,401 Bonds 954,238 Derivatives 170,402 Total Assets 25,202,041 Liabilities Loans 4,123,825 Term deposits 11,700 Total Liabilities 4,135,525 1 |
Summary of regulatory capital and capital adequacy ratios | Technical Capital Asof December 31, 2021 December 31, 2020 In millions of COP Primary capital (Tier I) 25,513,812 20,824,348 Additional primary capital - - Secondary capital (Tier II) 7,635,894 6,494,242 Technical capital deductions 14,599 14,231 Technical capital 33,135,107 27,304,359 Risk-weighted assets (RWA) 189,235,497 161,376,984 Market risk 8,685,251 8,570,279 Operational risk 16,035,309 15,268,313 Leverage level 304,076,581 264,425,656 Leverage level to RWA and others 8.39 % 7.88 % Primary capital to RWA (Tier I) 11.92 % 11.24 % Combined capital buffers 7.42 % 6.74 % Secondary capital to RWA (Tier II) 11.92 % 11.24 % Technical capital to RWA 15.49 % 14.74 % |
Guatemala | |
RISK MANAGEMENT | |
Schedule of changes in the expected credit losses sensitivity analysis | The change in the expected credit losses (ECL) at 31 of December 2021, as a result of a possible positive or negative 1% change in those variables were assessed based on the assumptions used to calculate the ECL for each of the scenarios: base, optimistic and pessimistic, as following: Fiscal Budget Balance – Current account deficit – Inflation – Interest Rate In Millions of COP [+1%] Unchanged [-1%] [+1%] (226,212) (102,482) 27,251 GDP Growth Unchanged (123,730) - 129,733 [-1%] (3,241) 120,489 250,222 |
Commercial and financial leases | |
RISK MANAGEMENT | |
Summary of portfolio variables | Segment Incomes/Sales Corporate Companies with annual sales >= COP 100,000 M. Banistmo places borrowers with annual sales >= USD 10 M. Banco Agrícola and BAM place borrowers with annual sales >= USD 25 M. Business Companies with annual sales > = COP 13,000 M and < COP 100,000 M. For Banco Agrícola and BAM, borrowers with annual sales >= USD 5 M and < USD 25 M. Commercial For BAM, companies with annual sales >= USD 2 M y < USD 5 M. Business Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity, with annual sales >= COP 20,000 M and <= COP 45,000 M. They must have more than 3 projects executed as previous experience. Corporate Construction Constructors who dedicate themselves to the construction of buildings to be sold or rented as their main activity, with annual sales > COP 45,000 M. They must have more than 3 projects executed as previous experience. SME Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity with annual sales >= COP 380 M and <= COP 20,000 M. They must have more than 3 projects executed as previous experience. Institutional Financing Financial sector institutions. Government Municipalities, districts, departments with their respective decentralized organizations and entities at the national level with incomes >= COP 20,000 M. SME Annual sales < COP 13,000 M, with a classification between small, medium, large and plus except for Banistmo which places borrowers < USD 10 M in annual sales. For Banco Agrícola, borrowers with annual sales < USD 5 M and BAM, borrowers with annual sales < USD 2 M. |
SUBSEQUENT EVENTS (Tables)
SUBSEQUENT EVENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SUBSEQUENT EVENTS | |
Schedule of estimated fair value of assets acquired and liabilities assumed | The estimate of the fair value of the assets acquired and liabilities assumed was based on information available as of March 1, 2022. The Bank considers that this information provides a reasonable basis for determining fair values: In millions of COP Purchase Price Allocation: Purchase price on June 9, 2021 56,968 Non-controlling interest at fair value 1,166 TOTAL 58,134 Fair value of net assets acquired: Assets Cash and cash equivalents 799 Accounts receivable 299 Premises and equipment, net 3 Investment property 60,849 Other assets 79 Total assets 62,029 Liability Accounts payable 1,080 Deferred tax 283 Other liabilities 99 Total liabilities 1,462 Fair value of net assets acquired 60,567 Gain from a bargain purchase 2,433 |
REPORTING ENTITY - Business acq
REPORTING ENTITY - Business acquisitions and divestures (Details) $ in Millions | 1 Months Ended | ||||
Jul. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2021USD ($) | Sep. 29, 2020USD ($) | Sep. 29, 2020COP ($) | |
Arrendamiento Operativo CIB SAC - Renting Peru | |||||
REPORTING ENTITY | |||||
Percentage of ownership interests sold | 100.00% | ||||
FiduPeru S.A. | |||||
REPORTING ENTITY | |||||
Percentage of ownership interests sold | 100.00% | ||||
Bancolombia Capital Holdings USA LLC, Bancolombia Capital LLC, and Bancolombia Capital Advisers LLC | |||||
The effect on shareholders' equity | |||||
Capital | $ 1,500 | ||||
Grupo Agromercantil Holding (GAH) | |||||
REPORTING ENTITY | |||||
Percentage of common stock acquired | 40.00% | 40.00% | |||
Purchase price | $ 289,144,606 | $ 1,117,680 | |||
The effect on shareholders' equity | |||||
Consideration paid to non-controlling interests | 1,117,680 | ||||
Carrying amount of non-controlling interests acquired | 913,193 | ||||
Excess of consideration paid recognized in the transactions with non-controlling interests reserve within equity | $ 204,487 |
REPORTING ENTITY - Bancolombia
REPORTING ENTITY - Bancolombia Cayman winding down of operations (Details) - COP ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Bancolombia Cayman S.A. | ||
REPORTING ENTITY | ||
Loans and advances to customers, net | $ 8,634 | $ 6,539 |
Debt investments | 189,220 | 241,154 |
Cash and cash equivalents | 50,733 | 170,454 |
Other assets, net | 609 | 622 |
Deposits by customers | 155,827 | 282,405 |
Other liabilities | 507 | 4,411 |
Net income | 4,561 | 4,454 |
Deposits by banks | 16,848 | |
Guarantees, pledges or commitments | 0 | |
Mercom Bank Ltd. | ||
REPORTING ENTITY | ||
Loans and advances to customers, net | 1,159,308 | 1,360,670 |
Debt investments | 381,847 | 531,419 |
Cash and cash equivalents | 1,133,518 | 696,452 |
Other assets, net | 8,316 | 13,801 |
Deposits by customers | 2,440,882 | 2,423,054 |
Other liabilities | 2,919 | 4,518 |
Net income | $ 56,314 | 13,039 |
Financial obligations | $ 9,171 | |
Nequi | ||
REPORTING ENTITY | ||
Percentage of operations to be operated as a digital bank | 100.00% |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Subsidiaries (Details) - COP ($) $ in Millions | Nov. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 29, 2020 |
VLIPCO S.A.S. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Proportion of ownership interest and voting power held by the Bank | 94.77% | ||||
Number of shares acquired | 91,791 | ||||
Value of shares acquired | $ 9,474 | ||||
Percentage of common stock acquired | 94.77% | ||||
Percentage of Ownership interest | 47.40% | ||||
Fiduciaria Bancolombia S.A. Sociedad Fiduciaria | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Trust | ||||
Proportion of ownership interest and voting power held by the Bank | 98.81% | 98.81% | 98.81% | ||
Banca de Inversion Bancolombia S.A. Corporacion Financiera | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Investment banking | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 100.00% | ||
Valores Bancolombia S.A. Comisionista de Bolsa | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Securities brokerage | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 100.00% | ||
VLIPCO S.A.S. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Technology services provider | ||||
Proportion of ownership interest and voting power held by the Bank | 94.77% | ||||
Renting Colombia S.A.S. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Operating leasing | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 100.00% | ||
Transportempo S.A.S. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Transportation | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 100.00% | ||
Inversiones CFNS S.A.S. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Investments | ||||
Proportion of ownership interest and voting power held by the Bank | 99.94% | 99.94% | 99.94% | ||
Pasarela Colombia S.A.S. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Payment solutions | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 100.00% | ||
Fondo de Capital Privado Fondo Inmobiliario Colombia | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Real estate investment fund | ||||
Proportion of ownership interest and voting power held by the Bank | 49.96% | 49.96% | 49.96% | ||
P.A. Inmuebles CEM | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Mercantil trust | ||||
Proportion of ownership interest and voting power held by the Bank | 49.96% | 49.96% | |||
P.A. Calle 92 FIC-11 | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Mercantil trust | ||||
Proportion of ownership interest and voting power held by the Bank | 32.47% | 32.47% | |||
P.A. FIC Edificio Corfinsura | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Mercantil trust | ||||
Proportion of ownership interest and voting power held by the Bank | 49.96% | 49.96% | |||
P.A. FIC-A5 | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Mercantil trust | ||||
Proportion of ownership interest and voting power held by the Bank | 49.96% | 49.96% | |||
P.A. FIC Inmuebles | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Mercantil trust | ||||
Proportion of ownership interest and voting power held by the Bank | 49.96% | 49.96% | |||
P.A. FIC Clinica de Prado | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Mercantil trust | ||||
Proportion of ownership interest and voting power held by the Bank | 38.49% | 38.49% | |||
P. A. FIC A6 | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Mercantil trust | ||||
Proportion of ownership interest and voting power held by the Bank | 49.96% | 49.96% | |||
P.A. Central Point | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Mercantil trust | ||||
Proportion of ownership interest and voting power held by the Bank | 37.47% | 37.47% | |||
Fideicomiso Irrevocable de Garantia, Fuente de Pago y Administracion Inmobiliaria Polaris | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Mercantil trust | ||||
Proportion of ownership interest and voting power held by the Bank | 49.96% | 49.96% | |||
P.A. Fideicomiso Twins Bay | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Mercantil trust | ||||
Proportion of ownership interest and voting power held by the Bank | 49.96% | 49.96% | |||
Fideicomiso Lote Av San Martin | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Mercantil trust | ||||
Proportion of ownership interest and voting power held by the Bank | 49.96% | 49.96% | |||
P.A. Fideicomiso Lote 30 | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Mercantil trust | ||||
Proportion of ownership interest and voting power held by the Bank | 49.96% | 49.96% | |||
Fideicomiso Fondo Inmobiliario Bancolombia | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Mercantil trust | ||||
Proportion of ownership interest and voting power held by the Bank | 17.54% | ||||
Valores Simesa S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Investments | ||||
Proportion of ownership interest and voting power held by the Bank | 66.82% | 67.11% | 67.11% | ||
Fideicomiso Lote Abelardo Castro | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Mercantil trust | ||||
Proportion of ownership interest and voting power held by the Bank | 66.77% | 66.77% | |||
Fideicomiso Lote Distrito Vera B1B2 | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Mercantil trust | ||||
Proportion of ownership interest and voting power held by the Bank | 66.49% | 66.77% | 66.77% | ||
Fideicomiso Lote Distrito Vera B3B4 | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Colombia | ||||
Business | Mercantil trust | ||||
Proportion of ownership interest and voting power held by the Bank | 66.49% | 66.77% | 66.77% | ||
Bancolombia Panama S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Panama | ||||
Business | Banking | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 100.00% | ||
Sistemas de Inversiones y Negocios S.A. Sinesa | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Panama | ||||
Business | Investments | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 100.00% | ||
Banagricola S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Panama | ||||
Business | Investments | ||||
Proportion of ownership interest and voting power held by the Bank | 99.17% | 99.17% | 99.17% | ||
Banistmo S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Panama | ||||
Business | Banking | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 100.00% | ||
Banistmo Investment Corporation S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Panama | ||||
Business | Trust | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 100.00% | ||
Financomer S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Panama | ||||
Business | Financial services | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | |||
Leasing Banistmo S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Panama | ||||
Business | Leasing | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 100.00% | ||
Valores Banistmo S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Panama | ||||
Business | Securities brokerage | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 100.00% | ||
Banistmo Panama Fondo de Inversion SA | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Panama | ||||
Business | Holding | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 100.00% | ||
Suvalor Renta Fija Internacional Corto Plazo S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Panama | ||||
Business | Collective investment fund | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 100.00% | ||
Fondo Renta Sostenible Global S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Panama | ||||
Business | Collective investment fund | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 100.00% | ||
Banistmo Capital Markets Group Inc. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Panama | ||||
Business | Purchase and sale of securities | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 100.00% | ||
Anavi Investment Corporation S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Panama | ||||
Business | Real estate | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 100.00% | ||
Desarrollo de Oriente S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Panama | ||||
Business | Real estate | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 100.00% | ||
Steens Enterprises S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Panama | ||||
Business | Portfolio holder | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 100.00% | ||
Ordway Holdings S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Panama | ||||
Business | Real estate broker | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 100.00% | ||
Grupo Agromercantil Holding S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Panama | ||||
Business | Holding | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 60.00% | ||
Percentage of common stock acquired | 40.00% | ||||
Banco Agromercantil de Guatemala S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Guatemala | ||||
Business | Banking | ||||
Proportion of ownership interest and voting power held by the Bank | 99.66% | 99.59% | 59.72% | ||
Seguros Agromercantil de Guatemala S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Guatemala | ||||
Business | Insurance agency | ||||
Proportion of ownership interest and voting power held by the Bank | 79.92% | 79.90% | 47.93% | ||
Financiera Agromercantil S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Guatemala | ||||
Business | Financial services | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 60.00% | ||
Agrovalores S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Guatemala | ||||
Business | Securities brokerage | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 60.00% | ||
Arrendadora Agromercantil S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Guatemala | ||||
Business | Operating Leasing | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 60.00% | ||
Agencia de Seguros y Fianzas Agromercantil S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Guatemala | ||||
Business | Insurance agency | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 60.00% | ||
Asistencia y Ajustes S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Guatemala | ||||
Business | Services | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 60.00% | ||
Serproba S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Guatemala | ||||
Business | Maintenance and remodelling services | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 60.00% | ||
Servicios de Formalizacion S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Guatemala | ||||
Business | Loans formalization | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 60.00% | ||
Conserjeria, Mantenimiento y Mensajeria S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Guatemala | ||||
Business | Maintenance services | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 60.00% | ||
Mercom Bank Ltd. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Barbados | ||||
Business | Banking | ||||
Proportion of ownership interest and voting power held by the Bank | 99.66% | 99.59% | 59.72% | ||
New Alma Enterprises Ltd. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Bahamas | ||||
Business | Investments | ||||
Proportion of ownership interest and voting power held by the Bank | 99.66% | 99.59% | 59.72% | ||
Bancolombia Puerto Rico Internacional Inc. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Puerto Rico | ||||
Business | Banking | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 100.00% | ||
Bancolombia Cayman S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Cayman Islands | ||||
Business | Banking | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | 100.00% | 100.00% | ||
Banco Agricola S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | El Salvador | ||||
Business | Banking | ||||
Proportion of ownership interest and voting power held by the Bank | 97.36% | 97.36% | 97.36% | ||
Arrendadora Financiera S.A. Arfinsa | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | El Salvador | ||||
Business | Leasing | ||||
Proportion of ownership interest and voting power held by the Bank | 97.37% | 97.37% | 97.37% | ||
Credibac S.A. de C.V. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | El Salvador | ||||
Business | Credit card services | ||||
Proportion of ownership interest and voting power held by the Bank | 97.36% | 97.36% | 97.36% | ||
Valores Banagricola S.A. de C.V. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | El Salvador | ||||
Business | Securities brokerage | ||||
Proportion of ownership interest and voting power held by the Bank | 98.89% | 98.89% | 98.89% | ||
Inversiones Financieras Banco Agricola S.A. IFBA | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | El Salvador | ||||
Business | Investments | ||||
Proportion of ownership interest and voting power held by the Bank | 98.89% | 98.89% | 98.89% | ||
Gestora de Fondos de Inversion Banagricola S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | El Salvador | ||||
Business | Administers investment funds | ||||
Proportion of ownership interest and voting power held by the Bank | 98.89% | 98.89% | 98.89% | ||
Bagricola Costa Rica S.A. | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | Costa Rica | ||||
Business | Outsourcing | ||||
Proportion of ownership interest and voting power held by the Bank | 99.17% | 99.17% | 99.17% | ||
Bancolombia Capital Holdings USA LLC | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | United States | ||||
Business | Holding | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | ||||
Bancolombia Capital Adviser LLC | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | United States | ||||
Business | Investment advisor | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | ||||
Bancolombia Capital LLC | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Jurisdiction of incorporation | United States | ||||
Business | Securities brokerage | ||||
Proportion of ownership interest and voting power held by the Bank | 100.00% | ||||
Banistmo and Bancolombia Panama | |||||
SIGNIFICANT ACCOUNTING POLICIES | |||||
Capital reserve | $ 1,428,964 | $ 1,232,033 |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Funds administration (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fondo de Capital Privado Fondo Inmobiliario Colombia | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Country | Colombia | ||
Percentage of ownership interest in subsidiary | 49.96% | 49.96% | 49.96% |
Assets managed | $ 4,415,509 | $ 4,128,801 | |
Fideicomiso Lote Abelardo Castro | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Country | Colombia | ||
Percentage of ownership interest in subsidiary | 66.77% | 66.77% | |
Assets managed | $ 13,314 | ||
Fideicomiso Lote Distrito Vera B1B2 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Country | Colombia | ||
Percentage of ownership interest in subsidiary | 66.49% | 66.77% | 66.77% |
Assets managed | $ 57,025 | $ 58,459 | |
Fideicomiso Lote Distrito Vera B3B4 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Country | Colombia | ||
Percentage of ownership interest in subsidiary | 66.49% | 66.77% | 66.77% |
Assets managed | $ 54,941 | $ 56,364 | |
Banistmo Panama Fondo de Inversion S.A. | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Country | Panama | ||
Percentage of ownership interest in subsidiary | 100.00% | 100.00% | 100.00% |
Assets managed | $ 414,962 | $ 522,777 |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES - FCP Fondo Inmobiliario Colombia (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
SIGNIFICANT ACCOUNTING POLICIES | ||||
Assets | $ 289,855,048 | $ 255,568,505 | ||
Liabilities | 255,929,590 | 227,453,292 | ||
Condensed statement of income | ||||
Profits of equity method investees | 328,344 | 123,325 | $ 380,599 | |
Expenses | ||||
Net income | 4,207,787 | 315,359 | 3,214,567 | |
Condensed cash flow | ||||
Net cash used in operating activities | 6,095,305 | 11,230,345 | 12,315,612 | |
Net cash provided by financing activities | [1] | (6,809,972) | (4,915,440) | (5,260,692) |
Cash and cash equivalents at beginning of year | 23,701,149 | 23,738,042 | 18,730,810 | |
Cash and cash equivalents at end of year | 25,329,846 | 23,701,149 | 23,738,042 | |
Profit attributable to non-controlling interests | 120,992 | 39,365 | 97,216 | |
Non-controlling interests | $ 1,691,111 | $ 1,569,984 | ||
FCP Fondo Inmobiliario Colombia | ||||
SIGNIFICANT ACCOUNTING POLICIES | ||||
Percentage of non-controlling interest | 50.04% | 50.04% | ||
Amount of return delivered to non-controlling interest | $ 64,717 | $ 43,297 | ||
Assets | 4,415,509 | 4,128,801 | ||
Liabilities | 1,509,275 | 1,450,781 | ||
Net assets | 2,906,234 | 2,678,020 | ||
Condensed statement of income | ||||
Valuation of investment properties | 85,148 | (8,251) | 77,527 | |
Valuation of trust rights | 4 | 52,215 | ||
Rents | 187,194 | 186,528 | 161,263 | |
Profits of equity method investees | 105,439 | 56,116 | 138,100 | |
Other Income | 92,298 | 38,135 | 2,034 | |
Total income | 470,079 | 272,532 | 431,139 | |
Expenses | ||||
Interest on loans | (73,201) | (78,008) | (73,088) | |
Other administrative and general expenses | (212,385) | (141,430) | (170,374) | |
Total Expenses | (285,586) | (219,438) | (243,462) | |
Net income | 184,493 | 53,094 | 187,677 | |
Condensed cash flow | ||||
Net cash used in operating activities | (34,442) | (172,003) | (257,733) | |
Net cash provided by financing activities | 21,882 | 235,214 | 256,787 | |
Cash and cash equivalents at beginning of year | 63,368 | 157 | 1,103 | |
Cash and cash equivalents at end of year | 50,808 | 63,368 | 157 | |
Profit attributable to non-controlling interests | 92,353 | 26,599 | 93,946 | |
Non-controlling interests | $ 1,369,084 | $ 1,340,317 | $ 1,250,131 | |
[1] | For further information about the reconciliation of the balances of liabilities from financing activities, see Note 29 Liabilities from financing activities. |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES - Grupo Agromercantil Holding (Details) $ in Millions, $ in Millions | Sep. 29, 2020 | Feb. 28, 2020 | Dec. 31, 2021COP ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020COP ($) | Dec. 31, 2019COP ($) | |
Condensed statement of income | |||||||
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off-balance sheet credit instruments | $ 11,784,189 | $ 10,825,642 | $ 11,200,890 | ||||
Total fees and commission, net | 3,433,121 | 3,036,828 | 3,025,733 | ||||
Other operating income | 2,022,141 | 1,844,572 | 1,535,247 | ||||
Dividends received and equity method | 108,079 | 14,217 | 84,183 | ||||
Operating expenses | (9,163,253) | (7,995,145) | (8,253,817) | ||||
Income tax | (1,776,225) | 6,586 | (1,262,964) | ||||
Net income | 4,207,787 | 315,359 | 3,214,567 | ||||
Condensed cash flow | |||||||
Net cash used in operating activities | 6,095,305 | 11,230,345 | 12,315,612 | ||||
Net cash provided by investing activities | (650,486) | (7,522,067) | (2,190,832) | ||||
Net cash used in financing activities | [1] | (6,809,972) | (4,915,440) | (5,260,692) | |||
Translation adjustment | 2,993,850 | 1,170,269 | 143,144 | ||||
Cash and cash equivalents at beginning of year | 23,701,149 | 23,738,042 | 18,730,810 | ||||
Cash and cash equivalents at end of year | 25,329,846 | 23,701,149 | 23,738,042 | ||||
Other comprehensive income | |||||||
Investments at fair value through OCI | 52,147 | (94,857) | 43,889 | ||||
Others | (142) | 2,350 | 0 | ||||
Total other comprehensive income | $ 1,814,640 | 442,064 | 127,033 | ||||
Grupo Agromercantil Holding (GAH) | |||||||
SIGNIFICANT ACCOUNTING POLICIES | |||||||
Percentage of ownership interest in subsidiary | 100.00% | ||||||
Percentage of voting equity interests acquired | 40.00% | ||||||
Condensed statement of income | |||||||
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off-balance sheet credit instruments | 218,536 | ||||||
Total fees and commission, net | 132,845 | ||||||
Other operating income | 68,288 | ||||||
Dividends received and equity method | 668 | ||||||
Total operating income, net | 420,337 | ||||||
Operating expenses | (478,133) | ||||||
Income tax | 19,367 | ||||||
Net income | (38,429) | ||||||
Condensed cash flow | |||||||
Net cash used in operating activities | (62,327) | ||||||
Net cash provided by investing activities | 273,604 | ||||||
Net cash used in financing activities | (26,926) | ||||||
Translation adjustment | 12,648 | ||||||
Cash and cash equivalents at beginning of year | 1,697,646 | 1,500,647 | |||||
Cash and cash equivalents at end of year | 1,697,646 | ||||||
Other comprehensive income | |||||||
Investments at fair value through OCI | (3,362) | ||||||
Translation adjustment | 9,281 | ||||||
Others | (8,093) | ||||||
Total other comprehensive income | (2,174) | ||||||
Dividends received | $ 0 | $ 85,297 | $ 31,936 | ||||
Grupo Agromercantil Holding (GAH) | |||||||
SIGNIFICANT ACCOUNTING POLICIES | |||||||
Percentage of voting equity interests acquired | 40.00% | ||||||
BAM Financial Corporation (BFC) | Grupo Agromercantil Holding (GAH) | |||||||
SIGNIFICANT ACCOUNTING POLICIES | |||||||
Proportion of ownership interests held by non-controlling interests | 40.00% | ||||||
[1] | For further information about the reconciliation of the balances of liabilities from financing activities, see Note 29 Liabilities from financing activities. |
SIGNIFICANT ACCOUNTING POLICI_8
SIGNIFICANT ACCOUNTING POLICIES - Exchange rate (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SIGNIFICANT ACCOUNTING POLICIES | |||
Year end exchange rate, U.S. dollar into Colombian pesos | 3,981.16 | 3,432.50 | 3,277.14 |
Average rate for the period ended, U.S. dollar into Colombian pesos | 3,747.24 | 3,691.27 | 3,282.39 |
SIGNIFICANT ACCOUNTING POLICI_9
SIGNIFICANT ACCOUNTING POLICIES - Cure period for assets restructured by risk (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Colombia | SME Commercial | |
SIGNIFICANT ACCOUNTING POLICIES | |
Cure period | 36 months |
Colombia | Mortgages | |
SIGNIFICANT ACCOUNTING POLICIES | |
Cure period | 34 months |
Colombia | Consumer loans | |
SIGNIFICANT ACCOUNTING POLICIES | |
Cure period | 22 months |
Panama | Mortgages | |
SIGNIFICANT ACCOUNTING POLICIES | |
Cure period | 14 months |
Panama | Consumer loans | |
SIGNIFICANT ACCOUNTING POLICIES | |
Cure period | 19 months |
El Salvador | Mortgages | |
SIGNIFICANT ACCOUNTING POLICIES | |
Cure period | 34 months |
El Salvador | Consumer loans | |
SIGNIFICANT ACCOUNTING POLICIES | |
Cure period | 18 months |
El Salvador | Commercial Loans | |
SIGNIFICANT ACCOUNTING POLICIES | |
Cure period | 18 months |
SIGNIFICANT ACCOUNTING POLIC_10
SIGNIFICANT ACCOUNTING POLICIES - Relief in Colombia due to COVID-19 like risk restructuring (Details) - Stage Two - Colombia | 12 Months Ended |
Dec. 31, 2021 | |
SME Commercial | |
SIGNIFICANT ACCOUNTING POLICIES | |
Term of relief granted to clients due to COVID 19 | 12 months |
Mortgages | |
SIGNIFICANT ACCOUNTING POLICIES | |
Term of relief granted to clients due to COVID 19 | 16 months |
Consumer loans | |
SIGNIFICANT ACCOUNTING POLICIES | |
Term of relief granted to clients due to COVID 19 | 12 months |
SIGNIFICANT ACCOUNTING POLIC_11
SIGNIFICANT ACCOUNTING POLICIES - Loans in default (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Stage One | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 84.95% | 82.40% |
Stage Two | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 8.39% | 9.30% |
Stage Two | Threshold | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 40.72% | 31.80% |
Stage Two | Watch list | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 32.73% | 40.70% |
Stage Two | Restructured | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 4.31% | 2.60% |
Stage Two | More Than 30 Days | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 5.66% | 5.40% |
Stage Two | COVID-19 Measures | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 16.58% | 19.60% |
Stage Three | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 6.67% | 8.30% |
Commercial | Stage One | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 84.74% | 82.20% |
Commercial | Stage Two | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 7.28% | 8.10% |
Commercial | Stage Two | Threshold | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 37.67% | 20.80% |
Commercial | Stage Two | Watch list | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 59.77% | 73.80% |
Commercial | Stage Two | Restructured | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 1.00% | 0.80% |
Commercial | Stage Two | More Than 30 Days | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 1.14% | 1.40% |
Commercial | Stage Two | COVID-19 Measures | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 0.42% | 3.20% |
Commercial | Stage Three | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 7.98% | 9.70% |
Consumer | Stage One | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 86.36% | 82.30% |
Consumer | Stage Two | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 8.52% | 11.00% |
Consumer | Stage Two | Threshold | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 62.19% | 52.20% |
Consumer | Stage Two | Watch list | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 0.65% | 0.10% |
Consumer | Stage Two | Restructured | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 7.99% | 4.40% |
Consumer | Stage Two | More Than 30 Days | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 13.75% | 12.00% |
Consumer | Stage Two | COVID-19 Measures | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 15.42% | 31.40% |
Consumer | Stage Three | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 5.12% | 6.70% |
Mortgages | Stage One | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 83.76% | 83.80% |
Mortgages | Stage Two | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 12.67% | 11.80% |
Mortgages | Stage Two | Threshold | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 27.18% | 35.80% |
Mortgages | Stage Two | Watch list | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 0.50% | 0.10% |
Mortgages | Stage Two | Restructured | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 8.49% | 5.30% |
Mortgages | Stage Two | More Than 30 Days | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 8.42% | 7.80% |
Mortgages | Stage Two | COVID-19 Measures | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 55.41% | 51.00% |
Mortgages | Stage Three | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Percentage of loan portfolio in default | 3.58% | 4.40% |
Banistmo | Minimum | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Mortgage portfolio, delinquency period | 31 days | |
Banistmo | Maximum | ||
SIGNIFICANT ACCOUNTING POLICIES | ||
Mortgage portfolio, delinquency period | 60 days |
SIGNIFICANT ACCOUNTING POLIC_12
SIGNIFICANT ACCOUNTING POLICIES - Economic Scenario Weightings (Details) $ in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021COP ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020 | |
SIGNIFICANT ACCOUNTING POLICIES | |||
Percentage of global gdp growth rate | 5.60% | 5.60% | |
Additional provision recognized on overlay | $ 536,517 | ||
Stage Three | Foreign Subsidiaries | Minimum | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Loans payable in default | $ 15,000 | $ 5 | |
Optimistic | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Probability weighting | 10.00% | 10.00% | |
Optimistic | Colombia | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Probability weighting | 20.00% | 20.00% | 10.00% |
Optimistic | Colombia | Cutoff 2020 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | (6.50%) | ||
Optimistic | Colombia | Cutoff 2021 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 10.40% | 10.40% | 8.20% |
Optimistic | Colombia | Cutoff 2022 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 5.70% | 5.70% | 5.50% |
Optimistic | Colombia | Cutoff 2023 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 5.30% | 5.30% | |
Optimistic | Panama | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Probability weighting | 15.00% | 15.00% | 10.00% |
Optimistic | Panama | Cutoff 2020 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | (17.70%) | ||
Optimistic | Panama | Cutoff 2021 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 18.00% | 18.00% | 10.00% |
Optimistic | Panama | Cutoff 2022 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 7.50% | 7.50% | 5.80% |
Optimistic | Panama | Cutoff 2023 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 5.50% | 5.50% | |
Optimistic | Guatemala | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Probability weighting | 15.00% | 15.00% | 10.00% |
Optimistic | Guatemala | Cutoff 2020 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | (1.60%) | ||
Optimistic | Guatemala | Cutoff 2021 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 7.10% | 7.10% | 3.50% |
Optimistic | Guatemala | Cutoff 2022 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 5.20% | 5.20% | 4.00% |
Optimistic | Guatemala | Cutoff 2023 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 4.00% | 4.00% | |
Optimistic | El Salvador | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Probability weighting | 16.00% | 16.00% | 10.00% |
Optimistic | El Salvador | Cutoff 2020 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | (6.00%) | ||
Optimistic | El Salvador | Cutoff 2021 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 11.00% | 11.00% | 4.40% |
Optimistic | El Salvador | Cutoff 2022 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 4.30% | 4.30% | 3.70% |
Optimistic | El Salvador | Cutoff 2023 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 2.60% | 2.60% | |
Base | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Probability weighting | 60.00% | 60.00% | |
Base | Colombia | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Probability weighting | 50.00% | 50.00% | 60.00% |
Base | Colombia | Cutoff 2020 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | (7.40%) | ||
Base | Colombia | Cutoff 2021 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 10.00% | 10.00% | 5.70% |
Base | Colombia | Cutoff 2022 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 4.00% | 4.00% | 4.50% |
Base | Colombia | Cutoff 2023 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 3.40% | 3.40% | |
Base | Panama | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Probability weighting | 60.00% | 60.00% | 60.00% |
Base | Panama | Cutoff 2020 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | (19.20%) | ||
Base | Panama | Cutoff 2021 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 16.00% | 16.00% | 6.50% |
Base | Panama | Cutoff 2022 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 6.50% | 6.50% | 4.80% |
Base | Panama | Cutoff 2023 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 4.50% | 4.50% | |
Base | Guatemala | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Probability weighting | 55.00% | 55.00% | 60.00% |
Base | Guatemala | Cutoff 2020 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | (2.90%) | ||
Base | Guatemala | Cutoff 2021 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 5.70% | 5.70% | 3.00% |
Base | Guatemala | Cutoff 2022 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 4.30% | 4.30% | 3.50% |
Base | Guatemala | Cutoff 2023 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 3.40% | 3.40% | |
Base | El Salvador | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Probability weighting | 66.00% | 66.00% | 60.00% |
Base | El Salvador | Cutoff 2020 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | (7.00%) | ||
Base | El Salvador | Cutoff 2021 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 9.50% | 9.50% | 3.40% |
Base | El Salvador | Cutoff 2022 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 3.70% | 3.70% | 3.00% |
Base | El Salvador | Cutoff 2023 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 2.30% | 2.30% | |
Pessimistic | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Probability weighting | 30.00% | 30.00% | |
Pessimistic | Colombia | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Probability weighting | 30.00% | 30.00% | 30.00% |
Pessimistic | Colombia | Cutoff 2020 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | (9.80%) | ||
Pessimistic | Colombia | Cutoff 2021 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 9.60% | 9.60% | 3.20% |
Pessimistic | Colombia | Cutoff 2022 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 2.40% | 2.40% | 4.00% |
Pessimistic | Colombia | Cutoff 2023 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 1.50% | 1.50% | |
Pessimistic | Panama | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Probability weighting | 25.00% | 25.00% | 30.00% |
Pessimistic | Panama | Cutoff 2020 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | (21.70%) | ||
Pessimistic | Panama | Cutoff 2021 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 13.50% | 13.50% | 2.90% |
Pessimistic | Panama | Cutoff 2022 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 4.50% | 4.50% | 3.80% |
Pessimistic | Panama | Cutoff 2023 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 3.50% | 3.50% | |
Pessimistic | Guatemala | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Probability weighting | 30.00% | 30.00% | 30.00% |
Pessimistic | Guatemala | Cutoff 2020 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | (3.50%) | ||
Pessimistic | Guatemala | Cutoff 2021 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 4.40% | 4.40% | 2.50% |
Pessimistic | Guatemala | Cutoff 2022 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 3.00% | 3.00% | 2.80% |
Pessimistic | Guatemala | Cutoff 2023 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 2.30% | 2.30% | |
Pessimistic | El Salvador | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Probability weighting | 18.00% | 18.00% | 30.00% |
Pessimistic | El Salvador | Cutoff 2020 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | (8.20%) | ||
Pessimistic | El Salvador | Cutoff 2021 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 7.50% | 7.50% | 2.60% |
Pessimistic | El Salvador | Cutoff 2022 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 2.80% | 2.80% | 2.40% |
Pessimistic | El Salvador | Cutoff 2023 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
GDP growth | 1.80% | 1.80% |
SIGNIFICANT ACCOUNTING POLIC_13
SIGNIFICANT ACCOUNTING POLICIES - Provision for COVID-19 (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021COP ($) | |
Panama | |
SIGNIFICANT ACCOUNTING POLICIES | |
General provision adjustment (overlay) | $ 354,620 |
Colombia | |
SIGNIFICANT ACCOUNTING POLICIES | |
General provision adjustment (overlay) | $ 372,596 |
SIGNIFICANT ACCOUNTING POLIC_14
SIGNIFICANT ACCOUNTING POLICIES - Significant Increase in Risk (Details) | 12 Months Ended |
Dec. 31, 2021item | |
SIGNIFICANT ACCOUNTING POLICIES | |
Preferred dividend as percentage of the subscription price | 1.00% |
Difference in present value of discounted cash flows of new debt instruments as a percentage of the original debt instrument | 10.00% |
Percentage of loss given default | 65.80% |
Ba1/BB+ | |
SIGNIFICANT ACCOUNTING POLICIES | |
Number of notches, increase in risk | 3 |
Ba2/BB | |
SIGNIFICANT ACCOUNTING POLICIES | |
Number of notches, increase in risk | 3 |
Ba3/BB- | |
SIGNIFICANT ACCOUNTING POLICIES | |
Number of notches, increase in risk | 3 |
B1/B+ | |
SIGNIFICANT ACCOUNTING POLICIES | |
Number of notches, increase in risk | 2 |
B2/B | |
SIGNIFICANT ACCOUNTING POLICIES | |
Number of notches, increase in risk | 2 |
B3/B- | |
SIGNIFICANT ACCOUNTING POLICIES | |
Number of notches, increase in risk | 1 |
Caa/CCC | |
SIGNIFICANT ACCOUNTING POLICIES | |
Number of notches, increase in risk | 1 |
SIGNIFICANT ACCOUNTING POLIC_15
SIGNIFICANT ACCOUNTING POLICIES - Written-Off loan portfolio (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Consumer | |
SIGNIFICANT ACCOUNTING POLICIES | |
Length of delinquency | 180 days |
Consumer | Grupo Agromercantil Holding S.A. | Vehicles | |
SIGNIFICANT ACCOUNTING POLICIES | |
Length of delinquency | 450 days |
Consumer | Banistmo | Loans with mortgage guarantee | |
SIGNIFICANT ACCOUNTING POLICIES | |
Length of delinquency | 1080 days |
Consumer | Banco Agricola S.A. | Loans with mortgage guarantee | |
SIGNIFICANT ACCOUNTING POLICIES | |
Length of delinquency | 720 days |
Commercial | |
SIGNIFICANT ACCOUNTING POLICIES | |
Length of delinquency | 360 days |
Small Business Loan | |
SIGNIFICANT ACCOUNTING POLICIES | |
Length of delinquency | 180 days |
Small Business Loan | Banistmo | Loans with guarantee | |
SIGNIFICANT ACCOUNTING POLICIES | |
Length of delinquency | 1080 days |
Mortgage | Grupo Agromercantil Holding S.A. | |
SIGNIFICANT ACCOUNTING POLICIES | |
Length of delinquency | 1440 days |
Mortgage | Banistmo | |
SIGNIFICANT ACCOUNTING POLICIES | |
Length of delinquency | 1080 days |
Mortgage | Banco Agricola S.A. | |
SIGNIFICANT ACCOUNTING POLICIES | |
Length of delinquency | 720 days |
SIGNIFICANT ACCOUNTING POLIC_16
SIGNIFICANT ACCOUNTING POLICIES - Premises and equipment and Intangible assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | |
SIGNIFICANT ACCOUNTING POLICIES | |
Useful life, intangible assets | 1 year |
Maximum | |
SIGNIFICANT ACCOUNTING POLICIES | |
Useful life, intangible assets | 10 years |
Buildings | Minimum | |
SIGNIFICANT ACCOUNTING POLICIES | |
Useful life, premises and equipment | 10 years |
Buildings | Maximum | |
SIGNIFICANT ACCOUNTING POLICIES | |
Useful life, premises and equipment | 75 years |
Furniture and fixtures | Minimum | |
SIGNIFICANT ACCOUNTING POLICIES | |
Useful life, premises and equipment | 5 years |
Furniture and fixtures | Minimum | El Salvador | |
SIGNIFICANT ACCOUNTING POLICIES | |
Useful life, premises and equipment | 4 years |
Furniture and fixtures | Maximum | |
SIGNIFICANT ACCOUNTING POLICIES | |
Useful life, premises and equipment | 20 years |
Furniture and fixtures | Maximum | El Salvador | |
SIGNIFICANT ACCOUNTING POLICIES | |
Useful life, premises and equipment | 20 years |
Computer equipment | Minimum | |
SIGNIFICANT ACCOUNTING POLICIES | |
Useful life, premises and equipment | 3 years |
Computer equipment | Maximum | |
SIGNIFICANT ACCOUNTING POLICIES | |
Useful life, premises and equipment | 20 years |
Equipment and machinery | Minimum | |
SIGNIFICANT ACCOUNTING POLICIES | |
Useful life, premises and equipment | 3 years |
Equipment and machinery | Maximum | |
SIGNIFICANT ACCOUNTING POLICIES | |
Useful life, premises and equipment | 40 years |
Vehicles | Minimum | |
SIGNIFICANT ACCOUNTING POLICIES | |
Useful life, premises and equipment | 3 years |
Vehicles | Maximum | |
SIGNIFICANT ACCOUNTING POLICIES | |
Useful life, premises and equipment | 6 years |
SIGNIFICANT ACCOUNTING POLIC_17
SIGNIFICANT ACCOUNTING POLICIES - Additional information (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SIGNIFICANT ACCOUNTING POLICIES | |||
Arm's length operations adjusted for amount | $ 5,207 | $ 11,198 | |
Reversal of provision for credit losses | 565,436 | 436,908 | $ 551,650 |
Estimated Overlay considered by the Bank | 727,216 | ||
Maintenance, repair and adaptation expenses | 5,697 | ||
COVID-19 | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Impact of relief due to holiday payments and loan modification | 53,745 | 150,958 | |
Reversal of provision for credit losses | 383,790 | ||
Allocation of Funds for Enhanced Safety Protocols | 3,339 | 39,421 | |
Write-off of intangible assets | 9,595 | ||
COVID-19 | Foreclosed assets | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Impairment loss for long-lived assets held for sale | $ 39,173 | 48,257 | |
COVID-19 | Vehicles | |||
SIGNIFICANT ACCOUNTING POLICIES | |||
Impairment loss for long-lived assets held for sale | $ 1,339 |
OPERATING SEGMENTS - Financial
OPERATING SEGMENTS - Financial performance by operating segment (Details) - COP ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING SEGMENTS | ||||
Threshold Revenue, bank corporate and government sales force targets and specializes | $ 100,000 | |||
Financial performance by operating segment | ||||
Total interest and valuation | 16,135,745 | $ 16,688,650 | $ 17,380,684 | |
Interest income on loans and financial leases | 15,344,290 | 16,132,977 | 16,628,320 | |
Total debt investments | 777,612 | 841,959 | 1,042,185 | |
Derivatives | 33,637 | (337,796) | (182,769) | |
Total liquidity operations | (19,794) | 51,510 | (107,052) | |
Interest expenses | (4,351,556) | (5,863,008) | (6,179,794) | |
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 11,784,189 | 10,825,642 | 11,200,890 | |
Total credit impairment charges, net | (2,420,530) | (7,526,449) | (3,411,121) | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 9,363,659 | 3,299,193 | 7,789,769 | |
Fees and commission income | 5,293,804 | 4,598,413 | 4,578,972 | |
Fees and commissions expenses | (1,860,683) | (1,561,585) | (1,553,239) | |
Total fees and commission, net | 3,433,121 | 3,036,828 | 3,025,733 | |
Other operating income | 2,022,141 | 1,844,572 | 1,535,247 | |
Dividends and net income on equity investments | 328,344 | 123,325 | 380,599 | |
Total operating income, net | 15,147,265 | 8,303,918 | 12,731,348 | |
Operating expenses | (8,242,695) | (7,157,355) | (7,429,227) | |
Impairment, depreciation and amortization | (920,558) | (837,790) | (824,590) | |
Total operating expenses | (9,163,253) | (7,995,145) | (8,253,817) | |
Profit before income tax | 5,984,012 | 308,773 | 4,477,531 | |
Operating Segments | ||||
Financial performance by operating segment | ||||
Total interest and valuation | 16,135,317 | 16,687,505 | 17,551,479 | |
Interest income on loans and financial leases | 15,343,862 | 16,131,832 | 16,628,053 | |
Total debt investments | 777,612 | 841,959 | 1,042,185 | |
Derivatives | 33,637 | (337,796) | (11,707) | |
Total liquidity operations | (19,794) | 51,510 | (107,052) | |
Interest expenses | (4,351,556) | (5,863,008) | (6,179,794) | |
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 11,783,761 | 10,824,497 | 11,371,685 | |
Total credit impairment charges, net | (2,413,226) | (7,533,731) | (3,382,462) | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 9,370,535 | 3,290,766 | 7,989,223 | |
Fees and commission income | 5,293,804 | 4,598,413 | 4,578,984 | |
Fees and commissions expenses | (1,860,683) | (1,561,585) | (1,553,239) | |
Total fees and commission, net | 3,433,121 | 3,036,828 | 3,025,745 | |
Other operating income | 2,023,144 | 1,845,368 | 1,541,009 | |
Dividends and net income on equity investments | 328,344 | 105,286 | 492,055 | |
Total operating income, net | 15,155,144 | 8,278,248 | 13,048,032 | |
Operating expenses | (8,242,695) | (7,157,355) | (7,429,463) | |
Impairment, depreciation and amortization | (919,763) | (836,887) | (823,285) | |
Total operating expenses | (9,162,458) | (7,994,242) | (8,252,748) | |
Profit before income tax | 5,992,686 | 284,006 | 4,795,284 | |
Operating Segments | Banking | Colombia | ||||
Financial performance by operating segment | ||||
Total interest and valuation | 11,498,013 | 11,944,262 | 12,970,741 | |
Interest income on loans and financial leases | 11,118,035 | 11,859,262 | 12,592,221 | |
Total debt investments | 399,517 | 451,781 | 716,032 | |
Derivatives | 17,263 | (381,725) | (172,399) | |
Total liquidity operations | (36,802) | 14,944 | (165,113) | |
Interest expenses | (2,666,843) | (3,914,661) | (4,408,233) | |
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 8,831,170 | 8,029,601 | 8,562,508 | |
Total credit impairment charges, net | (2,122,515) | (5,889,710) | (2,564,417) | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 6,708,655 | 2,139,891 | 5,998,091 | |
Revenues (Expenses) from transactions with other operating segments of the Bank | 18,458 | 142 | (19,212) | |
Fees and commission income | 3,841,472 | 3,291,382 | 3,269,747 | |
Fees and commissions expenses | (1,524,691) | (1,313,286) | (1,297,186) | |
Total fees and commission, net | 2,316,781 | 1,978,096 | 1,972,561 | |
Other operating income | 653,968 | 817,677 | 433,887 | |
Dividends and net income on equity investments | 93,769 | 43,737 | 131,029 | |
Total operating income, net | 9,791,631 | 4,979,543 | 8,516,356 | |
Operating expenses | (5,550,033) | (4,967,506) | (5,203,354) | |
Impairment, depreciation and amortization | (529,662) | (405,811) | (407,102) | |
Total operating expenses | (6,079,695) | (5,373,317) | (5,610,456) | |
Profit before income tax | 3,711,936 | (393,774) | 2,905,900 | |
Operating Segments | Banking | Panama | ||||
Financial performance by operating segment | ||||
Total interest and valuation | 1,963,509 | 1,986,566 | 1,876,925 | |
Interest income on loans and financial leases | 1,791,476 | 1,793,826 | 1,654,600 | |
Total debt investments | 156,377 | 170,416 | 172,610 | |
Derivatives | 1,860 | (502) | 1,625 | |
Total liquidity operations | 13,796 | 22,826 | 48,090 | |
Interest expenses | (796,396) | (841,736) | (720,587) | |
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 1,167,113 | 1,144,830 | 1,156,338 | |
Total credit impairment charges, net | (323,216) | (907,910) | (408,132) | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 843,897 | 236,920 | 748,206 | |
Revenues (Expenses) from transactions with other operating segments of the Bank | (10,089) | (25,054) | (36,107) | |
Fees and commission income | 351,603 | 310,773 | 350,055 | |
Fees and commissions expenses | (151,906) | (118,016) | (143,616) | |
Total fees and commission, net | 199,697 | 192,757 | 206,439 | |
Other operating income | 19,101 | 30,145 | 29,704 | |
Dividends and net income on equity investments | 4,387 | 6,984 | 5,562 | |
Total operating income, net | 1,056,993 | 441,752 | 953,804 | |
Operating expenses | (700,226) | (590,269) | (573,042) | |
Impairment, depreciation and amortization | (104,493) | (112,358) | (105,232) | |
Total operating expenses | (804,719) | (702,627) | (678,274) | |
Profit before income tax | 252,274 | (260,875) | 275,530 | |
Operating Segments | Banking | El Salvador | ||||
Financial performance by operating segment | ||||
Total interest and valuation | 1,193,824 | 1,226,150 | 1,094,422 | |
Interest income on loans and financial leases | 1,072,718 | 1,140,924 | 1,052,680 | |
Total debt investments | 105,035 | 84,366 | 40,915 | |
Derivatives | 15,345 | 227 | ||
Total liquidity operations | 726 | 633 | 827 | |
Interest expenses | (240,144) | (293,317) | (295,433) | |
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 953,680 | 932,833 | 798,989 | |
Total credit impairment charges, net | 4,271 | (366,691) | (83,110) | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 957,951 | 566,142 | 715,879 | |
Revenues (Expenses) from transactions with other operating segments of the Bank | 7 | (7,531) | (2,154) | |
Fees and commission income | 359,724 | 289,792 | 268,309 | |
Fees and commissions expenses | (116,600) | (74,887) | (60,673) | |
Total fees and commission, net | 243,124 | 214,905 | 207,636 | |
Other operating income | 9,712 | 14,266 | 6,158 | |
Dividends and net income on equity investments | 2,760 | 858 | 211 | |
Total operating income, net | 1,213,554 | 788,640 | 927,730 | |
Operating expenses | (549,782) | (424,516) | (444,933) | |
Impairment, depreciation and amortization | (81,201) | (69,318) | (46,381) | |
Total operating expenses | (630,983) | (493,834) | (491,314) | |
Profit before income tax | 582,571 | 294,806 | 436,416 | |
Operating Segments | Banking | Guatemala | ||||
Financial performance by operating segment | ||||
Total interest and valuation | 1,178,615 | 1,101,638 | 977,980 | |
Interest income on loans and financial leases | 1,109,804 | 1,012,174 | 905,016 | |
Total debt investments | 67,772 | 83,767 | 73,152 | |
Total liquidity operations | 1,039 | 5,697 | (188) | |
Interest expenses | (397,138) | (450,091) | (388,571) | |
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 781,477 | 651,547 | 589,409 | |
Total credit impairment charges, net | 35,841 | (297,386) | (333,699) | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 817,318 | 354,161 | 255,710 | |
Revenues (Expenses) from transactions with other operating segments of the Bank | (26,324) | (35,171) | (36,255) | |
Fees and commission income | 159,908 | 176,268 | 170,854 | |
Fees and commissions expenses | (50,144) | (39,871) | (38,006) | |
Total fees and commission, net | 109,764 | 136,397 | 132,848 | |
Other operating income | 82,855 | 74,021 | 68,288 | |
Dividends and net income on equity investments | 658 | 953 | 668 | |
Total operating income, net | 984,271 | 530,361 | 421,259 | |
Operating expenses | (464,199) | (423,211) | (358,923) | |
Impairment, depreciation and amortization | (102,991) | (132,237) | (120,130) | |
Total operating expenses | (567,190) | (555,448) | (479,053) | |
Profit before income tax | 417,081 | (25,087) | (57,794) | |
Operating Segments | Trust | ||||
Financial performance by operating segment | ||||
Total interest and valuation | 46 | 32 | 152 | |
Interest income on loans and financial leases | 46 | 32 | 132 | |
Total debt investments | 20 | |||
Interest expenses | (167) | (166) | (138) | |
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | (121) | (134) | 14 | |
Total credit impairment charges, net | (4,595) | (1,270) | (716) | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | (4,716) | (1,404) | (702) | |
Revenues (Expenses) from transactions with other operating segments of the Bank | (26,584) | (24,159) | (25,529) | |
Fees and commission income | 347,878 | 349,150 | 349,438 | |
Fees and commissions expenses | (3,881) | (4,095) | (2,942) | |
Total fees and commission, net | 343,997 | 345,055 | 346,496 | |
Other operating income | 12,702 | 13,078 | 13,341 | |
Dividends and net income on equity investments | 28,201 | 29,145 | 43,498 | |
Total operating income, net | 353,600 | 361,715 | 377,104 | |
Operating expenses | (129,923) | (104,005) | (121,259) | |
Impairment, depreciation and amortization | (1,548) | (1,379) | (1,031) | |
Total operating expenses | (131,471) | (105,384) | (122,290) | |
Profit before income tax | 222,129 | 256,331 | 254,814 | |
Operating Segments | Investment banking | ||||
Financial performance by operating segment | ||||
Total interest and valuation | 8 | |||
Total debt investments | 8 | |||
Interest expenses | (7) | (4) | (4) | |
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | (7) | (4) | 4 | |
Total credit impairment charges, net | (55) | 42 | (251) | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | (62) | 38 | (247) | |
Revenues (Expenses) from transactions with other operating segments of the Bank | 3,576 | 20,509 | 31,585 | |
Fees and commission income | 79,531 | 37,447 | 30,829 | |
Fees and commissions expenses | (49) | (61) | (154) | |
Total fees and commission, net | 79,482 | 37,386 | 30,675 | |
Other operating income | 879 | 1,524 | 5,830 | |
Dividends and net income on equity investments | (232) | (2,503) | 24,810 | |
Total operating income, net | 83,643 | 56,954 | 92,653 | |
Operating expenses | (34,905) | (23,658) | (32,558) | |
Impairment, depreciation and amortization | (206) | (217) | (187) | |
Total operating expenses | (35,111) | (23,875) | (32,745) | |
Profit before income tax | 48,532 | 33,079 | 59,908 | |
Operating Segments | Brokerage | ||||
Financial performance by operating segment | ||||
Total interest and valuation | 12,277 | 47,030 | 5,018 | |
Interest income on loans and financial leases | 28 | 45 | 96 | |
Total debt investments | 12,540 | 17,086 | 14,757 | |
Derivatives | (832) | 29,209 | (10,416) | |
Total liquidity operations | 541 | 690 | 581 | |
Interest expenses | (73) | (35) | (26) | |
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 12,204 | 46,995 | 4,992 | |
Total credit impairment charges, net | (116) | (1,518) | (4,363) | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 12,088 | 45,477 | 629 | |
Revenues (Expenses) from transactions with other operating segments of the Bank | 59,995 | 61,393 | 62,628 | |
Fees and commission income | 117,282 | 112,628 | 113,364 | |
Fees and commissions expenses | (4,135) | (3,597) | (3,229) | |
Total fees and commission, net | 113,147 | 109,031 | 110,135 | |
Other operating income | (6,075) | (5,736) | (9,392) | |
Dividends and net income on equity investments | 2,177 | (27,930) | 16,514 | |
Total operating income, net | 181,332 | 182,235 | 180,514 | |
Operating expenses | (119,265) | (88,828) | (112,204) | |
Impairment, depreciation and amortization | (1,896) | (1,892) | (1,738) | |
Total operating expenses | (121,161) | (90,720) | (113,942) | |
Profit before income tax | 60,171 | 91,515 | 66,572 | |
Operating Segments | International Banking | ||||
Financial performance by operating segment | ||||
Total interest and valuation | 251,135 | 347,881 | 614,073 | |
Interest income on loans and financial leases | 215,529 | 293,802 | 411,504 | |
Total debt investments | 35,739 | 33,885 | 24,682 | |
Derivatives | 1 | 14,995 | 169,483 | |
Total liquidity operations | (134) | 5,199 | 8,404 | |
Interest expenses | (198,012) | (299,755) | (304,519) | |
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 53,123 | 48,126 | 309,554 | |
Total credit impairment charges, net | 14,995 | (56,122) | 19,169 | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 68,118 | (7,996) | 328,723 | |
Revenues (Expenses) from transactions with other operating segments of the Bank | 81,997 | 118,854 | 167,419 | |
Fees and commission income | 33,309 | 28,896 | 25,800 | |
Fees and commissions expenses | (6,556) | (4,600) | (3,922) | |
Total fees and commission, net | 26,753 | 24,296 | 21,878 | |
Other operating income | 11,109 | 12,939 | 7,067 | |
Dividends and net income on equity investments | 20 | 32 | 27 | |
Total operating income, net | 187,997 | 148,125 | 525,114 | |
Operating expenses | (61,191) | (58,073) | (61,087) | |
Impairment, depreciation and amortization | (1,993) | (2,631) | (2,746) | |
Total operating expenses | (63,184) | (60,704) | (63,833) | |
Profit before income tax | 124,813 | 87,421 | 461,281 | |
Operating Segments | All other segments | ||||
Financial performance by operating segment | ||||
Total interest and valuation | 37,898 | 33,946 | 12,160 | |
Interest income on loans and financial leases | 36,226 | 31,767 | 11,804 | |
Total debt investments | 632 | 658 | 9 | |
Total liquidity operations | 1,040 | 1,521 | 347 | |
Interest expenses | (52,776) | (63,243) | (62,283) | |
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | (14,878) | (29,297) | (50,123) | |
Total credit impairment charges, net | (17,836) | (13,166) | (6,943) | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | (32,714) | (42,463) | (57,066) | |
Revenues (Expenses) from transactions with other operating segments of the Bank | (101,036) | (108,983) | (142,375) | |
Fees and commission income | 3,097 | 2,077 | 588 | |
Fees and commissions expenses | (2,721) | (3,172) | (3,511) | |
Total fees and commission, net | 376 | (1,095) | (2,923) | |
Other operating income | 1,238,893 | 887,454 | 986,126 | |
Dividends and net income on equity investments | 196,604 | 54,010 | 269,736 | |
Total operating income, net | 1,302,123 | 788,923 | 1,053,498 | |
Operating expenses | (633,171) | (477,289) | (522,103) | |
Impairment, depreciation and amortization | (95,773) | (111,044) | (138,738) | |
Total operating expenses | (728,944) | (588,333) | (660,841) | |
Profit before income tax | 573,179 | 200,590 | 392,657 | |
Adjustments for consolidation | ||||
Financial performance by operating segment | ||||
Total interest and valuation | 428 | 1,145 | (170,795) | |
Interest income on loans and financial leases | 428 | 1,145 | 267 | |
Derivatives | (171,062) | |||
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 428 | 1,145 | (170,795) | |
Total credit impairment charges, net | (7,304) | 7,282 | (28,659) | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | (6,876) | 8,427 | (199,454) | |
Fees and commission income | (12) | |||
Total fees and commission, net | (12) | |||
Other operating income | (1,003) | (796) | (5,762) | |
Dividends and net income on equity investments | 18,039 | (111,456) | ||
Total operating income, net | (7,879) | 25,670 | (316,684) | |
Operating expenses | 236 | |||
Impairment, depreciation and amortization | (795) | (903) | (1,305) | |
Total operating expenses | (795) | (903) | (1,069) | |
Profit before income tax | $ (8,674) | $ 24,767 | $ (317,753) | |
VLIPCO S.A.S. | ||||
OPERATING SEGMENTS | ||||
Number of shares acquired | 91,791 | |||
Purchase price | $ 9,474 | |||
Percentage of ownership interest in subsidiary | 94.77% |
OPERATING SEGMENTS - Financia_2
OPERATING SEGMENTS - Financial information of the total assets and liabilities by operating segment (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
OPERATING SEGMENTS | ||
Total assets | $ 289,855,048 | $ 255,568,505 |
Liabilities | 255,929,590 | 227,453,292 |
Operating Segments | ||
OPERATING SEGMENTS | ||
Total assets | 325,241,577 | 278,613,197 |
Liabilities | 268,505,985 | 238,825,067 |
Operating Segments | Banking | Colombia | ||
OPERATING SEGMENTS | ||
Total assets | 209,948,788 | 175,697,801 |
Liabilities | 177,198,960 | 159,782,056 |
Operating Segments | Banking | Panama | ||
OPERATING SEGMENTS | ||
Total assets | 40,561,211 | 35,062,418 |
Liabilities | 36,231,139 | 31,483,993 |
Operating Segments | Banking | El Salvador | ||
OPERATING SEGMENTS | ||
Total assets | 20,980,061 | 17,986,495 |
Liabilities | 18,416,563 | 16,158,124 |
Operating Segments | Banking | Guatemala | ||
OPERATING SEGMENTS | ||
Total assets | 19,510,688 | 16,304,094 |
Liabilities | 17,763,659 | 15,052,385 |
Operating Segments | Trust | ||
OPERATING SEGMENTS | ||
Total assets | 638,280 | 686,895 |
Liabilities | 108,254 | 110,830 |
Operating Segments | Investment banking | ||
OPERATING SEGMENTS | ||
Total assets | 2,039,204 | 1,648,144 |
Liabilities | 55,743 | 37,134 |
Operating Segments | Brokerage | ||
OPERATING SEGMENTS | ||
Total assets | 371,278 | 316,051 |
Liabilities | 125,176 | 57,800 |
Operating Segments | International Banking | ||
OPERATING SEGMENTS | ||
Total assets | 24,074,957 | 20,502,898 |
Liabilities | 15,568,638 | 13,286,310 |
Operating Segments | All other segments | ||
OPERATING SEGMENTS | ||
Total assets | 7,117,110 | 10,408,401 |
Liabilities | 3,037,853 | 2,856,435 |
Adjustments for consolidation | ||
OPERATING SEGMENTS | ||
Total assets | (35,386,529) | (23,044,692) |
Liabilities | $ (12,576,395) | $ (11,371,775) |
OPERATING SEGMENTS - Financia_3
OPERATING SEGMENTS - Financial information of the investments in associates and joint ventures by operating segment (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING SEGMENTS | |||
Investment in associates and joint ventures | $ 2,720,559 | $ 2,506,315 | |
Equity method | 199,652 | 136,596 | $ 249,231 |
Operating Segments | |||
OPERATING SEGMENTS | |||
Investment in associates and joint ventures | 2,720,559 | 2,506,315 | |
Equity method | 199,652 | 136,596 | |
Operating Segments | Banking | Colombia | |||
OPERATING SEGMENTS | |||
Investment in associates and joint ventures | 601,758 | 382,747 | |
Equity method | 45,555 | 39,922 | |
Operating Segments | Banking | El Salvador | |||
OPERATING SEGMENTS | |||
Investment in associates and joint ventures | 22,631 | 17,254 | |
Equity method | 2,747 | 840 | |
Operating Segments | Trust | |||
OPERATING SEGMENTS | |||
Investment in associates and joint ventures | 303,506 | 280,051 | |
Equity method | 27,377 | 28,848 | |
Operating Segments | Investment banking | |||
OPERATING SEGMENTS | |||
Investment in associates and joint ventures | 394,061 | 549,745 | |
Equity method | 1,011 | 14,912 | |
Operating Segments | All other segments | |||
OPERATING SEGMENTS | |||
Investment in associates and joint ventures | 1,398,603 | 1,276,518 | |
Equity method | $ 122,962 | $ 52,074 |
OPERATING SEGMENTS - Geographic
OPERATING SEGMENTS - Geographic information (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING SEGMENTS | |||
Interest and valuation | $ 16,135,745 | $ 16,688,650 | $ 17,380,684 |
Long-lived assets | 18,690,168 | 16,323,529 | 14,726,048 |
Operating Segments | |||
OPERATING SEGMENTS | |||
Interest and valuation | 16,135,317 | 16,687,505 | 17,551,479 |
Operating Segments | Reportable Operating Segments | |||
OPERATING SEGMENTS | |||
Interest and valuation | 16,279,789 | 16,946,394 | 17,881,929 |
Long-lived assets | 11,034,558 | 9,786,526 | 8,552,554 |
Operating Segments | Reportable Operating Segments | Colombia | |||
OPERATING SEGMENTS | |||
Interest and valuation | 11,605,829 | 12,152,560 | 13,129,674 |
Long-lived assets | 9,413,340 | 8,381,397 | 7,095,848 |
Operating Segments | Reportable Operating Segments | Panama | |||
OPERATING SEGMENTS | |||
Interest and valuation | 2,251,653 | 2,400,442 | 2,592,875 |
Long-lived assets | 838,278 | 737,039 | 792,841 |
Operating Segments | Reportable Operating Segments | Puerto rico | |||
OPERATING SEGMENTS | |||
Interest and valuation | 49,662 | 64,104 | 83,303 |
Long-lived assets | 1,644 | 1,413 | 1,586 |
Operating Segments | Reportable Operating Segments | El Salvador | |||
OPERATING SEGMENTS | |||
Interest and valuation | 1,194,026 | 1,227,645 | 1,097,976 |
Long-lived assets | 434,212 | 370,983 | 373,378 |
Operating Segments | Reportable Operating Segments | Costa Rica | |||
OPERATING SEGMENTS | |||
Long-lived assets | 72 | 107 | |
Operating Segments | Reportable Operating Segments | Guatemala | |||
OPERATING SEGMENTS | |||
Interest and valuation | 1,178,619 | 1,101,643 | 978,101 |
Long-lived assets | 347,084 | 295,622 | 288,794 |
Eliminations and translation adjustment | |||
OPERATING SEGMENTS | |||
Interest and valuation | (144,044) | (257,744) | (501,245) |
Long-lived assets | $ 7,655,610 | $ 6,537,003 | $ 6,173,494 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and balances at central bank | ||||
Cash | $ 7,994,899 | $ 7,210,250 | ||
Due from central banks | 9,817,664 | 7,871,879 | ||
Due from other private financial entities | 5,092,792 | 4,867,472 | ||
Checks on hold | 136,050 | 109,736 | ||
Remittances of domestic negotiated checks in transit | 106,271 | 125,737 | ||
Total cash and due from banks | 23,147,676 | 20,185,074 | ||
Money market transactions: | ||||
Interbank borrowings | 1,388,411 | 3,193,915 | ||
Reverse repurchase agreements and other similar secured loans | 793,759 | 322,160 | ||
Total money market transactions | 2,182,170 | 3,516,075 | ||
Total cash and cash equivalents | 25,329,846 | 23,701,149 | $ 23,738,042 | $ 18,730,810 |
Restricted cash | $ 472,443 | $ 295,260 | ||
Legal banking reserve | ||||
Money market transactions: | ||||
Mandatory reserve percentage in central bank | 3.50% | 3.50% | ||
Grupo Agromercantil Holding S.A. | Legal banking reserve | ||||
Money market transactions: | ||||
Mandatory reserve percentage in central bank | 14.60% | 14.60% | ||
Banco Agricola S.A. | Liquidity reserve | Minimum | ||||
Money market transactions: | ||||
Mandatory reserve percentage in central bank | 1.00% | 1.00% | ||
Banco Agricola S.A. | Liquidity reserve | Maximum | ||||
Money market transactions: | ||||
Mandatory reserve percentage in central bank | 18.00% | 15.00% | ||
Bancolombia Panama S.A. and Banistmo S.A | Liquidity reserve | ||||
Money market transactions: | ||||
Mandatory reserve percentage in central bank | 30.00% | 30.00% |
FINANCIAL ASSETS INVESTMENTS _3
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Financial assets investments (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | $ 29,289,301 | $ 29,553,003 |
Investments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 29,289,301 | 29,553,003 |
Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 28,809,148 | 28,964,796 |
Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 11,641,453 | 13,118,411 |
Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 9,972,268 | 9,434,459 |
Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,808,066 | 2,519,293 |
Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,790,120 | 2,136,549 |
Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 1,597,241 | 1,756,084 |
Debt instruments | Mortgage-backed securities (TIPS) | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 113,114 | 159,075 |
Equity securities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 480,153 | 588,207 |
Payments received by residual rights | 122,988 | |
Fair value through profit or loss | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 15,036,467 | 15,571,214 |
Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 8,978,484 | 10,439,978 |
Fair value through profit or loss | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 5,180,775 | 4,234,799 |
Fair value through profit or loss | Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 67,395 | 72,401 |
Fair value through profit or loss | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 120,653 | 102,301 |
Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 689,160 | 721,735 |
Fair value through profit or loss | Equity securities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 85,244 | 69,426 |
Fair value through other comprehensive income | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 7,245,451 | 8,238,981 |
Gains (losses) recognized at fair value through OCI | (51,525) | 47,699 |
Fair value through other comprehensive income | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,515,927 | 2,552,041 |
Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 4,293,949 | 4,815,053 |
Fair value through other comprehensive income | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 124,917 | 99,152 |
Fair value through other comprehensive income | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 310,658 | 772,735 |
Fair value through other comprehensive income | Equity securities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 394,909 | 518,781 |
Amortized cost | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 6,527,230 | 5,154,601 |
Amortized cost | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 147,042 | 126,392 |
Amortized cost | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 497,544 | 384,607 |
Amortized cost | Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,740,671 | 2,446,892 |
Amortized cost | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,544,550 | 1,935,096 |
Amortized cost | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | $ 597,423 | $ 261,614 |
FINANCIAL ASSETS INVESTMENTS _4
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Debt instruments portfolio by maturity (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | $ 29,289,301 | $ 29,553,003 |
Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 28,809,148 | 28,964,796 |
Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 11,641,453 | 13,118,411 |
Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 9,972,268 | 9,434,459 |
Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 1,597,241 | 1,756,084 |
Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,790,120 | 2,136,549 |
Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,808,066 | 2,519,293 |
Fair value through profit or loss | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 15,036,467 | 15,571,214 |
Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 8,978,484 | 10,439,978 |
Fair value through profit or loss | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 5,180,775 | 4,234,799 |
Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 689,160 | 721,735 |
Fair value through profit or loss | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 120,653 | 102,301 |
Fair value through profit or loss | Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 67,395 | 72,401 |
Fair value through other comprehensive income | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 7,245,451 | 8,238,981 |
Fair value through other comprehensive income | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,515,927 | 2,552,041 |
Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 4,293,949 | 4,815,053 |
Fair value through other comprehensive income | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 310,658 | 772,735 |
Fair value through other comprehensive income | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 124,917 | 99,152 |
Amortized cost | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 6,527,230 | 5,154,601 |
Amortized cost | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 147,042 | 126,392 |
Amortized cost | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 497,544 | 384,607 |
Amortized cost | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 597,423 | 261,614 |
Amortized cost | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,544,550 | 1,935,096 |
Amortized cost | Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,740,671 | 2,446,892 |
Less than 1 year | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 125,705,163 | 108,966,678 |
Less than 1 year | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 13,618,053 | 14,278,267 |
Less than 1 year | Fair value through profit or loss | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 5,765,580 | 5,745,083 |
Less than 1 year | Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 938,984 | 1,677,621 |
Less than 1 year | Fair value through profit or loss | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 4,606,436 | 3,831,724 |
Less than 1 year | Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 187,194 | 159,674 |
Less than 1 year | Fair value through profit or loss | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 18,861 | 9,339 |
Less than 1 year | Fair value through profit or loss | Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 14,105 | 66,725 |
Less than 1 year | Fair value through other comprehensive income | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 4,912,450 | 6,006,268 |
Less than 1 year | Fair value through other comprehensive income | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,515,927 | 2,552,041 |
Less than 1 year | Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,325,032 | 2,840,523 |
Less than 1 year | Fair value through other comprehensive income | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 71,491 | 577,109 |
Less than 1 year | Fair value through other comprehensive income | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 36,595 | |
Less than 1 year | Amortized cost | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,940,023 | 2,526,916 |
Less than 1 year | Amortized cost | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 28,366 | |
Less than 1 year | Amortized cost | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 33,770 | 8,847 |
Less than 1 year | Amortized cost | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 193,334 | 42,811 |
Less than 1 year | Amortized cost | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 22,504 | |
Less than 1 year | Amortized cost | Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,690,415 | 2,446,892 |
Between 1 and 3 years | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 92,464,629 | 77,996,853 |
Between 1 and 3 years | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 8,604,313 | 6,807,834 |
Between 1 and 3 years | Fair value through profit or loss | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 6,656,959 | 5,187,007 |
Between 1 and 3 years | Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 6,251,182 | 4,936,287 |
Between 1 and 3 years | Fair value through profit or loss | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 64,189 | 13,683 |
Between 1 and 3 years | Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 264,720 | 196,538 |
Between 1 and 3 years | Fair value through profit or loss | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 37,377 | 40,389 |
Between 1 and 3 years | Fair value through profit or loss | Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 39,491 | 110 |
Between 1 and 3 years | Fair value through other comprehensive income | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 1,145,222 | 1,180,311 |
Between 1 and 3 years | Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 1,085,997 | 1,127,176 |
Between 1 and 3 years | Fair value through other comprehensive income | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 59,225 | 53,135 |
Between 1 and 3 years | Amortized cost | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 802,132 | 440,516 |
Between 1 and 3 years | Amortized cost | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 145,060 | |
Between 1 and 3 years | Amortized cost | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 14,540 | 15,540 |
Between 1 and 3 years | Amortized cost | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 68,148 | 152,629 |
Between 1 and 3 years | Amortized cost | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 574,384 | 272,347 |
Between 3 and 5 years | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 53,107,791 | 45,912,661 |
Between 3 and 5 years | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,542,481 | 3,517,990 |
Between 3 and 5 years | Fair value through profit or loss | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 1,597,107 | 2,769,226 |
Between 3 and 5 years | Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 1,276,374 | 2,551,658 |
Between 3 and 5 years | Fair value through profit or loss | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 175,555 | 13,197 |
Between 3 and 5 years | Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 115,920 | 175,621 |
Between 3 and 5 years | Fair value through profit or loss | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 19,591 | 27,412 |
Between 3 and 5 years | Fair value through profit or loss | Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 9,667 | 1,338 |
Between 3 and 5 years | Fair value through other comprehensive income | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 597,447 | 257,456 |
Between 3 and 5 years | Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 539,525 | 257,456 |
Between 3 and 5 years | Fair value through other comprehensive income | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 57,922 | |
Between 3 and 5 years | Amortized cost | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 347,927 | 491,308 |
Between 3 and 5 years | Amortized cost | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 98,026 | |
Between 3 and 5 years | Amortized cost | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 242,050 | 69,765 |
Between 3 and 5 years | Amortized cost | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 55,451 | 47,857 |
Between 3 and 5 years | Amortized cost | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 50,426 | 275,660 |
Greater than 5 years | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 86,930,539 | 72,790,907 |
Greater than 5 years | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 4,044,301 | 4,360,705 |
Greater than 5 years | Fair value through profit or loss | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 1,016,821 | 1,869,898 |
Greater than 5 years | Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 511,944 | 1,274,412 |
Greater than 5 years | Fair value through profit or loss | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 334,595 | 376,195 |
Greater than 5 years | Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 121,326 | 189,902 |
Greater than 5 years | Fair value through profit or loss | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 44,824 | 25,161 |
Greater than 5 years | Fair value through profit or loss | Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 4,132 | 4,228 |
Greater than 5 years | Fair value through other comprehensive income | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 590,332 | 794,946 |
Greater than 5 years | Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 343,395 | 589,898 |
Greater than 5 years | Fair value through other comprehensive income | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 122,020 | 142,491 |
Greater than 5 years | Fair value through other comprehensive income | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 124,917 | 62,557 |
Greater than 5 years | Amortized cost | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,437,148 | 1,695,861 |
Greater than 5 years | Amortized cost | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 1,982 | |
Greater than 5 years | Amortized cost | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 207,184 | 290,455 |
Greater than 5 years | Amortized cost | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 280,490 | 18,317 |
Greater than 5 years | Amortized cost | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 1,897,236 | $ 1,387,089 |
Greater than 5 years | Amortized cost | Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | $ 50,256 |
FINANCIAL ASSETS INVESTMENTS _5
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Equity instruments designated at fair value through other comprehensive income (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Equity securities and trust funds at fair value through OCI | $ 52,147 | $ (94,857) | $ 43,889 |
Equity securities | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Impairment loss | 0 | 0 | 0 |
Dividends received from equity investments at fair value through OCI | 12,665 | 13,567 | $ 10,498 |
Fair value through other comprehensive income | Equity securities | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Total equity securities at fair value through OCI | 394,909 | 518,781 | |
Fair value through other comprehensive income | Equity securities | Others | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Decrease due to payments received by residual rights | (122,988) | ||
Fair value through other comprehensive income | Equity securities | Securities listed in Colombia | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Total equity securities at fair value through OCI | 57,791 | 70,155 | |
Fair value through other comprehensive income | Equity securities | Securities listed in foreign countries | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Total equity securities at fair value through OCI | 6,732 | 5,415 | |
Fair value through other comprehensive income | Equity securities | Securities unlisted | TELERED | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Total equity securities at fair value through OCI | 150,943 | 101,988 | |
Fair value through other comprehensive income | Equity securities | Securities unlisted | Asociacion Gremial de Instituciones Financieras Credibanco S.A. | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Total equity securities at fair value through OCI | 87,344 | 99,553 | |
Fair value through other comprehensive income | Equity securities | Securities unlisted | Compania De Procesamiento de Medios de Pago Guatemala (Bahamas), S A. | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Total equity securities at fair value through OCI | 14,054 | 46,889 | |
Fair value through other comprehensive income | Equity securities | Securities unlisted | Fondo Renta Fija Valor, S.A. | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Total equity securities at fair value through OCI | 100 | 24,855 | |
Fair value through other comprehensive income | Equity securities | Securities unlisted | Camara de Riesgo Central de Contraparte de Colombia S.A. | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Total equity securities at fair value through OCI | 6,038 | 5,482 | |
Fair value through other comprehensive income | Equity securities | Securities unlisted | Transacciones y Transferencias, S. A. | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Total equity securities at fair value through OCI | 8,282 | 5,248 | |
Fair value through other comprehensive income | Equity securities | Securities unlisted | 500 Luchadores II, L.P. | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Total equity securities at fair value through OCI | 9,181 | 4,811 | |
Fair value through other comprehensive income | Equity securities | Securities unlisted | CADENALCO | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Total equity securities at fair value through OCI | 3,638 | 3,908 | |
Fair value through other comprehensive income | Equity securities | Securities unlisted | Others | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Total equity securities at fair value through OCI | $ 50,806 | $ 150,477 |
FINANCIAL ASSETS INVESTMENTS _6
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Securities pledged as collateral (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Investments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | $ 1,156,241 | $ 2,651,162 |
Investments pledged as collateral in money market | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 609,678 | 2,261,316 |
Investments pledged as collateral in money market | Securities issued by other financial institutions | Between 3 and 6 months | Time deposits | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 5,458 | |
Investments pledged as collateral in money market | Securities issued by other financial institutions | Between 6 and 12 months | Time deposits | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 4,974 | |
Investments pledged as collateral in money market | Securities issued by other financial institutions | Greater 12 months | Time deposits | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 4,919 | |
Investments pledged as collateral in money market | Securities issued by other financial institutions | Greater 12 months | Bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 4,269 | |
Investments pledged as collateral in money market | Securities issued by the Colombian Government | Less than 3 months | TES-Treasury instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 59,803 | |
Investments pledged as collateral in money market | Securities issued by the Colombian Government | Between 3 and 6 months | TES-Treasury instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 4,233 | 287,816 |
Investments pledged as collateral in money market | Securities issued by the Colombian Government | Between 6 and 12 months | Tax refund titles | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 40,011 | |
Investments pledged as collateral in money market | Securities issued by the Colombian Government | Greater 12 months | TES-Treasury instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 421,707 | 1,742,072 |
Investments pledged as collateral in money market | Securities issued by foreign governments | Between 6 and 12 months | Bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 89,245 | |
Investments pledged as collateral in money market | Securities issued by foreign governments | Greater 12 months | Bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 124,107 | 82,380 |
Investments pledged as collateral in derivative operations | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 546,563 | 389,846 |
Investments pledged as collateral in derivative operations | Securities issued by the Colombian Government | Between 3 and 6 months | TES-Treasury instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 242,716 | 49,624 |
Investments pledged as collateral in derivative operations | Securities issued by the Colombian Government | Greater 12 months | TES-Treasury instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | $ 303,847 | $ 340,222 |
FINANCIAL ASSETS INVESTMENTS _7
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Changes in gross carrying amount of debt securities (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Beginning balance | $ 29,553,003 | |
Ending Balance | 29,289,301 | $ 29,553,003 |
Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Beginning balance | 28,964,796 | |
Ending Balance | 28,809,148 | 28,964,796 |
Fair value through OCI and amortized cost | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Beginning balance | 13,393,582 | 7,923,581 |
Sales and maturities | (8,690,663) | (4,562,773) |
Purchases | 8,655,481 | 9,886,724 |
Valuation and payments | (337,447) | (13,276) |
Foreign exchange | 751,728 | 159,326 |
Ending Balance | 13,772,681 | 13,393,582 |
Fair value through OCI and amortized cost | Debt instruments | Stage One | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Beginning balance | 13,237,154 | 7,827,746 |
Transfers from stage 1 to stage 2 | (47,331) | |
Sales and maturities | (8,690,663) | (4,562,773) |
Purchases | 8,655,481 | 9,830,079 |
Valuation and payments | (335,851) | (12,681) |
Foreign exchange | 726,724 | 154,783 |
Ending Balance | 13,545,514 | 13,237,154 |
Fair value through OCI and amortized cost | Debt instruments | Stage Two | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Beginning balance | 156,428 | 95,835 |
Transfers from stage 1 to stage 2 | 47,331 | |
Purchases | 56,645 | |
Valuation and payments | (1,596) | (595) |
Foreign exchange | 25,004 | 4,543 |
Ending Balance | $ 227,167 | $ 156,428 |
FINANCIAL ASSETS INVESTMENTS _8
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Provisions detail for the debt instruments portfolio using the expected credit losses model (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Financial assets | $ 29,289,301 | $ 29,553,003 | |
Debt instruments | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Financial assets | 28,809,148 | 28,964,796 | |
Debt instruments | Fair value through OCI and amortized cost | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Financial assets | 13,772,681 | 13,393,582 | $ 7,923,581 |
Debt instruments | Amortized cost | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Financial assets | 6,527,230 | 5,154,601 | |
Debt instruments | Amortized cost | Carrying amount | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Financial assets | 6,551,909 | 5,193,727 | |
Debt instruments | Amortized cost | Allowance | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Financial assets | (24,679) | (39,126) | |
Debt instruments | Fair value through other comprehensive income | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Financial assets | 7,245,451 | 8,238,981 | |
Debt instruments | Stage One | Fair value through OCI and amortized cost | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Financial assets | 13,545,514 | 13,237,154 | 7,827,746 |
Debt instruments | Stage One | Amortized cost | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Financial assets | 6,300,063 | 4,998,173 | |
Debt instruments | Stage One | Amortized cost | Carrying amount | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Financial assets | 6,317,752 | 5,032,673 | |
Debt instruments | Stage One | Amortized cost | Allowance | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Financial assets | (17,689) | (34,500) | |
Debt instruments | Stage One | Fair value through other comprehensive income | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Financial assets | 7,245,451 | 8,238,981 | |
Debt instruments | Stage Two | Fair value through OCI and amortized cost | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Financial assets | 227,167 | 156,428 | $ 95,835 |
Debt instruments | Stage Two | Amortized cost | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Financial assets | 227,167 | 156,428 | |
Debt instruments | Stage Two | Amortized cost | Carrying amount | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Financial assets | 234,157 | 161,054 | |
Debt instruments | Stage Two | Amortized cost | Allowance | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Financial assets | $ (6,990) | $ (4,626) |
FINANCIAL ASSETS INVESTMENTS _9
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Changes in allowance for debt instruments measured at amortized cost and fair value through other comprehensive income (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | $ 16,616,043 | $ 10,929,395 | $ 10,235,831 |
Sales and maturities | (565,436) | (436,908) | (551,650) |
New debt instruments purchased | 31,111 | 23,035 | |
Foreign exchange | 618,339 | (15,186) | 19,286 |
Ending balance | 15,864,482 | 16,616,043 | 10,929,395 |
Stage One | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
New debt instruments purchased | 33 | 505 | |
Stage Two | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
New debt instruments purchased | 14 | 108 | |
Fair value through OCI and amortized cost | Debt instruments | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 42,371 | 14,601 | 14,783 |
Change in measurement | 228 | ||
Sales and maturities | (7,985) | (6,313) | (6,600) |
New debt instruments purchased | 11,831 | 23,285 | 6,469 |
Remeasurement | (23,790) | 10,406 | (348) |
Foreign exchange | 5,496 | 392 | 69 |
Ending balance | 27,923 | 42,371 | 14,601 |
Fair value through OCI and amortized cost | Debt instruments | Stage One | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 37,745 | 13,013 | 14,174 |
Transfer from stage 1 to stage 2 | (1,670) | ||
Change in measurement | 228 | ||
Sales and maturities | (7,985) | (6,313) | (6,599) |
New debt instruments purchased | 11,831 | 19,856 | 5,235 |
Remeasurement | (23,744) | 10,872 | (89) |
Foreign exchange | 4,757 | 317 | 64 |
Ending balance | 20,934 | 37,745 | 13,013 |
Fair value through OCI and amortized cost | Debt instruments | Stage Two | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 4,626 | 1,588 | 609 |
Transfer from stage 1 to stage 2 | 1,670 | ||
Sales and maturities | (1) | ||
New debt instruments purchased | 3,429 | 1,234 | |
Remeasurement | (46) | (466) | (259) |
Foreign exchange | 739 | 75 | 5 |
Ending balance | $ 6,989 | $ 4,626 | $ 1,588 |
FINANCIAL ASSETS INVESTMENTS_10
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Carrying values of derivatives by type of risk (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | $ 2,454,005 | $ 2,800,719 |
Derivative financial liabilities | (1,961,109) | (2,381,326) |
Forwards | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 736,163 | 976,813 |
Derivative financial liabilities | (630,605) | (895,947) |
Swaps | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 1,669,513 | 1,787,095 |
Derivative financial liabilities | (1,269,295) | (1,418,778) |
Options | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 48,329 | 36,811 |
Derivative financial liabilities | (61,209) | (66,601) |
Carrying amount | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 2,454,005 | 2,800,719 |
Derivative financial liabilities | (1,961,109) | (2,381,326) |
Carrying amount | Forwards | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 736,163 | 976,813 |
Derivative financial liabilities | (630,605) | (895,947) |
Total derivative financial assets (liabilities) | 105,558 | 80,866 |
Carrying amount | Forwards | Foreign exchange contracts | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 729,367 | 975,125 |
Derivative financial liabilities | (605,537) | (880,614) |
Carrying amount | Forwards | Equity contracts | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 6,796 | 1,688 |
Derivative financial liabilities | (25,068) | (15,333) |
Carrying amount | Swaps | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 1,669,513 | 1,787,095 |
Derivative financial liabilities | (1,269,295) | (1,418,778) |
Total derivative financial assets (liabilities) | 400,218 | 368,317 |
Carrying amount | Swaps | Foreign exchange contracts | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 1,422,355 | 947,053 |
Derivative financial liabilities | (960,838) | (615,625) |
Carrying amount | Swaps | Interest rate contracts | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 247,158 | 840,042 |
Derivative financial liabilities | (308,457) | (803,153) |
Carrying amount | Options | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 48,329 | 36,811 |
Derivative financial liabilities | (61,209) | (66,601) |
Total derivative financial assets (liabilities) | (12,880) | (29,790) |
Carrying amount | Options | Foreign exchange contracts | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 48,329 | 36,811 |
Derivative financial liabilities | $ (61,209) | $ (66,601) |
FINANCIAL ASSETS INVESTMENTS_11
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Notional amounts of derivatives contracts (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Notional amount, derivative financial asset | $ 79,869,894 | $ 69,339,395 |
Notional amount, derivative financial liabilities | (69,183,610) | (53,114,126) |
Forwards | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Notional amount, derivative financial asset | 29,577,723 | 22,052,758 |
Notional amount, derivative financial liabilities | (26,786,019) | (24,702,558) |
Notional amount, derivative financial assets (liabilities) | 2,791,704 | (2,649,800) |
Forwards | Foreign exchange contracts | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Notional amount, derivative financial asset | 28,582,048 | 21,850,683 |
Notional amount, derivative financial liabilities | (26,394,184) | (21,869,963) |
Forwards | Equity contracts | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Notional amount, derivative financial asset | 995,675 | 202,075 |
Notional amount, derivative financial liabilities | (391,835) | (2,832,595) |
Swaps | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Notional amount, derivative financial asset | 42,037,681 | 37,281,988 |
Notional amount, derivative financial liabilities | (32,997,877) | (20,087,901) |
Notional amount, derivative financial assets (liabilities) | 9,039,804 | 17,194,087 |
Swaps | Foreign exchange contracts | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Notional amount, derivative financial asset | 9,084,313 | 9,785,196 |
Notional amount, derivative financial liabilities | (6,825,078) | (4,956,902) |
Swaps | Interest rate contracts | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Notional amount, derivative financial asset | 32,953,368 | 27,496,792 |
Notional amount, derivative financial liabilities | (26,172,799) | (15,130,999) |
Options | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Notional amount, derivative financial asset | 2,239,713 | 1,702,445 |
Notional amount, derivative financial liabilities | (1,954,132) | (1,598,200) |
Notional amount, derivative financial assets (liabilities) | 285,581 | 104,245 |
Options | Foreign exchange contracts | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Notional amount, derivative financial asset | 2,239,713 | 1,702,445 |
Notional amount, derivative financial liabilities | (1,954,132) | (1,598,200) |
Futures | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Notional amount, derivative financial asset | 6,014,777 | 8,302,204 |
Notional amount, derivative financial liabilities | (7,445,582) | (6,725,467) |
Notional amount, derivative financial assets (liabilities) | (1,430,805) | 1,576,737 |
Futures | Foreign exchange contracts | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Notional amount, derivative financial asset | 5,994,775 | 8,302,204 |
Notional amount, derivative financial liabilities | (7,445,574) | (5,975,467) |
Futures | Others | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Notional amount, derivative financial liabilities | (8) | $ (750,000) |
Futures | Equity contracts | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Notional amount, derivative financial asset | $ 20,002 |
FINANCIAL ASSETS INVESTMENTS_12
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Remaining contractual life of the derivatives portfolio (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | $ 2,454,005 | $ 2,800,719 |
Derivative financial liabilities | (1,961,109) | (2,381,326) |
Derivative financial instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 2,454,005 | 2,800,719 |
Derivative financial liabilities | (1,961,109) | (2,381,326) |
Derivative financial instruments | Less than 1 year | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 1,274,596 | 1,275,115 |
Derivative financial liabilities | (969,056) | (1,120,902) |
Derivative financial instruments | Between 1 and 3 years | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 618,629 | 632,971 |
Derivative financial liabilities | (448,229) | (435,997) |
Derivative financial instruments | Greater than 3 years | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 560,780 | 892,633 |
Derivative financial liabilities | (543,824) | (824,427) |
Forwards | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 736,163 | 976,813 |
Derivative financial liabilities | (630,605) | (895,947) |
Forwards | Less than 1 year | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 696,501 | 971,321 |
Derivative financial liabilities | (579,036) | (876,888) |
Forwards | Between 1 and 3 years | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 39,662 | 5,492 |
Derivative financial liabilities | (51,569) | (19,059) |
Swaps | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 1,669,513 | 1,787,095 |
Derivative financial liabilities | (1,269,295) | (1,418,778) |
Swaps | Less than 1 year | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 536,333 | 268,929 |
Derivative financial liabilities | (333,194) | (181,920) |
Swaps | Between 1 and 3 years | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 572,400 | 625,533 |
Derivative financial liabilities | (392,277) | (412,431) |
Swaps | Greater than 3 years | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 560,780 | 892,633 |
Derivative financial liabilities | (543,824) | (824,427) |
Options | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 48,329 | 36,811 |
Derivative financial liabilities | (61,209) | (66,601) |
Options | Less than 1 year | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 41,762 | 34,865 |
Derivative financial liabilities | (56,826) | (62,094) |
Options | Between 1 and 3 years | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 6,567 | 1,946 |
Derivative financial liabilities | $ (4,383) | $ (4,507) |
FINANCIAL ASSETS INVESTMENTS_13
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Collateral for derivatives (Details) - Derivative financial instruments - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Collateral granted | $ 911,050 | $ 641,795 |
Collateral received | $ (376,447) | $ (570,097) |
FINANCIAL ASSETS INVESTMENTS_14
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Unrecognised gains or (losses) for derivatives trading (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative financial instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Beginning balance | $ 77,538 | $ 48,974 |
Increase due to new trades | 279,235 | 421,668 |
Reduction due to amortization | (261,426) | (380,009) |
Reduction due to sale or transfer | (23,860) | (13,095) |
Ending balance | 71,487 | 77,538 |
Forwards | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Beginning balance | 29,102 | 6,666 |
Increase due to new trades | 169,430 | 321,006 |
Reduction due to amortization | (179,115) | (293,579) |
Reduction due to sale or transfer | (2,499) | (4,991) |
Ending balance | 16,918 | 29,102 |
Swaps | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Beginning balance | 26,984 | 15,736 |
Increase due to new trades | 19,368 | 21,481 |
Reduction due to amortization | (11,560) | (9,250) |
Reduction due to sale or transfer | (6,898) | (983) |
Ending balance | 27,894 | 26,984 |
Options | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Beginning balance | 21,452 | 26,572 |
Increase due to new trades | 90,437 | 79,181 |
Reduction due to amortization | (70,751) | (77,180) |
Reduction due to sale or transfer | (14,463) | (7,121) |
Ending balance | $ 26,675 | $ 21,452 |
FINANCIAL ASSETS INVESTMENTS_15
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Fair value hedging (Details) - Fair value hedges - Interest rate swaps $ in Thousands, $ in Millions | Dec. 31, 2021COP ($)item | Dec. 31, 2021USD ($)item | Dec. 31, 2020COP ($)item | Dec. 31, 2020USD ($)item |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Number of derivative contracts held | 8 | 8 | 8 | 8 |
Fixed rate | Financial assets investments | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Carrying amount of hedged assets | $ 333,407 | $ 83,746 | $ 300,959 | $ 87,679 |
Accumulated amount of fair value adjustments on the hedged liabilities | $ (6,369) | $ (1,600) | $ (11,182) | $ (3,258) |
FINANCIAL ASSETS INVESTMENTS_16
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Notional amount and fair value of financial assets investments (Details) - Fair value hedges - Derivative financial instruments - Financial assets investments $ in Thousands, $ in Millions | Dec. 31, 2021COP ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020COP ($) | Dec. 31, 2020USD ($) |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Notional amount | $ 316,701 | $ 79,550 | $ 273,055 | $ 79,550 |
Fair value | $ 333,407 | $ 83,746 | $ 300,959 | $ 87,679 |
FINANCIAL ASSETS INVESTMENTS_17
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Effectiveness of hedging relationships (Details) - Fair value hedges - Interest rate swaps - Fixed rate - Other operating income - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Gains / (loss) recognized in OCI | $ 6,285 | $ (5,459) | $ (6,592) |
Hedge Ineffectiveness recognized in P&L | $ (6,133) | $ (3,746) | $ 663 |
FINANCIAL ASSETS INVESTMENTS_18
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Net foreign investment (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021COP ($) | Dec. 31, 2020COP ($) | Dec. 31, 2019COP ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||||
Adjustment recognized in other comprehensive income | $ (713,706) | $ (302,349) | $ (40,045) | |||
Debt instruments | ||||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||||
Securities designated as hedged instrument | $ 2,200,000 | $ 2,200,000 | $ 2,200,000 | |||
Net foreign investment | Debt instruments | ||||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||||
Adjustment recognized in other comprehensive income | $ (1,207,052) | $ (341,792) | $ (60,258) |
FINANCIAL ASSETS INVESTMENTS_19
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Offsetting of derivatives (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives Liabilities | ||
Derivative Liabilities | ||
Gross derivative liabilities | $ (1,961,109) | $ (2,381,326) |
Offsetting of derivatives | ||
Derivative financial instruments in statement of financial position | (1,961,109) | (2,381,326) |
Master netting agreements | 1,961,109 | 2,381,326 |
Cash collateral paid | ||
Total derivatives liabilities before collateral and Master netting agreements | ||
Swaps | Foreign exchange contracts | ||
Derivative Liabilities | ||
Gross derivative liabilities | (960,838) | (615,625) |
Swaps | Interest rate contracts | ||
Derivative Liabilities | ||
Gross derivative liabilities | (308,457) | (803,153) |
Forwards | Foreign exchange contracts | ||
Derivative Liabilities | ||
Gross derivative liabilities | (605,537) | (880,614) |
Forwards | Equity contracts | ||
Derivative Liabilities | ||
Gross derivative liabilities | (25,068) | (15,333) |
Options | Foreign exchange contracts | ||
Derivative Liabilities | ||
Gross derivative liabilities | (61,209) | (66,601) |
Derivatives Assets | ||
Derivatives Assets | ||
Gross derivative assets | 2,454,005 | 2,800,719 |
Offsetting of derivatives | ||
Derivative financial instruments in statement of financial position | 2,454,005 | 2,800,719 |
Master netting agreements | (1,785,702) | (2,258,118) |
Cash collateral received | (668,303) | (542,601) |
Total derivatives assets before collateral and Master netting agreements | ||
Swaps | Foreign exchange contracts | ||
Derivatives Assets | ||
Gross derivative assets | 1,422,355 | 947,053 |
Swaps | Interest rate contracts | ||
Derivatives Assets | ||
Gross derivative assets | 247,158 | 840,042 |
Forwards | Foreign exchange contracts | ||
Derivatives Assets | ||
Gross derivative assets | 729,367 | 975,125 |
Forwards | Equity contracts | ||
Derivatives Assets | ||
Gross derivative assets | 6,796 | 1,688 |
Options | Foreign exchange contracts | ||
Derivatives Assets | ||
Gross derivative assets | $ 48,329 | $ 36,811 |
FINANCIAL ASSETS INVESTMENTS_20
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Interest rate benchmark reform (Details) - Fair value hedges - USD $ in Thousands | Dec. 31, 2021USD ($) |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |
Notional amount | $ 79,550 |
Hedging instruments maturing after 31 December 2021 | $ 79,550 |
LOANS AND ADVANCES TO CUSTOME_3
LOANS AND ADVANCES TO CUSTOMERS, NET - Loans and financial leasing operating portfolio (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||||
Gross loans and finance leases | $ 220,323,483 | $ 191,409,730 | ||
Allowance for loans, advances and lease losses | (15,864,482) | (16,616,043) | $ (10,929,395) | $ (10,235,831) |
Loans and advances to customers, net | 204,459,001 | 174,793,687 | ||
Commercial | ||||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||||
Gross loans and finance leases | 114,911,843 | 98,659,287 | ||
Allowance for loans, advances and lease losses | (7,813,023) | (7,673,720) | (5,456,993) | (5,360,833) |
Consumer | ||||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||||
Gross loans and finance leases | 48,363,040 | 41,055,939 | ||
Allowance for loans, advances and lease losses | (5,305,267) | (5,753,430) | (3,445,818) | (2,892,891) |
Mortgage | ||||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||||
Gross loans and finance leases | 30,646,787 | 25,959,112 | ||
Allowance for loans, advances and lease losses | (1,061,058) | (992,515) | (860,665) | (853,764) |
Financial Leases | ||||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||||
Gross loans and finance leases | 25,119,628 | 24,503,317 | ||
Allowance for loans, advances and lease losses | (1,521,067) | (1,996,033) | (1,025,403) | (990,970) |
Small Business Loans | ||||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||||
Gross loans and finance leases | 1,282,185 | 1,232,075 | ||
Allowance for loans, advances and lease losses | $ (164,067) | $ (200,345) | $ (140,516) | $ (137,373) |
LOANS AND ADVANCES TO CUSTOME_4
LOANS AND ADVANCES TO CUSTOMERS, NET - Allowance for loans losses (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | |||
Beginning balance | $ 16,616,043 | $ 10,929,395 | $ 10,235,831 |
Loan purchases / Loan sales | (27,817) | (5,889) | |
Recovery of charged - off loans | 565,436 | 436,908 | 551,650 |
Credit impairment charges on loans, advances and financial leases, net | 2,521,178 | 7,335,755 | 3,385,181 |
Adjusted stage 3 | 607,734 | 529,574 | 473,716 |
Charges-off | (5,036,431) | (2,600,403) | (3,730,380) |
Translation adjustment | 618,339 | (15,186) | 19,286 |
Ending balance | 15,864,482 | 16,616,043 | 10,929,395 |
Banco Davivienda | |||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | |||
Provision for portfolio sales | 86,800 | ||
Money Corp | |||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | |||
Provision for portfolio sales | 5,922 | ||
Jobandtalent Co SAS | |||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | |||
Provision for portfolio sales | 5,060 | ||
Commercial | |||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | |||
Beginning balance | 7,673,720 | 5,456,993 | 5,360,833 |
Loan purchases / Loan sales | (27,817) | (4,332) | |
Recovery of charged - off loans | 125,208 | 118,196 | 139,268 |
Credit impairment charges on loans, advances and financial leases, net | 198,619 | 2,406,228 | 1,299,379 |
Adjusted stage 3 | 216,330 | 213,214 | 223,824 |
Charges-off | (674,248) | (527,318) | (1,572,113) |
Translation adjustment | 301,211 | 6,407 | 10,134 |
Ending balance | 7,813,023 | 7,673,720 | 5,456,993 |
Consumer | |||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | |||
Beginning balance | 5,753,430 | 3,445,818 | 2,892,891 |
Recovery of charged - off loans | 349,125 | 256,836 | 317,722 |
Credit impairment charges on loans, advances and financial leases, net | 2,268,595 | 3,745,662 | 1,971,037 |
Adjusted stage 3 | 288,214 | 203,420 | 148,001 |
Charges-off | (3,618,009) | (1,875,355) | (1,890,490) |
Translation adjustment | 263,912 | (22,951) | 6,657 |
Ending balance | 5,305,267 | 5,753,430 | 3,445,818 |
Mortgage | |||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | |||
Beginning balance | 992,515 | 860,665 | 853,764 |
Recovery of charged - off loans | 26,660 | 15,943 | 33,869 |
Credit impairment charges on loans, advances and financial leases, net | 68,809 | 163,527 | 33,808 |
Adjusted stage 3 | 49,893 | 39,793 | 42,495 |
Charges-off | (110,408) | (89,727) | (104,720) |
Translation adjustment | 33,589 | 2,314 | 1,449 |
Ending balance | 1,061,058 | 992,515 | 860,665 |
Financial Leases | |||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | |||
Beginning balance | 1,996,033 | 1,025,403 | 990,970 |
Loan purchases / Loan sales | (1,557) | ||
Recovery of charged - off loans | 61,303 | 44,381 | 57,057 |
Credit impairment charges on loans, advances and financial leases, net | (34,678) | 903,191 | 25,130 |
Adjusted stage 3 | 40,747 | 63,240 | 50,119 |
Charges-off | (554,701) | (40,150) | (97,148) |
Translation adjustment | 12,363 | (32) | 832 |
Ending balance | 1,521,067 | 1,996,033 | 1,025,403 |
Small business loan | |||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | |||
Beginning balance | 200,345 | 140,516 | 137,373 |
Recovery of charged - off loans | 3,140 | 1,552 | 3,734 |
Credit impairment charges on loans, advances and financial leases, net | 19,833 | 117,147 | 55,827 |
Adjusted stage 3 | 12,550 | 9,907 | 9,277 |
Charges-off | (79,065) | (67,853) | (65,909) |
Translation adjustment | 7,264 | (924) | 214 |
Ending balance | $ 164,067 | $ 200,345 | $ 140,516 |
LOANS AND ADVANCES TO CUSTOME_5
LOANS AND ADVANCES TO CUSTOMERS, NET - Significant changes in the loans and the allowance for loans losses (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Commercial | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | $ 98,659,287 | $ 92,768,553 |
Remeasurement arising from transfer of stage | (670,058) | (332,283) |
Remeasurement from remaining in the stage | (5,981,202) | (4,864,080) |
New financial assets purchased/originated | 66,168,716 | 45,983,602 |
Financial assets that have been derecognized | (47,717,683) | (35,837,564) |
Charges-off | (674,248) | (527,318) |
Foreign Exchange and other movements | 5,127,031 | 1,468,377 |
Ending balance | 114,911,843 | 98,659,287 |
Commercial | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | (7,673,720) | (5,456,993) |
Remeasurement arising from transfer of stage | (420,045) | (813,286) |
Remeasurement from remaining in the stage | (34,669) | (547,595) |
Remeasurement due to changes in economics factors | (144,897) | (1,069,130) |
Remeasurement due to changes in model inputs | 468,466 | |
Remeasurement due to methodological changes | 115,499 | 237,834 |
New financial assets purchased/originated | (1,631,017) | (1,632,894) |
Financial assets that have been derecognized | 1,602,789 | 618,967 |
Charges-off | 674,248 | 527,318 |
Foreign Exchange and other movements | (301,211) | (6,407) |
Ending balance | (7,813,023) | (7,673,720) |
Commercial | Stage One | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | 80,863,445 | 80,068,756 |
Transfers of financial instruments: | (1,251,539) | (3,713,748) |
Transfers from stage 1 to stage 2 | (1,892,044) | (3,731,056) |
Transfers from stage 1 to stage 3 | (487,386) | (697,975) |
Transfers from stage 2 to stage 1 | 1,076,007 | 708,096 |
Transfers from stage 3 to stage 1 | 51,884 | 7,187 |
Remeasurement arising from transfer of stage | (250,567) | (57,304) |
Remeasurement from remaining in the stage | (5,706,414) | (4,653,349) |
New financial assets purchased/originated | 62,765,437 | 42,257,583 |
Financial assets that have been derecognized | (43,381,187) | (34,261,422) |
Charges-off | (9,647) | (4,621) |
Foreign Exchange and other movements | 3,971,052 | 1,227,550 |
Ending balance | 97,000,580 | 80,863,445 |
Commercial | Stage One | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | (1,212,753) | (544,996) |
Transfers of financial instruments: | (45,325) | (26,439) |
Transfers from stage 1 to stage 2 | 53,521 | 38,304 |
Transfers from stage 1 to stage 3 | 32,490 | 27,097 |
Transfers from stage 2 to stage 1 | (106,935) | (86,383) |
Transfers from stage 3 to stage 1 | (24,401) | (5,457) |
Remeasurement arising from transfer of stage | 105,392 | 59,649 |
Remeasurement from remaining in the stage | 463,588 | (77,848) |
Remeasurement due to changes in economics factors | (7,878) | (772,811) |
Remeasurement due to changes in model inputs | 331,595 | |
Remeasurement due to methodological changes | 5,955 | 215,377 |
New financial assets purchased/originated | (429,280) | (601,500) |
Financial assets that have been derecognized | 425,740 | 202,191 |
Charges-off | 617 | 408 |
Foreign Exchange and other movements | (51,954) | 1,621 |
Ending balance | (745,898) | (1,212,753) |
Commercial | Stage Two | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | 8,203,659 | 4,763,023 |
Transfers of financial instruments: | 791,803 | 2,187,077 |
Transfers from stage 1 to stage 2 | 1,892,044 | 3,731,056 |
Transfers from stage 2 to stage 1 | (1,076,007) | (708,096) |
Transfers from stage 2 to stage 3 | (858,035) | (892,418) |
Transfers from stage 3 to stage 2 | 833,801 | 56,535 |
Remeasurement arising from transfer of stage | (220,848) | (131,960) |
Remeasurement from remaining in the stage | (257,121) | (261,305) |
New financial assets purchased/originated | 1,944,115 | 2,628,002 |
Financial assets that have been derecognized | (2,792,192) | (1,078,837) |
Charges-off | (18,777) | (30,889) |
Foreign Exchange and other movements | 685,142 | 128,548 |
Ending balance | 8,335,781 | 8,203,659 |
Commercial | Stage Two | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | (761,415) | (514,230) |
Transfers of financial instruments: | (33,245) | 125,585 |
Transfers from stage 1 to stage 2 | (53,521) | (38,304) |
Transfers from stage 2 to stage 1 | 106,935 | 86,383 |
Transfers from stage 2 to stage 3 | 100,584 | 112,395 |
Transfers from stage 3 to stage 2 | (187,243) | (34,889) |
Remeasurement arising from transfer of stage | (67,128) | (84,391) |
Remeasurement from remaining in the stage | 54,320 | 24,899 |
Remeasurement due to changes in economics factors | (141,352) | (293,441) |
Remeasurement due to changes in model inputs | 131,911 | |
Remeasurement due to methodological changes | 111,748 | 40,491 |
New financial assets purchased/originated | (258,663) | (325,057) |
Financial assets that have been derecognized | 211,516 | 124,173 |
Charges-off | 8,772 | 8,392 |
Foreign Exchange and other movements | (42,300) | 253 |
Ending balance | (917,747) | (761,415) |
Commercial | Stage Three | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | 9,592,183 | 7,936,774 |
Transfers of financial instruments: | 459,736 | 1,526,671 |
Transfers from stage 1 to stage 3 | 487,386 | 697,975 |
Transfers from stage 2 to stage 3 | 858,035 | 892,418 |
Transfers from stage 3 to stage 1 | (51,884) | (7,187) |
Transfers from stage 3 to stage 2 | (833,801) | (56,535) |
Remeasurement arising from transfer of stage | (198,643) | (143,019) |
Remeasurement from remaining in the stage | (17,667) | 50,574 |
New financial assets purchased/originated | 1,459,164 | 1,098,017 |
Financial assets that have been derecognized | (1,544,304) | (497,305) |
Charges-off | (645,824) | (491,808) |
Foreign Exchange and other movements | 470,837 | 112,279 |
Ending balance | 9,575,482 | 9,592,183 |
Commercial | Stage Three | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | (5,699,552) | (4,397,767) |
Transfers of financial instruments: | 78,570 | (99,146) |
Transfers from stage 1 to stage 3 | (32,490) | (27,097) |
Transfers from stage 2 to stage 3 | (100,584) | (112,395) |
Transfers from stage 3 to stage 1 | 24,401 | 5,457 |
Transfers from stage 3 to stage 2 | 187,243 | 34,889 |
Remeasurement arising from transfer of stage | (458,309) | (788,544) |
Remeasurement from remaining in the stage | (552,577) | (494,646) |
Remeasurement due to changes in economics factors | 4,333 | (2,878) |
Remeasurement due to changes in model inputs | 4,960 | |
Remeasurement due to methodological changes | (2,204) | (18,034) |
New financial assets purchased/originated | (943,074) | (706,337) |
Financial assets that have been derecognized | 965,533 | 292,603 |
Charges-off | 664,859 | 518,518 |
Foreign Exchange and other movements | (206,957) | (8,281) |
Ending balance | (6,149,378) | (5,699,552) |
Consumer | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | 41,055,939 | 39,700,670 |
Remeasurement arising from transfer of stage | 207,839 | 291,748 |
Remeasurement from remaining in the stage | (2,719,587) | (2,513,797) |
New financial assets purchased/originated | 22,203,838 | 13,345,187 |
Financial assets that have been derecognized | (10,571,202) | (8,392,980) |
Charges-off | (3,618,009) | (1,875,355) |
Foreign Exchange and other movements | 1,804,222 | 500,466 |
Ending balance | 48,363,040 | 41,055,939 |
Consumer | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | (5,753,430) | (3,445,818) |
Remeasurement arising from transfer of stage | (2,496,570) | (2,697,050) |
Remeasurement from remaining in the stage | (39,104) | (262,986) |
Remeasurement due to changes in economics factors | (270,280) | (257,295) |
Remeasurement due to changes in model inputs | (295,260) | |
Remeasurement due to methodological changes | 367,743 | 180,318 |
New financial assets purchased/originated | (1,438,699) | (1,318,426) |
Financial assets that have been derecognized | 970,976 | 444,781 |
Charges-off | 3,618,009 | 1,875,355 |
Foreign Exchange and other movements | (263,912) | 22,951 |
Ending balance | (5,305,267) | (5,753,430) |
Consumer | Stage One | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | 33,766,023 | 35,957,631 |
Transfers of financial instruments: | (968,284) | (3,707,605) |
Transfers from stage 1 to stage 2 | (1,581,266) | (2,770,159) |
Transfers from stage 1 to stage 3 | (892,097) | (1,383,742) |
Transfers from stage 2 to stage 1 | 1,405,690 | 335,819 |
Transfers from stage 3 to stage 1 | 99,389 | 110,477 |
Remeasurement arising from transfer of stage | (221,972) | (57,958) |
Remeasurement from remaining in the stage | (2,934,505) | (2,464,765) |
New financial assets purchased/originated | 20,615,952 | 11,872,373 |
Financial assets that have been derecognized | (9,262,503) | (7,969,415) |
Charges-off | (618,911) | (303,296) |
Foreign Exchange and other movements | 1,397,755 | 439,058 |
Ending balance | 41,773,555 | 33,766,023 |
Consumer | Stage One | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | (1,750,083) | (1,206,691) |
Transfers of financial instruments: | (122,078) | 73,070 |
Transfers from stage 1 to stage 2 | 167,288 | 161,268 |
Transfers from stage 1 to stage 3 | 107,874 | 112,749 |
Transfers from stage 2 to stage 1 | (313,273) | (94,528) |
Transfers from stage 3 to stage 1 | (83,967) | (106,419) |
Remeasurement arising from transfer of stage | 318,636 | 93,488 |
Remeasurement from remaining in the stage | 336,232 | (174,482) |
Remeasurement due to changes in economics factors | (109,364) | (193,515) |
Remeasurement due to changes in model inputs | (229,585) | |
Remeasurement due to methodological changes | 41,498 | 174,522 |
New financial assets purchased/originated | (640,857) | (581,092) |
Financial assets that have been derecognized | 401,903 | 220,085 |
Charges-off | 186,964 | 75,717 |
Foreign Exchange and other movements | (65,128) | (1,600) |
Ending balance | (1,402,277) | (1,750,083) |
Consumer | Stage Two | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | 4,599,535 | 1,969,289 |
Transfers of financial instruments: | (41,117) | 2,272,046 |
Transfers from stage 1 to stage 2 | 1,581,266 | 2,770,159 |
Transfers from stage 2 to stage 1 | (1,405,690) | (335,819) |
Transfers from stage 2 to stage 3 | (406,905) | (238,526) |
Transfers from stage 3 to stage 2 | 190,212 | 76,232 |
Remeasurement arising from transfer of stage | (101,206) | 27,810 |
Remeasurement from remaining in the stage | (133,850) | (42,505) |
New financial assets purchased/originated | 1,086,672 | 1,007,026 |
Financial assets that have been derecognized | (970,555) | (269,213) |
Charges-off | (845,688) | (404,025) |
Foreign Exchange and other movements | 333,596 | 39,107 |
Ending balance | 3,927,387 | 4,599,535 |
Consumer | Stage Two | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | (1,651,656) | (653,426) |
Transfers of financial instruments: | 159,002 | (40,762) |
Transfers from stage 1 to stage 2 | (167,288) | (161,268) |
Transfers from stage 2 to stage 1 | 313,273 | 94,528 |
Transfers from stage 2 to stage 3 | 163,117 | 91,967 |
Transfers from stage 3 to stage 2 | (150,100) | (65,989) |
Remeasurement arising from transfer of stage | (396,682) | (701,575) |
Remeasurement from remaining in the stage | (274,514) | (77,187) |
Remeasurement due to changes in economics factors | (162,311) | (78,723) |
Remeasurement due to changes in model inputs | (56,358) | |
Remeasurement due to methodological changes | 303,387 | 5,783 |
New financial assets purchased/originated | (393,999) | (343,514) |
Financial assets that have been derecognized | 282,944 | 85,520 |
Charges-off | 439,923 | 187,363 |
Foreign Exchange and other movements | (106,612) | 21,223 |
Ending balance | (1,800,518) | (1,651,656) |
Consumer | Stage Three | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | 2,690,381 | 1,773,750 |
Transfers of financial instruments: | 1,009,401 | 1,435,559 |
Transfers from stage 1 to stage 3 | 892,097 | 1,383,742 |
Transfers from stage 2 to stage 3 | 406,905 | 238,526 |
Transfers from stage 3 to stage 1 | (99,389) | (110,477) |
Transfers from stage 3 to stage 2 | (190,212) | (76,232) |
Remeasurement arising from transfer of stage | 531,017 | 321,896 |
Remeasurement from remaining in the stage | 348,768 | (6,527) |
New financial assets purchased/originated | 501,214 | 465,788 |
Financial assets that have been derecognized | (338,144) | (154,352) |
Charges-off | (2,153,410) | (1,168,034) |
Foreign Exchange and other movements | 72,871 | 22,301 |
Ending balance | 2,662,098 | 2,690,381 |
Consumer | Stage Three | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | (2,351,691) | (1,585,701) |
Transfers of financial instruments: | (36,924) | (32,308) |
Transfers from stage 1 to stage 3 | (107,874) | (112,749) |
Transfers from stage 2 to stage 3 | (163,117) | (91,967) |
Transfers from stage 3 to stage 1 | 83,967 | 106,419 |
Transfers from stage 3 to stage 2 | 150,100 | 65,989 |
Remeasurement arising from transfer of stage | (2,418,524) | (2,088,963) |
Remeasurement from remaining in the stage | (100,822) | (11,317) |
Remeasurement due to changes in economics factors | 1,395 | 14,943 |
Remeasurement due to changes in model inputs | (9,317) | |
Remeasurement due to methodological changes | 22,858 | 13 |
New financial assets purchased/originated | (403,843) | (393,820) |
Financial assets that have been derecognized | 286,129 | 139,176 |
Charges-off | 2,991,122 | 1,612,275 |
Foreign Exchange and other movements | (92,172) | 3,328 |
Ending balance | (2,102,472) | (2,351,691) |
Financial Leases | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | 24,503,317 | 24,550,829 |
Remeasurement arising from transfer of stage | (123,511) | (69,892) |
Remeasurement from remaining in the stage | (1,784,262) | (1,507,174) |
New financial assets purchased/originated | 4,986,945 | 2,880,846 |
Financial assets that have been derecognized | (2,567,720) | (1,643,891) |
Charges-off | (554,701) | (40,150) |
Foreign Exchange and other movements | 659,560 | 332,749 |
Ending balance | 25,119,628 | 24,503,317 |
Financial Leases | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | (1,996,033) | (1,025,403) |
Remeasurement arising from transfer of stage | (239,454) | (746,741) |
Remeasurement from remaining in the stage | (139,951) | (199,276) |
Remeasurement due to changes in economics factors | (12,519) | (65,302) |
Remeasurement due to changes in model inputs | 43,168 | |
Remeasurement due to methodological changes | 183,024 | (44,349) |
New financial assets purchased/originated | (61,077) | (66,601) |
Financial assets that have been derecognized | 202,605 | 68,289 |
Charges-off | 554,701 | 40,150 |
Foreign Exchange and other movements | (12,363) | 32 |
Ending balance | (1,521,067) | (1,996,033) |
Financial Leases | Stage One | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | 18,981,176 | 21,069,884 |
Transfers of financial instruments: | (382,684) | (2,110,496) |
Transfers from stage 1 to stage 2 | (1,032,874) | (1,795,460) |
Transfers from stage 1 to stage 3 | (105,352) | (595,521) |
Transfers from stage 2 to stage 1 | 720,654 | 271,917 |
Transfers from stage 3 to stage 1 | 34,888 | 8,568 |
Remeasurement arising from transfer of stage | (114,836) | (15,234) |
Remeasurement from remaining in the stage | (1,697,491) | (1,495,273) |
New financial assets purchased/originated | 4,531,913 | 2,652,974 |
Financial assets that have been derecognized | (2,031,001) | (1,447,843) |
Charges-off | (398) | (245) |
Foreign Exchange and other movements | 640,793 | 327,409 |
Ending balance | 19,927,472 | 18,981,176 |
Financial Leases | Stage One | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | (204,071) | (103,962) |
Transfers of financial instruments: | (35,495) | (7,637) |
Transfers from stage 1 to stage 2 | 16,261 | 14,441 |
Transfers from stage 1 to stage 3 | 3,909 | 8,606 |
Transfers from stage 2 to stage 1 | (48,455) | (27,677) |
Transfers from stage 3 to stage 1 | (7,210) | (3,007) |
Remeasurement arising from transfer of stage | 46,099 | 25,467 |
Remeasurement from remaining in the stage | 58,449 | (44,438) |
Remeasurement due to changes in economics factors | (10,269) | (37,766) |
Remeasurement due to changes in model inputs | 30,674 | |
Remeasurement due to methodological changes | (6,666) | (42,164) |
New financial assets purchased/originated | (29,822) | (32,284) |
Financial assets that have been derecognized | 41,897 | 7,161 |
Charges-off | 29 | 6 |
Foreign Exchange and other movements | (3,105) | 872 |
Ending balance | (142,954) | (204,071) |
Financial Leases | Stage Two | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | 2,772,129 | 1,857,427 |
Transfers of financial instruments: | 361,729 | 864,373 |
Transfers from stage 1 to stage 2 | 1,032,874 | 1,795,460 |
Transfers from stage 2 to stage 1 | (720,654) | (271,917) |
Transfers from stage 2 to stage 3 | (160,592) | (694,294) |
Transfers from stage 3 to stage 2 | 210,101 | 35,124 |
Remeasurement arising from transfer of stage | (78,108) | (21,789) |
Remeasurement from remaining in the stage | (61,487) | (27,939) |
New financial assets purchased/originated | 429,419 | 201,858 |
Financial assets that have been derecognized | (235,306) | (94,995) |
Charges-off | (304) | (9,645) |
Foreign Exchange and other movements | 10,110 | 2,839 |
Ending balance | 3,198,182 | 2,772,129 |
Financial Leases | Stage Two | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | (310,450) | (173,512) |
Transfers of financial instruments: | 1,126 | 72,160 |
Transfers from stage 1 to stage 2 | (16,261) | (14,441) |
Transfers from stage 2 to stage 1 | 48,455 | 27,677 |
Transfers from stage 2 to stage 3 | 24,862 | 70,158 |
Transfers from stage 3 to stage 2 | (55,930) | (11,234) |
Remeasurement arising from transfer of stage | (120,366) | (175,238) |
Remeasurement from remaining in the stage | (121,067) | (24,127) |
Remeasurement due to changes in economics factors | (3,393) | (25,905) |
Remeasurement due to changes in model inputs | 19,613 | |
Remeasurement due to methodological changes | 237,506 | (431) |
New financial assets purchased/originated | (22,306) | (20,383) |
Financial assets that have been derecognized | 22,802 | 15,893 |
Charges-off | 5,679 | 737 |
Foreign Exchange and other movements | (3,680) | 743 |
Ending balance | (314,149) | (310,450) |
Financial Leases | Stage Three | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | 2,750,012 | 1,623,518 |
Transfers of financial instruments: | 20,955 | 1,246,123 |
Transfers from stage 1 to stage 3 | 105,352 | 595,521 |
Transfers from stage 2 to stage 3 | 160,592 | 694,294 |
Transfers from stage 3 to stage 1 | (34,888) | (8,568) |
Transfers from stage 3 to stage 2 | (210,101) | (35,124) |
Remeasurement arising from transfer of stage | 69,433 | (32,869) |
Remeasurement from remaining in the stage | (25,284) | 16,038 |
New financial assets purchased/originated | 25,613 | 26,014 |
Financial assets that have been derecognized | (301,413) | (101,053) |
Charges-off | (553,999) | (30,260) |
Foreign Exchange and other movements | 8,657 | 2,501 |
Ending balance | 1,993,974 | 2,750,012 |
Financial Leases | Stage Three | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | (1,481,512) | (747,929) |
Transfers of financial instruments: | 34,369 | (64,523) |
Transfers from stage 1 to stage 3 | (3,909) | (8,606) |
Transfers from stage 2 to stage 3 | (24,862) | (70,158) |
Transfers from stage 3 to stage 1 | 7,210 | 3,007 |
Transfers from stage 3 to stage 2 | 55,930 | 11,234 |
Remeasurement arising from transfer of stage | (165,187) | (596,970) |
Remeasurement from remaining in the stage | (77,333) | (130,711) |
Remeasurement due to changes in economics factors | 1,143 | (1,631) |
Remeasurement due to changes in model inputs | (7,119) | |
Remeasurement due to methodological changes | (47,816) | (1,754) |
New financial assets purchased/originated | (8,949) | (13,934) |
Financial assets that have been derecognized | 137,906 | 45,235 |
Charges-off | 548,993 | 39,407 |
Foreign Exchange and other movements | (5,578) | (1,583) |
Ending balance | (1,063,964) | (1,481,512) |
Mortgage | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | 25,959,112 | 23,983,283 |
Remeasurement arising from transfer of stage | 56,698 | 10,643 |
Remeasurement from remaining in the stage | (1,244,055) | (662,850) |
New financial assets purchased/originated | 6,394,156 | 3,502,367 |
Financial assets that have been derecognized | (2,246,681) | (1,292,124) |
Charges-off | (110,408) | (89,727) |
Foreign Exchange and other movements | 1,837,965 | 507,520 |
Ending balance | 30,646,787 | 25,959,112 |
Mortgage | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | (992,515) | (860,665) |
Remeasurement arising from transfer of stage | (178,994) | (185,186) |
Remeasurement from remaining in the stage | (245,796) | (69,239) |
Remeasurement due to changes in economics factors | (39,635) | (44,391) |
Remeasurement due to changes in model inputs | (62,175) | |
Remeasurement due to methodological changes | 278,515 | 105,148 |
New financial assets purchased/originated | (69,009) | (33,595) |
Financial assets that have been derecognized | 109,557 | 70,175 |
Charges-off | 110,408 | 89,727 |
Foreign Exchange and other movements | (33,589) | (2,314) |
Ending balance | (1,061,058) | (992,515) |
Mortgage | Stage One | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | 21,676,563 | 21,584,674 |
Transfers of financial instruments: | (687,642) | (1,953,986) |
Transfers from stage 1 to stage 2 | (2,286,673) | (2,107,576) |
Transfers from stage 1 to stage 3 | (125,284) | (158,243) |
Transfers from stage 2 to stage 1 | 1,647,426 | 257,791 |
Transfers from stage 3 to stage 1 | 76,889 | 54,042 |
Remeasurement arising from transfer of stage | (54,790) | (29,583) |
Remeasurement from remaining in the stage | (1,286,955) | (670,018) |
New financial assets purchased/originated | 6,293,219 | 3,405,877 |
Financial assets that have been derecognized | (1,909,582) | (1,126,329) |
Charges-off | (5,665) | (823) |
Foreign Exchange and other movements | 1,422,487 | 466,751 |
Ending balance | 25,447,635 | 21,676,563 |
Mortgage | Stage One | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | (121,503) | (115,817) |
Transfers of financial instruments: | (79,010) | (37,087) |
Transfers from stage 1 to stage 2 | 19,724 | 16,759 |
Transfers from stage 1 to stage 3 | 3,774 | 5,534 |
Transfers from stage 2 to stage 1 | (76,522) | (36,111) |
Transfers from stage 3 to stage 1 | (25,986) | (23,269) |
Remeasurement arising from transfer of stage | 80,969 | 45,506 |
Remeasurement from remaining in the stage | (8,687) | (1,610) |
Remeasurement due to changes in economics factors | (5,176) | (12,789) |
Remeasurement due to changes in model inputs | (63,963) | |
Remeasurement due to methodological changes | 12,457 | 77,559 |
New financial assets purchased/originated | (31,292) | (19,252) |
Financial assets that have been derecognized | 11,017 | 6,450 |
Charges-off | 4,038 | 13 |
Foreign Exchange and other movements | (3,656) | (513) |
Ending balance | (140,843) | (121,503) |
Mortgage | Stage Two | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | 3,093,690 | 1,340,380 |
Transfers of financial instruments: | 621,566 | 1,751,078 |
Transfers from stage 1 to stage 2 | 2,286,673 | 2,107,576 |
Transfers from stage 2 to stage 1 | (1,647,426) | (257,791) |
Transfers from stage 2 to stage 3 | (142,948) | (193,935) |
Transfers from stage 3 to stage 2 | 125,267 | 95,228 |
Remeasurement arising from transfer of stage | 45,212 | (14,999) |
Remeasurement from remaining in the stage | (332,481) | (29,867) |
New financial assets purchased/originated | 58,403 | 83,612 |
Financial assets that have been derecognized | (182,935) | (62,141) |
Charges-off | (5,076) | (101) |
Foreign Exchange and other movements | 356,331 | 25,728 |
Ending balance | 3,654,710 | 3,093,690 |
Mortgage | Stage Two | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | (231,137) | (166,255) |
Transfers of financial instruments: | 40,788 | 17,155 |
Transfers from stage 1 to stage 2 | (19,724) | (16,759) |
Transfers from stage 2 to stage 1 | 76,522 | 36,111 |
Transfers from stage 2 to stage 3 | 25,392 | 29,595 |
Transfers from stage 3 to stage 2 | (41,402) | (31,792) |
Remeasurement arising from transfer of stage | (98,943) | (68,139) |
Remeasurement from remaining in the stage | (43,005) | 28,275 |
Remeasurement due to changes in economics factors | (35,961) | (88,897) |
Remeasurement due to changes in model inputs | 19,573 | |
Remeasurement due to methodological changes | 107,285 | 27,589 |
New financial assets purchased/originated | (8,186) | (8,025) |
Financial assets that have been derecognized | 18,593 | 7,996 |
Charges-off | 1,937 | 82 |
Foreign Exchange and other movements | (12,238) | (491) |
Ending balance | (260,867) | (231,137) |
Mortgage | Stage Three | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | 1,188,859 | 1,058,229 |
Transfers of financial instruments: | 66,076 | 202,908 |
Transfers from stage 1 to stage 3 | 125,284 | 158,243 |
Transfers from stage 2 to stage 3 | 142,948 | 193,935 |
Transfers from stage 3 to stage 1 | (76,889) | (54,042) |
Transfers from stage 3 to stage 2 | (125,267) | (95,228) |
Remeasurement arising from transfer of stage | 66,276 | 55,225 |
Remeasurement from remaining in the stage | 375,381 | 37,035 |
New financial assets purchased/originated | 42,534 | 12,878 |
Financial assets that have been derecognized | (154,164) | (103,654) |
Charges-off | (99,667) | (88,803) |
Foreign Exchange and other movements | 59,147 | 15,041 |
Ending balance | 1,544,442 | 1,188,859 |
Mortgage | Stage Three | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | (639,875) | (578,593) |
Transfers of financial instruments: | 38,222 | 19,932 |
Transfers from stage 1 to stage 3 | (3,774) | (5,534) |
Transfers from stage 2 to stage 3 | (25,392) | (29,595) |
Transfers from stage 3 to stage 1 | 25,986 | 23,269 |
Transfers from stage 3 to stage 2 | 41,402 | 31,792 |
Remeasurement arising from transfer of stage | (161,020) | (162,553) |
Remeasurement from remaining in the stage | (194,104) | (95,904) |
Remeasurement due to changes in economics factors | 1,502 | 57,295 |
Remeasurement due to changes in model inputs | (17,785) | |
Remeasurement due to methodological changes | 158,773 | |
New financial assets purchased/originated | (29,531) | (6,318) |
Financial assets that have been derecognized | 79,947 | 55,729 |
Charges-off | 104,433 | 89,632 |
Foreign Exchange and other movements | (17,695) | (1,310) |
Ending balance | (659,348) | (639,875) |
Small business loan | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | 1,232,075 | 1,279,408 |
Remeasurement arising from transfer of stage | (32,757) | (34,548) |
Remeasurement from remaining in the stage | (160,612) | (121,249) |
New financial assets purchased/originated | 519,295 | 425,900 |
Financial assets that have been derecognized | (276,180) | (273,724) |
Charges-off | (79,065) | (67,853) |
Foreign Exchange and other movements | 79,429 | 24,141 |
Ending balance | 1,282,185 | 1,232,075 |
Small business loan | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | (200,345) | (140,516) |
Remeasurement arising from transfer of stage | (43,771) | (75,399) |
Remeasurement from remaining in the stage | 7,967 | (10,192) |
Remeasurement due to changes in economics factors | (394) | (19,478) |
Remeasurement due to changes in model inputs | 13,772 | |
Remeasurement due to methodological changes | 7,489 | (254) |
New financial assets purchased/originated | (32,702) | (52,476) |
Financial assets that have been derecognized | 25,888 | 15,421 |
Charges-off | 79,065 | 67,853 |
Foreign Exchange and other movements | (7,264) | 924 |
Ending balance | (164,067) | (200,345) |
Small business loan | Stage One | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | 965,822 | 1,088,656 |
Transfers of financial instruments: | (71,045) | (115,997) |
Transfers from stage 1 to stage 2 | (54,843) | (58,455) |
Transfers from stage 1 to stage 3 | (50,148) | (71,502) |
Transfers from stage 2 to stage 1 | 31,728 | 6,941 |
Transfers from stage 3 to stage 1 | 2,218 | 7,019 |
Remeasurement arising from transfer of stage | (7,398) | (2,093) |
Remeasurement from remaining in the stage | (230,823) | (119,612) |
New financial assets purchased/originated | 470,193 | 359,511 |
Financial assets that have been derecognized | (235,533) | (256,947) |
Charges-off | (7,422) | (8,010) |
Foreign Exchange and other movements | 67,197 | 20,314 |
Ending balance | 950,991 | 965,822 |
Small business loan | Stage One | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | (44,663) | (39,456) |
Transfers of financial instruments: | (716) | 5,969 |
Transfers from stage 1 to stage 2 | 3,552 | 3,597 |
Transfers from stage 1 to stage 3 | 4,473 | 5,749 |
Transfers from stage 2 to stage 1 | (7,736) | (1,847) |
Transfers from stage 3 to stage 1 | (1,005) | (1,530) |
Remeasurement arising from transfer of stage | 7,279 | 2,523 |
Remeasurement from remaining in the stage | 14,626 | 4,178 |
Remeasurement due to changes in economics factors | 2,188 | (19,442) |
Remeasurement due to changes in model inputs | 12,172 | |
Remeasurement due to methodological changes | 1,250 | (326) |
New financial assets purchased/originated | (10,894) | (18,809) |
Financial assets that have been derecognized | 7,853 | 7,606 |
Charges-off | 1,531 | 653 |
Foreign Exchange and other movements | (1,299) | 269 |
Ending balance | (22,845) | (44,663) |
Small business loan | Stage Two | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | 109,655 | 70,219 |
Transfers of financial instruments: | 12,970 | 28,366 |
Transfers from stage 1 to stage 2 | 54,843 | 58,455 |
Transfers from stage 2 to stage 1 | (31,728) | (6,941) |
Transfers from stage 2 to stage 3 | (21,366) | (25,717) |
Transfers from stage 3 to stage 2 | 11,221 | 2,569 |
Remeasurement arising from transfer of stage | (7,679) | (7,658) |
Remeasurement from remaining in the stage | 66,725 | (1,359) |
New financial assets purchased/originated | 30,148 | 39,573 |
Financial assets that have been derecognized | (19,136) | (9,387) |
Charges-off | (13,819) | (11,606) |
Foreign Exchange and other movements | 4,829 | 1,507 |
Ending balance | 183,693 | 109,655 |
Small business loan | Stage Two | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | (33,329) | (16,615) |
Transfers of financial instruments: | 5,253 | 2,844 |
Transfers from stage 1 to stage 2 | (3,552) | (3,597) |
Transfers from stage 1 to stage 3 | 1 | |
Transfers from stage 2 to stage 1 | 7,736 | 1,847 |
Transfers from stage 2 to stage 3 | 6,644 | 6,015 |
Transfers from stage 3 to stage 2 | (5,576) | (1,421) |
Remeasurement arising from transfer of stage | (3,067) | (11,680) |
Remeasurement from remaining in the stage | (2,983) | (2,026) |
Remeasurement due to changes in economics factors | (2,616) | (522) |
Remeasurement due to changes in model inputs | 1,348 | |
Remeasurement due to methodological changes | 5,078 | 72 |
New financial assets purchased/originated | (7,569) | (12,742) |
Financial assets that have been derecognized | 4,513 | 2,433 |
Charges-off | 5,560 | 3,428 |
Foreign Exchange and other movements | (1,095) | 131 |
Ending balance | (30,255) | (33,329) |
Small business loan | Stage Three | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | 156,598 | 120,533 |
Transfers of financial instruments: | 58,075 | 87,631 |
Transfers from stage 1 to stage 3 | 50,148 | 71,502 |
Transfers from stage 2 to stage 3 | 21,366 | 25,717 |
Transfers from stage 3 to stage 1 | (2,218) | (7,019) |
Transfers from stage 3 to stage 2 | (11,221) | (2,569) |
Remeasurement arising from transfer of stage | (17,680) | (24,797) |
Remeasurement from remaining in the stage | 3,486 | (278) |
New financial assets purchased/originated | 18,954 | 26,816 |
Financial assets that have been derecognized | (21,511) | (7,390) |
Charges-off | (57,824) | (48,237) |
Foreign Exchange and other movements | 7,403 | 2,320 |
Ending balance | 147,501 | 156,598 |
Small business loan | Stage Three | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET | ||
Beginning balance | (122,353) | (84,445) |
Transfers of financial instruments: | (4,537) | (8,813) |
Transfers from stage 1 to stage 3 | (4,474) | (5,749) |
Transfers from stage 2 to stage 3 | (6,644) | (6,015) |
Transfers from stage 3 to stage 1 | 1,005 | 1,530 |
Transfers from stage 3 to stage 2 | 5,576 | 1,421 |
Remeasurement arising from transfer of stage | (47,983) | (66,242) |
Remeasurement from remaining in the stage | (3,676) | (12,344) |
Remeasurement due to changes in economics factors | 34 | 486 |
Remeasurement due to changes in model inputs | 252 | |
Remeasurement due to methodological changes | 1,161 | |
New financial assets purchased/originated | (14,239) | (20,925) |
Financial assets that have been derecognized | 13,522 | 5,382 |
Charges-off | 71,974 | 63,772 |
Foreign Exchange and other movements | (4,870) | 524 |
Ending balance | $ (110,967) | $ (122,353) |
LOANS AND ADVANCES TO CUSTOME_6
LOANS AND ADVANCES TO CUSTOMERS, NET - Impact of movements in the value of the portfolio and loss allowance by stage (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021COP ($) | |
12-month expected credit losses | Stage One | |
LOANS AND ADVANCES TO CUSTOMERS, NET | |
Increase (decrease) in exposure to credit risk on loan commitments | $ 28,847,204 |
Changes in loss allowance for credit losses | $ (878,256) |
Percentage increase (decrease) in newly granted loans | 34.00% |
Percentage increase (decrease) in foreign exchange rate | 16.00% |
Lifetime expected credit losses | Stage Two | |
LOANS AND ADVANCES TO CUSTOMERS, NET | |
Increase (decrease) in exposure to credit risk on loan commitments | $ 521,085 |
Changes in loss allowance for credit losses | 313,787 |
Lifetime expected credit losses | Stage Two | Agribusiness | |
LOANS AND ADVANCES TO CUSTOMERS, NET | |
Transfers from stage 3 to stage 2 | 681,480 |
Lifetime expected credit losses | Stage Three | |
LOANS AND ADVANCES TO CUSTOMERS, NET | |
Increase (decrease) in exposure to credit risk on loan commitments | (454,536) |
Changes in loss allowance for credit losses | (208,353) |
Charge-off | $ 401,163 |
Percentage increase (decrease) in the restatement of credits | 16.00% |
Lifetime expected credit losses | Stage Three | Building industry | |
LOANS AND ADVANCES TO CUSTOMERS, NET | |
Increase from new significant clients in default | $ 45,868 |
LEASES - Summary of finance lea
LEASES - Summary of finance leases as lessor (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
LEASES | ||
Total gross investment in finance lease receivable/ present value of minimum payments | $ 35,036,051 | $ 33,153,847 |
Less: Future financial income | (9,916,423) | (8,650,530) |
Present value of payments receivable | 25,119,628 | 24,503,317 |
Minimum non-collectable payments impairment | (1,520,880) | (1,996,033) |
Total | $ 23,598,748 | $ 22,507,284 |
Minimum | ||
LEASES | ||
Term of finance lease | 1 year | 1 year |
Maximum | ||
LEASES | ||
Term of finance lease | 10 years | 10 years |
Less than 1 year | ||
LEASES | ||
Total gross investment in finance lease receivable/ present value of minimum payments | $ 1,183,637 | $ 1,242,852 |
Present value of payments receivable | 735,304 | 1,103,071 |
Between 1 and 5 years | ||
LEASES | ||
Total gross investment in finance lease receivable/ present value of minimum payments | 8,352,753 | 10,228,072 |
Present value of payments receivable | 6,958,333 | 8,532,456 |
Greater than 5 years | ||
LEASES | ||
Total gross investment in finance lease receivable/ present value of minimum payments | 25,499,661 | 21,682,923 |
Present value of payments receivable | $ 17,425,991 | $ 14,867,790 |
LEASES - Unsecured residual val
LEASES - Unsecured residual value (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
LEASES | ||
Unsecured residual value | $ 72,862 | $ 64,647 |
Technological equipment | ||
LEASES | ||
Unsecured residual value | 37,139 | 31,761 |
Vehicles | ||
LEASES | ||
Unsecured residual value | 23,912 | 21,578 |
Machinery and equipment | ||
LEASES | ||
Unsecured residual value | 11,683 | 11,170 |
Furniture and fixtures | ||
LEASES | ||
Unsecured residual value | $ 128 | $ 138 |
LEASES - Amounts recognized as
LEASES - Amounts recognized as income for extensions (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
LEASES | |||
Amounts recognized as income for extensions | $ 19,520 | $ 21,258 | |
Financial leases | 1,440,493 | 1,829,971 | $ 1,918,655 |
Technological equipment | |||
LEASES | |||
Amounts recognized as income for extensions | 15,210 | 16,217 | |
Buildings | |||
LEASES | |||
Amounts recognized as income for extensions | 3,052 | 3,032 | |
Machinery and equipment | |||
LEASES | |||
Amounts recognized as income for extensions | 720 | 1,481 | |
Vehicles | |||
LEASES | |||
Amounts recognized as income for extensions | 537 | 527 | |
Furniture and fixtures | |||
LEASES | |||
Amounts recognized as income for extensions | $ 1 | $ 1 |
LEASES - Operating leases as le
LEASES - Operating leases as lessor (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
LEASES | ||
Minimum future operating lease payments to be received | $ 784,619 | $ 880,207 |
Operating lease income | $ 787,561 | $ 577,449 |
Minimum | ||
LEASES | ||
Term of operating leases | 1 year | 1 year |
Maximum | ||
LEASES | ||
Term of operating leases | 10 years | 10 years |
Less than 1 year | ||
LEASES | ||
Minimum future operating lease payments to be received | $ 400,296 | $ 343,516 |
Between 1 and 5 years | ||
LEASES | ||
Minimum future operating lease payments to be received | 308,802 | 465,069 |
Greater than 5 years | ||
LEASES | ||
Minimum future operating lease payments to be received | $ 75,521 | $ 71,622 |
LEASES - Rollforward of right o
LEASES - Rollforward of right of use assets (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
LEASES | |||
Beginning balance | $ 1,661,015 | $ 1,692,116 | $ 1,572,446 |
Acquisition | 86,055 | 141,188 | |
Additions | 61,281 | 24,306 | |
Expenses depreciation | (190,819) | (211,910) | (177,709) |
Disposal | (31,146) | (56,565) | |
Revaluation | 2,555 | 30,436 | |
Effect of changes in foreign exchange rate | 106,924 | 41,444 | |
Ending balance | 1,695,865 | 1,661,015 | 1,692,116 |
Buildings | |||
LEASES | |||
Expenses depreciation | (163,422) | (183,452) | |
Furniture and fixtures | |||
LEASES | |||
Expenses depreciation | (969) | (991) | |
Computer equipment | |||
LEASES | |||
Expenses depreciation | (13,606) | (17,338) | |
Vehicles | |||
LEASES | |||
Expenses depreciation | (12,822) | (10,129) | |
Gross carrying amount | |||
LEASES | |||
Beginning balance | 1,973,220 | 1,848,127 | |
Acquisition | 86,055 | 142,955 | |
Additions | 61,281 | 24,306 | |
Disposal | (72,790) | (114,443) | |
Revaluation | (8,782) | 30,472 | |
Effect of changes in foreign exchange rate | 139,868 | 41,803 | |
Ending balance | 2,178,852 | 1,973,220 | 1,848,127 |
Gross carrying amount | Buildings | |||
LEASES | |||
Beginning balance | 1,845,970 | 1,754,066 | |
Acquisition | 48,913 | 70,028 | |
Additions | 61,281 | 24,306 | |
Disposal | (64,972) | (78,748) | |
Revaluation | (11,048) | 36,693 | |
Effect of changes in foreign exchange rate | 135,010 | 39,625 | |
Ending balance | 2,015,154 | 1,845,970 | 1,754,066 |
Gross carrying amount | Furniture and fixtures | |||
LEASES | |||
Beginning balance | 3,466 | 3,842 | |
Acquisition | 224 | ||
Disposal | (463) | ||
Revaluation | (9) | 5 | |
Effect of changes in foreign exchange rate | 291 | 82 | |
Ending balance | 3,972 | 3,466 | 3,842 |
Gross carrying amount | Computer equipment | |||
LEASES | |||
Beginning balance | 65,681 | 57,116 | |
Acquisition | 14,723 | 31,492 | |
Disposal | (526) | (21,567) | |
Revaluation | 3,304 | (3,278) | |
Effect of changes in foreign exchange rate | 4,175 | 1,918 | |
Ending balance | 87,357 | 65,681 | 57,116 |
Gross carrying amount | Vehicles | |||
LEASES | |||
Beginning balance | 58,103 | 33,103 | |
Acquisition | 22,195 | 41,435 | |
Disposal | (7,292) | (13,665) | |
Revaluation | (1,029) | (2,948) | |
Effect of changes in foreign exchange rate | 392 | 178 | |
Ending balance | 72,369 | 58,103 | 33,103 |
Accumulated depreciation | |||
LEASES | |||
Beginning balance | (312,205) | (156,011) | |
Acquisition | (1,767) | ||
Expenses depreciation | (190,819) | (211,910) | |
Disposal | 41,644 | 57,878 | |
Revaluation | 11,337 | (36) | |
Effect of changes in foreign exchange rate | (32,944) | (359) | |
Ending balance | (482,987) | (312,205) | (156,011) |
Accumulated depreciation | Buildings | |||
LEASES | |||
Beginning balance | (278,008) | (134,306) | |
Expenses depreciation | (163,422) | (183,452) | |
Disposal | 30,637 | 40,107 | |
Revaluation | 11,055 | ||
Effect of changes in foreign exchange rate | (31,409) | (357) | |
Ending balance | (431,147) | (278,008) | (134,306) |
Accumulated depreciation | Furniture and fixtures | |||
LEASES | |||
Beginning balance | (1,674) | (906) | |
Expenses depreciation | (969) | (991) | |
Disposal | 211 | ||
Effect of changes in foreign exchange rate | (178) | 12 | |
Ending balance | (2,821) | (1,674) | (906) |
Accumulated depreciation | Computer equipment | |||
LEASES | |||
Beginning balance | (18,282) | (16,795) | |
Expenses depreciation | (13,606) | (17,338) | |
Disposal | 440 | 15,794 | |
Effect of changes in foreign exchange rate | (1,090) | 57 | |
Ending balance | (32,538) | (18,282) | (16,795) |
Accumulated depreciation | Vehicles | |||
LEASES | |||
Beginning balance | (14,241) | (4,004) | |
Acquisition | (1,767) | ||
Expenses depreciation | (12,822) | (10,129) | |
Disposal | 10,567 | 1,766 | |
Revaluation | 282 | (36) | |
Effect of changes in foreign exchange rate | (267) | (71) | |
Ending balance | $ (16,481) | $ (14,241) | $ (4,004) |
LEASES - Change in lease liabil
LEASES - Change in lease liabilities (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
LEASES | ||
Beginning balance | $ 1,818,358 | $ 1,831,585 |
New contracts | 63,515 | 98,107 |
Reassessment of the lease liability | (41,800) | (12,546) |
Payments | (259,140) | (261,297) |
Accrued Interest | 122,011 | 126,846 |
Effect of changes in foreign exchange rate (lease liabilities) | 116,133 | 35,663 |
Ending balance | 1,819,077 | 1,818,358 |
Interest expense on lease liabilities | $ 10,455 | $ 8,246 |
LEASES - Maturity analysis of l
LEASES - Maturity analysis of lease liabilities (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
LEASES | |||
Lease liabilities | $ 1,819,077 | $ 1,818,358 | $ 1,831,585 |
Buildings | |||
LEASES | |||
Lease liabilities | 1,760,324 | 1,766,835 | |
Vehicles | |||
LEASES | |||
Lease liabilities | 278 | 577 | |
Computer equipment | |||
LEASES | |||
Lease liabilities | 57,413 | 49,020 | |
Furniture and fixtures | |||
LEASES | |||
Lease liabilities | 1,062 | 1,926 | |
Less than 1 year | |||
LEASES | |||
Lease liabilities | 6,357 | 6,437 | |
Less than 1 year | Buildings | |||
LEASES | |||
Lease liabilities | 5,632 | 5,562 | |
Less than 1 year | Vehicles | |||
LEASES | |||
Lease liabilities | 159 | ||
Less than 1 year | Computer equipment | |||
LEASES | |||
Lease liabilities | 875 | ||
Less than 1 year | Furniture and fixtures | |||
LEASES | |||
Lease liabilities | 566 | ||
1 to 3 years | |||
LEASES | |||
Lease liabilities | 80,518 | 47,118 | |
1 to 3 years | Buildings | |||
LEASES | |||
Lease liabilities | 49,939 | 42,237 | |
1 to 3 years | Vehicles | |||
LEASES | |||
Lease liabilities | 119 | 446 | |
1 to 3 years | Computer equipment | |||
LEASES | |||
Lease liabilities | 29,964 | 3,486 | |
1 to 3 years | Furniture and fixtures | |||
LEASES | |||
Lease liabilities | 496 | 949 | |
3 to 5 years | |||
LEASES | |||
Lease liabilities | 55,257 | 96,786 | |
3 to 5 years | Buildings | |||
LEASES | |||
Lease liabilities | 39,367 | 62,490 | |
3 to 5 years | Vehicles | |||
LEASES | |||
Lease liabilities | 131 | ||
3 to 5 years | Computer equipment | |||
LEASES | |||
Lease liabilities | 15,890 | 33,188 | |
3 to 5 years | Furniture and fixtures | |||
LEASES | |||
Lease liabilities | 977 | ||
Greater than 5 years | |||
LEASES | |||
Lease liabilities | 1,676,945 | 1,668,017 | |
Greater than 5 years | Buildings | |||
LEASES | |||
Lease liabilities | 1,665,386 | 1,656,546 | |
Greater than 5 years | Computer equipment | |||
LEASES | |||
Lease liabilities | $ 11,559 | $ 11,471 |
LEASES - Weighted average rates
LEASES - Weighted average rates and average useful life of right of use assets (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Future cash outflows of variable lease payments | $ 2,373 | $ 2,323 |
Buildings | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Weighted average life | 207 months | 295 months |
Weighted average remaining lease terms | 123 months | 159 months |
Weighted average discount rates | 5.35% | 5.96% |
Computer equipment | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Weighted average life | 72 months | 70 months |
Weighted average remaining lease terms | 40 months | 38 months |
Weighted average discount rates | 6.94% | 4.53% |
Furniture and fixtures | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Weighted average life | 45 months | 45 months |
Weighted average remaining lease terms | 12 months | 24 months |
Weighted average discount rates | 6.50% | 6.55% |
Vehicles | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Weighted average life | 46 months | 42 months |
Weighted average remaining lease terms | 18 months | 23 months |
Weighted average discount rates | 3.79% | 3.68% |
LEASES - Statement of Income im
LEASES - Statement of Income impact of leases (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Financial interest | $ 111,556 | $ 118,600 | $ 121,946 |
Expenses depreciation | 190,819 | 211,910 | $ 177,709 |
Payments of penalties | 2,108 | 247 | |
Effect of changes in foreign exchange rate | 250 | (375) | |
Short-term leases | 1,836 | 2,351 | |
Leases for which the underlying asset is of low value | 6,563 | 7,842 | |
Variable payments | 2,038 | 679 | |
Interest expense on lease liabilities | 10,455 | 8,246 | |
Buildings | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Financial interest | 109,062 | 117,680 | |
Expenses depreciation | 163,422 | 183,452 | |
Payments of penalties | 2,108 | 247 | |
Effect of changes in foreign exchange rate | 250 | (375) | |
Short-term leases | 961 | 1,809 | |
Leases for which the underlying asset is of low value | 249 | 2,992 | |
Variable payments | 2,038 | 679 | |
Vehicles | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Financial interest | 16 | 263 | |
Expenses depreciation | 12,822 | 10,129 | |
Leases for which the underlying asset is of low value | 18 | 24 | |
Computer equipment | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Financial interest | 2,381 | 499 | |
Expenses depreciation | 13,606 | 17,338 | |
Leases for which the underlying asset is of low value | 5,103 | 820 | |
Furniture and fixtures | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Financial interest | 97 | 158 | |
Expenses depreciation | 969 | 991 | |
Short-term leases | 875 | 542 | |
Leases for which the underlying asset is of low value | $ 1,193 | $ 4,006 |
LEASES - Minimum payments lease
LEASES - Minimum payments lease liabilities (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | $ 2,572,685 | $ 2,624,184 |
Furniture and fixtures | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | 1,096 | 2,054 |
Buildings | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | 2,503,940 | 2,567,169 |
Vehicles | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | 289 | 603 |
Computer equipment | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | 67,360 | 54,358 |
Less than 1 year | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | 6,050 | 6,703 |
Less than 1 year | Buildings | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | 5,890 | 5,697 |
Less than 1 year | Vehicles | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | 160 | |
Less than 1 year | Computer equipment | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | 1,006 | |
1 to 3 years | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | 90,390 | 50,708 |
1 to 3 years | Furniture and fixtures | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | 1,096 | 1,002 |
1 to 3 years | Buildings | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | 56,726 | 45,492 |
1 to 3 years | Vehicles | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | 129 | 458 |
1 to 3 years | Computer equipment | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | 32,439 | 3,756 |
3 to 5 years | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | 68,266 | 107,466 |
3 to 5 years | Furniture and fixtures | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | 1,052 | |
3 to 5 years | Buildings | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | 46,573 | 71,088 |
3 to 5 years | Vehicles | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | 145 | |
3 to 5 years | Computer equipment | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | 21,693 | 35,181 |
Greater than 5 years | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | 2,407,979 | 2,459,307 |
Greater than 5 years | Buildings | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | 2,394,751 | 2,444,892 |
Greater than 5 years | Computer equipment | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Total minimum payments lease liabilities | $ 13,228 | $ 14,415 |
LEASES - Impacts of adoption IF
LEASES - Impacts of adoption IFRS 16 (Details) - COP ($) $ in Millions | Jan. 01, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
LEASES | |||||
Right of use assets | $ 1,695,865 | $ 1,661,015 | $ 1,692,116 | $ 1,572,446 | |
Financial leases recognized | $ 25,119,628 | $ 24,503,317 | |||
IFRS 16 Leases | ASU Adjustment | |||||
LEASES | |||||
Increase in right of use assets | $ 1,543,427 | ||||
Net of deferred tax | (119,173) | ||||
Increase in lease liabilities | 1,848,833 | ||||
Net of effect of changes in foreign exchange rate | (9,560) | ||||
Decrease in retained earnings | $ 184,248 | ||||
Transportempo S.A.S. | |||||
LEASES | |||||
Financial leases recognized | $ 29,019 |
INVESTMENTS IN ASSOCIATES AND_3
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Investments in associates and joint ventures (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||
Investment in associates and joint ventures | $ 2,720,559 | $ 2,506,315 |
Investments in associates at fair value | 1,358,368 | 1,263,765 |
Investments in associates at equity value | 779,788 | 709,327 |
Associates | ||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||
Investment in associates and joint ventures | 2,138,156 | 1,973,092 |
Joint ventures | ||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | ||
Investment in associates and joint ventures | $ 582,403 | $ 533,223 |
INVESTMENTS IN ASSOCIATES AND_4
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Investments in associates (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021COP ($) | Dec. 31, 2020COP ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019COP ($) | |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Total OCI | $ 4,874,389 | $ 3,189,014 | ||
OCI (Equity method) | 2,913 | 5,020 | $ 8,151 | |
Investment in associates | 2,720,559 | 2,506,315 | ||
Contingent liabilities incurred in relation to interests in associates | $ 0 | $ 0 | ||
P.A. Viva Malls | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Main activity | Development and operation of commercial spaces | Development and operation of commercial spaces | Development and operation of commercial spaces | |
Country | Colombia | Colombia | Colombia | |
Percentage of Ownership interest | 49.00% | 49.00% | 49.00% | |
Refund of contributions | $ 13,279 | |||
Proteccion S.A. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Main activity | Administration of pension funds and severances | Administration of pension funds and severances | Administration of pension funds and severances | |
Country | Colombia | Colombia | Colombia | |
Percentage of Ownership interest | 20.58% | 20.58% | 20.58% | |
Titularizadora Colombiana S.A. Hitos | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Main activity | Mortgage portfolio securities | Mortgage portfolio securities | Mortgage portfolio securities | |
Country | Colombia | Colombia | Colombia | |
Percentage of Ownership interest | 26.98% | 26.98% | 26.98% | |
Redeban Multicolor S.A. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Main activity | Network data transmission services | Network data transmission services | Network data transmission services | |
Country | Colombia | Colombia | Colombia | |
Percentage of Ownership interest | 20.36% | 20.36% | 20.36% | |
ACH Colombia S.A. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Main activity | Electronic transfer services | Electronic transfer services | Electronic transfer services | |
Country | Colombia | Colombia | Colombia | |
Percentage of Ownership interest | 19.94% | 19.94% | 19.94% | |
P.A La Felicidad. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Main activity | Real estate ecosystems | Real estate development | Real estate development | |
Country | Colombia | Colombia | Colombia | |
Percentage of Ownership interest | 20.00% | 20.00% | 20.00% | |
Capital contributions to associates | $ 2,413 | |||
Servicio Salvadoreno de Proteccion, S. A. de C.V. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Main activity | Custodial services and transfer of monetary types | Custodial services and transfer of monetary types | Custodial services and transfer of monetary types | |
Country | El Salvador | El Salvador | El Salvador | |
Percentage of Ownership interest | 25.00% | 25.00% | 25.00% | |
P.A Madrid II | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Main activity | Real estate ecosystems | Real estate development | Real estate development | |
Country | Colombia | Colombia | Colombia | |
Percentage of Ownership interest | 20.00% | 20.00% | 20.00% | |
Capital contributions to associates | $ 1,954 | |||
Reintegra S.A.S. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Main activity | Collections and recovery of portfolio | Collections and recovery of portfolio | Collections and recovery of portfolio | |
Country | Colombia | Colombia | Colombia | |
Percentage of Ownership interest | 46.00% | 46.00% | 46.00% | |
Capital contributions to associates | $ 1,612 | |||
P.A Boreal | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Main activity | Real estate ecosystems | Real estate development | Real estate development | |
Country | Colombia | Colombia | Colombia | |
Percentage of Ownership interest | 20.00% | 20.00% | 20.00% | |
Refund of contributions | $ 3,300 | |||
Servicios Financieros, S.A. de C.V. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Main activity | Processing of financial transactions and electronic payment methods | Processing of financial transactions and electronic payment methods | Processing of financial transactions and electronic payment methods | |
Country | El Salvador | El Salvador | El Salvador | |
Percentage of Ownership interest | 49.78% | 49.78% | 49.78% | |
Percentage of voting equity interests acquired | 1.92% | |||
Capital contributions to associates | $ 670 | |||
Servicios de Identidad Digital S.A.S. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Main activity | Provide digital citizens services | Provide digital citizens services | Provide digital citizens services | |
Country | Colombia | Colombia | Colombia | |
Percentage of Ownership interest | 33.33% | 33.33% | 33.33% | |
Capital contributions to associates | $ 4,539 | $ 5,333 | ||
P.A Distrito Vera | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Main activity | Real estate ecosystems | |||
Country | Colombia | |||
Percentage of Ownership interest | 33.33% | |||
ACH de El Salvador, S. A. de C.V. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Main activity | Electronic transfer services | Electronic transfer services | Electronic transfer services | |
Country | El Salvador | El Salvador | El Salvador | |
Percentage of Ownership interest | 25.00% | 25.00% | 25.00% | |
P.A Mirador de la Cienaga | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Main activity | Real estate ecosystems | |||
Country | Colombia | |||
Percentage of Ownership interest | 13.00% | |||
Agricapital S.A.S. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Main activity | Financial services | |||
Country | Colombia | |||
Percentage of Ownership interest | 10.02% | |||
Percentage of voting equity interests acquired | 10.02% | |||
Capital contributions to associates | $ 1,254 | |||
Internacional Ejecutiva de Aviacion S.A.S. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Main activity | Aircraft and aircraft travel | Aircraft and aircraft travel | Aircraft and aircraft travel | |
Country | Colombia | Colombia | Colombia | |
Percentage of Ownership interest | 25.00% | 33.33% | 33.33% | |
Refund of contributions | $ 1,148 | |||
Impairment loss recognized in the Statement of Income | $ 1,733 | $ 4,399 | ||
Percentage of ownership interests sold | 25.00% | |||
P.A. La Felicidad, P.A. Boreal and P.A. Madrid II | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Percentage of voting equity interests acquired | 20.00% | |||
Capital contributions to associates | $ 28,910 | |||
Associates | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Included in earnings | $ 179,033 | 123,577 | ||
Total OCI | 15,605 | 12,714 | ||
OCI (Equity method) | 2,891 | (758) | ||
OCI (TA) | (430) | (25) | ||
OCI (Deferred tax) | (982) | (76) | ||
Investment in associates | 2,138,156 | 1,973,092 | ||
Associates | P.A. Viva Malls | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Included in earnings | 105,202 | 56,116 | ||
Investment in associates | 1,355,688 | 1,263,765 | ||
Associates | Proteccion S.A. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Included in earnings | 56,901 | 59,959 | ||
Total OCI | 17,694 | 15,529 | ||
OCI (Equity method) | 2,165 | 264 | ||
OCI (Deferred tax) | (824) | (56) | ||
Investment in associates | 630,821 | 582,073 | ||
Associates | Titularizadora Colombiana S.A. Hitos | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Included in earnings | 737 | 2,274 | ||
Total OCI | (1,379) | (1,398) | ||
OCI (Equity method) | 19 | 172 | ||
OCI (Deferred tax) | (34) | (7) | ||
Investment in associates | 34,241 | 36,081 | ||
Associates | Redeban Multicolor S.A. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Included in earnings | 3,743 | 816 | ||
Total OCI | (605) | (651) | ||
OCI (Equity method) | 46 | |||
OCI (Deferred tax) | (48) | 1 | ||
Investment in associates | 26,045 | 22,256 | ||
Associates | ACH Colombia S.A. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Included in earnings | 14,448 | 9,191 | ||
Total OCI | (952) | (952) | ||
OCI (Deferred tax) | (85) | 3 | ||
Investment in associates | 18,854 | 13,505 | ||
Associates | P.A La Felicidad. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Included in earnings | 3 | |||
Investment in associates | 14,443 | 12,027 | ||
Associates | Servicio Salvadoreno de Proteccion, S. A. de C.V. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Included in earnings | 1,549 | 241 | ||
Total OCI | (740) | (727) | ||
OCI (Equity method) | (13) | |||
OCI (TA) | (210) | (5) | ||
OCI (Deferred tax) | 9 | (29) | ||
Investment in associates | 13,145 | 9,914 | ||
Associates | P.A Madrid II | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Included in earnings | (3) | |||
Investment in associates | 9,117 | 7,166 | ||
Associates | Reintegra S.A.S. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Total OCI | 1,742 | 1,742 | ||
Investment in associates | 8,049 | 0 | ||
Associates | P.A Boreal | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Included in earnings | 1,520 | 6 | ||
Investment in associates | 7,942 | 9,722 | ||
Associates | Servicios Financieros, S.A. de C.V. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Included in earnings | 803 | 395 | ||
Total OCI | 9 | 9 | ||
OCI (TA) | (81) | 36 | ||
Investment in associates | 7,801 | 5,991 | ||
Associates | Servicios de Identidad Digital S.A.S. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Included in earnings | (4,878) | (2,798) | ||
Investment in associates | 4,566 | 4,905 | ||
Associates | P.A Distrito Vera | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Included in earnings | 237 | |||
Investment in associates | 2,680 | |||
Associates | ACH de El Salvador, S. A. de C.V. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Included in earnings | 395 | 204 | ||
Total OCI | 6 | 6 | ||
OCI (TA) | (139) | (56) | ||
Investment in associates | 1,686 | 1,349 | ||
Associates | P.A Mirador de la Cienaga | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Included in earnings | (1) | |||
Investment in associates | 1,329 | |||
Associates | Agricapital S.A.S. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Included in earnings | (63) | |||
Investment in associates | 1,191 | |||
Associates | Internacional Ejecutiva de Aviacion S.A.S. | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Included in earnings | (1,560) | (2,827) | ||
Total OCI | (170) | (844) | ||
OCI (Equity method) | 674 | (1,194) | ||
OCI (Deferred tax) | 12 | |||
Investment in associates | $ 558 | $ 4,338 | ||
Inversiones CFNS S.A.S. | P.A Mirador de la Cienaga | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Percentage of voting equity interests acquired | 20.00% | |||
Capital contributions to associates | $ 1,330 | |||
FCP Fondo Inmobiliario Colombia | P.A Distrito Vera | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Initial cost | 3,191 | |||
Capital contributions to associates | 1,780 | |||
Refund of contributions | $ 2,529 |
INVESTMENTS IN ASSOCIATES AND_5
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Significant associates (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Interests In Other Entities Explanatory [Line Items] | |||
Assets | $ 289,855,048 | $ 255,568,505 | |
Liabilities | 255,929,590 | 227,453,292 | |
Total other comprehensive income | 1,814,640 | 442,064 | $ 127,033 |
P.A. Viva Malls | |||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | |||
Assets | 2,810,414 | 2,633,341 | |
Liabilities | 43,703 | 54,228 | |
Income from ordinary activities | 514,485 | 328,937 | |
Profits (loss) | 214,538 | 42,253 | |
Dividends | 50,208 | 42,169 | |
Proteccion S.A. | |||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | |||
Assets | 3,698,529 | 3,031,933 | |
Liabilities | 1,461,115 | 1,031,421 | |
Total other comprehensive income | 74,155 | 63,571 | |
Income from ordinary activities | 1,816,422 | 1,983,426 | |
Profits (loss) | 276,519 | 291,391 | |
Dividends | 10,331 | 24,697 | |
Titularizadora Colombiana S.A. Hitos | |||
Disclosure Of Interests In Other Entities Explanatory [Line Items] | |||
Assets | 131,166 | 142,522 | |
Liabilities | 8,303 | 12,840 | |
Total other comprehensive income | 20,663 | 20,595 | |
Income from ordinary activities | 27,341 | 31,341 | |
Profits (loss) | 3,347 | 7,376 | |
Dividends | $ 2,596 | $ 3,412 |
INVESTMENTS IN ASSOCIATES AND_6
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Investments in joint ventures (Details) - COP ($) $ in Millions | Nov. 30, 2021 | Nov. 30, 2021 | Oct. 31, 2020 | Sep. 30, 2020 | Apr. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2020 |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||||||
Total OCI | $ 4,874,389 | $ 3,189,014 | ||||||
Investment in joint ventures | 2,720,559 | 2,506,315 | ||||||
Compania de financiamiento Tuya S.A | ||||||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||||||
Capital contributions to joint ventures | $ 24,500 | 37,002 | ||||||
Fideicomiso Ruta del Sol - compartimento A | ||||||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||||||
Main activity | Investment in infrastructure projects | |||||||
Country | Colombia | |||||||
Percentage of Ownership interest | 25.90% | |||||||
Included in earnings | $ 16,657 | |||||||
Total OCI | 13 | |||||||
Investment in joint ventures | 16,664 | |||||||
Capital contributions to joint ventures | $ 7 | 3 | ||||||
Puntos Colombia S.A.S | ||||||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||||||
Main activity | Administration of the customers loyalty | |||||||
Country | Colombia | |||||||
Percentage of Ownership interest | 50.00% | |||||||
Included in earnings | $ 1,894 | |||||||
Investment in joint ventures | $ 9,601 | |||||||
Ecosistemas Digitales de Negocio S.A.S. | ||||||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||||||
Main activity | Digital electronic billing services | |||||||
Country | Colombia | |||||||
Percentage of Ownership interest | 50.00% | |||||||
Included in earnings | $ 734 | |||||||
Investment in joint ventures | 3,615 | |||||||
Capital contributions to joint ventures | $ 3,514 | $ 1,565 | 1,028 | |||||
VILIV S.A.S. | ||||||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||||||
Main activity | Market place | |||||||
Country | Colombia | |||||||
Percentage of Ownership interest | 50.00% | |||||||
Included in earnings | $ (2,420) | |||||||
Investment in joint ventures | 3,346 | |||||||
Capital contributions to joint ventures | $ 1,600 | $ 4,050 | ||||||
Net value of rights transferred | $ 1,022 | |||||||
P.A Muverang | ||||||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||||||
Main activity | Sustainable mobility services | |||||||
Country | Colombia | |||||||
Percentage of Ownership interest | 33.33% | |||||||
Included in earnings | $ (1,392) | |||||||
Investment in joint ventures | 2,544 | |||||||
Capital contributions to joint ventures | $ 2,220 | 2,034 | ||||||
P.A Reintegra | ||||||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||||||
Main activity | Collections and recovery of portfolio | |||||||
Country | Colombia | |||||||
Percentage of Ownership interest | 46.00% | |||||||
VLIPCO S.A.S. | ||||||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||||||
Percentage of Ownership interest | 47.40% | |||||||
Capital contributions to joint ventures | $ 9,474 | $ 460 | ||||||
Number of shares acquired | 91,791 | 91,791 | ||||||
Percentage of common stock acquired | 94.77% | 94.77% | ||||||
P.A CRECE | ||||||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||||||
Capital contributions to joint ventures | $ 1,013 | |||||||
Joint ventures | ||||||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||||||
Included in earnings | $ 20,619 | 13,019 | ||||||
Total OCI | 13 | 13 | ||||||
OCI (Deferred tax) | (13) | |||||||
Investment in joint ventures | $ 582,403 | $ 533,223 | ||||||
Joint ventures | Compania de financiamiento Tuya S.A | ||||||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||||||
Main activity | Financing Services | Financing company | ||||||
Country | Colombia | Colombia | ||||||
Percentage of Ownership interest | 50.00% | 50.00% | ||||||
Included in earnings | $ 5,342 | $ 13,333 | ||||||
OCI (Deferred tax) | (13) | |||||||
Investment in joint ventures | 546,633 | $ 516,791 | ||||||
Joint ventures | Fideicomiso Ruta del Sol - compartimento A | ||||||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||||||
Main activity | Investment in infrastructure projects | |||||||
Country | Colombia | |||||||
Percentage of Ownership interest | 26.50% | |||||||
Included in earnings | $ (3) | |||||||
Total OCI | $ 13 | |||||||
Joint ventures | Puntos Colombia S.A.S | ||||||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||||||
Main activity | Administration of the customers loyalty | |||||||
Country | Colombia | |||||||
Percentage of Ownership interest | 50.00% | |||||||
Included in earnings | $ 6,334 | |||||||
Investment in joint ventures | $ 7,707 | |||||||
Joint ventures | Ecosistemas Digitales de Negocio S.A.S. | ||||||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||||||
Main activity | Collaborative digital ecosystems | |||||||
Country | Colombia | |||||||
Percentage of Ownership interest | 50.00% | |||||||
Included in earnings | $ (3,226) | |||||||
Investment in joint ventures | $ 1,316 | |||||||
Joint ventures | VILIV S.A.S. | ||||||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||||||
Main activity | Market place | |||||||
Country | Colombia | |||||||
Percentage of Ownership interest | 50.00% | |||||||
Included in earnings | $ (906) | |||||||
Investment in joint ventures | $ 1,716 | |||||||
Joint ventures | P.A Muverang | ||||||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||||||
Main activity | Sustainable mobility services | |||||||
Country | Colombia | |||||||
Percentage of Ownership interest | 33.33% | |||||||
Included in earnings | $ (818) | |||||||
Investment in joint ventures | $ 1,716 | |||||||
Joint ventures | P.A Reintegra | ||||||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||||||
Investment in joint ventures | 0 | |||||||
Capital contributions to joint ventures | $ 17 | |||||||
Percentage of common stock acquired | 46.00% | |||||||
Joint ventures | VLIPCO S.A.S. | ||||||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||||||
Main activity | Technology services provider | Technology services provider | ||||||
Country | Colombia | Colombia | ||||||
Percentage of Ownership interest | 47.40% | 47.28% | ||||||
Included in earnings | $ (196) | $ (672) | ||||||
Investment in joint ventures | $ 3,977 | |||||||
Joint ventures | P.A CRECE | ||||||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||||||
Main activity | Non-financial products and services platform | |||||||
Country | Colombia | |||||||
Percentage of Ownership interest | 50.00% | |||||||
Included in earnings | $ (1,000) | |||||||
Joint ventures | P.A. Servicios Tecnolgicos Arus Bancolombia | ||||||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||||||
Main activity | Technology services provider | |||||||
Country | Colombia | |||||||
Included in earnings | $ (23) |
INVESTMENTS IN ASSOCIATES AND_7
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Significant joint ventures (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Assets | $ 289,855,048 | $ 255,568,505 | ||
Liabilities | 255,929,590 | 227,453,292 | ||
Cash and cash equivalents | 25,329,846 | 23,701,149 | $ 23,738,042 | $ 18,730,810 |
Interest expense | 4,351,556 | 5,863,008 | 6,179,794 | |
Income tax | 1,776,225 | (6,586) | $ 1,262,964 | |
Compania de financiamiento Tuya S.A | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Assets | 3,965,397 | 3,235,475 | ||
Liabilities | 3,392,041 | 2,721,800 | ||
Income from ordinary activities | 1,675,439 | 1,524,072 | ||
Profits (loss) | 10,681 | 26,665 | ||
Cash and cash equivalents | 353,348 | 339,044 | ||
Interest and valuation income | 630,936 | 605,979 | ||
Interest expense | 82,537 | 142,770 | ||
Depreciation and amortization | 21,113 | 18,692 | ||
Income tax | $ 13,828 | $ 2,381 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS, NET - Intangibles assets and goodwill net (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
GOODWILL AND INTANGIBLE ASSETS, NET | |||
Intangible assets | $ 485,626 | $ 495,606 | |
Goodwill | 8,143,146 | 7,011,715 | $ 6,694,354 |
Total | $ 8,628,772 | $ 7,507,321 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS, NET - Intangible assets (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | $ 495,606 | ||
Amortization expense | (198,169) | $ (163,754) | $ (141,104) |
Intangible assets at end of year | 485,626 | 495,606 | |
Intangible assets controlled by entity but recognized directly to expense | 10,046 | 86,168 | 48,584 |
Other administrative and general expenses | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Research and development expense | 11,882 | 18,736 | 85,532 |
Gross carrying amount | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | 1,239,337 | 1,166,113 | |
Acquisitions | 144,514 | 106,404 | |
Acquisitions through business combination | 13,196 | ||
Write off | (49,805) | (68,484) | |
Foreign currency translation adjustment | 132,884 | 35,304 | |
Intangible assets at end of year | 1,480,126 | 1,239,337 | 1,166,113 |
Accumulated depreciation | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | (743,731) | (627,155) | |
Write off | 49,805 | 68,484 | |
Amortization expense | 198,169 | 163,754 | |
Foreign currency translation adjustment | 102,405 | 21,306 | |
Intangible assets at end of year | (994,500) | (743,731) | (627,155) |
Trademarks | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | 5,798 | ||
Intangible assets at end of year | 3,363 | 5,798 | |
Trademarks | Gross carrying amount | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | 20,293 | 19,375 | |
Foreign currency translation adjustment | 3,244 | 918 | |
Intangible assets at end of year | 23,537 | 20,293 | 19,375 |
Trademarks | Accumulated depreciation | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | (14,495) | (11,071) | |
Amortization expense | 3,165 | 3,118 | |
Foreign currency translation adjustment | 2,514 | 306 | |
Intangible assets at end of year | (20,174) | (14,495) | (11,071) |
Licenses, software and computer applications | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | 424,797 | ||
Intangible assets at end of year | 474,554 | 424,797 | |
Licenses, software and computer applications | Gross carrying amount | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | 823,318 | 768,923 | |
Acquisitions | 144,514 | 106,404 | |
Acquisitions through business combination | 13,196 | ||
Write off | (49,805) | (68,484) | |
Foreign currency translation adjustment | 66,386 | 16,475 | |
Intangible assets at end of year | 997,609 | 823,318 | 768,923 |
Licenses, software and computer applications | Accumulated depreciation | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | (398,521) | (342,229) | |
Write off | 49,805 | 68,484 | |
Amortization expense | 131,288 | 113,452 | |
Foreign currency translation adjustment | 43,051 | 11,324 | |
Intangible assets at end of year | (523,055) | (398,521) | (342,229) |
Licenses, software and computer applications | Core Factoring | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Cancellations | 6,879 | ||
Licenses, software and computer applications | Sede 30 projects | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Cancellations | 2,716 | ||
Client relationships | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | 65,011 | ||
Intangible assets at end of year | 7,709 | 65,011 | |
Client relationships | Gross carrying amount | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | 395,726 | 377,815 | |
Foreign currency translation adjustment | 63,254 | 17,911 | |
Intangible assets at end of year | 458,980 | 395,726 | 377,815 |
Client relationships | Accumulated depreciation | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | (330,715) | (273,855) | |
Amortization expense | 63,716 | 47,184 | |
Foreign currency translation adjustment | 56,840 | 9,676 | |
Intangible assets at end of year | $ (451,271) | $ (330,715) | $ (273,855) |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS, NET - Goodwill (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021COP ($) | Dec. 31, 2020COP ($) | Dec. 31, 2019 | |
GOODWILL AND INTANGIBLE ASSETS, NET | |||
Balance | $ 7,011,715 | $ 6,694,354 | |
Acquisitions | 10,660 | ||
Effect of change in foreign exchange rate | 1,120,771 | 317,361 | |
Balance | $ 8,143,146 | $ 7,011,715 | |
Year end exchange rate, U.S. dollar into Colombian pesos | 3,981.16 | 3,432.50 | 3,277.14 |
GOODWILL AND INTANGIBLE ASSET_6
GOODWILL AND INTANGIBLE ASSETS, NET - Key assumptions used to determine recoverable amount of goodwill (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
GOODWILL AND INTANGIBLE ASSETS, NET | |||
Goodwill | $ 8,143,146 | $ 7,011,715 | $ 6,694,354 |
Banking | Panama | Discounted cash flow | 5 years plan | |||
GOODWILL AND INTANGIBLE ASSETS, NET | |||
Goodwill | $ 6,080,314 | ||
Growth rate (real) | 5.40% | ||
Banking | Panama | Discounted cash flow | 5 years plan | Minimum | |||
GOODWILL AND INTANGIBLE ASSETS, NET | |||
Discount Rate (real) | 8.80% | ||
Banking | Panama | Discounted cash flow | 5 years plan | Maximum | |||
GOODWILL AND INTANGIBLE ASSETS, NET | |||
Discount Rate (real) | 8.70% | ||
Banking | El Salvador | Discounted cash flow | 5 years plan | |||
GOODWILL AND INTANGIBLE ASSETS, NET | |||
Goodwill | $ 1,122,986 | ||
Discount Rate (real) | 14.90% | ||
Growth rate (real) | 4.10% | ||
Banking | Guatemala | Discounted cash flow | 5 years plan | |||
GOODWILL AND INTANGIBLE ASSETS, NET | |||
Goodwill | $ 929,186 | ||
Discount Rate (real) | 10.10% | ||
Growth rate (real) | 5.10% | ||
Other | |||
GOODWILL AND INTANGIBLE ASSETS, NET | |||
Goodwill | $ 10,660 |
GOODWILL AND INTANGIBLE ASSET_7
GOODWILL AND INTANGIBLE ASSETS, NET - Sensitivity analysis (Details) - Banking - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Panama | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 5.40% | 5.80% |
Discount rate | 8.60% | |
Panama | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 4.90% | 5.30% |
Discount rate | 9.10% | |
Panama | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 5.40% | 5.80% |
Discount rate | 8.60% | |
Panama | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 5.90% | 6.30% |
Discount rate | 8.10% | |
Panama | Minimum | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Discount rate | 8.80% | |
Panama | Minimum | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Discount rate | 9.20% | |
Panama | Minimum | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Discount rate | 8.70% | |
Panama | Minimum | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Discount rate | 8.20% | |
Panama | Maximum | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Discount rate | 8.70% | |
Panama | Maximum | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Discount rate | 9.30% | |
Panama | Maximum | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Discount rate | 8.80% | |
Panama | Maximum | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Discount rate | 8.30% | |
Panama | Growth rate | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | $ 10,929,065 | $ 10,825,415 |
Panama | Growth rate | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 12,664,169 | 12,875,675 |
Panama | Growth rate | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 15,019,623 | 15,818,601 |
Panama | Discount rate | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 11,550,846 | 11,445,342 |
Panama | Discount rate | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 12,664,169 | 12,875,675 |
Panama | Discount rate | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | $ 14,175,111 | $ 14,927,894 |
El Salvador | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 4.10% | 3.70% |
Discount rate | 14.90% | 14.50% |
El Salvador | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 3.60% | 3.20% |
Discount rate | 15.90% | 15.00% |
El Salvador | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 4.10% | 3.70% |
Discount rate | 14.90% | 14.50% |
El Salvador | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 4.60% | 4.20% |
Discount rate | 13.90% | 14.00% |
El Salvador | Growth rate | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | $ 4,611,843 | $ 2,767,605 |
El Salvador | Growth rate | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 5,041,507 | 2,910,600 |
El Salvador | Growth rate | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 5,559,874 | 3,067,742 |
El Salvador | Discount rate | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 4,948,901 | 2,860,861 |
El Salvador | Discount rate | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 5,041,507 | 2,910,600 |
El Salvador | Discount rate | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | $ 5,143,103 | $ 2,965,172 |
Guatemala | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 5.10% | 5.10% |
Discount rate | 10.10% | 10.80% |
Guatemala | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 4.60% | 4.60% |
Discount rate | 10.60% | 11.30% |
Guatemala | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 5.10% | 5.10% |
Discount rate | 10.10% | 10.80% |
Guatemala | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 5.60% | 5.60% |
Discount rate | 9.60% | 10.30% |
Guatemala | Growth rate | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | $ 5,514,165 | $ 3,183,867 |
Guatemala | Growth rate | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 6,156,028 | 3,511,578 |
Guatemala | Growth rate | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 6,942,610 | 3,903,315 |
Guatemala | Discount rate | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 5,807,354 | 3,347,817 |
Guatemala | Discount rate | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 6,156,028 | 3,511,578 |
Guatemala | Discount rate | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | $ 6,582,183 | $ 3,706,836 |
GOODWILL AND INTANGIBLE ASSET_8
GOODWILL AND INTANGIBLE ASSETS, NET - Vlipco acquisition (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Nov. 30, 2021 | Nov. 29, 2021 | Dec. 31, 2021 | Nov. 10, 2021 | Jul. 31, 2019 |
GOODWILL AND INTANGIBLE ASSETS, NET | ||||||
Additional goodwill recognized | $ 10,660 | |||||
Purchase Price Allocation | ||||||
Non-controlling interest at fair value | $ 1,047 | |||||
Intangibles assets recognized at the acquisition date | ||||||
Software | $ 13,196 | |||||
VLIPCO S.A.S. | ||||||
GOODWILL AND INTANGIBLE ASSETS, NET | ||||||
Percentage of common stock acquired | 47.37% | 47.37% | 48.91% | |||
Number of shares held | 91,838 | |||||
Ownership interest held in joint venture | 94.77% | 47.40% | 47.40% | |||
Additional goodwill recognized | $ 10,660 | |||||
Goodwill expected to be deductible for tax purposes | $ 0 | |||||
Percentage of non-controlling interests in acquiree | 5.23% | |||||
Purchase Price Allocation | ||||||
Purchase price | $ 9,474 | |||||
Fair value of previously held investment | 9,479 | |||||
Non-controlling interest at fair value | 1,047 | |||||
Total | 20,000 | |||||
ASSETS | ||||||
Cash and cash equivalents | 296 | |||||
Accounts receivable | 241 | |||||
Taxes receivable | 433 | |||||
Premises and equipment, net | 22 | |||||
Other assets | 32 | |||||
Total Assets | 1,024 | |||||
LIABILITIES | ||||||
Short-term borrowings | 37 | |||||
Accounts payable | 45 | |||||
Tax liabilities recognised as of acquisition date | 78 | |||||
Employee benefit plans | 106 | |||||
Total Liabilities | 266 | |||||
Net Assets at book value | 758 | |||||
Intangibles assets recognized at the acquisition date | ||||||
Software | 13,196 | |||||
Deferred tax | (4,614) | |||||
Fair value of net assets acquired | 9,340 | |||||
Goodwill | 10,660 | |||||
Gain on remeasurement of equity interest to fair value | $ 5,197 |
PREMISES AND EQUIPMENT, NET - P
PREMISES AND EQUIPMENT, NET - Premises and equipment for own use (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | $ 2,510,162 | $ 2,395,183 |
Additions | 371,376 | 353,699 |
Expenses depreciation | (201,956) | (181,703) |
Disposals | (214,831) | (83,070) |
Assets classified as held for sale | (101) | (3,297) |
Effect of changes in foreign exchange rate | 98,742 | 29,350 |
Ending Balance | 2,563,392 | 2,510,162 |
Cost | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 3,846,292 | 3,699,543 |
Additions | 371,376 | 354,751 |
Disposals | (444,940) | (269,232) |
Assets classified as held for sale | (116) | (3,386) |
Effect of changes in foreign exchange rate | 202,266 | 64,616 |
Ending Balance | 3,974,878 | 3,846,292 |
Cost | Land | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 498,981 | 486,915 |
Additions | 39,661 | 17,410 |
Disposals | (15,206) | (12,988) |
Effect of changes in foreign exchange rate | 28,048 | 7,644 |
Ending Balance | 551,484 | 498,981 |
Cost | Construction in progress | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 63,192 | 30,898 |
Additions | 35,205 | 38,395 |
Disposals | (65,769) | (7,330) |
Effect of changes in foreign exchange rate | 4,412 | 1,229 |
Ending Balance | 37,040 | 63,192 |
Cost | Buildings | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 1,652,899 | 1,606,420 |
Additions | 127,695 | 68,785 |
Disposals | (70,783) | (42,705) |
Assets classified as held for sale | (2,876) | |
Effect of changes in foreign exchange rate | 85,429 | 23,275 |
Ending Balance | 1,795,240 | 1,652,899 |
Cost | Furniture and fixtures | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 666,748 | 647,278 |
Additions | 44,767 | 45,269 |
Disposals | (83,214) | (38,181) |
Effect of changes in foreign exchange rate | 34,084 | 12,382 |
Ending Balance | 662,385 | 666,748 |
Cost | Computer equipment | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 895,602 | 896,146 |
Additions | 83,503 | 123,795 |
Disposals | (145,334) | (144,387) |
Effect of changes in foreign exchange rate | 47,285 | 20,048 |
Ending Balance | 881,056 | 895,602 |
Cost | Vehicles | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 27,203 | 22,384 |
Additions | 19,488 | 8,644 |
Disposals | (6,985) | (3,321) |
Assets classified as held for sale | (116) | (510) |
Effect of changes in foreign exchange rate | 2,776 | 6 |
Ending Balance | 42,366 | 27,203 |
Cost | Leasehold improvements | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 41,667 | 9,502 |
Additions | 21,057 | 52,453 |
Disposals | (57,649) | (20,320) |
Effect of changes in foreign exchange rate | 232 | 32 |
Ending Balance | 5,307 | 41,667 |
Accumulated depreciation | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (1,336,130) | (1,304,360) |
Additions | (1,052) | |
Expenses depreciation | (201,956) | (181,703) |
Disposals | 230,109 | 186,162 |
Assets classified as held for sale | 15 | 89 |
Effect of changes in foreign exchange rate | (103,524) | (35,266) |
Ending Balance | (1,411,486) | (1,336,130) |
Accumulated depreciation | Buildings | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (390,798) | (360,921) |
Expenses depreciation | (33,158) | (29,982) |
Disposals | 7,633 | 10,628 |
Effect of changes in foreign exchange rate | (42,461) | (10,523) |
Ending Balance | (458,784) | (390,798) |
Accumulated depreciation | Furniture and fixtures | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (389,892) | (372,471) |
Expenses depreciation | (53,785) | (43,466) |
Disposals | 80,105 | 34,473 |
Effect of changes in foreign exchange rate | (24,433) | (8,428) |
Ending Balance | (388,005) | (389,892) |
Accumulated depreciation | Computer equipment | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (539,795) | (558,561) |
Expenses depreciation | (110,969) | (104,164) |
Disposals | 140,254 | 139,204 |
Effect of changes in foreign exchange rate | (35,444) | (16,274) |
Ending Balance | (545,954) | (539,795) |
Accumulated depreciation | Vehicles | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (14,477) | (11,376) |
Additions | (1,052) | |
Expenses depreciation | (3,771) | (3,966) |
Disposals | 1,103 | 1,846 |
Assets classified as held for sale | 15 | 89 |
Effect of changes in foreign exchange rate | (1,103) | (18) |
Ending Balance | (18,233) | (14,477) |
Accumulated depreciation | Leasehold improvements | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (1,168) | (1,031) |
Expenses depreciation | (273) | (125) |
Disposals | 1,014 | 11 |
Effect of changes in foreign exchange rate | (83) | (23) |
Ending Balance | $ (510) | $ (1,168) |
PREMISES AND EQUIPMENT, NET -_2
PREMISES AND EQUIPMENT, NET - Premises and equipment in operating leases (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | $ 1,792,142 | $ 1,432,682 |
Additions | 1,310,836 | 813,268 |
Expenses depreciation | (264,223) | (179,000) |
Disposals | (41,815) | (10,176) |
Assets classified as held for sale | (259,680) | (264,632) |
Ending Balance | 2,537,260 | 1,792,142 |
Cost | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 2,373,634 | 1,970,844 |
Additions | 1,310,836 | 826,447 |
Disposals | (41,742) | (17,416) |
Assets classified as held for sale | (406,055) | (406,241) |
Ending Balance | 3,236,673 | 2,373,634 |
Cost | Furniture and fixtures | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 103 | |
Additions | 2,091 | |
Disposals | (103) | |
Ending Balance | 2,091 | |
Cost | Computer equipment | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 74,120 | 55,989 |
Additions | 54,293 | 28,059 |
Disposals | (1,996) | (3,410) |
Assets classified as held for sale | (5,346) | (6,518) |
Ending Balance | 121,071 | 74,120 |
Cost | Vehicles | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 2,299,514 | 1,914,752 |
Additions | 1,254,452 | 798,388 |
Disposals | (39,746) | (13,903) |
Assets classified as held for sale | (400,709) | (399,723) |
Ending Balance | 3,113,511 | 2,299,514 |
Accumulated depreciation | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (581,492) | (538,162) |
Additions | (13,179) | |
Expenses depreciation | (264,223) | (179,000) |
Disposals | (73) | 7,240 |
Assets classified as held for sale | 146,375 | 141,609 |
Ending Balance | (699,413) | (581,492) |
Accumulated depreciation | Furniture and fixtures | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (85) | |
Expenses depreciation | (106) | (5) |
Disposals | 90 | |
Ending Balance | (106) | |
Accumulated depreciation | Computer equipment | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (30,412) | (25,542) |
Expenses depreciation | (23,106) | (13,911) |
Disposals | 1,659 | 3,127 |
Assets classified as held for sale | 4,975 | 5,914 |
Ending Balance | (46,884) | (30,412) |
Accumulated depreciation | Vehicles | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (551,080) | (512,535) |
Additions | (13,179) | |
Expenses depreciation | (241,011) | (165,084) |
Disposals | (1,732) | 4,023 |
Assets classified as held for sale | 141,400 | 135,695 |
Ending Balance | $ (652,423) | $ (551,080) |
PREMISES AND EQUIPMENT, NET -_3
PREMISES AND EQUIPMENT, NET - Premises and equipment total (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | $ 4,302,304 | $ 3,827,865 |
Additions | 1,682,212 | 1,166,967 |
Expenses depreciation | (466,179) | (360,703) |
Disposals | (256,646) | (93,246) |
Assets classified as held for sale | (259,781) | (267,929) |
Effect of changes in foreign exchange rate | 98,742 | 29,350 |
Ending Balance | 5,100,652 | 4,302,304 |
Contractual commitments | 158,128 | |
Fully depreciated property and equipment that is still in use | 622,589 | 563,625 |
Gross carrying amount | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 6,219,926 | 5,670,387 |
Additions | 1,682,212 | 1,181,198 |
Disposals | (486,682) | (286,648) |
Assets classified as held for sale | (406,171) | (409,627) |
Effect of changes in foreign exchange rate | 202,266 | 64,616 |
Ending Balance | 7,211,551 | 6,219,926 |
Accumulated depreciation | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (1,917,622) | (1,842,522) |
Additions | (14,231) | |
Expenses depreciation | (466,179) | (360,703) |
Disposals | 230,036 | 193,402 |
Assets classified as held for sale | 146,390 | 141,698 |
Effect of changes in foreign exchange rate | (103,524) | (35,266) |
Ending Balance | $ (2,110,899) | $ (1,917,622) |
INVESTMENT PROPERTIES - Reconci
INVESTMENT PROPERTIES - Reconciliation (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INVESTMENT PROPERTIES | |||
Balance at the beginning of the year | $ 2,839,350 | $ 1,992,964 | |
Acquisitions | 14,709 | 163,344 | |
Additions | 422,755 | 105,085 | |
Sales/Write-offs | (259,743) | (111,092) | |
Amount reclassified from equity securities | 686,114 | ||
Amount reclassified from inventories | 47,387 | 6,436 | |
Gains on valuation | 67,762 | (3,501) | $ 93,197 |
Balance at the end of the year | 3,132,220 | 2,839,350 | $ 1,992,964 |
Investment properties | |||
INVESTMENT PROPERTIES | |||
Transfers into Level 3 of fair value hierarchy, assets | 0 | 0 | |
Transfers out of Level 3 of fair value hierarchy, assets | $ 0 | $ 0 |
INVESTMENT PROPERTIES - Valuati
INVESTMENT PROPERTIES - Valuation Adjustments (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021COP ($)item | Dec. 31, 2020COP ($) | Dec. 31, 2019COP ($) | |
INVESTMENT PROPERTIES | |||
Balance at the beginning of the year | $ 2,839,350 | $ 1,992,964 | |
Appraisals | 67,762 | (3,501) | $ 93,197 |
Net increase (decrease) in investment properties | 177,721 | 157,337 | |
Amount reclassified from equity securities | 686,114 | ||
Amount reclassified from inventories | 47,387 | 6,436 | |
Balance at the end of the year | 3,132,220 | 2,839,350 | 1,992,964 |
Additions from subsequent expenditure recognised as asset, investment property | 422,155 | ||
Fondo de Capital Privado Fondo Inmobiliario Colombia | |||
INVESTMENT PROPERTIES | |||
Sales, investment property | 169,866 | ||
Buildings | |||
INVESTMENT PROPERTIES | |||
Balance at the beginning of the year | 2,583,155 | 1,724,719 | |
Appraisals | 72,533 | 7,756 | |
Net increase (decrease) in investment properties | 246,645 | 158,130 | |
Amount reclassified from equity securities | 686,114 | ||
Amount reclassified from inventories | 47,387 | 6,436 | |
Balance at the end of the year | 2,949,720 | 2,583,155 | 1,724,719 |
Buildings | Fondo de Capital Privado Fondo Inmobiliario Colombia | |||
INVESTMENT PROPERTIES | |||
Additions from acquisitions, investment property | 74,227 | ||
Land | |||
INVESTMENT PROPERTIES | |||
Balance at the beginning of the year | 256,195 | 268,245 | |
Appraisals | (4,771) | (11,257) | |
Net increase (decrease) in investment properties | (68,924) | (793) | |
Balance at the end of the year | $ 182,500 | 256,195 | $ 268,245 |
Land | Valores Simesa S.A. | |||
INVESTMENT PROPERTIES | |||
Number of properties sold | item | 8 | ||
Bancolombia S.A. | Buildings | |||
INVESTMENT PROPERTIES | |||
Additions from acquisitions, investment property | $ 61,719 |
INVESTMENT PROPERTIES - Amounts
INVESTMENT PROPERTIES - Amounts recognized in the statement of income (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INVESTMENT PROPERTIES | |||
Income from rentals | $ 139,021 | $ 125,494 | $ 85,507 |
Operating expenses due to: | |||
Investment properties that generated income through rentals | 15,331 | 16,012 | 15,669 |
Investment properties that did not generate income through rentals | $ 10,050 | $ 6,004 | $ 2,183 |
INCOME TAX - Components recogni
INCOME TAX - Components recognized in income statement (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current tax | |||
Fiscal term | $ (1,321,400) | $ (673,603) | $ (1,040,558) |
Prior fiscal terms | 71,932 | 4,723 | (7,908) |
Total current tax | (1,249,468) | (668,880) | (1,048,466) |
Deferred tax | |||
Fiscal term | (530,926) | 684,413 | (210,898) |
Adjustments for consolidation purposes | 4,169 | (8,947) | (3,600) |
Total deferred tax | (526,757) | 675,466 | (214,498) |
Income tax | $ (1,776,225) | $ 6,586 | $ (1,262,964) |
Colombia | |||
Deferred tax | |||
Nominal Income Tax Rate | 31.00% | 32.00% | |
Income Tax, Points Liquidated | 3.00% | 4.00% | |
Deferred Income Tax Rate | 38.00% | 33.00% |
INCOME TAX - Legal regulatory c
INCOME TAX - Legal regulatory changes (Details) $ in Millions | 11 Months Ended | 12 Months Ended |
Nov. 30, 2020USD ($) | Dec. 31, 2021COP ($) | |
Colombia | Tax Year 2022 | Forecast | ||
INCOME TAX | ||
Income tax rate | 35.00% | |
Percentage increase in net income tax liability | 35.00% | |
Limitation period | 6 months | |
Colombia | Tax Year 2022 to 2025 | Forecast | ||
INCOME TAX | ||
Additional points | 3.00% | |
Threshold taxable income (UVT) | $ 120 | |
Colombia | Tax Year 2022 onwards | Forecast | ||
INCOME TAX | ||
Threshold percentage of industry and trade tax which can be offset against corporate income tax liability. | 50.00% | |
Colombia | Tax Year 2023 | Forecast | ||
INCOME TAX | ||
Percentage increase in net income tax liability | 25.00% | |
Limitation period | 12 months | |
Guatemala | ||
INCOME TAX | ||
Income tax rate | 25.00% | |
Panama | ||
INCOME TAX | ||
Income tax rate | 25.00% | |
El Salvador | ||
INCOME TAX | ||
Income tax rate | 30.00% | |
Additional points | 5.00% | |
Threshold net capital gains | $ 500,000 | |
Costa Rica | ||
INCOME TAX | ||
Income tax rate | 30.00% |
INCOME TAX - Reconciliation of
INCOME TAX - Reconciliation of effective tax rate (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INCOME TAX | |||
Accounting profit | $ 5,984,012 | $ 308,773 | $ 4,477,531 |
Applicable tax with nominal rate | (2,034,564) | (111,158) | (1,477,585) |
Non-deductible expenses to determine taxable profit (loss) | (260,546) | (709,601) | (281,633) |
Accounting and non-tax expense (income) to determine of taxable profit (loss) | 767,857 | 580,970 | 822,683 |
Differences in accounting bases | (32,714) | (400,042) | (304,871) |
Fiscal and non-accounting expense (income) to determine of taxable profit (loss) | (285,191) | (270,326) | (434,929) |
Ordinary activities income exempt from taxation | 412,495 | 290,822 | 258,622 |
Ordinary activities income not constituting income or occasional tax gain | 98,870 | 153,638 | 173,791 |
Tax deductions | 226,064 | 112,746 | 151,011 |
Goodwill Depreciation | 200,617 | 212,378 | 194,679 |
Tax depreciation surplus | 140,384 | 156,998 | 100,286 |
Untaxed recoveries | (84,692) | (35,788) | (22,800) |
Tax rate effect in other countries | (384,669) | (139,106) | (27,038) |
Prior fiscal terms | 71,932 | 4,723 | (7,908) |
Other effects of the tax rate by reconciliation between accounting profit and tax expense (income) | (612,068) | 160,332 | (407,272) |
Total income tax | $ (1,776,225) | $ 6,586 | $ (1,262,964) |
INCOME TAX - Other comprehensiv
INCOME TAX - Other comprehensive income (Details) - COP ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Amount before taxes | |||||
Remeasurement income related to defined benefit liability | $ 7,444 | $ 8,556 | $ (38,451) | ||
Unrealized gain (loss) Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) | 3,994 | (132,593) | 56,496 | ||
Gains due asset revaluation | 0 | 3,561 | 0 | ||
Unrealized gain (loss) Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) | (61,052) | 53,311 | 27,675 | ||
Loss on net investment hedge in foreign operations | (1,207,052) | (341,792) | (60,258) | ||
Exchange differences arising on translating the foreign operations | 2,513,742 | 339,475 | 104,955 | ||
Unrealized gain on investments in associates and joint ventures using equity method | 2,913 | 5,020 | 8,151 | ||
Net | 1,259,989 | (64,462) | 98,568 | ||
Deferred tax | |||||
Remeasurement income related to defined benefit liability | (1,791) | (4,940) | 14,835 | ||
Unrealized gain (loss) Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) | [2] | 48,153 | [1] | 37,736 | (12,607) |
Gains due asset revaluation | (142) | (1,211) | 0 | ||
Unrealized gain (loss) Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) | [2] | 9,527 | (5,612) | 0 | |
Loss on net investment hedge in foreign operations | 493,346 | 39,443 | 20,213 | ||
Unrealized gains on investments in associates and joint ventures using equity method | (982) | (89) | (32) | ||
Net | 548,111 | 65,327 | 22,409 | ||
Net taxes | |||||
Remeasurement income related to defined benefit liability | 5,653 | 3,616 | (23,616) | ||
Unrealized gain (loss) Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) | 52,147 | (94,857) | 43,889 | ||
Gains due asset revaluation | (142) | 2,350 | 0 | ||
Unrealized gain (loss) Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) | (51,525) | 47,699 | 27,675 | ||
Loss on net investment hedge in foreign operations | (713,706) | (302,349) | (40,045) | ||
Exchange differences arising on translating the foreign operations | 2,513,742 | 339,475 | 104,955 | ||
Unrealized gains on investments in associates and joint ventures using equity method | 1,931 | 4,931 | 8,119 | ||
Other comprehensive income, attributable to the owners of the Parent Company, net of tax | $ 1,808,100 | $ 865 | $ 120,977 | ||
[1] | Includes income tax to partial payments of asset-backed securities transferred to retained earnings and reclassification of income tax on investments in associates that were transferred from retained earnings to OCI. | ||||
[2] | The tax related to financial instruments is segregated between equity instruments and debt instruments, in order to improve the presentation. |
INCOME TAX - Deferred tax asset
INCOME TAX - Deferred tax asset and liabilities classification (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021COP ($) | |
Asset Deferred Tax: | |
December 31, 2020 | $ 2,078,340 |
Effect on Income Statement | (4,936) |
Effect on OCI | 491,619 |
Foreign Exchange | 122,466 |
Adjustments for consolidation purposes | 437 |
December 31, 2021 | 2,687,926 |
Liability Deferred Tax: | |
December 31, 2020 | (2,459,139) |
Effect on Income Statement | (525,990) |
Effect on OCI | 56,492 |
Effect on Equity | (14,890) |
Foreign Exchange | (18,342) |
Adjustments for consolidation purposes | 3,732 |
December 31, 2021 | (2,958,137) |
Net Deferred Tax | |
December 31, 2020 | (380,799) |
Effect on Income Statement | (530,926) |
Effect on OCI | 548,111 |
Effect on Equity | (14,890) |
Foreign Exchange | 104,124 |
Adjustments for consolidation purposes | 4,169 |
December 31, 2021 | (270,211) |
Deferred Tax Assets, Property and equipment | |
Asset Deferred Tax: | |
December 31, 2020 | 4,041 |
Effect on Income Statement | (1,413) |
Foreign Exchange | 530 |
December 31, 2021 | 3,158 |
Deferred Tax Assets, Employee Benefits | |
Asset Deferred Tax: | |
December 31, 2020 | 231,470 |
Effect on Income Statement | 49,867 |
Effect on OCI | (1,798) |
Foreign Exchange | 3,744 |
December 31, 2021 | 283,283 |
Deferred Tax Assets, Deterioration assessment | |
Asset Deferred Tax: | |
December 31, 2020 | 860,229 |
Effect on Income Statement | (338,036) |
Foreign Exchange | 91,976 |
Adjustments for consolidation purposes | 437 |
December 31, 2021 | 614,606 |
Deferred Tax Assets, Financial instruments evaluation | |
Asset Deferred Tax: | |
December 31, 2020 | 4,939 |
Effect on Income Statement | 373 |
Effect on OCI | 71 |
December 31, 2021 | 5,383 |
Deferred Tax Assets, Tax credits settlement | |
Asset Deferred Tax: | |
December 31, 2020 | 73,051 |
Effect on Income Statement | (43,387) |
December 31, 2021 | 29,664 |
Deferred Tax Assets, Financial obligations | |
Asset Deferred Tax: | |
December 31, 2020 | 45,601 |
Effect on Income Statement | 194,501 |
December 31, 2021 | 240,102 |
Deferred Tax Assets, Net investment coverage in operations abroad | |
Asset Deferred Tax: | |
December 31, 2020 | 346,956 |
Effect on Income Statement | 167,456 |
Effect on OCI | 493,346 |
Foreign Exchange | 2,186 |
December 31, 2021 | 1,009,944 |
Deferred Tax Assets, Other deductions | |
Asset Deferred Tax: | |
December 31, 2020 | 111,930 |
Effect on Income Statement | (20,769) |
Foreign Exchange | 621 |
December 31, 2021 | 91,782 |
Deferred Tax Assets, Implementation adjustment | |
Asset Deferred Tax: | |
December 31, 2020 | 400,123 |
Effect on Income Statement | (13,528) |
Foreign Exchange | 23,409 |
December 31, 2021 | 410,004 |
Deferred Tax Liabilities, Property and equipment | |
Liability Deferred Tax: | |
December 31, 2020 | (288,662) |
Effect on Income Statement | (25,687) |
Effect on OCI | (142) |
Foreign Exchange | (3,099) |
December 31, 2021 | (317,590) |
Deferred Tax Liabilities, Employee Benefits | |
Liability Deferred Tax: | |
December 31, 2020 | (7) |
Effect on OCI | 7 |
Deferred Tax Liabilities, Deterioration assessment | |
Liability Deferred Tax: | |
December 31, 2020 | (14,875) |
Effect on Income Statement | 2,032 |
Foreign Exchange | (4,082) |
Adjustments for consolidation purposes | 2,274 |
December 31, 2021 | (14,651) |
Deferred Tax Liabilities, Financial instruments evaluation | |
Liability Deferred Tax: | |
December 31, 2020 | (231,491) |
Effect on Income Statement | 148,753 |
Effect on OCI | 57,609 |
Effect on Equity | (15,395) |
Foreign Exchange | (238) |
Adjustments for consolidation purposes | 1,458 |
December 31, 2021 | (39,304) |
Deferred Tax Liabilities, Derivatives evaluation | |
Liability Deferred Tax: | |
December 31, 2020 | (113,968) |
Effect on Income Statement | (40,495) |
December 31, 2021 | (154,463) |
Deferred Tax Liabilities, Lease restatement | |
Liability Deferred Tax: | |
December 31, 2020 | (237,852) |
Effect on Income Statement | (13,010) |
December 31, 2021 | (250,862) |
Deferred Tax Liabilities, Investments in associates Adjustment for equity method | |
Liability Deferred Tax: | |
December 31, 2020 | (784) |
Effect on Income Statement | (176,089) |
Effect on OCI | (982) |
Effect on Equity | 5,119 |
December 31, 2021 | (172,736) |
Deferred Tax Liabilities, Goodwill | |
Liability Deferred Tax: | |
December 31, 2020 | (1,184,058) |
Effect on Income Statement | (383,107) |
Foreign Exchange | (2,830) |
December 31, 2021 | (1,569,995) |
Deferred Tax Liabilities, Properties received in payment | |
Liability Deferred Tax: | |
December 31, 2020 | (138,210) |
Effect on Income Statement | (24,448) |
Foreign Exchange | (2,896) |
December 31, 2021 | (165,554) |
Deferred Tax Liabilities, Other deductions | |
Liability Deferred Tax: | |
December 31, 2020 | (240,827) |
Effect on Income Statement | (13,942) |
Effect on Equity | (4,614) |
Foreign Exchange | (3,858) |
December 31, 2021 | (263,241) |
Deferred Tax Liabilities, Implementation adjustment | |
Liability Deferred Tax: | |
December 31, 2020 | (8,405) |
Effect on Income Statement | 3 |
Foreign Exchange | (1,339) |
December 31, 2021 | $ (9,741) |
INCOME TAX - Temporary differen
INCOME TAX - Temporary differences in subsidiaries, branches, associates (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Local Subsidiaries | ||
INCOME TAX | ||
Temporary differences | $ (1,800,928) | $ (1,219,380) |
Foreign Subsidiaries | ||
INCOME TAX | ||
Temporary differences | $ (17,966,532) | $ (4,547,635) |
INCOME TAX - Tax credits (Detai
INCOME TAX - Tax credits (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021COP ($) | |
INCOME TAX | |
Base | $ 89,867 |
Deferred tax recognized asset | 29,664 |
Renting Colombia | |
INCOME TAX | |
Base | 89,501 |
Deferred tax recognized asset | 29,536 |
Pasarela Colombia | |
INCOME TAX | |
Base | 366 |
Deferred tax recognized asset | $ 128 |
INCOME TAX - Uncertain position
INCOME TAX - Uncertain positions (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Movement of the provision for uncertain tax positions | ||
Beginning balance | $ 113,522 | $ 102,552 |
Ending balance | 113,522 | |
Tax contingent liability | ||
Movement of the provision for uncertain tax positions | ||
Update | 8,760 | $ 10,970 |
Reversal | $ (122,282) |
ASSETS HELD FOR SALE AND INVE_3
ASSETS HELD FOR SALE AND INVENTORIES, NET - Breakdown of inventories and assets held for sale (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Inventories, net | $ 413,097 | $ 426,642 |
Assets held for sale | 133,697 | 82,503 |
Total assets held for sale and inventories, net | $ 546,794 | $ 509,145 |
ASSETS HELD FOR SALE AND INVE_4
ASSETS HELD FOR SALE AND INVENTORIES, NET - Bank's inventories (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Inventories, net | $ 413,097 | $ 426,642 |
Inventories pledged as security for liabilities | 0 | 0 |
Gross carrying amount | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Inventories, net | 447,422 | 469,517 |
Impairment | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Inventories, net | 34,325 | 42,875 |
Land and buildings | Gross carrying amount | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Inventories, net | 335,936 | 380,009 |
Vehicles | Gross carrying amount | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Inventories, net | 80,064 | 59,035 |
Machinery | Gross carrying amount | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Inventories, net | $ 31,422 | $ 30,473 |
ASSETS HELD FOR SALE AND INVE_5
ASSETS HELD FOR SALE AND INVENTORIES, NET - Assets held for sale (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021COP ($)item | Dec. 31, 2020COP ($) | |
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | $ 133,697 | $ 82,503 |
Investments held for sale | 0 | 0 |
Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 25,213 | 28,116 |
Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 99,710 | 46,005 |
El Salvador | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 7,419 | 4,918 |
Guatemala | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 1,355 | 3,464 |
Machinery and equipment | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 4,340 | 3,277 |
Machinery and equipment | Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 2,277 | 1,978 |
Machinery and equipment | Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 2,063 | 1,299 |
Real estate for residential purposes | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 101,214 | 70,252 |
Real estate for residential purposes | Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 9,119 | 26,138 |
Real estate for residential purposes | Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | $ 83,321 | 35,732 |
Number of properties received | item | 62 | |
Real estate for residential purposes | El Salvador | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | $ 7,419 | 4,918 |
Real estate for residential purposes | Guatemala | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 1,355 | 3,464 |
Real estate different from residential properties | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 28,143 | 8,974 |
Real estate different from residential properties | Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | $ 13,817 | |
Number of properties received | item | 22 | |
Real estate different from residential properties | Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | $ 14,326 | 8,974 |
Warehouse | Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 9,123 | |
Gross carrying amount | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 136,461 | 84,597 |
Gross carrying amount | Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 25,269 | 28,418 |
Gross carrying amount | Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 101,851 | 47,595 |
Gross carrying amount | El Salvador | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 7,642 | 5,120 |
Gross carrying amount | Guatemala | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 1,699 | 3,464 |
Gross carrying amount | Machinery and equipment | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 4,458 | 3,454 |
Gross carrying amount | Machinery and equipment | Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 2,305 | 2,070 |
Gross carrying amount | Machinery and equipment | Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 2,153 | 1,384 |
Gross carrying amount | Real estate for residential purposes | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 103,803 | 72,088 |
Gross carrying amount | Real estate for residential purposes | Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 9,147 | 26,348 |
Gross carrying amount | Real estate for residential purposes | Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 85,315 | 37,156 |
Gross carrying amount | Real estate for residential purposes | El Salvador | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 7,642 | 5,120 |
Gross carrying amount | Real estate for residential purposes | Guatemala | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 1,699 | 3,464 |
Gross carrying amount | Real estate different from residential properties | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 28,200 | 9,055 |
Gross carrying amount | Real estate different from residential properties | Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 13,817 | |
Gross carrying amount | Real estate different from residential properties | Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 14,383 | 9,055 |
Impairment | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (2,764) | (2,094) |
Impairment | Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (56) | (302) |
Impairment | Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (2,141) | (1,590) |
Impairment | El Salvador | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (223) | (202) |
Impairment | Guatemala | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (344) | |
Impairment | Machinery and equipment | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (118) | (177) |
Impairment | Machinery and equipment | Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (28) | (92) |
Impairment | Machinery and equipment | Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (90) | (85) |
Impairment | Real estate for residential purposes | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (2,589) | (1,836) |
Impairment | Real estate for residential purposes | Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (28) | (210) |
Impairment | Real estate for residential purposes | Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (1,994) | (1,424) |
Impairment | Real estate for residential purposes | El Salvador | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (223) | (202) |
Impairment | Real estate for residential purposes | Guatemala | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (344) | |
Impairment | Real estate different from residential properties | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (57) | (81) |
Impairment | Real estate different from residential properties | Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | $ (57) | $ (81) |
OTHER ASSETS, NET (Details)
OTHER ASSETS, NET (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
OTHER ASSETS, NET | |||
Tax advance | $ 1,643,171 | $ 1,205,870 | |
Marketable and non-marketable for sale assets | 850,688 | 856,527 | |
Other receivables | 777,830 | 891,811 | |
Assets pledged as collateral | 472,443 | 295,260 | |
Prepaid expenses | 454,595 | 376,608 | |
Receivables related to abandoned accounts | 386,451 | 276,087 | |
Receivable Sales of goods and service | 198,453 | 93,417 | |
Accounts receivable from contracts with customers | 182,672 | 177,991 | $ 203,198 |
Taxes receivable | 141,624 | 49,069 | |
Operating leases | 109,122 | 80,056 | |
Balance in credit card clearing house | 90,627 | 163,813 | |
Commission for letters of credit | 74,320 | 24,702 | |
Debtors | 19,483 | 15,723 | |
Others | 350,970 | 213,828 | |
Total other assets | 5,752,449 | 4,720,762 | |
Allowance others | (791) | (1,560) | |
Total other assets, net | $ 5,751,658 | $ 4,719,202 |
DEPOSITS BY CUSTOMERS - Summary
DEPOSITS BY CUSTOMERS - Summary of Deposits (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
DEPOSITS BY CUSTOMERS | ||
Saving accounts | $ 106,398,922 | $ 86,147,655 |
Term deposits | 59,492,839 | 61,083,519 |
Checking accounts | 40,567,168 | 31,894,229 |
Other deposits | 3,931,919 | 1,695,390 |
Total | 210,390,848 | $ 180,820,793 |
Nequi | ||
DEPOSITS BY CUSTOMERS | ||
Total | $ 1,408,869 |
DEPOSITS BY CUSTOMERS - Summa_2
DEPOSITS BY CUSTOMERS - Summary of Time Deposits (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
DEPOSITS BY CUSTOMERS | ||
Carrying value | $ 59,492,839 | $ 61,083,519 |
Fair value | 60,721,677 | 62,284,840 |
Less than 6 months | ||
DEPOSITS BY CUSTOMERS | ||
Carrying value | 14,224,144 | 10,324,370 |
Fair value | $ 14,199,074 | $ 10,313,384 |
Less than 6 months | Minimum | ||
DEPOSITS BY CUSTOMERS | ||
Effective interest rate | 0.10% | 0.10% |
Less than 6 months | Maximum | ||
DEPOSITS BY CUSTOMERS | ||
Effective interest rate | 6.00% | 7.00% |
Between 6 and 12 months | ||
DEPOSITS BY CUSTOMERS | ||
Carrying value | $ 6,048,004 | $ 7,061,159 |
Fair value | $ 6,032,234 | $ 7,061,834 |
Between 6 and 12 months | Minimum | ||
DEPOSITS BY CUSTOMERS | ||
Effective interest rate | 0.01% | 0.20% |
Between 6 and 12 months | Maximum | ||
DEPOSITS BY CUSTOMERS | ||
Effective interest rate | 6.50% | 7.25% |
Between 12 and 18 months | ||
DEPOSITS BY CUSTOMERS | ||
Carrying value | $ 5,800,772 | $ 7,798,737 |
Fair value | $ 5,823,728 | $ 7,895,539 |
Between 12 and 18 months | Minimum | ||
DEPOSITS BY CUSTOMERS | ||
Effective interest rate | 0.00% | 0.25% |
Between 12 and 18 months | Maximum | ||
DEPOSITS BY CUSTOMERS | ||
Effective interest rate | 7.25% | 6.50% |
Greater than 18 months | ||
DEPOSITS BY CUSTOMERS | ||
Carrying value | $ 33,419,919 | $ 35,899,253 |
Fair value | $ 34,666,641 | $ 37,014,083 |
Greater than 18 months | Minimum | ||
DEPOSITS BY CUSTOMERS | ||
Effective interest rate | 0.00% | 0.01% |
Greater than 18 months | Maximum | ||
DEPOSITS BY CUSTOMERS | ||
Effective interest rate | 9.79% | 9.45% |
DEPOSITS BY CUSTOMERS - Maturit
DEPOSITS BY CUSTOMERS - Maturity of Time Deposits (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
DEPOSITS BY CUSTOMERS | ||
Carrying value | $ 59,492,839 | $ 61,083,519 |
Fair value | 60,721,677 | 62,284,840 |
Less than 1 year | ||
DEPOSITS BY CUSTOMERS | ||
Carrying value | 42,595,157 | 43,134,613 |
Fair value | 43,621,375 | 43,489,653 |
1 to 3 years | ||
DEPOSITS BY CUSTOMERS | ||
Carrying value | 11,584,328 | 11,592,876 |
Fair value | 11,729,237 | 11,971,664 |
3 to 5 years | ||
DEPOSITS BY CUSTOMERS | ||
Carrying value | 2,719,748 | 5,194,234 |
Fair value | 2,795,178 | 5,538,916 |
Greater than 5 years | ||
DEPOSITS BY CUSTOMERS | ||
Carrying value | 2,593,606 | 1,161,796 |
Fair value | $ 2,575,887 | $ 1,284,607 |
INTERBANK DEPOSITS AND REPURC_3
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING - Money market transactions (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interbank Deposits | ||
Interbank liabilities | $ 886,405 | $ 762,574 |
Total interbank | 886,405 | 762,574 |
Repurchase agreements and other similar secured borrowing | ||
Short selling operations | 276,242 | 128,257 |
Temporary transfer of securities | 487,083 | 2,087,906 |
Total Repurchase agreements and other similar secured borrowing | 763,325 | 2,216,163 |
Total money market transactions | $ 1,649,730 | $ 2,978,737 |
Repo liabilities | ||
Repurchase agreements and other similar secured borrowing | ||
Debt instrument maturity | 30 days |
INTERBANK DEPOSITS AND REPURC_4
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING - Repurchases and resale agreements (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING | ||
Assets / liabilities gross | $ 54,635 | $ (1,894,003) |
Net balance presented in the statement of financial position | 54,635 | (1,894,003) |
Financial instruments as collateral | (54,635) | 1,894,003 |
Securities purchased under resale agreements | ||
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING | ||
Assets / liabilities gross | 817,960 | 322,160 |
Net balance presented in the statement of financial position | 817,960 | 322,160 |
Financial instruments as collateral | (817,960) | (322,160) |
Securities sold under repurchase agreements | ||
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING | ||
Assets / liabilities gross | (763,325) | (2,216,163) |
Net balance presented in the statement of financial position | (763,325) | (2,216,163) |
Financial instruments as collateral | $ 763,325 | $ 2,216,163 |
BORROWINGS FROM OTHER FINANCI_3
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Summary (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Obligations granted by banks | $ 8,551,558 | $ 11,202,126 |
Domestic | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Obligations granted by banks | 4,816,609 | 6,001,619 |
Foreign | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Obligations granted by banks | $ 3,734,949 | $ 5,200,507 |
BORROWINGS FROM OTHER FINANCI_4
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Obligations granted by domestic banks (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Obligations granted by banks | $ 8,551,558 | $ 11,202,126 | |
Domestic | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Obligations granted by banks | 4,816,609 | 6,001,619 | |
Domestic | Financiera de desarrollo territorial (Findeter) | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Obligations granted by banks | $ 2,259,714 | $ 2,561,051 | |
Domestic | Financiera de desarrollo territorial (Findeter) | Maximum | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Rate | 10.79% | 7.32% | |
Domestic | Financiera de desarrollo territorial (Findeter) | Minimum | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Rate | 0.11% | 0.02% | |
Domestic | Banco de comercio exterior de Colombia (Bancoldex) | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Obligations granted by banks | $ 876,498 | $ 1,460,412 | |
Domestic | Banco de comercio exterior de Colombia (Bancoldex) | Maximum | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Rate | 8.66% | 7.85% | |
Domestic | Banco de comercio exterior de Colombia (Bancoldex) | Minimum | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Rate | 0.77% | 0.44% | |
Domestic | Fondo para el financiamiento del sector agropecuario (Finagro) | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Obligations granted by banks | $ 836,185 | $ 1,050,552 | |
Domestic | Fondo para el financiamiento del sector agropecuario (Finagro) | Maximum | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Rate | 6.00% | 6.44% | |
Domestic | Fondo para el financiamiento del sector agropecuario (Finagro) | Minimum | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Rate | 0.03% | 0.10% | |
Domestic | Other private financial entities | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Obligations granted by banks | $ 844,212 | $ 929,604 | |
Domestic | Other private financial entities | Maximum | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Rate | 8.62% | 6.83% | |
Domestic | Other private financial entities | Minimum | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Rate | 4.24% | 3.35% | |
Domestic | Banco de la Republica | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Rate | 3.00% | 1.75% | 4.25% |
BORROWINGS FROM OTHER FINANCI_5
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Obligations granted by domestic banks maturity (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Obligations granted by banks | $ 8,551,558 | $ 11,202,126 |
Domestic | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Obligations granted by banks | 4,816,609 | 6,001,619 |
Domestic | Greater than 1 year | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Obligations granted by banks | 4,595,510 | 5,387,563 |
Domestic | Less than 1 year | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Obligations granted by banks | $ 221,099 | $ 614,056 |
BORROWINGS FROM OTHER FINANCI_6
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Obligations granted by foreign banks (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Obligations granted by banks | $ 8,551,558 | $ 11,202,126 |
Foreign | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Obligations granted by banks | 3,734,949 | 5,200,507 |
Foreign | Financing with Correspondent Banks and Multilateral Entities | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Obligations granted by banks | $ 3,169,060 | $ 4,825,811 |
Foreign | Financing with Correspondent Banks and Multilateral Entities | Maximum | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Rate | 4.46% | 4.81% |
Foreign | Financing with Correspondent Banks and Multilateral Entities | Minimum | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Rate | 0.53% | 0.49% |
Foreign | Banco Interamericano de Desarrollo (BID) | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Obligations granted by banks | $ 525,475 | $ 231,563 |
Foreign | Banco Interamericano de Desarrollo (BID) | Maximum | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Rate | 4.05% | 3.25% |
Foreign | Banco Interamericano de Desarrollo (BID) | Minimum | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Rate | 1.81% | 2.58% |
Foreign | Banco Latinoamericano de Comercio Exterior (Bladex) | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Obligations granted by banks | $ 40,147 | $ 138,116 |
Foreign | Banco Latinoamericano de Comercio Exterior (Bladex) | Maximum | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Rate | 2.97% | 4.75% |
Foreign | Banco Latinoamericano de Comercio Exterior (Bladex) | Minimum | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Rate | 2.97% | 4.60% |
Foreign | Corporacion Andina de Fomento (CAF) | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Obligations granted by banks | $ 267 | $ 5,017 |
Foreign | Corporacion Andina de Fomento (CAF) | Maximum | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Rate | 2.44% | 2.58% |
Foreign | Corporacion Andina de Fomento (CAF) | Minimum | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Rate | 2.44% | 2.52% |
BORROWINGS FROM OTHER FINANCI_7
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Obligations granted by foreign banks maturity (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Obligations granted by banks | $ 8,551,558 | $ 11,202,126 |
Foreign | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Obligations granted by banks | 3,734,949 | 5,200,507 |
Foreign | Less than 1 year | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Obligations granted by banks | 1,919,781 | 3,084,730 |
Foreign | Greater than 1 year | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Obligations granted by banks | $ 1,815,168 | $ 2,115,777 |
DEBT INSTRUMENTS IN ISSUE - Sum
DEBT INSTRUMENTS IN ISSUE - Summary (Details) $ in Millions, $ in Millions | Dec. 31, 2021COP ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020COP ($) | Dec. 31, 2020USD ($) |
DEBT INSTRUMENTS IN ISSUE | ||||
Debt instruments issued | $ 21,093,864 | $ 19,126,593 | ||
Banistmo S.A. y filiales | Foreign currency bonds | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Face value | $ 1,079,981 | $ 1,158,763 | ||
Debt instruments issued | $ 4,334,751 | $ 4,003,076 | ||
Banistmo S.A. y filiales | Foreign currency bonds | Minimum | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Interest rate | 1.20% | 1.20% | 0.50% | 0.50% |
Banistmo S.A. y filiales | Foreign currency bonds | Maximum | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Interest rate | 5.00% | 5.00% | 5.00% | 5.00% |
Banagricola S.A. y Filiales | Foreign currency bonds | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Face value | $ 162,000 | |||
Debt instruments issued | $ 644,557 | |||
Banagricola S.A. y Filiales | Foreign currency bonds | Minimum | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Interest rate | 5.60% | 5.60% | ||
Banagricola S.A. y Filiales | Foreign currency bonds | Maximum | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Interest rate | 6.40% | 6.40% | ||
Banco Agricola S.A. | Foreign currency bonds | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Face value | $ 212,000 | |||
Debt instruments issued | $ 727,116 | |||
Banco Agricola S.A. | Foreign currency bonds | Minimum | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Interest rate | 5.58% | 5.58% | ||
Banco Agricola S.A. | Foreign currency bonds | Maximum | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Interest rate | 6.41% | 6.41% | ||
Bancolombia Panama S.A. | Foreign currency bonds | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Face value | $ 113,413 | $ 121,399 | ||
Debt instruments issued | $ 457,155 | $ 426,689 | ||
Bancolombia Panama S.A. | Foreign currency bonds | Minimum | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Interest rate | 0.45% | 0.45% | 0.40% | 0.40% |
Bancolombia Panama S.A. | Foreign currency bonds | Maximum | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Interest rate | 3.75% | 3.75% | 3.75% | 3.75% |
Bancolombia Puerto Rico Internacional Inc. | Foreign currency bonds | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Face value | $ 3,645 | $ 16,595 | ||
Debt instruments issued | $ 14,575 | $ 57,955 | ||
Bancolombia Puerto Rico Internacional Inc. | Foreign currency bonds | Minimum | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Interest rate | 0.95% | 0.95% | 2.30% | 2.30% |
Bancolombia Puerto Rico Internacional Inc. | Foreign currency bonds | Maximum | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Interest rate | 0.95% | 0.95% | 2.65% | 2.65% |
Grupo Agromercantil Holding S.A. | Foreign currency bonds | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Face value | $ 569 | $ 910 | ||
Debt instruments issued | $ 2,265 | $ 3,123 | ||
Grupo Agromercantil Holding S.A. | Foreign currency bonds | Minimum | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Interest rate | 0.25% | 0.25% | 0.25% | 0.25% |
Grupo Agromercantil Holding S.A. | Foreign currency bonds | Maximum | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Interest rate | 7.25% | 7.25% | 7.25% | 7.25% |
Bancolombia S.A. | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Face value | $ 4,125,500 | |||
Debt instruments issued | $ 4,159,065 | |||
Bancolombia S.A. | Local currency bonds | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Face value | $ 4,158,757 | |||
Debt instruments issued | $ 4,190,777 | |||
Bancolombia S.A. | Local currency bonds | Minimum | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Interest rate | 4.35% | 4.35% | 3.37% | 3.37% |
Bancolombia S.A. | Local currency bonds | Maximum | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Interest rate | 10.30% | 10.30% | 10.77% | 10.77% |
Bancolombia S.A. | Foreign currency bonds | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Face value | $ 2,967,644 | $ 2,956,491 | ||
Debt instruments issued | $ 11,449,784 | $ 9,749,569 | ||
Bancolombia S.A. | Foreign currency bonds | Minimum | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Interest rate | 0.30% | 0.30% | 0.25% | 0.25% |
Bancolombia S.A. | Foreign currency bonds | Maximum | ||||
DEBT INSTRUMENTS IN ISSUE | ||||
Interest rate | 5.19% | 5.19% | 5.19% | 5.19% |
DEBT INSTRUMENTS IN ISSUE - Bon
DEBT INSTRUMENTS IN ISSUE - Bonds classified by currency, term and type of issue (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
DEBT INSTRUMENTS IN ISSUE | ||
Debt instruments issued | $ 21,093,864 | $ 19,126,593 |
Local currency bonds | Subordinated bonds | ||
DEBT INSTRUMENTS IN ISSUE | ||
Debt instruments issued | 1,213,988 | 1,216,831 |
Local currency bonds | Ordinary bonds | ||
DEBT INSTRUMENTS IN ISSUE | ||
Debt instruments issued | 2,976,789 | 2,942,234 |
Foreign currency bonds | Subordinated bonds | ||
DEBT INSTRUMENTS IN ISSUE | ||
Debt instruments issued | 7,753,417 | 6,659,541 |
Foreign currency bonds | Ordinary bonds | ||
DEBT INSTRUMENTS IN ISSUE | ||
Debt instruments issued | 9,149,670 | 8,307,987 |
Less than 1 year | ||
DEBT INSTRUMENTS IN ISSUE | ||
Debt instruments issued | 408,859 | 151,992 |
Less than 1 year | Foreign currency bonds | Ordinary bonds | ||
DEBT INSTRUMENTS IN ISSUE | ||
Debt instruments issued | 408,859 | 151,992 |
1 to 3 years | ||
DEBT INSTRUMENTS IN ISSUE | ||
Debt instruments issued | 205,913 | 588,958 |
1 to 3 years | Foreign currency bonds | Ordinary bonds | ||
DEBT INSTRUMENTS IN ISSUE | ||
Debt instruments issued | 205,913 | 588,958 |
3 to 5 years | ||
DEBT INSTRUMENTS IN ISSUE | ||
Debt instruments issued | 495,884 | 438,994 |
3 to 5 years | Local currency bonds | Ordinary bonds | ||
DEBT INSTRUMENTS IN ISSUE | ||
Debt instruments issued | 164,753 | 154,671 |
3 to 5 years | Foreign currency bonds | Ordinary bonds | ||
DEBT INSTRUMENTS IN ISSUE | ||
Debt instruments issued | 331,131 | 284,323 |
Greater than 5 years | ||
DEBT INSTRUMENTS IN ISSUE | ||
Debt instruments issued | 19,983,208 | 17,946,649 |
Greater than 5 years | Local currency bonds | Subordinated bonds | ||
DEBT INSTRUMENTS IN ISSUE | ||
Debt instruments issued | 1,213,988 | 1,216,831 |
Greater than 5 years | Local currency bonds | Ordinary bonds | ||
DEBT INSTRUMENTS IN ISSUE | ||
Debt instruments issued | 2,812,036 | 2,787,563 |
Greater than 5 years | Foreign currency bonds | Subordinated bonds | ||
DEBT INSTRUMENTS IN ISSUE | ||
Debt instruments issued | 7,753,417 | 6,659,541 |
Greater than 5 years | Foreign currency bonds | Ordinary bonds | ||
DEBT INSTRUMENTS IN ISSUE | ||
Debt instruments issued | $ 8,203,767 | $ 7,282,714 |
DEBT INSTRUMENTS IN ISSUE - Add
DEBT INSTRUMENTS IN ISSUE - Additional disclosures (Details) $ in Millions | Sep. 16, 2021COP ($)item | Jul. 28, 2020USD ($) | Jun. 18, 2020USD ($) | Jan. 23, 2020USD ($) | Dec. 31, 2021COP ($) | Dec. 31, 2020COP ($) | Dec. 31, 2019COP ($) | Sep. 16, 2021USD ($) | Jan. 08, 2020 |
DEBT INSTRUMENTS IN ISSUE | |||||||||
Repayment of borrowings | $ 8,447,238 | $ 14,919,903 | $ 14,365,716 | ||||||
Senior Bonds 5.950%, Due 2021 | |||||||||
DEBT INSTRUMENTS IN ISSUE | |||||||||
Interest rate | 5.95% | ||||||||
Senior Notes 3%, Due 2025 | |||||||||
DEBT INSTRUMENTS IN ISSUE | |||||||||
Notional amount | $ 950,000 | ||||||||
Debt instrument term | 5 years | ||||||||
Bonds semi-annual coupon rate | 3.00% | ||||||||
Banistmo S.A. | Ordinary Bonds 4.250% | |||||||||
DEBT INSTRUMENTS IN ISSUE | |||||||||
Notional amount | $ 400,000 | ||||||||
Debt instrument term | 7 years | ||||||||
Bonds semi-annual coupon rate | 4.25% | ||||||||
Banistmo S.A. | Sustainable ordinary bonds | |||||||||
DEBT INSTRUMENTS IN ISSUE | |||||||||
Notional amount | $ 156,848 | ||||||||
Banco Agricola S.A. | |||||||||
DEBT INSTRUMENTS IN ISSUE | |||||||||
Repayment of borrowings | $ 300,371 | ||||||||
Bancolombia S.A. | |||||||||
DEBT INSTRUMENTS IN ISSUE | |||||||||
Notional amount | $ 4,125,500 | ||||||||
Bancolombia S.A. | Sustainable ordinary bonds | |||||||||
DEBT INSTRUMENTS IN ISSUE | |||||||||
Notional amount | $ 600,000 | ||||||||
Ratio of bids received to aggregate value of bonds issued | 1.8 | ||||||||
Number of series | item | 2 | ||||||||
Bancolombia S.A. | Sustainable ordinary bonds, 3 year term | |||||||||
DEBT INSTRUMENTS IN ISSUE | |||||||||
Debt instrument term | 3 years | ||||||||
Bancolombia S.A. | Sustainable ordinary bonds, 5 year term | |||||||||
DEBT INSTRUMENTS IN ISSUE | |||||||||
Debt instrument term | 5 years | ||||||||
Bancolombia S.A. | Sustainable ordinary bonds, 12 year term | |||||||||
DEBT INSTRUMENTS IN ISSUE | |||||||||
Debt instrument term | 12 years |
DEBT INSTRUMENTS IN ISSUE - Deb
DEBT INSTRUMENTS IN ISSUE - Debt instruments in issue by maturity (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
DEBT INSTRUMENTS IN ISSUE | ||
Amounts expected to be settled | $ 21,093,864 | $ 19,126,593 |
Less than 1 year | ||
DEBT INSTRUMENTS IN ISSUE | ||
Amounts expected to be settled | 5,697,371 | 1,514,548 |
Greater than 1 year | ||
DEBT INSTRUMENTS IN ISSUE | ||
Amounts expected to be settled | $ 15,396,493 | $ 17,612,045 |
EMPLOYEE BENEFIT PLANS - Liabil
EMPLOYEE BENEFIT PLANS - Liabilities relating to post-employment benefit and long-term benefit plans (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | |
EMPLOYEE BENEFIT PLANS | |||
Total Post-employment and long-term benefit plans | $ 872,485 | $ 853,058 | |
Fair value Plan assets | 34,248 | 29,113 | |
Total Unfunded Post-employment and long-term benefit plans | 838,237 | 823,945 | |
Defined benefit pension plan | |||
EMPLOYEE BENEFIT PLANS | |||
Total Post-employment and long-term benefit plans | 168,816 | 163,204 | |
Defined benefit severance obligation plan | |||
EMPLOYEE BENEFIT PLANS | |||
Total Post-employment and long-term benefit plans | 18,429 | 22,228 | |
Retirement Pension Premium Plan and Senior Management Pension Plan Premium | |||
EMPLOYEE BENEFIT PLANS | |||
Total Post-employment and long-term benefit plans | 219,496 | 202,580 | |
Other long term benefits | |||
EMPLOYEE BENEFIT PLANS | |||
Total Post-employment and long-term benefit plans | $ 465,744 | $ 465,046 | |
Post-employment benefit and long-term benefit plans | |||
EMPLOYEE BENEFIT PLANS | |||
Current service cost and interest cost | $ 135,415 | ||
Net actuarial gain or loss due to change in assumptions, demographic experience and foreign currency translation effect | $ 45,340 |
EMPLOYEE BENEFIT PLANS - Define
EMPLOYEE BENEFIT PLANS - Defined benefit pension plan (Details) - Defined benefit obligation - Defined benefit pension plan - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Colombia | ||
EMPLOYEE BENEFIT PLANS | ||
Present value of the obligation as of January 1 | $ 127,132 | $ 129,028 |
Interest cost | 7,011 | 7,244 |
Net actuarial loss / (gain) due to changes in demographic assumptions | (7,459) | 23 |
Actuarial (gain)/loss - experience | (5,121) | 2,846 |
Benefits paid | (11,545) | (12,009) |
Defined obligation, unfunded as of December 31 | 110,018 | 127,132 |
Panama | ||
EMPLOYEE BENEFIT PLANS | ||
Present value of the obligation as of January 1 | 5,920 | 5,371 |
Interest cost | 150 | 164 |
Actuarial (gain)/loss - financial assumptions | 266 | 353 |
Actuarial (gain)/loss - experience | (825) | 372 |
Benefits paid | (383) | (572) |
Foreign currency translation effect | 897 | 232 |
Defined obligation, unfunded as of December 31 | 6,025 | 5,920 |
Guatemala | ||
EMPLOYEE BENEFIT PLANS | ||
Present value of the obligation as of January 1 | 30,152 | 28,753 |
Current cost of service | 1,664 | 1,165 |
Interest cost | 2,253 | 2,597 |
Actuarial (gain)/loss - financial assumptions | 13,840 | (2,052) |
Benefits paid | (1,347) | (1,251) |
Foreign currency translation effect | 6,211 | 940 |
Defined obligation, unfunded as of December 31 | $ 52,773 | $ 30,152 |
EMPLOYEE BENEFIT PLANS - Severa
EMPLOYEE BENEFIT PLANS - Severance obligation (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
EMPLOYEE BENEFIT PLANS | ||
Current severance regimen | $ 95,331 | $ 87,022 |
Defined benefit obligation | Defined benefit severance obligation plan | Colombia | ||
EMPLOYEE BENEFIT PLANS | ||
Present value of the obligation as of January 1 | 22,228 | 26,547 |
Current service cost | 531 | 716 |
Interest cost | 1,149 | 1,490 |
Benefits paid | (6,678) | (6,214) |
Net actuarial (gain) / loss due to assumption changes and plan experience | 1,199 | (311) |
Defined obligation, unfunded as of December 31 | 18,429 | 22,228 |
Current severance regimen | 95,331 | 87,022 |
Total | $ 113,760 | $ 109,250 |
EMPLOYEE BENEFIT PLANS - Retire
EMPLOYEE BENEFIT PLANS - Retirement Pension Premium Plan and Senior Management Pension Plan Premium (Details) - Defined benefit obligation - Retirement Pension Premium Plan and Senior Management Pension Plan Premium - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
EMPLOYEE BENEFIT PLANS | ||
Present value of the obligation as of January 1 | $ 202,580 | $ 198,260 |
Current cost of service | 18,669 | 16,626 |
Interest cost | 11,686 | 11,770 |
Benefits paid | (19,788) | (23,226) |
Past service cost | 3,326 | 381 |
Others changes | (1,900) | |
Net actuarial (gain) / loss due to assumption changes and plan experience | (7,214) | (3,745) |
Foreign currency translation effect | 12,137 | 2,514 |
Defined obligation, unfunded as of December 31 | $ 219,496 | $ 202,580 |
EMPLOYEE BENEFIT PLANS - Other
EMPLOYEE BENEFIT PLANS - Other long term benefits (Details) - Defined benefit obligation - Other long term benefits - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
EMPLOYEE BENEFIT PLANS | ||
Present value of the obligation as of January 1 | $ 465,046 | $ 416,969 |
Current cost of service | 47,339 | 40,637 |
Interest cost | 27,490 | 24,021 |
First time application effect of IAS 19 to new defined benefit obligation of Banco Agromercantil Holding S.A. at Decembre 31, 2020 | 20,723 | |
Benefits paid | (45,086) | (37,049) |
Net actuarial (gain) / loss due to assumption changes and plan experience | (34,463) | (654) |
Foreign currency translation effect | 5,418 | 399 |
Defined obligation, unfunded as of December 31 | $ 465,744 | $ 465,046 |
EMPLOYEE BENEFIT PLANS - Plan A
EMPLOYEE BENEFIT PLANS - Plan Assets (Details) - Plan assets - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Bancolombia | ||
EMPLOYEE BENEFIT PLANS | ||
Fair value of assets as of January 1 | $ 25,211 | $ 31,761 |
Employee contributions | 2,500 | |
Interest income on plan assets | 1,538 | 1,918 |
Return on plan assets greater/(less) than discount rate | 872 | 629 |
Benefits paid | (9,097) | |
Fair value assets at the end of the year | 30,121 | 25,211 |
Banistmo | ||
EMPLOYEE BENEFIT PLANS | ||
Fair value of assets as of January 1 | 3,902 | 4,220 |
Interest income on plan assets | 30 | 40 |
Return on plan assets greater/(less) than discount rate | (25) | |
Benefits paid | (405) | (572) |
Foreign currency translation effect | 600 | 239 |
Fair value assets at the end of the year | $ 4,127 | $ 3,902 |
EMPLOYEE BENEFIT PLANS - Defi_2
EMPLOYEE BENEFIT PLANS - Defined contribution plans (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of employee benefit plans | ||
Defined contribution expense | $ 250,192 | $ 246,301 |
Pension | ||
Disclosure of employee benefit plans | ||
Defined contribution expense | 186,117 | 185,925 |
Current severance regimen | ||
Disclosure of employee benefit plans | ||
Defined contribution expense | $ 64,075 | $ 60,376 |
EMPLOYEE BENEFIT PLANS - Econom
EMPLOYEE BENEFIT PLANS - Economic assumptions used in the determination of the present value of the defined benefit plans (Details) - Nominal terms | Dec. 31, 2021 | Dec. 31, 2020 |
Colombia | ||
Disclosure of employee benefit plans | ||
Discount rate | 8.00% | 5.50% |
Rate of wage increase | 7.20% | 5.75% |
Projected inflation | 4.70% | 3.25% |
Rate of pension increase | 4.70% | 3.25% |
Bancolombia Panama | ||
Disclosure of employee benefit plans | ||
Discount rate | 2.40% | 2.40% |
Rate of wage increase | 2.00% | 2.00% |
Projected inflation | 1.00% | 1.00% |
Banistmo | ||
Disclosure of employee benefit plans | ||
Discount rate | 3.70% | 2.40% |
Expected long-term rate of return on plan assets | 0.70% | (1.70%) |
Rate of wage increase | 2.00% | 1.00% |
El Salvador | ||
Disclosure of employee benefit plans | ||
Discount rate | 2.50% | 2.30% |
Rate of wage increase | 2.00% | 2.00% |
Projected inflation | 1.00% | 1.00% |
Guatemala | ||
Disclosure of employee benefit plans | ||
Discount rate | 6.10% | 8.20% |
Rate of wage increase | 5.00% | 5.00% |
Projected inflation | 4.00% | 4.00% |
EMPLOYEE BENEFIT PLANS - Estima
EMPLOYEE BENEFIT PLANS - Estimated payment of future benefits (Details) $ in Millions | Dec. 31, 2021COP ($) |
Pension Benefits | Greater than 1 year | |
Disclosure of employee benefit plans | |
Actuarial present value of promised retirement benefits | $ 14,181 |
Pension Benefits | Between 1 and 2 years | |
Disclosure of employee benefit plans | |
Actuarial present value of promised retirement benefits | 14,213 |
Pension Benefits | Between 2 and 3 years | |
Disclosure of employee benefit plans | |
Actuarial present value of promised retirement benefits | 14,148 |
Pension Benefits | Between 3 and 4 years | |
Disclosure of employee benefit plans | |
Actuarial present value of promised retirement benefits | 14,016 |
Pension Benefits | Between 4 and 5 years | |
Disclosure of employee benefit plans | |
Actuarial present value of promised retirement benefits | 13,895 |
Pension Benefits | Between 5 and 10 years | |
Disclosure of employee benefit plans | |
Actuarial present value of promised retirement benefits | 64,575 |
Other Benefits | Greater than 1 year | |
Disclosure of employee benefit plans | |
Actuarial present value of promised retirement benefits | 65,543 |
Other Benefits | Between 1 and 2 years | |
Disclosure of employee benefit plans | |
Actuarial present value of promised retirement benefits | 75,429 |
Other Benefits | Between 2 and 3 years | |
Disclosure of employee benefit plans | |
Actuarial present value of promised retirement benefits | 71,459 |
Other Benefits | Between 3 and 4 years | |
Disclosure of employee benefit plans | |
Actuarial present value of promised retirement benefits | 71,908 |
Other Benefits | Between 4 and 5 years | |
Disclosure of employee benefit plans | |
Actuarial present value of promised retirement benefits | 81,911 |
Other Benefits | Between 5 and 10 years | |
Disclosure of employee benefit plans | |
Actuarial present value of promised retirement benefits | $ 419,943 |
EMPLOYEE BENEFIT PLANS - Sensit
EMPLOYEE BENEFIT PLANS - Sensitivity analysis (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021COP ($) | |
Defined benefit pension plan | Colombia | Discount rate | 0.50% increase in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 8.50% |
Percentage of increase | 0.50% |
Increase, Effect on DBO | $ (3,657) |
Defined benefit pension plan | Colombia | Discount rate | 0.50% decrease in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 7.50% |
Percentage of decrease | 0.50% |
Decrease, Effect on DBO | $ 3,904 |
Defined benefit pension plan | Colombia | Salary | 0.50% increase in actuarial assumption | |
Disclosure of employee benefit plans | |
Salary, Value | 5.20% |
Percentage of increase | 0.50% |
Increase, Effect on DBO | $ 4,261 |
Defined benefit pension plan | Colombia | Salary | 0.50% decrease in actuarial assumption | |
Disclosure of employee benefit plans | |
Salary, Value | 4.20% |
Percentage of decrease | 0.50% |
Decrease, Effect on DBO | $ (4,019) |
Defined benefit pension plan | Colombia | Mortality Table | Mortality Table RV-08 | |
Disclosure of employee benefit plans | |
Mortality Table (Increase/Decrease) | One year increase in life expectancy |
Increase, Effect on DBO | $ 4,972 |
Defined benefit pension plan | Panama | Discount rate | 0.50% increase in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 4.20% |
Percentage of increase | 0.50% |
Increase, Effect on DBO | $ (254) |
Defined benefit pension plan | Panama | Discount rate | 0.50% decrease in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 3.20% |
Percentage of decrease | 0.50% |
Decrease, Effect on DBO | $ 274 |
Defined benefit pension plan | Panama | Mortality Table | Mortality Table RP-2000 | |
Disclosure of employee benefit plans | |
Mortality Table (Increase/Decrease) | One year increase in life expectancy |
Increase, Effect on DBO | $ 208 |
Pension plan | Guatemala | Discount rate | 0.50% increase in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 6.60% |
Percentage of increase | 0.50% |
Increase, Effect on DBO | $ (5,156) |
Pension plan | Guatemala | Discount rate | 0.50% decrease in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 5.60% |
Percentage of decrease | 0.50% |
Decrease, Effect on DBO | $ 5,984 |
Pension plan | Guatemala | Salary | 0.50% increase in actuarial assumption | |
Disclosure of employee benefit plans | |
Salary, Value | 5.50% |
Percentage of increase | 0.50% |
Increase, Effect on DBO | $ 3,813 |
Pension plan | Guatemala | Salary | 0.50% decrease in actuarial assumption | |
Disclosure of employee benefit plans | |
Salary, Value | 4.50% |
Percentage of decrease | 0.50% |
Decrease, Effect on DBO | $ (3,415) |
Pension plan | Guatemala | Mortality Table | Mortality Table RP-2000 | |
Disclosure of employee benefit plans | |
Mortality Table (Increase/Decrease) | One year increase in life expectancy |
Increase, Effect on DBO | $ 1,755 |
Retirement Pension Premium Plan | Colombia | Discount rate | 0.50% increase in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 9.25% |
Percentage of increase | 0.50% |
Increase, Effect on DBO | $ (5,228) |
Retirement Pension Premium Plan | Colombia | Discount rate | 0.50% decrease in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 8.25% |
Percentage of decrease | 0.50% |
Decrease, Effect on DBO | $ 5,729 |
Retirement Pension Premium Plan | Colombia | Salary | 0.50% increase in actuarial assumption | |
Disclosure of employee benefit plans | |
Salary, Value | 7.70% |
Percentage of increase | 0.50% |
Increase, Effect on DBO | $ 5,815 |
Retirement Pension Premium Plan | Colombia | Salary | 0.50% decrease in actuarial assumption | |
Disclosure of employee benefit plans | |
Salary, Value | 6.70% |
Percentage of decrease | 0.50% |
Decrease, Effect on DBO | $ (5,349) |
Retirement Pension Premium Plan | Guatemala | Discount rate | 0.50% increase in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 5.90% |
Percentage of increase | 0.50% |
Increase, Effect on DBO | $ (1,666) |
Retirement Pension Premium Plan | Guatemala | Discount rate | 0.50% decrease in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 4.90% |
Percentage of decrease | 0.50% |
Decrease, Effect on DBO | $ 1,764 |
Retirement Pension Premium Plan | Guatemala | Salary | 0.50% increase in actuarial assumption | |
Disclosure of employee benefit plans | |
Salary, Value | 5.50% |
Percentage of increase | 0.50% |
Increase, Effect on DBO | $ 1,763 |
Retirement Pension Premium Plan | Guatemala | Salary | 0.50% decrease in actuarial assumption | |
Disclosure of employee benefit plans | |
Salary, Value | 4.50% |
Percentage of decrease | 0.50% |
Decrease, Effect on DBO | $ (1,680) |
Retirement Pension Premium Plan | El Salvador | Discount rate | 0.50% increase in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 3.10% |
Percentage of increase | 0.50% |
Increase, Effect on DBO | $ (1,195) |
Retirement Pension Premium Plan | El Salvador | Discount rate | 0.50% decrease in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 2.10% |
Percentage of decrease | 0.50% |
Decrease, Effect on DBO | $ 1,301 |
Retirement Pension Premium Plan | El Salvador | Salary | 0.50% increase in actuarial assumption | |
Disclosure of employee benefit plans | |
Salary, Value | 2.50% |
Percentage of decrease | 0.50% |
Increase, Effect on DBO | $ 331 |
Retirement Pension Premium Plan | El Salvador | Salary | 0.50% decrease in actuarial assumption | |
Disclosure of employee benefit plans | |
Salary, Value | 1.50% |
Percentage of decrease | 0.50% |
Decrease, Effect on DBO | $ (373) |
Severance obligation | Colombia | Discount rate | 0.50% increase in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 7.50% |
Percentage of increase | 0.50% |
Increase, Effect on DBO | $ (341) |
Severance obligation | Colombia | Discount rate | 0.50% decrease in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 6.50% |
Percentage of decrease | 0.50% |
Decrease, Effect on DBO | $ 353 |
Severance obligation | Colombia | Salary | 0.50% increase in actuarial assumption | |
Disclosure of employee benefit plans | |
Salary, Value | 7.70% |
Percentage of increase | 0.50% |
Increase, Effect on DBO | $ 852 |
Severance obligation | Colombia | Salary | 0.50% decrease in actuarial assumption | |
Disclosure of employee benefit plans | |
Salary, Value | 6.70% |
Percentage of decrease | 0.50% |
Decrease, Effect on DBO | $ (832) |
Senior Management Pension Plan Premium | Colombia | Discount rate | 0.50% increase in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 8.25% |
Increase, Effect on DBO | $ (882) |
Senior Management Pension Plan Premium | Colombia | Discount rate | 0.50% decrease in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 7.25% |
Decrease, Effect on DBO | $ 921 |
Senior Management Pension Plan Premium | Colombia | Salary | 0.50% increase in actuarial assumption | |
Disclosure of employee benefit plans | |
Salary, Value | 7.70% |
Percentage of increase | 0.50% |
Increase, Effect on DBO | $ 1,105 |
Senior Management Pension Plan Premium | Colombia | Salary | 0.50% decrease in actuarial assumption | |
Disclosure of employee benefit plans | |
Salary, Value | 6.70% |
Percentage of decrease | 0.50% |
Decrease, Effect on DBO | $ 1,068 |
Other long term benefits | Colombia | Discount rate | 0.50% increase in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 8.50% |
Percentage of increase | 0.50% |
Increase, Effect on DBO | $ (14,472) |
Other long term benefits | Colombia | Discount rate | 0.50% decrease in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 7.50% |
Percentage of decrease | 0.50% |
Decrease, Effect on DBO | $ 15,214 |
Other long term benefits | Colombia | Salary | 0.50% increase in actuarial assumption | |
Disclosure of employee benefit plans | |
Salary, Value | 7.70% |
Percentage of increase | 0.50% |
Increase, Effect on DBO | $ 15,237 |
Other long term benefits | Colombia | Salary | 0.50% decrease in actuarial assumption | |
Disclosure of employee benefit plans | |
Salary, Value | 6.70% |
Percentage of decrease | 0.50% |
Decrease, Effect on DBO | $ (14,628) |
Other long term benefits | Guatemala | Discount rate | 0.50% increase in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 6.10% |
Percentage of increase | 0.50% |
Increase, Effect on DBO | $ (1,119) |
Other long term benefits | Guatemala | Discount rate | 0.50% decrease in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 5.10% |
Percentage of decrease | 0.50% |
Decrease, Effect on DBO | $ 1,207 |
Other long term benefits | Guatemala | Salary | 0.50% increase in actuarial assumption | |
Disclosure of employee benefit plans | |
Salary, Value | 5.50% |
Percentage of increase | 0.50% |
Increase, Effect on DBO | $ 1,208 |
Other long term benefits | Guatemala | Salary | 0.50% decrease in actuarial assumption | |
Disclosure of employee benefit plans | |
Salary, Value | 4.50% |
Percentage of decrease | 0.50% |
Decrease, Effect on DBO | $ (1,130) |
Other long term benefits | El Salvador | Discount rate | 0.50% increase in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 3.00% |
Percentage of increase | 0.50% |
Increase, Effect on DBO | $ (236) |
Other long term benefits | El Salvador | Discount rate | 0.50% decrease in actuarial assumption | |
Disclosure of employee benefit plans | |
Discount rate, Value | 2.00% |
Percentage of decrease | 0.50% |
Decrease, Effect on DBO | $ 253 |
EMPLOYEE BENEFIT PLANS - Short-
EMPLOYEE BENEFIT PLANS - Short-term employment benefit plans (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
EMPLOYEE BENEFIT PLANS | ||
Current severance obligation | $ 95,331 | $ 87,022 |
Bonuses and short-term benefits | 526,273 | 11,816 |
Other employment benefit plans | $ 621,604 | $ 98,838 |
EMPLOYEE BENEFIT PLANS - Additi
EMPLOYEE BENEFIT PLANS - Additional disclosures (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021COP ($)Y | Dec. 31, 2020COP ($) | |
Disclosure of employee benefit plans | ||
Bonuses and short-term benefits | $ | $ 526,273 | $ 11,816 |
Minimum | ||
Disclosure of employee benefit plans | ||
Actuarial assumption of mortality rates (in years) | 32 | |
Maximum | ||
Disclosure of employee benefit plans | ||
Actuarial assumption of mortality rates (in years) | 75 | |
Colombia | Defined benefit pension plan | ||
Disclosure of employee benefit plans | ||
Number of participants | 555 | 603 |
Colombia | Defined benefit severance obligation plan | ||
Disclosure of employee benefit plans | ||
Number of participants | 204 | 287 |
Panama | Banistmo S.A. | Executives | ||
Disclosure of employee benefit plans | ||
Number of participants | 1 | |
Panama | Defined benefit pension plan | ||
Disclosure of employee benefit plans | ||
Number of participants | 47 | 50 |
Number of months prior to retirement used to determine benefit payments | 120 | |
Required service period | 10 years | |
Guatemala | Defined benefit pension plan | ||
Disclosure of employee benefit plans | ||
Number of participants | 3,263 | 3,017 |
Guatemala | Retirement Pension Plan, Tier One | ||
Disclosure of employee benefit plans | ||
Percentage of monthly nominal wage in retirement pension plan | 50.00% | |
Retirement Age | 70 years | |
Required service period | 30 years | |
Guatemala | Retirement Pension Plan, Tier Two | ||
Disclosure of employee benefit plans | ||
Percentage of monthly nominal wage in retirement pension plan | 50.00% | |
Retirement Age | 65 years | |
Required service period | 40 years | |
Guatemala | Retirement Pension Plan, Tier Three | ||
Disclosure of employee benefit plans | ||
Percentage of monthly nominal wage in retirement pension plan | 70.00% | |
Retirement Age | 70 years | |
Required service period | 40 years | |
Guatemala | Retirement Pension Plan, Tier Four | ||
Disclosure of employee benefit plans | ||
Percentage of monthly nominal wage in retirement pension plan | 70.00% | |
Retirement Age | 65 years | |
Required service period | 45 years | |
El Salvador | ||
Disclosure of employee benefit plans | ||
Number of participants | 2,738 | 2,819 |
El Salvador | Banagricola S.A. | Executives | ||
Disclosure of employee benefit plans | ||
Number of participants | 1 | |
Deferred Benefits | Panama | Defined benefit pension plan | ||
Disclosure of employee benefit plans | ||
Number of participants | 17 | 20 |
Receiving Benefits | Panama | Defined benefit pension plan | ||
Disclosure of employee benefit plans | ||
Number of participants | 30 | 30 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
OTHER LIABILITIES | |||
Payables | $ 2,491,055 | $ 1,967,492 | |
Suppliers | 1,435,569 | 1,119,734 | |
Advances | 799,819 | 779,681 | |
Collection services | 716,031 | 316,749 | |
Bonuses and short-term benefits | 526,273 | 11,816 | |
Deposits delivered as security | 376,447 | 570,097 | |
Salaries and other labor obligations | 352,198 | 311,627 | |
Security contributions | 340,322 | 318,179 | |
Provisions | 288,017 | 346,597 | |
Advances in leasing operations and loans | 169,153 | 123,932 | |
Dividends | 78,304 | 299,495 | |
Deferred interests | 77,115 | 24,929 | |
Liabilities from contracts with customers | 55,025 | 64,071 | $ 60,791 |
Other | 57,396 | 110,313 | |
Total | $ 7,762,724 | $ 6,364,712 |
PROVISIONS AND CONTINGENT LIA_3
PROVISIONS AND CONTINGENT LIABILITIES - Detail of provisions (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | $ 346,597 | $ 190,690 |
Additions recognized in the year | 31,548 | 241,440 |
Provisions used during the period | (6,087) | (7,732) |
Provisions reversed during the period | (97,674) | (79,151) |
Foreign currency translation adjustment | 12,282 | 1,038 |
Effect of discounted cash flows | 1,351 | 312 |
Ending balance | 288,017 | 346,597 |
Judicial proceedings | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | 35,640 | 35,752 |
Additions recognized in the year | 8,766 | 9,063 |
Provisions used during the period | (5,587) | (4,673) |
Provisions reversed during the period | (4,513) | (5,196) |
Foreign currency translation adjustment | 158 | 382 |
Effect of discounted cash flows | 1,351 | 312 |
Ending balance | 35,815 | 35,640 |
Administrative proceedings | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | 2,399 | 6,607 |
Additions recognized in the year | 13,625 | 1,259 |
Provisions used during the period | (500) | (3,059) |
Provisions reversed during the period | (184) | (2,408) |
Ending balance | 15,340 | 2,399 |
Financial guarantees | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | 23,035 | 16,945 |
Additions recognized in the year | 8,219 | 6,190 |
Provisions reversed during the period | (243) | (50) |
Foreign currency translation adjustment | 100 | (50) |
Ending balance | 31,111 | 23,035 |
Loan Commitments | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | 285,198 | 131,386 |
Additions recognized in the year | 224,603 | |
Provisions reversed during the period | (92,567) | (71,497) |
Foreign currency translation adjustment | 12,024 | 706 |
Ending balance | 204,655 | 285,198 |
Onerous contracts | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | 325 | |
Additions recognized in the year | 938 | 325 |
Provisions reversed during the period | (167) | |
Ending balance | $ 1,096 | $ 325 |
PROVISIONS AND CONTINGENT LIA_4
PROVISIONS AND CONTINGENT LIABILITIES - Changes in provisions of financial guarantees and loan commitments (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | $ (29,553,003) | |
Ending Balance | (29,289,301) | $ (29,553,003) |
Stage Three | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | (1,395,831) | |
Ending Balance | (1,063,936) | (1,395,831) |
Stage Three | Allowance | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | 588,847 | |
Ending Balance | 632,531 | 588,847 |
Financial guarantees and loan commitments | Allowance | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | 308,233 | 148,331 |
Transfers | (31,236) | 86,106 |
Transfer to stage 1 | (125,789) | 30,873 |
Transfer to stage 2 | 47,329 | 80,620 |
Transfer to stage 3 | 47,224 | (25,387) |
Provisions recognised during the period | 334,596 | 144,687 |
Provisions reversed during the period | (387,951) | (71,547) |
Translation adjustment | 12,124 | 656 |
Ending Balance | 235,766 | 308,233 |
Financial guarantees and loan commitments | Stage One | Allowance | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | 192,597 | 119,865 |
Transfers | (77,194) | 30,893 |
Transfer to stage 1 | (45,706) | 75,694 |
Transfer to stage 2 | (23,860) | (34,778) |
Transfer to stage 3 | (7,628) | (10,023) |
Provisions recognised during the period | 241,953 | 95,212 |
Provisions reversed during the period | (229,798) | (54,823) |
Translation adjustment | 7,615 | 1,450 |
Ending Balance | 135,173 | 192,597 |
Financial guarantees and loan commitments | Stage Two | Allowance | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | 75,135 | 28,433 |
Transfers | 3,221 | 54,918 |
Transfer to stage 1 | (65,020) | (44,821) |
Transfer to stage 2 | 87,990 | 115,398 |
Transfer to stage 3 | (19,749) | (15,659) |
Provisions recognised during the period | 32,694 | 9,283 |
Provisions reversed during the period | (55,735) | (16,724) |
Translation adjustment | 4,462 | (775) |
Ending Balance | 59,777 | 75,135 |
Financial guarantees and loan commitments | Stage Three | Allowance | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | 40,501 | 33 |
Transfers | 42,737 | 295 |
Transfer to stage 1 | (15,063) | |
Transfer to stage 2 | (16,801) | |
Transfer to stage 3 | 74,601 | 295 |
Provisions recognised during the period | 59,949 | 40,192 |
Provisions reversed during the period | (102,418) | |
Translation adjustment | 47 | (19) |
Ending Balance | $ 40,816 | $ 40,501 |
PROVISIONS AND CONTINGENT LIA_5
PROVISIONS AND CONTINGENT LIABILITIES - Commitment issued by the Bank to guarantee the performance of a customer (Details) $ in Millions | Dec. 31, 2021COP ($) | Dec. 31, 2020COP ($)item |
PROVISIONS AND CONTINGENT LIABILITIES | ||
Financial guarantee contracts | $ 9,036,464 | $ 7,673,516 |
Not later than one month | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Financial guarantee contracts | 620,120 | 388,859 |
Between 1 and 3 months | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Financial guarantee contracts | 1,051,714 | 616,879 |
Between 3 months and 1 year | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Financial guarantee contracts | 5,616,089 | 2,911,975 |
Between 3 months and 1 year | Energy services and the private sector | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Contracts with changed durations | 2,505,284 | |
Amount of new guarantees | 880,388 | |
1 to 3 years | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Financial guarantee contracts | 1,513,774 | $ 3,568,858 |
1 to 3 years | Financial services sector | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Contracts with changed durations | 3,056,310 | |
Amount of new guarantees | 812,403 | |
1 to 3 years | Telecommunications and financial sectors | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Number of new guarantees | item | 4 | |
Amount of new guarantees | $ 2,909,063 | |
3 to 5 years | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Financial guarantee contracts | 84,273 | 42,788 |
Greater than 5 years | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Financial guarantee contracts | $ 150,494 | $ 144,157 |
PROVISIONS AND CONTINGENT LIA_6
PROVISIONS AND CONTINGENT LIABILITIES - Maximum exposure to credit risk and provision (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
PROVISIONS AND CONTINGENT LIABILITIES | ||
Exposition | $ 9,036,464 | $ 7,673,516 |
Provision | $ 31,111 | $ 23,035 |
Minimum | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Probability of default (percentage) | 72.75% | |
Maximum | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Probability of default (percentage) | 100.00% | |
Normal risk | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Exposition | $ 8,670,084 | $ 6,718,937 |
Provision | $ 17 | $ 30 |
Normal risk | Minimum | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Probability of default (percentage) | 0.00% | 0.00% |
Normal risk | Maximum | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Probability of default (percentage) | 3.11% | 3.11% |
Acceptable risk | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Exposition | $ 220,278 | $ 653,711 |
Provision | $ 19 | $ 219 |
Acceptable risk | Minimum | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Probability of default (percentage) | 3.11% | 3.11% |
Acceptable risk | Maximum | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Probability of default (percentage) | 11.15% | 11.15% |
Appreciable risk | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Exposition | $ 434 | $ 275,736 |
Provision | $ 364 | |
Appreciable risk | Minimum | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Probability of default (percentage) | 11.15% | 11.15% |
Appreciable risk | Maximum | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Probability of default (percentage) | 72.75% | 72.75% |
Significant risk | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Exposition | $ 140,520 | |
Provision | $ 30,748 | |
Significant risk | Minimum | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Probability of default (percentage) | 72.75% | |
Significant risk | Maximum | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Probability of default (percentage) | 89.89% | 89.89% |
Bad risk | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Exposition | $ 5,148 | $ 25,132 |
Provision | $ 327 | $ 22,422 |
Bad risk | Minimum | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Probability of default (percentage) | 89.89% | 89.89% |
Bad risk | Maximum | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Probability of default (percentage) | 100.00% | |
Stage One | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Exposition | $ 8,828,685 | $ 7,519,107 |
Provision | 33 | 505 |
Stage One | Normal risk | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Exposition | 8,638,607 | 6,693,881 |
Provision | 15 | 30 |
Stage One | Acceptable risk | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Exposition | 189,644 | 637,593 |
Provision | 18 | 211 |
Stage One | Appreciable risk | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Exposition | 434 | 187,633 |
Provision | 264 | |
Stage Two | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Exposition | 66,317 | 129,277 |
Provision | 14 | 108 |
Stage Two | Normal risk | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Exposition | 31,477 | 25,056 |
Provision | 2 | |
Stage Two | Acceptable risk | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Exposition | 30,634 | 16,118 |
Provision | 1 | 8 |
Stage Two | Appreciable risk | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Exposition | 88,103 | |
Provision | 100 | |
Stage Two | Bad risk | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Exposition | 4,206 | |
Provision | 11 | |
Stage Three | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Exposition | 141,462 | 25,132 |
Provision | 31,064 | 22,422 |
Stage Three | Significant risk | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Exposition | 140,520 | |
Provision | 30,748 | |
Stage Three | Bad risk | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Exposition | 942 | 25,132 |
Provision | $ 316 | $ 22,422 |
PROVISIONS AND CONTINGENT LIA_7
PROVISIONS AND CONTINGENT LIABILITIES - Contingent liabilities (Details) $ in Millions | Jun. 03, 2008USD ($) | Oct. 31, 2018USD ($) | Oct. 31, 2013USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2021COP ($) |
PROVISIONS AND CONTINGENT LIABILITIES | |||||||
Threshold amount of contingencies significant to financial statements | $ 5,000 | ||||||
Banistmo S.A. | Legal proceedings contingent liability | Ordinary claim filed by Menelao Mora and Said Diaz | |||||||
PROVISIONS AND CONTINGENT LIABILITIES | |||||||
Damages sought | 20,000 | ||||||
Fines awarded | 2,300 | ||||||
Banistmo S.A. | Legal proceedings contingent liability | Ordinary Claim filed by Deniss Rafael Perez Perozo, Carlos Perez Leal et al | |||||||
PROVISIONS AND CONTINGENT LIABILITIES | |||||||
Damages sought | $ 5,252,435 | ||||||
Partial payment received, flagged as irregular activity | 299 | ||||||
Amount of funds withheld | $ 287 | ||||||
Banistmo S.A. | Legal proceedings contingent liability | Constructora Tymsa | |||||||
PROVISIONS AND CONTINGENT LIABILITIES | |||||||
Damages sought | 10,000 | ||||||
Banco Agricola S.A. | Legal proceedings contingent liability | Authority on Taxes | |||||||
PROVISIONS AND CONTINGENT LIABILITIES | |||||||
Tax liability amount under examination | $ 11,116 | ||||||
Aggregate amount awarded | 6,341 | ||||||
Arrendadora Financiera S.A. Arfinsa | Legal proceedings contingent liability | Corporacion De Alimentos Sa De Cv | |||||||
PROVISIONS AND CONTINGENT LIABILITIES | |||||||
Damages sought | 6,454 | ||||||
Banco Agromercantil | Legal proceedings contingent liability | Superintendence of Tax Administration | |||||||
PROVISIONS AND CONTINGENT LIABILITIES | |||||||
Tax liability amount under examination | $ 13,617 | ||||||
Tax amount | 6,808 | ||||||
Tax fine amount | $ 6,808 | ||||||
Legal proceedings provision | $ 0 | ||||||
Banco Agromercantil | Legal proceedings contingent liability | Delicarnes Sociedad Annima | |||||||
PROVISIONS AND CONTINGENT LIABILITIES | |||||||
Legal proceedings provision | $ 0 | ||||||
Bancolombia S.A. | Legal proceedings contingent liability | Fiscal Responsibility Lawsuit | |||||||
PROVISIONS AND CONTINGENT LIABILITIES | |||||||
Damages sought | $ 5,846 | ||||||
Legal proceedings provision | $ 1,145 |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) - COP ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SHARE CAPITAL | |||||
Authorized shares | 1,400,000,000 | 1,400,000,000 | |||
Subscribed and paid-in shares | |||||
Total shares | 961,827,000 | 961,827,000 | |||
Subscribed and paid capital (nominal value) | $ 480,914 | $ 480,914 | |||
Dividends declared | |||||
Minimum mandatory percentage of annual net income | 50.00% | ||||
Mandatory percentage of annual net income if total reserves exceeds outstanding capital | 70.00% | ||||
Minimum percentage of shareholder approval required to defer distribution of annual net income | 78.00% | ||||
Quorum of subscribed preferred shareholders attendance which is required for valid vote | 80.00% | ||||
Cash dividends per share | $ 3,120 | $ 260 | $ 1,638 | $ 1,092 | $ 1,020 |
Legal reserves | |||||
Dividends declared | |||||
Minimum percentage of annual net income required to be appropriated to reserves | 10.00% | ||||
Maximum reserve balance, as a percentage of total paid-in capital | 50.00% | ||||
Common shares | |||||
Subscribed and paid-in shares | |||||
Total shares | 509,704,584 | 509,704,584 | |||
Nominal value per share | $ 500 | $ 500 | |||
Dividends declared | |||||
Minimum percentage of subscribed shareholder approval required to pay a deferred distribution in equity securities | 80.00% | ||||
Preference shares | |||||
Subscribed and paid-in shares | |||||
Total shares | 452,122,416 | 452,122,416 | |||
Nominal value per share | $ 500 | $ 500 | |||
Dividends declared | |||||
Minimum percentage of subscribed shareholder approval required to pay a deferred distribution in equity securities | 80.00% | ||||
Non-cumulative minimum preferred dividend, as a percentage of annual subscription price | 1.00% | ||||
Quorum of subscribed preferred shareholders attendance which is required for valid vote | 80.00% |
APPROPRIATED RESERVES (Details)
APPROPRIATED RESERVES (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
APPROPRIATED RESERVES | ||
Total Appropriated reserves | $ 14,661,007 | $ 13,830,604 |
Appropriation of net income | ||
APPROPRIATED RESERVES | ||
Total Appropriated reserves | 13,628,995 | 13,406,195 |
Dividends reclassification | 4,441 | |
Others | ||
APPROPRIATED RESERVES | ||
Total Appropriated reserves | $ 1,032,012 | $ 424,409 |
UNCONSOLIDATED STRUCTURED ENT_3
UNCONSOLIDATED STRUCTURED ENTITIES (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
UNCONSOLIDATED STRUCTURED ENTITIES | ||
Total assets of the entities | $ 168,790,594 | $ 164,427,089 |
Total assets in relation to the Bank's interests in the unconsolidated structured entities | 6,004,085 | 4,508,101 |
The Bank's maximum exposure | 6,004,085 | 4,508,101 |
Fees income | 478,701 | 473,561 |
Fair value through profit or loss | Investments | ||
UNCONSOLIDATED STRUCTURED ENTITIES | ||
Total assets in relation to the Bank's interests in the unconsolidated structured entities | 110,026 | 154,397 |
Fair value through other comprehensive income | Investments | ||
UNCONSOLIDATED STRUCTURED ENTITIES | ||
Total assets in relation to the Bank's interests in the unconsolidated structured entities | 42,864 | 142,400 |
Loans and Advances | ||
UNCONSOLIDATED STRUCTURED ENTITIES | ||
Total assets in relation to the Bank's interests in the unconsolidated structured entities | 5,851,195 | 4,211,304 |
Securitisation | ||
UNCONSOLIDATED STRUCTURED ENTITIES | ||
Total assets of the entities | 1,661,019 | 2,405,326 |
Total assets in relation to the Bank's interests in the unconsolidated structured entities | 152,890 | 296,797 |
The Bank's maximum exposure | 152,890 | 296,797 |
Fees income | 6,936 | 8,756 |
Securitisation | Fair value through profit or loss | Investments | ||
UNCONSOLIDATED STRUCTURED ENTITIES | ||
Total assets in relation to the Bank's interests in the unconsolidated structured entities | 110,026 | 154,397 |
Securitisation | Fair value through other comprehensive income | Investments | ||
UNCONSOLIDATED STRUCTURED ENTITIES | ||
Total assets in relation to the Bank's interests in the unconsolidated structured entities | 42,864 | 142,400 |
The Bank's managed funds | ||
UNCONSOLIDATED STRUCTURED ENTITIES | ||
Total assets of the entities | 167,129,575 | 162,021,763 |
Total assets in relation to the Bank's interests in the unconsolidated structured entities | 5,851,195 | 4,211,304 |
The Bank's maximum exposure | 5,851,195 | 4,211,304 |
Fees income | 471,765 | 464,805 |
The Bank's managed funds | Loans and Advances | ||
UNCONSOLIDATED STRUCTURED ENTITIES | ||
Total assets in relation to the Bank's interests in the unconsolidated structured entities | $ 5,851,195 | $ 4,211,304 |
OPERATING INCOME - Interest and
OPERATING INCOME - Interest and valuation on financial instruments (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING INCOME | |||
Interest on debt instruments using the effective interest method | $ 311,488 | $ 308,453 | $ 160,200 |
Interest and valuation on financial instruments | 470,554 | 214,858 | 524,440 |
Interest and valuation on financial assets instruments | 782,042 | 523,311 | 684,640 |
Debt instruments | |||
OPERATING INCOME | |||
Interest and valuation on financial instruments | 466,124 | 533,506 | 881,985 |
Derivatives | |||
OPERATING INCOME | |||
Interest and valuation on financial instruments | 33,637 | (337,796) | (182,769) |
Spot transactions | |||
OPERATING INCOME | |||
Interest and valuation on financial instruments | 27,348 | 20,173 | 483 |
Repos | |||
OPERATING INCOME | |||
Interest and valuation on financial instruments | $ (56,555) | $ (1,025) | $ (175,259) |
OPERATING INCOME - Interest exp
OPERATING INCOME - Interest expenses (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING INCOME | |||
Deposits | $ 2,814,505 | $ 4,084,192 | $ 4,164,798 |
Debt securities in issue | 1,053,441 | 1,053,989 | 1,164,808 |
Borrowing costs | 293,949 | 527,825 | 627,058 |
Lease liabilities | 111,556 | 118,600 | 121,946 |
Preferred shares | 57,701 | 57,701 | 57,908 |
Borrowings from other financial institutions | 3,870 | 5,838 | 21,663 |
Other interest | 16,534 | 14,863 | 21,613 |
Interest expenses | 4,351,556 | 5,863,008 | 6,179,794 |
Net interest income | 11,304,222 | $ 10,578,422 | 10,608,726 |
Decrease in financial liabilities | $ 2,700 | ||
Discontinued operations | |||
OPERATING INCOME | |||
Borrowing costs | $ 1,224 |
OPERATING INCOME - Fees and com
OPERATING INCOME - Fees and commissions (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Contract liabilities | |||
Increase in contract liabilities | $ 9,046 | ||
Accounts receivable from contracts with customers, net | $ 182,672 | 177,991 | $ 203,198 |
Contract liabilities | 55,025 | 64,071 | 60,791 |
Allowances for receivables from customers | 16,537 | 36,061 | 9,769 |
Fees and Commissions Expenses | |||
Baking services | 798,729 | 587,531 | 585,593 |
Sales, collections and other services | 619,715 | 558,038 | 423,630 |
Correspondent banking | 307,308 | 213,850 | 176,326 |
Payments and collections | 26,897 | 20,034 | 44,990 |
Others | 108,034 | 182,132 | 322,700 |
Total expenses for commissions | $ 1,860,683 | 1,561,585 | 1,553,239 |
Minimum | |||
OPERATING INCOME | |||
Intermediation margin | 0.00% | ||
Maximum | |||
OPERATING INCOME | |||
Intermediation margin | 4.00% | ||
Operating Segments | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | $ 5,293,804 | 4,598,413 | 4,578,984 |
Fees and Commissions Expenses | |||
Total expenses for commissions | 1,860,683 | 1,561,585 | 1,553,239 |
Operating Segments | Banking services | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 682,231 | 582,845 | 668,451 |
Operating Segments | Credit and debit card fees and commercial establishments | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 2,236,121 | 1,845,867 | 1,821,946 |
Operating Segments | Brokerage | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 26,854 | 28,364 | 26,534 |
Operating Segments | Acceptances Guarantees and Standby Letters of Credit | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 72,549 | 61,774 | 56,023 |
Operating Segments | Trust services revenue | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 463,123 | 454,250 | 445,804 |
Operating Segments | Securities brokerage | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 94,353 | 52,036 | 38,990 |
Operating Segments | Bancassurance | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 686,592 | 728,642 | 643,026 |
Operating Segments | Payment and collections | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 733,361 | 595,222 | 623,758 |
Operating Segments | Other fees and commissions | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 298,620 | 249,413 | 254,452 |
Operating Segments | Banking | Colombia | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 3,841,472 | 3,291,382 | 3,269,747 |
Fees and Commissions Expenses | |||
Total expenses for commissions | 1,524,691 | 1,313,286 | 1,297,186 |
Operating Segments | Banking | Colombia | Banking services | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 414,870 | 329,281 | 422,943 |
Operating Segments | Banking | Colombia | Credit and debit card fees and commercial establishments | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 1,830,128 | 1,484,085 | 1,421,039 |
Operating Segments | Banking | Colombia | Acceptances Guarantees and Standby Letters of Credit | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 43,863 | 38,864 | 32,829 |
Operating Segments | Banking | Colombia | Trust services revenue | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 844 | ||
Operating Segments | Banking | Colombia | Bancassurance | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 636,632 | 685,783 | 607,758 |
Operating Segments | Banking | Colombia | Payment and collections | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 723,297 | 595,222 | 623,758 |
Operating Segments | Banking | Colombia | Other fees and commissions | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 192,682 | 157,303 | 161,420 |
Operating Segments | Banking | Panama | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 351,603 | 310,773 | 350,055 |
Fees and Commissions Expenses | |||
Total expenses for commissions | 151,906 | 118,016 | 143,616 |
Operating Segments | Banking | Panama | Banking services | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 69,379 | 77,727 | 77,976 |
Operating Segments | Banking | Panama | Credit and debit card fees and commercial establishments | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 174,226 | 147,448 | 200,372 |
Operating Segments | Banking | Panama | Brokerage | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 12,661 | 10,047 | 7,893 |
Operating Segments | Banking | Panama | Acceptances Guarantees and Standby Letters of Credit | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 16,125 | 13,976 | 14,369 |
Operating Segments | Banking | Panama | Trust services revenue | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 17,420 | 18,089 | 13,033 |
Operating Segments | Banking | Panama | Securities brokerage | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 1,998 | 789 | 391 |
Operating Segments | Banking | Panama | Bancassurance | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 49,730 | 42,697 | 35,014 |
Operating Segments | Banking | Panama | Payment and collections | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 10,064 | ||
Operating Segments | Banking | Panama | Other fees and commissions | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 1,007 | ||
Operating Segments | Banking | El Salvador | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 359,724 | 289,792 | 268,309 |
Fees and Commissions Expenses | |||
Total expenses for commissions | 116,600 | 74,887 | 60,673 |
Operating Segments | Banking | El Salvador | Banking services | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 118,532 | 105,821 | 99,222 |
Operating Segments | Banking | El Salvador | Credit and debit card fees and commercial establishments | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 168,273 | 126,857 | 117,541 |
Operating Segments | Banking | El Salvador | Acceptances Guarantees and Standby Letters of Credit | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 6,928 | 5,112 | 5,541 |
Operating Segments | Banking | El Salvador | Trust services revenue | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 6,567 | 1,868 | 1,713 |
Operating Segments | Banking | El Salvador | Securities brokerage | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 1,353 | 1,723 | 1,496 |
Operating Segments | Banking | El Salvador | Bancassurance | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 129 | 139 | 160 |
Operating Segments | Banking | El Salvador | Other fees and commissions | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 57,942 | 48,272 | 42,636 |
Operating Segments | Banking | Guatemala | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 159,908 | 176,268 | 170,854 |
Fees and Commissions Expenses | |||
Total expenses for commissions | 50,144 | 39,871 | 38,006 |
Operating Segments | Banking | Guatemala | Banking services | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 56,548 | 49,782 | 52,627 |
Operating Segments | Banking | Guatemala | Credit and debit card fees and commercial establishments | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 61,831 | 85,643 | 78,764 |
Operating Segments | Banking | Guatemala | Brokerage | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 9 | 24 | |
Operating Segments | Banking | Guatemala | Acceptances Guarantees and Standby Letters of Credit | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 3,716 | 2,713 | 2,440 |
Operating Segments | Banking | Guatemala | Trust services revenue | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 704 | 788 | 572 |
Operating Segments | Banking | Guatemala | Other fees and commissions | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 37,109 | 37,333 | 36,427 |
Operating Segments | Trust | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 347,878 | 349,150 | 349,438 |
Fees and Commissions Expenses | |||
Total expenses for commissions | 3,881 | 4,095 | 2,942 |
Operating Segments | Trust | Trust services revenue | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 347,838 | 349,127 | 349,402 |
Operating Segments | Trust | Bancassurance | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 40 | 8 | 36 |
Operating Segments | Trust | Other fees and commissions | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 15 | ||
Operating Segments | Investment banking | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 79,531 | 37,447 | 30,829 |
Fees and Commissions Expenses | |||
Total expenses for commissions | 49 | 61 | 154 |
Operating Segments | Investment banking | Securities brokerage | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 79,521 | 37,354 | 30,142 |
Operating Segments | Investment banking | Bancassurance | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 10 | 3 | 7 |
Operating Segments | Investment banking | Other fees and commissions | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 90 | 680 | |
Operating Segments | Brokerage | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 117,282 | 112,628 | 113,364 |
Fees and Commissions Expenses | |||
Total expenses for commissions | 4,135 | 3,597 | 3,229 |
Operating Segments | Brokerage | Brokerage | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 14,193 | 18,308 | 18,617 |
Operating Segments | Brokerage | Trust services revenue | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 90,548 | 81,373 | 80,534 |
Operating Segments | Brokerage | Securities brokerage | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 11,481 | 12,170 | 6,961 |
Operating Segments | Brokerage | Bancassurance | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 51 | 12 | 51 |
Operating Segments | Brokerage | Other fees and commissions | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 1,009 | 765 | 7,201 |
Operating Segments | International Banking | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 33,309 | 28,896 | 25,800 |
Fees and Commissions Expenses | |||
Total expenses for commissions | 6,556 | 4,600 | 3,922 |
Operating Segments | International Banking | Banking services | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 22,902 | 20,234 | 15,683 |
Operating Segments | International Banking | Credit and debit card fees and commercial establishments | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 1,663 | 1,834 | 4,230 |
Operating Segments | International Banking | Acceptances Guarantees and Standby Letters of Credit | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 1,917 | 1,109 | 844 |
Operating Segments | International Banking | Trust services revenue | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 46 | 46 | 41 |
Operating Segments | International Banking | Other fees and commissions | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 6,781 | 5,673 | 5,002 |
Operating Segments | All other segments | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 3,097 | 2,077 | 588 |
Fees and Commissions Expenses | |||
Total expenses for commissions | 2,721 | 3,172 | 3,511 |
Operating Segments | All other segments | Trust services revenue | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 2,115 | 509 | |
Operating Segments | All other segments | Other fees and commissions | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | $ 3,097 | $ (38) | $ 79 |
OPERATING INCOME - Other operat
OPERATING INCOME - Other operating income (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING INCOME | |||
Leases | $ 936,574 | $ 711,575 | $ 682,525 |
Net foreign exchange and Derivatives Foreign exchange contracts | 296,534 | 599,396 | 219,835 |
Gains on sale of assets | 227,445 | 65,932 | 93,548 |
Services | 140,451 | 143,145 | 170,494 |
Investment property valuation | 67,762 | (3,501) | 93,197 |
Other reversals | 56,381 | 70,352 | 49,079 |
Insurance | 54,833 | 59,514 | 60,452 |
Penalties for failure to contracts | 15,680 | 8,207 | 28,554 |
Hedging | (6,133) | (3,746) | 663 |
Others | 232,614 | 193,698 | 136,900 |
Total Other operating income | 2,022,141 | 1,844,572 | 1,535,247 |
Operating lease income | 787,561 | 577,449 | |
Operating leases | |||
OPERATING INCOME | |||
Leases | 787,561 | 577,449 | 562,067 |
Property leases | |||
OPERATING INCOME | |||
Leases | 139,021 | 125,494 | 85,507 |
Other assets leases | |||
OPERATING INCOME | |||
Leases | $ 9,992 | $ 8,632 | $ 34,951 |
OPERATING INCOME - Dividends an
OPERATING INCOME - Dividends and net income on equity investments (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 29, 2020 | |
OPERATING INCOME | ||||
Equity method | $ 199,652 | $ 136,596 | $ 249,231 | |
Dividends | 108,079 | 14,217 | 84,183 | |
Gains on sale of investments in associates | 9,896 | 77,916 | ||
Equity investments | 7,253 | (27,795) | 71,207 | |
Impairment of investments in associates | (1,733) | (4,399) | ||
Others | 5,197 | 4,706 | (101,938) | |
Total dividends received, and share of profits of equity method investees | 328,344 | 123,325 | 380,599 | |
Dividends received from equity investments at fair value through profit or loss | 40,439 | 650 | 73,685 | |
Dividends from equity investments at fair value through OCI | 12,665 | 13,567 | 10,498 | |
Dividends of investments derecognised | 251 | 490 | $ 4,100 | |
Grupo Agromercantil Holding (GAH) | ||||
OPERATING INCOME | ||||
Percentage of voting equity interests acquired | 40.00% | |||
Joint ventures | ||||
OPERATING INCOME | ||||
Equity method | 20,619 | 13,019 | ||
Associates | ||||
OPERATING INCOME | ||||
Equity method | $ 179,033 | $ 123,676 |
OPERATING EXPENSES - Salaries a
OPERATING EXPENSES - Salaries and employee benefit (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING EXPENSES | |||
Salaries | $ 1,648,872 | $ 1,568,432 | $ 1,449,765 |
Bonuses | 714,353 | 112,843 | 560,149 |
Private premium | 384,056 | 402,154 | 378,979 |
Social security contributions | 355,166 | 334,831 | 319,424 |
Indemnization payment | 137,453 | 100,228 | 140,633 |
Other benefits | 542,696 | 526,242 | 517,874 |
Total Salaries and employee benefit | $ 3,782,596 | $ 3,044,730 | $ 3,366,824 |
OPERATING EXPENSES - Other admi
OPERATING EXPENSES - Other administrative and general expenses (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING EXPENSES | |||
Fees | $ 756,835 | $ 539,473 | $ 531,669 |
Maintenance and repairs | 592,493 | 580,752 | 599,519 |
Insurance | 495,146 | 518,553 | 423,785 |
Data processing | 363,105 | 307,609 | 234,219 |
Frauds and claims | 201,115 | 144,689 | 65,589 |
Transport | 198,828 | 178,841 | 212,582 |
Advertising | 153,066 | 128,011 | 151,246 |
Public services | 149,029 | 110,998 | 116,837 |
Cleaning and security services | 111,717 | 106,112 | 100,593 |
Contributions and affiliations | 101,727 | 95,638 | 73,689 |
Communications | 71,861 | 75,847 | 77,375 |
Trust | 64,575 | 34,470 | 59,334 |
Properties improvements and installation | 64,554 | 46,489 | 51,187 |
Useful and stationery | 53,476 | 50,575 | 83,891 |
Real estate management | 28,962 | 26,968 | 25,012 |
Others | 115,431 | 195,764 | 262,531 |
Total other administrative and general expenses | 3,521,920 | 3,140,789 | 3,069,058 |
Taxes other than income tax | $ 719,593 | $ 765,766 | $ 757,820 |
OPERATING EXPENSES - Impairment
OPERATING EXPENSES - Impairment, depreciation and amortization (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING EXPENSES | |||
Depreciation of premises and equipment | $ 466,179 | $ 360,703 | $ 358,439 |
Amortization of intangible assets | 198,169 | 163,754 | 141,104 |
Depreciation of right-of-use assets | 190,819 | 211,910 | 177,709 |
Impairment of other assets, net | 65,391 | 101,423 | 147,338 |
Total impairment, depreciation and amortization | 920,558 | 837,790 | 824,590 |
Banking | Colombia | |||
OPERATING EXPENSES | |||
Impairment of other assets, net | 38,632 | 47,420 | 108,861 |
Banking | Panama | |||
OPERATING EXPENSES | |||
Impairment of other assets, net | 17,962 | 13,211 | 17,869 |
Banking | Guatemala | |||
OPERATING EXPENSES | |||
Impairment of other assets, net | 7,554 | 42,006 | 29,930 |
Banking | El Salvador | |||
OPERATING EXPENSES | |||
Impairment of other assets, net | 395 | (2,735) | (11,048) |
All other segments | |||
OPERATING EXPENSES | |||
Impairment of other assets, net | $ 848 | 1,339 | 792 |
International Banking | |||
OPERATING EXPENSES | |||
Impairment of other assets, net | $ 182 | 933 | |
Brokerage | |||
OPERATING EXPENSES | |||
Impairment of other assets, net | $ 1 |
EARNING PER SHARE ('EPS') (Deta
EARNING PER SHARE ('EPS') (Details) - COP ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
EARNING PER SHARE ('EPS') | |||
Number of dilutive potential common shares | 0 | 0 | 0 |
Income from continuing operations before attribution of non-controlling | $ 4,207,787 | $ 315,359 | $ 3,214,567 |
Less: Non-controlling interests from continuing operations | 120,992 | 39,365 | 97,216 |
Net income from continuing operations | 4,086,795 | 275,994 | 3,117,351 |
Less: Preferred dividends declared | 59,851 | 682,876 | 435,810 |
Less: Allocation of undistributed earnings to preferred stockholders | 1,830,636 | (583,718) | 998,864 |
Net income allocated to common shareholders for basic and diluted EPS | $ 2,196,308 | $ 176,836 | $ 1,682,677 |
Weighted average number of common shares outstanding used in basic EPS calculation (in millions) | 510,000,000 | 510,000,000 | 510,000,000 |
Basic earnings per share to common shareholders | $ 4,309 | $ 347 | $ 3,301 |
Diluted earnings per share to common shareholders | 4,309 | 347 | 3,301 |
Basic earnings per share from continuing operations | 4,309 | 347 | 3,301 |
Diluted earnings per share from continuing operations | $ 4,309 | $ 347 | $ 3,301 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets | ||||
Financial assets investments | $ 29,289,301 | $ 29,553,003 | ||
Derivative financial instruments | 2,454,005 | 2,800,719 | ||
Allowance for loans, advances and lease losses | (15,864,482) | (16,616,043) | $ (10,929,395) | $ (10,235,831) |
Other Assets | 5,751,658 | 4,719,202 | ||
Total assets | 289,855,048 | 255,568,505 | ||
Liabilities | ||||
Deposits by customers | 210,390,848 | 180,820,793 | ||
Derivative financial instruments | 1,961,109 | 2,381,326 | ||
Other Liabilities | 7,762,724 | 6,364,712 | ||
Total liabilities | 255,929,590 | 227,453,292 | ||
Income | ||||
Interest and other operating income | 16,135,745 | 16,688,650 | 17,380,684 | |
Dividends and net income on equity investments | 108,079 | 14,217 | 84,183 | |
Net income | 4,207,787 | 315,359 | 3,214,567 | |
Expenses | ||||
Interests and other operating expenses | 4,351,556 | 5,863,008 | 6,179,794 | |
Fees | 1,860,683 | 1,561,585 | 1,553,239 | |
Other expenses | 218,586 | 206,070 | 235,525 | |
Stockholders with an interest equal or higher than 20% of the Bank's capital | ||||
Assets | ||||
Financial assets investments | 2,755 | 742 | 14,369 | |
Loans and advances to customers. | 937,190 | 1,080,819 | 1,115,151 | |
Allowance for loans, advances and lease losses | (3,028) | (3,035) | (2,007) | |
Other Assets | 7,644 | 11,549 | 54,563 | |
Total assets | 944,561 | 1,090,075 | 1,182,076 | |
Liabilities | ||||
Deposits by customers | 2,101,846 | 2,136,549 | 1,761,362 | |
Derivative financial instruments | 513 | |||
Other Liabilities | 1,120 | 6,859 | 1,379 | |
Total liabilities | 2,102,966 | 2,143,921 | 1,762,741 | |
Income | ||||
Interest and other operating income | 766,772 | 816,502 | 738,594 | |
Valuation on financial instruments | (1,840) | 2,383 | ||
Dividends and net income on equity investments | 58 | 78 | 33 | |
Net income | 764,990 | 818,963 | 738,627 | |
Expenses | ||||
Interests and other operating expenses | 20,315 | 62,134 | 66,286 | |
Fees | 1,243 | 2,601 | 540 | |
Other expenses | 72,435 | 148,850 | 131,938 | |
Total expenses | 93,993 | 213,585 | 198,764 | |
Directors and senior management | ||||
Assets | ||||
Derivative financial instruments | 25 | 108 | 235 | |
Loans and advances to customers. | 17,821 | 17,270 | 20,910 | |
Allowance for loans, advances and lease losses | (84) | (71) | (75) | |
Other Assets | 913 | 2,122 | 773 | |
Total assets | 18,675 | 19,429 | 21,843 | |
Liabilities | ||||
Deposits by customers | 8,162 | 8,092 | 4,345 | |
Other Liabilities | 387 | |||
Total liabilities | 8,549 | 8,092 | 4,345 | |
Income | ||||
Interest and other operating income | 857 | 975 | 231 | |
Valuation on financial instruments | 1,112 | 160 | (63) | |
Net income | 1,969 | 1,135 | 168 | |
Expenses | ||||
Interests and other operating expenses | 224 | 243 | 160 | |
Fees | 1,700 | 1,675 | 1,236 | |
Other expenses | 4 | 55 | 52 | |
Total expenses | 1,928 | 1,973 | 1,448 | |
Associates and joint ventures | ||||
Assets | ||||
Financial assets investments | 9,635 | 9,786 | 34,378 | |
Derivative financial instruments | 2,327 | 6,581 | ||
Loans and advances to customers. | 234,956 | 231,371 | 130,170 | |
Allowance for loans, advances and lease losses | (5,360) | (153) | (160) | |
Investments in associates and joint ventures | 2,720,559 | 2,506,315 | 2,367,757 | |
Other Assets | 172,636 | 59,158 | 53,830 | |
Total assets | 3,132,426 | 2,808,804 | 2,592,556 | |
Liabilities | ||||
Deposits by customers | 195,647 | 178,382 | 156,516 | |
Derivative financial instruments | 7,782 | |||
Other Liabilities | 36,596 | 26,779 | 33,705 | |
Total liabilities | 240,025 | 205,161 | 190,221 | |
Income | ||||
Interest and other operating income | 27,440 | 25,589 | 10,830 | |
Valuation on financial instruments | (8,405) | 7,557 | 1,349 | |
Dividends and net income on equity investments | 289,423 | 136,596 | 316,270 | |
Other Income | 52,582 | 47,916 | 99,424 | |
Net income | 361,040 | 217,658 | 427,873 | |
Expenses | ||||
Interests and other operating expenses | 137,786 | 82,500 | 47,840 | |
Fees | 977 | 703 | 1,197 | |
Other expenses | 30,784 | 22,830 | 24,359 | |
Total expenses | $ 169,547 | $ 106,033 | $ 73,396 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional information (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Directors | |||
RELATED PARTY TRANSACTIONS | |||
Key management personnel compensation | $ 1,655 | $ 1,675 | $ 1,236 |
Senior Management | |||
RELATED PARTY TRANSACTIONS | |||
Key management personnel compensation, short-term employee benefits | 10,487 | 14,786 | 16,488 |
Key management personnel compensation, long-term employee benefits | 604 | 50 | 439 |
Key management personnel compensation, post-employment benefits | $ 3,207 | $ 9,592 | $ 2,112 |
LIABILITIES FROM FINANCING AC_3
LIABILITIES FROM FINANCING ACTIVITIES (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 29, 2020 | |
LIABILITIES FROM FINANCING ACTIVITIES | ||||
Balance, beginning of year | $ 33,129,086 | $ 35,778,799 | ||
Cash flows | (7,498,935) | (5,900,658) | ||
Foreign currency translation adjustment | 3,968,295 | 1,596,875 | ||
Interests accrued | 1,405,091 | 1,639,515 | ||
Other movements | (10,586) | 14,555 | ||
Balance, end of year | 30,992,951 | 33,129,086 | $ 35,778,799 | |
Interest paid | 4,410,742 | 6,149,086 | 5,996,017 | |
Grupo Agromercantil Holding (GAH) | ||||
LIABILITIES FROM FINANCING ACTIVITIES | ||||
Percentage of interest acquired | 40.00% | |||
Repurchase agreements and other similar secured borrowing | ||||
LIABILITIES FROM FINANCING ACTIVITIES | ||||
Balance, beginning of year | 2,216,163 | 1,313,737 | ||
Cash flows | (1,457,203) | 903,120 | ||
Foreign currency translation adjustment | 4,365 | (694) | ||
Balance, end of year | 763,325 | 2,216,163 | 1,313,737 | |
Borrowings from other financial institutions | ||||
LIABILITIES FROM FINANCING ACTIVITIES | ||||
Balance, beginning of year | 11,202,126 | 13,959,343 | ||
Cash flows | (4,558,397) | (4,137,376) | ||
Foreign currency translation adjustment | 1,624,466 | 837,779 | ||
Interests accrued | 293,949 | 527,825 | ||
Other movements | (10,586) | 14,555 | ||
Balance, end of year | 8,551,558 | 11,202,126 | 13,959,343 | |
Interest paid | 293,817 | 553,125 | ||
Borrowings from other financial institutions | Grupo Agromercantil Holding (GAH) | ||||
LIABILITIES FROM FINANCING ACTIVITIES | ||||
Proceeds from borrowings related to acquisition of equity interest | 1,117,680 | |||
Debt securities in issue | ||||
LIABILITIES FROM FINANCING ACTIVITIES | ||||
Balance, beginning of year | 19,126,593 | 19,921,515 | ||
Cash flows | (1,425,634) | (2,608,701) | ||
Foreign currency translation adjustment | 2,339,464 | 759,790 | ||
Interests accrued | 1,053,441 | 1,053,989 | ||
Balance, end of year | 21,093,864 | 19,126,593 | 19,921,515 | |
Interest paid | 941,459 | 992,952 | ||
Preferred shares | ||||
LIABILITIES FROM FINANCING ACTIVITIES | ||||
Balance, beginning of year | 584,204 | 584,204 | ||
Cash flows | (57,701) | (57,701) | ||
Interests accrued | 57,701 | 57,701 | ||
Balance, end of year | 584,204 | 584,204 | $ 584,204 | |
Fixed minimum dividends paid | $ 57,701 | $ 57,701 |
FAIR VALUE OF ASSETS AND LIAB_3
FAIR VALUE OF ASSETS AND LIABILITIES - Carrying amount and fair value of assets and liabilities (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | |||
Derivative financial instruments | $ 2,454,005 | $ 2,800,719 | |
Investment property | 3,132,220 | 2,839,350 | $ 1,992,964 |
TOTAL ASSETS | 289,855,048 | 255,568,505 | |
Liabilities | |||
Deposits by customers | (210,390,848) | (180,820,793) | |
Interbank deposits | (886,405) | (762,574) | |
Repurchase agreements and other similar secured borrowing | (763,325) | (2,216,163) | |
Derivative financial instruments | (1,961,109) | (2,381,326) | |
Borrowings from other financial institutions | (8,551,558) | (11,202,126) | |
Preferred shares | (584,204) | (584,204) | |
Debt securities in issue | (21,093,864) | (19,126,593) | |
TOTAL LIABILITIES | (255,929,590) | (227,453,292) | |
Carrying amount | |||
Assets | |||
Derivative financial instruments | 2,454,005 | 2,800,719 | |
Equity securities at fair value | 480,153 | 588,207 | |
Loans and advances to customers, net | 204,459,001 | 174,793,687 | |
Investment property | 3,132,220 | 2,839,350 | |
Investments in associates | 1,358,368 | 1,263,765 | |
TOTAL ASSETS | 240,692,895 | 211,250,524 | |
Liabilities | |||
Deposits by customers | (210,390,848) | (180,820,793) | |
Interbank deposits | (886,405) | (762,574) | |
Repurchase agreements and other similar secured borrowing | (763,325) | (2,216,163) | |
Derivative financial instruments | (1,961,109) | (2,381,326) | |
Borrowings from other financial institutions | (8,551,558) | (11,202,126) | |
Preferred shares | (584,204) | (584,204) | |
Debt securities in issue | (21,093,864) | (19,126,593) | |
TOTAL LIABILITIES | (244,231,313) | (217,093,779) | |
Carrying amount | Fair value through profit or loss | |||
Assets | |||
Debt instruments | 15,036,467 | 15,571,214 | |
Carrying amount | Fair value through other comprehensive income | |||
Assets | |||
Debt instruments | 7,245,451 | 8,238,981 | |
Carrying amount | Amortized cost | |||
Assets | |||
Debt instruments | 6,527,230 | 5,154,601 | |
Fair Value | |||
Assets | |||
Derivative financial instruments | 2,454,005 | 2,800,719 | |
Equity securities at fair value | 480,153 | 588,207 | |
Loans and advances to customers, net | 213,262,329 | 183,162,834 | |
Investment property | 3,132,220 | 2,839,350 | |
Investments in associates | 1,358,368 | 1,263,765 | |
TOTAL ASSETS | 249,471,264 | 219,665,758 | |
Liabilities | |||
Deposits by customers | (211,619,686) | (182,022,114) | |
Interbank deposits | (886,405) | (762,574) | |
Repurchase agreements and other similar secured borrowing | (763,325) | (2,216,163) | |
Derivative financial instruments | (1,961,109) | (2,381,326) | |
Borrowings from other financial institutions | (8,551,558) | (11,202,126) | |
Preferred shares | (604,025) | (602,987) | |
Debt securities in issue | (21,696,836) | (20,530,091) | |
TOTAL LIABILITIES | (246,082,944) | (219,717,381) | |
Fair Value | Fair value through profit or loss | |||
Assets | |||
Debt instruments | 15,036,467 | 15,571,214 | |
Fair Value | Fair value through other comprehensive income | |||
Assets | |||
Debt instruments | 7,245,451 | 8,238,981 | |
Fair Value | Amortized cost | |||
Assets | |||
Debt instruments | $ 6,502,271 | $ 5,200,688 |
FAIR VALUE OF ASSETS AND LIAB_4
FAIR VALUE OF ASSETS AND LIABILITIES - Assets measured at fair value on a recurring basis (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | $ 113,058 | $ 133,077 |
Debt instruments | Securities issued by other financial institutions | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 122,285 | |
Derivative financial instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 747,583 | 622,181 |
Recurring basis | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 29,706,664 | 31,302,236 |
Recurring basis | Investment properties | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 3,132,220 | 2,839,350 |
Recurring basis | Investment properties | Land | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 182,500 | 256,195 |
Recurring basis | Investment properties | Buildings | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 2,949,720 | 2,583,155 |
Recurring basis | Investments in associates at fair value | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 1,358,368 | 1,263,765 |
Recurring basis | Investments in associates at fair value | P.A. Viva Malls | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 1,355,688 | 1,263,765 |
Recurring basis | Investments in associates at fair value | P.A Distrito Vera | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 2,680 | |
Recurring basis | Debt instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 22,281,918 | 23,810,195 |
Recurring basis | Equity securities | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 480,153 | 588,207 |
Recurring basis | Derivative financial instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 2,454,005 | 2,800,719 |
Recurring basis | Forwards | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 736,163 | 976,813 |
Recurring basis | Forwards | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 729,367 | 975,125 |
Recurring basis | Forwards | Equity contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 6,796 | 1,688 |
Recurring basis | Swaps | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 1,669,513 | 1,787,095 |
Recurring basis | Swaps | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 1,422,355 | 947,053 |
Recurring basis | Swaps | Interest rate contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 247,158 | 840,042 |
Recurring basis | Options | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 48,329 | 36,811 |
Recurring basis | Options | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 48,329 | 36,811 |
Recurring basis | Fair value through profit or loss | Debt instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 15,036,467 | 15,571,214 |
Recurring basis | Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 8,978,484 | 10,439,978 |
Recurring basis | Fair value through profit or loss | Debt instruments | Securities issued or secured by government entities | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 67,395 | 72,401 |
Recurring basis | Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 689,160 | 721,735 |
Recurring basis | Fair value through profit or loss | Debt instruments | Securities issued by foreign governments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 5,180,775 | 4,234,799 |
Recurring basis | Fair value through profit or loss | Debt instruments | Corporate bonds | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 120,653 | 102,301 |
Recurring basis | Fair value through other comprehensive income | Debt instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 7,245,451 | 8,238,981 |
Recurring basis | Fair value through other comprehensive income | Debt instruments | Securities issued by the Colombian Government | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 2,515,927 | 2,552,041 |
Recurring basis | Fair value through other comprehensive income | Debt instruments | Securities issued by other financial institutions | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 310,658 | 772,735 |
Recurring basis | Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 4,293,949 | 4,815,053 |
Recurring basis | Fair value through other comprehensive income | Debt instruments | Corporate bonds | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 124,917 | 99,152 |
Recurring basis | Level 1 | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 14,760,537 | 15,527,408 |
Recurring basis | Level 1 | Debt instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 14,635,267 | 15,406,252 |
Recurring basis | Level 1 | Equity securities | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 35,833 | 90,988 |
Recurring basis | Level 1 | Derivative financial instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 89,437 | 30,168 |
Recurring basis | Level 1 | Swaps | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 89,069 | 30,146 |
Recurring basis | Level 1 | Swaps | Interest rate contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 89,069 | 30,146 |
Recurring basis | Level 1 | Options | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 368 | 22 |
Recurring basis | Level 1 | Options | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 368 | 22 |
Recurring basis | Level 1 | Fair value through profit or loss | Debt instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 11,686,719 | 12,552,299 |
Recurring basis | Level 1 | Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 8,377,741 | 9,177,665 |
Recurring basis | Level 1 | Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 197,315 | 138,101 |
Recurring basis | Level 1 | Fair value through profit or loss | Debt instruments | Securities issued by foreign governments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 3,083,180 | 3,211,372 |
Recurring basis | Level 1 | Fair value through profit or loss | Debt instruments | Corporate bonds | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 28,483 | 25,161 |
Recurring basis | Level 1 | Fair value through other comprehensive income | Debt instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 2,948,548 | 2,853,953 |
Recurring basis | Level 1 | Fair value through other comprehensive income | Debt instruments | Securities issued by other financial institutions | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 188,638 | 230,095 |
Recurring basis | Level 1 | Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 2,672,889 | 2,561,302 |
Recurring basis | Level 1 | Fair value through other comprehensive income | Debt instruments | Corporate bonds | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 87,021 | 62,556 |
Recurring basis | Level 2 | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 9,023,136 | 10,376,901 |
Recurring basis | Level 2 | Debt instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 7,533,593 | 8,270,866 |
Recurring basis | Level 2 | Equity securities | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 109,314 | 51,863 |
Recurring basis | Level 2 | Derivative financial instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 1,380,229 | 2,054,172 |
Recurring basis | Level 2 | Forwards | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 257,782 | 583,970 |
Recurring basis | Level 2 | Forwards | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 251,299 | 582,282 |
Recurring basis | Level 2 | Forwards | Equity contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 6,483 | 1,688 |
Recurring basis | Level 2 | Swaps | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 1,118,869 | 1,467,925 |
Recurring basis | Level 2 | Swaps | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 1,007,173 | 794,202 |
Recurring basis | Level 2 | Swaps | Interest rate contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 111,696 | 673,723 |
Recurring basis | Level 2 | Options | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 3,578 | 2,277 |
Recurring basis | Level 2 | Options | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 3,578 | 2,277 |
Recurring basis | Level 2 | Fair value through profit or loss | Debt instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 3,236,690 | 2,885,838 |
Recurring basis | Level 2 | Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 600,743 | 1,262,313 |
Recurring basis | Level 2 | Fair value through profit or loss | Debt instruments | Securities issued or secured by government entities | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 67,395 | 72,401 |
Recurring basis | Level 2 | Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 378,787 | 461,349 |
Recurring basis | Level 2 | Fair value through profit or loss | Debt instruments | Securities issued by foreign governments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 2,097,595 | 1,023,427 |
Recurring basis | Level 2 | Fair value through profit or loss | Debt instruments | Corporate bonds | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 92,170 | 66,348 |
Recurring basis | Level 2 | Fair value through other comprehensive income | Debt instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 4,296,903 | 5,385,028 |
Recurring basis | Level 2 | Fair value through other comprehensive income | Debt instruments | Securities issued by the Colombian Government | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 2,515,927 | 2,552,041 |
Recurring basis | Level 2 | Fair value through other comprehensive income | Debt instruments | Securities issued by other financial institutions | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 122,020 | 542,640 |
Recurring basis | Level 2 | Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 1,621,060 | 2,253,751 |
Recurring basis | Level 2 | Fair value through other comprehensive income | Debt instruments | Corporate bonds | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 37,896 | 36,596 |
Recurring basis | Level 3 | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 5,922,991 | 5,397,927 |
Recurring basis | Level 3 | Investment properties | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 3,132,220 | 2,839,350 |
Recurring basis | Level 3 | Investment properties | Land | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 182,500 | 256,195 |
Recurring basis | Level 3 | Investment properties | Buildings | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 2,949,720 | 2,583,155 |
Recurring basis | Level 3 | Investments in associates at fair value | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 1,358,368 | 1,263,765 |
Recurring basis | Level 3 | Investments in associates at fair value | P.A. Viva Malls | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 1,355,688 | 1,263,765 |
Recurring basis | Level 3 | Investments in associates at fair value | P.A Distrito Vera | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 2,680 | |
Recurring basis | Level 3 | Debt instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 113,058 | 133,077 |
Recurring basis | Level 3 | Equity securities | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 335,006 | 445,356 |
Recurring basis | Level 3 | Derivative financial instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 984,339 | 716,379 |
Recurring basis | Level 3 | Forwards | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 478,381 | 392,843 |
Recurring basis | Level 3 | Forwards | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 478,068 | 392,843 |
Recurring basis | Level 3 | Forwards | Equity contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 313 | |
Recurring basis | Level 3 | Swaps | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 461,575 | 289,024 |
Recurring basis | Level 3 | Swaps | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 415,182 | 152,851 |
Recurring basis | Level 3 | Swaps | Interest rate contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 46,393 | 136,173 |
Recurring basis | Level 3 | Options | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 44,383 | 34,512 |
Recurring basis | Level 3 | Options | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 44,383 | 34,512 |
Recurring basis | Level 3 | Fair value through profit or loss | Debt instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | 113,058 | 133,077 |
Recurring basis | Level 3 | Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | $ 113,058 | 122,285 |
Recurring basis | Level 3 | Fair value through profit or loss | Debt instruments | Corporate bonds | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets at fair value | $ 10,792 |
FAIR VALUE OF ASSETS AND LIAB_5
FAIR VALUE OF ASSETS AND LIABILITIES - Liabilities measured at fair value on a recurring basis (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | $ (60,721,677) | $ (62,284,840) |
Recurring basis | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (1,961,109) | (2,381,326) |
Recurring basis | Derivative financial instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (1,961,109) | (2,381,326) |
Recurring basis | Forwards | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (630,605) | (895,947) |
Recurring basis | Forwards | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (605,537) | (880,614) |
Recurring basis | Forwards | Equity contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (25,068) | (15,333) |
Recurring basis | Swaps | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (1,269,295) | (1,418,778) |
Recurring basis | Swaps | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (960,838) | (615,625) |
Recurring basis | Swaps | Interest rate contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (308,457) | (803,153) |
Recurring basis | Options | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (61,209) | (66,601) |
Recurring basis | Options | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (61,209) | (66,601) |
Recurring basis | Level 1 | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (76,925) | (26,957) |
Recurring basis | Level 1 | Derivative financial instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (76,925) | (26,957) |
Recurring basis | Level 1 | Swaps | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (76,925) | (26,940) |
Recurring basis | Level 1 | Swaps | Interest rate contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (76,925) | (26,940) |
Recurring basis | Level 1 | Options | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (17) | |
Recurring basis | Level 1 | Options | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (17) | |
Recurring basis | Level 2 | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (1,647,428) | (2,260,171) |
Recurring basis | Level 2 | Derivative financial instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (1,647,428) | (2,260,171) |
Recurring basis | Level 2 | Forwards | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (560,603) | (838,693) |
Recurring basis | Level 2 | Forwards | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (535,535) | (823,360) |
Recurring basis | Level 2 | Forwards | Equity contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (25,068) | (15,333) |
Recurring basis | Level 2 | Swaps | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (1,025,616) | (1,354,894) |
Recurring basis | Level 2 | Swaps | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (798,396) | (581,120) |
Recurring basis | Level 2 | Swaps | Interest rate contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (227,220) | (773,774) |
Recurring basis | Level 2 | Options | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (61,209) | (66,584) |
Recurring basis | Level 2 | Options | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (61,209) | (66,584) |
Recurring basis | Level 3 | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (236,756) | (94,198) |
Recurring basis | Level 3 | Derivative financial instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (236,756) | (94,198) |
Recurring basis | Level 3 | Forwards | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (70,002) | (57,254) |
Recurring basis | Level 3 | Forwards | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (70,002) | (57,254) |
Recurring basis | Level 3 | Swaps | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (166,754) | (36,944) |
Recurring basis | Level 3 | Swaps | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | (162,442) | (34,505) |
Recurring basis | Level 3 | Swaps | Interest rate contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial liabilities, at fair value | $ (4,312) | $ (2,439) |
FAIR VALUE OF ASSETS AND LIAB_6
FAIR VALUE OF ASSETS AND LIABILITIES - Fair value of assets and liabilities that are not measured at fair value (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | $ 289,855,048 | $ 255,568,505 |
Liabilities | (255,929,590) | (227,453,292) |
Not measured at fair value in statement of financial position but for which fair value is disclosed | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 219,764,600 | 188,363,522 |
Liabilities | (244,121,835) | (217,336,055) |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Deposits by customers | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | (211,619,686) | (182,022,114) |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Interbank deposits | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | (886,405) | (762,574) |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Repurchase agreements and other similar secured borrowing | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | (763,325) | (2,216,163) |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Borrowings from other financial institutions | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | (8,551,558) | (11,202,126) |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Debt Instruments in issue | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | (21,696,836) | (20,530,091) |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Preferred shares | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | (604,025) | (602,987) |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Debt instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 6,502,271 | 5,200,688 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Debt instruments | Securities issued by the Colombian Government | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 147,502 | 131,530 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Debt instruments | Securities issued or secured by government entities | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 2,698,095 | 2,423,639 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Debt instruments | Securities issued by other financial institutions | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 592,244 | 270,745 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Debt instruments | Securities issued by foreign governments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 501,022 | 390,290 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Debt instruments | Corporate bonds | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 2,563,408 | 1,984,484 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Loans and advances to customers, net | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 213,262,329 | 183,162,834 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 1 | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 1,799,143 | 1,254,215 |
Liabilities | (11,673,618) | (10,507,774) |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 1 | Debt Instruments in issue | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | (11,673,618) | (10,507,774) |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 1 | Debt instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 1,799,143 | 1,254,215 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 1 | Debt instruments | Securities issued by the Colombian Government | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 147,502 | 131,530 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 1 | Debt instruments | Securities issued by other financial institutions | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 294,421 | 238,317 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 1 | Debt instruments | Securities issued by foreign governments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 318,035 | 239,623 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 1 | Debt instruments | Corporate bonds | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 1,039,185 | 644,745 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 2 | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 543,336 | 163,932 |
Liabilities | (32,075,227) | (37,716,312) |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 2 | Deposits by customers | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | (24,126,509) | (29,309,307) |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 2 | Debt Instruments in issue | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | (7,948,718) | (8,407,005) |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 2 | Debt instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 543,336 | 163,932 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 2 | Debt instruments | Securities issued or secured by government entities | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 50,598 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 2 | Debt instruments | Securities issued by other financial institutions | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 294,717 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 2 | Debt instruments | Securities issued by foreign governments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 182,987 | 150,667 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 2 | Debt instruments | Corporate bonds | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 15,034 | 13,265 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 217,422,121 | 186,945,375 |
Liabilities | (200,372,990) | (169,111,969) |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Deposits by customers | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | (187,493,177) | (152,712,807) |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Interbank deposits | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | (886,405) | (762,574) |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Repurchase agreements and other similar secured borrowing | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | (763,325) | (2,216,163) |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Borrowings from other financial institutions | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | (8,551,558) | (11,202,126) |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Debt Instruments in issue | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | (2,074,500) | (1,615,312) |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Preferred shares | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | (604,025) | (602,987) |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Debt instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 4,159,792 | 3,782,541 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Debt instruments | Securities issued or secured by government entities | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 2,647,497 | 2,423,639 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Debt instruments | Securities issued by other financial institutions | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 3,106 | 32,428 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Debt instruments | Corporate bonds | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | 1,509,189 | 1,326,474 |
Not measured at fair value in statement of financial position but for which fair value is disclosed | Level 3 | Loans and advances to customers, net | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Assets | $ 213,262,329 | $ 183,162,834 |
FAIR VALUE OF ASSETS AND LIAB_7
FAIR VALUE OF ASSETS AND LIABILITIES - Items Measured at fair value on a non-recurring basis (Details) - Non-recurring fair value measurement - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets, at fair value | $ 133,697 | $ 82,503 |
Machinery | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets, at fair value | 4,340 | 3,277 |
Real estate for residential purposes | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets, at fair value | 101,214 | 70,252 |
Real estate different from residential properties | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets, at fair value | 28,143 | 8,974 |
Level 3 | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets, at fair value | 133,697 | 82,503 |
Level 3 | Machinery | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets, at fair value | 4,340 | 3,277 |
Level 3 | Real estate for residential purposes | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets, at fair value | 101,214 | 70,252 |
Level 3 | Real estate different from residential properties | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets, at fair value | $ 28,143 | $ 8,974 |
FAIR VALUE OF ASSETS AND LIAB_8
FAIR VALUE OF ASSETS AND LIABILITIES - Reconciliation for all assets and liabilities measured at fair value (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets | |||
Assets, beginning balance | $ 255,568,505 | ||
Included in earnings | 7,253 | $ (27,795) | $ 71,207 |
Assets, ending balance | 289,855,048 | 255,568,505 | |
Liabilities | |||
Liabilities, beginning balance | (227,453,292) | ||
Liabilities, ending balance | (255,929,590) | (227,453,292) | |
P.A. Viva Malls | |||
Assets | |||
Assets, beginning balance | 2,633,341 | ||
Assets, ending balance | 2,810,414 | 2,633,341 | |
Liabilities | |||
Liabilities, beginning balance | (54,228) | ||
Liabilities, ending balance | (43,703) | (54,228) | |
Debt instruments | |||
Assets | |||
Included in earnings | (106) | 15,669 | |
Equity securities | |||
Assets | |||
Transfers out of Level 3 | (24,855) | ||
Recurring basis | |||
Assets | |||
Assets, beginning balance | 2,558,577 | ||
Assets, ending balance | 2,558,577 | ||
Liabilities | |||
Liabilities, beginning balance | (94,198) | ||
Liabilities, ending balance | (94,198) | ||
Recurring basis | Derivative financial instruments | |||
Liabilities | |||
Liabilities, beginning balance | (94,198) | ||
Liabilities, ending balance | (94,198) | ||
Recurring basis | Derivative financial instruments | Foreign exchange contracts | |||
Liabilities | |||
Liabilities, beginning balance | (91,759) | ||
Liabilities, ending balance | (91,759) | ||
Recurring basis | Derivative financial instruments | Interest rate contracts | |||
Liabilities | |||
Liabilities, beginning balance | (2,439) | ||
Liabilities, ending balance | (2,439) | ||
Recurring basis | Derivative financial instruments | Equity contracts | |||
Liabilities | |||
Liabilities, beginning balance | |||
Liabilities, ending balance | |||
Recurring basis | Derivative financial instruments | |||
Assets | |||
Assets, beginning balance | 716,379 | ||
Assets, ending balance | 716,379 | ||
Recurring basis | Derivative financial instruments | Foreign exchange contracts | |||
Assets | |||
Assets, beginning balance | 580,206 | ||
Assets, ending balance | 580,206 | ||
Recurring basis | Derivative financial instruments | Interest rate contracts | |||
Assets | |||
Assets, beginning balance | 136,173 | ||
Assets, ending balance | 136,173 | ||
Recurring basis | Derivative financial instruments | Equity contracts | |||
Assets | |||
Assets, beginning balance | |||
Assets, ending balance | |||
Recurring basis | Equity securities | |||
Assets | |||
Assets, beginning balance | 445,356 | ||
Assets, ending balance | 445,356 | ||
Recurring basis | Investment in associates | |||
Assets | |||
Assets, beginning balance | 1,263,765 | ||
Assets, ending balance | 1,263,765 | ||
Recurring basis | Investment in associates | P.A. Viva Malls | |||
Assets | |||
Assets, beginning balance | 1,263,765 | ||
Assets, ending balance | 1,263,765 | ||
Recurring basis | Fair value through profit or loss | Debt instruments | |||
Assets | |||
Assets, beginning balance | 133,077 | ||
Assets, ending balance | 133,077 | ||
Recurring basis | Fair value through profit or loss | Debt instruments | Securities issued or secured by government entities | |||
Assets | |||
Assets, beginning balance | 122,285 | ||
Assets, ending balance | 122,285 | ||
Recurring basis | Fair value through profit or loss | Debt instruments | Corporate bonds | |||
Assets | |||
Assets, beginning balance | 10,792 | ||
Assets, ending balance | 10,792 | ||
Recurring basis | Level 3 | |||
Assets | |||
Assets, beginning balance | 2,558,577 | 2,908,073 | |
Included in earnings | 173,363 | 124,668 | |
OCI | 36,656 | 36,682 | |
Purchases | 548,615 | 526,967 | |
Settlement | (645,276) | (432,086) | |
Reclassifications | (23,708) | (577,862) | |
Prepaids | (32,211) | (37,860) | |
Transfers in to Level 3 | 282,202 | 51,422 | |
Transfers out of Level 3 | (107,447) | (41,427) | |
Assets, ending balance | 2,790,771 | 2,558,577 | 2,908,073 |
Liabilities | |||
Liabilities, beginning balance | (94,198) | (121,218) | |
Included in earnings | (5,343) | (4,067) | |
Purchases | (72,006) | (73,810) | |
Settlement | 52,339 | 111,900 | |
Reclassifications | 26,901 | 4,270 | |
Transfers into Level 3 | (163,434) | (14,724) | |
Transfers out of Level 3 | 18,985 | 3,451 | |
Liabilities, ending balance | (236,756) | (94,198) | (121,218) |
Recurring basis | Level 3 | Derivative financial instruments | |||
Liabilities | |||
Liabilities, beginning balance | (94,198) | (121,218) | |
Included in earnings | (5,343) | (4,067) | |
Purchases | (72,006) | (73,810) | |
Settlement | 52,339 | 111,900 | |
Reclassifications | 26,901 | 4,270 | |
Transfers into Level 3 | (163,434) | (14,724) | |
Transfers out of Level 3 | 18,985 | 3,451 | |
Liabilities, ending balance | (236,756) | (94,198) | (121,218) |
Recurring basis | Level 3 | Derivative financial instruments | Foreign exchange contracts | |||
Liabilities | |||
Liabilities, beginning balance | (91,759) | (119,643) | |
Included in earnings | 2,351 | (4,067) | |
Purchases | (71,358) | (73,770) | |
Settlement | 52,311 | 111,182 | |
Reclassifications | 19,593 | 4,270 | |
Transfers into Level 3 | (160,156) | (12,325) | |
Transfers out of Level 3 | 16,574 | 2,594 | |
Liabilities, ending balance | (232,444) | (91,759) | (119,643) |
Recurring basis | Level 3 | Derivative financial instruments | Interest rate contracts | |||
Liabilities | |||
Liabilities, beginning balance | (2,439) | (1,376) | |
Included in earnings | (7,694) | ||
Purchases | (648) | (40) | |
Settlement | 28 | 519 | |
Reclassifications | 7,308 | ||
Transfers into Level 3 | (3,278) | (2,399) | |
Transfers out of Level 3 | 2,411 | 857 | |
Liabilities, ending balance | (4,312) | (2,439) | (1,376) |
Recurring basis | Level 3 | Derivative financial instruments | Equity contracts | |||
Liabilities | |||
Liabilities, beginning balance | (199) | ||
Settlement | 199 | ||
Liabilities, ending balance | (199) | ||
Recurring basis | Level 3 | Derivative financial instruments | |||
Assets | |||
Assets, beginning balance | 716,379 | 450,476 | |
Included in earnings | 68,504 | 69,928 | |
Purchases | 539,138 | 496,361 | |
Settlement | (483,375) | (286,129) | |
Reclassifications | (26,901) | (4,270) | |
Transfers in to Level 3 | 249,521 | 2,066 | |
Transfers out of Level 3 | (78,927) | (12,053) | |
Assets, ending balance | 984,339 | 716,379 | 450,476 |
Recurring basis | Level 3 | Derivative financial instruments | Foreign exchange contracts | |||
Assets | |||
Assets, beginning balance | 580,206 | 394,280 | |
Included in earnings | 105,528 | 16,561 | |
Purchases | 532,190 | 463,285 | |
Settlement | (456,806) | (282,053) | |
Reclassifications | (19,593) | (4,270) | |
Transfers in to Level 3 | 235,709 | 308 | |
Transfers out of Level 3 | (39,601) | (7,905) | |
Assets, ending balance | 937,633 | 580,206 | 394,280 |
Recurring basis | Level 3 | Derivative financial instruments | Interest rate contracts | |||
Assets | |||
Assets, beginning balance | 136,173 | 56,054 | |
Included in earnings | (37,024) | 53,367 | |
Purchases | 6,635 | 33,076 | |
Settlement | (26,569) | (3,934) | |
Reclassifications | (7,308) | ||
Transfers in to Level 3 | 13,812 | 1,758 | |
Transfers out of Level 3 | (39,326) | (4,148) | |
Assets, ending balance | 46,393 | 136,173 | 56,054 |
Recurring basis | Level 3 | Derivative financial instruments | Equity contracts | |||
Assets | |||
Assets, beginning balance | 142 | ||
Purchases | 313 | ||
Settlement | (142) | ||
Assets, ending balance | 313 | 142 | |
Recurring basis | Level 3 | Equity securities | |||
Assets | |||
Assets, beginning balance | 445,356 | 1,079,700 | |
Included in earnings | (474) | (17,045) | |
OCI | 36,656 | 36,682 | |
Purchases | 2,664 | 26,281 | |
Settlement | (124,343) | (79,287) | |
Reclassifications | (573,592) | ||
Transfers in to Level 3 | 2 | 27 | |
Transfers out of Level 3 | (24,855) | (27,410) | |
Assets, ending balance | 335,006 | 445,356 | 1,079,700 |
Recurring basis | Level 3 | Investment in associates | |||
Assets | |||
Assets, beginning balance | 1,263,765 | 1,249,818 | |
Included in earnings | 105,439 | 56,116 | |
Purchases | 1,779 | ||
Settlement | (15,808) | (42,169) | |
Reclassifications | 3,193 | ||
Assets, ending balance | 1,358,368 | 1,263,765 | 1,249,818 |
Recurring basis | Level 3 | Investment in associates | P.A. Viva Malls | |||
Assets | |||
Assets, beginning balance | 1,263,765 | 1,249,818 | |
Included in earnings | 105,202 | 56,116 | |
Settlement | (13,279) | (42,169) | |
Assets, ending balance | 1,355,688 | 1,263,765 | 1,249,818 |
Recurring basis | Level 3 | Investment in associates | P.A Distrito Vera | |||
Assets | |||
Assets, beginning balance | |||
Included in earnings | 237 | ||
Purchases | 1,779 | ||
Settlement | (2,529) | ||
Reclassifications | 3,193 | ||
Assets, ending balance | 2,680 | ||
Recurring basis | Level 3 | Fair value through profit or loss | Debt instruments | |||
Assets | |||
Assets, beginning balance | 133,077 | 128,079 | |
Included in earnings | (106) | 15,669 | |
Purchases | 5,034 | 4,325 | |
Settlement | (21,750) | (24,501) | |
Prepaids | (32,211) | (37,860) | |
Transfers in to Level 3 | 32,679 | 49,329 | |
Transfers out of Level 3 | (3,665) | (1,964) | |
Assets, ending balance | 113,058 | 133,077 | 128,079 |
Recurring basis | Level 3 | Fair value through profit or loss | Debt instruments | Securities issued or secured by government entities | |||
Assets | |||
Assets, beginning balance | 126,049 | ||
Included in earnings | 14,325 | ||
Purchases | 4,325 | ||
Settlement | (24,501) | ||
Prepaids | (36,507) | ||
Transfers in to Level 3 | 40,558 | ||
Transfers out of Level 3 | (1,964) | ||
Assets, ending balance | 126,049 | ||
Recurring basis | Level 3 | Fair value through profit or loss | Debt instruments | Securities issued or secured by other financial entities | |||
Assets | |||
Assets, beginning balance | 122,285 | ||
Included in earnings | (106) | ||
Purchases | 5,034 | ||
Settlement | (14,623) | ||
Prepaids | (32,211) | ||
Transfers in to Level 3 | 32,679 | ||
Assets, ending balance | 113,058 | 122,285 | |
Recurring basis | Level 3 | Fair value through profit or loss | Debt instruments | Corporate bonds | |||
Assets | |||
Assets, beginning balance | 10,792 | 2,030 | |
Included in earnings | 1,344 | ||
Settlement | (7,127) | ||
Prepaids | (1,353) | ||
Transfers in to Level 3 | 8,771 | ||
Transfers out of Level 3 | (3,665) | ||
Assets, ending balance | $ 10,792 | $ 2,030 |
FAIR VALUE OF ASSETS AND LIAB_9
FAIR VALUE OF ASSETS AND LIABILITIES - Transfers between levels (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Equity securities | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Transfers, Level 1 to Level 2 | $ 80,990 | |
Transfers, Level 2 to Level 1 | $ 70,206 | |
Transfers out of Level 3 | (24,855) | |
Unrealized gains and losses | (474) | (17,045) |
Derivative Foreign Exchange Contracts And Interest Rate Contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Transfers in to Level 3 | 86,087 | |
Transfers out of Level 3 | (12,658) | |
Fair value through profit or loss | Debt instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Transfers, Level 1 to Level 2 | 10,293 | 50 |
Transfers, Level 2 to Level 1 | 663 | |
Fair value through profit or loss | Debt instruments | Securities issued or secured by other financial entities | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Transfers, Level 1 to Level 2 | $ 10,293 | |
Fair value through profit or loss | Debt instruments | Securities issued or secured by Foreign Government | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Transfers, Level 1 to Level 2 | 50 | |
Transfers, Level 2 to Level 1 | 663 | |
Fair value through other comprehensive income | Debt instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Transfers, Level 1 to Level 2 | 481,294 | |
Transfers, Level 2 to Level 1 | 34,325 | |
Fair value through other comprehensive income | Debt instruments | Securities issued or secured by Foreign Government | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Transfers, Level 1 to Level 2 | 481,294 | |
Transfers, Level 2 to Level 1 | $ 34,325 |
FAIR VALUE OF ASSETS AND LIA_10
FAIR VALUE OF ASSETS AND LIABILITIES - Significant unobservable inputs and and the sensitivity of these fair values (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021COP ($)itemUSD ($) | Dec. 31, 2020COP ($)item | Dec. 31, 2019item | |
Debt instruments | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Fair Value | $ 113,058 | $ 133,077 | |
Debt instruments | Securities issued by other financial institutions | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Fair Value | 122,285 | ||
Debt instruments | TIPS | Discounted cash flow | Yield | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Fair Value | 98,383 | 108,992 | |
Effect on fair value of assets due to 100 basis point increase | 96,097 | 106,498 | |
Effect on fair value of assets due to 100 basis point decrease | $ 100,779 | $ 110,328 | |
Debt instruments | TIPS | Discounted cash flow | Yield | Minimum | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0.0014 | 0.0014 | |
Debt instruments | TIPS | Discounted cash flow | Yield | Maximum | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0.0546 | 0.0546 | |
Debt instruments | TIPS | Discounted cash flow | Yield | Weighted average | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0.0274 | 0.0273 | |
Debt instruments | TIPS | Discounted cash flow | Prepayment speed | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Effect on fair value of assets due to 100 basis point increase | $ 95,889 | $ 110,178 | |
Effect on fair value of assets due to 100 basis point decrease | 102,148 | 107,586 | |
Debt instruments | Other bonds | Discounted cash flow | Yield | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Fair Value | 9,635 | 9,786 | |
Effect on fair value of assets due to 100 basis point increase | 9,276 | 9,335 | |
Effect on fair value of assets due to 100 basis point decrease | $ 10,014 | $ 10,267 | |
Debt instruments | Other bonds | Discounted cash flow | Yield | Minimum | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0.0116 | 0.0220 | |
Debt instruments | Other bonds | Discounted cash flow | Yield | Maximum | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0.0116 | 0.0220 | |
Debt instruments | Other bonds | Discounted cash flow | Yield | Weighted average | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0.0116 | 0.022 | |
Debt instruments | Other bonds | Discounted cash flow | Liquidity risk | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Effect on fair value of assets due to 100 basis point increase | $ 9,281 | $ 9,337 | |
Effect on fair value of assets due to 100 basis point decrease | $ 10,008 | $ 10,265 | |
Debt instruments | Other bonds | Discounted cash flow | Liquidity risk | Minimum | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0.0255 | 0.0255 | |
Debt instruments | Other bonds | Discounted cash flow | Liquidity risk | Maximum | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0.0255 | 0.0255 | |
Debt instruments | Other bonds | Discounted cash flow | Liquidity risk | Weighted average | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0.0255 | 0.0255 | |
Debt instruments | Time deposits | Discounted cash flow | Interest rate | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Fair Value | $ 5,040 | $ 3,507 | |
Effect on fair value of assets due to 100 basis point increase | 4,989 | 3,499 | |
Effect on fair value of assets due to 100 basis point decrease | $ 5,053 | $ 3,514 | |
Debt instruments | Time deposits | Discounted cash flow | Interest rate | Minimum | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | 0.0047 | 0.0295 | |
Debt instruments | Time deposits | Discounted cash flow | Interest rate | Maximum | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0.0425 | 0.0510 | |
Debt instruments | Time deposits | Discounted cash flow | Interest rate | Weighted average | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0.0384 | 0.0513 | |
Debt instruments | Corporate bonds | Discounted cash flow | Yield | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Fair Value | $ 10,792 | ||
Significant unobservable input, assets | item | 0.0332 | ||
Effect on fair value of assets due to 100 basis point increase | $ 10,711 | ||
Effect on fair value of assets due to 100 basis point decrease | $ 10,890 | ||
Debt instruments | Corporate bonds | Discounted cash flow | Yield | Weighted average | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0.0332 | ||
Equity securities | Price-based | Price | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Fair Value | $ 335,006 | $ 445,356 | |
Derivative financial instruments | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Fair Value | 747,583 | 622,181 | |
Forwards | Discounted cash flow | Credit spread | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Fair Value | 408,379 | 335,589 | |
Effect on fair value of assets due to 100 basis point increase | 406,899 | 334,916 | |
Effect on fair value of assets due to 100 basis point decrease | $ 409,594 | $ 336,268 | |
Forwards | Discounted cash flow | Credit spread | Minimum | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0 | 0 | |
Forwards | Discounted cash flow | Credit spread | Maximum | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0.3281 | 0.2258 | |
Forwards | Discounted cash flow | Credit spread | Weighted average | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0.0683 | 0.0369 | |
Swaps | Discounted cash flow | Credit spread | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Fair Value | $ 294,821 | $ 252,080 | |
Effect on fair value of assets due to 100 basis point increase | 309,046 | 247,382 | |
Effect on fair value of assets due to 100 basis point decrease | $ 285,805 | $ 239,563 | |
Swaps | Discounted cash flow | Credit spread | Minimum | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0 | 0 | |
Swaps | Discounted cash flow | Credit spread | Maximum | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0.2885 | 0.3225 | |
Swaps | Discounted cash flow | Credit spread | Weighted average | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0.0382 | 0.0439 | |
Options | Discounted cash flow | Credit spread | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Fair Value | $ 44,383 | ||
Effect on fair value of assets due to 100 basis point increase | 44,048 | ||
Effect on fair value of assets due to 100 basis point decrease | $ 44,575 | ||
Options | Discounted cash flow | Credit spread | Minimum | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0.0014 | ||
Options | Discounted cash flow | Credit spread | Maximum | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0.3757 | ||
Options | Discounted cash flow | Credit spread | Weighted average | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0.0063 | ||
Options | Black-Scholes | Credit spread | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Fair Value | $ 34,512 | ||
Effect on fair value of assets due to 100 basis point increase | 34,270 | ||
Effect on fair value of assets due to 100 basis point decrease | $ 34,732 | ||
Options | Black-Scholes | Credit spread | Minimum | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0 | ||
Options | Black-Scholes | Credit spread | Maximum | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0.3699 | ||
Options | Black-Scholes | Credit spread | Weighted average | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Significant unobservable input, assets | item | 0.0178 | ||
Investment in associates | Price-based | Price | P.A. Viva Malls | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Fair Value | $ 1,355,688 | $ 1,263,765 | |
Investment in associates | Price-based | Price | P.A Distrito Vera | |||
FAIR VALUE OF ASSETS AND LIABILITIES | |||
Fair Value | $ 2,680 |
FAIR VALUE OF ASSETS AND LIA_11
FAIR VALUE OF ASSETS AND LIABILITIES - Valuation techniques (Details) - Investment properties - item | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income approach | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Ratio between monthly gross income and real estate value | 0.61% | 0.70% |
Direct Capitalization | Capitalisation rate | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.0780 | 0.0784 |
Discounted cash flow | Discount rate | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.1116 | 0.1123 |
Discounted cash flow | Terminal rate | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.0798 | 0.0803 |
RISK MANAGEMENT - Maximum expos
RISK MANAGEMENT - Maximum exposure to credit risk - Financial instruments subject to impairment (Details) - Financial instruments subject to impairment - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
RISK MANAGEMENT | ||
Loss Allowance | $ (16,100,248) | $ (16,924,276) |
Total | 250,570,955 | 214,645,445 |
Stage One | ||
RISK MANAGEMENT | ||
Loss Allowance | (2,589,992) | (3,525,671) |
Total | 227,858,536 | 191,707,881 |
Stage Two | ||
RISK MANAGEMENT | ||
Loss Allowance | (3,383,311) | (3,063,121) |
Total | 16,613,509 | 16,574,810 |
Stage Three | ||
RISK MANAGEMENT | ||
Loss Allowance | (10,126,945) | (10,335,484) |
Total | 6,098,910 | 6,362,754 |
Loans and Advances | ||
RISK MANAGEMENT | ||
Maximum exposure | 220,323,483 | 191,409,730 |
Loans and Advances | Stage One | ||
RISK MANAGEMENT | ||
Maximum exposure | 185,100,233 | 156,253,029 |
Loans and Advances | Stage Two | ||
RISK MANAGEMENT | ||
Maximum exposure | 19,299,753 | 18,778,668 |
Loans and Advances | Stage Three | ||
RISK MANAGEMENT | ||
Maximum exposure | 15,923,497 | 16,378,033 |
Commercial Loans | ||
RISK MANAGEMENT | ||
Maximum exposure | 114,911,843 | 98,659,287 |
Commercial Loans | Stage One | ||
RISK MANAGEMENT | ||
Maximum exposure | 97,000,580 | 80,863,445 |
Commercial Loans | Stage Two | ||
RISK MANAGEMENT | ||
Maximum exposure | 8,335,781 | 8,203,659 |
Commercial Loans | Stage Three | ||
RISK MANAGEMENT | ||
Maximum exposure | 9,575,482 | 9,592,183 |
Consumer loans | ||
RISK MANAGEMENT | ||
Maximum exposure | 48,363,040 | 41,055,939 |
Consumer loans | Stage One | ||
RISK MANAGEMENT | ||
Maximum exposure | 41,773,555 | 33,766,023 |
Consumer loans | Stage Two | ||
RISK MANAGEMENT | ||
Maximum exposure | 3,927,387 | 4,599,535 |
Consumer loans | Stage Three | ||
RISK MANAGEMENT | ||
Maximum exposure | 2,662,098 | 2,690,381 |
Mortgages | ||
RISK MANAGEMENT | ||
Maximum exposure | 30,646,787 | 25,959,112 |
Mortgages | Stage One | ||
RISK MANAGEMENT | ||
Maximum exposure | 25,447,635 | 21,676,563 |
Mortgages | Stage Two | ||
RISK MANAGEMENT | ||
Maximum exposure | 3,654,710 | 3,093,690 |
Mortgages | Stage Three | ||
RISK MANAGEMENT | ||
Maximum exposure | 1,544,442 | 1,188,859 |
Small Business Loans | ||
RISK MANAGEMENT | ||
Maximum exposure | 1,282,185 | 1,232,075 |
Small Business Loans | Stage One | ||
RISK MANAGEMENT | ||
Maximum exposure | 950,991 | 965,822 |
Small Business Loans | Stage Two | ||
RISK MANAGEMENT | ||
Maximum exposure | 183,693 | 109,655 |
Small Business Loans | Stage Three | ||
RISK MANAGEMENT | ||
Maximum exposure | 147,501 | 156,598 |
Financial Leases | ||
RISK MANAGEMENT | ||
Maximum exposure | 25,119,628 | 24,503,317 |
Financial Leases | Stage One | ||
RISK MANAGEMENT | ||
Maximum exposure | 19,927,472 | 18,981,176 |
Financial Leases | Stage Two | ||
RISK MANAGEMENT | ||
Maximum exposure | 3,198,182 | 2,772,129 |
Financial Leases | Stage Three | ||
RISK MANAGEMENT | ||
Maximum exposure | 1,993,974 | 2,750,012 |
Off Balance Sheet Exposures | ||
RISK MANAGEMENT | ||
Maximum exposure | 46,347,720 | 40,159,991 |
Off Balance Sheet Exposures | Stage One | ||
RISK MANAGEMENT | ||
Maximum exposure | 45,348,295 | 38,980,523 |
Off Balance Sheet Exposures | Stage Two | ||
RISK MANAGEMENT | ||
Maximum exposure | 697,067 | 859,263 |
Off Balance Sheet Exposures | Stage Three | ||
RISK MANAGEMENT | ||
Maximum exposure | 302,358 | 320,205 |
Financial Guarantees | ||
RISK MANAGEMENT | ||
Maximum exposure | 8,762,538 | 7,632,331 |
Financial Guarantees | Stage One | ||
RISK MANAGEMENT | ||
Maximum exposure | 8,714,751 | 7,553,064 |
Financial Guarantees | Stage Two | ||
RISK MANAGEMENT | ||
Maximum exposure | 46,845 | 77,626 |
Financial Guarantees | Stage Three | ||
RISK MANAGEMENT | ||
Maximum exposure | 942 | 1,641 |
Loan Commitments | ||
RISK MANAGEMENT | ||
Maximum exposure | 37,585,182 | 32,527,660 |
Loan Commitments | Stage One | ||
RISK MANAGEMENT | ||
Maximum exposure | 36,633,544 | 31,427,459 |
Loan Commitments | Stage Two | ||
RISK MANAGEMENT | ||
Maximum exposure | 650,222 | 781,637 |
Loan Commitments | Stage Three | ||
RISK MANAGEMENT | ||
Maximum exposure | $ 301,416 | $ 318,564 |
RISK MANAGEMENT - Maximum exp_2
RISK MANAGEMENT - Maximum exposure to credit risk - Other financial instruments (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other Financial Instruments | ||
RISK MANAGEMENT | ||
Maximum exposure | $ 30,404,102 | $ 30,685,486 |
Collateral (held) pledged | (1,214,779) | (2,530,079) |
Net exposure | 29,189,323 | 28,155,407 |
Debt instruments | ||
RISK MANAGEMENT | ||
Maximum exposure | 28,833,828 | 29,003,922 |
Collateral (held) pledged | (1,214,692) | (2,529,943) |
Net exposure | 27,619,136 | 26,473,979 |
Derivatives | ||
RISK MANAGEMENT | ||
Maximum exposure | 1,090,121 | 1,093,357 |
Collateral (held) pledged | (87) | (136) |
Net exposure | 1,090,034 | 1,093,221 |
Equity securities | ||
RISK MANAGEMENT | ||
Maximum exposure | 480,153 | 588,207 |
Net exposure | $ 480,153 | $ 588,207 |
RISK MANAGEMENT - Active financ
RISK MANAGEMENT - Active financial relief portfolio (Details) $ in Millions | Dec. 31, 2021COP ($)item | Dec. 31, 2020COP ($)item |
RISK MANAGEMENT | ||
Loans and advances to customers | $ 220,323,483 | $ 191,409,730 |
COVID-19 Active Financial Relief | ||
RISK MANAGEMENT | ||
Number of obligations | item | 79,660 | 777,754 |
Loans and advances to customers | $ 9,222,866 | $ 29,925,959 |
ECL | $ 1,443,106 | $ 3,513,478 |
COVID-19 Active Financial Relief | Stage One | ||
RISK MANAGEMENT | ||
Number of obligations | item | 18,900 | 479,512 |
Loans and advances to customers | $ 1,947,617 | $ 17,866,538 |
ECL | $ 54,551 | $ 724,148 |
COVID-19 Active Financial Relief | Stage Two | ||
RISK MANAGEMENT | ||
Number of obligations | item | 39,067 | 220,256 |
Loans and advances to customers | $ 5,708,061 | $ 9,782,256 |
ECL | $ 577,688 | $ 1,458,818 |
COVID-19 Active Financial Relief | Stage Three | ||
RISK MANAGEMENT | ||
Number of obligations | item | 21,693 | 77,986 |
Loans and advances to customers | $ 1,567,188 | $ 2,277,165 |
ECL | $ 810,867 | $ 1,330,512 |
RISK MANAGEMENT - Past due loan
RISK MANAGEMENT - Past due loan ratio (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
RISK MANAGEMENT | ||
Financial assets | $ 29,289,301 | $ 29,553,003 |
Loans and Advances | ||
RISK MANAGEMENT | ||
Financial assets | 220,323,483 | 191,409,730 |
Loans and Advances | Past-due | ||
RISK MANAGEMENT | ||
Financial assets | 10,020,030 | 10,467,001 |
Commercial and financial leases | ||
RISK MANAGEMENT | ||
Financial assets | 140,031,471 | 123,162,604 |
Commercial and financial leases | Past-due | ||
RISK MANAGEMENT | ||
Financial assets | 5,282,456 | 6,036,849 |
Consumer loans | ||
RISK MANAGEMENT | ||
Financial assets | 48,363,040 | 41,055,939 |
Consumer loans | Past-due | ||
RISK MANAGEMENT | ||
Financial assets | 2,721,730 | 2,774,345 |
Mortgages | ||
RISK MANAGEMENT | ||
Financial assets | 30,646,787 | 25,959,112 |
Mortgages | Past-due | ||
RISK MANAGEMENT | ||
Financial assets | 1,851,082 | 1,482,245 |
Small Business Loans | ||
RISK MANAGEMENT | ||
Financial assets | 1,282,185 | 1,232,075 |
Small Business Loans | Past-due | ||
RISK MANAGEMENT | ||
Financial assets | 164,762 | 173,562 |
COVID19 Financial Reliefs | Loans and Advances | Past-due | ||
RISK MANAGEMENT | ||
Financial assets | $ 2,458,618 | $ 2,995,770 |
Percentage of Past-due with not current reliefs | 25.00% | 29.00% |
COVID19 Financial Reliefs | Commercial and financial leases | Past-due | ||
RISK MANAGEMENT | ||
Financial assets | $ 620,309 | $ 686,532 |
Percentage of Past-due with not current reliefs | 12.00% | 11.00% |
COVID19 Financial Reliefs | Consumer loans | Past-due | ||
RISK MANAGEMENT | ||
Financial assets | $ 1,272,036 | $ 1,886,479 |
Percentage of Past-due with not current reliefs | 47.00% | 68.00% |
COVID19 Financial Reliefs | Mortgages | Past-due | ||
RISK MANAGEMENT | ||
Financial assets | $ 516,122 | $ 362,339 |
Percentage of Past-due with not current reliefs | 28.00% | 24.00% |
COVID19 Financial Reliefs | Small Business Loans | Past-due | ||
RISK MANAGEMENT | ||
Financial assets | $ 50,151 | $ 60,420 |
Percentage of Past-due with not current reliefs | 30.00% | 35.00% |
RISK MANAGEMENT - Commercial an
RISK MANAGEMENT - Commercial and Financial Leases (Details) - 12 months ended Dec. 31, 2021 $ in Millions, $ in Millions | COP ($)item | USD ($)item |
Commercial and financial leases | Corporate | Minimum | ||
RISK MANAGEMENT | ||
Annual sales | $ 100,000 | |
Commercial and financial leases | Corporate | Banistmo | Minimum | ||
RISK MANAGEMENT | ||
Annual sales | $ 10 | |
Commercial and financial leases | Corporate | Banco Agricola and BAM | Minimum | ||
RISK MANAGEMENT | ||
Annual sales | 25 | |
Commercial and financial leases | Business | Minimum | ||
RISK MANAGEMENT | ||
Annual sales | 13,000 | |
Commercial and financial leases | Business | Maximum | ||
RISK MANAGEMENT | ||
Annual sales | 100,000 | |
Commercial and financial leases | Business | Banco Agricola S.A. | Minimum | ||
RISK MANAGEMENT | ||
Annual sales | 5 | |
Commercial and financial leases | Business | Banco Agricola S.A. | Maximum | ||
RISK MANAGEMENT | ||
Annual sales | 25 | |
Commercial and financial leases | Commercial | Minimum | ||
RISK MANAGEMENT | ||
Annual sales | 2 | |
Commercial and financial leases | Commercial | Maximum | ||
RISK MANAGEMENT | ||
Annual sales | $ 5 | |
Commercial and financial leases | Business Construction | Minimum | ||
RISK MANAGEMENT | ||
Annual sales | $ 20,000 | |
Number of projects executed as previous experience | item | 3 | 3 |
Commercial and financial leases | Business Construction | Maximum | ||
RISK MANAGEMENT | ||
Annual sales | $ 45,000 | |
Commercial and financial leases | Corporate Construction | Minimum | ||
RISK MANAGEMENT | ||
Annual sales | $ 45,000 | |
Number of projects executed as previous experience | item | 3 | 3 |
Commercial and financial leases | SME Construction | Minimum | ||
RISK MANAGEMENT | ||
Annual sales | $ 380 | |
Number of projects executed as previous experience | item | 3 | 3 |
Commercial and financial leases | SME Construction | Maximum | ||
RISK MANAGEMENT | ||
Annual sales | $ 20,000 | |
Commercial and financial leases | Government | Minimum | ||
RISK MANAGEMENT | ||
Annual sales | 20,000 | |
Commercial and financial leases | SME | Maximum | ||
RISK MANAGEMENT | ||
Annual sales | $ 13,000 | |
Commercial and financial leases | SME | Banistmo | Maximum | ||
RISK MANAGEMENT | ||
Annual sales | $ 10 | |
Commercial and financial leases | SME | Banco Agricola S.A. | Maximum | ||
RISK MANAGEMENT | ||
Annual sales | 5 | |
Commercial and financial leases | SME | BAM | Maximum | ||
RISK MANAGEMENT | ||
Annual sales | $ 2 | |
Mortgages | Minimum | ||
RISK MANAGEMENT | ||
Repayment term | 5 years | 5 years |
Mortgages | Maximum | ||
RISK MANAGEMENT | ||
Repayment term | 30 years | 30 years |
RISK MANAGEMENT - Analysis of t
RISK MANAGEMENT - Analysis of the behavior and impairment of the loan portfolio and financial lease operations (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
RISK MANAGEMENT | ||||
Financial assets | $ 29,289,301 | $ 29,553,003 | ||
Allowance | 15,864,482 | 16,616,043 | $ 10,929,395 | $ 10,235,831 |
Watch List | ||||
RISK MANAGEMENT | ||||
Financial assets | $ 31,391,496 | $ 37,017,387 | ||
Percentage of allowance recorded | 25.10% | 19.06% | ||
Allowance | $ 7,880,811 | $ 7,056,680 | ||
Level 1 - Low Risk | ||||
RISK MANAGEMENT | ||||
Financial assets | $ 13,487,382 | $ 18,297,145 | ||
Percentage of allowance recorded | 1.79% | 1.86% | ||
Allowance | $ 241,520 | $ 340,643 | ||
Level 2 - Medium Risk | ||||
RISK MANAGEMENT | ||||
Financial assets | $ 7,896,250 | $ 8,271,558 | ||
Percentage of allowance recorded | 8.38% | 7.10% | ||
Allowance | $ 661,419 | $ 587,281 | ||
Level 3 - High Risk | ||||
RISK MANAGEMENT | ||||
Financial assets | $ 3,678,230 | $ 4,608,165 | ||
Percentage of allowance recorded | 47.87% | 40.45% | ||
Allowance | $ 1,760,840 | $ 1,864,016 | ||
Level 4 - High Risk | ||||
RISK MANAGEMENT | ||||
Financial assets | $ 6,329,634 | $ 5,840,519 | ||
Percentage of allowance recorded | 82.42% | 73.02% | ||
Allowance | $ 5,217,032 | $ 4,264,740 | ||
Loan portfolio and financial lease operations | ||||
RISK MANAGEMENT | ||||
Percentage increase (decrease) in 30-day past due loan ratio | 15.10% | |||
30-day past due loan ratio | 4.55% | 5.47% | ||
Commercial and financial leases | ||||
RISK MANAGEMENT | ||||
Percentage increase (decrease) in 30-day past due loan ratio | 13.70% | |||
Financial assets | $ 140,031,471 | $ 123,162,604 | ||
30-day past due loan ratio | 3.77% | 4.90% | ||
Consumer loans | ||||
RISK MANAGEMENT | ||||
Percentage increase (decrease) in 30-day past due loan ratio | 17.80% | |||
Financial assets | $ 48,363,040 | $ 41,055,939 | ||
30-day past due loan ratio | 5.63% | 6.76% | ||
Allowance | $ 5,305,267 | $ 5,753,430 | 3,445,818 | 2,892,891 |
Mortgages | ||||
RISK MANAGEMENT | ||||
Percentage increase (decrease) in 30-day past due loan ratio | 18.06% | |||
Financial assets | $ 30,646,787 | $ 25,959,112 | ||
30-day past due loan ratio | 6.04% | 5.71% | ||
Small Business Loans | ||||
RISK MANAGEMENT | ||||
Percentage increase (decrease) in 30-day past due loan ratio | (4.07%) | |||
Financial assets | $ 1,282,185 | $ 1,232,075 | ||
30-day past due loan ratio | 12.85% | 14.09% | ||
Allowance | $ 164,067 | $ 200,345 | $ 140,516 | $ 137,373 |
RISK MANAGEMENT - Loans and fin
RISK MANAGEMENT - Loans and financial leases by classification and type of collateral (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
RISK MANAGEMENT | ||
Loans and financial leases | $ 220,323,483 | $ 191,409,730 |
Real Estate and Residential | ||
RISK MANAGEMENT | ||
Loans and financial leases | 55,327,990 | 45,940,495 |
Goods Given in Real Estate Leasing | ||
RISK MANAGEMENT | ||
Loans and financial leases | 15,869,052 | 14,946,478 |
Goods Given in Leasing Other Than Real Estate | ||
RISK MANAGEMENT | ||
Loans and financial leases | 6,168,995 | 5,647,128 |
Stand by Letter of Credit | ||
RISK MANAGEMENT | ||
Loans and financial leases | 632,108 | 534,123 |
Security Deposits | ||
RISK MANAGEMENT | ||
Loans and financial leases | 880,946 | 620,764 |
Guarantee Fund | ||
RISK MANAGEMENT | ||
Loans and financial leases | 6,591,049 | 5,356,383 |
Collection Rights | ||
RISK MANAGEMENT | ||
Loans and financial leases | 5,428,059 | 4,360,893 |
Other Collateral (Pledges) | ||
RISK MANAGEMENT | ||
Loans and financial leases | 10,220,347 | 7,953,317 |
Without Guarantee (Uncovered Balance) | ||
RISK MANAGEMENT | ||
Loans and financial leases | 119,204,937 | 106,050,149 |
Commercial Loans | ||
RISK MANAGEMENT | ||
Loans and financial leases | 114,911,843 | 98,659,287 |
Commercial Loans | Real Estate and Residential | ||
RISK MANAGEMENT | ||
Loans and financial leases | 25,087,070 | 20,197,850 |
Commercial Loans | Stand by Letter of Credit | ||
RISK MANAGEMENT | ||
Loans and financial leases | 632,108 | 533,921 |
Commercial Loans | Security Deposits | ||
RISK MANAGEMENT | ||
Loans and financial leases | 427,921 | 257,602 |
Commercial Loans | Guarantee Fund | ||
RISK MANAGEMENT | ||
Loans and financial leases | 6,190,851 | 4,894,425 |
Commercial Loans | Collection Rights | ||
RISK MANAGEMENT | ||
Loans and financial leases | 5,389,352 | 4,323,241 |
Commercial Loans | Other Collateral (Pledges) | ||
RISK MANAGEMENT | ||
Loans and financial leases | 3,412,129 | 2,775,786 |
Commercial Loans | Without Guarantee (Uncovered Balance) | ||
RISK MANAGEMENT | ||
Loans and financial leases | 73,772,412 | 65,676,462 |
Consumer loans | ||
RISK MANAGEMENT | ||
Loans and financial leases | 48,363,040 | 41,055,939 |
Consumer loans | Real Estate and Residential | ||
RISK MANAGEMENT | ||
Loans and financial leases | 1,700,588 | 1,625,193 |
Consumer loans | Goods Given in Leasing Other Than Real Estate | ||
RISK MANAGEMENT | ||
Loans and financial leases | 54 | |
Consumer loans | Stand by Letter of Credit | ||
RISK MANAGEMENT | ||
Loans and financial leases | 202 | |
Consumer loans | Security Deposits | ||
RISK MANAGEMENT | ||
Loans and financial leases | 348,964 | 328,212 |
Consumer loans | Guarantee Fund | ||
RISK MANAGEMENT | ||
Loans and financial leases | 5,642 | 5,796 |
Consumer loans | Collection Rights | ||
RISK MANAGEMENT | ||
Loans and financial leases | 38,094 | 36,910 |
Consumer loans | Other Collateral (Pledges) | ||
RISK MANAGEMENT | ||
Loans and financial leases | 6,707,149 | 5,131,570 |
Consumer loans | Without Guarantee (Uncovered Balance) | ||
RISK MANAGEMENT | ||
Loans and financial leases | 39,562,549 | 33,928,056 |
Financial Leases | ||
RISK MANAGEMENT | ||
Loans and financial leases | 25,119,628 | 24,503,317 |
Financial Leases | Real Estate and Residential | ||
RISK MANAGEMENT | ||
Loans and financial leases | 132 | |
Financial Leases | Goods Given in Real Estate Leasing | ||
RISK MANAGEMENT | ||
Loans and financial leases | 15,868,852 | 14,946,258 |
Financial Leases | Goods Given in Leasing Other Than Real Estate | ||
RISK MANAGEMENT | ||
Loans and financial leases | 6,168,941 | 5,647,128 |
Financial Leases | Guarantee Fund | ||
RISK MANAGEMENT | ||
Loans and financial leases | 93,877 | 100,402 |
Financial Leases | Other Collateral (Pledges) | ||
RISK MANAGEMENT | ||
Loans and financial leases | 133 | |
Financial Leases | Without Guarantee (Uncovered Balance) | ||
RISK MANAGEMENT | ||
Loans and financial leases | 2,987,826 | 3,809,396 |
Mortgages | ||
RISK MANAGEMENT | ||
Loans and financial leases | 30,646,787 | 25,959,112 |
Mortgages | Real Estate and Residential | ||
RISK MANAGEMENT | ||
Loans and financial leases | 28,131,226 | 23,877,715 |
Mortgages | Goods Given in Real Estate Leasing | ||
RISK MANAGEMENT | ||
Loans and financial leases | 200 | 220 |
Mortgages | Other Collateral (Pledges) | ||
RISK MANAGEMENT | ||
Loans and financial leases | 97,455 | 41,429 |
Mortgages | Without Guarantee (Uncovered Balance) | ||
RISK MANAGEMENT | ||
Loans and financial leases | 2,417,906 | 2,039,748 |
Small Business Loans | ||
RISK MANAGEMENT | ||
Loans and financial leases | 1,282,185 | 1,232,075 |
Small Business Loans | Real Estate and Residential | ||
RISK MANAGEMENT | ||
Loans and financial leases | 408,974 | 239,737 |
Small Business Loans | Security Deposits | ||
RISK MANAGEMENT | ||
Loans and financial leases | 104,061 | 34,950 |
Small Business Loans | Guarantee Fund | ||
RISK MANAGEMENT | ||
Loans and financial leases | 300,679 | 355,760 |
Small Business Loans | Collection Rights | ||
RISK MANAGEMENT | ||
Loans and financial leases | 613 | 742 |
Small Business Loans | Other Collateral (Pledges) | ||
RISK MANAGEMENT | ||
Loans and financial leases | 3,614 | 4,399 |
Small Business Loans | Without Guarantee (Uncovered Balance) | ||
RISK MANAGEMENT | ||
Loans and financial leases | $ 464,244 | $ 596,487 |
RISK MANAGEMENT - Stage 3 finan
RISK MANAGEMENT - Stage 3 financial assets and fair value of related collateral held (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
RISK MANAGEMENT | ||||
Financial assets | $ 29,289,301 | $ 29,553,003 | ||
Allowance account for credit losses of financial assets | 15,864,482 | 16,616,043 | $ 10,929,395 | $ 10,235,831 |
Stage Three | ||||
RISK MANAGEMENT | ||||
Financial assets | 1,063,936 | 1,395,831 | ||
Fair Value of Collateral | 3,779,259 | 3,965,997 | ||
Foreclosed assets | ||||
RISK MANAGEMENT | ||||
Non-current assets held for sale | 672,586 | 508,040 | ||
Commercial Loans | ||||
RISK MANAGEMENT | ||||
Allowance account for credit losses of financial assets | 7,813,023 | 7,673,720 | 5,456,993 | 5,360,833 |
Commercial Loans | Stage Three | ||||
RISK MANAGEMENT | ||||
Financial assets | 424,524 | 514,646 | ||
Fair Value of Collateral | 2,290,284 | 2,129,688 | ||
Consumer loans | ||||
RISK MANAGEMENT | ||||
Financial assets | 48,363,040 | 41,055,939 | ||
Allowance account for credit losses of financial assets | 5,305,267 | 5,753,430 | 3,445,818 | 2,892,891 |
Mortgages | ||||
RISK MANAGEMENT | ||||
Financial assets | 30,646,787 | 25,959,112 | ||
Mortgages | Stage Three | ||||
RISK MANAGEMENT | ||||
Financial assets | 118,501 | 154,457 | ||
Fair Value of Collateral | 197,339 | 220,167 | ||
Small Business Loans | ||||
RISK MANAGEMENT | ||||
Financial assets | 1,282,185 | 1,232,075 | ||
Allowance account for credit losses of financial assets | 164,067 | 200,345 | 140,516 | 137,373 |
Financial Leases | ||||
RISK MANAGEMENT | ||||
Allowance account for credit losses of financial assets | 1,521,067 | 1,996,033 | $ 1,025,403 | $ 990,970 |
Financial Leases | Stage Three | ||||
RISK MANAGEMENT | ||||
Financial assets | 520,911 | 726,728 | ||
Fair Value of Collateral | 1,291,636 | 1,616,142 | ||
Mortgage and Commercial Business | Stage Three | ||||
RISK MANAGEMENT | ||||
Financial assets | 204,268 | 424,883 | ||
Gross carrying amount | Stage Three | ||||
RISK MANAGEMENT | ||||
Financial assets | 1,696,467 | 1,984,678 | ||
Gross carrying amount | Commercial Loans | Stage Three | ||||
RISK MANAGEMENT | ||||
Financial assets | 725,212 | 790,508 | ||
Gross carrying amount | Mortgages | Stage Three | ||||
RISK MANAGEMENT | ||||
Financial assets | 158,328 | 181,029 | ||
Gross carrying amount | Financial Leases | Stage Three | ||||
RISK MANAGEMENT | ||||
Financial assets | 812,927 | 1,013,141 | ||
Accumulated impairment [member] | Stage Three | ||||
RISK MANAGEMENT | ||||
Financial assets | (632,531) | (588,847) | ||
Accumulated impairment [member] | Commercial Loans | Stage Three | ||||
RISK MANAGEMENT | ||||
Financial assets | (300,688) | (275,862) | ||
Accumulated impairment [member] | Mortgages | Stage Three | ||||
RISK MANAGEMENT | ||||
Financial assets | (39,827) | (26,572) | ||
Accumulated impairment [member] | Financial Leases | Stage Three | ||||
RISK MANAGEMENT | ||||
Financial assets | $ (292,016) | $ (286,413) |
RISK MANAGEMENT - Loans concent
RISK MANAGEMENT - Loans concentration by category (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
RISK MANAGEMENT | ||||
Gross loans and finance leases | $ 220,323,483 | $ 191,409,730 | ||
Allowance for loans, advances and lease losses | (15,864,482) | (16,616,043) | $ (10,929,395) | $ (10,235,831) |
Loans and advances to customers, net | 204,459,001 | 174,793,687 | ||
Commercial Loans | ||||
RISK MANAGEMENT | ||||
Gross loans and finance leases | 114,911,843 | 98,659,287 | ||
Allowance for loans, advances and lease losses | (7,813,023) | (7,673,720) | (5,456,993) | (5,360,833) |
Commercial Loans | Corporate | ||||
RISK MANAGEMENT | ||||
Gross loans and finance leases | 60,920,083 | 51,884,404 | ||
Commercial Loans | SME | ||||
RISK MANAGEMENT | ||||
Gross loans and finance leases | 15,010,566 | 13,249,336 | ||
Commercial Loans | Others | ||||
RISK MANAGEMENT | ||||
Gross loans and finance leases | 38,981,194 | 33,525,547 | ||
Consumer loans | ||||
RISK MANAGEMENT | ||||
Gross loans and finance leases | 48,363,040 | 41,055,939 | ||
Allowance for loans, advances and lease losses | (5,305,267) | (5,753,430) | (3,445,818) | (2,892,891) |
Consumer loans | Credit card | ||||
RISK MANAGEMENT | ||||
Gross loans and finance leases | 8,910,716 | 7,610,590 | ||
Consumer loans | Vehicle | ||||
RISK MANAGEMENT | ||||
Gross loans and finance leases | 4,595,726 | 3,929,299 | ||
Consumer loans | Payroll loans | ||||
RISK MANAGEMENT | ||||
Gross loans and finance leases | 9,307,057 | 7,879,427 | ||
Consumer loans | Others | ||||
RISK MANAGEMENT | ||||
Gross loans and finance leases | 25,549,541 | 21,636,623 | ||
Mortgages | ||||
RISK MANAGEMENT | ||||
Gross loans and finance leases | 30,646,787 | 25,959,112 | ||
Mortgages | VIS | ||||
RISK MANAGEMENT | ||||
Gross loans and finance leases | 9,286,304 | 7,384,737 | ||
Mortgages | Non-VIS | ||||
RISK MANAGEMENT | ||||
Gross loans and finance leases | 21,360,483 | 18,574,375 | ||
Financial Leases | ||||
RISK MANAGEMENT | ||||
Gross loans and finance leases | 25,119,628 | 24,503,317 | ||
Allowance for loans, advances and lease losses | (1,521,067) | (1,996,033) | (1,025,403) | (990,970) |
Small Business Loans | ||||
RISK MANAGEMENT | ||||
Gross loans and finance leases | 1,282,185 | 1,232,075 | ||
Allowance for loans, advances and lease losses | $ (164,067) | $ (200,345) | $ (140,516) | $ (137,373) |
RISK MANAGEMENT - Concentration
RISK MANAGEMENT - Concentration of loan by maturity (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
RISK MANAGEMENT | ||
Gross loans and finance leases | $ 220,323,483 | $ 191,409,730 |
Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 37,742,851 | 30,626,679 |
Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 83,042,659 | 70,361,863 |
Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 68,914,469 | 70,364,559 |
Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 30,623,504 | 20,056,629 |
Commercial Loans | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 114,911,843 | 98,659,287 |
Commercial Loans | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 34,695,533 | 28,123,513 |
Commercial Loans | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 46,230,960 | 41,771,863 |
Commercial Loans | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 32,314,993 | 28,572,265 |
Commercial Loans | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 1,670,357 | 191,646 |
Commercial Loans | Corporate | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 60,920,083 | 51,884,404 |
Commercial Loans | Corporate | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 17,124,666 | 13,684,065 |
Commercial Loans | Corporate | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 22,523,964 | 20,537,590 |
Commercial Loans | Corporate | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 19,979,836 | 17,508,451 |
Commercial Loans | Corporate | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 1,291,617 | 154,298 |
Commercial Loans | SME | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 15,010,566 | 13,249,336 |
Commercial Loans | SME | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 3,946,269 | 3,391,411 |
Commercial Loans | SME | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 8,296,746 | 7,109,643 |
Commercial Loans | SME | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 2,425,844 | 2,728,364 |
Commercial Loans | SME | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 341,707 | 19,918 |
Commercial Loans | Others | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 38,981,194 | 33,525,547 |
Commercial Loans | Others | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 13,624,598 | 11,048,037 |
Commercial Loans | Others | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 15,410,250 | 14,124,630 |
Commercial Loans | Others | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 9,909,313 | 8,335,450 |
Commercial Loans | Others | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 37,033 | 17,430 |
Consumer loans | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 48,363,040 | 41,055,939 |
Consumer loans | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 1,066,641 | 765,768 |
Consumer loans | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 28,018,402 | 20,447,636 |
Consumer loans | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 15,283,421 | 19,167,121 |
Consumer loans | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 3,994,576 | 675,414 |
Consumer loans | Credit card | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 8,910,716 | 7,610,590 |
Consumer loans | Credit card | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 328,066 | 136,020 |
Consumer loans | Credit card | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 7,500,460 | 2,239,661 |
Consumer loans | Credit card | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 992,408 | 5,234,909 |
Consumer loans | Credit card | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 89,782 | |
Consumer loans | Vehicle | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 4,595,726 | 3,929,299 |
Consumer loans | Vehicle | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 48,381 | 59,748 |
Consumer loans | Vehicle | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 2,048,490 | 1,869,431 |
Consumer loans | Vehicle | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 1,905,002 | 1,999,959 |
Consumer loans | Vehicle | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 593,853 | 161 |
Consumer loans | Payroll loans | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 9,307,057 | 7,879,427 |
Consumer loans | Order of payment | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 9,307,057 | 7,879,427 |
Consumer loans | Order of payment | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 54,864 | 56,970 |
Consumer loans | Order of payment | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 1,407,000 | 1,727,593 |
Consumer loans | Order of payment | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 5,005,482 | 5,765,310 |
Consumer loans | Order of payment | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 2,839,711 | 329,554 |
Consumer loans | Others | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 25,549,541 | 21,636,623 |
Consumer loans | Others | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 635,330 | 513,030 |
Consumer loans | Others | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 17,062,452 | 14,610,951 |
Consumer loans | Others | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 7,380,529 | 6,166,943 |
Consumer loans | Others | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 471,230 | 345,699 |
Mortgages | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 30,646,787 | 25,959,112 |
Mortgages | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 70,037 | 50,830 |
Mortgages | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 1,027,396 | 722,804 |
Mortgages | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 7,950,061 | 8,468,455 |
Mortgages | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 21,599,293 | 16,717,023 |
Mortgages | VIS | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 9,286,304 | 7,384,737 |
Mortgages | VIS | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 18,566 | 9,161 |
Mortgages | VIS | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 231,344 | 182,405 |
Mortgages | VIS | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 1,691,105 | 1,599,498 |
Mortgages | VIS | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 7,345,289 | 5,593,673 |
Mortgages | Non-VIS | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 21,360,483 | 18,574,375 |
Mortgages | Non-VIS | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 51,471 | 41,669 |
Mortgages | Non-VIS | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 796,052 | 540,399 |
Mortgages | Non-VIS | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 6,258,956 | 6,868,957 |
Mortgages | Non-VIS | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 14,254,004 | 11,123,350 |
Financial Leases | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 25,119,628 | 24,503,317 |
Financial Leases | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 1,727,484 | 1,471,148 |
Financial Leases | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 7,121,356 | 6,626,997 |
Financial Leases | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 13,160,512 | 13,933,395 |
Financial Leases | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 3,110,276 | 2,471,777 |
Small Business Loans | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 1,282,185 | 1,232,075 |
Small Business Loans | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 183,156 | 215,420 |
Small Business Loans | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 644,545 | 792,563 |
Small Business Loans | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 205,482 | 223,323 |
Small Business Loans | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | $ 249,002 | $ 769 |
RISK MANAGEMENT - Concentrati_2
RISK MANAGEMENT - Concentration by past due days (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
RISK MANAGEMENT | ||
Gross loans and finance leases | $ 220,323,483 | $ 191,409,730 |
Not later than one month | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 210,303,453 | 180,942,729 |
Between 1 and 3 months | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 2,452,940 | 2,178,087 |
Between 3 and 6 months | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 649,490 | 871,986 |
Between 6 and 12 months | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 2,113,712 | 2,883,483 |
Greater than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 4,803,888 | 4,533,445 |
Commercial Loans | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 114,911,843 | 98,659,287 |
Commercial Loans | Not later than one month | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 110,548,513 | 93,964,499 |
Commercial Loans | Between 1 and 3 months | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 378,809 | 442,168 |
Commercial Loans | Between 3 and 6 months | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 170,053 | 380,250 |
Commercial Loans | Between 6 and 12 months | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 691,471 | 940,604 |
Commercial Loans | Greater than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 3,122,997 | 2,931,766 |
Consumer loans | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 48,363,040 | 41,055,939 |
Consumer loans | Not later than one month | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 45,641,310 | 38,281,594 |
Consumer loans | Between 1 and 3 months | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 1,192,401 | 1,186,264 |
Consumer loans | Between 3 and 6 months | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 340,202 | 360,392 |
Consumer loans | Between 6 and 12 months | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 974,325 | 1,041,383 |
Consumer loans | Greater than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 214,802 | 186,306 |
Mortgages | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 30,646,787 | 25,959,112 |
Mortgages | Not later than one month | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 28,795,705 | 24,476,867 |
Mortgages | Between 1 and 3 months | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 694,085 | 343,553 |
Mortgages | Between 3 and 6 months | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 99,448 | 60,578 |
Mortgages | Between 6 and 12 months | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 250,893 | 233,077 |
Mortgages | Greater than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 806,656 | 845,037 |
Financial Leases | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 25,119,628 | 24,503,317 |
Financial Leases | Not later than one month | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 24,200,502 | 23,161,256 |
Financial Leases | Between 1 and 3 months | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 136,901 | 161,373 |
Financial Leases | Between 3 and 6 months | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 30,788 | 56,704 |
Financial Leases | Between 6 and 12 months | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 141,589 | 601,506 |
Financial Leases | Greater than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 609,848 | 522,478 |
Small Business Loans | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 1,282,185 | 1,232,075 |
Small Business Loans | Not later than one month | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 1,117,423 | 1,058,513 |
Small Business Loans | Between 1 and 3 months | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 50,744 | 44,729 |
Small Business Loans | Between 3 and 6 months | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 8,999 | 14,062 |
Small Business Loans | Between 6 and 12 months | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | 55,434 | 66,913 |
Small Business Loans | Greater than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and finance leases | $ 49,585 | $ 47,858 |
RISK MANAGEMENT - Concentrati_3
RISK MANAGEMENT - Concentration of loans by economic sector (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
RISK MANAGEMENT | ||
Loans and advances | $ 220,323,483 | $ 191,409,730 |
Domestic | ||
RISK MANAGEMENT | ||
Loans and advances | 150,253,740 | 134,068,265 |
Loans and Advances | ||
RISK MANAGEMENT | ||
Loans and advances | 220,323,483 | 191,409,730 |
Loans and Advances | Agriculture | ||
RISK MANAGEMENT | ||
Loans and advances | 6,987,339 | 5,959,196 |
Loans and Advances | Petroleum and Mining Products | ||
RISK MANAGEMENT | ||
Loans and advances | 702,565 | 622,263 |
Loans and Advances | Food, Beverages and Tobacco | ||
RISK MANAGEMENT | ||
Loans and advances | 8,166,343 | 7,637,201 |
Loans and Advances | Chemical Production | ||
RISK MANAGEMENT | ||
Loans and advances | 3,968,636 | 3,680,685 |
Loans and Advances | Government Sectors | ||
RISK MANAGEMENT | ||
Loans and advances | 6,109,325 | 5,666,554 |
Loans and Advances | Construction | ||
RISK MANAGEMENT | ||
Loans and advances | 23,606,634 | 20,272,935 |
Loans and Advances | Commerce and Tourism | ||
RISK MANAGEMENT | ||
Loans and advances | 27,633,459 | 26,704,187 |
Loans and Advances | Transport and Communications | ||
RISK MANAGEMENT | ||
Loans and advances | 9,488,516 | 8,948,936 |
Loans and Advances | Public Services | ||
RISK MANAGEMENT | ||
Loans and advances | 7,723,446 | 6,599,017 |
Loans and Advances | Consumer Services | ||
RISK MANAGEMENT | ||
Loans and advances | 80,584,616 | 68,773,503 |
Loans and Advances | Commercial Services | ||
RISK MANAGEMENT | ||
Loans and advances | 32,554,846 | 25,969,164 |
Loans and Advances | Other Industries and Manufactured Products | ||
RISK MANAGEMENT | ||
Loans and advances | 12,797,758 | 10,576,089 |
Loans and Advances | Domestic | ||
RISK MANAGEMENT | ||
Loans and advances | 154,185,992 | 136,447,667 |
Loans and Advances | Domestic | Agriculture | ||
RISK MANAGEMENT | ||
Loans and advances | 4,651,163 | 4,045,683 |
Loans and Advances | Domestic | Petroleum and Mining Products | ||
RISK MANAGEMENT | ||
Loans and advances | 645,145 | 533,665 |
Loans and Advances | Domestic | Food, Beverages and Tobacco | ||
RISK MANAGEMENT | ||
Loans and advances | 7,870,572 | 7,217,056 |
Loans and Advances | Domestic | Chemical Production | ||
RISK MANAGEMENT | ||
Loans and advances | 3,871,876 | 3,612,279 |
Loans and Advances | Domestic | Government Sectors | ||
RISK MANAGEMENT | ||
Loans and advances | 6,012,867 | 5,584,177 |
Loans and Advances | Domestic | Construction | ||
RISK MANAGEMENT | ||
Loans and advances | 16,618,406 | 13,885,112 |
Loans and Advances | Domestic | Commerce and Tourism | ||
RISK MANAGEMENT | ||
Loans and advances | 20,662,350 | 18,290,824 |
Loans and Advances | Domestic | Transport and Communications | ||
RISK MANAGEMENT | ||
Loans and advances | 9,233,456 | 8,511,251 |
Loans and Advances | Domestic | Public Services | ||
RISK MANAGEMENT | ||
Loans and advances | 6,096,804 | 5,444,056 |
Loans and Advances | Domestic | Consumer Services | ||
RISK MANAGEMENT | ||
Loans and advances | 50,300,516 | 43,873,694 |
Loans and Advances | Domestic | Commercial Services | ||
RISK MANAGEMENT | ||
Loans and advances | 20,328,600 | 18,808,277 |
Loans and Advances | Domestic | Other Industries and Manufactured Products | ||
RISK MANAGEMENT | ||
Loans and advances | 7,894,237 | 6,641,593 |
Loans and Advances | Foreign countries | ||
RISK MANAGEMENT | ||
Loans and advances | 66,137,491 | 54,962,063 |
Loans and Advances | Foreign countries | Agriculture | ||
RISK MANAGEMENT | ||
Loans and advances | 2,336,176 | 1,913,513 |
Loans and Advances | Foreign countries | Petroleum and Mining Products | ||
RISK MANAGEMENT | ||
Loans and advances | 57,420 | 88,598 |
Loans and Advances | Foreign countries | Food, Beverages and Tobacco | ||
RISK MANAGEMENT | ||
Loans and advances | 295,771 | 420,145 |
Loans and Advances | Foreign countries | Chemical Production | ||
RISK MANAGEMENT | ||
Loans and advances | 96,760 | 68,406 |
Loans and Advances | Foreign countries | Government Sectors | ||
RISK MANAGEMENT | ||
Loans and advances | 96,458 | 82,377 |
Loans and Advances | Foreign countries | Construction | ||
RISK MANAGEMENT | ||
Loans and advances | 6,988,228 | 6,387,823 |
Loans and Advances | Foreign countries | Commerce and Tourism | ||
RISK MANAGEMENT | ||
Loans and advances | 6,971,109 | 8,413,363 |
Loans and Advances | Foreign countries | Transport and Communications | ||
RISK MANAGEMENT | ||
Loans and advances | 255,060 | 437,685 |
Loans and Advances | Foreign countries | Public Services | ||
RISK MANAGEMENT | ||
Loans and advances | 1,626,642 | 1,154,961 |
Loans and Advances | Foreign countries | Consumer Services | ||
RISK MANAGEMENT | ||
Loans and advances | 30,284,100 | 24,899,809 |
Loans and Advances | Foreign countries | Commercial Services | ||
RISK MANAGEMENT | ||
Loans and advances | 12,226,246 | 7,160,887 |
Loans and Advances | Foreign countries | Other Industries and Manufactured Products | ||
RISK MANAGEMENT | ||
Loans and advances | $ 4,903,521 | $ 3,934,496 |
RISK MANAGEMENT - Credit concen
RISK MANAGEMENT - Credit concentration by country (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
RISK MANAGEMENT | ||||
Loans and advances | $ 220,323,483 | $ 191,409,730 | ||
% Participation | 100.00% | 100.00% | ||
Allowance for loans, advances and lease losses | $ (15,864,482) | $ (16,616,043) | $ (10,929,395) | $ (10,235,831) |
% Participation | 100.00% | 100.00% | ||
Colombia | ||||
RISK MANAGEMENT | ||||
Loans and advances | $ 150,253,740 | $ 134,068,265 | ||
% Participation | 68.20% | 70.04% | ||
Allowance for loans, advances and lease losses | $ (12,089,509) | $ (13,089,744) | ||
% Participation | 76.20% | 78.78% | ||
Panama | ||||
RISK MANAGEMENT | ||||
Loans and advances | $ 39,523,944 | $ 32,468,343 | ||
% Participation | 17.94% | 16.96% | ||
Allowance for loans, advances and lease losses | $ (2,213,859) | $ (1,847,754) | ||
% Participation | 13.95% | 11.12% | ||
El Salvador | ||||
RISK MANAGEMENT | ||||
Loans and advances | $ 14,179,860 | $ 11,665,440 | ||
% Participation | 6.44% | 6.09% | ||
Allowance for loans, advances and lease losses | $ (676,827) | $ (729,275) | ||
% Participation | 4.27% | 4.39% | ||
Puerto rico | ||||
RISK MANAGEMENT | ||||
Loans and advances | $ 903,270 | $ 886,069 | ||
% Participation | 0.41% | 0.46% | ||
Allowance for loans, advances and lease losses | $ (60,475) | $ (48,596) | ||
% Participation | 0.38% | 0.29% | ||
Guatemala | ||||
RISK MANAGEMENT | ||||
Loans and advances | $ 15,453,481 | $ 12,314,524 | ||
% Participation | 7.01% | 6.44% | ||
Allowance for loans, advances and lease losses | $ (823,258) | $ (900,125) | ||
% Participation | 5.19% | 5.42% | ||
Other Countries | ||||
RISK MANAGEMENT | ||||
Loans and advances | $ 9,188 | $ 7,089 | ||
% Participation | 0.00% | 0.01% | ||
Allowance for loans, advances and lease losses | $ (554) | $ (549) | ||
% Participation | 0.00% | 0.00% |
RISK MANAGEMENT - Credit conc_2
RISK MANAGEMENT - Credit concentration by economic group (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
RISK MANAGEMENT | ||
Loans and advances | $ 220,323,483 | $ 191,409,730 |
20 largest economic groups | ||
RISK MANAGEMENT | ||
Loans and advances | $ 24,706,000 | $ 22,281,000 |
RISK MANAGEMENT - Credit qualit
RISK MANAGEMENT - Credit quality of the borrower (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
RISK MANAGEMENT | ||
Loans and advances | $ 220,323,483 | $ 191,409,730 |
Stage One | ||
RISK MANAGEMENT | ||
Loans and advances | 185,100,233 | 156,253,029 |
Stage Two | ||
RISK MANAGEMENT | ||
Loans and advances | 19,299,753 | 18,778,668 |
Stage Three | ||
RISK MANAGEMENT | ||
Loans and advances | 15,923,497 | 16,378,033 |
Commercial Loans | ||
RISK MANAGEMENT | ||
Loans and advances | 114,911,843 | 98,659,287 |
Commercial Loans | Stage One | ||
RISK MANAGEMENT | ||
Loans and advances | 97,000,580 | 80,863,445 |
Commercial Loans | Stage Two | ||
RISK MANAGEMENT | ||
Loans and advances | 8,335,781 | 8,203,659 |
Commercial Loans | Stage Three | ||
RISK MANAGEMENT | ||
Loans and advances | 9,575,482 | 9,592,183 |
Consumer loans | ||
RISK MANAGEMENT | ||
Loans and advances | 48,363,040 | 41,055,939 |
Consumer loans | Stage One | ||
RISK MANAGEMENT | ||
Loans and advances | 41,773,555 | 33,766,023 |
Consumer loans | Stage Two | ||
RISK MANAGEMENT | ||
Loans and advances | 3,927,387 | 4,599,535 |
Consumer loans | Stage Three | ||
RISK MANAGEMENT | ||
Loans and advances | 2,662,098 | 2,690,381 |
Mortgages | ||
RISK MANAGEMENT | ||
Loans and advances | 30,646,787 | 25,959,112 |
Mortgages | Stage One | ||
RISK MANAGEMENT | ||
Loans and advances | 25,447,635 | 21,676,563 |
Mortgages | Stage Two | ||
RISK MANAGEMENT | ||
Loans and advances | 3,654,710 | 3,093,690 |
Mortgages | Stage Three | ||
RISK MANAGEMENT | ||
Loans and advances | 1,544,442 | 1,188,859 |
Small Business Loans | ||
RISK MANAGEMENT | ||
Loans and advances | 1,282,185 | 1,232,075 |
Small Business Loans | Stage One | ||
RISK MANAGEMENT | ||
Loans and advances | 950,991 | 965,822 |
Small Business Loans | Stage Two | ||
RISK MANAGEMENT | ||
Loans and advances | 183,693 | 109,655 |
Small Business Loans | Stage Three | ||
RISK MANAGEMENT | ||
Loans and advances | 147,501 | 156,598 |
Financial Leases | ||
RISK MANAGEMENT | ||
Loans and advances | 25,119,628 | 24,503,317 |
Financial Leases | Stage One | ||
RISK MANAGEMENT | ||
Loans and advances | 19,927,472 | 18,981,176 |
Financial Leases | Stage Two | ||
RISK MANAGEMENT | ||
Loans and advances | 3,198,182 | 2,772,129 |
Financial Leases | Stage Three | ||
RISK MANAGEMENT | ||
Loans and advances | $ 1,993,974 | $ 2,750,012 |
RISK MANAGEMENT - Stage 3 loans
RISK MANAGEMENT - Stage 3 loans and advances by evaluation type (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
RISK MANAGEMENT | ||
Financial assets | $ 29,289,301 | $ 29,553,003 |
Consumer loans | ||
RISK MANAGEMENT | ||
Financial assets | 48,363,040 | 41,055,939 |
Mortgages | ||
RISK MANAGEMENT | ||
Financial assets | 30,646,787 | 25,959,112 |
Small Business Loans | ||
RISK MANAGEMENT | ||
Financial assets | 1,282,185 | 1,232,075 |
Stage Three | ||
RISK MANAGEMENT | ||
Financial assets | $ 1,063,936 | $ 1,395,831 |
Percentage of loan portfolio in default | 6.67% | 8.30% |
Stage Three | Commercial Loans | ||
RISK MANAGEMENT | ||
Financial assets | $ 424,524 | $ 514,646 |
Percentage of loan portfolio in default | 7.98% | 9.70% |
Stage Three | Consumer loans | ||
RISK MANAGEMENT | ||
Percentage of loan portfolio in default | 5.12% | 6.70% |
Stage Three | Mortgages | ||
RISK MANAGEMENT | ||
Financial assets | $ 118,501 | $ 154,457 |
Percentage of loan portfolio in default | 3.58% | 4.40% |
Stage Three | Financial Leases | ||
RISK MANAGEMENT | ||
Financial assets | $ 520,911 | $ 726,728 |
Stage Three | Individual Evaluation | ||
RISK MANAGEMENT | ||
Financial assets | 7,747,526 | 7,593,834 |
Stage Three | Individual Evaluation | Commercial Loans | ||
RISK MANAGEMENT | ||
Financial assets | 6,701,278 | 6,050,143 |
Stage Three | Individual Evaluation | Financial Leases | ||
RISK MANAGEMENT | ||
Financial assets | 1,046,248 | 1,543,691 |
Stage Three | Collective Evaluation | ||
RISK MANAGEMENT | ||
Financial assets | 8,175,971 | 8,784,199 |
Stage Three | Collective Evaluation | Commercial Loans | ||
RISK MANAGEMENT | ||
Financial assets | 2,874,204 | 3,542,040 |
Stage Three | Collective Evaluation | Consumer loans | ||
RISK MANAGEMENT | ||
Financial assets | 2,662,098 | 2,690,381 |
Stage Three | Collective Evaluation | Mortgages | ||
RISK MANAGEMENT | ||
Financial assets | 1,544,442 | 1,188,859 |
Stage Three | Collective Evaluation | Financial Leases | ||
RISK MANAGEMENT | ||
Financial assets | (898,747) | 1,206,321 |
Stage Three | Collective Evaluation | Small Business Loans | ||
RISK MANAGEMENT | ||
Financial assets | 1,993,974 | 156,598 |
ECL | Individual Evaluation | ||
RISK MANAGEMENT | ||
Financial assets | $ 7,700 | |
Percentage of loan portfolio in default | 3.50% | |
ECL | Stage Three | Individual Evaluation | ||
RISK MANAGEMENT | ||
Financial assets | $ 4,410,795 | 4,143,907 |
ECL | Stage Three | Individual Evaluation | Commercial Loans | ||
RISK MANAGEMENT | ||
Financial assets | 3,730,093 | 3,090,340 |
ECL | Stage Three | Individual Evaluation | Financial Leases | ||
RISK MANAGEMENT | ||
Financial assets | 680,702 | 1,053,567 |
ECL | Stage Three | Collective Evaluation | ||
RISK MANAGEMENT | ||
Financial assets | 5,675,335 | 6,151,076 |
ECL | Stage Three | Collective Evaluation | Commercial Loans | ||
RISK MANAGEMENT | ||
Financial assets | 2,419,285 | 2,609,212 |
ECL | Stage Three | Collective Evaluation | Consumer loans | ||
RISK MANAGEMENT | ||
Financial assets | 2,102,473 | 2,351,691 |
ECL | Stage Three | Collective Evaluation | Mortgages | ||
RISK MANAGEMENT | ||
Financial assets | 659,348 | 639,875 |
ECL | Stage Three | Collective Evaluation | Financial Leases | ||
RISK MANAGEMENT | ||
Financial assets | 383,262 | 427,945 |
ECL | Stage Three | Collective Evaluation | Small Business Loans | ||
RISK MANAGEMENT | ||
Financial assets | $ 110,967 | $ 122,353 |
RISK MANAGEMENT - Changes in EC
RISK MANAGEMENT - Changes in ECL (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Optimistic scenario | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | $ (731,608) | $ (1,268,499) |
Pessimistic scenario | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | 1,140,884 | $ 1,827,059 |
GDP Growth | Optimistic scenario | 1% increase | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | (226,212) | |
GDP Growth | Optimistic scenario | Unchanged | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | (123,730) | |
GDP Growth | Optimistic scenario | 1% decrease | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | (3,241) | |
GDP Growth | Base scenario | 1% increase | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | (102,482) | |
GDP Growth | Base scenario | 1% decrease | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | 120,489 | |
GDP Growth | Pessimistic scenario | 1% increase | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | 27,251 | |
GDP Growth | Pessimistic scenario | Unchanged | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | 129,733 | |
GDP Growth | Pessimistic scenario | 1% decrease | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | $ 250,222 |
RISK MANAGEMENT - Impact on ECL
RISK MANAGEMENT - Impact on ECL for each methodology (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Optimistic scenario | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | $ (731,608) | $ (1,268,499) |
Pessimistic scenario | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | 1,140,884 | 1,827,059 |
Collective methodology | Optimistic scenario | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | (179,919) | (819,971) |
Collective methodology | Pessimistic scenario | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | 166,619 | 625,161 |
Collateral methodology | Optimistic scenario | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | (405,438) | (314,094) |
Collateral methodology | Pessimistic scenario | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | 822,293 | 1,071,738 |
Individual methodology | Optimistic scenario | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | (146,251) | (134,434) |
Individual methodology | Pessimistic scenario | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | $ 151,972 | $ 130,160 |
RISK MANAGEMENT - Credit Qual_2
RISK MANAGEMENT - Credit Quality Analysis of the Group (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Other Financial Instruments | ||
RISK MANAGEMENT | ||
Maximum exposure | $ 30,404,102 | $ 30,685,486 |
Collateral (held) pledged | (1,214,779) | (2,530,079) |
Net exposure | $ 29,189,323 | 28,155,407 |
Debt instruments | ||
RISK MANAGEMENT | ||
Percentage of financial instruments not in default | 100.00% | |
Maximum exposure | $ 28,833,828 | 29,003,922 |
Collateral (held) pledged | (1,214,692) | (2,529,943) |
Net exposure | 27,619,136 | 26,473,979 |
Debt instruments | Low Risk | ||
RISK MANAGEMENT | ||
Maximum exposure | 24,183,394 | 25,567,960 |
Debt instruments | Medium Risk | ||
RISK MANAGEMENT | ||
Maximum exposure | 2,730,400 | 2,092,898 |
Debt instruments | High Risk | ||
RISK MANAGEMENT | ||
Maximum exposure | 1,920,034 | 1,343,064 |
Equity securities | ||
RISK MANAGEMENT | ||
Maximum exposure | 480,153 | 588,207 |
Net exposure | 480,153 | 588,207 |
Equity securities | Low Risk | ||
RISK MANAGEMENT | ||
Maximum exposure | 256,916 | 274,916 |
Equity securities | Medium Risk | ||
RISK MANAGEMENT | ||
Maximum exposure | 33,627 | 1,590 |
Equity securities | High Risk | ||
RISK MANAGEMENT | ||
Maximum exposure | 12,526 | 5,767 |
Equity securities | Without Rating | ||
RISK MANAGEMENT | ||
Maximum exposure | $ 177,084 | 305,934 |
Derivatives | ||
RISK MANAGEMENT | ||
Percentage of financial instruments not in default | 99.95% | |
Maximum exposure | $ 1,090,121 | 1,093,357 |
Collateral (held) pledged | (87) | (136) |
Net exposure | 1,090,034 | 1,093,221 |
Derivatives | Low Risk | ||
RISK MANAGEMENT | ||
Maximum exposure | 1,047,939 | 1,078,261 |
Derivatives | Medium Risk | ||
RISK MANAGEMENT | ||
Maximum exposure | 38,521 | 3,380 |
Derivatives | High Risk | ||
RISK MANAGEMENT | ||
Maximum exposure | $ 3,661 | 1,207 |
Derivatives | Without Rating | ||
RISK MANAGEMENT | ||
Maximum exposure | $ 10,509 |
RISK MANAGEMENT - Individual ev
RISK MANAGEMENT - Individual evaluation of impairment for other financial instruments (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt instruments | |||
RISK MANAGEMENT | |||
Maximum exposure | $ 28,833,828 | $ 29,003,922 | |
Debt instruments | Individually assessed | |||
RISK MANAGEMENT | |||
Maximum exposure | 28,833,828 | 29,003,922 | |
Impairment loss on financial assets | 27,923 | 42,371 | |
Final Exposure | 28,805,905 | 28,961,550 | |
Equity securities | |||
RISK MANAGEMENT | |||
Maximum exposure | 480,153 | 588,207 | |
Impairment loss on financial assets | 0 | 0 | $ 0 |
Equity securities | Individually assessed | |||
RISK MANAGEMENT | |||
Maximum exposure | 480,153 | 588,207 | |
Final Exposure | 480,153 | 588,207 | |
Fair value | Debt instruments | Individually assessed | |||
RISK MANAGEMENT | |||
Maximum exposure | 15,036,467 | 15,571,214 | |
Final Exposure | 15,036,467 | 15,571,213 | |
Amortized cost | Debt instruments | Individually assessed | |||
RISK MANAGEMENT | |||
Maximum exposure | 13,797,361 | 13,432,708 | |
Impairment loss on financial assets | 27,923 | 42,371 | |
Final Exposure | 13,769,438 | 13,390,337 | |
Fair value through profit or loss | Equity securities | Individually assessed | |||
RISK MANAGEMENT | |||
Maximum exposure | 85,244 | 69,426 | |
Final Exposure | 85,244 | 69,426 | |
Fair value through other comprehensive income | Equity securities | Individually assessed | |||
RISK MANAGEMENT | |||
Maximum exposure | 394,909 | 518,781 | |
Final Exposure | $ 394,909 | $ 518,781 |
RISK MANAGEMENT - Level of coll
RISK MANAGEMENT - Level of collateral held (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt instruments | ||
RISK MANAGEMENT | ||
Collateral (held) pledged | $ (1,214,692) | $ (2,529,943) |
Derivatives | ||
RISK MANAGEMENT | ||
Collateral (held) pledged | (87) | (136) |
Credit risk | ||
RISK MANAGEMENT | ||
Collateral (held) pledged | (1,214,779) | (2,530,079) |
Credit risk | Debt instruments | ||
RISK MANAGEMENT | ||
Collateral (held) pledged | $ 1,214,692 | $ 2,529,943 |
Main type of collateral | Government bonds (TES) | Government bonds (TES) |
Credit risk | Derivatives | ||
RISK MANAGEMENT | ||
Collateral (held) pledged | $ 87 | $ 136 |
Main type of collateral | Cash | Cash |
RISK MANAGEMENT - Risk exposure
RISK MANAGEMENT - Risk exposure by economic sector and risk region (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt instruments | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | $ 28,833,828 | $ 29,003,922 |
Debt instruments | North America | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 5,275,608 | 5,195,358 |
Debt instruments | Latam | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 23,457,650 | 23,443,701 |
Debt instruments | Europe | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 109,161 | |
Debt instruments | Other (Includes Funds and ETF) | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 100,570 | 255,702 |
Debt instruments | Corporate | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 3,149,784 | 4,731,926 |
Debt instruments | Financial | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 4,437,972 | 1,717,723 |
Debt instruments | Government Sectors | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 21,246,072 | 22,554,273 |
Equity securities | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 480,153 | 588,207 |
Equity securities | North America | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 1,806 | 2 |
Equity securities | Latam | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 443,390 | 538,676 |
Equity securities | Other (Includes Funds and ETF) | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 34,957 | 49,529 |
Equity securities | Corporate | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 248,457 | 419,236 |
Equity securities | Financial | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 199,500 | 87,044 |
Equity securities | Funds and ETF | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 32,196 | 81,927 |
Derivatives | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 1,090,121 | 1,093,357 |
Derivatives | North America | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 67,379 | 34,164 |
Derivatives | Latam | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 352,541 | 600,339 |
Derivatives | Europe | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 306,683 | 458,854 |
Derivatives | Other (Includes Funds and ETF) | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 363,518 | |
Derivatives | Corporate | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 224,762 | 527,599 |
Derivatives | Financial | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 511,994 | 546,356 |
Derivatives | Funds and ETF | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | $ 353,365 | $ 19,402 |
RISK MANAGEMENT - Risk exposu_2
RISK MANAGEMENT - Risk exposure by credit rating (Details) - Other Financial Instruments - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
RISK MANAGEMENT | ||
Unrated credit exposures | $ 177,085 | $ 316,443 |
Maximum exposure | 30,404,102 | 30,685,486 |
Sovereign Risk | ||
RISK MANAGEMENT | ||
Rated credit exposures | 11,714,435 | 9,964,881 |
AAA | ||
RISK MANAGEMENT | ||
Rated credit exposures | 6,566,489 | 9,645,217 |
AA+ | ||
RISK MANAGEMENT | ||
Rated credit exposures | 3,068,211 | 1,781,437 |
AA | ||
RISK MANAGEMENT | ||
Rated credit exposures | 103,626 | 153,263 |
AA- | ||
RISK MANAGEMENT | ||
Rated credit exposures | 23,858 | 450,328 |
A+ | ||
RISK MANAGEMENT | ||
Rated credit exposures | 441,670 | 803,321 |
A | ||
RISK MANAGEMENT | ||
Rated credit exposures | 84,104 | 676,205 |
A- | ||
RISK MANAGEMENT | ||
Rated credit exposures | 661,994 | 307,795 |
BBB+ | ||
RISK MANAGEMENT | ||
Rated credit exposures | 560,987 | 659,735 |
BBB | ||
RISK MANAGEMENT | ||
Rated credit exposures | 307,309 | 1,424,257 |
BBB- | ||
RISK MANAGEMENT | ||
Rated credit exposures | 1,955,566 | 1,054,698 |
Other | ||
RISK MANAGEMENT | ||
Rated credit exposures | $ 4,738,768 | $ 3,447,906 |
RISK MANAGEMENT - Effects of Co
RISK MANAGEMENT - Effects of Covid-19 on credit risk (Details) $ in Billions, $ in Billions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021COP ($)item | Dec. 31, 2021COP ($)item | Dec. 31, 2021USD ($) | Sep. 30, 2021 | Dec. 31, 2020item | |
RISK MANAGEMENT | |||||
Increase in Central Bank monetary policy rate | 0.50% | ||||
Central Bank monetary policy rate | 3.00% | 3.00% | 2.50% | ||
Annual inflation rate | 5.62% | 5.62% | |||
Increase (decrease) in asset purchases by the Fed | $ (15) | ||||
Local Fixed Income, Trading Volume | $ 27.3 | $ 27.3 | |||
Percentage increase (decrease) in monthly trading volume of local fixed assets | (35.70%) | 63.00% | |||
Credit risk | COVID-19 | |||||
RISK MANAGEMENT | |||||
Consumer confidence index (percentage) | (7.00%) | ||||
Percentage increase in consumer confidence | 5.60% | ||||
Credit risk | COVID-19 | COLCAP Stock Index | |||||
RISK MANAGEMENT | |||||
Percentage increase (decrease) in COLCAP stock index | (1.87%) | ||||
Index value | item | 1,410.97 | 1,410.97 | 1,437.89 |
RISK MANAGEMENT - Interest Risk
RISK MANAGEMENT - Interest Risk Sensitivity by Bands and Zones (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Zone 1 | Band One | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 2.74 |
Zone 1 | Band One | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 2.74 |
Zone 1 | Band One | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 1 |
Zone 1 | Band One | Minimum | |
RISK MANAGEMENT | |
Modified Duration | 0 years |
Zone 1 | Band One | Maximum | |
RISK MANAGEMENT | |
Modified Duration | 29 days |
Zone 1 | Band Two | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 2.68 |
Zone 1 | Band Two | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 2.74 |
Zone 1 | Band Two | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 1 |
Zone 1 | Band Two | Minimum | |
RISK MANAGEMENT | |
Modified Duration | 29 days |
Zone 1 | Band Two | Maximum | |
RISK MANAGEMENT | |
Modified Duration | 3 months |
Zone 1 | Band Three | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 2.59 |
Zone 1 | Band Three | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 2.74 |
Zone 1 | Band Three | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 1 |
Zone 1 | Band Three | Minimum | |
RISK MANAGEMENT | |
Modified Duration | 3 months |
Zone 1 | Band Three | Maximum | |
RISK MANAGEMENT | |
Modified Duration | 6 months |
Zone 1 | Band Four | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 2.33 |
Zone 1 | Band Four | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 2.74 |
Zone 1 | Band Four | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 1 |
Zone 1 | Band Four | Minimum | |
RISK MANAGEMENT | |
Modified Duration | 6 months |
Zone 1 | Band Four | Maximum | |
RISK MANAGEMENT | |
Modified Duration | 1 year |
Zone 2 | Band Five | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 2.22 |
Zone 2 | Band Five | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 2.50 |
Zone 2 | Band Five | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 0.90 |
Zone 2 | Band Five | Minimum | |
RISK MANAGEMENT | |
Modified Duration | 1 year |
Zone 2 | Band Five | Maximum | |
RISK MANAGEMENT | |
Modified Duration | 1 year 10 months 24 days |
Zone 2 | Band Six | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 2.22 |
Zone 2 | Band Six | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 2.50 |
Zone 2 | Band Six | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 0.80 |
Zone 2 | Band Six | Minimum | |
RISK MANAGEMENT | |
Modified Duration | 1 year 10 months 24 days |
Zone 2 | Band Six | Maximum | |
RISK MANAGEMENT | |
Modified Duration | 2 years 9 months 18 days |
Zone 2 | Band Seven | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 2.11 |
Zone 2 | Band Seven | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 2.20 |
Zone 2 | Band Seven | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 0.75 |
Zone 2 | Band Seven | Minimum | |
RISK MANAGEMENT | |
Modified Duration | 2 years 9 months 18 days |
Zone 2 | Band Seven | Maximum | |
RISK MANAGEMENT | |
Modified Duration | 3 years 7 months 6 days |
Zone 3 | Band Eight | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 2.11 |
Zone 3 | Band Eight | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 2.20 |
Zone 3 | Band Eight | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 0.75 |
Zone 3 | Band Eight | Minimum | |
RISK MANAGEMENT | |
Modified Duration | 3 years 7 months 6 days |
Zone 3 | Band Eight | Maximum | |
RISK MANAGEMENT | |
Modified Duration | 4 years 3 months 18 days |
Zone 3 | Band Nine | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 1.72 |
Zone 3 | Band Nine | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 2 |
Zone 3 | Band Nine | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 0.70 |
Zone 3 | Band Nine | Minimum | |
RISK MANAGEMENT | |
Modified Duration | 4 years 3 months 18 days |
Zone 3 | Band Nine | Maximum | |
RISK MANAGEMENT | |
Modified Duration | 5 years 8 months 12 days |
Zone 3 | Band Ten | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 1.62 |
Zone 3 | Band Ten | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 1.70 |
Zone 3 | Band Ten | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 0.65 |
Zone 3 | Band Ten | Minimum | |
RISK MANAGEMENT | |
Modified Duration | 5 years 8 months 12 days |
Zone 3 | Band Ten | Maximum | |
RISK MANAGEMENT | |
Modified Duration | 7 years 3 months 18 days |
Zone 3 | Band Eleven | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 1.62 |
Zone 3 | Band Eleven | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 1.70 |
Zone 3 | Band Eleven | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 0.60 |
Zone 3 | Band Eleven | Minimum | |
RISK MANAGEMENT | |
Modified Duration | 7 years 3 months 18 days |
Zone 3 | Band Eleven | Maximum | |
RISK MANAGEMENT | |
Modified Duration | 9 years 3 months 18 days |
Zone 3 | Band Twelve | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 1.62 |
Zone 3 | Band Twelve | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 1.70 |
Zone 3 | Band Twelve | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 0.60 |
Zone 3 | Band Twelve | Minimum | |
RISK MANAGEMENT | |
Modified Duration | 9 years 3 months 18 days |
Zone 3 | Band Twelve | Maximum | |
RISK MANAGEMENT | |
Modified Duration | 10 years 7 months 6 days |
Zone 3 | Band Thirteen | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 1.62 |
Zone 3 | Band Thirteen | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 1.70 |
Zone 3 | Band Thirteen | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 0.60 |
Zone 3 | Band Thirteen | Minimum | |
RISK MANAGEMENT | |
Modified Duration | 10 years 7 months 6 days |
Zone 3 | Band Thirteen | Maximum | |
RISK MANAGEMENT | |
Modified Duration | 12 years |
Zone 3 | Band Fourteen | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 1.62 |
Zone 3 | Band Fourteen | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 1.70 |
Zone 3 | Band Fourteen | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 0.60 |
Zone 3 | Band Fourteen | Minimum | |
RISK MANAGEMENT | |
Modified Duration | 12 years |
Zone 3 | Band Fourteen | Maximum | |
RISK MANAGEMENT | |
Modified Duration | 20 years |
Zone 3 | Band Fifteen | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 1.62 |
Zone 3 | Band Fifteen | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 1.70 |
Zone 3 | Band Fifteen | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (bps) | 0.60 |
Zone 3 | Band Fifteen | Minimum | |
RISK MANAGEMENT | |
Modified Duration | 20 years |
RISK MANAGEMENT - Currency, Equ
RISK MANAGEMENT - Currency, Equity and Fund Risk (Details) | 12 Months Ended |
Dec. 31, 2021 | |
USD | |
RISK MANAGEMENT | |
Sensitivity Factor | 12.49% |
Euro | |
RISK MANAGEMENT | |
Sensitivity Factor | 11.00% |
Other currencies | |
RISK MANAGEMENT | |
Sensitivity Factor | 13.02% |
Equity and Fund Risk | |
RISK MANAGEMENT | |
Sensitivity Factor | 14.70% |
RISK MANAGEMENT - Total Market
RISK MANAGEMENT - Total Market Risk VaR (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
RISK MANAGEMENT | ||
Percentage increase (decrease) in VaR | 0.70% | |
Value at risk | $ 817,301 | $ 811,247 |
Percentage increase (decrease) in interest rate risk | 0.20% | |
Average | ||
RISK MANAGEMENT | ||
Value at risk | $ 808,130 | 1,076,050 |
Maximum | ||
RISK MANAGEMENT | ||
Value at risk | 862,101 | 1,974,758 |
Minimum | ||
RISK MANAGEMENT | ||
Value at risk | 743,910 | 673,680 |
Interest Rate Risk | ||
RISK MANAGEMENT | ||
Value at risk | 403,556 | 402,882 |
Interest Rate Risk | Average | ||
RISK MANAGEMENT | ||
Value at risk | 407,530 | 340,886 |
Interest Rate Risk | Maximum | ||
RISK MANAGEMENT | ||
Value at risk | 450,774 | 402,882 |
Interest Rate Risk | Minimum | ||
RISK MANAGEMENT | ||
Value at risk | 347,163 | 286,283 |
Exchange Rate | ||
RISK MANAGEMENT | ||
Value at risk | 88,477 | 95,926 |
Exchange Rate | Average | ||
RISK MANAGEMENT | ||
Value at risk | 82,247 | 421,716 |
Exchange Rate | Maximum | ||
RISK MANAGEMENT | ||
Value at risk | 98,848 | 1,344,673 |
Exchange Rate | Minimum | ||
RISK MANAGEMENT | ||
Value at risk | 63,375 | 54,056 |
Equity price risk | ||
RISK MANAGEMENT | ||
Value at risk | 99,895 | 98,131 |
Equity price risk | Average | ||
RISK MANAGEMENT | ||
Value at risk | 96,543 | 99,033 |
Equity price risk | Maximum | ||
RISK MANAGEMENT | ||
Value at risk | 103,187 | 130,654 |
Equity price risk | Minimum | ||
RISK MANAGEMENT | ||
Value at risk | 91,944 | 89,564 |
Collective Portfolios | ||
RISK MANAGEMENT | ||
Value at risk | 225,373 | 214,308 |
Collective Portfolios | Average | ||
RISK MANAGEMENT | ||
Value at risk | 221,810 | 214,415 |
Collective Portfolios | Maximum | ||
RISK MANAGEMENT | ||
Value at risk | 225,892 | 218,487 |
Collective Portfolios | Minimum | ||
RISK MANAGEMENT | ||
Value at risk | $ 216,153 | $ 208,928 |
RISK MANAGEMENT - Sensitivity t
RISK MANAGEMENT - Sensitivity to Interest Rate Risk of the Banking Book (Details) $ in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021COP ($) | Dec. 31, 2020COP ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Interest Rate Risk | ||||
RISK MANAGEMENT | ||||
Assets sensitivity 50 bps | $ 859,122 | $ 759,905 | $ 77,106 | $ 68,577 |
Liabilities sensitivity 50 bps | 419,027 | 399,109 | 55,786 | 58,009 |
Net sensitivity 50 bps | $ 440,095 | 360,796 | $ 21,320 | $ 10,568 |
Equity price risk | ||||
RISK MANAGEMENT | ||||
Percentage of increase in market value of investments | 23.00% | |||
Fair value | $ 49,925 | $ 40,502 | ||
Delta, decrease in measurement input | 14.70% | 14.70% | 14.70% | 14.70% |
Sensitivity (decrease in value) | $ 7,339 | $ 5,954 | ||
Market Risk | ||||
RISK MANAGEMENT | ||||
Fair value | $ 43,000 | $ 50,000 |
RISK MANAGEMENT - Covid-19 effe
RISK MANAGEMENT - Covid-19 effects on Market Risk (Details) - Interest Rate Risk $ in Thousands, $ in Millions | Dec. 31, 2021COP ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020COP ($) | Dec. 31, 2020USD ($) |
RISK MANAGEMENT | ||||
Assets sensitivity 50 bps | $ 859,122 | $ 77,106 | $ 759,905 | $ 68,577 |
Liabilities sensitivity 50 bps | 419,027 | 55,786 | 399,109 | 58,009 |
Net sensitivity 50 bps | $ 440,095 | $ 21,320 | $ 360,796 | $ 10,568 |
RISK MANAGEMENT - Liquidity ris
RISK MANAGEMENT - Liquidity risk exposure (Details) - Liquidity risk - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
RISK MANAGEMENT | ||
Net cash outflows into 30 days | $ 15,897,163 | $ 14,073,878 |
Liquid assets | $ 44,198,889 | $ 37,757,819 |
Liquidity coverage ratio | 278.03% | 268.28% |
RISK MANAGEMENT - Liquid Assets
RISK MANAGEMENT - Liquid Assets (Details) - Liquidity risk - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
RISK MANAGEMENT | ||
Liquid assets | $ 44,198,889 | $ 37,757,819 |
High quality liquid assets | Cash | ||
RISK MANAGEMENT | ||
Liquid assets | 22,641,516 | 18,356,375 |
High quality liquid assets | High quality liquid securities | ||
RISK MANAGEMENT | ||
Liquid assets | 18,258,002 | 16,729,107 |
Other liquid assets | Other securities | ||
RISK MANAGEMENT | ||
Liquid assets | $ 3,299,371 | $ 2,672,337 |
RISK MANAGEMENT - Contractual m
RISK MANAGEMENT - Contractual maturities of financial assets (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
RISK MANAGEMENT | ||
Financial assets | $ 29,289,301 | $ 29,553,003 |
Less than 1 year | ||
RISK MANAGEMENT | ||
Financial assets | 125,705,163 | 108,966,678 |
1 to 3 years | ||
RISK MANAGEMENT | ||
Financial assets | 92,464,629 | 77,996,853 |
3 to 5 years | ||
RISK MANAGEMENT | ||
Financial assets | 53,107,791 | 45,912,661 |
Greater than 5 years | ||
RISK MANAGEMENT | ||
Financial assets | 86,930,539 | 72,790,907 |
Cash and balances with central bank | Less than 1 year | ||
RISK MANAGEMENT | ||
Financial assets | 23,147,676 | 20,185,074 |
Interbank borrowings - Repurchase agreements | Less than 1 year | ||
RISK MANAGEMENT | ||
Financial assets | 2,815,395 | 3,749,640 |
Interbank borrowings - Repurchase agreements | 1 to 3 years | ||
RISK MANAGEMENT | ||
Financial assets | 16,009 | 35,310 |
Financial assets investments | Less than 1 year | ||
RISK MANAGEMENT | ||
Financial assets | 12,928,653 | 12,991,981 |
Financial assets investments | 1 to 3 years | ||
RISK MANAGEMENT | ||
Financial assets | 12,045,202 | 10,019,356 |
Financial assets investments | 3 to 5 years | ||
RISK MANAGEMENT | ||
Financial assets | 3,367,322 | 3,898,989 |
Financial assets investments | Greater than 5 years | ||
RISK MANAGEMENT | ||
Financial assets | 3,776,184 | 4,062,918 |
Loans and advances to customers | Less than 1 year | ||
RISK MANAGEMENT | ||
Financial assets | 79,699,695 | 65,699,670 |
Loans and advances to customers | 1 to 3 years | ||
RISK MANAGEMENT | ||
Financial assets | 77,406,800 | 65,425,431 |
Loans and advances to customers | 3 to 5 years | ||
RISK MANAGEMENT | ||
Financial assets | 48,316,830 | 41,214,446 |
Loans and advances to customers | Greater than 5 years | ||
RISK MANAGEMENT | ||
Financial assets | 82,004,125 | 67,751,331 |
Derivative financial instruments | Less than 1 year | ||
RISK MANAGEMENT | ||
Financial assets | 7,113,744 | 6,340,313 |
Derivative financial instruments | 1 to 3 years | ||
RISK MANAGEMENT | ||
Financial assets | 2,996,618 | 2,516,756 |
Derivative financial instruments | 3 to 5 years | ||
RISK MANAGEMENT | ||
Financial assets | 1,423,639 | 799,226 |
Derivative financial instruments | Greater than 5 years | ||
RISK MANAGEMENT | ||
Financial assets | $ 1,150,230 | $ 976,658 |
RISK MANAGEMENT - Contractual_2
RISK MANAGEMENT - Contractual maturities of financial liabilities (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Less than 1 year | ||
RISK MANAGEMENT | ||
Financial liabilities | $ 215,707,759 | $ 177,723,551 |
1 to 3 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 25,275,809 | 25,234,355 |
3 to 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 13,184,196 | 14,754,705 |
Greater than 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 15,829,526 | 11,674,797 |
Demand deposit from customers | Less than 1 year | ||
RISK MANAGEMENT | ||
Financial liabilities | 147,346,348 | 118,041,884 |
Time deposits from customers | Less than 1 year | ||
RISK MANAGEMENT | ||
Financial liabilities | 43,981,065 | 43,948,183 |
Time deposits from customers | 1 to 3 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 12,910,755 | 12,555,125 |
Time deposits from customers | 3 to 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 3,380,419 | 5,563,309 |
Time deposits from customers | Greater than 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 3,652,367 | 1,345,843 |
Interbank deposits - Repurchase agreements | Less than 1 year | ||
RISK MANAGEMENT | ||
Financial liabilities | 1,613,808 | 2,937,007 |
Interbank deposits - Repurchase agreements | 1 to 3 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 7,241 | 38,892 |
Borrowings from other financial institutions | Less than 1 year | ||
RISK MANAGEMENT | ||
Financial liabilities | 9,047,192 | 5,021,402 |
Borrowings from other financial institutions | 1 to 3 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 4,500,806 | 3,353,845 |
Borrowings from other financial institutions | 3 to 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 2,171,491 | 2,169,508 |
Borrowings from other financial institutions | Greater than 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 1,298,168 | 1,282,177 |
Debt securities in issue | Less than 1 year | ||
RISK MANAGEMENT | ||
Financial liabilities | 6,772,372 | 1,684,715 |
Debt securities in issue | 1 to 3 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 4,958,788 | 6,932,978 |
Debt securities in issue | 3 to 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 5,917,577 | 6,261,008 |
Debt securities in issue | Greater than 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 9,021,223 | 7,950,753 |
Derivative financial instruments | Less than 1 year | ||
RISK MANAGEMENT | ||
Financial liabilities | 6,946,974 | 6,090,360 |
Derivative financial instruments | 1 to 3 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 2,898,219 | 2,353,515 |
Derivative financial instruments | 3 to 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 1,714,709 | 760,880 |
Derivative financial instruments | Greater than 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | $ 1,857,768 | $ 1,096,024 |
Mortgage Loans | Minimum | ||
RISK MANAGEMENT | ||
Debt instrument maturity | 15 years | |
Mortgage Loans | Maximum | ||
RISK MANAGEMENT | ||
Debt instrument maturity | 30 years |
RISK MANAGEMENT - Financial gua
RISK MANAGEMENT - Financial guarantees (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
RISK MANAGEMENT | ||
Financial guarantees | $ 9,036,464 | $ 7,673,516 |
Less than 1 year | ||
RISK MANAGEMENT | ||
Financial guarantees | 7,287,923 | 3,917,713 |
1 to 3 years | ||
RISK MANAGEMENT | ||
Financial guarantees | 1,513,774 | 3,568,858 |
3 to 5 years | ||
RISK MANAGEMENT | ||
Financial guarantees | 84,273 | 42,788 |
Greater than 5 years | ||
RISK MANAGEMENT | ||
Financial guarantees | $ 150,494 | $ 144,157 |
RISK MANAGEMENT - Interest Rate
RISK MANAGEMENT - Interest Rate Benchmark Reform (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Derivative financial assets | $ 2,454,005 | $ 2,800,719 |
TOTAL ASSETS | 289,855,048 | 255,568,505 |
Liabilities | ||
Term deposits | 59,492,839 | 61,083,519 |
TOTAL LIABILITIES | 255,929,590 | 227,453,292 |
Interest Rate Benchmark Reform | USD LIBOR | ||
Assets | ||
Loans | 24,077,401 | 16,144,745 |
Bonds | 954,238 | 522,796 |
Derivative financial assets | 170,402 | 124,822 |
TOTAL ASSETS | 25,202,041 | 16,792,363 |
Liabilities | ||
Loans | 4,123,825 | 5,526,743 |
Term deposits | 11,700 | 3,168 |
TOTAL LIABILITIES | $ 4,135,525 | $ 5,529,911 |
RISK MANAGEMENT - Capital manag
RISK MANAGEMENT - Capital management (Details) - COP ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Regulatory Capital and Capital Adequacy Ratios | ||
Primary capital (Tier I) | $ 25,513,812 | $ 20,824,348 |
Secondary capital (Tier II) | 7,635,894 | 6,494,242 |
Technical capital deductions | 14,599 | 14,231 |
Technical capital | 33,135,107 | 27,304,359 |
Risk-weighted assets (RWA) | 189,235,497 | 161,376,984 |
Market Risk | 8,685,251 | 8,570,279 |
Operational Risk | 16,035,309 | 15,268,313 |
Leverage level | $ 304,076,581 | $ 264,425,656 |
Leverage level to RWA and others | 8.39% | 7.88% |
Primary capital to RWA (Tier I) | 11.92% | 11.24% |
Combined capital buffers | 7.42% | 6.74% |
Secondary capital to RWA (Tier II) | 11.92% | 11.24% |
Technical capital to RWA | 15.49% | 14.74% |
SUBSEQUENT EVENTS - Ordinary cl
SUBSEQUENT EVENTS - Ordinary claim filed (Details) - Ordinary claim filed by Menelao Mora and Said Diaz - Legal proceedings contingent liability | Mar. 04, 2022USD ($) |
SUBSEQUENT EVENTS | |
Additional award per plaintiff for costs incurred | $ 261 |
Legal proceedings provision | $ 2,561 |
SUBSEQUENT EVENTS - Acquisition
SUBSEQUENT EVENTS - Acquisition (Details) - COP ($) $ in Millions | Mar. 01, 2022 | Nov. 30, 2021 | Jun. 09, 2021 |
SUBSEQUENT EVENTS | |||
Non-controlling interest at fair value | $ 1,047 | ||
PA FAI Calle 77 acquisition | |||
SUBSEQUENT EVENTS | |||
Percentage of interest acquired | 98.00% | ||
Purchase price | $ 56,968 | ||
Cash transferred | $ 29,025 | ||
Percentage of ownership interests held by non-controlling interest | 2.00% | ||
Non-controlling interest at fair value | $ 1,166 | ||
PA FAI Calle 77 acquisition | Active financial leasing operation | |||
SUBSEQUENT EVENTS | |||
Cash transferred | $ 27,943 |
SUBSEQUENT EVENTS - Purchase pr
SUBSEQUENT EVENTS - Purchase price allocation (Details) - COP ($) $ in Millions | Mar. 01, 2022 | Nov. 30, 2021 | Jun. 09, 2021 |
Purchase Price Allocation | |||
Non-controlling interest at fair value | $ 1,047 | ||
PA FAI Calle 77 acquisition | |||
Purchase Price Allocation | |||
Purchase price | $ 56,968 | ||
Non-controlling interest at fair value | $ 1,166 | ||
TOTAL | 58,134 | ||
Assets | |||
Cash and cash equivalents | 799 | ||
Accounts receivable | 299 | ||
Premises and equipment, net | 3 | ||
Investment property | 60,849 | ||
Other assets | 79 | ||
Total Assets | 62,029 | ||
Liability | |||
Accounts payable | 1,080 | ||
Deferred tax | 283 | ||
Other liabilities | 99 | ||
Total Liabilities | 1,462 | ||
Fair value of net assets acquired | 60,567 | ||
Gain from a bargain purchase | $ 2,433 | ||
Period of time between purchase price agreement and transfer of control | 9 months |