Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
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, 2023 | |
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 Financial Statement Error Correction [Flag] | true | |
Document Financial Statement Restatement Recovery Analysis [Flag] | false | |
Document Accounting Standard | International Financial Reporting Standards | |
Entity Shell Company | false | |
Entity Central Index Key | 0001071371 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Auditor Firm ID | 6466 | 6466 |
Auditor Name | PwC Contadores y Auditores S. A. S. | PwC Contadores y Auditores S. A. S. |
Auditor Location | Medellín, Colombia | Medellín, Colombia |
Business Contact | ||
Document and Entity Information | ||
Contact Personnel Name | Catalina Tobón Rivera, Investor Relations Director | |
Country Region | 57 | |
City Area Code | 601 | |
Local Phone Number | 4885950 | |
Contact Personnel Email Address | ctobon@bancolombia.com.co | |
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 | |
3.000% Senior Notes due 2025 | ||
Document and Entity Information | ||
Title of 12(b) Security | 3.000% Senior Notes due 2025 | |
Trading Symbol | CIB25 | |
Security Exchange Name | NYSE | |
6.909% Subordinated Notes due 2027 | ||
Document and Entity Information | ||
Title of 12(b) Security | 6.909% Subordinated Notes due 2027 | |
Trading Symbol | CIB27 | |
Security Exchange Name | NYSE | |
4.625% Subordinated Notes due 2029 | ||
Document and Entity Information | ||
Title of 12(b) Security | 4.625% Subordinated Notes due 2029 | |
Trading Symbol | CIB29 | |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENT OF FINAN
CONSOLIDATED STATEMENT OF FINANCIAL POSITION - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 39,799,609 | $ 31,645,291 |
Financial assets investments | 25,674,195 | 27,940,140 |
Derivative financial instruments | 6,252,270 | 4,961,237 |
Financial assets investments and derivative financial instruments | 31,926,465 | 32,901,377 |
Loans and advances to customers | 237,728,544 | 254,444,099 |
Assets held for sale and inventories, net | 906,753 | 608,449 |
Investment in associates and joint ventures | 2,997,603 | 2,915,633 |
Investment properties | 4,709,911 | 3,994,058 |
Premises and equipment | 6,522,534 | 6,727,066 |
Right-of-use assets, lease | 1,634,045 | 1,827,108 |
Goodwill and intangible assets, net | 8,489,697 | 10,439,192 |
Deferred tax, net | 685,612 | 764,594 |
Other assets, net | 7,528,036 | 6,547,866 |
TOTAL ASSETS | 342,928,809 | 352,814,733 |
LIABILITIES | ||
Deposits by customers | 247,941,180 | 250,992,323 |
Interbank deposits and repurchase agreements and other similar secured borrowing | 1,076,436 | 1,091,184 |
Derivative financial instruments | 6,710,364 | 4,737,454 |
Borrowings from other financial institutions | 15,648,606 | 19,692,638 |
Debt instruments in issue | 14,663,576 | 19,575,988 |
Lease liabilities | 1,773,610 | 1,900,268 |
Preferred shares | 584,204 | 584,204 |
Current tax | 164,339 | 965,180 |
Deferred tax, net | 1,785,230 | 633,361 |
Employee benefit plans | 882,954 | 765,371 |
Other liabilities | 12,648,581 | 11,879,211 |
TOTAL LIABILITIES | 303,879,080 | 312,817,182 |
EQUITY | ||
Share capital | 480,914 | 480,914 |
Additional paid-in-capital | 4,857,454 | 4,857,454 |
Appropriated reserves | 20,044,769 | 15,930,665 |
Retained earnings | 2,515,278 | 3,278,164 |
Net income attributable to equity holders of the Parent Company | 6,116,936 | 6,783,490 |
Accumulated other comprehensive income, net of tax | 4,074,161 | 7,758,216 |
SHAREHOLDERS' EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT COMPANY | 38,089,512 | 39,088,903 |
Non-controlling interest | 960,217 | 908,648 |
TOTAL EQUITY | 39,049,729 | 39,997,551 |
TOTAL LIABILITIES AND EQUITY | 342,928,809 | 352,814,733 |
Cost | ||
ASSETS | ||
Loans and advances to customers | 253,951,647 | 269,923,739 |
Premises and equipment | 9,062,128 | 9,166,204 |
Right-of-use assets, lease | 2,383,508 | 2,555,720 |
Allowance | ||
ASSETS | ||
Loans and advances to customers | $ (16,223,103) | $ (15,479,640) |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest on loans and financial leases | |||
Total interest income on loans and financial leases | $ 35,240,787 | $ 24,783,493 | $ 15,344,290 |
Interest on debt instruments using the effective interest method | 1,029,377 | 588,792 | 311,488 |
Total Interest on financial instruments using the effective interest method | 36,270,164 | 25,372,285 | 15,655,778 |
Interest income on overnight and market funds | 197,307 | 61,962 | 9,413 |
Interest and valuation on financial instruments | 578,688 | 1,362,700 | 470,554 |
Total interest and valuation on financial instruments | 37,046,159 | 26,796,947 | 16,135,745 |
Interest expenses | (16,668,295) | (8,442,470) | (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 | 20,377,864 | 18,354,477 | 11,784,189 |
Credit impairment charges on loans, advances and financial leases, net | (7,461,479) | (3,721,353) | (2,521,178) |
Credit (impairment) recovery for other financial instruments | (107) | (70,344) | 100,648 |
Total credit impairment charges, net | (7,461,586) | (3,791,697) | (2,420,530) |
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 | 12,916,278 | 14,562,780 | 9,363,659 |
Fees and commissions income | 7,080,878 | 6,370,526 | 5,293,804 |
Fees and commissions expenses | (3,097,280) | (2,590,166) | (1,860,683) |
Total fees and commissions, net | 3,983,598 | 3,780,360 | 3,433,121 |
Other operating income | 3,979,650 | 2,053,435 | 2,022,141 |
Dividends and net income on equity investments | 210,185 | 235,854 | 328,344 |
Total operating income, net | 21,089,711 | 20,632,429 | 15,147,265 |
Operating expenses | |||
Salaries and employee benefits | (5,350,234) | (4,417,656) | (3,782,596) |
Other administrative and general expenses | (5,033,944) | (4,559,900) | (3,740,506) |
Taxes other than income tax | (1,433,148) | (929,512) | (719,593) |
Impairment, depreciation and amortization | (1,124,859) | (980,575) | (920,558) |
Total operating expenses | (12,942,185) | (10,887,643) | (9,163,253) |
Profit before income tax | 8,147,526 | 9,744,786 | 5,984,012 |
Income tax | (1,932,555) | (2,748,421) | (1,776,225) |
Net income | 6,214,971 | 6,996,365 | 4,207,787 |
Net income attributable to equity holders of the Parent Company | 6,116,936 | 6,783,490 | 4,086,795 |
Non-controlling interest | $ 98,035 | $ 212,875 | $ 120,992 |
Basic earnings per share to common shareholders, stated in units of pesos | $ 6,420 | $ 7,113 | $ 4,309 |
Diluted earnings per share to common shareholders, stated in units of pesos | $ 6,420 | $ 7,113 | $ 4,309 |
Commercial | |||
Interest on loans and financial leases | |||
Total interest income on loans and financial leases | $ 17,277,481 | $ 10,950,463 | $ 6,073,718 |
Consumer | |||
Interest on loans and financial leases | |||
Total interest income on loans and financial leases | 10,062,092 | 7,821,758 | 5,362,194 |
Small Business Loans [Member] | |||
Interest on loans and financial leases | |||
Total interest income on loans and financial leases | 169,301 | 172,384 | 135,914 |
Mortgage | |||
Interest on loans and financial leases | |||
Total interest income on loans and financial leases | 3,852,725 | 3,377,432 | 2,331,971 |
Financial Leases | |||
Interest on loans and financial leases | |||
Total interest income on loans and financial leases | $ 3,879,188 | $ 2,461,456 | $ 1,440,493 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||
Net income | $ 6,214,971 | $ 6,996,365 | $ 4,207,787 | |
Other comprehensive income/(loss) that will not be reclassified to net income | ||||
Remeasurement income related to defined benefit liability | (44,594) | 69,249 | 7,444 | |
Income tax | 13,234 | (25,090) | (1,791) | |
Net of tax amount | (31,360) | 44,159 | 5,653 | |
Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) | ||||
Unrealized gain | 11,144 | 33,354 | 3,994 | |
Income tax | (246) | (1,282) | 48,153 | |
Net of tax amount | 10,898 | 32,072 | 52,147 | |
Gains on asset revaluation | ||||
Income tax | (71) | (142) | ||
Net of tax amount | (71) | (142) | ||
Total other comprehensive income that will not be reclassified to net income, net of tax | (20,462) | 76,160 | 57,658 | |
Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) | ||||
(Loss)/Gain on investments recycled to profit or loss upon disposal | (8,679) | 15,250 | 34,440 | |
Unrealized gain/(loss) | 119,225 | (182,729) | (101,544) | |
Unrealized (loss)/gain for fair value hedging | (3,647) | 6,285 | ||
Changes in loss allowance for credit losses | 3,741 | (1,259) | (233) | |
Income tax | (21,023) | 7,843 | 9,527 | |
Net of tax amount | 93,264 | (164,542) | (51,525) | |
Foreign currency translation adjustments: | ||||
Exchange differences arising on translating the foreign operations | (4,963,913) | 4,064,795 | 2,513,742 | |
Gain / (Loss) on net investment hedge in foreign operations | 1,948,833 | (1,833,087) | (1,207,052) | |
Income tax | (772,755) | 746,232 | 493,346 | |
Net of tax amount | [1] | (3,787,835) | 2,977,940 | 1,800,036 |
Unrealized (loss)/gain on investments in associates and joint ventures using equity method | (2,225) | (1,929) | 2,913 | |
Income tax | 2,223 | (1,221) | (982) | |
Net of tax amount | (2) | (3,150) | 1,931 | |
Total other comprehensive income that may be reclassified to net income, net of tax | (3,694,573) | 2,810,248 | 1,750,442 | |
Other comprehensive income, attributable to the owners of the Parent Company, net of tax | (3,715,035) | 2,886,408 | 1,808,100 | |
Other comprehensive income, attributable to the Non-controlling interest | (5,222) | 3,441 | 6,540 | |
Total comprehensive income | 2,494,714 | 9,886,214 | 6,022,427 | |
Total comprehensive income attributable to: Equity holders of the Parent Company | 2,401,901 | 9,669,898 | 5,894,895 | |
Total comprehensive income attributable to: Non-controlling interests | $ 92,813 | $ 216,316 | $ 127,532 | |
[1] Note |
CONSOLIDATED STATEMENT OF COM_2
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) | Dec. 31, 2023 | Dec. 31, 2022 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||
Percentage of revaluation of Colombian peso against US Dollar | 20.54% | |
Percentage of devaluation of Colombian peso against US Dollar | 20.82% |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - COP ($) $ in Millions | 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 | |
Beginning 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 | [1] | (122,725) | 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 | ||||||
Ending 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 | |
Transfer to profit from previous years | 4,086,795 | (4,086,795) | |||||||||||||
Dividend payment | (2,943,199) | (2,943,199) | (2,943,199) | ||||||||||||
Other reserves | (29,426) | 1,269,658 | (1,299,084) | (29,426) | |||||||||||
Realization of retained earnings | [1],[2] | (15,408) | 798 | 12,029 | 2,581 | ||||||||||
Others | 11,776 | 11,776 | 11,776 | ||||||||||||
Acquisition Non-controlling interest | [3] | 145,507 | 145,507 | (961,588) | (816,081) | ||||||||||
Non-controlling interest | (37,191) | (37,191) | |||||||||||||
Net income | 6,783,490 | 6,783,490 | 212,875 | 6,996,365 | |||||||||||
Other comprehensive income | 2,886,408 | 2,977,940 | 32,072 | (164,542) | (71) | (3,150) | 44,159 | 3,441 | 2,889,849 | ||||||
Ending balance at Dec. 31, 2022 | 39,088,903 | 480,914 | 4,857,454 | 15,930,665 | 7,762,214 | 152,028 | (160,570) | 2,137 | 11,522 | (9,115) | 3,278,164 | 6,783,490 | 908,648 | 39,997,551 | |
Transfer to profit from previous years | 6,783,490 | (6,783,490) | |||||||||||||
Dividend payment | (3,343,319) | (3,343,319) | (3,343,319) | ||||||||||||
Other reserves | (35,580) | 4,114,104 | (4,149,684) | (35,580) | |||||||||||
Realization of retained earnings | [4] | 30,980 | (30,980) | ||||||||||||
Others | (22,393) | (22,393) | (22,393) | ||||||||||||
Non-controlling interest | (41,244) | (41,244) | |||||||||||||
Net income | 6,116,936 | 6,116,936 | 98,035 | 6,214,971 | |||||||||||
Other comprehensive income | (3,715,035) | (3,787,835) | 10,898 | 93,264 | (2) | (31,360) | (5,222) | (3,720,257) | |||||||
Ending balance at Dec. 31, 2023 | $ 38,089,512 | $ 480,914 | $ 4,857,454 | $ 20,044,769 | $ 3,974,379 | $ 193,906 | $ (67,306) | $ 2,137 | $ 11,520 | $ (40,475) | $ 2,515,278 | $ 6,116,936 | $ 960,217 | $ 39,049,729 | |
[1] Mainly corresponds to partial payments of asset-backed securities investments. Corresponds to termination to the Pension Premium Plan. For further information see Note 19.3 Retirement Pension Premium Plan and Executive Pension Plan Premium. During the third trimester of 2022, the Parent Company increased its participation percentage in FCP Fondo Inmobiliario Colombia. As of December 31, 2022, the Parent Company’s’ participation in said the private equity fund increased to 80.47% . For further information see Note 1 Reporting Entity. Corresponds mainly to the exchange of shares from Bolsa de Valores de Colombia for shares of the Holding Bursátil Regional in Chile. The Holding Bursátil Regional was constituted as of the integration of the Colombia, Peru and Chile Stock Exchanges in November 2023. See Note 5.1. Financial assets investments. |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends paid, ordinary shares per share | $ 3,536 | $ 3,120 | $ 260 |
FCP Fondo Inmobiliario Colombia | |||
Percentage of investment in private equity fund | 80.47% | ||
Common shares | |||
Number of shares outstanding | 509,704,584 | 509,704,584 | 509,704,584 |
Preferred shares | |||
Number of shares outstanding | 452,122,416 | 452,122,416 | 452,122,416 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOW - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Cash flows from operating activities: | ||||
Net income | $ 6,214,971 | $ 6,996,365 | $ 4,207,787 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 1,082,838 | 949,448 | 855,167 | |
Other assets impairment | 42,021 | 31,127 | 65,391 | |
Impairment of investments in associates and joint ventures | 108,175 | 9,633 | 1,733 | |
Equity method | (113,115) | (219,105) | (199,652) | |
Credit impairment charges on loans and advances and financial leases | 7,461,479 | 3,721,353 | 2,521,178 | |
Credit impairment (recovery) charges on off balance sheet credit and other financial instruments | [1] | 107 | 70,344 | (100,648) |
Gain on sales of assets held for sale and inventories | (170,910) | (171,482) | (227,445) | |
Valuation gain on investment securities | (1,680,403) | (1,786,416) | (790,063) | |
Loss upon disposal of investment in subsidiary, associates, and joint ventures | [2] | 41,434 | ||
Valuation (losses) gain on derivative financial instruments | (180,246) | (68,055) | (319,524) | |
Income tax | 1,932,555 | 2,748,421 | 1,776,225 | |
Bonuses and short-term benefits | 734,916 | 640,458 | 526,273 | |
Dividends | (127,427) | (59,072) | (108,079) | |
Investment property valuation | (197,526) | (236,617) | (67,762) | |
Effect of exchange rate changes | [3] | (245,915) | (224,788) | 507,449 |
Other non-cash items | 74,905 | 22,632 | (29,076) | |
Net interest | (18,572,492) | (16,341,023) | (10,992,734) | |
Change in operating assets and liabilities: | ||||
Decrease in derivative financial instruments | 859,961 | 348,554 | 245,064 | |
(Increase) Decrease in accounts receivable | (525,550) | 515,052 | (489,266) | |
Increase in loans and advances to customers | (10,554,946) | (37,593,875) | (24,057,389) | |
Increase other assets | (1,151,822) | (724,769) | (278,776) | |
Increase in accounts payable | 945,923 | 2,719,586 | 1,271,347 | |
(Increase) Decrease in other liabilities | 245,593 | (127,044) | (296,865) | |
Increase in deposits by customers | 17,025,357 | 23,214,318 | 19,290,140 | |
(Decrease) Increase in estimated liabilities and provisions | (40,602) | (31,945) | 21,629 | |
Net changes in investment securities recognized at fair value through profit or loss | (1,988,166) | 6,321,440 | 1,834,085 | |
Proceeds from sales of assets held for sale and inventories | 1,060,642 | 778,328 | 735,788 | |
Recovery of charged-off loans | 770,934 | 674,966 | 565,436 | |
Income tax paid | (2,737,511) | (2,057,388) | (1,441,413) | |
Dividend received | 155,676 | 81,899 | 90,822 | |
Interest received | 34,702,410 | 23,603,725 | 15,896,674 | |
Interest paid | (15,978,748) | (7,508,066) | (4,410,742) | |
Net cash provided by operating activities | 19,153,084 | 6,339,438 | 6,602,754 | |
Cash flows from investment activities: | ||||
Purchases of debt instruments at amortized cost | (3,629,543) | (4,915,717) | (3,722,124) | |
Proceeds from maturities of debt instruments at amortized cost | 4,738,686 | 4,260,063 | 2,984,260 | |
Purchases of debt instruments at fair value through OCI | (7,837,997) | (6,562,334) | (8,850,491) | |
Proceeds from debt instruments at fair value through OCI | 9,253,538 | 6,797,420 | 10,699,010 | |
Purchases of equity instruments at fair value through OCI and interests in associates and joint ventures | (122,910) | (255,129) | (44,915) | |
Proceeds from equity instruments at fair value through OCI and interests in associates and joint ventures | 16,804 | 198,807 | 69,448 | |
Consideration paid to non-controlling interests | [4] | (816,081) | ||
Purchases of premises and equipment and investment properties | (2,412,123) | (3,538,855) | (2,185,800) | |
Acquisition of subsidiaries | 799 | (9,178) | ||
Proceeds from sales of premises and equipment and investment properties | 185,324 | 421,729 | 553,652 | |
Purchase of other long-term assets | (351,468) | (245,204) | (144,348) | |
Net cash used in investing activities | (159,689) | (4,654,502) | (650,486) | |
Cash flows from financing activities: | ||||
Increase (Decrease) in repurchase agreements and other similar secured borrowing | 304,846 | (579,488) | (1,457,203) | |
Proceeds from borrowings from other financial institutions | 9,855,033 | 14,374,110 | 4,182,658 | |
Repayment of borrowings from other financial institutions | (9,921,582) | (5,874,833) | (8,447,238) | |
Payment of lease liability | (182,596) | (157,402) | (136,797) | |
Placement of debt instruments in issue | [5] | 1,781,728 | 2,138,125 | 1,387,401 |
Payment of debt instruments in issue | (3,928,673) | (6,699,219) | (1,871,576) | |
Dividends paid | (3,298,183) | (2,310,666) | (467,217) | |
Transactions with non-controlling interests | (41,245) | (37,191) | ||
Net cash (used) provided in financing activities | [6] | (5,430,672) | 853,436 | (6,809,972) |
Effect of exchange rate changes on cash and cash equivalents | (5,408,405) | 3,777,073 | 2,486,401 | |
Increase (Decrease) in cash and cash equivalents | 13,562,723 | 2,538,372 | (857,704) | |
Cash and cash equivalents at beginning of year | 31,645,291 | 25,329,846 | 23,701,149 | |
Cash and cash equivalents at end of year | $ 39,799,609 | $ 31,645,291 | $ 25,329,846 | |
[1] The decrease is mainly due to the financial guarantees and loan commitments. In 2022, was registered the spin-off of Protección S.A. and the creation of Asulado Seguros de Vida S.A., were registered; the Bank sold its interest in Asulado Seguros de Vida S.A. to SURA Asset Management S.A., to comply with the authorized investment regime. For further information, see Note 2.A.2. During the third trimester of 2022, the Parent Company increased its participation percentage in FCP Fondo Inmobiliario Colombia. As of December 31, 2022, the participation in said private equity fund increased to 80.47% . For further information see Note 1 Reporting Entity. For further information, see Note 18 Debt instruments in issues. 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) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
CONSOLIDATED STATEMENT OF CASH FLOW | ||||
Transfer of loans and returned goods to assets held for sale and inventories | $ 1,361,465 | $ 889,752 | $ 672,586 | |
Non-cash transaction, value of loans and advance to customers and assets held for sale received as payment by residual rights | 75,664 | |||
Effect of exchange rate changes | [1] | $ (245,915) | $ (224,788) | $ 507,449 |
FCP Fondo Inmobiliario Colombia | ||||
CONSOLIDATED STATEMENT OF CASH FLOW | ||||
Percentage of investment in private equity fund | 80.47% | |||
[1] For further information, see Note 2.A.2. |
REPORTING ENTITY
REPORTING ENTITY | 12 Months Ended |
Dec. 31, 2023 | |
REPORTING ENTITY | |
REPORTING ENTITY | NOTE 1. REPORTING ENTITY Bancolombia S.A., hereinafter the Parent Company, 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 1441, dated May 6, 2022, at the 20th 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. The Parent Company and its subsidiaries include the following operating segments: United States, 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. The Parent Company, through its subsidiaries, has banking operations and an international presence in United States, Puerto Rico, Panama, Guatemala, and El Salvador. On May 25, 2022 and April 15, 2022, respectively, the regulatory authorizations and licenses were obtained for the operation as a broker-dealer and as an investment adviser (registered investment adviser) in the United States, through its subsidiaries Bancolombia Capital Holdings USA LLC, Bancolombia Capital LLC, and Bancolombia Capital Advisers LLC, which were incorporated in September 2021. On June 4, 2021, the Parent signed an agreement for the assignment of the fiduciary rights of the PA FAI Calle 77 trust, subject to condition. Fulfilled the condition on March 1, 2022, the Parent Company was established as trustor of PA FAI Calle 77, owner of a property used for housing rental. The amount paid by the Parent Company was COP 56,968 . The main purpose of the trust is to carry out the development, administration, management and operation of the project, on the aforementioned property in the city of Bogotá. For further information, see Note 9.3 Business combination. The operations in Barbados through Mercom Bank Ltd. 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, the assets, liabilities and contracts were transferred to other companies which are also part of the Bank. The company Transportempo S.A.S. is winding down since May 2023. On December 14, 2021, the Parent Company´s Board of Directors authorized the legal separation of the Nequi business, the digital platform of the Bank. The Financial Superintendence of Colombia (Superintendencia Financiera de Colombia) through Resolution 0843 of July 6, 2022, later modified by the Resolution 0955 of July 27, 2022, authorized the establishment of Nequi S.A. Compañía de Financiamiento. The legal separation resulted in the creation and commercial registration of a new corporation through which Nequi will operate as a 100% digital credit establishment. Nequi must obtain an authorization certificate or operating permit, accredited by the Financial Superintendence of Colombia in order to operate. Activities for this process are in progress. In September 2022, the company NEQUI S.A. was created with a capitalization of COP 150,000 distributed mainly in Banca de Inversión Bancolombia S.A. Corporación Financiera with a participation percentage of 94.99% and Inversiones CFNS S.A.S. of 5.01% . On July 22, 2022, through the subsidiary, Sistemas de Inversiones y Negocios S.A. SINESA, the company Wenia LTD, a digital corporate vehicle whose purpose is the provision of technology services, was incorporated in Bermuda. By private document of October 18, 2022, Wenia LTD as the sole shareholder, registered on November 22, 2022, in the Chamber of Commerce of Colombia, the company of a commercial nature called Wenia S.A.S., whose purpose is, among others, the creation and implementation of operating systems and software applications During the third quarter of 2022, the Bank increased its participation in the FCP Fondo Inmobiliario Colombia, which facilitates speed in decision-making in matters of governance and strategy. To date, the participation in the private equity fund amounts to 80.47% . The effect on shareholders' equity (amounts in millions of COP) is as follows: Consideration paid to non-controlling interests 816,081 Carrying amount of non-controlling interests acquired 961,588 Excess of consideration paid recognized in the transactions with non-controlling interests reserve within equity 145,507 Additionally, the operations in Cayman Islands through Bancolombia Cayman were in the process of dismantling, for which, on November 22, 2023, the Cayman Islands Monetary Authority approved the surrender the banking license pursuant to Section 20(1)(a) of the Banks and Trust Companies Law (2021 Revision) (the "BTCA"), therefore, the banking license has been cancelled as of such date. The company is in liquidation. As of December 31, 2023, the Bank has 34,756 employees, 35,431 banking correspondents, 6,080 ATMs and operates through 831 offices. For more information on the Bank’s subsidiaries, see Note 2.C.1. Subsidiaries. |
MATERIAL ACCOUNTING POLICIES
MATERIAL ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
MATERIAL ACCOUNTING POLICIES | |
MATERIAL ACCOUNTING POLICIES | NOTE 2. MATERIAL ACCO U NTI NG 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. 1. Preparation of the consolidated financial statements under going concern basis Management has 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, 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. Almost all investments in associates and joint ventures are measured using the equity method. The consolidated financial statements are stated in Colombian pesos (“COP”) and figures are stated in millions or billions (when indicated), except earnings per share, diluted earnings per share and the 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 the impairment of credit risk through allowances for loans losses, the classification and measurement of certain financial instruments (such as debt securities and equity instruments) and the recognition of 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. 2. Revised presentation of Statement of Cash Flow In preparing the consolidated statement of cash flow as of December 31, 2023, the Company identified an error in the classification of the amount relating to the exchange difference of operating activities in the consolidated statement of cash flow for the years ended December 31, 2022 and 2021, that was included in the line “Effect of exchange rate changes on cash and cash equivalents”. The Company has made adjustments to the prior periods amounts presented in these financial statements accordingly. The Management evaluated the error in the classification and determined that the related impacts were not material. The revisions to the consolidated statement of cash flow as of December 31, 2022 and 2021, are summarized in the following table: December 31, 2022 Adjustments December 31, 2022 (As previously reported) (As revised) In millions of COP Adjustments to reconcile net income to net cash provided by operating activities: Effect of exchange rate changes - (224,788) (224,788) Net cash provided by operating activities 6,564,226 (224,788) 6,339,438 Effect of exchange rate changes on cash and cash equivalents 3,552,285 224,788 3,777,073 Increase (Decrease) in cash and cash equivalents 2,763,160 (224,788) 2,538,372 Cash and cash equivalents at beginning of year 25,329,846 - 25,329,846 Cash and cash equivalents at end of year 31,645,291 - 31,645,291 December 31, 2021 Adjustments December 31, 2021 (As previously reported) (As revised) In millions of COP Adjustments to reconcile net income to net cash provided by operating activities: Effect of exchange rate changes - 507,449 507,449 Net cash provided by operating activities 6,095,305 507,449 6,602,754 Effect of exchange rate changes on cash and cash equivalents 2,993,850 (507,449) 2,486,401 Increase (Decrease) in cash and cash equivalents (1,365,153) 507,449 (857,704) Cash and cash equivalents at beginning of year 23,701,149 - 23,701,149 Cash and cash equivalents at end of year 25,329,846 - 25,329,846 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 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, 2023 and 2022. The Parent Company consolidates the financial results of the entities over which it exerts control. 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 2023 BANK 2022 BANK 2021 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 % WOMPI S.A.S. (before “VLIPCO S.A.S.”) (1) Colombia Technology services provider 100.00 % 99.98 % 94.77 % Renting Colombia S.A.S. Colombia Operating leasing 100.00 % 100.00 % 100.00 % Transportempo S.A.S. “En Liquidación” Colombia Transportation 100.00 % 100.00 % 100.00 % Inversiones CFNS S.A.S. Colombia Investments 99.94 % 99.94 % 99.94 % Negocios Digitales Colombia S.A.S. (before “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 80.47 % 80.47 % 49.96 % P.A. Inmuebles CEM (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % P.A. Calle 92 FIC-11 (2) Colombia Mercantil trust 52.31 % 52.31 % 32.47 % P.A. FIC Edificio Corfinsura (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % P.A. FIC-A5 (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % P.A. FIC Inmuebles (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % P.A. FIC Clínica de Prado (2) Colombia Mercantil trust 62.00 % 62.00 % 38.49 % P.A. FIC A6 (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % P.A. Central Point (2) Colombia Mercantil trust 60.35 % 60.35 % 37.47 % Fideicomiso Irrevocable de Garantía, Fuente de Pago y Administración Inmobiliaria Polaris (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % P.A. Fideicomiso Twins Bay (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % Fideicomiso Lote Av San Martín (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % P.A. Fideicomiso Lote 30 (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % Fideicomiso Fondo Inmobiliario Bancolombia (2) Colombia Mercantil trust 80.47 % 80.47 % 17.54 % P.A. Florencia Ferrara (2)(3) Colombia Mercantil trust 44.26 % 44.26 % - P.A. Flor Morado Plaza (3) Colombia Mercantil trust 80.47 % 80.47 % - P.A. Galería la 33 (4) Colombia Mercantil trust 80.47 % - - Valores Simesa S.A. (5) Colombia Investments 64.93 % 66.33 % 66.82 % Fideicomiso Lote Distrito Vera B1B2 (5) Colombia Mercantil trust 64.61 % 66.00 % 66.49 % Fideicomiso Lote Distrito Vera B3B4 (5) Colombia Mercantil trust 64.61 % 66.00 % 66.49 % Fideicomiso Lote B6 Ciudad del Rio (6) Colombia Mercantil trust - 66.00 % - P.A. FAI CALLE 77 (7) Colombia Real estate investment fund 98.00 % 98.00 % - P.A. NOMAD SALITRE (8) Colombia Real estate investment fund 98.00 % 98.00 % - P.A. NOMAD CENTRAL-2 (9) Colombia Real estate investment fund 98.00 % - - P.A. CALLE 84 (2) (9) Colombia Real estate investment fund 98.00 % - - P.A. CALLE 84 (3) (9) Colombia Real estate investment fund 98.00 % - - P.A. MERCURIO (10) Colombia Real estate investment fund 100.00 % 100.00 % - Wenia S.A.S. (11) Colombia Technology services 100.00 % 100.00 % - P.A. Wenia (11) Colombia Mercantil trust 100.00 % - - Nequi S.A. Compañía de Financiamiento (12) Colombia Financial services 100.00 % 100.00 % - 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 % 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. (13) Panama Holding 100.00 % 100.00 % 100.00 % Suvalor Renta Fija Internacional Corto Plazo S.A. (14) Panama Collective investment fund - - 100.00 % Fondo Renta Sostenible Global S.A. (14) Panama Collective investment fund - - 100.00 % Banistmo Capital Markets Group Inc. (13) Panama Purchase and sale of securities 100.00 % 100.00 % 100.00 % Anavi Investment Corporation S.A. (13) Panama Real estate 100.00 % 100.00 % 100.00 % Desarrollo de Oriente S.A. (13) Panama Real estate 100.00 % 100.00 % 100.00 % Steens Enterprises S.A. (13) Panama Portfolio holder 100.00 % 100.00 % 100.00 % Ordway Holdings S.A. (13) Panama Real estate broker 100.00 % 100.00 % 100.00 % Grupo Agromercantil Holding S.A. Panama Holding 100.00 % 100.00 % 100.00 % Banco Agromercantil de Guatemala S.A. Guatemala Banking 99.68 % 99.68 % 99.66 % Seguros Agromercantil de Guatemala S.A. Guatemala Insurance agency 79.92 % 79.92 % 79.92 % Financiera Agromercantil S.A. Guatemala Financial services 100.00 % 100.00 % 100.00 % Agrovalores S.A. Guatemala Securities brokerage 100.00 % 100.00 % 100.00 % Arrendadora Agromercantil S.A. Guatemala Operating Leasing 100.00 % 100.00 % 100.00 % Agencia de Seguros y Fianzas Agromercantil S.A. (15) Guatemala Insurance agency - 100.00 % 100.00 % Asistencia y Ajustes S.A. Guatemala Roadside and medical assistance services 100.00 % 100.00 % 100.00 % Serproba S.A. Guatemala Maintenance and remodeling services 100.00 % 100.00 % 100.00 % Servicios de Formalización S.A. Guatemala Loans formalization 100.00 % 100.00 % 100.00 % Conserjeria, Mantenimiento y Mensajería S.A. “En Liquidación” Guatemala Maintenance services 100.00 % 100.00 % 100.00 % Mercom Bank Ltd. (16) Barbados Banking 99.68 % 99.68 % 99.66 % New Alma Enterprises Ltd. Bahamas Investments 99.68 % 99.68 % 99.66 % Bancolombia Puerto Rico Internacional Inc. Puerto Rico Banking 100.00 % 100.00 % 100.00 % Bancolombia Cayman S.A. (17) 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 Banagrícola 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 (18) United States Holding 100.00 % 100.00 % 100.00 % Bancolombia Capital Adviser LLC (18) United States Investment advisor 100.00 % 100.00 % 100.00 % Bancolombia Capital LLC (18) United States Securities brokerage 100.00 % 100.00 % 100.00 % Wenia Ltd. (11) Bermuda Technology services 100.00 % 100.00 % - (1) During 2022 and 2023, the Bank, through its subsidiary Banca de Inversión S.A., purchased remaining shares from minority investors. (2) During 2022, the Bank increased its participation in FCP Fondo Inmobiliario Colombia, to strengthen governance and strategy decisions. For further information, see Note 1. Reporting entity. (3) Companies consolidated by Fondo de Capital Privado FCP Fondo Inmobiliario Colombia since April 2022 and December 2022. (4) Company consolidated by Fondo de Capital Privado FCP Fondo Inmobiliario Colombia since March 2023. (5) The decrease in the shareholding is due to the repurchase of outstanding stock carried out by Valores Simesa S.A. during 2023 and 2022. (6) During 2023, the trust rights were transferred by Valores Simesa S.A. (7) On March 1, 2022, the Parent Company was established as trustor of P.A. FAI Calle 77, owner of a property that will be used for rental housing. For further information, see Note 1. Reporting entity and Note 9.3. Business combination. (8) On April 4, 2022, the Parent Company was appointed as trustor of 100% of the trust rights of Patrimonio Autonomo Nomad Salitre, whose main purpose is to develop a multifamily project. (9) During February and April 2023, the Parent Company was established as trustor of P.A. Nomad Central-2, P.A. Calle 84 (2) and P.A. Calle 84 (3), through a management mercantil trust agreement. (10) On July 8, 2022, Bancolombia S.A. acquired control of Fidecomiso P.A. Mercurio, through a management mercantil trust agreement. (11) On July 22, 2022, the Bank, through the subsidiary Sistemas de Inversiones y Negocios S.A. Sinesa, established the company Wenia Ltd. in Bermuda, a digital corporate vehicle whose purpose is to provide technology services. On November 22, 2022, Wenia Ltd. established the company called Wenia S.A.S., whose purpose is the creation and implementation of operating systems and software applications. On May 17, 2023, Wenia S.A.S. was established as trustor of the trust rights of P.A. Wenia. For further information, see Note 1. Reporting entity. (12) On December 14, 2021, the Board of Directors of the Parent Company authorized the legal separation of the business of Nequi, a Bank’s digital platform that offers financial services. The Superintendencia Financiera de Colombia, with Resolution 0843 of July 6, 2022, as amended by Resolution 0955 of July 27, 2022, authorized the incorporation of Nequi S.A. Compañía de Financiamiento. The legal separation resulted in the creation and commercial registration of a new corporation supervised by the Superintendencia Financiera de Colombia through which Nequi will operate as a 100.00% digital credit establishment. For further information, see Note 1. Reporting entity. (13) Investments in non-operational stage. (14) Companies not consolidated by Banistmo S.A. as of November 2022, due to non-compliance with consolidation requirements established in IFRS 10. (15) Company liquidated as of June 2023. (16) On September 30, 2021, Mercom Bank Ltd. shareholders authorized the beginning of an organized and gradual process to transfer of the assets and liabilities of Mercom Bank Ltd., to Banco Agromercantil de Guatemala S.A. or other companies of the Bancolombia Group. For further information, see Note 1. Reporting entity. (17) On October 5, 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. For further information, see Note 1. Reporting entity. (18) 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. For the years ended as of December 31, 2023 and 2022, the reserves recognized amounted to COP 835,527 and COP 1,036,919 . The establishment of these reserves restricts 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 refer to those 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. 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. 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, 2023 the Bank, 2022 the Bank, 2021 2023 2022 Fondo de Capital Privado Fondo Inmobiliario Colombia (1) Colombia 80.47 % 80.47 % 49.96 % 5,503,022 5,023,316 Fideicomiso Lote Distrito Vera B1B2 (2) Colombia 64.61 % 66.00 % 66.49 % 25,073 55,733 Fideicomiso Lote Distrito Vera B3B4 (2) Colombia 64.61 % 66.00 % 66.49 % 56,295 53,558 Fideicomiso Lote B6 Ciudad del Rio (3) Colombia - 66.00 % - - 66,150 Banistmo Panamá Fondo de Inversión S.A. (4) Panama 100.00 % 100.00 % 100.00 % 132,496 243,268 (1) It includes the amounts of certain equity instruments that are controlled through the subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, they meet the definition of control in accordance with IFRS 10. For further information, see Note 2.C. Consolidation. Also, during 2022, the Bank increased its participation in FCP Fondo Inmobiliario Colombia, which facilitates speed in decision-making in matters of government and strategy. For further information, see Note 1. Reporting entity. (2) The decrease in equity interest is due to the repurchase by the subsidiary Valores Simesa S.A. (parent company of Lote Distrito Vera B1B2, Lote Distrito Vera B3B4 and Lote B6 Ciudad del Rio), during 2023 and 2022. For further information, see Note 2.C. Consolidation. (3) During 2023, the trust rights were transferred by Valores Simesa S.A. (4) Investment in non-operational stage. For further information, see Note 2.C. Consolidation. For all these 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”. 4. 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. In a business combination, 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. 4.1. Significant non-controlling interest FCP Fondo Inmobiliario Colombia During the third quarter of 2022, the Bank increased its participation in the FCP Fondo Inmobiliario Colombia by 30.51% to have greater control over the governance and strategy decisions making in this investment. The participation in this private equity fund amounted to 80.47% as of December 31, 2022. With this transaction, FCP Fondo Inmobiliario Colombia 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. During 2023, returns were not delivered to the non-controlling interest. During 2022, 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 41,219 as of December 31, 2022. The following table summarizes the net income and cash flows as of December 31, 2021 related to the FCP Fondo Inmobiliario Colombia: Year-Ended 2021 In millions of COP Condensed statement of income Income Valuation of investment properties 85,148 Valuation of trust rights - Rents 187,194 Profits of equity method investees 105,439 Other income 92,298 Total Income 470,079 Expenses Interest on loans (73,201) Other administrative and general expenses (212,385) Total Expenses (285,586) Net Income 184,493 Condensed cash flow (1) Net cash used in operating activities (34,442) Net cash provided by financing activities 21,882 Cash and cash equivalents at beginning of year 63,368 Cash and cash equivalents at end of year 50,808 (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, 2023, 2022 and 2021, the accumulated non-controlling interest of the FCP Fondo Inmobiliario Colombia amounted to COP 663,713 , COP 605,611 and COP 1,369,084 , respectively and the profit allocated to non-controlling interest amounted to COP 58,102 , COP 71,354 and COP 92,353 , respectively. D. Material Accounting Policies The material accounting policies used by the Bank in the preparation of its consolidated financial statements are detailed below: 1. Functional currency, transactions and balances in foreign currency The functional and presentation currency of the Bank´s consolidated financial statements is the Colombian peso. Therefore, all balances and transactions denominated in currencies other than the Colombian peso are considered as foreign currency, which 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 the transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at period end 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. The Bank translated the results and financial position of foreign subsidiaries a functional 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 for the period; and ● All resulting of such translations are recognized in other comprehensive income in the caption “Translation adjustment”. When a foreign operation is sold, 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, 2023 December 31, 2022 December 31, 2021 Year-end exchange rate 3,822.05 4,810.20 3,981.16 Average rate for the period ended at 4,330.14 4,257.12 3,747.24 2. 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. 3. 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 March 1, 2022, the Bank completed the acquisition of the PA FAI Calle 77 Trust, which constituted a business combination. For further details of this transaction, see Note 9.3. Business combin |
OPERATING SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Dec. 31, 2023 | |
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 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 toguarantee quality service and promote business growth and country development. In order to offer specialized services to individuals, small and medium-sized enterprises (SMEs) and large companies, the individual sales force classifies its target customers as: Personal, Plus and Corporate. 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. On December 14 of 2021, the Parent Company´s Board of Directors authorized the legal separation of the Nequi business, the digital platform of the Bank. The Financial Superintendence of Colombia (Superintendencia Financiera de Colombia) through Resolution 0843 of July 6, 2022, later modified by the Resolution 0955 of July 27, 2022, authorized the establishment of Nequi S.A. Compañía de Financiamiento. The legal separation resulted in the creation and commercial registration of a new corporation through which Nequi will operate as a 100% digital credit establishment. Nequi must obtain an authorization certificate or operating permit, accredited by the Financial Superintendence of Colombia in order to operate. For further information, see Note 1. Reporting Entity. This segment is responsible for managing the Bank operations with its own portfolio, liquidity and distribution of treasury products and services to its customers 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 S.A. 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. y Valores Banistmo S.A.; and of the following non-operational subsidiaries: Banistmo Panamá Fondo de Inversión S.A., Banistmo Capital Markets Group Inc., Anavi Investment Corporation S.A., Desarrollo de Oriente S.A., Steens Enterprises S.A. and Ordway Holdings 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., 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. On June 29, 2023, Agencia de Seguros y Fianzas Agromercantil S.A.S. was wound up. The Mercom Bank Ltd is in the process of gradually winding down its operations. 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. 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. This segments also includes the operations of Bancolombia Capital Holdings USA LLC, Bancolombia Capital LLC and Bancolombia Capital Advisers LLC, to provide broker-dealer and investment advisor services in the United States. For further information, 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. (company in liquidation), 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. 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. For further information, 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. (company in liquidation). 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., Negocios Digitales Colombia S.A.S., Inversiones CFNS S.A.S., Sistema de Inversiones y Negocios S.A. Sinesa and the technology services company Wompi S.A.S. From 2022, this segment includes the operations developed by the trusts P.A. FAI CALLE 77, P.A. Nomad Salitre and P.A. Mercurio, from 2023 it includes P.A. Nomad Central, P.A. Calle 84 (2) and P.A. Calle 84 (3). In addition, includes Wenia LTD, a company formed by the subsidiary, Sistemas de Inversiones y Negocios S.A. SINESA, in Bermuda. The company is a corporate vehicle for the creation and implementation of operating systems and software applications. Additionally, it includes Wenia S.A.S. which since December 2023 began to consolidate the Wenia P.A. For further information, see Note 1. Reporting Entity. In accordance with IFRS 8, the figures reported in "all other segments" combine the information on operating segments that did not meet the quantitative thresholds defined by this same standard, i.e., the absolute individual amount of their reported results is, in absolute terms, less than 10 percent of the combined results of all segments and their assets represent less than 10 percent of the combined assets of all operating segments 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, 2023 Banking Banking Banking El Banking Investment International All other Total Colombia Panama Salvador Guatemala Trust banking Brokerage Banking segments segments In millions of COP Total interest and valuation on financial instruments 29,230,060 2,826,559 1,773,140 1,795,543 47 6 45,875 1,112,171 262,758 37,046,159 Interest income on loans and financial leases 28,366,678 2,415,234 1,524,765 1,726,821 47 - 5,076 940,091 262,075 35,240,787 Total debt investments 937,090 301,167 236,350 60,534 - 6 36,538 85,091 683 1,657,459 Derivatives (167,887) 817 11,187 - - - (1,747) (188) - (157,818) Total liquidity operations 94,179 109,341 838 8,188 - - 6,008 87,177 - 305,731 Interest expenses (13,464,980) (1,238,112) (464,851) (731,886) (179) (1) (222) (596,039) (172,025) (16,668,295) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 15,765,080 1,588,447 1,308,289 1,063,657 (132) 5 45,653 516,132 90,733 20,377,864 Total credit impairment charges, net (6,480,377) (270,501) (154,938) (499,368) (2,893) (380) 106 4,164 (57,399) (7,461,586) Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 9,284,703 1,317,946 1,153,351 564,289 (3,025) (375) 45,759 520,296 33,334 12,916,278 (Expenses) Revenues from transactions the operating segments of the Bank (187,467) (34,105) (17,844) (76,054) (16,518) 13,949 68,617 415,508 (166,086) - Fees and commissions income (1) 5,252,099 532,930 479,568 223,200 361,965 55,917 103,985 47,228 23,986 7,080,878 Fees and commissions expenses (2,522,927) (258,897) (188,972) (89,405) (4,244) (238) (8,645) (11,042) (12,910) (3,097,280) Total fees and commissions, net 2,729,172 274,033 290,596 133,795 357,721 55,679 95,340 36,186 11,076 3,983,598 Other operating income (Expenses) 1,575,845 36,939 51,656 130,757 14,107 (1,011) 4,737 16,794 2,149,826 3,979,650 Dividends and net income on equity investments 17,613 13,498 10,982 1,827 33,275 (98,512) 6,416 37 225,049 210,185 Total operating income, net 13,419,866 1,608,311 1,488,741 754,614 385,560 (30,270) 220,869 988,821 2,253,199 21,089,711 Operating expenses (2) (8,022,042) (909,843) (668,105) (620,928) (177,626) (49,759) (186,212) (89,219) (1,093,592) (11,817,326) Impairment, depreciation and amortization (744,346) (107,716) (131,921) (55,243) (2,218) (208) (2,950) (4,259) (75,998) (1,124,859) Total operating expenses (8,766,388) (1,017,559) (800,026) (676,171) (179,844) (49,967) (189,162) (93,478) (1,169,590) (12,942,185) Profit before income tax 4,653,478 590,752 688,715 78,443 205,716 (80,237) 31,707 895,343 1,083,609 8,147,526 (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 and taxes other than income tax. For the year ended December 31, 2022 Banking Banking Banking El Banking Investment International All other Total Colombia Panama Salvador Guatemala Trust banking Brokerage Banking segments segments In millions of COP Total interest and valuation on financial instruments 20,727,335 2,364,820 1,527,860 1,537,801 72 4 12,996 512,417 113,642 26,796,947 Interest income on loans and financial leases 19,263,960 2,154,151 1,293,556 1,509,143 72 - 511 446,028 116,072 24,783,493 Total debt investments 1,361,299 161,974 170,423 27,089 - 4 20,024 48,722 (2,447) 1,787,088 Derivatives 108,255 (1,026) 63,494 - - - 658 - - 171,381 Total liquidity operations (6,179) 49,721 387 1,569 - - (8,197) 17,667 17 54,985 Interest expenses (6,333,834) (910,937) (297,839) (528,459) (150) (4) (104) (271,280) (99,863) (8,442,470) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 14,393,501 1,453,883 1,230,021 1,009,342 (78) - 12,892 241,137 13,779 18,354,477 Total credit impairment charges, net (2,971,599) (545,012) (102,710) (168,834) (796) (924) 3,133 25,029 (29,984) (3,791,697) Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 11,421,902 908,871 1,127,311 840,508 (874) (924) 16,025 266,166 (16,205) 14,562,780 Revenues (Expenses) from transactions the operating segments of the Bank (32,163) (25,022) (7,371) (45,526) (12,658) 3,404 53,229 212,049 (145,942) - Fees and commissions income(1) 4,684,563 446,583 444,177 218,554 318,869 86,232 111,366 42,021 18,161 6,370,526 Fees and commissions expenses (2,099,585) (210,004) (170,563) (91,424) (3,668) (269) (6,160) (8,025) (468) (2,590,166) Total fees and commissions, net 2,584,978 236,579 273,614 127,130 315,201 85,963 105,206 33,996 17,693 3,780,360 Other operating income (Expenses) (72,994) 51,494 19,685 129,403 14,897 671 13,575 9,954 1,886,750 2,053,435 Dividends and net income on equity investments (8,058) 9,655 5,340 828 2,164 8,760 (4,314) 35 221,444 235,854 Total operating income, net 13,893,665 1,181,577 1,418,579 1,052,343 318,730 97,874 183,721 522,200 1,963,740 20,632,429 Operating expenses(2) (6,600,686) (797,091) (639,748) (577,497) (153,377) (47,997) (153,317) (79,814) (857,541) (9,907,068) Impairment, depreciation and amortization (613,807) (110,293) (106,601) (54,999) (1,630) (232) (1,754) (2,626) (88,633) (980,575) Total operating expenses (7,214,493) (907,384) (746,349) (632,496) (155,007) (48,229) (155,071) (82,440) (946,174) (10,887,643) Profit before income tax 6,679,172 274,193 672,230 419,847 163,723 49,645 28,650 439,760 1,017,566 9,744,786 (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 and taxes other than income tax. 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) 1,040 (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 the operating segments of the Bank 18,458 (10,089) 7 (26,324) (26,584) 3,576 59,995 81,997 (101,036) - - - Fees and commission 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 commission 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 commission income, 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 (Expenses) 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 (Loss) 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 and taxes other than income tax. The following table presents financial information of the total assets and liabilities by operating segment: As of December 31, 2023 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 254,367,378 40,740,495 21,608,586 21,377,205 658,547 1,719,824 351,694 30,199,897 10,224,734 381,248,360 (38,319,551) 342,928,809 Total liabilities 216,200,157 36,315,750 19,220,367 19,469,075 138,171 51,841 121,423 20,734,521 4,874,547 317,125,852 (13,246,772) 303,879,080 As of December 31, 2022 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 247,113,605 52,445,934 26,696,524 26,143,629 603,486 2,116,143 326,047 35,131,458 9,222,529 399,799,355 (46,984,622) 352,814,733 Total liabilities 207,293,246 47,081,613 23,738,984 23,635,997 126,307 80,162 106,115 23,216,118 4,320,836 329,599,378 (16,782,196) 312,817,182 The following table presents financial information of the investments in associates and joint ventures by operating segment: As of December 31, 2023 (1) Banking Banking El Investment All other Colombia Salvador Trust banking segments Total In millions of COP Investments in associates and joint ventures 332,862 21,292 285,838 617,982 1,739,629 2,997,603 Equity method (52,183) 2,730 30,043 4,398 128,127 113,115 (1) As of December 31, 2023, Banking Panama, Banking Guatemala, Brokerage and International Banking did not have investments in associates and joint ventures. As of December 31, 2022 (1) Banking Banking El Investment All other Colombia Salvador Trust banking segments Total In millions of COP Investments in associates and joint ventures 337,024 28,029 256,720 700,936 1,592,924 2,915,633 Equity method 2,588 3,617 22,522 3,857 186,521 219,105 (1) As of December 31, 2022, 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: 2023 2022 2021 Geographic information Interest and Long-lived Interest and Long-lived Interest and Long-lived valuation (1) assets (2) valuation (1) assets (2) valuation (1) assets (2) In millions of COP Colombia 29,812,448 13,466,457 20,977,845 12,666,847 11,605,829 9,413,340 Panama 4,234,542 877,407 3,023,461 1,042,824 2,251,653 838,278 El Salvador 1,774,165 547,357 1,528,264 636,071 1,194,026 434,212 Guatemala 1,795,597 361,840 1,537,811 445,288 1,178,619 347,084 United States of America 55 4,805 - 7,504 - - Bermuda 184 3,434 2 - - - Puerto Rico 149,541 1,297 64,709 2,328 49,662 1,644 Total 37,766,532 15,262,597 27,132,092 14,800,862 16,279,789 11,034,558 Eliminations and adjustment (720,373) 7,000,343 (335,145) 8,795,011 (144,044) 7,655,610 Total, net 37,046,159 22,262,940 26,796,947 23,595,873 16,135,745 18,690,168 (1) Includes interest and valuation on financial instruments. (2) Includes assets held for sale, premises and equipment, net, investment property, right-of-use assets, goodwill and intangible assets, net. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 In millions of COP Cash and balances at central bank Cash 8,830,305 8,854,169 Due from central banks (1) 11,248,230 9,602,209 Due from other private financial entities 7,607,921 5,881,022 Checks on hold 214,004 289,924 Remittances of domestic negotiated checks in transit 74,524 93,844 Total cash and due from banks 27,974,984 24,721,168 Money market transactions Interbank borrowings 3,983,699 4,050,407 Reverse repurchase agreements and other similar secured loans 7,840,926 2,873,716 Total money market transactions 11,824,625 6,924,123 Total cash and cash equivalents 39,799,609 31,645,291 (1) According to External Resolution No. 20 of 2020 of Banco de la República, which amends External Resolution No. 5 of 2008 issued by the Colombian Central Bank, the Parent Company must maintain, the equivalent of 8% of the deposits mentioned in Article 1, paragraph (a), and the equivalent of 3.5% of its customer’s deposits with a maturity of less than 18 months (paragraph b), as ordinary 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, circular SBP-DR-0045-2023 dated July 25, 2023, communicates the decision of the Superintendency of Banks of Panama to maintain the percentage established in the General Resolution of the Board of Directors SBP-GJD-0003-2014 dated January 28, 2014, which sets at 30.00% the minimum legal liquidity rate that Panamanian banks must maintain. Finally, in accordance with temporary rule NPBT-11, which is effective from September 27, 2023, to March 26, 2024, Banco Agrícola must maintain an equivalent average daily amount of its deposits and debt instruments in issue as a liquidity reserve between 1.00% and 16.00% represented in unrestricted deposits or debt instruments in issue by El Salvador Central Bank. Once the complete term established, the bank continues with the Technical Norm (NRP-28), issued by the Central Bank, where the Bank must maintain an equivalent amount between 1.00% and 18.00% , which has been in effect since 23 June 2021. As of December 31, 2023 and 2022, there is restricted cash amounting to COP 1,082,611 and COP 752,099 , 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, 2023 | |
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, 2023 and 2022: As of December 31, 2023 Measurement methodology Financial assets investments Fair value through Fair value through other Amortized Total carrying profit or loss comprehensive income, net cost, net value, net In millions of COP Securities issued by foreign governments 6,274,400 2,437,996 537,831 9,250,227 Securities issued by the Colombian Government 4,725,605 2,725,722 68,624 7,519,951 Corporate bonds 237,234 611,153 2,559,336 3,407,723 Securities issued by government entities 84,990 - 3,129,501 3,214,491 Securities issued by other financial institutions (1)(2) 774,178 373,306 552,790 1,700,274 Total debt instruments 12,096,407 6,148,177 6,848,082 25,092,666 Total equity securities 98,853 444,357 543,210 Total other instruments financial (3) 38,319 38,319 Total financial assets investments 25,674,195 (1) Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 84,301 . For further information on TIPS’ fair value measurement see Note 30. Fair value of assets and liabilities. (2) At December 31, the Bank has recognized in the Consolidated Statement of Comprehensive Income COP 93,264 related to debt instruments at fair value through OCI. (3) Corresponds to convertible notes or agreements for the future purchase of shares, Simple Agreement for Future Equity “SAFE”, by Inversiones CFNS S.A.S., Sistema de Inversiones y Negocios, S.A. and Banagrícola S.A As of December 31, 2022 Measurement methodology Financial assets investments Fair value through Fair value through other Amortized Total carrying profit or loss comprehensive income, net cost, net value, net In millions of COP Securities issued by foreign governments 5,967,856 4,694,369 755,282 11,417,507 Securities issued by the Colombian Government 4,260,230 2,590,622 206,950 7,057,802 Corporate bonds 121,527 123,327 3,680,260 3,925,114 Securities issued by government entities 79,035 - 3,059,550 3,138,585 Securities issued by other financial institutions (1)(2) 610,618 569,357 634,318 1,814,293 Total debt instruments 11,039,266 7,977,675 8,336,360 27,353,301 Total equity securities 102,274 442,394 544,668 Total other instruments financial (3) 42,171 42,171 Total financial assets investments 27,940,140 (1) Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 91,204 . For further information on TIPS’ fair value measurement see Note 30. Fair value of assets and liabilities. (2) At December 31, 2022, the Bank has recognized in the Consolidated Statement of Comprehensive Income COP (164,542) related to debt instruments at fair value through OCI. (3) Corresponds to convertible notes or agreements for the future purchase of shares, Simple Agreement for Future Equity “SAFE”, by Inversiones CFNS S.A.S. and Sistema de Inversiones y Negocios, S.A. In 2022 were revealed as debt instruments and equity securities. The following tables set forth the debt instruments portfolio by maturity: As of December 31, 2023 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 foreign governments 4,864,121 513,546 283,020 613,713 6,274,400 Securities issued by the Colombian Government 390,307 2,759,392 491,867 1,084,039 4,725,605 Securities issued by other financial institutions 312,749 236,597 89,526 135,306 774,178 Corporate bonds 39,361 40,930 28,624 128,319 237,234 Securities issued by government entities 48,893 33,601 2,496 - 84,990 Subtotal 5,655,431 3,584,066 895,533 1,961,377 12,096,407 Fair value through other comprehensive income Securities issued by the Colombian Government 2,672,090 53,632 - - 2,725,722 Securities issued by foreign governments 1,346,171 598,014 355,927 137,884 2,437,996 Corporate bonds 549 - 63,474 547,130 611,153 Securities issued by other financial institutions 149,124 154,659 - 69,523 373,306 Subtotal 4,167,934 806,305 419,401 754,537 6,148,177 Securities at amortized cost Securities issued by government entities 3,078,744 - - 50,757 3,129,501 Corporate bonds 229,811 46,925 322,314 1,960,286 2,559,336 Securities issued by other financial institutions 103,414 106,681 46,969 295,726 552,790 Securities issued by foreign governments 188,651 189,744 56,703 102,733 537,831 Securities issued by the Colombian Government 39,046 - 7,350 22,228 68,624 Subtotal 3,639,666 343,350 433,336 2,431,730 6,848,082 Total debt instruments 13,463,031 4,733,721 1,748,270 5,147,644 25,092,666 As of December 31, 2022 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 foreign governments 5,187,871 100,436 367,120 312,429 5,967,856 Securities issued by the Colombian Government 1,639,518 866,241 472,955 1,281,516 4,260,230 Securities issued by other financial institutions 198,255 287,933 52,592 71,838 610,618 Corporate bonds 46,638 32,989 19,228 22,672 121,527 Securities issued by government entities 23,763 45,921 5,757 3,594 79,035 Subtotal 7,096,045 1,333,520 917,652 1,692,049 11,039,266 Fair value through other comprehensive income Securities issued by foreign governments 2,930,125 878,199 694,837 191,208 4,694,369 Securities issued by the Colombian Government 2,590,622 - - - 2,590,622 Securities issued by other financial institutions 148,925 316,099 - 104,333 569,357 Corporate bonds - - - 123,327 123,327 Subtotal 5,669,672 1,194,298 694,837 418,868 7,977,675 Securities at amortized cost Corporate bonds 250,583 423,154 755,067 2,251,456 3,680,260 Securities issued by government entities 3,008,521 - - 51,029 3,059,550 Securities issued by foreign governments 16,676 431,662 116,919 190,025 755,282 Securities issued by other financial institutions 79,800 191,690 48,701 314,127 634,318 Securities issued by the Colombian Government - 170,314 9,139 27,497 206,950 Subtotal 3,355,580 1,216,820 929,826 2,834,134 8,336,360 Total debt instruments 16,121,297 3,744,638 2,542,315 4,945,051 27,353,301 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 10,898 in 2023, COP 32,072 in 2022 and COP 52,147 in 2021 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, 2023 December 31, 2022 In millions of COP Securities at fair value through OCI: Equity securities listed in Colombia (1) 2 40,878 Equity securities listed in foreign countries (1) 78,787 8,038 Equity securities unlisted: Telered S.A. 164,981 207,562 Asociación Gremial de Instituciones Financieras Credibanco S.A. 110,786 98,492 Transacciones y Transferencias, S. A. 17,346 16,890 Compañía de Procesamiento de Medios de Pago Guatemala (Bahamas), S. A. 16,333 21,727 Cámara de Riesgo Central de Contraparte de Colombia S.A. 14,998 6,038 Derecho Fiduciario Inmobiliaria Cadenalco 4,449 4,003 Others 36,675 38,766 Total equity securities at fair value through OCI 444,357 442,394 (1) In November 2023, the integration of the stock exchanges of Colombia, Chile, and Peru was perfected, resulting in the creation of the Regional Stock Holding. As a result of this integration, 5,992,160 shares of the Bolsa de Valores de Colombia S.A. were delisted for COP 56,146 , and 3,606,223 shares were recognized in the Regional Stock Holding for COP 78,139 , this transaction generated an income in results of COP 21,993 , see Note 25.5. Dividends and net income on equity investments. The Bank retains 134 shares that were not included in this transaction, valued at COP During 2023, 2022 and 2021, no impairment loss was recognized on equity securities. Dividends received from equity investments at fair value through OCI held as of December 31, 2023, 2022 and 2021 amounted to COP 18,464 , COP 16,842 and COP 12,665 , 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, 2023 and 2022 is as follows: As of December 31, 2023 Pledged financial assets Term Security pledged Carrying amount In millions of COP Investments pledged as collateral in money market Securities issued by foreign governments Up to 3 months Time deposits 120,477 Securities issued by foreign governments Between 3 and 6 months Time deposits 94,582 Securities issued by other financial institutions Up to 3 months Time deposits 5,443 Securities issued by other financial institutions Between 6 and 12 months Time deposits 2,179 Securities issued by other financial institutions Greater than 12 months Time deposits 25,938 Securities issued by other financial institutions Greater than 12 months Bonds 6,687 Corporate bonds Up to 3 months Bonds 4,570 Subtotal investments pledged as collateral in money market 259,876 Investments pledged as collateral in derivative operations Securities issued by the Colombian Government Up to 3 months TES - Treasury instruments 39,257 Securities issued by the Colombian Government Between 6 and 12 months TES - Treasury instruments 7,821 Securities issued by the Colombian Government Greater than 12 months TES - Treasury instruments 1,244,190 Securities issued by foreign governments Between 3 and 6 months Foreign issueds 1,875 Subtotal investments pledged as collateral in derivative operations 1,293,143 Total securities pledged as collateral 1,553,019 As of December 31, 2022 Pledged financial assets Term Security pledged Carrying amount In millions of COP Investments pledged as collateral in money market Corporate bonds Between 3 and 6 months Bonds 5,101 Securities issued by other financial institutions Greater than 12 months Bonds 1,861 Securities issued by other financial institutions Greater than 12 months Time deposits 2,171 Securities issued by the Colombian Government Up to 3 months TES - Treasury instruments 23,764 Securities issued by the Colombian Government Greater than 12 months TES - Treasury instruments 30,383 Securities issued by foreign governments Greater than 12 months Bonds 212,249 Subtotal investments pledged as collateral in money market 275,529 Investments pledged as collateral in derivative operations Securities issued by the Colombian Government Up to 3 months TES - Treasury instruments 320,252 Securities issued by the Colombian Government Between 3 and 6 months TES - Treasury instruments 38,083 Securities issued by the Colombian Government Greater than 12 months TES - Treasury instruments 215,250 Subtotal investments pledged as collateral in derivative operations 573,585 Total securities pledged as collateral 849,114 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, 2023 Debt instruments portfolio measure at fair value through OCI and amortized cost Stage 1 Stage 2 Stage 3 Total In millions of COP Gross carrying amount as at 1 January 2023 15,973,144 340,891 - 16,314,035 Transfer from stage 1 to stage 3 (1) (30,784) - 30,784 - Transfer from stage 2 to stage 1 (1) 6,627 (6,627) - - Sales and maturities (9,792,950) - - (9,792,950) Purchases 7,701,763 - - 7,701,763 Valuation and payments 84,609 (66,959) - 17,650 Foreign Exchange (1,182,067) (62,172) - (1,244,239) Gross carrying amount as at 31 December 2023 12,760,342 205,133 30,784 12,996,259 (1) Stage transfer in corporate bonds by Banistmo S.A. y Filiales. As of December 31, 2022 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 2022 13,545,514 227,167 13,772,681 Transfer from stage 1 to stage 2 (1) (23,017) 23,017 - Transfer from stage 2 to stage 1 (2) 129,403 (129,403) - Change in measure (3) (110,061) - (110,061) Sales and maturities (8,056,827) (96,382) (8,153,209) Purchases 9,814,484 286,278 10,100,762 Valuation and payments (381,921) 2,979 (378,942) Foreign Exchange 1,055,569 27,235 1,082,804 Gross carrying amount as at 31 December 2022 15,973,144 340,891 16,314,035 (1) Stage transfer in corporate bonds by Banistmo S.A. y Filiales and Banagrícola S.A. y Filiales. (2) Stage transfer in securities issued by the Guatemalan government and corporate bonds by Bancolombia Panamá S.A. and Bancolombia Puerto Rico Internacional, Inc. (3) Mercom Bank Ltd., a Grupo Agromercantil Holding S.A. subsidiary, is in the process of being gradually wound down; the measurement of the portfolio of securities issued by the government of Guatemala was changed from amortized cost to fair value through profit or loss. The following shows provisions detail for the debt instruments portfolio using the expected credit losses model: As of December 31, 2023 Concept Stage 1 Stage 2 Stage 3 Total In millions of COP Securities at amortized cost 6,612,165 205,133 30,784 6,848,082 Carrying amount 6,642,104 217,046 44,735 6,903,885 Loss allowance (29,939) (11,913) (13,951) (55,803) Securities at fair value through other comprehensive income (1) 6,148,177 - - 6,148,177 Total debt instruments portfolio measure at fair value through OCI and amortized cost 12,760,342 205,133 30,784 12,996,259 (1) Loss allowance of investments at fair value through OCI corresponds to COP (5,562) classified in stage 1. The increase in relation to 2022 is due to the acquisition of instruments for COP 3,760 . As of December 31, 2022 Concept Stage 1 Stage 2 Total In millions of COP Securities at amortized cost 7,995,469 340,891 8,336,360 Carrying amount 8,025,350 375,911 8,401,261 Loss allowance (29,881) (35,020) (64,901) Securities at fair value through other comprehensive income (1) 7,977,675 - 7,977,675 Total debt instruments portfolio measure at fair value through OCI and amortized cost 15,973,144 340,891 16,314,035 (1) Loss allowance of investments at fair value through OCI corresponds to COP (2,288) classified in stage 1. 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, 2023 Concept Stage 1 Stage 2 Stage 3 Total In millions of COP Loss allowance of January 1, 2023 29,881 35,020 - 64,901 Transfer from stage 1 to stage 3 (1) (13,951) - 13,951 - Transfer from stage 2 to stage 1 (1) 129 (129) - - Sales and maturities (9,459) - - (9,459) New debt instruments purchased (2) 10,497 - - 10,497 Net provisions recognised during the period (3) 19,030 (17,882) - 1,148 Foreign Exchange (4) (6,188) (5,096) - (11,284) Loss allowance of December 31, 2023 29,939 11,913 13,951 55,803 (1) Stage transfer in corporate bonds by Banistmo S.A. y Filiales. (2) Impairment is mainly in securities issued by government entities and corporate bonds by Bancolombia S.A. and Banistmo S.A. y Filiales. (3) The increase in stage 1 is mostly due to a higher value of impairment loss in corporate bonds by Banistmo S.A. y Filiales and provision recovery in stage 2 is mostly in securities issued by foreign governments by Banagrícola S.A. y Filiales. (4) The decrease is due to the variation in the market representative rate during the year 2023. As of December 31, 2022 Concept Stage 1 Stage 2 Total In millions of COP Loss allowance of January 1, 2022 17,690 6,989 24,679 Transfer from stage 1 to stage 2 (1) (3,808) 3,808 - Transfer from stage 2 to stage 1 (2) 526 (526) - Change in measure (3) (213) - (213) Sales and maturities (6,097) (1,170) (7,267) New debt instruments purchased (4) 16,104 28,795 44,899 Net provisions recognised during the period 3,482 (4,088) (606) Foreign Exchange 2,197 1,212 3,409 Loss allowance of December 31, 2022 29,881 35,020 64,901 (1) Stage transfer in corporate bonds by Banistmo S.A. y Filiales and Banagrícola S.A. y Filiales. (2) Stage transfer in securities issued by the Guatemalan government and corporate bonds by Bancolombia Panamá S.A. and Bancolombia Puerto Rico Internacional, Inc. (3) Mercom Bank Ltd., a Grupo Agromercantil Holding S.A. subsidiary, is in the process of being gradually wound down; the measurement of the portfolio of securities issued by the government of Guatemala was changed from amortized cost to fair value through profit or loss. (4) Impairment is mainly in securities issued by the government of Salvador and corporate bonds. As of December 31, 2021 Concept Stage 1 Stage 2 Total In millions of COP Loss allowance of January 1, 2021 34,500 4,626 39,126 Transfer from stage 1 to stage 2 (1) (1,670) 1,670 - Sales and maturities (6,137) - (6,137) New debt instruments purchased 10,273 - 10,273 Net provisions recognised during the period (23,809) (46) (23,855) Foreign Exchange 4,533 739 5,272 Loss allowance of December 31, 2021 17,690 6,989 24,679 (1) Stage transfer in corporate bonds by Banistmo S.A. y Filiales and Bancolombia Panamá S.A. 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 Risk Management. The following table sets forth the carrying values of the Bank’s derivatives by type of risk as of December 31, 2023 and 2022: Derivatives December 31, 2023 December 31, 2022 In millions of COP Forwards Assets Foreign exchange contracts 4,381,906 1,573,952 Equity contracts 3,015 5,519 Subtotal assets 4,384,921 1,579,471 Liabilities Foreign exchange contracts 4,526,353 1,711,644 Equity contracts 10,481 7,203 Subtotal liabilities 4,536,834 1,718,847 Total forwards (151,913) (139,376) Swaps Assets Foreign exchange contracts 1,304,337 2,394,832 Interest rate contracts 352,424 865,627 Subtotal assets 1,656,761 3,260,459 Liabilities Foreign exchange contracts 1,491,086 1,917,397 Interest rate contracts 449,857 1,008,302 Subtotal liabilities 1,940,943 2,925,699 Total swaps (284,182) 334,760 Options Assets Foreign exchange contracts 210,588 121,307 Subtotal assets 210,588 121,307 Liabilities Foreign exchange contracts 232,587 92,908 Subtotal liabilities 232,587 92,908 Total options (21,999) 28,399 Derivative assets 6,252,270 4,961,237 Derivative liabilities 6,710,364 4,737,454 The following table sets forth the remaining contractual life of the derivatives portfolio: As of December 31, 2023 Forwards Swaps Options Total In millions of COP Assets 4,384,921 1,656,761 210,588 6,252,270 Less than 1 year 4,235,981 642,305 135,559 5,013,845 Between 1 and 3 years 147,826 517,314 75,029 740,169 Greater than 3 years 1,114 497,142 - 498,256 Liabilities 4,536,834 1,940,943 232,587 6,710,364 Less than 1 year 4,419,918 419,251 152,285 4,991,454 Between 1 and 3 years 116,916 979,130 80,302 1,176,348 Greater than 3 years - 542,562 - 542,562 As of December 31, 2022 Forwards Swaps Options Total In millions of COP Assets 1,579,471 3,260,459 121,307 4,961,237 Less than 1 year 1,432,022 860,281 108,319 2,400,622 Between 1 and 3 years 147,449 1,241,252 12,988 1,401,689 Greater than 3 years - 1,158,926 - 1,158,926 Liabilities 1,718,847 2,925,699 92,908 4,737,454 Less than 1 year 1,642,706 501,368 80,854 2,224,928 Between 1 and 3 years 76,141 1,092,480 12,054 1,180,675 Greater than 3 years - 1,331,851 - 1,331,851 Collateral for derivatives The table below presents the collateral amounts posted under derivatives contracts as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 In millions of COP Collateral granted 2,326,977 1,143,266 Collateral received 795,628 655,176 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, 2023 Forward Swaps Options Total In millions of COP Balance at January 1, 2023 61,724 16,580 39,714 118,018 New trades 1,159,069 (26,905) 195,456 1,327,620 Amortization (1,176,173) 4,166 (148,299) (1,320,306) Sale or transfer (8,331) (7,471) (23,803) (39,605) Balance at December 31, 2023 36,289 (13,630) 63,068 85,727 As of December 31, 2022 Forward Swaps Opciones Total In millions of COP Balance at January 1, 2022 16,918 27,894 26,675 71,487 New trades 315,395 11,937 164,460 491,792 Amortization (265,268) (18,723) (113,705) (397,696) Sale or transfer (5,321) (4,528) (37,716) (47,565) Balance at December 31, 2022 61,724 16,580 39,714 118,018 Hedges of a net asset in a foreign operation The Bank has designated debt instruments in issue and financing with correspondent banks for USD 1,592,034 in 2023 and USD 2,060,000 in 2022 as hedge accounting for an equivalent amount of the net assets of its investment in Banistmo. The purpose of this operation is to protect the Bank from the foreign exchange rate risk (USD/COP) of a portion of the net assets in the subsidiary Banistmo S.A., a company domicilied in Panama, which has a different functional currency from that of the Group. In August 2023 and December 2022, the Bank discontinued USD 467,966 and USD 140,000 from the hedging relationship, respectively. The following is the detail of the hedging instruments of the net foreign investment: As of December 31, 2023 Debt securities issued designated as a hedging instrument In thousands of USD Designated capital as Opening date Expiration date Rate Principal balance a hedged instrument 18/10/2017 18/10/2027 7.03 % 750,000 360,000 18/12/2019 18/12/2029 4.68 % 436,516 436,516 18/12/2019 18/12/2029 4.68 % 85,710 85,710 18/12/2019 18/12/2029 4.68 % 27,774 27,774 29/01/2020 29/01/2025 3.02 % 482,034 482,034 Total debt securities issued 1,782,034 1,392,034 Financing with Correspondent Banks designated as a hedging instrument 31/03/2022 17/03/2025 6.06 % 150,000 150,000 7/09/2022 5/09/2025 6.36 % 50,000 50,000 Total financing with Correspondent Banks 200,000 200,000 Total 1,982,034 1,592,034 As of December 31, 2022 Debt securities issued designated as a hedging instrument In thousands of USD Designated capital as Opening date Expiration date Rate Principal balance a hedged instrument 18/10/2017 18/10/2027 7.03 % 750,000 360,000 18/12/2019 18/12/2029 4.68 % 436,516 436,516 18/12/2019 18/12/2029 4.68 % 85,710 85,710 18/12/2019 18/12/2029 4.68 % 27,774 27,774 29/01/2020 29/01/2025 3.02 % 598,032 598,032 29/01/2020 29/01/2025 3.02 % 351,968 351,968 Total debt securities issued 2,250,000 1,860,000 Financing with Correspondent Banks designated as a hedging instrument 31/03/2022 17/03/2025 6.06 % 150,000 150,000 7/09/2022 5/09/2025 6.36 % 50,000 50,000 Total financing with Correspondent Banks 200,000 200,000 Total 2,450,000 2,060,000 Measurement of effectiveness and ineffectiveness A hedge is considered effective if, at the beginning of the period and subsequent periods, changes in fair value or cash flows attributable to the hedge risk during the period for which the hedge has been designated. The Bank has documented the effectiveness tests of the hedge.The hedge is considered effective, since the critical terms and risks of the obligations that serve as a hedging instrument are identical to those of the primary hedged position. Hedged effectiveness is measured on a before income tax. Gains or losses on the conversion of Banistmo’s financial statements are recognized in Consolidated Statements of Comprehensive Income. Consequently, the exchange difference related to the conversion of debt securities issued and financing with Correspondent banks is recognized directly in OCI, as a result of the revaluation of the peso against the dollar, the adjustment recognized in Consolidated Statements of Comprehensive Income amounted to COP 1,948,833 , COP (1,833,087) and COP (1,207,052) , for the years ended at December 31, 2023, 2022 and 2021, respectively. For further information see note 17. Borrowings from other financial institusions, 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, 2023 and 2022 by derivative and by risk: As of December 31, 2023 Derivatives Assets Derivatives Liabilities In millions of COP Over-the-counter Foreign exchange contracts Forwards 4,381,906 4,526,353 Swaps 1,304,337 1,491,086 Options 210,588 232,587 Interest rate contracts Swaps 352,424 449,857 Equity contracts Forwards 3,015 10,481 Gross derivative assets/liabilities 6,252,270 6,710,364 Offseting of derivates - - Derivative financial instruments in statement of financial position 6,252,270 6,710,364 Master netting agreements (6,215,727) (5,548,746) Collateral received/paid (36,543) (1,161,618) Total derivative financial instruments assetss/ liabilities before collateral and Master netting agreements - - As of December 31, 2022 Derivatives Assets Derivatives Liabilities In millions of COP Over-the-counter Foreign exchange contracts Forwards 1,573,952 1,711,644 Swaps 2,394,832 1,917,397 Options 121,307 92,908 Interest rate contracts Swaps 865,627 1,008,302 Equity contracts Forwards 5,519 7,203 Gross derivative assets/liabilities 4,961,237 4,737,454 Offseting of derivates - - Derivative financial instruments in statement of financial position 4,961,237 4,737,454 Master netting agreements (4,369,178) (4,578,461) Collateral received/paid (592,059) (158,993) 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. |
LOANS AND ADVANCES TO CUSTOMERS
LOANS AND ADVANCES TO CUSTOMERS, NET | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022: Composition December 31, 2023 December 31, 2022 In millions of COP Commercial 134,687,396 143,537,853 Consumer 54,591,769 59,588,721 Mortgage 36,250,408 37,371,373 Financial Leases (1) 27,277,057 28,097,716 Small Business Loans 1,145,017 1,328,076 Total gross loans and advances to customers (2) 253,951,647 269,923,739 Total allowance (16,223,103) (15,479,640) Total Net loans and advances to customers 237,728,544 254,444,099 (1) See note 7.1 Lessor. (2) The operations in Colombia and Banistmo in Panama contributed to the portfolio contraction. In addition, in 2023 the Colombian peso revalued 20.54% against the US dollar. 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, 2023, 2022 and 2021: As of December 31, 2023 Small Concept Commercial Consumer Mortgage Financial business Total Leases loans In millions of COP Balance at beginning of period January 1, 2023 7,270,305 6,047,135 1,024,091 1,013,074 125,035 15,479,640 Loan sales (1) (829,547) - - - - (829,547) Recovery of charged - off loans 93,251 548,655 64,573 61,749 2,706 770,934 Credit impairment charges on loans, advances and financial leases, net 756,174 6,313,453 104,417 167,904 119,531 7,461,479 Adjusted stage 3 (2) 427,283 509,668 33,465 67,288 11,201 1,048,905 Charges-off (970,685) (5,261,966) (128,532) (277,904) (81,276) (6,720,363) Translation adjustment (456,515) (439,907) (74,808) (7,536) (9,179) (987,945) Balance at December 31, 2023 6,290,266 7,717,038 1,023,206 1,024,575 168,018 16,223,103 (1) Corresponds to the release of loan allowances related to portfolio sales. (2) Recognized as a reduction to Interest Income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9. The charges-off still subject to enforcement activity. As of December 31, 2022 Small Concept Commercial Consumer Mortgage Financial business Total Leases loans In millions of COP Balance at beginning of period January 1, 2022 7,813,023 5,305,267 1,061,058 1,521,067 164,067 15,864,482 Loan sales (1) (225,226) - - - - (225,226) Recovery of charged - off loans 188,018 385,011 28,690 72,056 1,191 674,966 Credit impairment charges on loans, advances and financial leases, net 502,577 3,447,515 183,436 (461,665) 49,490 3,721,353 Adjusted stage 3 (2) 323,196 279,843 38,769 48,836 11,989 702,633 Charges-off (1,742,895) (3,788,517) (345,991) (176,407) (111,092) (6,164,902) Translation adjustment 411,612 418,016 58,129 9,187 9,390 906,334 Balance at December 31, 2022 7,270,305 6,047,135 1,024,091 1,013,074 125,035 15,479,640 (1) Corresponds to the release of loan allowances related to portfolio sales. (2) Recognized as a reduction to Interest Income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9. The charges-off still subject to enforcement activity. 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 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) Corresponds to the release of loan allowances related to portfolio sales. (2) Recognized as a reduction to Interest Income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9. The charges-off still subject to enforcement activity. The following table presents information about the nature and effects of changes in the contractual cash flows of the loan portfolio that did not result in derecognition and the effect of these changes on the measurement of expected credit losses. Changes in the contractual cash flows of the loan portfolio that did not result in derecognition In millions of COP 2023 2022 Loan portfolio modified during the period Amortized cost before modification 7,566,692 5,524,962 Net gain or loss on changes (182,023) (78,790) Loan portfolio modified since initial recognition Gross carrying value of the previously modified loan portfolio for which the allowance for losses has been changed from the asset's life to the expected credit losses for 12 months. 393,789 164,423 Impact of movements in the value of the portfolio and loss allowance by Stage Variation December 2023 vs December 2022 Stage 1 (12-month expected credit losses) Stage 1 exposure decreased by COP 14,397,167 and the loss allowance increased by COP 820,111 . The decrease in the portfolio at this stage is mainly due to the restatement of the dollar loans into colombian pesos due to a lower in the market representative rate and a slow disbursement dynamic of the consumer portfolio compared to the previous period. The increase in the loss allowance is due to the impact of a less favorable economic outlook, where there is lower economic growth and a high trend of interest rates throughout the year. Stage 2 (Lifetime expected credit losses) The exposure in Stage 2 decreased by COP 2,613,778 and the loss allowance decreased by COP 608,427 . The decrease in exposure is due to the migration of loans with delinquency over 90 days to Stage 3, and the level of new overdue portfolio being lower than the previous period. The decrease of loss allowance is in accordance with the decrease in exposure. Stage 3 (Lifetime expected credit losses) The exposure in Stage 3 increased by COP 1,038,853 , and the loss allowance increased by COP 531,779 . The variation in exposure and loss allowance in this Stage is mainly due to clients of the consumer portfolio reaching a delinquency height over 90 days and the impairment of significant clients from the construction sector. The following explains the significant changes in the loans and the allowance for loan losses by category during the periods ended on December 31, 2023 and 2022 as a result of applying the expected credit loss model according to IFRS 9: As of December 31, 2023 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, 2023 126,530,862 (665,259) 8,062,435 (751,728) 8,944,556 (5,853,318) 143,537,853 (7,270,305) Transfers of financial instruments: (1,248,210) (73,788) (565,802) 157,677 1,814,012 (83,889) - - Transfers from stage 1 to stage 2 (1,286,292) 24,362 1,286,292 (24,362) - - - - Transfers from stage 1 to stage 3 (900,645) 26,071 - - 900,645 (26,071) - - Transfers from stage 2 to stage 1 931,660 (118,403) (931,660) 118,403 - - - - Transfers from stage 2 to stage 3 - - (1,081,128) 139,257 1,081,128 (139,257) - - Transfers from stage 3 to stage 1 7,067 (5,818) - - (7,067) 5,818 - - Transfers from stage 3 to stage 2 - - 160,694 (75,621) (160,694) 75,621 - - Remeasurement arising from transfer of stage (172,134) 98,684 (190,275) (7,563) (153,574) (1,140,608) (515,983) (1,049,487) Remeasurement from remaining in the stage (10,087,837) 69,038 (444,057) 97,791 (135,588) (159,438) (10,667,482) 7,391 Remeasurement due to changes in economics factors - (14,781) - (19,968) - 7,515 - (27,234) Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - 19,001 - 53,533 - 25,299 - 97,833 New financial assets purchased/originated (1) 60,154,305 (302,169) 1,192,219 (143,442) 1,296,765 (725,298) 62,643,289 (1,170,909) Financial assets that have been derecognized (45,206,464) 181,931 (1,519,892) 121,596 (1,715,530) 1,391,718 (48,441,886) 1,695,245 Charges-off (19,285) 973 (81,528) 17,475 (869,872) 952,237 (970,685) 970,685 Foreign Exchange and other movements (9,177,310) 48,275 (999,563) 49,159 (720,837) 359,081 (10,897,710) 456,515 Balance at December 31, 2023 120,773,927 (638,095) 5,453,537 (425,470) 8,459,932 (5,226,701) 134,687,396 (6,290,266) (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, 2023 51,510,943 (1,823,841) 5,288,921 (1,868,882) 2,788,857 (2,354,412) 59,588,721 (6,047,135) Transfers of financial instruments: (2,366,645) (213,509) 299,377 313,735 2,067,268 (100,226) - - Transfers from stage 1 to stage 2 (1,890,263) 116,262 1,890,263 (116,262) - - - - Transfers from stage 1 to stage 3 (1,805,932) 124,706 - - 1,805,932 (124,706) - - Transfers from stage 2 to stage 1 1,252,391 (381,036) (1,252,391) 381,036 - - - - Transfers from stage 2 to stage 3 - - (547,962) 230,723 547,962 (230,723) - - Transfers from stage 3 to stage 1 77,159 (73,441) - - (77,159) 73,441 - - Transfers from stage 3 to stage 2 - - 209,467 (181,762) (209,467) 181,762 - - Remeasurement arising from transfer of stage (176,080) 281,499 (103,802) (541,174) 990,976 (4,445,663) 711,094 (4,705,338) Remeasurement from remaining in the stage (4,024,103) (79,073) (162,497) (79,505) 278,004 (493,421) (3,908,596) (651,999) Remeasurement due to changes in economics factors - (242,317) - (32,244) - 989 - (273,572) Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - (423,782) - 252,110 - 19,805 - (151,867) New financial assets purchased/originated (1) 15,350,895 (866,684) 1,429,142 (584,910) 1,275,594 (1,053,814) 18,055,631 (2,505,408) Financial assets that have been derecognized (9,643,264) 349,930 (858,742) 315,991 (294,422) 250,487 (10,796,428) 916,408 Charges-off (1,299,715) 231,387 (1,129,877) 542,312 (2,832,374) 4,488,267 (5,261,966) 5,261,966 Foreign Exchange and other movements (3,291,416) 114,156 (355,455) 98,062 (149,816) 227,689 (3,796,687) 439,907 Balance at December 31, 2023 46,060,615 (2,672,234) 4,407,067 (1,584,505) 4,124,087 (3,460,299) 54,591,769 (7,717,038) (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, 2023 23,566,544 (151,328) 3,172,285 (238,920) 1,358,887 (622,826) 28,097,716 (1,013,074) Transfers of financial instruments: (33,774) (56,552) (337,901) 74,010 371,675 (17,458) - - Transfers from stage 1 to stage 2 (886,398) 15,837 886,398 (15,837) - - - - Transfers from stage 1 to stage 3 (214,258) 6,202 - - 214,258 (6,202) - - Transfers from stage 2 to stage 1 1,065,222 (77,927) (1,065,222) 77,927 - - - - Transfers from stage 2 to stage 3 - - (211,221) 26,291 211,221 (26,291) - - Transfers from stage 3 to stage 1 1,660 (664) - - (1,660) 664 - - Transfers from stage 3 to stage 2 - - 52,144 (14,371) (52,144) 14,371 - - Remeasurement arising from transfer of stage (67,839) 66,879 (66,232) (43,021) 38,500 (275,772) (95,571) (251,914) Remeasurement from remaining in the stage (1,719,440) 7,812 (84,050) 27,024 (16,635) (44,480) (1,820,125) (9,644) Remeasurement due to changes in economics factors - (2,286) - (4,103) - 8,419 - 2,030 Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - (1,756) - (5,150) - 8,486 - 1,580 New financial assets purchased/originated (1) 2,926,745 (21,654) 915,316 (57,704) 67,467 (45,494) 3,909,528 (124,852) Financial assets that have been derecognized (1,780,980) 11,596 (264,866) 12,186 (129,570) 62,077 (2,175,416) 85,859 Charges-off (863) 29 (25,471) 27,464 (251,570) 250,411 (277,904) 277,904 Foreign Exchange and other movements (337,265) 1,831 (15,981) 1,573 (7,925) 4,132 (361,171) 7,536 Balance at December 31, 2023 22,553,128 (145,429) 3,293,100 (206,641) 1,430,829 (672,505) 27,277,057 (1,024,575) (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, 2023 34,067,734 (206,800) 1,997,270 (256,275) 1,306,369 (561,016) 37,371,373 (1,024,091) Transfers of financial instruments: (1,226,789) (46,563) 838,151 32,285 388,638 14,278 - - Transfers from stage 1 to stage 2 (1,419,929) 20,379 1,419,929 (20,379) - - - - Transfers from stage 1 to stage 3 (330,417) 7,821 - - 330,417 (7,821) - - Transfers from stage 2 to stage 1 523,311 (74,687) (523,311) 74,687 - - - - Transfers from stage 2 to stage 3 - - (306,993) 52,110 306,993 (52,110) - - Transfers from stage 3 to stage 1 246 (76) - - (246) 76 - - Transfers from stage 3 to stage 2 - - 248,526 (74,133) (248,526) 74,133 - - Remeasurement arising from transfer of stage (18,655) 45,186 (8,302) (84,371) 63,442 (154,335) 36,485 (193,520) Remeasurement from remaining in the stage (1,240,204) (6,873) (12,416) (5,955) (20,842) (125,459) (1,273,462) (138,287) Remeasurement due to changes in economics factors - (8,108) - (1,386) - - - (9,494) Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - 54,756 - 17,730 - 58,972 - 131,458 New financial assets purchased/originated (1) 5,361,515 (36,938) 102,552 (19,513) 37,864 (11,435) 5,501,931 (67,886) Financial assets that have been derecognized (1,428,077) 11,130 (69,961) 10,885 (106,100) 53,259 (1,604,138) 75,274 Charges-off (2,088) 8 (2,446) 497 (123,998) 128,027 (128,532) 128,532 Foreign Exchange and other movements (3,302,788) 9,287 (216,194) 21,182 (134,267) 44,339 (3,653,249) 74,808 Balance at December 31, 2023 32,210,648 (184,915) 2,628,654 (284,921) 1,411,106 (553,370) 36,250,408 (1,023,206) (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, 2023 1,093,973 (28,564) 135,528 (29,024) 98,575 (67,447) 1,328,076 (125,035) Transfers of financial instruments: (210,552) 3,957 155,467 (680) 55,085 (3,277) - - Transfers from stage 1 to stage 2 (177,024) 4,932 177,024 (4,932) - - - - Transfers from stage 1 to stage 3 (46,849) 2,745 - - 46,849 (2,745) - - Transfers from stage 2 to stage 1 13,169 (3,625) (13,169) 3,625 - - - - Transfers from stage 2 to stage 3 - - (17,243) 5,043 17,243 (5,043) - - Transfers from stage 3 to stage 1 152 (95) - - (152) 95 - - Transfers from stage 3 to stage 2 - - 8,855 (4,416) (8,855) 4,416 - - Remeasurement arising from transfer of stage (2,939) 2,268 (4,798) (5,519) (8,155) (58,743) (15,892) (61,994) Remeasurement from remaining in the stage (133,210) 5,932 (9,475) (7,767) (94) (9,821) (142,779) (11,656) Remeasurement due to changes in economics factors - (3,185) - (882) - 24 - (4,043) Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - (14,202) - 3,792 - 2,808 - (7,602) New financial assets purchased/originated (1) 395,777 (29,237) 31,394 (8,643) 32,093 (28,378) 459,264 (66,258) Financial assets that have been derecognized (220,594) 5,021 (13,738) 3,545 (12,904) 9,549 (247,236) 18,115 Charges-off (17,840) 1,787 (17,376) 7,174 (46,060) 72,315 (81,276) 81,276 Foreign Exchange and other movements (130,044) 993 (16,699) 3,139 (8,397) 5,047 (155,140) 9,179 Balance at December 31, 2023 774,571 (55,230) 260,303 (34,865) 110,143 (77,923) 1,145,017 (168,018) (1) Includes financial assets purchased, originated and restructured. Variation December 2022 vs December 2021 Stage 1 (12-month expected credit losses) The exposure value in stage 1 increased by COP 51,669,823 and the loss allowance increased by COP 420,975 . The growth of the portfolio at this stage is mainly due to newly granted loans and clients demonstrating good payment behavior post-pandemic, returning to Stage 1. The increase in the loss allowance is primarily due to a more unfavorable macroeconomic expectation where the provision is impacted by lower economic growth and a trend of high interest rates. Stage 2 (Lifetime expected credit losses) The exposure value in stage 2 decreased by COP 643,314 and the loss allowance also decreased by COP 178,706 . The decrease in exposure is mainly explained by specific loan migrations from Stage 2 to Stage 1 of clients in the agro-industrial sector for a value of COP 658,486 , customers transitioning out of medium risk monitoring due to exhibiting improved credit performance, and clients who conclude their financial relief due to COVID-19 and exhibit favorable payment behavior, transitioning to Stage 1. The loss allowance decrease is mainly due to the migration of clients between stages and the movement of the loss allowance from debtors ending their financial relief. Stage 3 (Lifetime expected credit losses) The exposure at default in stage 3 decreased by COP 1,426,253 and the loss allowance decreased by COP 627,111 . The variation in exposure is mainly due to a higher level of write-offs (going off balance sheet) and clients leaving AEC (Special Client Administration Watchlist) level 3 due to better sector performance. The decrease of loss allowance is in accordance with the decrease in exposure. As of December 31, 2022 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, 2022 97,000,580 (745,898) 8,335,781 (917,747) 9,575,482 (6,149,378) 114,911,843 (7,813,023) Transfers of financial instruments: (1,000,903) (55,842) 164,928 (58,355) 835,975 114,197 - - Transfers from stage 1 to stage 2 (1,826,599) 40,086 1,826,599 (40,086) - - - - Transfers from stage 1 to stage 3 (495,556) 24,385 - - 495,556 (24,385) - - Transfers from stage 2 to stage 1 1,318,572 (115,364) (1,318,572) 115,364 - - - - Transfers from stage 2 to stage 3 - - (791,245) 85,224 791,245 (85,224) - - Transfers from stage 3 to stage 1 2,680 (4,949) - - (2,680) 4,949 - - Transfers from stage 3 to stage 2 - - 448,146 (218,857) (448,146) 218,857 - - Remeasurement arising from transfer of stage (418,622) 102,555 (288,452) (3,163) (200,663) (692,420) (907,737) (593,028) Remeasurement from remaining in the stage (8,259,356) 121,886 (250,538) 53,997 67,232 (563,580) (8,442,662) (387,697) Remeasurement due to changes in economics factors - (37,926) - 157,149 - (7,695) - 111,528 Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - 98,728 - 92,122 - 53,754 - 244,604 New financial assets purchased/originated (1) 71,027,870 (323,336) 1,638,849 (256,104) 1,671,567 (1,147,222) 74,338,286 (1,726,662) Financial assets that have been derecognized (38,422,512) 190,804 (2,625,441) 208,049 (1,966,963) 1,163,837 (43,014,916) 1,562,690 Charges-off (19,378) 1,330 (48,003) 26,417 (1,675,514) 1,715,148 (1,742,895) 1,742,895 Foreign Exchange and other movements 6,623,183 (17,560) 1,135,311 (54,093) 637,440 (339,959) 8,395,934 (411,612) Balance at December 31, 2022 126,530,862 (665,259) 8,062,435 (751,728) 8,944,556 (5,853,318) 143,537,853 (7,270,305) (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, 2022 41,773,555 (1,402,277) 3,927,387 (1,800,518) 2,662,098 (2,102,472) 48,363,040 (5,305,267) Transfers of financial instruments: (2,023,245) (175,533) 937,915 147,486 1,085,330 28,047 - - Transfers from stage 1 to stage 2 (2,205,274) 126,781 2,205,274 (126,781) - - - - Transfers from stage 1 to stage 3 (981,411) 64,937 - - 981,411 (64,937) - - Transfers from stage 2 to stage 1 1,086,524 (298,371) (1,086,524) 298,371 - - - - Transfers from stage 2 to stage 3 - - (379,978) 129,687 379,978 (129,687) - - Transfers from stage 3 to stage 1 76,916 (68,880) - - (76,916) 68,880 - - Transfers from stage 3 to stage 2 - - 199,143 (153,791) (199,143) 153,791 - - Remeasurement arising from transfer of stage (206,572) 336,478 (191,232) (135,684) 511,818 (2,497,603) 114,014 (2,296,809) Remeasurement from remaining in the stage (3,215,778) (89,383) (38,099) (206,202) (268,082) 93,183 (3,521,959) (202,402) Remeasurement due to changes in economics factors - 39,672 - 241,992 - (2,512) - 279,152 Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - 23,381 - (78,241) - 785 - (54,075) New financial assets purchased/originated (1) 23,609,797 (987,792) 1,919,811 (715,751) 943,121 (759,058) 26,472,729 (2,462,601) Financial assets that have been derecognized (10,128,838) 286,762 (668,543) 215,579 (149,520) 122,025 (10,946,901) 624,366 Charges-off (698,744) 233,953 (916,801) 615,728 (2,172,972) 2,938,836 (3,788,517) 3,788,517 Foreign Exchange and other movements 2,400,768 (89,102) 318,483 (153,271) 177,064 (175,643) 2,896,315 (418,016) Balance at December 31, 2022 51,510,943 (1,823,841) 5,288,921 (1,868,882) 2,788,857 (2,354,412) 59,588,721 (6,047,135) (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, 2022 19,927,472 (142,954) 3,198,182 (314,149) 1,993,974 (1,063,964) 25,119,628 (1,521,067) Transfers of financial instruments: 59,490 (79,666) (118,703) 57,312 59,213 22,354 - - Transfers from stage 1 to stage 2 (626,697) 16,913 626,697 (16,913) - - - - Transfers from stage 1 to stage 3 (102,499) 3,810 - - 102,499 (3,810) - - Transfers from stage 2 to stage 1 779,795 (98,964) (779,795) 98,964 - - - - Transfers from stage 2 to stage 3 - - (143,173) 19,624 143,173 (19,624) - - Transfers from stage 3 to stage 1 8,891 (1,425) - - (8,891) 1,425 - - Transfers from stage 3 to stage 2 - - 177,568 (44,363) (177,568) 44,363 - - Remeasurement arising from transfer of stage (74,495) 86,331 (23,270) (22,332) 46,660 (164,292) (51,105) (100,293) Remeasurement from remaining in the stage (1,380,295) 10,504 (74,988) 49,130 (38,739) 2,788 (1,494,022) 62,422 Remeasurement due to changes in economics factors - (14,991) - 1,612 - (8,667) - (22,046) Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - 19,160 - (19,451) - (9,455) - (9,746) New financial assets purchased/originated (1) 5,358,579 (38,976) 587,957 (35,776) 33,567 (17,606) 5,980,103 (92,358) Financial assets that have been derecognized (1,362,963) 10,976 (399,179) 28,647 (585,828) 463,171 (2,347,970) 502,794 Charges-off (264) 4 (19,361) 19,127 (156,782) 157,276 (176,407) 176,407 Foreign Exchange and other movements 1,039,020 (1,716) 21,647 (3,040) 6,822 (4,431) 1,067,489 (9,187) Balance at December 31, 2022 23,566,544 (151,328) 3,172,285 (238,920) 1,358,887 (622,826) 28,097,716 (1,013,074) (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, 2022 25,447,635 (140,843) 3,654,710 (260,867) 1,544,442 (659,348) 30,646,787 (1,061,058) Transfers of financial instruments: 2,074,437 (61,050) (2,522,248) 30,734 447,811 30,316 - - Transfers from stage 1 to stage 2 (745,136) 15,839 745,136 (15,839) - - - - Transfers from stage 1 to stage 3 (207,362) 4,437 - - 207,362 (4,437) - - Transfers from stage 2 to stage 1 3,021,745 (80,567) (3,021,745) 80,567 - - - - Transfers from stage 2 to stage 3 - - (445,019) 31,802 445,019 (31,802) - - Transfers from stage 3 to stage 1 5,190 (759) - - (5,190) 759 - - Transfers from stage 3 to stage 2 - - 199,380 (65,796) (199,380) 65,796 - - Remeasurement arising from transfer of stage (34,494) 69,980 (26,095) (40,822) 105,748 (309,941) 45,159 (280,783) Remeasurement from remaining in the stage (1,265,193) (611) 406,332 (924) (448,715) (14,146) (1,307,576) (15,681) Remeasurement due to changes in economics factors - (21,123) - 54,802 - 32 - 33,711 Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - (11,559) - (22,449) - (2,081) - (36,089) New financial assets purchased/originated (1) 7,407,685 (46,935) 74,121 (15,026) 23,675 (9,646) 7,505,481 (71,607) Financial assets that have been derecognized (1,772,230) 11,975 (146,498) 11,697 (173,986) 95,882 (2,092,714) 119,554 Charges-off (3,449) 283 (1,206) 1,174 (341,336) 344,534 (345,991) 345,991 Foreign Exchange and other movements 2,213,343 (6,917) 558,154 (14,594) 148,730 (36,618) 2,920,227 (58,129) Balance at December 31, 2022 34,067,734 (206,800) 1,997,270 (256,275) 1,306,369 (561,016) 37,371,373 (1,024,091) (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, 2022 950,991 (22,845) 183,693 (30,255) 147,501 (110,967) 1,282,185 (164,067) Transfers of financial instruments: (70,809) (1,260) 17,756 3,557 53,053 (2,297) - - Transfers from stage 1 to stage 2 (68,581) 2,098 68,581 (2,098) - - - - Transfers from stage 1 to stage 3 (44,815) 1,960 - - 44,815 (1,960) - - Transfers from stage 2 to stage 1 38,613 (4,608) (38,613) 4,608 - - - - Transfers from stage 2 to stage 3 - - (18,528) 3,684 18,528 (3,684) - - Transfers from stage 3 to stage 1 3,974 (710) - - (3,974) 710 - - Transfers from stage 3 to stage 2 - - 6,316 (2,637) (6,316) 2,637 - - Remeasurement arising from transfer of stage (4,527) 4,802 (8,173) (4,465) (9,736) (52,103) (22,436) (51,766) Remeasurement from remaining in the stage (42,292) (505) (89,440) 1,278 (14,946) 2,472 (146,678) 3,245 Remeasurement due to changes in economics factors - (435) - 3,752 - (71) - 3,246 Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - 49 - (448) - (1,704) - (2,103) New financial assets purchased/originated (1) 463,403 (14,534) 42,588 (10,982) 24,050 (19,183) 530,041 (44,699) Financial assets that have been derecognized (279,820) 4,489 (21,195) 3,584 (31,532) 21,334 (332,547) 29,407 Charges-off (12,781) 2,895 (16,004) 6,857 (82,307) 101,340 (111,092) 111,092 Foreign Exchange and other movements 89,808 (1,220) 26,303 (1,902) 12,492 (6,268) 128,603 (9,390) Balance at December 31, 2022 1,093,973 (28,564) 135,528 (29,024) 98,575 (67,447) 1,328,076 (125,035) (1) Includes financial assets purchased, originated and restructured. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Period Gross investment in finance lease receivable Present value of minimum payments In millions of COP Less than 1 year 1,481,313 1,257,859 Between 1 and 5 years 10,967,173 8,338,151 Greater than 5 years 34,066,937 17,681,047 Total gross investment in finance lease receivable/ present value of minimum payments 46,515,423 27,277,057 Less: Future financial income (1) (19,238,366) - Present value of payments receivable (2) 27,277,057 27,277,057 Minimum non-collectable payments impairment (1,024,575) (1,024,575) Total 26,252,482 26,252,482 (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, 2022 Period Gross investment in finance lease receivable Present value of minimum payments In millions of COP Less than 1 year 634,388 612,012 Between 1 and 5 years 10,579,102 8,286,322 Greater than 5 years 34,118,764 19,199,382 Total gross investment in finance lease receivable/ present value of minimum payments 45,332,254 28,097,716 Less: Future financial income (1) (17,234,538) - Present value of payments receivable (2) 28,097,716 28,097,716 Minimum non-collectable payments impairment (972,743) (972,743) Total 27,124,973 27,124,973 (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, 2023 and 2022: Type of asset December 31, 2023 December 31, 2022 In millions of COP Technological equipment 49,990 47,922 Vehicles 14,243 24,187 Machinery and equipment 11,930 13,124 Furniture and fixtures 12 28 Other assets 1,417 1,541 Total 77,592 86,802 (*) 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, 2023 December 31, 2022 In millions of COP Technological equipment 20,717 30,075 Buildings 8,088 3,905 Machinery and equipment 532 498 Vehicles 102 206 Furniture and fixtures - 1 Total 29,439 34,685 As of December 31, 2023, 2022 and 2021, financial leases income amounted to COP 3,879,188 , COP 2,461,456 , and COP 1,440,493 , 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, 2023 December 31, 2022 In millions of COP Less than 1 year 259,277 501,738 Between 1 and 5 years 524,293 783,663 Greater than 5 years 60,619 423,459 Total (1) 844,189 1,708,860 (1) During 2023, Renting S.A.S. have subleased their vehicles under financial leases, therefore operational placements through own resources and the number of operational vehicles have decreased. As of December 31, 2023 and 2022, the operating lease income amounted to COP 833,244 and COP 649,693 , respectively. Additionally, the Bank recognized other services related to the lease for COP 660,442 and COP 541,436 , 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, environmental, and legal), and internal ones (insurance, maintenance and used market sales). Likewise, the calculation of residuals was updated to reflect the effect of the new macroeconomic conditions. Moreover, 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 team, 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 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, 2023 and 2022, the rollforward of right-of-use assets was as follows: As of December 31, 2023 Roll - forward Right-of-use assets Balance at January 01, 2023 Acquisitions Additions Expenses depreciation (1) Disposals Revaluation (2) Effect of changes in foreign exchange rate Balance at December 31, 2023 In millions of COP Buildings Cost 2,319,471 67,049 11,861 - (75,701) 218,592 (238,350) 2,302,922 Accumulated depreciation (637,615) - - (198,156) 41,560 - 87,425 (706,786) Furniture and fixtures Cost 4,449 620 - - (1,783) - (524) 2,762 Accumulated depreciation (4,291) - - (548) 1,708 - 524 (2,607) Computer equipment Cost 95,240 7,965 - - (30,650) (2,773) (11,713) 58,069 Accumulated depreciation (53,757) - - (17,043) 29,864 - 6,000 (34,936) Vehicles Cost 136,560 418,773 - - (539,293) 4,419 (704) 19,755 Accumulated depreciation (32,949) - - (13,918) 41,128 - 605 (5,134) Total right-of-use assets – cost 2,555,720 494,407 11,861 - (647,427) 220,238 (251,291) 2,383,508 Total right-of-use assets - accumulated depreciation (728,612) - - (229,665) 114,260 - 94,554 (749,463) Total right-of-use assets, net 1,827,108 494,407 11,861 (229,665) (533,167) 220,238 (156,737) 1,634,045 (1) See Note 26.3 Impairment, depreciation and amortization. (2) The variation corresponds mainly to changes in the estimated term of buildings lease liabilities. As of December 31, 2022 Roll - forward Right-of-use assets Balance at January 01, 2022 Acquisitions Additions Expenses depreciation (1) Disposals Revaluation Effect of changes in foreign exchange rate Balance at December 31, 2022 In millions of COP Buildings Cost 2,015,154 66,738 8,746 - (55,759) 83,387 201,205 2,319,471 Accumulated depreciation (431,147) - - (175,538) 31,276 - (62,206) (637,615) Furniture and fixtures Cost 3,972 - - - - 37 440 4,449 Accumulated depreciation (2,821) - - (1,066) - - (404) (4,291) Computer equipment Cost 87,357 2,603 - - (985) (2,659) 8,924 95,240 Accumulated depreciation (32,538) - - (18,717) 826 - (3,328) (53,757) Vehicles Cost 72,369 99,041 - - (70,207) 34,776 581 136,560 Accumulated depreciation (16,481) - - (17,540) 1,558 - (486) (32,949) Total right-of-use assets – cost 2,178,852 168,382 8,746 - (126,951) 115,541 211,150 2,555,720 Total right-of-use assets - accumulated depreciation (482,987) - - (212,861) 33,660 - (66,424) (728,612) Total right-of-use assets, net 1,695,865 168,382 8,746 (212,861) (93,291) 115,541 144,726 1,827,108 (1) See Note 26.3 Impairment, depreciation and amortization. The following table sets forth the changes in lease liabilities as of December 31, 2023 and 2022: As of December 31, 2023 Concept Total In millions of COP Balance at January 01, 2023 1,900,268 (+) New contracts 75,345 (+/-) Reassessment of the lease liability (1) 161,787 (-) Payments (305,413) (+) Accrued Interest (2) 123,175 (+/-) Effect of changes in foreign exchange rate (3) (181,552) Balance at December 31, 2023 1,773,610 (1) The variation corresponds mainly to changes in the estimated term of buildings lease liabilities. (2) The difference of COP 9,360 with the interest expensive on lease liabilities recognized in the Consolidated Statement 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 (3) The variation is due to the decrease in the market representative rate from COP 4,810.20 colombian pesos in December 2022 to COP 3,822.05 colombian pesos in December 2023. As of December 31, 2022 Concept Total In millions of COP Balance at January 01, 2022 1,819,077 (+) New contracts 68,201 (+/-) Reassessment of the lease liability 12,131 (-) Payments (285,920) (+) Accrued Interest (1) 123,510 (+/-) Effect of changes in foreign exchange rate 163,269 Balance at December 31, 2022 1,900,268 (1) The difference of COP 12,161 with the interest expensive on lease liabilities recognized in the Consolidated Statement 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, 2023 and 2022: As of December 31, 2023 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 17,345 58,438 230,397 1,441,288 1,747,468 Vehicles 125 245 - - 370 Computer equipment 2,733 14,124 7,524 1,391 25,772 Total lease liabilities 20,203 72,807 237,921 1,442,679 1,773,610 As of December 31, 2022 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 10,502 43,545 82,647 1,716,968 1,853,662 Vehicles 83 300 183 - 566 Computer equipment 3,052 17,775 14,650 10,563 46,040 Total lease liabilities 13,637 61,620 97,480 1,727,531 1,900,268 The following table shows the weighted average rates and average useful life of right-of-use assets as of December 31, 2023 and 2022: As of December 31, 2023 Right-of-use assets Weighted average life Weighted average remaining lease terms Weighted average discount rates Buildings 209 99 6.67 % Computer equipment 73 31 8.36 % Vehicles 51 22 9.81 % As of December 31, 2022 Right-of-use assets Weighted average life Weighted average remaining lease terms Weighted average discount rates Buildings 195 97 5.75 % Computer equipment 75 35 8.65 % Vehicles 48 35 10.24 % The following table shows the detail of leases in the Consolidated Statement of Income as of December 31, 2023 and 2022: As of December 31, 2023 Right-of-use assets Financial interest (1) Expenses depreciation (2) 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 109,800 198,156 62 983 235 7,577 Vehicles 40 13,918 - 51 - - Computer equipment 3,907 17,043 - - 6,545 - Furniture and fixtures 68 548 - 904 432 - Total 113,815 229,665 62 1,938 7,212 7,577 (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 9,360 , see Note 25.2 Interest expenses. (2) See Note 26.3 Impairment, depreciation and amortization. As of December 31, 2022 Right-of-use assets Financial interest (1) Expenses depreciation (2) 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 107,002 175,538 416 872 208 6,048 Vehicles 13 17,540 - 394 55 - Computer equipment 4,289 18,717 - - 8,649 - Furniture and fixtures 45 1,066 - 1,015 2,685 - Total 111,349 212,861 416 2,281 11,597 6,048 (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 12,161 , 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, 2023 and 2022: As of December 31, 2023 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 21,050 73,316 301,470 2,074,687 2,470,523 Vehicles 193 206 - - 399 Computer equipment 2,964 16,263 1,550 8,323 29,100 Total minimum payments lease liabilities 24,207 89,785 303,020 2,083,010 2,500,022 As of December 31, 2022 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 13,492 52,100 110,495 2,427,607 2,603,694 Vehicles 84 330 229 256 899 Computer equipment 3,117 19,266 19,875 14,292 56,550 Total minimum payments lease liabilities 16,693 71,696 130,599 2,442,155 2,661,143 |
INVESTMENTS IN ASSOCIATES AND J
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 In millions of COP Investments in associates (1) 2,526,073 2,300,450 Investments in joint ventures (2) 471,530 615,183 Total associates and joint ventures 2,997,603 2,915,633 (1) As of December 31, 2023 and 2022, the amount includes investments in associates at fair value for COP 1,670,782 and COP 1,532,156 , respectively, and investments in associates at equity method value for COP 855,291 and COP 768,294 respectively. See Note 30. Fair value of assets and liabilities. (2) All investments in joint ventures are accounted for using the equity method. The following are the investments in associates that the Bank holds as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Company name Main activity Country % of Ownership Carrying % of Ownership Carrying interest amount interest amount In millions of COP P.A Viva Malls Development and operation of commercial spaces Colombia 49.00 % 1,661,679 49.00 % 1,530,459 Protección S.A. Administration of pension funds and severances Colombia 20.58 % 594,105 * 20.58 % 533,584 P.A El Bosque Real estate ecosystems Colombia 14.11 % 57,120 * 14.11 % 40,231 * Titularizadora Colombiana S.A. Hitos. Mortgage portfolio securities Colombia 26.98 % 37,950 * 26.98 % 35,756 * Redeban Multicolor S.A. Network data transmission services Colombia 20.36 % 35,735 * 20.36 % 31,876 * P.A El Otoño Real estate ecosystems Colombia 16.30 % 33,442 * 16.30 % 23,960 * ACH Colombia S.A. Electronic transfer services Colombia 19.94 % 21,952 * 19.94 % 19,005 * Gestoría Externa de Portafolios S.A. Investment management service Colombia 49.31 % 11,278 * - - Servicio Salvadoreño de Protección, S. A. de C.V. Custodial services and transfer of monetary types El Salvador 25.00 % 10,223 * 25.00 % 14,497 * Servicios Financieros, S.A. de C.V. Processing of financial transactions and electronic payment methods El Salvador 49.78 % 9,514 * 49.78 % 11,392 * P.A Madrid II Real estate ecosystems Colombia 20.00 % 9,208 * 20.00 % 9,126 * P.A Distrito Vera Real estate ecosystems Colombia 33.33 % 9,103 33.33 % 1,697 * P.A Boreal Real estate ecosystems Colombia 20.00 % 7,579 * 20.00 % 7,477 P.A La Felicidad Real estate ecosystems Colombia 20.00 % 6,938 * 20.00 % 9,798 * Internacional Ejecutiva de Aviación S.A.S. Aircraft and aircraft travel service Colombia 25.00 % 6,093 * 25.00 % 6,455 Reintegra S.A.S. Collections and recovery of portfolio Colombia 46.00 % 5,864 * 46.00 % 11,211 * P.A Mirador de la Ciénaga. Real estate ecosystems Colombia 13.00 % 4,518 * 13.00 % 3,329 * ACH de El Salvador, S. A. de C.V. Electronic transfer services El Salvador 25.00 % 1,554 * 25.00 % 2,140 * Agricapital S.A.S. (1) Financial services Colombia 10.79 % 1,262 * 10.21 % 1,408 * Servicios de Identidad Digital S.A.S. Digital services Colombia 33.33 % 956 33.33 % 7,049 Total, investments in associates 2,526,073 2,300,450 (1) In 2023, the ownership interest is increased due to capitalization through Bancolombia S.A. (*) For the purposes of applying the equity method of accounting, financial statements as of November 30, 2023 and 2022 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, 2023 and 2022. The following table sets forth the changes in the carrying amount of associates of the Bank as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 In millions of COP P.A Viva Malls Protección S.A. Others Total P.A Viva Malls Protección S.A. Others Total Balance at January 1, 1,530,459 533,584 236,407 2,300,450 1,355,688 630,821 151,647 2,138,156 Equity method - Gain (1) 128,028 62,442 40,234 230,704 189,132 46,812 29,941 265,885 OCI (Equity method) - (1,921) (1,039) (2,960) - 3,137 2,227 5,364 OCI (Translation adjustment) - - (5,674) (5,674) - - 4,466 4,466 Purchase / capitalizations 3,192 - 35,561 38,753 - 61,728 74,634 136,362 Sells or refund of contributions (2) - - (6,428) (6,428) (14,361) (208,914) (6,155) (229,430) Impairment loss (3) - - (2,017) (2,017) - - (2,656) (2,656) Dividends - - (28,249) (28,249) - - (28,005) (28,005) Others - - 1,494 1,494 - - 10,308 10,308 Balance at December 31, 1,661,679 594,105 270,289 2,526,073 1,530,459 533,584 236,407 2,300,450 (1) For further information see Note 25.5. Dividends and net income on equity investments. (2) In December 2022, was registered the spin-off of Protección S.A. and the creation of the company Asulado Seguros de Vida S.A., of which the Bank sold its participation to SURA Asset Management S.A., in order to comply with the authorized investment regime. For further information, see Note 25.5. Dividends and net income on equity investments. (3) For 2023 and 2022, the Bank management performed a valuation, to establish the recoverable amount based in value in use of Reintegra S.A.S., which amounted to COP 5,750 and COP 8,735 , respectively, with a 21.5% discount rate. As a result of the valuation, the recoverables amounts of the investment were lower than the carrying amount of each year, for this, the Bank recorded an impairment in the Consolidated Statement of Income for COP 2,017 for 2023 and COP 7,688 for 2022. In addition, in 2022 the Bank management also performed a valuation, to establish the recoverable amount of Internacional Ejecutiva de Aviación S.A.S. based in fair value (Level 3) less sales costs using a methodology based on the commercial appraisal of the entity's assets, which amounted to COP 10,359 . As a result of the valuation, the recoverable amount of the investment was higher than the carrying amount, for this, the Bank recognised a recovery of the impairment losses in the Consolidated Statement of Income for COP 5,032 . For further information see Note 25.5. Dividends and net income on equity investments. The following is additional information regarding the Bank’s most significant associates as of December 31, 2023 and 2022: As of December 31, 2023 Income from Assets Liabilities OCI ordinary activities Profits Company name (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) In millions of COP P.A Viva Malls 3,492,834 101,653 - 849,928 327,838 Protección S.A. 2,955,547 666,280 80,088 1,597,171 303,460 As of December 31, 2022 Income from Assets Liabilities OCI ordinary activities Profits Company name (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) In millions of COP P.A Viva Malls 3,152,529 19,705 - 689,794 418,410 Protección S.A. 2,619,197 624,052 89,419 2,993,740 227,514 The dividends received from the associate at fair value P.A Viva Malls for the year ended December 31, 2023 and 2022 are COP 104,623 and COP 35,905 , respectively. These are included in the line Dividends and net income on equity investments in the Consolidated Statement of Income. The following are the joint ventures that the Bank holds as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Company name Main activity Country % of Ownership Carrying % of Ownership Carrying interest amount interest amount In millions of COP Compañía de Financiamiento TUYA S.A. (1) Financing Services Colombia 50.00 % 410,324 50.00 % 564,998 P.A Laurel Renewable energies Colombia 50.00 % 27,364 * 50.00 % 22,150 Puntos Colombia S.A.S. Administration of the customers loyalty Colombia 50.00 % 10,922 * 50.00 % 11,514 Fondo de Capital Privado Ruta del Sol compartimento A Investment in infrastructure projects Colombia 25.90 % 10,588 * 25.90 % 10,159 Ecosistemas Digitales de Negocio S.A.S. Digital electronic billing services Colombia 50.00 % 6,293 * 50.00 % 3,832 P.A Muverang Sustainable mobility services Colombia 33.33 % 2,684 33.33 % 2,351 P.A Blup Inventory finance and comprehensive logistics operation Colombia 50.00 % 3,313 50.00 % 179 * P.A. Finsocial Purchase and sale of loans and receivables Colombia 50.00 % 42 * - - P.A Reintegra (2) Collections and recovery of portfolio Colombia 46.00 % - * 46.00 % - * Avicapital (3) Purchase and sale of loans and receivables Colombia 50.00 % - - - Total investments in joint venture 471,530 615,183 (1) See table the changes in the carrying amount of joint ventures of the Bank as of December 31, 2023 and 2022 (2) In 2023 and 2022, 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 these years. (3) The value of the investment in the company is COP 0 , due to the recognition of the company's losses up to its recoverable value. (*) For the purposes of applying the equity method of accounting, financial statements as of November 30, 2023 and 2022 have been used. However, the Bank does not consider that any adjustments have to be made since no significant transactions took place between these dates and December 31, 2023 and 2022. The following table sets forth the changes in the carrying amount of joint ventures of the Bank as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 In millions of COP Compañía de Compañía de financiamiento Others Total financiamiento Others Total TUYA S.A. TUYA S.A. Balance at January 1, 564,998 50,185 615,183 546,633 35,770 582,403 Equity method - (Loss) / Gain (1) (110,600) (6,989) (117,589) (36,635) (10,145) (46,780) Purchase / capitalizations 62,500 17,890 80,390 55,000 31,524 86,524 Sells or refund of contributions - (296) (296) - (10) (10) (Impairment loss) / Recovery (2) (106,574) 416 (106,158) - (6,977) (6,977) Others - - - - 23 23 Balance at December 31, 410,324 61,206 471,530 564,998 50,185 615,183 (1) For further information see Note 25.5. Dividends and net income on equity investments. (2) During the year 2023, the impairment loss relates mainly to the fact that the Bank's management requested a valuation of joint venture Tuya S.A. to establish the recoverable amount based in value in use of the previously mentioned joint ventures, which amounted to COP 425,494 with a 13.1% - 20.3% discount rate. As a result of the valuation, the recoverable amount on investment was lower than the carrying amount, therefore, the Bank recorded an impairment in the Consolidated Statement of Income for COP 106,574 . Additionally, for 2023, the Bank management performed a valuation, to establish the recoverable amount based in value in use of Fondo de Capital Privado Ruta del Sol compartimento A, which amounted to COP 2,742 , with a 36.03% discount rate. As a result of the valuation, the recoverable amount of the investment was higher than the carrying amount, for this, the Bank recognised a recovery of the impairment losses for COP 416 . See Note 25.5. Dividends and net income on equity investments. The following is additional information regarding the Bank’s most significant joint ventures as of December 31, 2023 and 2022: As of December 31, 2023 Income from Assets Liabilities ordinary activities Loss Company name (unaudited) (1) (unaudited) (unaudited) (unaudited) (2) In millons of COP Compañía de financiamiento TUYA S.A. 3,827,631 3,313,741 2,205,538 221,199 (1) Includes cash and cash equivalents for COP 223,625 . (2) Includes interest and valuation income for COP 1,142,715 , credit impairment charges, net for COP 949,125 , interest expenses for COP 502,501 , depreciation and amortization for COP 38,491 and income tax revenue for COP 131,265 . As of December 31, 2022 Income from Assets Liabilities ordinary activities Loss Company name (unaudited) (1) (unaudited) (unaudited) (unaudited) (2) In millons of COP Compañía de financiamiento TUYA S.A. 5,101,346 4,491,257 1,973,131 73,266 (1) Includes cash and cash equivalents for COP 523,835 . (2) Includes interest and valuation income for COP 1,001,631 , interest expenses for COP 304,114 , depreciation and amortization for COP 32,122 and income tax revenue for COP 7,907 . The accumulated other comprehensive income before tax of investments in associates and joint ventures as of December 31, 2023 and 2022, corresponds to COP 4,751 and COP 13,385 , respectively. As of December 31, 2023 and 2022, 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. In the same way, 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, 2023 | |
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, 2023 December 31, 2022 In millions of COP Goodwill 7,818,125 9,836,661 Intangible assets 671,572 602,531 Total intangible assets and goodwill, net 8,489,697 10,439,192 9.1. Intangible assets The following table sets forth the Bank’s intangible assets as of December 31, 2023 and 2022, including the reconciliation of initial and final balances of the cost and accrued amortization: As of December 31, 2023 Licenses, software Cost Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2023 28,438 1,361,258 554,558 1,944,254 Acquisitions - 352,248 - 352,248 Write off - (119,482) - (119,482) Foreign currency translation adjustment (5,842) (184,188) (113,922) (303,952) Balance at December 31, 2023 22,596 1,409,836 440,636 1,873,068 Licenses, software Amortization Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2023 28,437 765,339 547,947 1,341,723 Write off - (119,482) - (119,482) Amortization expense (1) - 210,333 1,984 212,317 Foreign currency translation adjustment (5,841) (114,425) (112,796) (233,062) Balance at December 31, 2023 22,596 741,765 437,135 1,201,496 Intangible assets at December 31, 2023, net - 668,071 3,501 671,572 (1) See Note 26.3. Impairment, depreciation and amortization. As of December 31, 2022 Licenses, software Cost Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2022 23,537 997,609 458,980 1,480,126 Acquisitions - 245,204 - 245,204 Write off - (43,991) - (43,991) Transfers from premises and equipment - 30,068 - 30,068 Foreign currency translation adjustment 4,901 132,368 95,578 232,847 Balance at December 31, 2022 28,438 1,361,258 554,558 1,944,254 Licenses, software Amortization Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2022 20,174 523,055 451,271 994,500 Write off - (41,148) - (41,148) Amortization expense (1) 3,595 170,004 2,392 175,991 Transfers from premises and equipment - 28,940 - 28,940 Foreign currency translation adjustment 4,668 84,488 94,284 183,440 Balance at December 31, 2022 28,437 765,339 547,947 1,341,723 Intangible assets at December 31, 2022, net 1 595,919 6,611 602,531 (1) See Note 26.3. Impairment, depreciation and amortization. As of December 31, 2023 and 2022, the assessment made by the Bank indicates there is no evidence of impairment of intangible assets. As of December 31, 2023 and 2022, 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 During the period ended at December 31, 2023, 2022 and 2021, the Bank incurred in research and development expenditures on non-capitalized intangible assets for COP 64,363 , COP 40,229 and COP 11,882 , respectively, recognized in the Consolidated Statement of Income. These costs were the result of the analysis design and implementation of the transformation projects, the most representative of which were: Core Nequi Renewal (Colombia) and core transformation in Banistmo S.A. 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, 2023, 2022 and 2021, the Bank recognized in the Consolidated Statement of Income the amount of COP 1,026 , COP 49,079 and COP 10,046 , 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, 2023 December 31, 2022 In millions of COP Balance at beginning of the year, net 9,836,661 8,143,146 Effect of change in foreign exchange rate (1) (2,018,536) 1,693,515 Balance at end of the year, net 7,818,125 9,836,661 (1) The market representative rate at the end of December 31, 2023 is COP 3,822.05 colombian pesos and 2022 is COP 4,810.20 colombian pesos. See Note 2.D.1. Functional currency, transactions and balances in foreign currency. 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 as of December 31, 2023 and 2022 are: As of December 31, 2023 Discount Rate (1) Growth rate (2) Goodwill Operating segment Valuation Methodology Key Assumptions (real) (real) 2023 In millions of COP Banking Panama Discounted Cash flow 5 years plan 10.90 % 4.50 % 5,837,310 Banking 17.10 % El Salvador Discounted Cash flow 5 years plan and 15.50 % (3) 3.70 % 1,078,105 Banking Guatemala Discounted Cash flow 5 years plan 12.30 % 4.80 % 892,050 Multiples EV/ Revenue Does not Does not Others Segments Comparable multiples and EV/EBITDA apply apply 10,660 Total 7,818,125 (1) The discount rate is the return that would be expected for an investment that generates cash flows similar to those that are expected to be obtained from the use of the CGU. CAPM methodology was used as a basis to determine this rate. (2) This rate is equivalent to the nominal or real growth of the economy in Guatemala, Panama and El Salvador, which is considered an important driver for the growth of the banking industry. (3) Corresponds to the discount rate used for the short and long term, respectively. As of December 31, 2022 Discount Rate (1) Growth rate (2) Goodwill Operating segment Valuation Methodology Key Assumptions (real) (real) 2022 In millions of COP Banking Panama Discounted Cash flow 5 years plan 10.90 % 5.30 % 7,346,484 Banking 20.10 % El Salvador Discounted Cash flow 5 years plan and 16.10 % (3) 3.90 % 1,356,837 Banking Guatemala Discounted Cash flow 5 years plan 13.00 % 4.90 % 1,122,680 Multiples EV/ Revenue Does not Does not Others Segments Comparable multiples and EV/EBITDA apply apply 10,660 Total 9,836,661 (1) The discount rate is the return that would be expected for an investment that generates cash flows similar to those that are expected to be obtained from the use of the CGU. CAPM methodology was used as a basis to determine this rate. (2) This rate is equivalent to the nominal or real growth of the economy in Guatemala, Panama and El Salvador, which is considered an important driver for the growth of the banking industry. (3) Corresponds to the discount rate used for the short and long term, respectively. In 2023 and 2022, 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. After the valuation, it was determined that there is no impairment loss for any of the cash-generating units mentioned above during 2023 and 2022. 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 for the discount rate and growth rate in basis points (bips): As of December 31, 2023 Banking Panama +50 bips Discount rate -50 bips Growth rate 11.40% 10.90% 10.40% 4.50% 10,826,278 11,721,608 12,770,528 -50 bips Growth rate +50 bips Discount rate 4.00% 4.50% 5.00% 10.90% 11,224,673 11,721,608 12,302,770 Banking El Salvador +100 bips Discount rate -100 bips 18.10% 17.10% 16.10% Growth rate 16.50% 15.50% 14.50% 3.70% 3,909,551 4,241,177 4,634,962 -50 bips Growth rate +50 bips Discount rate 3.20% 3.70% 4.20% 17.10% and 15.50% 4,182,324 4,241,177 4,305,238 Banking Guatemala +50 bips Discount rate -50 bips Growth rate 12.80% 12.30% 11.80% 4.80% 3,903,356 4,224,256 4,592,449 -50 bips Growth rate +50 bips Discount rate 4.30% 4.80% 5.30% 12.30% 4,090,025 4,224,256 4,377,661 As of December 31, 2022 Banking +50 bips Discount rate -50 bips Growth rate 11.40% 10.90% 10.40% 5.30% 12,851,974 14,049,526 15,483,841 -50 bips Growth rate +50 bips Discount rate 4.80% 5.30% 5.80% 10.90% 13,351,970 14,049,526 14,883,860 Banking El Salvador +100 bips Discount rate -100 bips 21.10% 20.10% 19.10% Growth rate 17.10% 16.10% 15.10% 3.90% 4,543,466 4,913,975 5,351,507 -50 bips Growth rate +50 bips Discount rate 3.40% 3.90% 4.40% 20.10% and 16.10% 4,851,416 4,913,975 4,981,886 Banking Guatemala +50 bips Discount rate -50 bips Growth rate 13.50% 13.00% 12.50% 4.90% 4,854,108 5,225,546 5,647,675 -50 bips Growth rate +50 bips Discount rate 4.40% 4.90% 5.40% 13.00% 5,070,100 5,225,546 5,401,451 The Bank considers goodwill as an asset with indefinite useful life. 9.3 Business combination For 2023 there were no business combinations, for 2022 and 2021 the business combinations effected by the Bank are below: P.A. FAI CALLE 77 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 P.A. 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 P.A. 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. 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 transfer of the fiduciary rights were subject. The Bank also obtained control of the P.A. FAI Calle 77 Trust on March 1, 2022, and has an equity interest of 98.00% . This acquisition reflects the Bank's objective to evolve its value proposition based on the current needs of the market, seeking to provide a differential service in rental housing. 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 operation with the sellers for COP 27,943 . The acquisition of the P.A. 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 the non-controlling interest in the acquiree of 2.00% at fair value, which amounted to COP 1,166 at the date of acquisition. 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 believes that this information provides a reasonable basis for determining fair values: In millions of COP Purchase Price Allocation Pruchase 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 Investments property 60,850 Other assets 78 Total Assets 62,029 LIABILITIES 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 P.A. FAI Calle 77 Trust resulted in the recognition of a gain from a bargain purchase of COP 2,433 , which was recognized in “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 9 months before the efective transfer of control of the business, reflecting a valuation of the assets. 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. WOMPI S.A.S. (before “Vlipco S.A.S.”) On November 10, 2021, Bancolombia S.A. entered into a stock purchase agreement, pursuant to which Bancolombia S.A. agreed to purchase an additional 47.37% stake in the capital stock of the Colombian company, Wompi S.A.S. Wompi S.A.S. 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 Wompi S.A.S. 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 S.A. obtained control of Wompi S.A.S. The consideration paid by Bancolombia S.A. was COP 9,474 , in cash. The acquisition of Wompi S.A.S. in stages was accounted for under the acquisition method, in accordance with IFRS 3. Accordingly, the Bank has remeasured its previously held equity interest in Wompi S.A.S. 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 Wompi’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 Wompi S.A.S 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 Wompi S.A.S 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 S.A.S. payment gateway, with a fair value of COP 13,196 . Acquisition-related cost In connection with the acquisition of Wompi S.A.S., the Bank incurred costs which are recorded in the ‘Other administrative and general expenses’ line item of the Consolidated Statement of Income. The transaction costs were immaterial. Previously held interest Prior to control being obtained, the Bank accounted for its investment in Wompi S.A.S. using the equity method, due to the fact that the Bank had joint control of Wompi S.A.S. 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, 2023 | |
PREMISES AND EQUIPMENT, NET | |
PREMISES AND EQUIPMENT, NET | NOTE 10. PREMISES AND EQUIPMENT, NET As of December 31, 2023 and 2022, the premises and equipment, net consisted of the following: As of December 31, 2023 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, 2023 Additions depreciation and Disposals classified as held foreign 2023 impairment (1) for sale and exchange other assets rate In millions of COP Land Cost 605,713 3,750 - (3,738) (39,665) (48,655) 517,405 Construction in progress Cost 51,839 46,846 - - - (15,052) 83,633 Buildings Cost 1,878,689 25,644 - (30,968) 18,311 (151,671) 1,740,005 Accumulated depreciation (535,550) - (38,565) 10,828 (11,916) 82,007 (493,196) Accumulated impairment - - (153) 153 - - - Furniture and fixtures Cost 709,894 57,565 - (29,474) (6,522) (53,325) 678,138 Accumulated depreciation (432,992) - (44,238) 25,956 - 35,757 (415,517) Accumulated impairment - - (797) 797 - - - Computer equipment Cost 1,007,230 129,012 - (91,096) 2,416 (73,129) 974,433 Accumulated depreciation (595,991) - (114,887) 73,226 (4,100) 49,316 (592,436) Accumulated impairment - - (1,507) 1,507 - - Vehicles Cost 31,713 9,967 - (6,709) 2,489 (3,480) 33,980 Accumulated depreciation (19,506) - (5,331) 5,650 (14) 1,895 (17,306) Leasehold improvements Cost 9,661 26,950 - - (19,436) (538) 16,637 Accumulated depreciation (627) - (25) - - 130 (522) Total premises and equipment for own use - cost 4,294,739 299,734 - (161,985) (42,407) (345,850) 4,044,231 Total premises and equipment - accumulated depreciation (1,584,666) - (203,046) 115,660 (16,030) 169,105 (1,518,977) Total premises and equipment - accumulated impairment - - (2,457) 2,457 - - - Total premises and equipment for own use, net 2,710,073 299,734 (205,503) (43,868) (58,437) (176,745) 2,525,254 (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, 2023 Additions depreciation and Disposals classified as held foreign 2023 impairment (1) for sale and exchange other assets rate In millions of COP Furniture and fixtures Cost 2,091 - - - - - 2,091 Accumulated depreciation (360) - (254) - - - (614) Computer equipment Cost 150,969 66,833 - (4,463) 14,822 - 228,161 Accumulated depreciation (66,577) - (49,364) 3,855 16,448 - (95,638) Vehicles Cost 4,718,405 1,156,419 - (79,280) (1,007,899) - 4,787,645 Accumulated depreciation (787,535) - (383,712) 18,181 228,701 - (924,365) Accumulated impairment - - (2,023) 2,023 - - - Total premises and equipment in operating leases - cost 4,871,465 1,223,252 - (83,743) (993,077) - 5,017,897 Total premises and equipment - accumulated depreciation (854,472) - (433,330) 22,036 245,149 - (1,020,617) Total premises and equipment - accumulated impairment - - (2,023) 2,023 - - - Total premises and equipment in operating leases, net 4,016,993 1,223,252 (435,353) (59,684) (747,928) - 3,997,280 (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, 2023 Additions depreciation and Disposals classified as held foreign 2023 impairment (1) for sale and exchange other assets rate In millions of COP Total premises and equipment - cost 9,166,204 1,522,986 - (245,728) (1,035,484) (345,850) 9,062,128 Total premises and equipment - accumulated depreciation (2,439,138) - (636,376) 137,696 229,119 169,105 (2,539,594) Total premises and equipment - accumulated impairment - - (4,480) 4,480 - - - Total premises and equipment, net 6,727,066 1,522,986 (640,856) (103,552) (806,365) (176,745) 6,522,534 (1) See Note 26.3. Impairment, depreciation and amortization. As of December 31, 2022 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, 2022 Additions depreciation and Disposals classified as held foreign 2022 impairment (1) for sale and exchange other assets rate In millions of COP Land Cost 551,484 34,151 - (3,773) (17,068) 40,919 605,713 Construction in progress Cost 37,040 24,643 - (17,714) - 7,870 51,839 Accumulated impairment - - (3,536) 3,536 - - - Buildings Cost 1,795,240 20,789 - (18,844) (43,379) 124,883 1,878,689 Accumulated depreciation (458,784) - (37,604) 14,939 13,878 (67,979) (535,550) Furniture and fixtures Cost 662,385 46,390 - (42,540) - 43,659 709,894 Accumulated depreciation (388,005) - (44,958) 29,759 - (29,788) (432,992) Computer equipment Cost 881,056 191,122 - (125,436) - 60,488 1,007,230 Accumulated depreciation (545,954) - (114,099) 106,367 - (42,305) (595,991) Vehicles Cost 42,366 5,253 - (18,361) (163) 2,618 31,713 Accumulated depreciation (18,233) - (4,484) 4,721 64 (1,574) (19,506) Leasehold improvements Cost 5,307 32,144 - (1,058) (27,075) 343 9,661 Accumulated depreciation (510) - (32) 16 - (101) (627) Total premises and equipment for own use - cost 3,974,878 354,492 - (227,726) (87,685) 280,780 4,294,739 Total premises and equipment - accumulated depreciation (1,411,486) - (201,177) 155,802 13,942 (141,747) (1,584,666) Total premises and equipment - accumulated impairment - - (3,536) 3,536 - - - Total premises and equipment for own use, net 2,563,392 354,492 (204,713) (68,388) (73,743) 139,033 2,710,073 (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, 2022 Additions depreciation and Disposals classified as held foreign 2022 impairment (1) for sale and exchange other assets rate In millions of COP Furniture and fixtures Cost 2,091 - - - - - 2,091 Accumulated depreciation (106) - (254) - - - (360) Computer equipment Cost 121,071 45,690 - (6,001) (9,791) - 150,969 Accumulated depreciation (46,884) - (32,482) 4,618 8,171 - (66,577) Vehicles Cost 3,113,511 2,265,250 - (36,539) (623,817) - 4,718,405 Accumulated depreciation (652,423) - (326,683) 2,700 188,871 - (787,535) Total premises and equipment in operating leases - cost 3,236,673 2,310,940 - (42,540) (633,608) - 4,871,465 Total premises and equipment - accumulated depreciation (699,413) - (359,419) 7,318 197,042 - (854,472) Total premises and equipment in operating leases, net 2,537,260 2,310,940 (359,419) (35,222) (436,566) - 4,016,993 (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, 2022 Additions depreciation and Disposals classified as held foreign 2022 impairment (1) for sale and exchange other assets rate In millions of COP Total premises and equipment - cost 7,211,551 2,665,432 - (270,266) (721,293) 280,780 9,166,204 Total premises and equipment - accumulated depreciation (2,110,899) - (560,596) 163,120 210,984 (141,747) (2,439,138) Total premises and equipment - accumulated impairment - - (3,536) 3,536 - - - Total premises and equipment, net 5,100,652 2,665,432 (564,132) (103,610) (510,309) 139,033 6,727,066 (1) See Note 26.3. Impairment, depreciation and amortization. As of December 31, 2023 and 2022, there were contractual commitments for the purchase of premises and equipment of COP 4,025 and COP 3,816 , respectively. As of December 31, 2023 and 2022, there was no premises and equipment pledged as collateral, or with ownership restrictions. Additionally, the assessment made by the Bank indicates there is no evidence of impairment of its premises and equipment. As of December 31, 2023 and 2022, the amount of fully depreciated premises and equipment that is still in use is COP 673,376 and COP 714,734 , respectively, mainly comprised of computer equipment, furniture and fixtures and office equipment. The temporarily idle premises and equipment amounted to COP 79,644 in 2023 and COP 75,473 in 2022. |
INVESTMENT PROPERTIES
INVESTMENT PROPERTIES | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 In millions of COP Balance at the beginning of the year 3,994,058 3,132,220 Acquisitions 294,569 731,600 Subsequent expenditure recognised as an asset 170,920 66,745 Sales/Write-offs (21,194) (233,974) Acquisitions through business combination (1) - 60,850 Amount reclassified from premises and equipment (2) 39,096 - Gains on valuation (3) 232,462 236,617 Balance at the end of the period (4) 4,709,911 3,994,058 (1) In 2022 corresponds to PA FAI Calle 77. See Note 9.3. Business combination. (2) In 2023, the amount relates properties from FCP Fondo Inmobiliario Colombia that were reclassified from premises and equipment to investment property, because they are held for obtaining profits and capital appreciation. (3) The difference with the line Investment property valuation included in Other operating income corresponds to gains recognized in acquisitions. See Note 25.4. Other operating income - Investment property valuation and Others. (4) Between December 31, 2023 and 2022, 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, 2023 Balance at the Amount Adjusted fair Type of asset beginning of the Appraisals Net increase (1)(2) reclassified from value at the end year premises and equipment (3) of the year In millions of COP Buildings 3,870,706 194,608 280,107 39,096 4,384,517 Lands 123,352 37,854 164,188 - 325,394 Total 3,994,058 232,462 444,295 39,096 4,709,911 (1) The increase in buildings corresponds mainly in Bancolombia for the purchase for COP 80,954 , FCP Fondo Inmobiliario Colombia for COP 91,182 , in addition to subsequent expenditure for investment properties under construction for COP 71,023 . (2) The increase in lands corresponds mainly to the entry of NOMAD CENTRAL, P.A CALLE 84 (2) and P.A CALLE 84 (3) for COP 92,585 and the subsequent expenditure for COP 71,354 . (3) The amount reclassified from premises and equipment corresponds properties from FCP Fondo Inmobiliario Colombia that were transfers to investment property, because they are held for obtaining profits and capital appreciation . As of December 31, 2022 Balance at the Acquisitions Adjusted fair Type of asset beginning of the Appraisals Net increase from business value at the end year (decrease) (1)(2) combination (3) of the year In millions of COP Buildings 2,949,720 239,823 620,313 60,850 3,870,706 Lands 182,500 (3,206) (55,942) - 123,352 Total 3,132,220 236,617 564,371 60,850 3,994,058 (1) The net increase in buildings corresponds mainly to increases in P.A. MERCURIO for COP 249,492 , FCP Fondo Inmobiliario Colombia for COP 242,274 , Bancolombia S.A. for COP 221,834 and sales made by FCP Fondo Inmobiliario Colombia for COP 147,483 . (2) The decrease in lands corresponds mainly to the sale of land by Valores Simesa S.A. (3) For more information on acquisitions from business combinations, See Note 9.3. Business. 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, 2023 December 31, 2022 December 31, 2021 In millions of COP Income from rentals 228,325 157,511 139,021 Operating expenses due to: Investment properties that generated income through rentals 28,813 21,267 15,331 Investment properties that did not generate income through rentals 10,378 19,021 10,050 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, 2023 and 2022, 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, 2023 and 2022, the Bank does not have investment properties held under financial leases. |
INCOME TAX
INCOME TAX | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAX | |
INCOME TAX | NOTE 12. INCOME TAX The income tax is recognized in each of the countries where the Bank 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, 2023 2022 2021 In millions of Colombian pesos Current tax (1) Fiscal term (1,779,538) (2,644,173) (1,321,400) Prior fiscal terms 46,791 39,137 71,932 Total current tax (1,732,747) (2,605,036) (1,249,468) Deferred tax Fiscal term (282,012) (80,663) (530,926) Adjustments for consolidation purposes 82,204 (62,722) 4,169 Total deferred tax (199,808) (143,385) (526,757) Total income tax (2) (1,932,555) (2,748,421) (1,776,225) (1) The nominal income tax rate used in Colombia for the years 2023 and 2022 is 35% , and for the year 2021 it was 31% . The Colombian financial institutions of the Group liquidated some additional points in the income tax of 5% for the years 2023 and 2022, and 3% for the year 2021. (2) See table 12.3 Reconciliation of the effective tax rate. 12.2 Legal regulatory changes Principal changes introduced by the tax reform of 2022: The Colombian Congress enacted Law 2277 of 2022 on 13th of December 2022, which became effective January 1, 2023. The most significant measures this norm are outlined below: The Corporate Income Tax rate (CIT) continues at 35% ; however, the surcharge applicable to financial entities from 2023 to 2027 increased by 5% . This surcharge is applicable when the financial entities have a taxable income equal to, or higher than 120.000 tax units (UVT). Certain non-taxable incomes, special deductions, exempt incomes, and tax credits will be limited to 3% of the taxpayer´s net income before deductions. For the fiscal year 2023 onwards, Industry and Trade Tax (ITT) will not be creditable against the Corporate Income Tax. Therefore, ITT only will be eligible as a deduction. A minimum effective tax rate of 15% was introduced for Colombian corporations. This rate must be calculated by dividing the due tax (with certain adjustments) over the book profits (with certain adjustments). Profits derived from the sale of shares listed on the Colombian Stock Exchange will be treated as non-taxable income if: i) a single shareholder owns them, and ii) they are not more than 3% of the total outstanding shares listed by the entity in the taxable year. The distribution of profits in shares will be taxable for CIT matters. Payments falling into the following categories i) social club memberships, ii) personal payments to shareholders and their relatives, and iii) labor expenses of home support personnel, among others, will not be deductible for CIT purposes. Donations to research, technological developments, and innovation will not be deductible. Dividend tax rate increases as follows: Dividend tax Rate Foreign entities From 10% to 20% Colombian corporations From 7,5% to 10% Capital gains tax increases from 10% to 15% . A temporary reduction in penalties and interest of 60% will be applied upon the fulfillment of certain requirements The tax determination will be made through electronic invoicing when the taxpayer has not filed their income tax returns. Penalty for not sending information to the Tax Office is reduced to 7500 tax units (UVT). In-kind payments made by an entity to third parties for the acquisition of goods or provision of services will be deemed as taxable income for the entity’s employees, their spouses, their relatives, and any other person with the title of the beneficiary of the payment. Other Countries: The income tax rate in the other countries where the Group has a presence amounts to 25% in Guatemala and Panama and 30% in El Salvador. 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, 2023, 2022 and 2021 is detailed below: December 31, December 31, December 31, Reconciliation of the tax rate 2023 2022 2021 In millions of Colombian pesos Accounting profit 8,147,526 9,744,786 5,984,012 Applicable tax with nominal rate (1) (3,259,011) (3,703,019) (2,034,564) Non-deductible expenses to determine taxable profit (loss) (478,901) (425,458) (260,546) Accounting and non-tax expense (income) to determine taxable profit (loss) 667,744 978,468 767,857 Differences in accounting bases (2) (106,648) (19,448) (32,714) Fiscal and non-accounting expense (income) to determine taxable profit (loss) (652,607) (470,063) (285,191) Ordinary activities income exempt from taxation 1,563,793 832,822 412,495 Ordinary activities income not constituting income or occasional tax gain 67,132 120,513 98,870 Tax deductions 156,543 374,233 226,064 Goodwill Depreciation 2,478 461 200,617 Tax depreciation surplus 223,901 162,111 140,384 Untaxed recoveries (64,516) (40,559) (84,692) Tax rate effect in other countries (121,597) (319,825) (384,669) Prior fiscal terms 46,791 39,137 71,932 Other effects of the tax rate by reconciliation between accounting profit and tax expense (income) 22,343 (277,794) (612,068) Total income tax (1,932,555) (2,748,421) (1,776,225) (1) The nominal income tax rate used in Colombia for the years 2023 and 2022 is 35% , and for the year 2021 it was 31% . The Colombian financial institutions of the Group liquidated some additional points in the income tax of 5% for the years 2023 and 2022, and 3% for the year 2021. (2) Difference between the technical accounting frameworks in force in Colombia and the full International Financial Reporting Standards (IFRS). 12.4 Components recognized in Other Comprehensive Income (OCI) See Consolidated Statement of Comprehensive Income December 31, 2023 In millions of Colombian pesos Amounts before taxes Deferred tax Net taxes Remeasurement income related to defined benefit liability (44,594) 13,234 (31,360) Unrealized gain Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) 11,144 (246) 10,898 Unrealized loss Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) 114,287 (21,023) 93,264 Loss on net investment hedge in foreign operations 1,948,833 (772,755) 1,176,078 Exchange differences arising on translating the foreign operations. (4,963,913) - (4,963,913) Unrealized loss on investments in associates and joint ventures using equity method (2,225) 2,223 (2) Net (2,936,468) (778,567) (3,715,035) See Consolidated Statement of Comprehensive Income December 31, 2022 In millions of Colombian pesos Amounts before taxes Deferred tax Net taxes Remeasurement income related to defined benefit liability 69,249 (25,090) 44,159 Unrealized loss Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) 33,354 (1,282) 32,072 Gains due to asset revaluation - (71) (71) Unrealized gain Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) (172,385) 7,843 (164,542) Loss on net investment hedge in foreign operations (1,833,087) 746,232 (1,086,855) Exchange differences arising on translating the foreign operations. 4,064,795 - 4,064,795 Unrealized gains on investments in associates and joint ventures using equity method (1,929) (1,221) (3,150) Net 2,159,997 726,411 2,886,408 See Consolidated Statement of Comprehensive Income December 31, 2021 In millions of Colombian pesos Amounts before taxes Deferred tax Net taxes Remeasurement expense 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 gain 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. 12.5 Deferred tax In accordance with its financial projections, the companies from the Bank’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 Bank’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. The deferred tax asset and liability for each of the concepts that generated taxable or deductible temporary differences for the period ending December 31, 2023 are detailed below: Effect on Adjustments for December 31, Income Effect on Effect on Tax Made (2) Foreign consolidation December 31, 2022 Statement OCI Equity (1) Exchange purposes 2023 In millions of Colombian pesos Asset Deferred Tax: Property and equipment 11,071 (1,494) - - - (2,082) (1,513) 5,982 Employee Benefits 218,263 34,648 13,234 - - (6,739) - 259,406 Deterioration assessment 602,289 1,666 - - - (136,367) (51,136) 416,452 Investments evaluation 5,591 (231) (165) - - (134) - 5,061 Derivatives Valuation 8,457 221,735 - - - - 4,875 235,067 Tax credits settlement 18,186 16,754 - - - - - 34,940 Financial Obligations 663,095 (663,095) - - - - - - Insurance operations - (633) - 13,952 - - - 13,319 Net investment coverage in operations abroad 1,530,074 (91,043) (772,755) - (137,838) - - 528,438 Other deductions 446,451 (191,575) - - - (13,241) - 241,635 implementation adjustment 410,477 925 - - - (35,186) - 376,216 Total Asset Deferred Tax (3) 3,913,954 (672,343) (759,686) 13,952 (137,838) (193,749) (47,774) 2,116,516 Liability Deferred Tax: Property and equipment (310,845) 32,867 - - - 4,549 128,441 (144,988) Deterioration assessment (549,435) 437,539 - - - 1,333 (2,828) (113,391) Participatory titles evaluation (154,094) (200,138) (21,104) - - (1,205) 6,732 (369,809) Derivatives evaluation (20,466) 8,585 - - - 4,203 (2,367) (10,045) Lease restatement (258,954) 43,543 - - - - - (215,411) Investments in associates. Adjustment for equity method (241,748) 168,671 2,223 - - (8,730) - (79,584) Financial Obligations (1,248) (178,955) - - - 256 - (179,947) Goodwill (1,576,519) 644 - - - 1,909 - (1,573,966) Insurance operations - 189 - (14,138) - - - (13,949) Properties received in payment (162,681) 11,016 - - - 3,203 - (148,462) Other deductions (506,706) 66,370 - - - 73,779 - (366,557) implementation adjustment (25) - - - - - - (25) Total Liability Deferred Tax (3) (3,782,721) 390,331 (18,881) (14,138) - 79,297 129,978 (3,216,134) Net Deferred Tax 131,233 (282,012) (778,567) (186) (137,838) (114,452) 82,204 (1,099,618) (1) Application of IFRS 17 Insurance Contracts in Guatemala. (2) Current tax that arose from the exchange difference due to the liquidation of the bonds that was associated as a hedging instrument. (3) The values revealed in the Consolidated Statement of Financial Position correspond to the sum of the net deferred tax per company. 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, 2023 December 31, 2022 In millions of Colombian pesos Temporary differences Local Subsidiaries (1,378,775) (1,966,594) Foreign Subsidiaries (17,696,145) (22,854,744) 12.7 Tax credits For the 2023 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, 2023. Deferred tax Company Base recognized asset In millions of Colombian pesos Renting Colombia S.A.S. 39,037 12,883 Nequi S.A., Compañía de Financiamiento 63,018 22,057 Total 102,055 34,940 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 Bank. Consequently, a dispute or inspection by the tax authority on a tax treatment may affect the Bank accounting of assets or liabilities for deferred or current taxes, in accordance with the requirements of IAS 12. However, based on the criteria established in the interpretation of IFRIC 23, the Bank did not recognize uncertain tax positions in its financial statements. |
ASSETS HELD FOR SALE AND INVENT
ASSETS HELD FOR SALE AND INVENTORIES, NET | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 In millions of COP Inventories, net 747,302 513,032 Assets held for sale, net 159,451 95,417 Total assets held for sale and inventories, net 906,753 608,449 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, 2023 and 2022, are summarized as follows: Inventories December 31, 2023 December 31, 2022 In millions of COP Lands and buildings 275,808 285,076 Vehicles (1) 469,949 220,522 Machinery and others 38,310 33,091 Total inventory cost 784,067 538,689 Impairment (36,765) (25,658) Total inventories, net 747,302 513,031 (1) The increase is mainly due to the restitution of assets. 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, 2023 and 2022. 13.2. Assets held for sale The assets recognized by the Bank as assets held for sale correspond to machinery, equipment, motor vehicles and technology, 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, 2023 Banking Banking Banking Banking Assets held for sale Colombia Panama El Salvador Guatemala Total In millions of COP Machinery and equipment 9,238 2,464 - - 11,702 Cost 9,300 2,473 - - 11,773 Impairment (62) (9) - - (71) Real estate for residential purposes 6,191 104,934 3,091 3,260 117,476 Cost 6,191 106,642 3,148 4,060 120,041 Impairment - (1,708) (57) (800) (2,565) Real estate different from residential properties 5,406 24,867 - - 30,273 Cost 5,947 24,980 - - 30,927 Impairment (541) (113) - - (654) Total assets held for sale - cost 21,438 134,095 3,148 4,060 162,741 Total assets held for sale - impairment (603) (1,830) (57) (800) (3,290) Total assets held for sale (1) 20,835 132,265 3,091 3,260 159,451 (1) For 2023 there are no assets related to investments held for sale. As of December 31, 2022 Banking Banking Banking Banking Assets held for sale Colombia Panama El Salvador Guatemala Total In millions of COP Machinery and equipment 5,090 4,828 - - 9,918 Cost 5,160 4,870 - - 10,030 Impairment (70) (42) - - (112) Real estate for residential purposes 7,928 52,331 1,559 1,465 63,283 Cost 7,967 54,181 1,616 1,880 65,644 Impairment (39) (1,850) (57) (415) (2,361) Real estate different from residential properties 10,868 11,348 - - 22,216 Cost 11,178 11,348 - - 22,526 Impairment (310) - - - (310) Total assets held for sale - cost 24,305 70,399 1,616 1,880 98,200 Total assets held for sale - impairment (419) (1,892) (57) (415) (2,783) Total assets held for sale (1) 23,886 68,507 1,559 1,465 95,417 (1) For 2022 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, 2023 | |
OTHER ASSETS, NET | |
OTHER ASSETS, NET | NOTE 14. OTHER ASSETS, NET As of December 31, 2023 and 2022 the Bank’s other assets, net consist of: Other Assets, net December 31, 2023 December 31, 2022 In millions of COP Tax advance (1) 1,461,816 1,298,400 Other receivables (2) 1,193,294 1,158,447 Assets pledged as collateral (cash) (3) 1,082,611 752,099 Marketable and non-marketable for sale assets (4) 890,653 978,319 Prepaid expenses 713,505 576,742 Receivables related to abandoned accounts (5) 403,432 439,994 Accounts receivable from contracts with customers (6) 259,516 192,029 Receivable Sales of goods and service 254,607 260,674 Commission for letters of credit 207,327 70,249 Operating leases 201,302 172,216 Balance in credit card clearing house 185,164 142,331 Debtors 85,698 21,646 Others 595,799 488,640 Total other assets 7,534,724 6,551,786 Allowance others (6,688) (3,920) Total other assets, net 7,528,036 6,547,866 (1) Mainly due to increase balance in favor of income tax advance. (2) Other accounts receivable are mainly associated with outstanding items with networks, accounts receivable from derivatives and cash transactions, among others. (3) Variation generated by growth in current operations with international counterparts. (4) Decrease generated mainly in foreign subsidiaries due to the variation of the market representative rate, for December 2022 was COP 4,810.20 colombian pesos and for December 2023 is COP 3,822.05 colombian pesos. (5) Corresponds to the application of Law 1777 of February 1, 2016, where established that entities holding balances in savings or checking accounts that are considered abandoned, must transfer these resources to the special fund created and administered by ICETEX for the granting of study credits and credits to promote the quality of Higher Education Institutions. (6) Corresponds to accounts receivable from commissions, see Note 25.3.1. Income from commissions and other services, in the detail of accounts receivable and liabilities from contracts. |
DEPOSITS BY CUSTOMERS
DEPOSITS BY CUSTOMERS | 12 Months Ended |
Dec. 31, 2023 | |
DEPOSITS BY CUSTOMERS. | |
DEPOSITS BY CUSTOMERS | NOTE 15. DEPOSITS BY CUSTOMERS The detail of the deposits as of December 31, 2023 and 2022 is as follows: Deposits December 31, 2023 December 31, 2022 In millions of COP Saving accounts (1)(2) 108,971,334 118,443,600 Time deposits (2) 98,686,516 87,138,067 Checking accounts (2) 34,993,066 40,808,856 Other deposits (1) 5,290,264 4,601,800 Total deposits by customers 247,941,180 250,992,323 (1) As of December 31, 2023 and 2022 includes Nequi Deposits by COP 2,924,906 and COP 1,724,123 , respectively. (2) The variation in time deposits is mainly due to the increase in interest rates, which has led to a greater preference for fixed income instruments and a decrease in savings and checking accounts. The following table details the time deposits issued by the Bank: As of December 31, 2023 Time deposits Effective interest rate December 31, 2023 Modality Minimum Maximum Carrying Value Fair value (1) In millions of COP Less than 6 months 0.10 % 15.52 % 17,641,158 17,494,878 Between 6 months and 12 months 0.50 % 17.32 % 18,422,400 18,314,065 Between 12 months and 18 months 0.85 % 20.52 % 17,523,847 17,647,508 Greater than 18 months 0.01 % 20.86 % 45,099,111 46,629,404 Total time deposits 98,686,516 100,085,855 (1) See Note 30. Fair value of assets and liabilities. As of December 31, 2022 Time deposits Effective interest rate December 31, 2022 Modality Minimum Maximum Carrying Value Fair value (1) In millions of COP Less than 6 months 0.10 % 16.57 % 16,922,753 16,900,555 Between 6 months and 12 months 0.50 % 17.41 % 14,279,083 14,234,825 Between 12 months and 18 months 0.50 % 19.51 % 13,692,773 13,571,248 Greater than 18 months 0.40 % 22.10 % 42,243,458 40,942,920 Total time deposits 87,138,067 85,649,548 (1) See Note 30. Fair value of assets and liabilities. The detail of time deposits issued by the Bank by maturity is as follows: As of December 31, 2023 December 31, 2023 Period Carrying value Fair value (1) In millions of COP Less than 1 year 71,178,788 71,315,171 Between 1 and 3 years 13,715,792 13,949,647 Between 3 and 5 years 3,197,528 3,256,102 Greater than 5 years 10,594,408 11,564,935 Total 98,686,516 100,085,855 (1) See Note 30. Fair value of assets and liabilities. As of December 31, 2022 December 31, 2022 Period Carrying value Fair value (1) In millions of COP Less than 1 year 60,256,684 60,113,046 Between 1 and 3 years 14,930,613 14,621,696 Between 3 and 5 years 4,318,988 4,017,350 Greater than 5 years 7,631,782 6,897,456 Total 87,138,067 85,649,548 (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, 2023 | |
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 Consolidated Statement of Financial Position: Interbank and repurchase agreements and other similar secured borrowing December 31, 2023 December 31, 2022 In millions of COP Interbank Deposits Interbank liabilities 606,141 902,132 Total interbank 606,141 902,132 Repurchase agreements and other similar secured borrowing Short selling operations 273,791 125,682 Temporary transfer of securities 44,888 63,370 Repurchase agreements 151,616 - Total Repurchase agreements and other similar secured borrowing (1) 470,295 189,052 Total money market transactions 1,076,436 1,091,184 (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. 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, 2023 and 2022: As of December 31, 2023 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) 7,850,516 - 7,850,516 (7,850,516) - Securities sold under repurchase agreements (470,295) - (470,295) 470,295 - Total repurchase and resale agreements 7,380,221 - 7,380,221 (7,380,221) - (1) The amount includes those presented as cash and cash equivalents for COP 7,840,926 and those presented as other assets for COP 9,590 . As of December 31, 2022 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) 2,880,987 - 2,880,987 (2,880,987) - Securities sold under repurchase agreements (189,052) - (189,052) 189,052 - Total repurchase and resale agreements 2,691,935 - 2,691,935 (2,691,935) - (1) The amount includes those presented as cash and cash equivalents for COP 2,873,716 and those presented as other assets for COP 7,271 . 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, 2023 | |
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | NOTE 17. BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS As of December 31, 2023 and 2022, the composition of the borrowings from other financial institutions measured at amortized cost is the following: Borrowings from other financial institutions December 31, 2023 December 31, 2022 In millions of COP Obligations granted by foreign banks (1) 9,139,834 14,774,220 Obligations granted by domestic banks (2) 6,508,772 4,918,418 Total borrowings from other financial institutions 15,648,606 19,692,638 (1) The variation is mainly due to the cancellation of obligations and the decrease of the market representative rate at the end of December 31, 2023 it was COP 3,822.05 colombian pesos and December 31, 2022 it was COP 4,810.20 colombian pesos. (2) The increase is due to higher loan openings by Bancolombia S.A mainly in rediscount lines with Finagro, Bancoldex and Findeter. Obligations granted by foreign banks As of December 31, 2023 Financial entity Rate Minimum Rate Maximum December 31, 2023 In millions of COP Financing with Correspondent Banks and Multilateral Entities (1) 1.21 % 10.06 % 8,566,580 Banco Interamericano de Desarrollo (BID) 9.50 % 10.64 % 532,899 Banco Latinoamericano de Comercio Exterior (Bladex) 6.91 % 6.91 % 40,355 Total 9,139,834 (1) At Bancolombia S.A. USD 200 million were designated as coverage of net investment abroad. See Note 5.2 Derivative financial instruments- Hedges of a net asset in a foreign operation. As of December 31, 2022 Financial entity Rate Minimum Rate Maximum December 31, 2022 In millions of COP Financing with Correspondent Banks and Multilateral Entities 0.97 % 9.51 % 13,816,270 Banco Interamericano de Desarrollo (BID) 8.62 % 8.74 % 670,043 Banco Latinoamericano de Comercio Exterior (Bladex) 2.89 % 6.60 % 287,907 Total 14,774,220 The maturities of the financial obligations with foreign entities as of December 31, 2023 and 2022 are the following: Foreign December 31, 2023 December 31, 2022 In millions of COP Amount expected to be settled: No more than twelve months after the reporting period 3,813,504 8,825,089 More than twelve months after the reporting period 5,326,330 5,949,131 Total 9,139,834 14,774,220 Obligations granted by domestic banks As of December 31, 2023 Rate Rate Financial entity Minimum Maximum December 31, 2023 In millions of COP Financiera de desarrollo territorial (Findeter) 8.15 % 20.85 % 2,530,570 Fondo para el financiamiento del sector agropecuario (Finagro) 8.37 % 15.88 % 1,509,594 Banco de comercio exterior de Colombia (Bancoldex) 2.17 % 21.46 % 1,404,873 Other private financial entities 12.88 % 16.67 % 1,063,735 Total 6,508,772 As of December 31, 2022 Rate Rate Financial entity Minimum Maximum December 31, 2022 In millions of COP Financiera de desarrollo territorial (Findeter) 7.22 % 18.77 % 2,047,506 Fondo para el financiamiento del sector agropecuario (Finagro) 3.40 % 15.70 % 931,018 Banco de comercio exterior de Colombia (Bancoldex) 2.15 % 19.15 % 902,036 Other private financial entities 11.35 % 15.75 % 1,037,858 Total 4,918,418 The maturities of financial obligations with domestic banks as of December 31, 2023 and 2022, are as follows: Domestic December 31, 2023 December 31, 2022 In millions of COP Amount expected to be settled: No more than twelve months after the reporting period 767,470 500,500 More than twelve months after the reporting period 5,741,302 4,417,918 Total 6,508,772 4,918,418 As of December 31, 2023 and 2022, 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, 2023 | |
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, 2023 Issuer Currency Face value (1) Balance COP Rate Range Bancolombia S.A. Local COP 4,029,882 4,097,727 12.87%-21.06% Bancolombia S.A. (2)(3) Foreign USD 1,832,534 6,861,098 3.02%-7.03% Banistmo S.A. (4) Foreign USD 679,395 2,626,235 3.00%-6.25% Banco Agrícola S.A. (5) Foreign USD 162,700 623,568 5.58%-7.57% Bancolombia Puerto Rico Internacional Inc. Foreign USD 69,648 276,451 5.05%-5.50% Bancolombia Panamá S.A. Foreign USD 44,924 176,376 4.70%-6.10% Grupo Agromercantil Holding S.A. Foreign USD 555 2,121 0.25%-7.25% Total debt instruments in issue 14,663,576 (1) Face value is in US dollar for foreign currency bonds. (2) The variation is due to repurchase in Bancolombia S.A. of USD 467,966 of senior bonds maturing in 2025 and the decrease in the market representative rate at the end of December 31, 2023 it was COP 3,822.05 colombian pesos and December 31, 2022 it was COP 4,810.20 colombian pesos. (3) USD 1,392,034 was designated as hedge of net asset in a foreign operation. See Note 5.2. Derivative financial instruments - Hedges of a net asset in a foreign operation. (4) See Note 18.2. Issue of Banistmo S.A. ordinary bonds. (5) See Note 18.3. Issue of Banco Agrícola S.A. ordinary bonds. As of December 31, 2022 Issuer Currency Face value (1) Balance COP Rate Range Bancolombia S.A. Local COP 4,642,404 4,708,586 13.06% - 17.92% Bancolombia S.A. (2)(3) Foreign USD 2,256,397 10,501,036 3.02% - 7.03% Banistmo S.A. (4) Foreign USD 687,913 3,344,759 1.80% - 5.00% Banco Agrícola S.A. (5) Foreign USD 125,640 603,865 5.45% - 6.41% Bancolombia Puerto Rico Internacional Inc. Foreign USD 14,876 72,240 3.30% - 3.65% Bancolombia Panamá S.A. Foreign USD 70,881 342,793 1.50% - 5.65% Grupo Agromercantil Holding S.A. Foreign USD 563 2,709 0.25% - 7.25% Total debt instruments in issue 19,575,988 (1) Face value is in US dollar for foreign currency bonds. (2) USD 1,860,000 was designated as hedge of net asset in a foreign operation. See Note 5.2. Derivative financial instruments - Hedges of a net asset in a foreign operation. (3) See Note 18.1. Issue of Bancolombia S.A. sustainable ordinary bonds. (4) See Note 18.2. Issue of Banistmo S.A. ordinary bonds. (5) See Note 18.3. Issue of Banco Agrícola S.A. ordinary bonds. The following table shows the detail of the bonds classified by currency, term and type of issue: As of December 31, 2023 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) - - - 1,236,385 1,236,385 Ordinary bonds - - 165,589 2,695,753 2,861,342 Foreign currency Subordinated bonds (1) - - - 4,822,273 4,822,273 Ordinary bonds 106,707 1,375,723 137,613 4,123,533 5,743,576 Total 106,707 1,375,723 303,202 12,877,944 14,663,576 (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, 2022 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) - - - 1,225,276 1,225,276 Ordinary bonds - - 165,495 3,317,815 3,483,310 Foreign currency Subordinated bonds (1) - - - 6,026,739 6,026,739 Ordinary bonds 402,714 609,437 619,232 7,209,280 8,840,663 Total 402,714 609,437 784,727 17,779,110 19,575,988 (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 October 25, 2022 Bancolombia S.A. issued the first bond linked to sustainability for COP 640,000 , with commitments to promoting financial inclusion and decarbonizing loans. The issuance, was signed by the BID, BID Invest and LAGreen, has a term of 5 years and includes sustainability goals, such as a commitment to grant financing for more than 1.5 million unbanked or low-income people by 2025, and to reduce CO2 emissions by 35.6% in its financed loans compared to 2021, all as part of the Bank’s sustainability strategy. 18.2. Issue of Banistmo S.A. ordinary bonds. Banistmo S.A., a subsidiary of the Bank issued in 2023 bonds under the Revolving Bond Program, totaling USD 58,062 with a term of 1 year each and rates between 6% and 6.25% . For the year 2022, it issued a bond under the Revolving Bond Program worth USD 72,682 with a term of 2 years and a rate of 4.50% . 18.3. Issue of Banco Agrícola S.A. ordinary bonds. Banco Agrícola a subsidiary of the Bank issued ordinary bonds in 2023 for USD 77,700 with rates from 6.68% to 7.25% and terms from 1.5 years to 8 years . For the year 2022, the issues were USD 23,600 with rates from 5.25% to 6.68% with terms from 2 years to 5 years . 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, 2023 December 31, 2022 In millions of COP Amount expected to be settled: No more than twelve months after the reporting period 3,368,076 1,898,469 More than twelve months after the reporting period 11,295,500 17,677,519 Total 14,663,576 19,575,988 As of December 31, 2023 and 2022, there were no financial covenants linked to the aforementioned securities in issue, except for some financial covenants related to the Banistmo S.A. 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, 2023 | |
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, Employee benefit plans 2023 2022 In millions of COP 19.1 Defined benefit pension plan 132,854 131,255 19.2 Severance obligation 14,360 15,446 19.3 Retirement Pension Premium Plan and Executive Pension Plan Premium 195,295 176,816 19.4 Other long term benefits 543,210 446,473 Total Post-employment and long-term benefit plans 885,719 769,990 Fair value Plan assets 2,765 4,619 Total Unfunded Post-employment and long-term benefit plans 882,954 765,371 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. 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, 2023 and 2022 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 2023, 498 participants were covered by this plan, and as of December 31,2022, 522 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 Consolidated Statement of Income as “salaries and employee benefits”, and includes the interest costs and cost of current service. Defined benefit pension plan 2023 2022 In millions of COP Present value of the obligation as of January 1 95,081 110,018 Interest cost 11,409 9,459 Benefits paid (12,237) (11,439) Net actuarial loss / (gain) due to changes in assumptions 7,025 (11,321) Net actuarial loss / (gain) due to plan experience 500 (1,636) Defined obligation, unfunded as of December 31 101,778 95,081 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, 2023, and 2022, there were 37 participants ( 10 participants with deferred benefits and 27 participants receiving benefits), and 42 participants ( 15 participants with deferred benefits and 27 participants receiving benefits), respectively. Defined benefit pension plan 2023 2022 In millions of COP Present value of the obligation as of January 1 5,296 6,025 Interest cost 312 229 Benefits paid from plan assets (1,088) (332) Net actuarial gain due to changes in assumptions (174) (1,360) Net actuarial gain due to plan experience (361) (293) Foreign currency translation effect (934) 1,027 Defined obligation, funded as of December 31 3,051 5,296 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 for former Chase employees under the terms described above and to comply with Panama labor code, which specifies the terms of 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 following table details the change in plan assets: Banistmo’s Plan assets 2023 2022 In millions of COP Fair value of assets as of January 1 4,619 4,127 Interest income on plan assets 80 30 Benefits paid (1,105) (355) Foreign currency translation effect (829) 817 Fair value assets as of December 31 2,765 4,619 Guatemala Banco Agromercantil Guatemala S.A. 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 , if they are 70 years old and have 30 years of service, or if they are 65 years old and have 40 years of service. On the other hand, employees are entitled to receive a lifetime payment of 70% of their monthly nominal wage , if they are 70 years old and have 40 years of service, or they are 65 years old and have 45 years of service. Defined benefit pension plan 2023 2022 In millions of COP Present value of the obligation as of January 1 30,878 52,773 Current cost of service 878 2,457 Interest cost 2,757 3,375 Past service cost (1) (4,821) - Benefits paid (1,764) (1,709) Net actuarial loss / (gain) due to changes in assumptions (2) 5,544 (30,093) Net actuarial loss / (gain) due to plan experience 1,272 (2,122) Foreign currency translation effect (6,719) 6,197 Defined obligation, unfunded as of December 31 28,025 30,878 (1) Corresponds to the change in the computable age of the benefit, modified in the year 2023. (2) The loss for the year 2023 was mainly due to the decrease in the discount rate from 10.20% in 2022 to 9.00% in 2023 . 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). As of December 2023 and 2022, 114 and 152 participants, respectively, were covered by this plan. The balances recognized in the Consolidated Statement of Financial Position are listed below: Severance obligation 2023 2022 In millions of COP Present value of the obligation as of January 1 15,446 18,429 Current cost of service 357 409 Interest cost 1,566 1,250 Benefits paid (6,594) (5,113) Net actuarial loss due to changes in assumptions 888 1,806 Net actuarial loss / (gain) due to plan experience 2,697 (1,335) Defined obligation, unfunded as of December 31 14,360 15,446 19.3 Retirement Pension Premium Plan and Executive 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 S.A. Comisionista de Bolsa, Banca de Inversión Bancolombia S.A. Corporación Financiera and Fiduciaria Bancolombia S.A. Sociedad Fiduciaria participate in a defined benefit plan according to which they are entitled to receive, on the date of their retirement, a single payment. Until 2022 and as a key talent retention strategy, the Parent Company offered certain senior management executives a plan under the defined benefit modality, according to which the people covered by this plan were entitled to receive a single payment based on the years of service provided to the organization and thus contribute to closing the pension gap. In December 2022 this benefit ended and as a consequence: (i) The obligations for the Parent company derived from the defined benefit plan ceased, as well as the rights for those who were part of it. (ii) The resources of the asset plan that supported the defined benefit plan were transferred to the accounts of the beneficiaries in the private pension fund, subject to permanence until the termination of the employment relationship (See line "consolidation of contributions" in the movement of the present value of the obligation, disclosed below in this same section); (iii) The pension gap closing program for executives is unified under the defined contribution modality. 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, 2023, and 2022, there were 2,927 and 2,844 participants respectively, covered by the plan. Until 2022 and as a key talent retention strategy, Banagrícola S.A. offered certain senior management executives a plan under the defined benefit modality, according to which the people covered by this plan were entitled to receive a single payment based on the years of service provided to the organization and thus contribute to closing the pension gap. In December 2022 this benefit ended and as a consequence: (i) The obligations of the entity derived from the defined benefit plan ceased, as well as the rights for those who were part of it (See line "consolidation of contributions" in the movement of the present value of the obligation, disclosed below in this same section). (ii) The value caused by this benefit will be transferred to a fiduciary or similar vehicle, under which the executive pension plan will be administered on behalf of the beneficiaries, subject to permanence until the termination of the employment relationship. Guatemala Banco Agromercantil Guatemala S.A. 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, 2023, and 2022, there were 3,733 and 3,504 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. Until 2022 and as a key talent retention strategy, Banistmo S.A. offered certain senior management executives a plan under the defined benefit modality, according to which the people covered by this plan were entitled to receive a single payment based on the years of service provided to the organization and thus contribute to closing the pension gap. In December 2022 this benefit ended and as a consequence: (i) The obligations of the entity derived from the defined benefit plan ceased, as well as the rights for those who were part of it (See line "consolidation of contributions" in the movement of the present value of the obligation, disclosed below in this same section). (ii) The value caused by this benefit will be transferred to a fiduciary or similar vehicle, under which the executive pension plan will be administered on behalf of the beneficiaries, subject to permanence until the termination of the employment relationship. The annual change of the present value of the obligations of defined benefit plans is as follows: Retirement Pension Premium Plan 2023 2022 In millions of COP Present value of the obligation as of January 1 176,816 219,496 Current service cost 18,427 20,794 Interest cost 17,338 15,371 Benefits paid (18,889) (19,487) Consolidation of contributions - (43,199) Net actuarial gain due to changes in assumptions (1) (565) (39,817) Net actuarial loss due to plan experience 24,238 6,487 Foreign currency translation effect (2) (22,070) 17,171 Defined obligation, unfunded as of December 31 195,295 176,816 (1) In the case of the plan in Guatemala, in 2022 the discount rate increased from 5.40% to 9.30% , generating an actuarial gain of COP 13,476 , while in 2023 there was an actuarial loss of COP 2,772 , mainly due to a higher than expected real salary growth and the decrease in the discount rate from 9.30% to 8.50% . In addition, Bancolombia S.A. presented a lower gain due to the decrease in the nominal discount rate ( 14.25% in 2022 to 11.75% in 2023) together with the change in the nominal inflation rate ( 7.30% in 2022 to 6.35% in 2023). (2) Corresponds to Banagrícola S.A. y Filiales and Banco Agromercantil de Guatemala S.A. given higher devaluation between COP to USD currencies. Asset plan To support the Executive Pension Plan Premium, Bancolombia S.A. had established an asset plan 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. In 2022, this benefit was terminated and, as a consequence, the passive obligation of the Executive Pension Plan Premium ceased at the end of the year. The resources of the asset plan that backed this benefit were transferred to the accounts of the beneficiaries in the private pension fund, subject to the permanence of the employment relationship. The plan assets’ fair value as of December 31, 2022 is as follow: Bancolombia’s Plan assets 2022 In millions of COP Fair value of assets as of January 1 30,121 Employee contributions 6,614 Interest income on plan assets 2,329 Return on plan assets greater/(less) than discount rate (4,245) Benefits paid (34,819) Fair value assets at the end of the year - 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, 2023 and December 31, 2022, the reconciliation of the other long term benefits is set below: Other long term benefits 2023 2022 In millions of COP Present value of the obligation as of January 1 446,473 465,744 Current service cost 48,790 24,106 Interest cost 54,878 39,973 Benefits paid (55,257) (44,601) Net actuarial loss / (gain) due to changes in assumptions (1) 38,497 (47,997) Net actuarial loss due to plan experience 18,721 2,369 Foreign currency translation effect (8,892) 6,879 Defined obligation, unfunded as of December 31 543,210 446,473 (1) In the case of Bancolombia S.A., in 2023 the discount rate decreased from 14.00% to 11.75% and the nominal inflation rate from 7.30% to 6.35% , generating an actuarial loss of COP 33,545 , while in 2022 the discount rate increased from 8.00% to 14.00% , producing an actuarial gain of COP 33,143 . 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 2023 2022 In millions of COP Pension 286,621 231,676 Current severance regimen 82,963 63,802 Total 369,584 295,478 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, 2023 December 31, 2022 Discount rate 11.75 % 14.25 % Rate of wage increase 8.85 % 9.80 % Projected inflation 6.35 % 7.30 % Rate of pension increase 6.35 % 7.30 % Bancolombia Panamá Main projected assumptions December 31, 2023 December 31, 2022 Discount rate 7.00 % 6.50 % Rate of wage increase 2.00 % 2.00 % Projected inflation 2.00 % 2.00 % Banistmo Main projected assumptions December 31, 2023 December 31, 2022 Discount rate 7.60 % 6.90 % Expected long-term rate of return on plan assets 2.20 % 0.70 % El Salvador Main projected assumptions December 31, 2023 December 31, 2022 Discount rate 6.20 % 5.80 % Rate of wage increase 2.50 % 2.50 % Projected inflation 1.50 % 1.50 % Guatemala Main projected assumptions December 31, 2023 December 31, 2022 Discount rate 9.00 % 10.20 % Rate of wage increase 5.00 % 5.00 % Projected inflation 4.00 % 4.00 % In 2023, assumptions regarding future longevity have been based on mortality tables, which reflect average ages of mortality from 20 - 60 years. The rate used to discount the obligation of the defined benefit plan to reflect the duration of the labor liabilities as of December 2023 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 2024 15,217 90,557 2025 15,296 83,744 2026 15,443 98,699 2027 15,388 89,188 2028 15,357 98,452 2029 a 2033 71,711 483,520 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 12.25 % 0.50% increase (2,899) Discount rate 11.25 % 0.50% decrease 3,071 Salary increases 6.85 % 0.50% increase 3,436 Salary decreases 5.85 % 0.50% decrease (3,264) Mortality Table RV-08 ("Rentistas Validos") One year increase in life expectancy 4,229 Retirement Pension Premium Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 12.25 % 0.50% increase (5,412) Discount rate 11.25 % 0.50% decrease 5,894 Salary increases 9.35 % 0.50% increase 6,058 Salary decreases 8.35 % 0.50% decrease (5,602) Severance obligation Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 11.75 % 0.50% increase (177) Discount rate 10.75 % 0.50% decrease 182 Salary increases 9.35 % 0.50% increase 410 Salary decreases 8.35 % 0.50% decrease (402) Panama Defined benefit pension plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 8.10 % 0.50% increase (102) Discount rate 7.10 % 0.50% decrease 108 Mortality Table RP-2000 One year increase in life expectancy 86 Guatemala Defined Benefit Pension Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 9.50 % 0.50% increase (2,226) Discount rate 8.50 % 0.50% decrease 2,546 Salary increases 5.50 % 0.50% increase 1,653 Salary decreases 4.50 % 0.50% decrease (1,482) Mortality Table RP-2000 One year increase in life expectancy 784 Retirement Pension Premium Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 9.00 % 0.50% increase (1,461) Discount rate 8.00 % 0.50% decrease 1,537 Salary increases 5.50 % 0.50% increase 1,582 Salary decreases 4.50 % 0.50% decrease (1,515) El Salvador Retirement Pension Premium Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 6.70 % 0.50% increase (724) Discount rate 5.70 % 0.50% decrease 778 Salary increases 3.00 % 0.50% increase 134 Salary decreases 2.00 % 0.50% decrease (183) Other long term benefits Colombia Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 12.25 % 0.50% increase (14,948) Discount rate 11.25 % 0.50% decrease 15,879 Salary increases 9.35 % 0.50% increase 16,208 Salary decreases 8.35 % 0.50% decrease (14,405) Guatemala Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 9.10 % 0.50% increase (892) Discount rate 8.10 % 0.50% decrease 952 Salary increases 5.50 % 0.50% increase 981 Salary decreases 4.50 % 0.50% decrease (926) El Salvador Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 6.70 % 0.50% increase (132) Discount rate 5.70 % 0.50% decrease 140 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 2023 2022 In millions of COP Current severance obligation 95,732 73,475 Bonuses and short-term benefits (1) 734,916 640,458 Other employment benefit plans 830,648 713,933 (1) The increases between December 31, 2023 and 2022, corresponds to the bonuses related to employees’ variable compensation. See Note 20 Other Liabilities. |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
OTHER LIABILITIES | |
OTHER LIABILITIES | NOTE 20. OTHER LIABILITIES Other liabilities consist of the following: Other liabilities December 31, 2023 December 31, 2022 In millions of COP Payables 4,746,323 3,629,433 Suppliers (1) 1,653,424 2,333,289 Advances to obligations 1,199,509 1,082,447 Dividends (2) 870,846 769,181 Collection services 820,393 1,032,613 Deposits delivered as security (3) 795,628 655,176 Bonuses and short-term benefits (4) 734,916 640,458 Security contributions 524,741 473,247 Provisions (5) 401,111 417,242 Salaries and other labor obligations (6) 396,734 359,673 Deferred interests 217,507 96,939 Advances in leasing operations and loans 186,547 282,173 Liabilities from contracts with customers (7) 60,128 56,856 Other 40,774 50,484 Total 12,648,581 11,879,211 (1) The decrease corresponds mainly to cancellations of supplier invoices for purchases and imports of leasing assets. (2) This relates to the last installment pending payment January 2, 2024. See Consolidated Statement of Changes in Equity, distribution of dividends. (3) The variation is generated by the valuation of current operations with international counterparties. For more information See Note 5.2. Derivative financial instruments. (4) For further information, see Note 19. Employee benefit plans (Bonuses and short-term benefits). (5) See Note 21. Provisions and contingent liabilities. (6) For more information related to other employee benefits, see Note 19. Employee benefits. (7) See Note 25.3. Fees and commissions. |
PROVISIONS AND CONTINGENT LIABI
PROVISIONS AND CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
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 at December 31, 2023 and 2022: As of December 31, 2023 Judicial Administrative Financial Loan Onerous proceedings proceedings (1) guarantees (2) commitments contracts (3) Total In millions of COP Balance at January 1, 2023 47,577 84,997 16,501 265,405 2,762 417,242 Net provisions recognized during the period 19,427 11,248 (14,139) 4,394 538 21,468 Provisions used during the period (10,666) (3,865) - - - (14,531) Translation adjustment (1,395) - (124) (17,418) - (18,937) Effect of discounted cash flows (4,131) - - - - (4,131) Final balance at December 31, 2023 50,812 92,380 2,238 252,381 3,300 401,111 (1) Mainly includes environmental remediation of the Santa Elena property, see Note 21.2. Contingent Liabilities; Judicial Proceesing current and proceedings in administrative litigation regarding the discussion of the difference in income tax criteria according to the applicable tax law for COP 14,920 . (2) The balance corresponds mainly to financial guarantees in Bancolombia S.A. and its decrease is due to the cancellation of operations (3) Onerous contracts corresponds to Renting Colombia S.A.S. As of December 31, 2022 Judicial Administrative Financial Loan Onerous proceedings proceedings(1) guarantees(2) commitments contracts(3) Total In millions of COP Balance at January 1, 2022 35,815 15,340 31,111 204,655 1,096 288,017 Net provisions recognized during the period 18,958 92,739 (14,716) 48,727 1,666 147,374 Provisions used during the period (8,863) (23,082) - - - (31,945) Translation adjustment (1,733) - 106 12,023 - 10,396 Effect of discounted cash flows 3,400 - - - - 3,400 Final balance at December 31, 2022 47,577 84,997 16,501 265,405 2,762 417,242 (1) Mainly includes environmental remediation of the Santa Elena property, see Note 21.2. Contingent Liabilities; and proceedings in administrative litigation regarding the discussion of the difference in income tax criteria according to the applicable tax law for COP 14,002 . (2) The balance corresponds mainly to financial guarantees in Bancolombia S.A. (3) Onerous contracts corresponds to Renting Colombia S.A.S. The following table shows the changes in the provision for financial guarantees and loan commitments during period at December 31, 2023 and 2022 with the expected credit loss model: Stage 1 Stage 2 Stage 3 TOTAL Balance at January 1, 2023 140,574 82,615 58,717 281,906 Transfers 34,443 (23,490) (10,953) - Transfer to stage 1 33,530 (24,858) (8,672) - Transfer to stage 2 2,384 4,992 (7,376) - Transfer to stage 3 (1,471) (3,624) 5,095 - Provisions recognized during the period 56,254 11,515 9,928 77,697 Provisions reversed during the period (60,779) (20,306) (6,357) (87,442) Translation adjustment (12,155) (5,276) (111) (17,542) Balance at December 31, 2023 158,337 45,058 51,224 254,619 Stage1 Stage2 Stage3 TOTAL Balance at January 1, 2022 104,204 59,825 71,737 235,766 Transfers 24,198 1,873 (26,071) - Transfer to stage 1 25,578 (17,581) (7,997) - Transfer to stage 2 119 21,547 (21,666) - Transfer to stage 3 (1,499) (2,093) 3,592 - Provisions recognized during the period 60,707 22,636 8,149 91,492 Provisions reversed during the period (55,730) (6,559) 4,808 (57,481) Translation adjustment 7,195 4,840 94 12,129 Balance at December 31, 2022 140,574 82,615 58,717 281,906 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, 2023 and 2022. 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. 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. Financial guarantees As of December 31, 2023 Maturity Financial Guarantees In millions of COP Guarantees under 1 month 826,699 Guarantees greater than 1 month and up to 3 months 3,778,824 Guarantees greater than 3 months and up to 1 years 5,609,521 Guarantees greater than 1 year and up to 3 years (1) 1,489,899 Guarantees greater than 3 years and up to 5 years 450,875 Guarantees greater than 5 years 535,380 Total 12,691,198 (1) The decrease with respect to the previous year is mainly due to the cancellation of operations with the following economic sectors: energy, private, among others. As of December 31, 2022 Maturity Financial Guarantees In millions of COP Guarantees under 1 month 757,658 Guarantees greater than 1 month and up to 3 months 1,286,137 Guarantees greater than 3 months and up to 1 years 5,695,172 Guarantees greater than 1 year and up to 3 years 3,660,806 Guarantees greater than 3 years and up to 5 years 134,611 Guarantees greater than 5 years 90,530 Total 11,624,914 The total amount outstanding is the maximum potential payments which represent a “worse-case scenario”, and does not reflect expected results. Loan commitments As of December 31, 2023 Maturity Loan commitments In millions of COP Commitments under 1 month 687,405 Commitments greater than 1 month and up to 3 months 11,373 Commitments greater than 3 months and up to 1 years 4,205,833 Commitments greater than 1 year and up to 3 years 2,269,280 Commitments greater than 3 years and up to 5 years 3,411,570 Commitments greater than 5 years 648,153 Total 11,233,614 As of December 31, 2022 Maturity Loan commitments In millions of COP Commitments under 1 month 745,606 Commitments greater than 1 month and up to 3 months 1,028,896 Commitments greater than 3 months and up to 1 years 1,271,666 Commitments greater than 1 year and up to 3 years 5,308,195 Commitments greater than 3 years and up to 5 years 6,683,599 Commitments greater than 5 years 827,797 Total 15,865,759 21.2. Contingent liabilities Contingencies due to judicial or administrative proceedings/litigations in which Bancolombia and the entities with which financial statements are consolidated as of December 31, 2023, and that represent a contingency superior to USD 6,585 are listed as follows. Some of the proceedings in which the claims are inferior and that were revelated in prior periods will be kept to provide information about its evolution. BANCOLOMBIA S.A. Neos Group S.A.S. (in reorganization) and Inversiones Davanic S.A.S. On November 3, 2022, Bancolombia was informed of a lawsuit in which the plaintiff contends that a loan agreement is in place between the parties, rather than a lease. The plaintiffs also requested that the purchase and sale agreement be rescinded on the basis that the price of the property was lower than its fair price. The plaintiffs seek COP 65,000 . The likelihood of recovering this amount is considered to be remote because the parties always intended to celebrate a lease and not a different type of contract. On December 7, 2022, Bancolombia issued an answer to the lawsuit. As of December 31, 2023, the proceeding is pending a response to the lawsuit from the other defendant. Bancolombia has not recorded a provision for this matter. Constitutional Public Interest Action - Carlos Julio Aguilar and other In this proceeding, a constitutional public interest action was filed, in which the plaintiffs allege that due to the restructuring of Departamento del Valle´s financial obligations and its Performance Plan, the collective rights of the public administration and the public funds of the Departamento del Valle were breached. According to the Bank's defense arguments, the agreement was made in accordance with the law. As of December 31, 2023, the procedure is pending a first instance judgment. The contingency is deemed to be possible. Bancolombia has not recorded a provision for this matter. Contraloría Departamental de Cundinamarca v. GEHS, Bancolombia and other natural persons The development of the Water Treatment Plant PTAR Chía I Delicias Sur from Municipio de Chía, Colombia, was outlined in a lease agreement signed on September 28, 2015. The price agreed was COP 19,000 . The object of the agreement was the financing of the Project, as well as the optimization, design, and construction of the Water Treatment Plant PTAR Chía I Delicias Sur. As of December 31, 2018, Bancolombia had anticipated certain payments to the Supplier of the Project. The Municipio de Chía´s Mayor Office, has claimed that irregularities have been found during the execution of the Project. Because of these allegations, the Contraloría de Cundinamarca began a proceeding of Fiscal Responsibility against GEHS Global Environment and Health Solutions de Colombia (Supplier), Guillermo Varela Romero, Rafael Antonio Ballesteros Gómez, Luís Alejandro Prieto González (Municipio de Chía´s former Mayor and employees of the municipal administration), and Bancolombia S.A., on the basis of the alleged loss. Bancolombia has alleged in its defense, among other arguments, that the Bank fully complied with its contractual obligations and that it is not responsible for the loss of the Municipality's resources. On November 3, 2023, the Contraloría de Cundinamarca at first instance held responsible five individuals, including Bancolombia, for an amount of COP 7,649 . Bancolombia filed a motion for reconsideration, and alternatively, an appeal against the decision. These proceedings are pending resolution. As of December 31, 2023, taking into account these recent developments and further analysis, Bancolombia considers the contingency as possible, therefore has established a provision of COP 7,149 . This amount corresponds to the judgment amount, deducting the value to be assumed by the insurance companies involved in the proceeding. Remediation Plan for Santa Elena´s property In 1987, Bancolombia (formerly Bank of Colombia) received a property located in Municipio de Cartagena, Colombia from the National Federation of Algodoneros. After the settlement was signed, soil contamination from pesticides and herbicides was found on the property. Bancolombia initiated a civil responsibility judicial procedure against the Federation alleging environmental contamination. On November 13, 2015, the final judgment was issued, and it was decided that the National Federation of Algodoneros was liable for environmental damages and that Bancolombia was not. Despite not being liable for environmental damages, Bancolombia is subject to decontamination requirements with respect to the property. Bancolombia has carried out over the years various activities aimed at containing the environmental impact, as well as the social management of the communities neighboring the lot. These activities include, among others, the confinement of contaminating material, installation of monitoring wells, and execution of plans to reduce contamination levels. Currently, these plans have the approval of the Autoridad Nacional de Licencias Ambientales de Colombia (ANLA) and their execution is divided into 3 stages: Stage 1, Stage 2 and Stage 3. Bancolombia appealed the administrative act issued by the ANLA on the basis of technical issues for the execution of Stage 3, and it is pending resolution. As of December 31, 2023, Bancolombia is progressing in the activities outlined in the plans to reduce contamination levels approved by ANLA, which include the monitoring of soils and waters in the area (Stage 1), monitoring of floors and walls in the warehouses (Stage 2), social management plan with the communities in the influence area of the remediation plan, emergency plan, hazardous waste management plan and biotic environment protection plan. It is expected to complete the execution of the plans within 36 months , this timeframe may be adjusted based on new analyses or requirements from the authorities. As of December 31, 2023, Bancolombia has established a provision of COP 74,770 for the accomplishment of the remaining activities. Fredy Alberto Lara Borja On December 13, 2023, Bancolombia was notified of a lawsuit filed by a former employee of the liquidated company Aluminio Reynolds Santo Domingo S.A, seeking the absolute nullity of the purchase agreement between Leasing Bancolombia and Bancolombia S.A. for two properties signed in 2011. Leasing Bancolombia acquired those properties through a purchase agreement with the company Armarcas E.U, which had received them as a payment from Sociedad Aluminio Reynolds Santo Domingo S.A. The plaintiff requested that the properties be returned to Aluminios Reynolds Santo Domingo´s estate so they can be used as payment of the labor liabilities of the company. The value of the claim is COP 103,943 . Bancolombia filed an appeal against the court´s order admitting the lawsuit arguing, among other reasons, non-compliance of legal requirements and lack of jurisdiction. As of December 31, 2023, it is pending resolution. The contingency is deemed to be remote. Bancolombia has not recorded a provision for this matter. FIDUCIARIA BANCOLOMBIA Quinta Sur S.A.S. In March 2022, Fiduciaria Bancolombia was notified of a lawsuit filed by Quinta Sur S.A.S. (in liquidation). According to the lawsuit, Quinta Sur seeks to be indemnified for damages as a result of the failure to transfer the resources to the plaintiff for the beginning of a housing construction project, under the terms agreed in the trust agreement. Fiduciaria Bancolombia alleges that it has complied with the law and the contract, arguing that the property on which the housing project was to be constructed did not fulfill the contractual requirements. The plaintiff seeks COP 128,000 . On August 24, 2023, a favorable judgment was issued for Fiduciaria Bancolombia. As of December 31, 2023, the proceeding is pending the resolution of the appeal filed by the plaintiff. The contingency is deemed to be possible. Fiduciaria Bancolombia has not recorded provision for this matter. BANISTMO Constructora Tymsa S.A. In October 2021, Banistmo and Banistmo Investment were notified of a lawsuit in which the plaintiff alleged fraudulent acts involving the sale of the plaintiff´s property. Constructora Tymsa alleges that the signatures and fingerprints in the public instrument of purchase, sale and in the mortgage in favor of Banistmo are false. The plaintiff seeks USD 10,000 , in addition to interests, costs and expenses. Banistmo and Banistmo Investment allege they are not liable for any intentional or negligent conduct in relation to the alleged fraudulent sale of the property. As of December 31, 2023, the proceeding is pending resolution of three incidents, including the lack of jurisdiction incident filed by the bank. The contingency is deemed to be possible. Banistmo has not recorded a provision for this matter. Five Star Production Inc., Global Men Health Foundation, Ingrid Perscky and Others In April 2022, Banistmo was notified of a lawsuit filed by Five Star Production Inc., Global Men Health Foundation, Ingrid Perscky and others for USD 5,000 . The lawsuit was filed on the basis of a dispute between Ingrid Perscky and Jose Barbero (who used to be husband and wife) for the distribution of their assets. In 2017, Ms. Perscky, who had an authorized signature, ordered the cancelation of a fixed term deposit from Five Star and instructed that those funds be transferred to 3 accounts that belonged to persons related to her (for example, her children). Mr. Barbero contacted Banistmo and tried to reverse the instructions, however as it was not possible, Mr. Barbero filed criminal complaints against Ms. Perscky. Banistmo has complied with banking law and has handled the information´s confidentiality according to the law and the contract. The plaintiffs seek compensation for material and moral damages, alleging that Banistmo breached confidentiality and banking secret in detriment of the plaintiffs. As of December 31, 2023, the evidentiary stage is pending. The contingency is deemed to be remote. Banistmo has not recorded a provision for this matter. Deniss Rafael Pérez Perozo, Carlos Pérez Leal and others Promotora Terramar (client of Banistmo, formerly HSBC Panamá) was paid USD 299 , through Visa gift cards issued by a foreign bank. This payment was received as a partial payment of 2 apartments located in Panamá City. The Credit Card Securities and Fraud Prevention department of the HSBC bank detected an irregular activity by Promotora Terramar on June 3, 2008, when a 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 funds from Promotora Terramar´s accounts. Nevertheless, after further investigations the money was refunded. On October 2013, the plaintiffs filed a claim for compensation of the material and moral damages caused, which according to their valuation, amounts to USD 5,252,000 . Banistmo alleges it has complied with the contractual terms outlined in the Affiliate Agreement and the statute of limitations deadline has lapsed, among other defenses. As of December 31, 2023, commencement of the evidentiary stage is pending. The contingency is deemed to be remote. Banistmo has not recorded a provision for this matter. DD&C, Carlos Pérez Leal and Others In October 2022, Banistmo received a communication announcing the filing of a legal action in the Tribunal of First Instance of Kaloum in the Republic of Guinea. This action was initiated by Inversiones DD&C, Carlos Perez Leal and other natural persons against the Central Bank of the Republic of Guinea (“BCRG”) and five international banks, including Banistmo. The action seeks compensation for damages derived from alleged fraud involving six international transfers for a total USD 1,900 that Inversiones DD&C, who was a client of Banistmo at the time, ordered to be made to a bank account at the BCRG. The parties who initiated the action are seeking USD 28,100 in “dommages matériels” (which are damages for alleged economic loss), as well as additional amounts in “dommages moraux” (which are damages for alleged non-economic loss, including alleged psychological suffering and moral anguish). On May 22, 2023, a favorable first instance judgment was issued for Banistmo. The plaintiff filed an appeal against the decision. As of December 31, 2023, the proceeding is pending the scheduling of a date to conclude the appeal hearing. The contingency is deemed to be remote. Banistmo has not recorded a provision for this matter. BANCO AGRÍCOLA Dirección General de Impuestos Internos of El Salvador The authority on taxes of El Salvador (DGII), 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, the appeal presented by Banco Agrícola was decided. The Tribunal de Apelaciones de los Impuestos Internos y Aduanas (TAII) modified the Resolution issued by DGII, adjusted the rental tax to USD 6,341 and revoked the sanction. Banco Agrícola filed a lawsuit before the Contentious Administrative Tribunal seeking to overrule DGII´s and TAII´s previous decisions in relation to the tax’s payment. As of December 31, 2023, the initial hearing date is pending. The contingency is deemed to be remote. Banco Agrícola has not recorded a provision for this matter. ARRENDADORA FINANCIERA S.A. Cordal filed a lawsuit against Arrendadora Financiera, seeking compensation for USD 6,454 . According to the lawsuit, Cordal was the owner of a current account in Arrendadora Financiera (formerly Banco Capital S.A.) and it alleged that it´s funds were irregularly transferred to third parties. Arrendadora Financiera alleges Cordal´s account was liquidated before the acquisition of Banco Capital S.A. and, therefore, no funds were transferred. As of December 31, 2023, the proceeding is at the evidentiary stage. The contingency is deemed to be remote. Arrendadora Financiera has not recorded a provision for this matter. A former employee of the plaintiff was convicted of aggravated theft in connection with the facts of this lawsuit. BANCO AGROMERCANTIL Bapa Holdings Corp. On September 20, 2022, a lawsuit against Banco Agromercantil was filed by Bapa Holdings Corp. The plaintiff alleges it invested USD 7,000 through a participation agreement with North Shore Development Company (NDSC) for the development of a housing project that was going to be built in a property, which was security for a loan given by Banco Agromercantil to NDSC, located in Roatan Island, Honduras. Bapa claims BAM caused damages due to its failure to provide information about NDSC´s financial situation and going through with the sale of the credit. On October 24, 2022, BAM responded to the claim and filed exceptions alleging that it has no commercial relationship with Bapa, and the statute of limitations deadline expired. As of December 31, 2023, the court is pending a ruling on the exceptions to the lawsuit. The contingency is deemed to be remote. Banco Agromercantil has not recorded a provision for this matter. Superintendencia de Administración Tributaria (SAT) The Superintendencia de Administración Tributaria (SAT) de Guatemala ordered a tax adjustment in the fiscal year 2014 of Banco Agromercantil´s rental tax declaration, duly paid by BAM, for a value of USD 13,583 (including tax and sanction). Banco Agromercantil initiated legal proceedings against the decision adopted by de SAT, pleading that the tax discounts applied by the Bank were appropriate. As a result of the agreement with SAT, BAM made a payment of USD 770 for taxes and penalties. As of December 31, 2023, the suspension of the case is still pending. |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2023 | |
SHARE CAPITAL | |
SHARE CAPITAL | NOTE 22. SHARE CAPITAL The subscribed and paid-in capital is the following: Share capital December 31, 2023 December 31, 2022 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. Dividends declared with respect to Cash dividends per share net income earned in: (Stated in COP) 2023 3,536 2022 3,536 2021 3,120 2020 260 2019 1,638 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, 2023 | |
APPROPRIATED RESERVES | |
APPROPRIATED RESERVES | NOTE 23. APPROPRIATED RESERVES As of December 31, 2023 and 2022, the appropriated retained earnings consist of the following: Concept December 31, 2023 December 31, 2022 In millions of COP Appropriation of net income (1)(2) 12,794,057 12,768,264 Others (3) 7,250,712 3,162,401 Total Appropiated reserves 20,044,769 15,930,665 (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) As of December 31, 2023 and December 31, 2022 includes reclassification of unclaimed dividends under Article 85 of the Bancolombia S.A Bylaws for COP 557 and COP 574 , respectively. (3) At Bancolombia S.A, the creation of an occasional reserve for equity strengthening and future growth continues, which was approved at the General Shareholders Meeting. |
UNCONSOLIDATED STRUCTURED ENTIT
UNCONSOLIDATED STRUCTURED ENTITIES | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Securitizations The Bank’s managed funds Total In millions of COP Total assets of the entities 1,028,501 159,609,365 160,637,866 The Bank’s interest-assets Investments at fair value through profit or loss 80,436 - 80,436 Investments at fair value through other comprehensive income 22,149 - 22,149 Loans and advances to customers - 7,997,406 7,997,406 Total assets in relation to the Bank’s interests in the unconsolidated structured entities 102,585 7,997,406 8,099,991 The Bank’s maximum exposure 102,585 7,997,406 8,099,991 Fees income 3,763 474,136 477,899 As of December 31, 2022 Securitizations The Bank’s managed funds Total In millions of COP Total assets of the entities 1,198,421 149,688,085 150,886,506 The Bank’s interest-assets Investments at fair value through profit or loss 87,048 - 87,048 Investments at fair value through other comprehensive income 26,936 - 26,936 Loans and advances to customers - 6,116,373 6,116,373 Total assets in relation to the Bank’s interests in the unconsolidated structured entities 113,984 6,116,373 6,230,357 The Bank’s maximum exposure 113,984 6,116,373 6,230,357 Fees income 4,532 435,177 439,709 Securitizations 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 and residual rights accounted for as investment at fair value through other comprehensive income. 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. The Bank’s managed funds The Bank’s managed funds 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, 2023 | |
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, 2023, 2022 and 2021: 2023 2022 2021 In millions of COP Interest on debt instruments using the effective interest method (1) 1,029,377 588,792 311,488 Interest and valuation on financial instruments Debt investments (2) 628,082 1,198,296 466,124 Repos 137,014 (84,410) (56,555) Spot transactions (28,590) 77,433 27,348 Derivatives (157,818) 171,381 33,637 Total valuation on financial instruments 578,688 1,362,700 470,554 Total Interest and valuation on financial instruments 1,608,065 1,951,492 782,042 (1) The increase is mainly presented in Bancolombia S.A., due to higher profits in the valuation of TDA (Títulos de Desarrollo Agropecuario). (2) In 2023 the decrease is mainly presented in Bancolombia S.A., due to a lower volume and lower valuation in the portfolio of securities issued by foreign governments (United States Treasury Bonds), which are directly related to the variations in the exchange rate, offset by an increase in the valuation of fixed rate TES. 25.2. Interest expenses The following table sets forth the detail of interest on financial liability instruments for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 In millions of COP Deposits (1) 13,323,516 6,141,680 2,814,505 Borrowing costs (1) 1,658,996 763,717 293,949 Debt instruments in issue 1,426,615 1,328,511 1,053,441 Lease liabilities (2) 113,815 111,349 111,556 Preferred shares 57,701 57,701 57,701 Overnight funds 30,540 11,375 3,870 Other interest (expense) 57,112 28,137 16,534 Total interest expenses 16,668,295 8,442,470 4,351,556 (1) The intervention rate issued by the Banco de la República de Colombia for the period of 2023 started at 12.00% and closed at 13.00% , for 2022 it started at 3.00% and closed at 12.00% and for 2021 it started at 1.75% and closed at 3.00% . This has an impact on the rates of deposits and financial obligations in addition, there was an increase of time deposits. (2) See Note 7.2. Lessee. Net interest income is defined as interest on loan portfolio and financial leasing operations, interest on debt instruments measured by the effective interest method and interest expense amounts to COP 19,601,869 COP 16,929,815 and COP 11,304,222 for the years ended in December 31, 2023, 2022 and 2021, respectively. 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 5% and 10% 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. To view the details of the balance, refer to line ‘Logistics 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, 2023 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 income Credit and debit card fees and commercial estabilshments 2,467,174 272,380 233,049 95,833 - - - 1,992 - 3,070,428 Bancassurance 924,280 72,705 77 - 104 29 126 - - 997,321 Banking services 593,729 110,271 157,386 68,857 - - - 37,746 23,574 991,563 Payment and collections 950,167 15,236 - - - - - - - 965,403 Fiduciary Activities and Securities - 20,233 6,399 851 361,632 - 74,377 54 - 463,546 Acceptances, Guarantees and Standby Letters of Credit 72,335 25,159 5,211 3,173 - - - 1,803 - 107,681 Investment banking - 980 1,225 - - 55,888 10,728 - - 68,821 Brokerage - 15,568 - - - - 11,140 - - 26,708 Others 244,414 398 76,221 54,486 229 - 7,614 5,633 412 389,407 Total revenue of contracts with customers 5,252,099 532,930 479,568 223,200 361,965 55,917 103,985 47,228 23,986 7,080,878 As of December 31, 2022 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 income Credit and debit card fees and commercial estabilshments 2,248,727 232,637 216,977 79,551 - - - 1,868 - 2,779,760 Bancassurance 814,653 57,858 97 - 29 8 32 - - 872,677 Banking services 481,103 91,938 142,047 78,264 - - - 31,277 12,732 837,361 Payment and collections 851,983 13,975 - - - - - - - 865,958 Fiduciary Activities and Securities - 18,975 6,522 803 318,840 - 78,509 53 - 423,702 Acceptances, Guarantees and Standby Letters of Credit 58,293 18,382 10,081 3,774 - - - 828 - 91,358 Investment banking - 550 1,482 - - 86,224 15,667 - - 103,923 Brokerage - 11,888 - - - - 15,960 - - 27,848 Others 229,804 380 66,971 56,162 - - 1,198 7,995 5,429 367,939 Total revenue of contracts with customers 4,684,563 446,583 444,177 218,554 318,869 86,232 111,366 42,021 18,161 6,370,526 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 income Credit and debit card fees and commercial estabilshments 1,830,128 174,226 168,273 61,831 - - - 1,663 - 2,236,121 Bancassurance 636,632 49,730 129 - 40 10 51 - - 686,592 Banking services 414,870 69,379 118,532 56,548 - - - 22,902 - 682,231 Payment and collections 723,297 10,064 - - - - - - - 733,361 Fiduciary Activities and Securities - 17,420 6,567 704 347,838 - 90,548 46 - 463,123 Acceptances, Guarantees and Standby Letters of Credit 43,863 16,125 6,928 3,716 - - - 1,917 - 72,549 Investment banking - 1,998 1,353 - - 79,521 11,481 - - 94,353 Brokerage - 12,661 - - - - 14,193 - - 26,854 Others 192,682 - 57,942 37,109 - - 1,009 6,781 3,097 298,620 Total revenue of contracts with customers 3,841,472 351,603 359,724 159,908 347,878 79,531 117,282 33,309 3,097 5,293,804 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 with customers 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 with customers 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 following table shows the detail of accounts receivable, and contract liabilities balances as at December 31, 2023, 2022 and 2021: 2023 2022 2021 In millions of COP Accounts receivable from contracts with customers (1) 259,516 192,029 182,672 Liabilities from contracts with customers (2)(3)(4) 60,128 56,856 55,025 (1) Allowances for receivables from customers are COP 21,591 , COP 15,330 and COP 16,537 for the year 2023, 2022 and 2021, respectively. (2) Contract liabilities are mainly related to commissions received from customers when the Bank issues financial guarantees. They are recognized as income during the term of the contract, according to the form and frequency of payment of the commissions. The weighted-average expected period for income recognition as of December 31, 2023 was 1.3 years, as of December 31, 2022, 1.6 years and as of December 31, 2021 was 1.3 years. (3) During the years 2023 and 2022, income was recognized for COP 55,179 and COP 45,656 respectively from the liability of contracts with clients at the beginning of the period. (4) See Note 20. Other liabilities. The contract liabilities increased COP 3,272 in 2023 and COP 1,831 in 2022. The changes in contract liabilities are due to performance circumscribed in the contract. Fees and Commissions Expenses Fees and Commissions Expenses 2023 2022 2021 In millions of COP Banking services 1,483,701 1,242,590 798,729 Sales, collections and other services 851,784 708,803 619,715 Correspondent banking 504,227 406,567 307,308 Payments and collections 41,904 34,720 26,897 Others 215,664 197,486 108,034 Total expenses for commissions 3,097,280 2,590,166 1,860,683 25.4. Other operating income The following table sets forth the detail of other operating income net for the years ended December 31, 2023, 2022 and 2021: Other operating income 2023 2022 2021 In millions of COP Leases and related services (1) 1,771,016 1,362,677 936,574 Net foreign exchange and Derivatives Foreign exchange contracts (2) 1,215,064 (373,045) 296,534 Investment property valuation (3) 197,526 236,617 67,762 Gains on sale of assets 170,910 171,482 227,445 Logistics services 136,118 165,738 140,451 Insurance (4) 86,330 92,294 54,833 Other reversals 67,617 64,467 56,381 Penalties for failure to contracts 13,855 6,833 15,680 Others 321,214 326,372 226,481 Total Other operating income 3,979,650 2,053,435 2,022,141 (1) Corresponds to operating leases for COP 833,244 , COP 649,693 and COP 412,286 , other related leasing services for COP 660,442 , COP 541,436 and COP 375,275 (see Note 7.1 lessor), property leases for COP 228,325 , COP 157,511 and COP 139,021 (see Note 11. Investment properties) and other assets for COP 49,005 , COP 14,037 , COP 9,992 for the years ended December 31, 2023, 2022 and 2021 respectively . (2) Corresponds to the management of assets and liabilities in foreign currencies and the volatility of the U.S. dollar. (3) In 2022 increased in properties and variation in fair value due to improved market conditions at the reporting date. (4) Corresponds to income from insurance operations of Seguros Agromercantil S.A., subsidiary domiciled in Guatemala. In 2023, it includes the effect of the adoption of IFRS 17 Insurance Contract. See Note 32. Impacts on the application of new standards. 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, 2023, 2022 and 2021: Dividends and net income on equity investments 2023 2022 2021 In millions of COP Dividends (1) 127,427 59,072 108,079 Equity method (2) 113,115 219,105 199,652 Equity investments and other financial instruments (3) 22,944 (672) 7,253 (Losses) Gains on sale of investments in associates (4) - (34,451) 9,896 Impairment of investments in associates and joint ventures (5) (108,175) (9,633) (1,733) Others (6) 54,874 2,433 5,197 Total dividends received, and share of profits of equity method investees 210,185 235,854 328,344 (1) As of December 31, 2023, 2022 and 2021, includes dividends received from equity investments at fair value through profit or loss for COP 768 , COP 6,209 and COP 40,188 , the decrease is the result of lower dividends on the preferred share of Tuya S.A and investments derecognised for COP 341 , COP 116 and COP 251 , respectively, dividends from equity investments at fair value through OCI for COP 18,464 , COP 16,842 and COP 12,665 , respectively and investments derecognised for COP 3,231 in 2023. Additionally, includes returns received of the associate at fair value P.A. Viva Malls for COP 104,623 , COP 35,905 , and COP 50,208 , respectively. For further information, see Note 8. Investments in associates and joint ventures. (2) Corresponds to income from equity method of investments in associates as of December 31, 2023, 2022 and 2021 for COP 230,704 , COP 265,885 and COP 179,032 (includes valuation of investments in associates at fair value), respectively, and joint ventures for COP (117,589) , COP (46,780) and COP 20,620 , respectively. For further information, see Note 8. Investments in associates and joint ventures. (3) For 2023, the increase is explained by the effect of the exchange of shares from Bolsa de Valores de Colombia for shares of the Holding Bursátil Regional in Chile. The Holding Bursátil Regional was constituted as of the integration of the Colombia, Perú and Chile Stock Exchanges in November 2023. For more information see Note 5.1. Financial assets investments. (4) In December 2022, was registered the spin-off of Protección S.A. and the creation of the company Asulado Seguros de Vida S.A., of which the Bank sold its participation to SURA Asset Management S.A., to comply with the authorized investment regime, and a loss of COP (41,434) was recognized, see Note 8 Investments in associates and joint ventures. Additionally, as a result of the sale in 2019 of the investments in the associates Avefarma S.A.S, Glassfarma Tech S.A.S. and Panamerican Pharmaceutical Holding Inc., COP 6,983 was received as contingent payment. For 2021, COP 9,896 had been received. (5) Corresponds to the impairment of associates and joint ventures, for 2023 in Compañía de Financiamiento TUYA S.A. recognized in the Investment Banking segment for COP 106,574 , Reintegra S.A.S. for COP 2,017 and recovery of impairment in Fondo de Capital Privado Ruta del Sol compartimento A for COP 416 for impairment recorded in 2022, both recognized in the segment Others. For 2022, the impairment corresponds to Reintegra S.A.S for COP 7,688 , Fondo de Capital Privado Ruta del Sol compartimiento A for COP 6,514 and Viliv S.A.S. (in liquidation) for COP 463 , recognized in Others segments, offset by the recovery of impairment of the associate Internacional Ejecutiva de Aviación S.A.S for COP 5,032 , impairment recognized in 2021 in the Investment Banking segment. For further information, see Note 8. Investments in associates and joint ventures. (6) For 2023, corresponds to gains recognized in acquisitions of P.A. Calle 84 (2) and P.A. Calle 84 (3) for COP 31,117 and P.A. Nomad Central for COP 23,757 from a bargain purchase. In 2022, this income corresponded to P.A. Fai Calle 77. For 2022, corresponds to gains recognized in acquisition of P.A. FAI Calle 77 from a bargain purchase. In 2021, corresponds to gains recognized by the Bank as the difference between book value and fair value of Wompi S.A.S. (before Vlipco S.A.S.) previous to its acquisition date, the transaction was completed in November 2021. For further information, see Note 9.3. Business combination. |
OPERATING EXPENSES
OPERATING EXPENSES | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022 and 2021 is as follows: Salaries and employee benefit 2023 2022 2021 In millions of COP Salaries (1) 2,286,471 1,897,710 1,648,872 Bonuses (2) 940,292 823,517 714,353 Private premium (3) 651,048 423,261 384,056 Social security contributions 546,434 447,017 355,166 Indemnization payment 179,916 189,643 137,453 Other benefits (4) 746,073 636,508 542,696 Total Salaries and employee benefit 5,350,234 4,417,656 3,782,596 (1) This is mainly explained by salary increases indexed to inflation. (2) Corresponds mainly to bonuses for employees in accordance with the variable compensation model of the Bank. (3) The increase corresponds to a higher provision due to a decrease in the nominal rate and the inflation rate. (4) Includes vacations, severance and interest on severance, pension and employee benefits, mainly policy benefits, training and recreation. 26.2. Other administrative and general expenses The detail for administrative and general expenses for the years ended December 31, 2023, 2022 and 2021 is as follows: Other administrative and general expenses 2023 2022 2021 In millions of COP Fees (1) 943,781 864,520 758,986 Maintenance and repairs (2) 900,251 757,861 592,493 Insurance (3) 738,786 640,753 495,146 Data processing (4) 473,059 362,621 363,105 Frauds and claims (5) 346,899 258,834 182,916 Transport 233,856 232,471 198,828 Advertising 175,690 185,122 153,066 Cleaning and security services 129,460 117,966 111,717 Public services 125,433 119,949 149,029 Contributions and affiliations 109,038 116,118 101,727 Communications 74,685 72,501 71,861 Properties improvements and installation 66,438 70,845 64,554 Useful and stationery 57,061 55,045 53,476 Disputes, fines and sanctions (6) 43,499 63,519 13,106 Real estate management 33,637 30,216 28,962 Travel expenses 31,813 25,600 10,713 Publications and subscriptions 22,574 20,644 17,775 Storage services 16,321 15,013 14,666 Legal expenses 14,136 10,573 6,834 Others 497,527 539,729 351,546 Total other administrative and general expenses (7) 5,033,944 4,559,900 3,740,506 Taxes other than income tax (8) 1,433,148 929,512 719,593 (1) Increase generated mainly by digital transformation fees. (2) Increase is caused mainly by vehicle maintenance for COP 85,247 and computer equipment maintenance for COP 46,626 . (3) The increase is mainly generated by Fogafin deposit insurance due to an increase in the volume of time deposits. (4) In 2023, the increase generated mainly by license maintenance services, electronic data processing and technology services. (5) The increase is generated mainly in virtual transactions and cards frauds. (6) The amount for the year 2022 includes the following events: Banagrícola and subsidiaries by USD 4,000 due to out-of-court closing of contingency and in Banistmo and subsidiaries by USD 2,500 due to judgment against. (7) As of December 31, 2021, the Consolidated Statement of Income disclosed the line "Other expenses" for COP 218,586 . Considering the nature of the operations contained in this caption, the Bank decided to reclassify this item in the Consolidated Statement of Income as of December 31, 2023, 2022 and 2021 in the line "Other administrative and general expenses". For comparative purposes, figure disclosed in 2021 in the line "Other administrative and general expenses" for COP 3,521,920 were modified to COP 3,740,506 . (8) The increase mainly generates in industry and commerce taxes, value added tax (IVA) and Tax on Financial Movements (GMF). 26.3. Impairment, depreciation and amortization The detail for Impairment, depreciation and amortization for the years ended December 31, 2023, 2022 and 2021 is as follows: Impairment, depreciation and amortization 2023 2022 2021 In millions of COP Depreciation of premises and equipment (1) 636,376 560,596 466,179 Depreciation of right-of-use assets (2) 229,665 212,861 190,819 Amortization of intangible assets (3) 212,317 175,991 198,169 Impairment of other assets, net (4)(5) 46,501 31,127 65,391 Total impairment, depreciation and amortization 1,124,859 980,575 920,558 (1) See Note 10 Premises and equipment, net. (2) See Note 7.2 Lessee. (3) See Note 9 Goodwill and intangibles assets, net. (4) Includes value for impairment of property and equipment for COP 4,480 in 2023 and COP 3,536 in 2022. (5) The detail of the impairment of other assets net by operating segments for the years ended December 31, 2023, 2022 and 2021 is presented in the table below: Impairment (recovery) of other assets, net 2023 2022 2021 In millions of COP Banking Colombia 45,122 24,187 38,632 Banking Panama 5,290 12,599 17,962 Banking Guatemala 8,929 12,101 7,554 All other segments 4,713 1,803 848 International Banking 1,730 314 - Banking El Salvador (1) (19,283) (19,877) 395 Total (2) 46,501 31,127 65,391 (1) Corresponds mainly to the Net realizable value (NRV) and higher sales generated in 2022 compared to 2021. (2) The variation in 2023 with respect to 2022 is mainly to the Net realizable value (NRV). During 2023, 2022 and 2021, no significant cybersecurity breaches materialized, according to the data security policies established by Management. |
EARNING PER SHARE ('EPS')
EARNING PER SHARE ('EPS') | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022 and 2021. The following table summarizes information related to the computation of basic EPS for the years ended December 31, 2023, 2022 and 2021 (in millions of pesos, except per share data): 2023 2022 2021 Income from continuing operations before attribution of non-controlling interests 6,214,971 6,996,365 4,207,787 Less: Non-controlling interests from continuing operations 98,035 212,875 120,992 Net income from controlling interest 6,116,936 6,783,490 4,086,795 Less: Preferred dividends declared 1,541,003 1,352,921 59,851 Less: Allocation of undistributed earnings to preferred stockholders 1,303,784 1,805,191 1,830,636 Net income allocated to common shareholders for basic and diluted EPS 3,272,149 3,625,378 2,196,308 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 6,420 7,113 4,309 Basic and diluted earnings per share from continuing operations 6,420 7,113 4,309 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
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 Bancolombia S.A. or any of the subsidiaries of the Group provide commercial banking services and deposits. For these purposes, all companies in which Grupo Bancolombia has joint control or significant influence have been included. For more information see note 8. Investments in associates and joint control. Bancolombia S.A. or some of the subsidiaries of the Grupo Bancolombia provide 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, 2023, 2022 and 2021, 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. - Operations whose characteristics differ from those carried out with third parties - Guarantees, pledges or commitments given or received in respect of the aforementioned transactions. As of December 31, 2023 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 6,050 - 54,001 Derivative financial instruments 48,747 - 7,297 Loans and advances to customers 1,850,407 22,437 271,676 Allowance for loans, advances and lease losses (1,455) (50) (760) Investment in associates and joint ventures - - 2,997,603 Other assets 17,951 18 271,263 Total assets 1,921,700 22,405 3,601,080 Liabilities Deposits by customers 1,434,117 16,312 141,853 Derivative financial instruments 14 209 1,068 Other liabilities 23,070 59 70,387 Total liabilities 1,457,201 16,580 213,308 Income Interest on loans and financial leases 157,451 1,783 27,925 Valuation on financial instruments 97 - 11,998 Fees and commissions income 744,000 98 14,647 Dividends and net income on equity investments (2) 213 - 109,563 Derivatives Foreign exchange contracts 63,060 (218) 27,174 Other operating income 48,531 9 9,806 Net income 1,013,352 1,672 201,113 Expenses Interest expenses 181,085 1,038 8,261 Credit impairment charges, net (8,307) 4 (1,193) Fees and commissions expenses 590 - 152,563 Employee benefits (3) 89,199 93 - Other administrative and general expenses 159,184 2,492 23,644 Total expenses 421,751 3,627 183,275 (1) Includes Grupo Sura conglomerate. (2) Includes impairment of associates and joint ventures mainly in TUYA S.A. for COP 106,574 . (3) In case of stockholders with an interest equal or higher than 20% of the Bank’s capital, includes the benefit provided to employees for insurance policies and for directors and senior management corresponds to the benefit of special credit rates for employees. As of December 31, 2022 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 5,711 - 51,991 Derivative financial instruments 191 5 8 Loans and advances to customers 947,150 28,935 342,896 Allowance for loans, advances and lease losses (9,746) (49) (3,470) Investment in associates and joint ventures - - 2,915,633 Other assets (2) 17,520 41 209,350 Total assets 960,826 28,932 3,516,408 Liabilities Deposits by customers 1,364,663 14,433 161,708 Derivative financial instruments 23 - 27,571 Other liabilities (2) 26,803 56 54,017 Total liabilities 1,391,489 14,489 243,296 Income Interest on loans and financial leases 74,896 1,249 21,715 Valuation on financial instruments - - 994 Fees and commissions income 929,721 100 20,574 Dividends and net income on equity investments 30 - 224,602 Net foreign exchange and Derivatives Foreign exchange contracts (10,158) 984 (30,484) Other operating income 50,816 28 99,855 Net income 1,045,305 2,361 337,256 Expenses Interest expenses 112,403 301 8,483 Credit impairment charges, net 10,171 50 (550) Fees and commissions expenses 19 - 180,951 Employee benefits (3) 76,455 117 - Other administrative and general expenses 161,367 2,056 30,792 Total expenses 360,415 2,524 219,676 (1) Includes Grupo Sura conglomerate. (2) The values disclosed for Other assets and Other liabilities corresponding to Stockholders with an interest equal or higher than 20% as of December 31, 2022 were restated from COP 54,842 to COP 17,520 and from COP 163,385 to 26,803 , respectively; this restatement has no effect on the Financial Statements and their notes, and it was also concluded that the revised figures were adjusted and disclosed on a comparative basis. (3) In case of stockholders with an interest equal or higher than 20% of the Bank’s capital, includes the benefit provided to employees for insurance policies and for directors and senior management corresponds to the benefit of special credit rates for employees. 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 8,175 194,864 Derivative financial instruments - 6 8,565 Other liabilities 1,120 368 36,596 Total liabilities 2,102,966 8,549 240,025 Income Interest on loans and financial leases 29,092 759 11,443 Valuation on financial instruments - - 1,560 Fees and commissions income 737,402 98 13,056 Dividends and net income on equity investments 58 - 289,423 Net foreign exchange and Derivatives Foreign exchange contracts (1,840) 1,112 (9,966) Other operating income 278 - 55,524 Net income 764,990 1,969 361,040 Expenses Interest expenses 16,564 93 1,403 Credit impairment charges, net 3,043 92 5,123 Fees and commissions expenses 17 - 130,950 Employee benefits (2) 60,221 19 - Other administrative and general expenses 14,148 1,724 32,071 Total expenses 93,993 1,928 169,547 (1) Includes Grupo Sura conglomerate. (2) In case of stockholders with an interest equal or higher than 20% of the Bank’s capital, includes the benefit provided to employees for insurance policies and for directors and senior management corresponds to the benefit of special credit rates for employees. During the years ending December 31, 2023, 2022 and 2021, the Bank paid fees to the directors of COP 2,306 , COP 1,937 and COP 1,655 , respectively, as compensation for attending meetings of the Board and its Committees. The payments to senior management in the same periods were COP 18,387 , COP 15,776 and COP 10,487 for short-term retributions and COP 312 , COP 552 and COP 604 for long-term retributions. In 2022, there was a consolidation of the contributions of the Senior Management Pension Plan for COP 36,962 (See Note 19.3 Retirement Pension Premium Plan), and there were payments for post-employment benefits of COP 827 in 2023, COP 642 in 2022 and 3,207 in 2021. 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, 2023 | |
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, 2023 and 2022: Non-cash changes Balance as of Foreign January 1, 2023 Cash flows currency Interests Other Balance as of translation accrued movements December 31, 2023 adjustment In millions of COP Liabilities from financing activities Repurchase agreements and other similar secured borrowing 189,052 304,846 (23,603) - - 470,295 Borrowings from other financial institutions (1) 19,692,638 (1,674,476) (4,029,947) 1,658,996 1,395 15,648,606 Debt instruments in issue (1) 19,575,988 (3,494,834) (2,844,193) 1,426,615 - 14,663,576 Preferred shares (2) 584,204 (57,701) - 57,701 - 584,204 Total liabilities from financing activities 40,041,882 (4,922,165) (6,897,743) 3,143,312 1,395 31,366,681 (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 1,607,927 and COP 1,347,889 , 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 Balance as of Foreign January 1, 2022 Cash flows currency Interests Other Balance as of translation accrued movements December 31, 2022 adjustment In millions of COP Liabilities from financing activities Repurchase agreements and other similar secured borrowing 763,325 (579,488) 5,215 - - 189,052 Borrowings from other financial institutions (1) 8,551,558 7,963,253 2,404,567 763,717 9,543 19,692,638 Debt instruments in issue (1) 21,093,864 (5,767,989) 2,921,602 1,328,511 - 19,575,988 Preferred shares (2) 584,204 (57,701) - 57,701 - 584,204 Total liabilities from financing activities 30,992,951 1,558,075 5,331,384 2,149,929 9,543 40,041,882 (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 536,024 and COP 1,206,895 , 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. |
FAIR VALUE OF ASSETS AND LIABIL
FAIR VALUE OF ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022: December 31, 2023 December 31, 2022 Carrying Fair Carrying Fair amount Value amount Value In millions of COP Assets Debt instruments at fair value through profit or loss 12,096,407 12,096,407 11,039,266 11,039,266 Debt instruments at fair value through OCI 6,148,177 6,148,177 7,977,675 7,977,675 Debt instruments at amortized cost 6,848,082 6,840,867 8,336,360 8,246,876 Derivative financial instruments 6,252,270 6,252,270 4,961,237 4,961,237 Equity securities at fair value 543,210 543,210 544,668 544,668 Other financial instruments (1) 38,319 38,319 42,171 42,171 Loans and advances to customers at amortized cost, net 237,728,544 238,771,724 254,444,099 251,336,077 Investment property 4,709,911 4,709,911 3,994,058 3,994,058 Investments in associates (2) 1,670,782 1,670,782 1,532,156 1,532,156 Total 276,035,702 277,071,667 292,871,690 289,674,184 Liabilities Deposits by customers 247,941,180 249,340,519 250,992,323 249,503,805 Interbank deposits 606,141 606,141 902,132 902,132 Repurchase agreements and other similar secured borrowing 470,295 470,295 189,052 189,052 Derivative financial instruments 6,710,364 6,710,364 4,737,454 4,737,454 Borrowings from other financial institutions 15,648,606 15,648,606 19,692,638 19,692,638 Preferred shares 584,204 394,550 584,204 350,978 Debt instruments in issue 14,663,576 14,468,650 19,575,988 18,776,819 Total 286,624,366 287,639,125 296,673,791 294,152,878 (1) For futher information see Note 5.1. Financial assets investments. (2) It corresponds to investments in associates P.A Viva Malls and Distrito Vera. See Note 8 Investments in associates and joint ventures. Fair value hierarchy 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: Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities. An active market is a market in which transactions for the asset or liability being measured take place with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Level 2 generally includes: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability. Level 3 : Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain retained residual interests in securitizations, asset-backed securities (ABS) and highly structured or long-term derivative contracts where independent pricing information was not able to be obtained for a significant portion of the underlying assets. Valuation process for fair value measurements 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 Financial Superintendence of Colombia, 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 and other financial instruments 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 and other financial instruments 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 market representative rate. 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 Over The Counter (OTC) derivatives, which in the absence of prices, are valued using the inputs and methodologies provided by the pricing services provider, which have the no objection of the SFC. 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 (Credit Default Swaps, “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.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, 2023 and 2022: Financial Assets December 31, 2023 December 31, 2022 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 4,363,135 362,470 - 4,725,605 3,960,211 300,019 - 4,260,230 Securities issued or secured by government entities - 84,990 - 84,990 13,075 65,960 - 79,035 Securities issued by other financial institutions 41,003 654,446 78,729 774,178 77,944 451,285 81,389 610,618 Securities issued by foreign governments 3,621,960 2,652,440 - 6,274,400 3,136,636 2,831,220 - 5,967,856 Corporate bonds 125,010 97,940 14,284 237,234 17,299 104,228 - 121,527 Total debt instruments at fair value through profit or loss 8,151,108 3,852,286 93,013 12,096,407 7,205,165 3,752,712 81,389 11,039,266 Debt instruments at fair value through OCI Securities issued by the Colombian Government 61,427 - 2,664,295 2,725,722 - 2,590,622 - 2,590,622 Securities issued by other financial institutions 224,049 149,257 - 373,306 465,025 104,332 - 569,357 Securities issued by foreign governments 1,675,193 762,803 - 2,437,996 4,045,118 649,251 - 4,694,369 Corporate bonds 63,475 547,678 - 611,153 - 123,327 - 123,327 Total debt instruments at fair value through OCI 2,024,144 1,459,738 2,664,295 6,148,177 4,510,143 3,467,532 - 7,977,675 Total debt instruments 10,175,252 5,312,024 2,757,308 18,244,584 11,715,308 7,220,244 81,389 19,016,941 Equity securities Equity securities 89,128 69,400 384,682 543,210 30,884 51,531 462,253 544,668 Total equity securities 89,128 69,400 384,682 543,210 30,884 51,531 462,253 544,668 Other financial assets Other financial assets - - 38,319 38,319 - - 42,171 42,171 Total other financial assets - - 38,319 38,319 - - 42,171 42,171 Derivative financial instruments Forwards Foreign exchange contracts - 3,308,258 1,073,648 4,381,906 - 982,212 591,740 1,573,952 Equity contracts - 152 2,863 3,015 - 5,414 105 5,519 Total forwards - 3,308,410 1,076,511 4,384,921 - 987,626 591,845 1,579,471 Swaps Foreign exchange contracts - 1,066,915 237,422 1,304,337 - 1,940,303 454,529 2,394,832 Interest rate contracts 130,792 206,011 15,621 352,424 266,708 569,749 29,170 865,627 Total swaps 130,792 1,272,926 253,043 1,656,761 266,708 2,510,052 483,699 3,260,459 Options Foreign exchange contracts 6 136,979 73,603 210,588 - 4,240 117,067 121,307 Total options 6 136,979 73,603 210,588 - 4,240 117,067 121,307 Total derivative financial instruments 130,798 4,718,315 1,403,157 6,252,270 266,708 3,501,918 1,192,611 4,961,237 Investment properties Lands - - 325,394 325,394 - - 123,352 123,352 Buildings - - 4,384,517 4,384,517 - - 3,870,706 3,870,706 Total investment properties - - 4,709,911 4,709,911 - - 3,994,058 3,994,058 Investment in associates at fair value Investment in associates at fair value - - 1,670,782 1,670,782 - - 1,532,156 1,532,156 Total investment in associates at fair value - - 1,670,782 1,670,782 - - 1,532,156 1,532,156 Total 10,395,178 10,099,739 10,964,159 31,459,076 12,012,900 10,773,693 7,304,638 30,091,231 Financial liabilities December 31, 2023 December 31, 2022 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 - 4,458,528 67,825 4,526,353 - 1,523,795 187,849 1,711,644 Equity contracts - 8,629 1,852 10,481 - 7,203 - 7,203 Total forwards - 4,467,157 69,677 4,536,834 - 1,530,998 187,849 1,718,847 Swaps Foreign exchange contracts - 1,388,113 102,973 1,491,086 - 1,757,219 160,178 1,917,397 Interest rate contracts 126,728 312,051 11,078 449,857 227,847 728,793 51,662 1,008,302 Total swaps 126,728 1,700,164 114,051 1,940,943 227,847 2,486,012 211,840 2,925,699 Options Foreign exchange contracts 19 232,568 - 232,587 - 92,908 - 92,908 Total options 19 232,568 - 232,587 - 92,908 - 92,908 Total derivative financial instruments 126,747 6,399,889 183,728 6,710,364 227,847 4,109,918 399,689 4,737,454 Total 126,747 6,399,889 183,728 6,710,364 227,847 4,109,918 399,689 4,737,454 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, 2023 and December 31, 2022: Assets December 31, 2023 December 31, 2022 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 67,514 - - 67,514 197,749 - - 197,749 Securities issued or secured by government entities - 49,980 3,075,936 3,125,916 - 3,041,314 - 3,041,314 Securities issued by other financial institutions 209,178 280,662 55,112 544,952 272,157 307,960 - 580,117 Securities issued by foreign governments 150,695 377,560 - 528,255 248,735 517,661 - 766,396 Corporate bonds 774,624 12,620 1,786,986 2,574,230 1,183,046 37,977 2,440,277 3,661,300 Total – Debt instruments 1,202,011 720,822 4,918,034 6,840,867 1,901,687 3,904,912 2,440,277 8,246,876 Loans and advances to customers, net - - 238,771,724 238,771,724 - - 251,336,077 251,336,077 Total 1,202,011 720,822 243,689,758 245,612,591 1,901,687 3,904,912 253,776,354 259,582,953 Liabilities December 31, 2023 December 31, 2022 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 - 60,236,355 189,104,164 249,340,519 - 40,990,191 208,513,614 249,503,805 Interbank deposits - - 606,141 606,141 - - 902,132 902,132 Repurchase agreements and other similar secured borrowing - - 470,295 470,295 - - 189,052 189,052 Borrowings from other financial institutions - - 15,648,606 15,648,606 - - 19,692,638 19,692,638 Debt instruments in issue (1) 8,021,700 4,025,322 2,421,628 14,468,650 7,714,800 8,898,934 2,163,085 18,776,819 Preferred shares - - 394,550 394,550 - - 350,978 350,978 Total 8,021,700 64,261,677 208,645,384 280,928,761 7,714,800 49,889,125 231,811,499 289,415,424 (1) The decrease in level 2 for the year 2023 corresponds to maturity of securities. 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 becaus e 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 borrowi ngs 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 e stimated 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 p referred 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 un certainty 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, 2023 December 31, 2022 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 - - 11,702 11,702 - - 9,918 9,918 Real estate for residential purposes - - 117,476 117,476 - - 63,283 63,283 Real estate different from residential properties - - 30,273 30,273 - - 22,216 22,216 Total - - 159,451 159,451 - - 95,417 95,417 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 during 2023 and 2022: As of December 31, 2023 Balance, Included Transfers Transfers Balance, January 1, in OCI Purchases Settlement Reclassifications (1) Prepaids in to out of December 31, 2023 earnings level 3 level 3 2023 In millions of COP Assets Debt instruments at fair value though profit or loss Securities issued by the Colombian Government - (4,150) - 4,150 - - - - - - Securities issued or secured by other financial entities 81,389 12,869 - 2,639 (12,767) - (9,613) 4,212 - 78,729 Corporate bonds - - - - - - - 14,284 - 14,284 Total 81,389 8,719 - 6,789 (12,767) - (9,613) 18,496 - 93,013 Debt instruments at fair value through OCI Securities issued by the Colombian Government - - 173,648 2,490,647 - - - - - 2,664,295 Total - - 173,648 2,490,647 - - - - - 2,664,295 Derivative financial instruments Foreign exchange contracts 1,163,336 (60,699) - 1,295,089 (812,275) (13,559) - 46,459 (233,678) 1,384,673 Interest rate contracts 29,170 (10,694) - 6,957 (4,593) (38) - 525 (5,706) 15,621 Equity contracts 105 - - 2,863 (105) - - - - 2,863 Total 1,192,611 (71,393) - 1,304,909 (816,973) (13,597) - 46,984 (239,384) 1,403,157 Equity securities Equity securities 462,253 (3,577) (8,087) 6,740 (72,647) - - - - 384,682 Total 462,253 (3,577) (8,087) 6,740 (72,647) - - - - 384,682 Other financial instruments Other financial instruments 42,171 (13,746) - 9,894 - - - - - 38,319 Total 42,171 (13,746) - 9,894 - - - - - 38,319 Investment in associates PA Viva Malls 1,530,459 128,028 - 3,192 - - - - - 1,661,679 PA Distrito Vera 1,697 1,179 - 6,227 - - - - - 9,103 Total 1,532,156 129,207 - 9,419 - - - - - 1,670,782 Total Assets 3,310,580 49,210 165,561 3,828,398 (902,387) (13,597) (9,613) 65,480 (239,384) 6,254,248 Liabilities Derivative financial instruments Foreign exchange contracts 348,027 15,346 - 164,179 (329,858) (13,559) - 4,330 (17,667) 170,798 Interest rate contracts 51,662 (6,297) - 3,628 (41,002) (38) - 3,734 (609) 11,078 Equity contracts - - - 1,852 - - - - - 1,852 Total 399,689 9,049 - 169,659 (370,860) (13,597) - 8,064 (18,276) 183,728 Total liabilities 399,689 9,049 - 169,659 (370,860) (13,597) - 8,064 (18,276) 183,728 (1) From derivative assets to derivative liabilities classified in level 3 and vice versa. As of December 31, 2022 Balance, Included Transfers Transfers Balance, January 1, in OCI Purchases Settlement Reclassifications (1) Prepaids in to out of December 31, 2022 earnings level 3 level 3 2022 In millions of COP Assets Debt instruments at fair value though profit or loss Securities issued or secured by other financial entities 113,058 11,700 - 3,789 (20,031) - (19,181) 10,863 (18,809) 81,389 Total 113,058 11,700 - 3,789 (20,031) - (19,181) 10,863 (18,809) 81,389 Derivative financial instruments Foreign exchange contracts 937,633 270,494 - 607,659 (647,914) (777) - 547 (4,306) 1,163,336 Interest rate contracts 46,393 19,887 - 9,323 (8, |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 31. SUBSEQUENT EVENTS Approval of Consolidated Financial Statements The consolidated financial statements were approved by the Board of Directors on XXX X, 2024. |
IMPACTS ON APPLICATION OF NEW S
IMPACTS ON APPLICATION OF NEW STANDARDS | 12 Months Ended |
Dec. 31, 2023 | |
IMPACTS ON APPLICATION OF NEW STANDARDS | |
IMPACTS ON APPLICATION OF NEW STANDARDS | NOTE 32. IMPACTS ON APPLICATION OF NEW STANDARDS a. Accounting pronouncements applicable in 2023 IFRS 17, issued in May 2017 to replace IFRS 4 Insurance Contracts, applies to insurance contracts, including reinsurance contracts, issued by an entity with specified exceptions; reinsurance contracts held by an entity; and investment contracts with discretionary participation features issued by an entity that issues insurance contracts. An insurance contract is defined as “a contract under which one party (the issuer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder” (IFRS 17). The standard requires that estimates be remeasured in each reporting period. In the statement of financial position, contracts are measured using the following core components: • Discounted probability-weighted cash flows, • An explicit risk adjustment, and • A Contractual Service Margin (“CSM”) representing the unearned profit of the contract which is recognised as revenue over the coverage period. IFRS 17 requires an entity to recognise profit from a group of insurance contracts over the period the entity provides services, and as the entity is released from risk. If a group of contracts is or becomes loss-making, the entity is required to recognise the loss immediately. The portfolio of insurance contracts are detailed below: Direct Insurance General Insurance Life Insurance Accident and Health Reinsurance General Insurance Life Insurance Accident and Health For the measurement of direct insurance and reinsurance portfolios, the Bank adopted the Premium Allocation Approach (“PAA”). Additionally, it considered: a) b) c) d) On January 1, 2023, the Bank adopted IFRS 17. This involved the identification, recognition, and measurement of each group of insurance contracts and cash flows for the acquisition of insurance, and derecognized amounts that would not exist if this standard had always been applied. The resulting net difference was recognized in equity. The effects on the consolidated statement of financial position as of January 1, 2023, are presented below: Concept December 31, 2022 Adoption adjustment January 1, 2023 In millions of COP Insurance contracts asset (1) 68,991 22,383 91,374 Insurance contracts liability (2) 124,598 21,679 146,277 Retained earnings - 704 704 (1) Included in the "Other assets, net" item in the consolidated statement of financial position. (2) Included in the "Other liabilities" item in the consolidated statement of financial position. |
RISK MANAGEMENT
RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2023 | |
RISK MANAGEMENT | |
RISK MANAGEMENT | 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 interest rate of the banking book, operational , business continuity, technological and cybersecurity risk, country risk, Risk Appetite Framework (MAR) and stress tests applicable. In accordance with the requirements of the contained in numeral 10 of Part II of Chapter XXXI related Morover, the Bank sent the “Implementation Plan” for the management of interest rate risk of the banking book (RTILB), considering the testing period and the enliquidity risktry into force of the applicable instructions. To strengthen comprehensive risk management, the Bank has a Three Lines 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 Bancolombia, in order to guarantee effective and efficient coordination among them for risk management (in its different stages) and internal control. First line: owns the processes, products, services, channels, whose activities manage the risks that may contribute or impede the achievement of the Bank’s objectives. The first line owns the risk and defines the design and execution of the organization's controls to respond to those risks. The 1st line is made up of 1A and 1B, highlighting the following characteristics: ● Identification, evaluation, control and mitigation of risks. ● Definition of standards / Implementation of policies, standards and procedures. ● Execution of control and risk management procedures and activities as part of your daily activity. Second line: defines the risk and internal control framework, as well as the policies and guidelines for the 1st line to manage risks. It is a global advisory, support and control function that monitors that risks are identified, controlled and managed within appropriate limits. The 2nd line is made up of 2A and 2B, highlighting the following characteristics and differences: ● Provision of a risk and internal control framework. ● Escalation of new risks. ● Advice and support. Third line: made up of Internal Audit. It is an independent and objective assurance and advisory function on the internal control system and risk management, highlighting the following characteristics: ● Independent review. ● Assurance on the Internal Control System. ● Evaluation and improvement in the effectiveness of management in risk control. 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 for the periods ending December 31, 2023 and December 31, 2022: December 31, 2023 Maximum exposure to credit risk - Financial instruments subject to impairment In millions of COP Stage 1 Stage 2 Stage 3 Total Loans and Advances 222,372,889 16,042,661 15,536,097 253,951,647 Commercial 120,773,927 5,453,537 8,459,932 134,687,396 Consumer 46,060,615 4,407,067 4,124,087 54,591,769 Mortgage 32,210,648 2,628,654 1,411,106 36,250,408 Small Business Loans 774,571 260,303 110,143 1,145,017 Financial Leases 22,553,128 3,293,100 1,430,829 27,277,057 Off-Balance Sheet Exposures 39,266,370 154,567 157,801 39,578,738 Financial Guarantees 12,533,868 26,889 130,441 12,691,198 Loan Commitments 26,732,502 127,678 27,360 26,887,540 Loss Allowance (3,854,240) (2,581,460) (10,042,022) (16,477,722) Total 257,785,019 13,615,768 5,651,876 277,052,663 December 31, 2022 Maximum exposure to credit risk - Financial instruments subject to impairment In millions of COP Stage 1 Stage 2 Stage 3 Total Loans and Advances 236,770,056 18,656,439 14,497,244 269,923,739 Commercial 126,530,862 8,062,435 8,944,556 143,537,853 Consumer 51,510,943 5,288,921 2,788,857 59,588,721 Mortgage 34,067,734 1,997,270 1,306,369 37,371,373 Small Business Loans 1,093,973 135,528 98,575 1,328,076 Financial Leases 23,566,544 3,172,285 1,358,887 28,097,716 Off-Balance Sheet Exposures 39,476,630 338,136 50,829 39,865,595 Financial Guarantees 11,399,726 202,240 22,948 11,624,914 Loan Commitments * 28,076,904 135,896 27,881 28,240,681 Loss Allowance (3,017,368) (3,227,440) (9,516,738) (15,761,546) Total 273,229,318 15,767,135 5,031,335 294,027,788 *The informational disclosed value of loan commitments has been updated. Other Financial Instruments Maximum Exposure to Credit Risk - Other Financial Instruments Maximum Exposure Collateral * Net Exposure 2023 2022 2023 2022 2023 2022 Maximum Exposure to Credit Risk Debt instruments 25,148,469 27,418,197 (1,407,484) (741,197) 23,740,985 26,677,000 Derivatives ** 1,824,750 9,189,488 (698,662) (138,416) 1,126,088 9,051,072 Equity 543,210 544668 - - 543,210 544,668 Other financial instruments 38,319 42171 - - 38,319 42,171 Total 27,554,748 37,194,524 (2,106,146) (879,613) 25,448,602 36,314,911 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. Country Risk In addition, for the Bank's financial companies, which are subject to the application of the Comprehensive Risk Management System (SIAR), the framework for the management of country risk is included, which refers to the possibility of an entity incurring losses as a result of financial operations abroad due to adverse economic and/or political conditions in the country receiving those operations, either because of restrictions on the transfer of foreign exchange or because of factors not attributable to the commercial and financial condition of the country receiving those operations. This definition includes, but is not limited to, sovereign risk (SR) and transfer risk (TR) associated with such factors. The framework has guidelines, processes and methodologies that evaluate periodically the country risk to which it is exposed in its Equity Investments, such as equity investments, those that are executed in jurisdictions different from Colombia that could have a high economic materiality, individually or aggregated by country, and whose purpose is to remain in the country. Country risk management includes different stages to identificate, measure, control and monitor the risk to which the entity is being exposed. For this management, the business plan, type of operations, their materiality, current and future vocation, as well as the characteristics of the country in which the investment is made. Additionally, it is supported by methodologies and processes used in the management of country risk, developed by the Vice President of Risk and approved by the Board of Directors. The definition of investment appetite takes into account the assessment of country risk as defined in the SIAR and must ensure compliance with solvency and liquidity indicators, seeking to be consistent with the strength and financial health of the entity. At the end of 2023, there were no alerts on any investments, nor were any adjustments made for deterioration in investments that could affect or deteriorate the Bank's financial strength. a. Credit Risk Management - Loans and Advances Management of credit risk is carried out through all the credit life cycle. These estages 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. In 2023, the dynamics of the Bank’s portfolio were affected by the global economic slowdown and high inflation rates in all the regions where the Bank is present.This, in addition to the uncertainty in the political and social environment and the appreciation of the peso against the dollar, which mainly affected Colombia, had a significant impact on the performance of the portfolio, leaving significant impairments as a result, in particular in the individual portfolios of natural persons., both consumer and mortgage. This led to early interventions in the origination, monitoring and collection policies of portfolios with greater deterioration, with the aim of improving the risk profile of new business, resulting in a reduction in payouts. about that, proactive credit risk management was maintained through the monitoring and follow-up of customers and portfolios, the evaluation of the conditions and specific requirements of each one, as well as the development of methods, tools and models to optimize collection.. Monitoring and reviewing the credit portfolio continues to be a key factor in identifying and applying strategies at different stages of the credit cycle Risk management during the credit life cycle is developed through the fulfillment of the policies, procedures and methodologies stipulated in the “ , )”, which include the general criteria for evaluating, measuring, assuming, monitoring, controlling and hedging credit risk. In addition, Management has developed process and methodology manuals that specify the policies and procedures for the different products and segments served by the organization in accordance with the strategy approved by the Board of Directors for monitoring and controlling such risk. The Credit Risk Administration System also contains 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. 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, large part of the 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. Periodically 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 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, as well as client transactional information such as alternative variables. 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 and transactional, 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 consolidated annual sales by economic group >= 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 consolidated annual sales by economic group > = COP 13,000 M and < COP 100,000 M. For Banco Agricola borrowers with annual sales >= USD 7 MM y < USD 25 MM and BAM, 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 consolidated annual sales by economic group >= COP 58,000 M and <= COP 200,000 M or commercial size > = $15,000 M and < $70,000 MM, or project size >= $500,000 M and < $2,200 billion Corporate Construction Constructors who dedicate themselves to the construction of buildings to be sold or rented as their main activity, with consolidated annual sales by economic group > COP 200,000 M or commercial size > = $70,000 M or project size >= $2,200 billion SME Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity with consolidated annual sales by economic group >= COP 380 M and <= COP 58,000 M or commercial size < $715,000 M or project size < $500,000 M. 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 7 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 and motorcycles. 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, a virtual card or a token in digital wallets. Payroll loans It is a credit line attached to an authorized individual payroll and pension 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 to 30 years. 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 in Colombia: (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. 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, 2023, the Bank’s total loan portfolio, valued in Colombian pesos, registered an decrease of 5.9% compared to December 2022, driven by to the appreciation of the peso against the dollar during the analysis period, which affected the re-expression in pesos of the foreign currency portfolio of the Bank and the contraction in consumer and small business loans, mainly for Bancolombia, added to the reduction in the commercial portfolio of Banco Agricola, Banistmo and BAM, a fact attributable to a greater extent to the global economic slowdown. The 30-day past due loan ratio (consolidated) reaching at 5.39% in December 2023 compared to 3.55% in December 2022, associated with macroeconomic effects that affect both natural person and legal entity, such as high levels of inflation, interest rates and slowdown in most sectors. During the period, different strategies were developed throughout the credit cycle, which allowed the implementation of anticipated and coherent actions to the reality of customers and their environment, in order to limit the deterioration and place them in better risk profiles. ● Commercial loans and financial leases amounted to COP 161,964 billion, which represented a decrease of 5.6% compared to 2022. The 30-day past due loan ratio was 3.50% compared to 2.39% as of December 2022. ● Consumer loans amounted to COP 54,592 billion, which represented a decrease of 8.4% compared to 2022. The 30-day past due loan ratio was 9.48% compared to 5.82% as of December 2022. ● Mortgage loans totaled to COP 36,250 billion, which represented a decrease of 3.0% compared to 2022. The 30-day past due loan ratio was 7.52% compared to 4.95% as of December 2022. ● Small Business loans ended at COP 1,145 billion, which represented a decrease of 13.8% with respect to 2022. The 30-day past due loan ratio was 12.17% compared to 11.48% as of December 2022. 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, 2023 and December 2022 is shown below: December 2023: Watch List december 31, 2023 In millions of COP Risk Level Amount % Allowance Level 1 – Low Risk 14,358,838 1.02 % 146,014 Level 2 – Medium Risk 4,744,341 7.38 % 349,972 Level 3 – High Risk 2,886,649 53.31 % 1,538,882 Level 4 – High Risk 5,239,356 73.24 % 3,837,196 Total 27,229,184 21.57 % 5,872,064 December 2022: Watch List december 31, 2022 In millions of COP Risk Level Amount % Allowance Level 1 – Low Risk 10,467,361 1.50 % 157,131 Level 2 – Medium Risk 7,408,528 9.36 % 693,260 Level 3 – High Risk 2,265,069 52.04 % 1,178,800 Level 4 – High Risk 6,442,895 82.16 % 5,293,593 Total 26,583,853 27.55 % 7,322,784 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 Bank’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, 2023 Amount Covered by Collateral In Millions of COP Financial Small Nature of the Collateral Commercial Consumer Mortgage Leasing Business Total Real Estate and Residential 23,368,950 1,693,007 34,253,140 10 319,038 59,634,145 Goods Given in Real Estate Leasing - - 189 17,104,180 - 17,104,369 Goods Given in Leasing Other Than Real Estate - 26 - 8,580,543 - 8,580,569 Stand by Letters of Credit 1,052,764 - - - - 1,052,764 Security Deposits 447,306 370,286 - - 103,013 920,605 Guarantee Fund 4,012,115 191 - 60,242 52,222 4,124,770 Sovereign of the Nation - - - - - - Collection Rights 6,673,320 57,306 - - 420 6,731,046 Other Collateral (Pledges) 2,957,482 7,286,581 39,432 - 2,499 10,285,994 Without Guarantee (Uncovered Balance) 96,175,459 45,184,372 1,957,647 1,532,082 667,825 145,517,385 Total loans and financial leases 134,687,396 54,591,769 36,250,408 27,277,057 1,145,017 253,951,647 December 31, 2022 Amount Covered by Collateral In Millions of COP Financial Small Nature of the Collateral Commercial Consumer Mortgage Leasing Business Total Real Estate and Residential 28,426,583 2,094,966 34,941,415 13 494,198 65,957,175 Goods Given in Real Estate Leasing - - 193 17,031,277 - 17,031,470 Goods Given in Leasing Other Than Real Estate - 39 - 7,975,353 - 7,975,392 Stand by Letters of Credit 604,309 - - - 3,375 607,684 Security Deposits 450,157 464,940 - - 133,112 1,048,209 Guarantee Fund 4,976,395 1,168 - 77,695 132,290 5,187,548 Sovereign of the Nation - - - - - - Collection Rights 6,048,311 54,112 - - 437 6,102,860 Other Collateral (Pledges) 3,382,334 7,963,563 57,360 - 3,696 11,406,953 Without Guarantee (Uncovered Balance) 99,649,764 49,009,933 2,372,405 3,013,378 560,968 154,606,448 Total loans and financial leases 143,537,853 59,588,721 37,371,373 28,097,716 1,328,076 269,923,739 The Bank closely monitors financial assets that are classified in Stage 3, to the point that a specific methodology for calculating expected credit losses is applied using a sophisticated approach named “ECL model under collateral Methodology”, which considers components like the forecasts of future collateral valuations, including expected sale discounts; time to realization of collateral, cure rates, exte |
MATERIAL ACCOUNTING POLICIES (P
MATERIAL ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
MATERIAL ACCOUNTING POLICIES | |
Basis for preparation of the consolidated financial statements | 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. 1. Preparation of the consolidated financial statements under going concern basis Management has 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, 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. Almost all investments in associates and joint ventures are measured using the equity method. The consolidated financial statements are stated in Colombian pesos (“COP”) and figures are stated in millions or billions (when indicated), except earnings per share, diluted earnings per share and the 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 the impairment of credit risk through allowances for loans losses, the classification and measurement of certain financial instruments (such as debt securities and equity instruments) and the recognition of 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. 2. Revised presentation of Statement of Cash Flow In preparing the consolidated statement of cash flow as of December 31, 2023, the Company identified an error in the classification of the amount relating to the exchange difference of operating activities in the consolidated statement of cash flow for the years ended December 31, 2022 and 2021, that was included in the line “Effect of exchange rate changes on cash and cash equivalents”. The Company has made adjustments to the prior periods amounts presented in these financial statements accordingly. The Management evaluated the error in the classification and determined that the related impacts were not material. The revisions to the consolidated statement of cash flow as of December 31, 2022 and 2021, are summarized in the following table: December 31, 2022 Adjustments December 31, 2022 (As previously reported) (As revised) In millions of COP Adjustments to reconcile net income to net cash provided by operating activities: Effect of exchange rate changes - (224,788) (224,788) Net cash provided by operating activities 6,564,226 (224,788) 6,339,438 Effect of exchange rate changes on cash and cash equivalents 3,552,285 224,788 3,777,073 Increase (Decrease) in cash and cash equivalents 2,763,160 (224,788) 2,538,372 Cash and cash equivalents at beginning of year 25,329,846 - 25,329,846 Cash and cash equivalents at end of year 31,645,291 - 31,645,291 December 31, 2021 Adjustments December 31, 2021 (As previously reported) (As revised) In millions of COP Adjustments to reconcile net income to net cash provided by operating activities: Effect of exchange rate changes - 507,449 507,449 Net cash provided by operating activities 6,095,305 507,449 6,602,754 Effect of exchange rate changes on cash and cash equivalents 2,993,850 (507,449) 2,486,401 Increase (Decrease) in cash and cash equivalents (1,365,153) 507,449 (857,704) Cash and cash equivalents at beginning of year 23,701,149 - 23,701,149 Cash and cash equivalents at end of year 25,329,846 - 25,329,846 |
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 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, 2023 and 2022. The Parent Company consolidates the financial results of the entities over which it exerts control. 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 2023 BANK 2022 BANK 2021 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 % WOMPI S.A.S. (before “VLIPCO S.A.S.”) (1) Colombia Technology services provider 100.00 % 99.98 % 94.77 % Renting Colombia S.A.S. Colombia Operating leasing 100.00 % 100.00 % 100.00 % Transportempo S.A.S. “En Liquidación” Colombia Transportation 100.00 % 100.00 % 100.00 % Inversiones CFNS S.A.S. Colombia Investments 99.94 % 99.94 % 99.94 % Negocios Digitales Colombia S.A.S. (before “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 80.47 % 80.47 % 49.96 % P.A. Inmuebles CEM (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % P.A. Calle 92 FIC-11 (2) Colombia Mercantil trust 52.31 % 52.31 % 32.47 % P.A. FIC Edificio Corfinsura (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % P.A. FIC-A5 (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % P.A. FIC Inmuebles (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % P.A. FIC Clínica de Prado (2) Colombia Mercantil trust 62.00 % 62.00 % 38.49 % P.A. FIC A6 (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % P.A. Central Point (2) Colombia Mercantil trust 60.35 % 60.35 % 37.47 % Fideicomiso Irrevocable de Garantía, Fuente de Pago y Administración Inmobiliaria Polaris (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % P.A. Fideicomiso Twins Bay (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % Fideicomiso Lote Av San Martín (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % P.A. Fideicomiso Lote 30 (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % Fideicomiso Fondo Inmobiliario Bancolombia (2) Colombia Mercantil trust 80.47 % 80.47 % 17.54 % P.A. Florencia Ferrara (2)(3) Colombia Mercantil trust 44.26 % 44.26 % - P.A. Flor Morado Plaza (3) Colombia Mercantil trust 80.47 % 80.47 % - P.A. Galería la 33 (4) Colombia Mercantil trust 80.47 % - - Valores Simesa S.A. (5) Colombia Investments 64.93 % 66.33 % 66.82 % Fideicomiso Lote Distrito Vera B1B2 (5) Colombia Mercantil trust 64.61 % 66.00 % 66.49 % Fideicomiso Lote Distrito Vera B3B4 (5) Colombia Mercantil trust 64.61 % 66.00 % 66.49 % Fideicomiso Lote B6 Ciudad del Rio (6) Colombia Mercantil trust - 66.00 % - P.A. FAI CALLE 77 (7) Colombia Real estate investment fund 98.00 % 98.00 % - P.A. NOMAD SALITRE (8) Colombia Real estate investment fund 98.00 % 98.00 % - P.A. NOMAD CENTRAL-2 (9) Colombia Real estate investment fund 98.00 % - - P.A. CALLE 84 (2) (9) Colombia Real estate investment fund 98.00 % - - P.A. CALLE 84 (3) (9) Colombia Real estate investment fund 98.00 % - - P.A. MERCURIO (10) Colombia Real estate investment fund 100.00 % 100.00 % - Wenia S.A.S. (11) Colombia Technology services 100.00 % 100.00 % - P.A. Wenia (11) Colombia Mercantil trust 100.00 % - - Nequi S.A. Compañía de Financiamiento (12) Colombia Financial services 100.00 % 100.00 % - 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 % 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. (13) Panama Holding 100.00 % 100.00 % 100.00 % Suvalor Renta Fija Internacional Corto Plazo S.A. (14) Panama Collective investment fund - - 100.00 % Fondo Renta Sostenible Global S.A. (14) Panama Collective investment fund - - 100.00 % Banistmo Capital Markets Group Inc. (13) Panama Purchase and sale of securities 100.00 % 100.00 % 100.00 % Anavi Investment Corporation S.A. (13) Panama Real estate 100.00 % 100.00 % 100.00 % Desarrollo de Oriente S.A. (13) Panama Real estate 100.00 % 100.00 % 100.00 % Steens Enterprises S.A. (13) Panama Portfolio holder 100.00 % 100.00 % 100.00 % Ordway Holdings S.A. (13) Panama Real estate broker 100.00 % 100.00 % 100.00 % Grupo Agromercantil Holding S.A. Panama Holding 100.00 % 100.00 % 100.00 % Banco Agromercantil de Guatemala S.A. Guatemala Banking 99.68 % 99.68 % 99.66 % Seguros Agromercantil de Guatemala S.A. Guatemala Insurance agency 79.92 % 79.92 % 79.92 % Financiera Agromercantil S.A. Guatemala Financial services 100.00 % 100.00 % 100.00 % Agrovalores S.A. Guatemala Securities brokerage 100.00 % 100.00 % 100.00 % Arrendadora Agromercantil S.A. Guatemala Operating Leasing 100.00 % 100.00 % 100.00 % Agencia de Seguros y Fianzas Agromercantil S.A. (15) Guatemala Insurance agency - 100.00 % 100.00 % Asistencia y Ajustes S.A. Guatemala Roadside and medical assistance services 100.00 % 100.00 % 100.00 % Serproba S.A. Guatemala Maintenance and remodeling services 100.00 % 100.00 % 100.00 % Servicios de Formalización S.A. Guatemala Loans formalization 100.00 % 100.00 % 100.00 % Conserjeria, Mantenimiento y Mensajería S.A. “En Liquidación” Guatemala Maintenance services 100.00 % 100.00 % 100.00 % Mercom Bank Ltd. (16) Barbados Banking 99.68 % 99.68 % 99.66 % New Alma Enterprises Ltd. Bahamas Investments 99.68 % 99.68 % 99.66 % Bancolombia Puerto Rico Internacional Inc. Puerto Rico Banking 100.00 % 100.00 % 100.00 % Bancolombia Cayman S.A. (17) 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 Banagrícola 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 (18) United States Holding 100.00 % 100.00 % 100.00 % Bancolombia Capital Adviser LLC (18) United States Investment advisor 100.00 % 100.00 % 100.00 % Bancolombia Capital LLC (18) United States Securities brokerage 100.00 % 100.00 % 100.00 % Wenia Ltd. (11) Bermuda Technology services 100.00 % 100.00 % - (1) During 2022 and 2023, the Bank, through its subsidiary Banca de Inversión S.A., purchased remaining shares from minority investors. (2) During 2022, the Bank increased its participation in FCP Fondo Inmobiliario Colombia, to strengthen governance and strategy decisions. For further information, see Note 1. Reporting entity. (3) Companies consolidated by Fondo de Capital Privado FCP Fondo Inmobiliario Colombia since April 2022 and December 2022. (4) Company consolidated by Fondo de Capital Privado FCP Fondo Inmobiliario Colombia since March 2023. (5) The decrease in the shareholding is due to the repurchase of outstanding stock carried out by Valores Simesa S.A. during 2023 and 2022. (6) During 2023, the trust rights were transferred by Valores Simesa S.A. (7) On March 1, 2022, the Parent Company was established as trustor of P.A. FAI Calle 77, owner of a property that will be used for rental housing. For further information, see Note 1. Reporting entity and Note 9.3. Business combination. (8) On April 4, 2022, the Parent Company was appointed as trustor of 100% of the trust rights of Patrimonio Autonomo Nomad Salitre, whose main purpose is to develop a multifamily project. (9) During February and April 2023, the Parent Company was established as trustor of P.A. Nomad Central-2, P.A. Calle 84 (2) and P.A. Calle 84 (3), through a management mercantil trust agreement. (10) On July 8, 2022, Bancolombia S.A. acquired control of Fidecomiso P.A. Mercurio, through a management mercantil trust agreement. (11) On July 22, 2022, the Bank, through the subsidiary Sistemas de Inversiones y Negocios S.A. Sinesa, established the company Wenia Ltd. in Bermuda, a digital corporate vehicle whose purpose is to provide technology services. On November 22, 2022, Wenia Ltd. established the company called Wenia S.A.S., whose purpose is the creation and implementation of operating systems and software applications. On May 17, 2023, Wenia S.A.S. was established as trustor of the trust rights of P.A. Wenia. For further information, see Note 1. Reporting entity. (12) On December 14, 2021, the Board of Directors of the Parent Company authorized the legal separation of the business of Nequi, a Bank’s digital platform that offers financial services. The Superintendencia Financiera de Colombia, with Resolution 0843 of July 6, 2022, as amended by Resolution 0955 of July 27, 2022, authorized the incorporation of Nequi S.A. Compañía de Financiamiento. The legal separation resulted in the creation and commercial registration of a new corporation supervised by the Superintendencia Financiera de Colombia through which Nequi will operate as a 100.00% digital credit establishment. For further information, see Note 1. Reporting entity. (13) Investments in non-operational stage. (14) Companies not consolidated by Banistmo S.A. as of November 2022, due to non-compliance with consolidation requirements established in IFRS 10. (15) Company liquidated as of June 2023. (16) On September 30, 2021, Mercom Bank Ltd. shareholders authorized the beginning of an organized and gradual process to transfer of the assets and liabilities of Mercom Bank Ltd., to Banco Agromercantil de Guatemala S.A. or other companies of the Bancolombia Group. For further information, see Note 1. Reporting entity. (17) On October 5, 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. For further information, see Note 1. Reporting entity. (18) 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. For the years ended as of December 31, 2023 and 2022, the reserves recognized amounted to COP 835,527 and COP 1,036,919 . The establishment of these reserves restricts 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 refer to those 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. 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. 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, 2023 the Bank, 2022 the Bank, 2021 2023 2022 Fondo de Capital Privado Fondo Inmobiliario Colombia (1) Colombia 80.47 % 80.47 % 49.96 % 5,503,022 5,023,316 Fideicomiso Lote Distrito Vera B1B2 (2) Colombia 64.61 % 66.00 % 66.49 % 25,073 55,733 Fideicomiso Lote Distrito Vera B3B4 (2) Colombia 64.61 % 66.00 % 66.49 % 56,295 53,558 Fideicomiso Lote B6 Ciudad del Rio (3) Colombia - 66.00 % - - 66,150 Banistmo Panamá Fondo de Inversión S.A. (4) Panama 100.00 % 100.00 % 100.00 % 132,496 243,268 (1) It includes the amounts of certain equity instruments that are controlled through the subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, they meet the definition of control in accordance with IFRS 10. For further information, see Note 2.C. Consolidation. Also, during 2022, the Bank increased its participation in FCP Fondo Inmobiliario Colombia, which facilitates speed in decision-making in matters of government and strategy. For further information, see Note 1. Reporting entity. (2) The decrease in equity interest is due to the repurchase by the subsidiary Valores Simesa S.A. (parent company of Lote Distrito Vera B1B2, Lote Distrito Vera B3B4 and Lote B6 Ciudad del Rio), during 2023 and 2022. For further information, see Note 2.C. Consolidation. (3) During 2023, the trust rights were transferred by Valores Simesa S.A. (4) Investment in non-operational stage. For further information, see Note 2.C. Consolidation. For all these 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”. 4. 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. In a business combination, 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. 4.1. Significant non-controlling interest FCP Fondo Inmobiliario Colombia During the third quarter of 2022, the Bank increased its participation in the FCP Fondo Inmobiliario Colombia by 30.51% to have greater control over the governance and strategy decisions making in this investment. The participation in this private equity fund amounted to 80.47% as of December 31, 2022. With this transaction, FCP Fondo Inmobiliario Colombia 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. During 2023, returns were not delivered to the non-controlling interest. During 2022, 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 41,219 as of December 31, 2022. The following table summarizes the net income and cash flows as of December 31, 2021 related to the FCP Fondo Inmobiliario Colombia: Year-Ended 2021 In millions of COP Condensed statement of income Income Valuation of investment properties 85,148 Valuation of trust rights - Rents 187,194 Profits of equity method investees 105,439 Other income 92,298 Total Income 470,079 Expenses Interest on loans (73,201) Other administrative and general expenses (212,385) Total Expenses (285,586) Net Income 184,493 Condensed cash flow (1) Net cash used in operating activities (34,442) Net cash provided by financing activities 21,882 Cash and cash equivalents at beginning of year 63,368 Cash and cash equivalents at end of year 50,808 (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, 2023, 2022 and 2021, the accumulated non-controlling interest of the FCP Fondo Inmobiliario Colombia amounted to COP 663,713 , COP 605,611 and COP 1,369,084 , respectively and the profit allocated to non-controlling interest amounted to COP 58,102 , COP 71,354 and COP 92,353 , respectively. |
Functional currency, transactions and balances in foreign currency | 1. Functional currency, transactions and balances in foreign currency The functional and presentation currency of the Bank´s consolidated financial statements is the Colombian peso. Therefore, all balances and transactions denominated in currencies other than the Colombian peso are considered as foreign currency, which 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 the transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at period end 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. The Bank translated the results and financial position of foreign subsidiaries a functional 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 for the period; and ● All resulting of such translations are recognized in other comprehensive income in the caption “Translation adjustment”. When a foreign operation is sold, 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, 2023 December 31, 2022 December 31, 2021 Year-end exchange rate 3,822.05 4,810.20 3,981.16 Average rate for the period ended at 4,330.14 4,257.12 3,747.24 |
Cash and cash equivalents | 2. 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. |
Business combinations and goodwill | 3. 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 March 1, 2022, the Bank completed the acquisition of the PA FAI Calle 77 Trust, which constituted a business combination. For further details of this transaction, see Note 9.3. Business combination. |
Financial instruments | 4. 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. |
Financial assets | 4.1. Financial assets Financial assets 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. 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. Transaction costs of financial assets subsequently measured at fair value with changes in profit or loss are recognized as expenses in the income statement. After initial recognition, for financial assets measured at amortized cost and investments in debt securities subsequently measured at fair value with changes in other comprehensive income, an allowance for expected credit losses (“ECL”) is recognized. 4.1.1. Classification and measurement of financial assets The Bank classifies its financial assets considering the business model and the characteristics of contractual cash flows (cash flows that consist solely of payments of principal and interest on the principal amount outstanding at specified dates – “SPPI”) in accordance with the following categories of subsequent measurement: ● Amortized cost , measured at cost using the effective interest rate method, excluding future credit losses, and considering transaction costs and premiums granted, less commissions and discounts received that are included in the calculation of the effective interest rate. ● Fair value through other comprehensive income (“FVOCI”) , measured using fair value, variations in the fair value of the investment are recognized in other comprehensive income, except for impairment losses or recoveries, interest income, and gains or losses on foreign exchange, which are recognized in the income statement. ● Fair value through profit or loss (“FVTPL”) , measured using fair value, variations in the fair value are recognized in the income statement. The classification based on the business model reflects how the Bank manages financial assets and how it determines whether cash flows from the asset will come from obtaining contractual cash flows, selling the instrument, or both. If the objective is to obtain contractual cash flows, the assets are subsequently measured at amortized cost; if the objective is to obtain contractual cash flows and selling financial assets, the assets are subsequently measured at FVOCI. The Bank measures equity instruments at FVTPL. Likewise, the Bank has made an irrevocable choice to present subsequent changes in the fair value of some equity instrument investments that are not held for trading in other comprehensive income; dividends from such investments are recognized in the income statement when the right to receive payment is established. Accumulated gains or losses in other comprehensive income at the time of derecognition of a financial asset are reclassified from equity to the income statement, except for investments in equity instruments for which the Bank has made the irrevocable choice to present subsequent changes in fair value in other comprehensive income; for these, reclassification is made to the "retained earnings" line. 4.1.2. Impairment of financial assets at amortized cost or at fair value through other comprehensive income “FVTOCI” 4.1.2.1. Impairment of loan portfolio and financial leasing transactions Expected credit losses are calculated using both individual and collective models and methodologies. These are based on significant assumptions and judgements that consider historical credit data, the current situation of the borrower and reasonable and proper forecasts of future economic conditions. Collective models include parameters such as the 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. These models also incorporate a 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 significant defaulted loans. This evaluation will consider the debt profile of each debtor, the fair value of guarantees granted, information on credit behavior and the expected future cash flows 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. The impairment loss will be measured from “day 1” after its initial recognition. The model is structured in three stages in which the financial asset can be categorized, from its initial recognition. This categorization considers the degree of credit risk, and the circumstances that produce a significant increase in it, as described below: ● Stage 1: Financial instruments that have not experienced a significant increase in credit risk since their initial recognition, or that have low credit risk at the reporting date. ● Stage 2: Financial instruments that have experienced a significant increase in credit risk since their initial recognition (unless they have low credit risk at the reporting date), but 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”) is calculated. This calculation takes into account both current and future conditions, the behavior of the portfolio and various associated macroeconomic conditions. ● For stage 1, a 12-month ECL is calculated. This represents the expected credit losses that could occur from default events within 12 months after the reporting date. ● For stage 2 and 3, a Lifetime ECL is calculated. This represents the expected credit losses that could occur from all possible default events over the expected life of the financial instrument. Significant increase in risk To determine whether an asset has experienced a significant increase in risk since its initial recognition, and is therefore classified as Stage 2, the Bank performs an assessment of both quantitative and qualitative factors and reviews. For each portfolio, the Bank reviews the rebuttable presumption of more than 30 days overdue in payment. The Bank determines whether the credit risk of financial instruments has increased significantly since their initial recognition as follows: Quantitative criteria ● Clients who are 90 or more days past due. ● 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: This is the absolute difference between the current lifetime PD and the residual lifetime PD at initial recognition. A positive absolute variation beyond this threshold indicates an increase in the instrument’s risk. ◾ Relative threshold: This is a percentage variation between the value of the current lifetime PD and the residual lifetime PD at initial recognition. A positive percentage variation beyond this threshold indicates an increase in the instrument’s risk. If the PD comparison surpasses one threshold but not the other, it is not considered a significant increase in the instrument’s risk. If the instrument does not exceed the threshold, other qualitative criteria are assessed. These can identify a significant increase in credit risk even when the obligation is nearing expiration. The criteria are as follows: Qualitative criteria ● Assets restructured due to risk, where the client is experiencing financial difficulties, are classified in stage 2, until the instrument is canceled, cured, or transferred to stage 3 because it meets the definition of default. ● Customers who are no longer in default (stage 3) remain in stage 2 for a period of 12 months. ● Clients on the watch list with a medium risk level. ● The Bank also reviews every six months to see 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 changes, market changes or any other significant event impacting the generation of future cash flow of the customer's operation. 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. Definition of default To determine whether an asset is in default, and thus classified as stage 3, the Bank conducts an assessment of both quantitative and qualitative factors. It also reviews the rebuttable presumption of more than 90 days overdue in payment for each portfolio. The Bank applies the following criteria to ascertain if there is a breach: Quantitative criteria ● Clients with an active portfolio and who have at least one instrument written off in the modality. ● Clients who are 90 or more days past due. Qualitative criteria ● Clients in special states of restructuring, business reorganization or insolvency agreements. ● Clients on the watchlist a high-risk level. ● The Bank also aligns all products of the same client to stage 3 when at least one of its obligations is in default. Refutable presumption of default beyond 90 days The Bank has conducted a review of the default presumption after 90 days past due for each portfolio. Historical evidence indicates a high probability of loss at 90 days. However, this presumption has been refuted for Banistmo’s mortgage portfolio. The rationale for this refutation is the historical evidence that demonstrates the default typically occurs at 120 days. Collective methodology for measuring expected credit losses The collective quantification of expected credit losses is conducted based on the stage classification, the homogeneous groups defined within each portfolio type and the client’s risk level. Homogeneous groups are segmented by client type; for individuals, they are grouped by product, and for companies, they are grouped by industry segments defined by the client’s sales level. Likewise, the risk level is assigned by customer type. For individuals, the risk is assessed using a behavioral scoring model for consumer products and a separate scoring model for housing products. The purpose of these models is to rank customers according to risk, allowing for more effective monitoring. The rating is based on historical behavior, transactional information, and customer product information. The consumer portfolio rating system is evaluated using various advanced statistical methodologies. These models allow the inclusion of a greater number of variables related to the customer, providing a more precise rating that aligns with the risk level. For companies, risk levels are assessed using an internal rating model that incorporates both qualitative and quantitative variables as financial indicators. Clients are ranked on a scale from 1 to 19. This process also takes into account regional qualification programs, local market factors, and the client’s market knowledge. In Colombia, for SME and Corporate portfolio, the risk level is estimated based on models that allow assigning an internal rating to a client considering their economic sector and in accordance with multiple variables. These include: financial information, transactional data, sectoral data, qualitative variables, and behavior. These models aim to achieve greater assertiveness in classifying the risk level of the Bank’s clients, greater discrimination and precision, the use of non- traditional information, and interpretability, with the goal of achieving a deep understanding of the client. These methodologies play a fundamental role in the evaluation and monitoring of credit risk. To estimate the expected credit losses (“ECL”) under the collective methodology, the following formula is used: ECL = Probability of Default * Loss Given Default * Exposure 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. 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. ● 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 (credit 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, considering 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. 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 year 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 1972-2023) has been precisely a period of 5 years. 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. The scenarios are weighted as follows: Optimistic Base Pessimistic Country 2023 2022 2023 2022 2023 2022 Colombia 15.00 % 15.00 % 50.00 % 45.00 % 35.00 % 40.00 % Panama 20.00 % 15.00 % 50.00 % 55.00 % 30.00 % 30.00 % El Salvador 20.00 % 15.00 % 55.00 % 55.00 % 25.00 % 30.00 % Guatemala 20.00 % 15.00 % 55.00 % 55.00 % 25.00 % 30.00 % The following is a comparison of the main macroeconomic variable projected in each country, "GDP growth", used to estimate ECL as of December 31, 2023 and 2022: As of December 31, 2023 Colombia Panama Cutoff Optimistic Base Pessimistic Optimistic Base Pessimistic 2023 1.64 % 1.16 % 0.68 % 7.92 % 5.95 % 3.99 % 2024 2.37 % 0.87 % (0.63) % 6.68 % 4.00 % 1.33 % 2025 4.47 % 2.60 % 0.73 % 7.17 % 4.20 % 1.23 % As of December 31, 2023 Guatemala El Salvador Cutoff Optimistic Base Pessimistic Optimistic Base Pessimistic 2023 3.69 % 3.12 % 2.55 % 2.75 % 2.25 % 1.74 % 2024 4.33 % 3.26 % 2.19 % 3.32 % 1.90 % 0.49 % 2025 4.61 % 3.38 % 2.15 % 3.76 % 2.08 % 0.41 % As of December 31, 2022 Colombia Panama Cutoff Optimistic Base Pessimistic Optimistic Base Pessimistic 2022 8.11 % 7.76 % 6.98 % 8.84 % 8.19 % 7.53 % 2023 2.01 % 0.93 % (0.78) % 5.62 % 3.96 % 2.31 % 2024 3.68 % 2.50 % 0.36 % 5.70 % 3.71 % 1.73 % As of December 31, 2022 Guatemala El Salvador Cutoff Optimistic Base Pessimistic Optimistic Base Pessimistic 2022 4.35 % 3.40 % 2.45 % 3.78 % 2.62 % 1.47 % 2023 4.19 % 2.72 % 1.25 % 3.52 % 1.65 % (0.23) % 2024 4.59 % 3.00 % 1.40 % 3.94 % 1.96 % (0.03) % Special methodologies applied in stage 3 Collateral methodology For defaulted loans (stage 3), when it is determined that the fundamental source of collection is a mortgage guarantee or a leased asset, the amount of the loss is estimated as the balance owed minus the weighted net present value of the market value of the collateral, estimated through appraisals with an age no longer than one year, minus the costs of obtaining, maintaining and selling the collateral, and affected by several macroeconomic scenarios with an expected probability of occurrence that result in a weighted expected loss. Individual methodology The Bank will individually evaluate defaulted loans (stage 3) greater than COP 20,000 or USD 5 for foreign subsidiaries, analyzing the debt profile of each debtor, the guarantees granted and information on the credit behavior of the client and of the sector. Significant financial assets are considered in default when, based on current or past information and events, it is probable that the entity will not be able to recover all the amounts described in the original contract, including the interest and commissions agreed to in the contract. When a significant financial asset has been identified as being in default, the amount of the loss is measured as the balance due minus the weighted net present value of the expected future cash flows under two minimum macroeconomic scenarios with an expected probability of occurrence. Customers classified as individual methodology will be evaluated at least twice a year and, additionally, each time a relevant event occurs that reflects in significant changes in their level of risk and that leads to a change in the scenarios previously analyzed. The relevant events can be: ● Significant changes in the value of the guarantee, ● Expected or adverse changes in the business, ● Potentially shocking regulatory changes for the business, ● Changes they make in their commercial and operational dynamics, and ● Significant amount of payments made by the client. To establish the future cash flows expected from the client, two approaches are presented, which may be via cash flow generation or via execution of some type of guarantee or liquidation of assets, that is, “Going Concern” or “Gone Concern” approach. Approach via cash flow: This refers to an analysis under the premise of "Going concern", that is, it is assumed that the payment of the obligation will be made through the client's cash flow. The expected NPV calculation with a cash flow approach includes: ● Financial projections of the client. ● Debt simulator. ● Expected NPV calculation. Approach via guarantee recovery: This refers to the "Gone concern", that is, it is assumed that the payment of the obligation will be given through the execution of guarantees, liquidation of assets, the execution of personal guarantees and adjudication of assets through judicial processes. The calculation of the NPV with guarantee approach includes ● Analysis of the guarantee. ● Future value of the guarantee. ● NPV calculation. ● Recovery times. Future cash flows are estimated based on two scenarios (base and alternative) that can be affected by the aforementioned variables. 4.1.2.2. Impairment of investments measured at fair value with changes in other comprehensive income At the end of each period, the Bank evaluates the impairment model based on the expected loss of a financial asset or a group of assets that are measured at fair value with changes in other comprehensive income, where the impairment loss will be measured from "day 1" after its initial recognition. Investments are classified in stages according to the risk level (rating), as follows: Stage 1: ● Investments rated at investment grade. ● Investments rated at speculation grade, if: o The current external rating is maintained or improved against the rating granted on the date of purchase. o If there is a rating deterioration, the deterioration is lower than the number of notches that signify a significant increase in risk. Stage 2: ● Investments that pass from an investment grade rating to speculation level. ● If there is a rating deterioration, the deterioration is a number of notches that signify a significant increase in risk. Stage 3: ● Investments that are classified as default. Significant increase in risk Investments classified in stage 2 include those instruments that meet the corporate definition of a significant increase in risk. To establish whether a security has a significant increase in risk since the initial recognition, an assessment of the deterioration of the rating in the current date is made against the rating granted at the time of purchase; according to the origin classification there may be an increase with 1, 2 or 3 notches, as shown in the following table: SIGNIFICANT INCREASE EXTERNAL RATING ORIGIN 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 Measurement of expected losses: Impairment: [Amortized Cost or Market Position (Exposure)] * PD (Probability of default) * LGD (Loss given default) ● All instruments classified in stage 1 will be assigned a default probability for 12 months. ● All instruments classified in stage 2 will be assigned a probability of default for the life of the instrument. ● All instruments classified in stage 3 will be assigned a default probability of 100.00%. To estimate the impairment of the instruments if the issue has an external rating, provision is made with the PD (Probability of default) of the external rating agency; if it does not have an external rating, it is determined from the internal rating model and the default probability of the portfolio. In all cases, the LGD (Loss Given Default) is the parameter calculated by the external rating agency for the investment portfolio at the closure of December 2023 it corresponds to 64.90% . 4.1.3. Derecognition of financial assets 4.1.3.1. Derecognition of financial assets not resulting from modifications 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. When the Bank retains the contractual rights to receive cash flows from the financial asset, but assumes a contractual obligation to pay those cash flows to other entities, it shall treat the transaction as a transfer that results in derecognition if: ● It has no obligation to pay any amounts to the other entities unless it collects equivalent amounts from the assets; ● It is prohibited from selling or pledging the assets; and ● It has an obligation to remit without material delay any cash flows it receives from the assets. 4.1.3.2. Modifications In modifications for commercial or market reasons, an assessment is made as to whether the modification is substantial; that is, whether the changes in the terms of the contract differ substantially from the original contract, based on the analysis of qualitative variables (inclusion of returns based on profit sharing, guarantees, other collateral, or credit enhancements that significantly affect the credit risk profile associated with the loan, changes in currency and/or obligor) and, in some cases, a quantitative assessment. When the modifications result in derecognition, the renegotiated contract is a new loan, subject to the classification and measurement requirements established by IFRS 9. Similarly, the costs and commissions associated with the financial asset are derecognized. Modifications that do not result in derecognition are understood as non-substantial modifications, the carrying amount will be recalculated as the present value of the modified contractual cash flows discounted at the original interest rate, recognizing the effect of the modification in the margin net interest in the statement consolidated of income. Likewise, costs and commissions are adjusted and amortized over the remaining life of the modified asset. Contractual modifications of financial assets may be carried out due to restructurings and/or renegotiations for credit risk due to the borrower's financial difficulties are evaluated as a non-substantial modification and therefore does not lead to derecognition. When a financial asset is restructured, the difference between the original contractual cash flow and the new cash flow of the restructured asset discounted at the original effective interest rate is recognized as a gain or loss in the statement consolidated of income as “Interest income on loan and financial leases”, the costs and fees are deferred and will be amortized by the remaining life of the modified asset. 4.1.3.3. 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, i.e., there is no possibility of recovery due to the debtor's lack of ability or willingness to pay or in the absence of open guarantees granted by the debtor. In general, this characteristic will be fulfilled when the following delinquency conditions are present: Length of delinquency (days) Type Collateral Grupo Agromercantil Holding S.A. Banistmo S.A. Banco Agrícola S.A. Bancolombia S.A. Without collateral 180 Commercial With collateral N/A (1) 360 360 360 Without collateral 180 180 180 Consumer With collateral 540 for vehicles collateral 1,080 for mortgage collateral 720 for mortgage collateral 180 Without collateral 180 Small Business Loan With collateral N/A (1) 1,080 for mortgage collateral 180 180 Mortgage With collateral 1,440 1,080 720 N/A (1) (1) Among the reasons underlying a loan's non-recoverability are the estimated recovery time of the obligation, the probable recovery percentage given the existence or lack of collateral and the inability to locate the client. 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. |
Financial liabilities | 4.2. 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. 4.2.1. Classification and Measurement of Financial Liabilities Financial liabilities are classified and subsequently measured as follows: ● Amortized cost , measured at cost using the effective interest rate method. ● Fair value through profit or loss (“FVTPL”) , measured using fair value, with variations in value recognized in the income statement. ● Irrevocably designated at fair value through profit or loss , measured using fair value, with variations in value recognized in the income statement. The effect of changes in own credit risk is presented in other comprehensive income. 4.2.2. Derecognition of Financial Liabilities The Bank derecognizes a financial liability from the consolidated statement of financial position when it is extinguished; that is, when the contractual obligation has been paid or settled or has expired. Debt Exchange The Bank assesses whether instruments subject to debt exchange are substantially different from each other, considering qualitative aspects such as currencies, maturities, interest rates, subordination terms, regulatory framework, among others, and quantitative aspects, in which the present value of discounted cash flows under the conditions of the new instruments (including any net commission paid minus any commission received) using the original effective interest rate to calculate the discount differs by at least 10 percent from the present value of discounted cash flows remaining from the original financial liability. When it is concluded that the instruments subject to debt exchange are not substantially different (based on the analysis of qualitative variables such as currency or issuance market changes, and in some cases a quantitative evaluation), the transaction is recognized as a modification of debt, and in this case, the amortized cost of the modified liability is adjusted to the present value of estimated contractual cash flows discounted at the original effective interest rate of the financial instrument, and the gain or loss is recognized immediately in the income statement. Incremental costs and commissions adjust the carrying amount of the liability and are amortized over the remaining life of the modified liability, following its subsequent measurement at amortized cost. In debt exchanges that are considered substantially different, derecognition is recognized in the income statement, and a new financial liability is recognized. |
Day one profit adjustment | 4.3. Day one profit adjustment In situations where the fair value of a financial asset acquired or financial liability assumed at initial recognition differs from the transaction price, the Bank shall recognize a gain or loss directly in the consolidated statement of income if the fair value is supported by Level 1 inputs or is based on a valuation technique that uses only observable market data. In all other circumstances, the Bank defers the Day one gain or loss and recognizes it in the consolidated statement of income over the course of the transaction period. |
Compound instruments | 4.4. Compound instruments The Bank recognizes compound financial instruments that contain both liability and equity components 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. For further information, see Note 22. Share capital. |
Financial guarantee contracts and loan commitments | 4.5. Financial guarantee contracts and loan commitments The Bank issues financial 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 “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. |
Derivatives financial instruments | 4.6. Derivatives financial instruments A financial derivative is an instrument whose value changes in response to changes in a variable or index, 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 is lower in comparison to other financial instruments with a similar response to changes in market conditions and is generally settled at a future date. The Bank recognizes its derivative financial instruments at fair value, based on the prices and valuation methodologies provided by the official pricing service provider (Precia); this includes counterparty credit-risk adjustments applied to derivatives when the Bank's position is a derivative asset, and the Bank's credit risk when the position is a liability on a derivative. For further information, see Note 30. Fair value of assets and liabilities, section d. Credit valuation adjustment. Derivatives are recognized and measured at fair value through profit or loss unless such derivatives are designated as cash flow hedges or hedges 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. Gains and losses arising from changes in the fair value of derivatives, which are not in hedging relationships, are recognized in the consolidated statement of income under the "valuation on financial instruments" item, and gains and losses from the valuation of foreign exchange derivatives are included in the "Other Operating Income" item. |
Hedge accounting | 4.7. Hedge accounting The Bank designates and documents hedge accounting at inception in accordance with the requirements of IFRS 9 Financial Instruments. 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. 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 Fair value hedges are designated to protect against the exposure to changes in the fair value of recognized assets or liabilities or unrecognized firm commitments. 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. If the hedged item is derecognized, the non-amortized fair value is recognized immediately in the consolidated statement of income. 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. 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 Cash flows hedges are used mainly to manage the exposure to variability related to the cash flow attributable to a specific risk associated with an asset or liability recognized on the consolidated statement of financial position or to a highly probable forecast transaction. 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. 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 In accordance with IFRS 9 and IFRIC 16 Hedges of a net investment in a foreign operation, the Bank has decided to apply the hedge accounting of the foreign currency risk arising from currency translation of consolidated financial statements and goodwill of its net investment in Banistmo, designating as a hedging instrument of certain debt securities issued by the Parent Company and financial liabilities. The hedge accounting requires that the Bank accounts for the gain or loss derived from the foreign exchange differences related to the debt securities that are determined to be an effective hedge is recognized in other comprehensive income, as is the currency translation adjustment of the Banistmo operation into the presentation currency as required by IAS 21 Effects of changes in foreign exchange rates as detailed in 1. Functional currency, transactions and balances in foreign currency. |
Investments in associates and joint arrangements | 5. Investments in associates and joint arrangements 5.1. 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 does not have control or joint control to make those policies decisions. 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. The Bank's investments in associates and joint ventures are initially recorded at cost and their results, assets and liabilities are subsequently included in the consolidated financial statements using the equity method, 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. 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 accordance with the policy for impairment of assets, cash-generating units and goodwill (see section 12. Impairment of assets, cash-generating units and goodwill, of this note). If 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 recognition 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. 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. 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. For further information, please see Note 8. Investments in associates and joint ventures. 5.2. 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. When 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. 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. |
Leases | 6. Leases 6.1. The Bank as lessee The Bank assesses whether a contract is or contains a lease at the inception of the contract and recognizes a right-of-use asset representing its right to use the leased asset and a lease liability representing its obligation to make lease payments. The Bank elected to apply the recognition exemptions for short-term leases (leases of 12 months or less and without a purchase option) and leases where the underlying asset is of low value. Lease payments related to these exemptions will be recognized as an expense in profit or loss on a straight-line basis over the term of the lease. Both the right-of-use asset and the lease liability are measured at the present value of the lease payments that have not been paid at that date. Lease payments are discounted using the lessee’s incremental borrowing rate. In addition, the right-of-use asset includes: 1) the amount of the initial measurement of the lease liability, 2) lease payments or costs incurred by the lessee made before or after the commencement date, less lease incentives received, and 3) an estimate of the costs to be incurred to dismantle the underlying asset, restore the site on which it is located or restore the underlying asset to the condition required by the lease. Subsequently, the Bank measures the right-of-use asset at cost less any accumulated depreciation and any accumulated impairment losses and adjusted for any remeasurement of the lease liability. The Bank measures the lease liability by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made, and remeasuring the carrying amount to reflect any new expectation or lease modifications. Each lease payment has been allocated between the liability and interest expenses. The accrued interest on the lease liability for each period over the lease term will be the amount that produces a constant periodic rate of interest (incremental borrowing rate) on the remaining balance of the liability. 6.2. The Bank as lessor The lease agreements entered into by the Bank are classified at the initial recognition as financial or operating leases. A lease is classified as a finance lease when substantially all the risks and rewards incidental to ownership of the asset are transferred to the lessee and are recognized at a value equal to the net investment in the lease, corresponding to the sum of the minimum lease payments receivable and any unguaranteed residual value, discounted at the interest rate implicit in the lease. Otherwise, it is classified as an operating lease, recognizing and measuring the assets under the principles of property and equipment or investment property, in which case income and depreciation of property and equipment are recognized on a straight-line basis over the life of the asset. Contingent lease payments are recognized as revenue in the period in which they are received. If during the lease term, the lessor and the lessee decide to modify the initial conditions, and the agreed changes result in a different classification, then the modified agreement will be considered a new lease with new clauses that will lead to the classification of a financial or operating lease, as appropriate. The Bank uses the following indicia of transfer of risk and rewards incidental to ownership to the asset; if one of them is met, lease is classified as a finance lease: ● The agreement indicates that the lessee has the option to purchase the asset at a price that is expected to be equal to or less than 10% of the fair value of the asset, upon termination of the lease. ● The term of the lease covers most of the economic life of the asset, even when the lease does not transfer the ownership of the underlying asset to the lessee at the end of the lease term, i.e., when the minimum lease term represents 75% or more of the economic life of the leased asset. ● At the inception of the lease, the present value of the minimum lease payments amounts to at least 90% of the fair value of the leased asset. ● The leased assets are of such a specialized nature that only the lessee has the possibility of using them without making significant modifications. |
Premises and equipment and depreciation | 7. Premises and equipment and depreciation 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 premises 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 to 75 years Furniture and fixtures 3 to 20 years Computer equipment 3 to 20 years Equipment and machinery 2 to 40 years Vehicles 3 to 10 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. For further information, see section 12. Impairment of non-financial assets, cash-generating units and goodwill in this note. 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 sales of premises and equipment are registered in the consolidated statement of income as “Other operating income”. |
Investment properties | 8. 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 administrative and general 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 Management with the support of 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”. 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 | 9. Intangible assets Intangible assets are identifiable, non-monetary assets without physical appearance, separately acquired or internally generated by the Bank that are measured initially at cost and subsequently at cost less any accumulated amortization and any accumulated impairment loss. Intangible assets acquired in business combinations are recognized at fair value at the date of acquisition. Intangible assets with finite useful lives (ranging from 1 to 10 years ) are amortized using the straight-line method over their estimated useful lives and assessed at the end of the period for impairment. 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 recognized when the amortization period or method has changed, 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 Bank’s intangible assets comprise mainly intangibles of finite useful life, such as licenses, software and computer applications, customer relationships and trademarks (See Note 9. Goodwill and intangible assets, net). Intangibles of indefinite useful life include Goodwill. 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. 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. Intangible assets with an indefinite useful life correspond to goodwill. 8. 9. 9.1. Internally generated intangible assets The costs of internally generated intangible assets are recognized as intangible assets if they have been incurred in the development stage and meet the recognition criteria; if so, such assets are presented in the consolidated statement of financial position at cost less accumulated amortization and accumulated impairment losses (see section 12. Impairment of non-financial assets, cash-generating units and goodwill in this note). Other expenditures are recorded as expenses in the consolidated statement of income. Amortization of the asset begins when development is complete and the asset is available for use. Intangible assets are amortized using the straight-line method over their estimated useful lives and assessed at the end of the period for impairment. |
Inventories | 10. Inventories Inventories of assets or returned property are those assets arising from an early termination of a finance or operating lease or those on which the lease has been terminated, and they are expected to be sold in the normal course of business, which are controlled by the Bank and are expected to obtain future economic benefit. The inventory of returned property is recognized as an asset from the date on which the Bank assumes the risks and benefits thereof. Assets arising from operating leases are initially measured at cost, which is the carrying amount less accumulated depreciation and impairment, if any. Assets returned property financial leasing operations are recognized at the lower of their book value plus sanitation costs and its net realizable value. When the book value is greater than the net realizable value, an adjustment is recognized under the caption "Provision for impairment of loan portfolio and financial leasing operations, net" in the consolidated income statement. Inventories are measured at the lower of cost and net realizable value. Net realizable value ("NRV") is the estimated selling price in the normal course of business, less the estimated costs necessary to make the sale. The Bank revises the NRV of its inventories at least annually, or when market conditions so require; the adjustment of the decrease in value is recognized directly in income. Adjustments to the NRV are recognized under the caption "Amortization, depreciation and impairment" in the consolidated statement of income, up to the value initially recognized. 9 10 10.1 . Digital assets The Bank chooses as an accounting policy to recognize digital assets held to be sold in the normal course of its operations as inventories. Digital assets are measured at fair value less costs of sale. If there is no active market, the fair value of the digital asset will be zero given the low probability of its realization. Changes in fair value are recognized in the consolidated statement of income for the period in which such changes occur. The exchange differences of the digital asset in foreign currency are recognized within the valuation process inherent to the fair value model. |
Digital assets and liabilities held in custody for customers | 11. Digital assets and liabilities held in custody for customers The Bank safeguards crypto assets for customers in digital wallets and cryptographic keys are required to access digital assets on the Bank's platform. The Bank safeguards these assets and/or keys and is required to protect them from loss, theft, or other misuse. The Bank recognizes customer's digital assets initially and subsequently at fair value. At the same time, the Bank recognizes the obligation to safeguard the customer's digital asset as a liability. The liability should be measured at the same amount as the corresponding asset at fair value. Any loss, theft or other misuse that impacts the measurement of customer cryptoassets is recognized in profit or loss in the period in which it occurs. |
Assets held for sale and discontinued operations | 12. Assets held for sale and discontinued operations The Bank classifies non-current assets or disposal groups held for sale if their carrying value will be recovered through a sale transaction, rather than through continuing use. These assets are measured 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 groups of assets are available, in their current condition, for immediate sale or the sale transaction is highly probable and is expected to be completed within the year following the date of classification. In the Bank, the assets held under this classification correspond to foreclosed assets. If the sale of the asset does not take place within the planned period, the assets are reclassified to "Other assets, net" in the consolidated statement of financial position. 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. The results of a discontinued operation are presented separately from those of continuing operations in the consolidated statement of income on a comparative basis. |
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, or more frequently if events or changes in circumstances indicate that it may be impaired. The recoverable amount of non-financial assets or cash-generating units is the higher of its fair value less costs of disposal and its value in use, where fair value is determined by Management by reference to market value, if available, by pricing models, or with the assistance of a valuation specialist. While value in use requires Management to make significant assumptions and use estimates to forecast cash flow for periods that are beyond the normal requirements of management reporting; and assess the appropriate discount rate and growth rate. 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. 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”. Except for impairment loss recognized for goodwill, impairment losses are subject to reversal, the increased carrying amount of an asset other than goodwill attributable to a reversal of an impairment loss shall not exceed the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the asset in prior years. |
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. |
Derecognition of non-financial assets | 15. Derecognition of non-financial assets The Bank's non-financial assets are derecognized either on disposal or when they are permanently withdrawn from use and no future economic benefits are expected. The difference between the value obtained on disposal and the carrying amount is recognized in the consolidated statement of income. |
Employee benefits | 16. Employee benefits 16.1. 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, 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. 16.2. 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. 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. These benefits are projected up to the date of payment and are discounted through the projected unit credit method. 16.3. 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 (interest rate of treasury bonds [“TES”], representative of the nation's public debt), related to the characteristics and the benefit flows weighted average, to discount such obligation. |
Provisions, contingent liabilities and contingent assets | 17. Provisions, contingent liabilities and contingent assets Provisions Provisions are recognized when the Bank has a present obligation (legal or constructive) as a result of a past event, where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the obligation's value can be made. The corresponding expense for any provision is presented in the consolidated statement of income, net of all expected reimbursement. The increase in 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: I. Judicial proceedings Judicial provisions refer to pending legal proceedings on employment matters, ordinary lawsuits, class actions suit, civil actions within criminal prosecutions and executive proceedings against the Bank. II. Onerous contracts For the Bank, an onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceeds the economic benefits expected to be received under it. III. 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. IV. 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. The events or circumstances that would require the Bank to perform under a guarantee are determined by the type of guarantee, as outlined below: Guarantees for the energy sector The Bank is responsible before the guarantee’s beneficiary in the following situations: ● Lack of energy supply due to low availability from the generating company (the guaranteed entity). ● Non-compliance with the contract signed by the guaranteed entity. ● Non-compliance with the payment for 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. 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. Contingent liabilities 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. Contingent assets 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. |
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. For performance obligations where none of the conditions for revenue recognition over time are met, the Bank satisfies the performance obligation at a point in time, at which the customer obtains control of the promised services. 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. When the Bank fulfills a performance obligation through the delivery of promised goods or services to customer, it creates a contractual asset for the consideration amount obtained with the performance. 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. Interest income comprises income of financial assets at amortized cost or at fair value through other comprehensive income. Interest income is recognized using the effective interest rate method, the computation takes into account all the contractual conditions of the financial instrument (for example, prepayment options) and includes incremental fees and commissions (for example, certain loan commitment fees) or expenses that are directly attributed to the instrument and are an integral part of the effective interest rate, without taking account future credit losses. Valuation income relates to debt securities at fair value, where gains and losses arising from changes in fair value are included in the consolidated statement of income as “Interest and valuation on financial instruments”. Fees and services commissions are recognized as the right to consideration is obtained through the exchange of goods or services that the entity has transferred to a customer. Therefore, the Bank recognizes some fees as revenue over time, such as income from commissions and asset management, custody and other administration and advisory commissions. While other fees are recognized as revenue at a point in time of completion of the underlying transaction, like commissions 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. In addition, 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. Therefore, 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 the probability of redemptions. Dividend revenue of investments that are not associates or joint ventures 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 and net income on equity investments”. |
Income tax | 19. Income tax Income tax includes current tax and deferred tax. The current tax is the income tax payable with respect to the profit for the fiscal year, which arises in profit or other comprehensive income. A provision is made for current tax considering the tax bases and tax rates enacted in each of the jurisdictions where the Bank is located, at the date of preparation of the consolidated financial statements. 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 income 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 or in the caption "Income tax" of the consolidated income statement, when applicable. 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. For further information about deferred tax considerations derived from the last Colombian tax reform (Law 2277 of 2022), 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 foreign economic links. These operations are documented and reported to the tax Administration according to the last evaluation date corresponding to the previous year. |
Use of estimates and judgments | E. 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. Material Accounting Policies, paragraph 4.1.2. 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. 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 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. 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. For further information, see Note 6. Loans and advances to customers, net and Risk management. 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. 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. As of December 31, 2023, there has been an improvement in the methodology used to calculate impairment, as shown below: ● LGD: A methodological change has been made to the selection of the defaulting client's recovery, which more closely reflects the client's payment behavior. ● New rating models have been developed to improve the risk classification of customers in the individual (in Colombia and Panama) and corporate (in Colombia) portfolios. ● Enhancements have been made to the threshold model to identify a significant increase in risk from the point of origin, which allows for greater accuracy in classifying customers into stage 2 with a high probability of default. ● The probability of default (“PD”) models currently incorporate data through February 2020 (pre-pandemic). When performing analyses to incorporate new information, difficulties are encountered in modeling and obtaining good precision and discrimination metrics due to the irregular behavior of the variables included in the estimates. These variables include macroeconomic factors such as the country’s low economic growth, high interest rates, and high unemployment, in addition to the behavior of default rates. These rates represent recoveries that are not real but have been given by the provision of financial relief and then a high level of default as a result of the economic situation that has had a negative impact on the credit portfolio. Therefore, the Bank’s Management has decided not to incorporate recent data into the PD models. However, an overlay has been created for those portfolios that have recent payment delinquencies above the historical average. The net effect of the above is the constitution of provisions of COP 11,071 as of December 31, 2023. 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. 3. Recognition of digital assets Currently, there is no specific definitive guidance in IFRS or alternative accounting frameworks to account for the recognition of digital assets held by the Bank, as well as the custody of digital assets held for customers, so management has exercised significant judgment in determining the appropriate accounting treatment. The Bank has considered that it acts in the quality of a commodity trader, as defined in IAS 2, Inventories, by characterizing certain of its holdings as inventories, or more specifically, digital assets. The business model for digital assets will be to sell them in the near future and generate a profit from fluctuations in price or dealer margin. So, inventories held by commodity broker-dealers are measured at fair value less costs to sale. When such inventories are measured on that basis, changes in value are recognized in profit or loss in the period. With respect to the custody of digital assets held by customers, the Bank recognizes a liability for the obligation to safeguard user's assets and recognizes an associated asset for the cryptographic assets safeguarded. Both the liability and the asset must be measured initially and subsequently at the fair value of the crypto assets being safeguarded. In the event that the IASB issues final guidance, the Bank may be required to modify its accounting policies, which could have a significant effect on the Bank's consolidated financial statements. 4. 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. 5. 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 timing, nature and amount of outflows that may result from past events. 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”. 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. 6. Fair value of assets and liabilities The fair value of the Bank's assets and liabilities is determined at the date of the consolidated statement of financial position. The Bank's fair value measurement process considers the characteristics of the asset or liability in the same way that market participants would take them into account when pricing the asset or liability at the measurement date; the estimate takes into account inputs from valuation techniques used to measure fair value. To increase consistency and comparability in fair value measurements and related disclosures, the Bank specifies different levels of inputs that may be used to measure the fair value of financial instruments, as follows: Level 1: Assets and liabilities are classified as Level 1 if there are observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. An active market is one in which transactions occur with sufficient volume and frequency to provide pricing information on an ongoing basis. 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: Assets and liabilities are classified as Level 2 if in the absence of a market price for a specific financial instrument, its fair value is estimated using models whose input data are observable for recent transactions of identical or similar instruments. Level 3: Assets and liabilities are classified as level 3 if unobservable input data were used in the measurement of fair value that are supported by little or no market activity and that are significant to the fair value of these assets or liabilities. The fair value of Level 3 financial assets and liabilities is determined using pricing models, discounted cash flow methodologies or similar techniques 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. 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. 7. 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. The actuarial valuation methodology of the post-employment and long-term benefit plans 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. 8. 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. For further information, see Note 25. Operating income. 9. 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. For further information, see Note 7. Leases. 10. 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. |
Recently Issued Accounting Pronouncements | F. a) Accounting pronouncements applicable in 2023 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Definition of Accounting Estimates: In February 2021, the Board issued Definition of Accounting Estimates, which amended IAS 8. The amendments introduced the definition of accounting estimates in paragraph 5 and included other amendments to IAS 8 to help entities distinguish changes in accounting estimates from changes in accounting policies. The amendment to IAS 8 is effective for annual periods beginning on or after January 1, 2023, and early application is permitted. The Bank early applied this amendment as of January 1, 2022, with no impact on the Bank's consolidated financial statements and disclosures, 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: In February 2021 the Board amended IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, to replace the term "significant" with "material", to require an entity to disclose its material accounting policy information rather than its significant accounting policies. Therefore, accounting policy information may be considered material when that information is considered together with other information in a complete set of financial statements. In the Board’s view, accounting policy information is expected to be material if its disclosure was needed for primary users to understand information provided about material transactions, other events or conditions in the financial statements. These amendments are effective for annual periods beginning on or after January 1, 2023, and early application is permitted. The Bank applied this amendment for the annual consolidated financial statements and disclosures beginning on or after January 1, 2023. For further information, see section D. Material Accounting Policies in this note. Amendments to IAS 12 Income Taxes. Deferred Tax related to Assets and Liabilities arising from a Single Transaction: In May 2021, the Board issued Deferred Tax related to Assets and Liabilities arising from a Single Transaction. The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of IAS 12 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. This amendment is effective for annual periods beginning on or after January 1, 2023, and early application is permitted. This amendment was assessed by Management without evidencing an impact on the Bank's consolidated financial statements and disclosures because no exemptions are currently applied for the recognition of deferred taxes arising from a single transaction. Amendments to IAS 12 Income Taxes - International Tax Reform—Pillar Two Model Rules: The OECD published the Pillar Two model rules in December 2021 to ensure that large multinational companies would be subject to a minimum 15.00% tax rate. More than 135 countries and jurisdictions representing more than 90.00% of global GDP have agreed to the Pillar Two model rules. The amendments introduce: - A temporary exception—to the accounting for deferred taxes arising from jurisdictions implementing the global tax rules. This will help to ensure consistency in the financial statements while easing into the implementation of the rules; and - Targeted disclosure requirements—to help investors better understand a company’s exposure to income taxes arising from the reform, particularly before legislation implementing the rules is in effect. Companies can benefit from the temporary exception immediately but are required to provide the disclosures for annual reporting periods beginning on or after January 1, 2023. This amendment has been assessed by Management with no evidence of an impact on the Bank's consolidated financial statements and disclosures, due the OECD’s Pillar Two model rules has not yet been implemented in Colombia and in the countries in which the Bank has a presence. New Standard IFRS 17 Insurance Contracts and amendments to IFRS 17 specified exceptions; reinsurance contracts held by an entity; and investment contracts with discretionary participation features issued by an entity that issues insurance contracts. The new rules will affect the financial statements and key performance indicators of all entities that issue insurance contracts or investment contracts with discretionary participation features. Targeted amendments made in July 2020 aimed to ease the implementation of the standard by reducing implementation costs and making it easier for entities to explain the results from applying IFRS 17 to investors and others. The amendments also deferred the application date of IFRS 17 to 1 January 2023. Further amendments made in December 2021 added a transition option that permits an entity to apply an optional classification overlay in the comparative period(s) presented on initial application of IFRS 17. The classification overlay applies to all financial assets, including those held in respect of activities not connected to contracts within the scope of IFRS 17. It allows those assets to be classified in the comparative period(s) in a way that aligns with how the entity expects those assets to be classified on initial application of IFRS 9. The classification can be applied on an instrument-by-instrument basis. This standard is effective for annual periods beginning on or after January 1, 2023, and early application is permitted for entities that apply IFRS 9 Financial Instruments before the date of initial application of IFRS 17. The Bank applied this amendment for the annual consolidated financial statements and disclosures beginning on or after January 1, 2023. For further information, see Note 32. Impacts on application of new standards. b) Recently issued accounting pronouncements applicable in future periods Amendments to IAS 1 Presentation of Financial Statements: On January 23, 2020, the IASB issued amendments to IAS 1 to clarify the requirements for classifying liabilities as current or non-current. More specifically: - 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. Additionally, on October 30, 2022, the IASB issued an amendment to IAS 1 to improve the disclosures an entity provides when its right to defer settlement of a liability for at least twelve months is subject to compliance with covenants, and how this impacts the classification of that liability as current or non-current. The amendments to IAS 1 are required to be applied for annual periods beginning on or after January 1, 2024. The amendments must be applied retrospectively, in accordance with IAS 8. Early application is permitted. Management concluded that this amendment has no impact on the preparation of the consolidated financial statements, because the Bank presents the consolidated statement of financial position ordered by liquidity, according to the business nature. Amendments to IFRS 16 Leases- Lease liability in a sale and leaseback In September 2022, the Board amended IFRS 16 to add subsequent measurement requirements for sale and leaseback transactions that meet the requirements of IFRS 15 to be accounted as a sale. The amendments require a seller-lessee to subsequently measure lease liabilities arising from a subsequent lease such that it does not recognize any amount of gain or loss that relates to the right-of-use that it retains. This amendment is effective for annual periods beginning on or after January 1, 2024, and early application is permitted. This amendment has been assessed by Management with no evidence of an impact on the Bank's consolidated financial statements and disclosures, due the new requirements are in line with what the Bank has applied and disclosed. |
REPORTING ENTITY (Tables)
REPORTING ENTITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
FCP Fondo Inmobiliario Colombia | |
REPORTING ENTITY | |
Schedule of the effect on shareholders' equity | The effect on shareholders' equity (amounts in millions of COP) is as follows: Consideration paid to non-controlling interests 816,081 Carrying amount of non-controlling interests acquired 961,588 Excess of consideration paid recognized in the transactions with non-controlling interests reserve within equity 145,507 |
MATERIAL ACCOUNTING POLICIES (T
MATERIAL ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
MATERIAL ACCOUNTING POLICIES | |
Schedule of revised presentation of Statement of Cash Flow | The revisions to the consolidated statement of cash flow as of December 31, 2022 and 2021, are summarized in the following table: December 31, 2022 Adjustments December 31, 2022 (As previously reported) (As revised) In millions of COP Adjustments to reconcile net income to net cash provided by operating activities: Effect of exchange rate changes - (224,788) (224,788) Net cash provided by operating activities 6,564,226 (224,788) 6,339,438 Effect of exchange rate changes on cash and cash equivalents 3,552,285 224,788 3,777,073 Increase (Decrease) in cash and cash equivalents 2,763,160 (224,788) 2,538,372 Cash and cash equivalents at beginning of year 25,329,846 - 25,329,846 Cash and cash equivalents at end of year 31,645,291 - 31,645,291 December 31, 2021 Adjustments December 31, 2021 (As previously reported) (As revised) In millions of COP Adjustments to reconcile net income to net cash provided by operating activities: Effect of exchange rate changes - 507,449 507,449 Net cash provided by operating activities 6,095,305 507,449 6,602,754 Effect of exchange rate changes on cash and cash equivalents 2,993,850 (507,449) 2,486,401 Increase (Decrease) in cash and cash equivalents (1,365,153) 507,449 (857,704) Cash and cash equivalents at beginning of year 23,701,149 - 23,701,149 Cash and cash equivalents at end of year 25,329,846 - 25,329,846 |
Schedule of subsidiaries | 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 2023 BANK 2022 BANK 2021 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 % WOMPI S.A.S. (before “VLIPCO S.A.S.”) (1) Colombia Technology services provider 100.00 % 99.98 % 94.77 % Renting Colombia S.A.S. Colombia Operating leasing 100.00 % 100.00 % 100.00 % Transportempo S.A.S. “En Liquidación” Colombia Transportation 100.00 % 100.00 % 100.00 % Inversiones CFNS S.A.S. Colombia Investments 99.94 % 99.94 % 99.94 % Negocios Digitales Colombia S.A.S. (before “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 80.47 % 80.47 % 49.96 % P.A. Inmuebles CEM (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % P.A. Calle 92 FIC-11 (2) Colombia Mercantil trust 52.31 % 52.31 % 32.47 % P.A. FIC Edificio Corfinsura (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % P.A. FIC-A5 (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % P.A. FIC Inmuebles (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % P.A. FIC Clínica de Prado (2) Colombia Mercantil trust 62.00 % 62.00 % 38.49 % P.A. FIC A6 (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % P.A. Central Point (2) Colombia Mercantil trust 60.35 % 60.35 % 37.47 % Fideicomiso Irrevocable de Garantía, Fuente de Pago y Administración Inmobiliaria Polaris (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % P.A. Fideicomiso Twins Bay (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % Fideicomiso Lote Av San Martín (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % P.A. Fideicomiso Lote 30 (2) Colombia Mercantil trust 80.47 % 80.47 % 49.96 % Fideicomiso Fondo Inmobiliario Bancolombia (2) Colombia Mercantil trust 80.47 % 80.47 % 17.54 % P.A. Florencia Ferrara (2)(3) Colombia Mercantil trust 44.26 % 44.26 % - P.A. Flor Morado Plaza (3) Colombia Mercantil trust 80.47 % 80.47 % - P.A. Galería la 33 (4) Colombia Mercantil trust 80.47 % - - Valores Simesa S.A. (5) Colombia Investments 64.93 % 66.33 % 66.82 % Fideicomiso Lote Distrito Vera B1B2 (5) Colombia Mercantil trust 64.61 % 66.00 % 66.49 % Fideicomiso Lote Distrito Vera B3B4 (5) Colombia Mercantil trust 64.61 % 66.00 % 66.49 % Fideicomiso Lote B6 Ciudad del Rio (6) Colombia Mercantil trust - 66.00 % - P.A. FAI CALLE 77 (7) Colombia Real estate investment fund 98.00 % 98.00 % - P.A. NOMAD SALITRE (8) Colombia Real estate investment fund 98.00 % 98.00 % - P.A. NOMAD CENTRAL-2 (9) Colombia Real estate investment fund 98.00 % - - P.A. CALLE 84 (2) (9) Colombia Real estate investment fund 98.00 % - - P.A. CALLE 84 (3) (9) Colombia Real estate investment fund 98.00 % - - P.A. MERCURIO (10) Colombia Real estate investment fund 100.00 % 100.00 % - Wenia S.A.S. (11) Colombia Technology services 100.00 % 100.00 % - P.A. Wenia (11) Colombia Mercantil trust 100.00 % - - Nequi S.A. Compañía de Financiamiento (12) Colombia Financial services 100.00 % 100.00 % - 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 % 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. (13) Panama Holding 100.00 % 100.00 % 100.00 % Suvalor Renta Fija Internacional Corto Plazo S.A. (14) Panama Collective investment fund - - 100.00 % Fondo Renta Sostenible Global S.A. (14) Panama Collective investment fund - - 100.00 % Banistmo Capital Markets Group Inc. (13) Panama Purchase and sale of securities 100.00 % 100.00 % 100.00 % Anavi Investment Corporation S.A. (13) Panama Real estate 100.00 % 100.00 % 100.00 % Desarrollo de Oriente S.A. (13) Panama Real estate 100.00 % 100.00 % 100.00 % Steens Enterprises S.A. (13) Panama Portfolio holder 100.00 % 100.00 % 100.00 % Ordway Holdings S.A. (13) Panama Real estate broker 100.00 % 100.00 % 100.00 % Grupo Agromercantil Holding S.A. Panama Holding 100.00 % 100.00 % 100.00 % Banco Agromercantil de Guatemala S.A. Guatemala Banking 99.68 % 99.68 % 99.66 % Seguros Agromercantil de Guatemala S.A. Guatemala Insurance agency 79.92 % 79.92 % 79.92 % Financiera Agromercantil S.A. Guatemala Financial services 100.00 % 100.00 % 100.00 % Agrovalores S.A. Guatemala Securities brokerage 100.00 % 100.00 % 100.00 % Arrendadora Agromercantil S.A. Guatemala Operating Leasing 100.00 % 100.00 % 100.00 % Agencia de Seguros y Fianzas Agromercantil S.A. (15) Guatemala Insurance agency - 100.00 % 100.00 % Asistencia y Ajustes S.A. Guatemala Roadside and medical assistance services 100.00 % 100.00 % 100.00 % Serproba S.A. Guatemala Maintenance and remodeling services 100.00 % 100.00 % 100.00 % Servicios de Formalización S.A. Guatemala Loans formalization 100.00 % 100.00 % 100.00 % Conserjeria, Mantenimiento y Mensajería S.A. “En Liquidación” Guatemala Maintenance services 100.00 % 100.00 % 100.00 % Mercom Bank Ltd. (16) Barbados Banking 99.68 % 99.68 % 99.66 % New Alma Enterprises Ltd. Bahamas Investments 99.68 % 99.68 % 99.66 % Bancolombia Puerto Rico Internacional Inc. Puerto Rico Banking 100.00 % 100.00 % 100.00 % Bancolombia Cayman S.A. (17) 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 Banagrícola 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 (18) United States Holding 100.00 % 100.00 % 100.00 % Bancolombia Capital Adviser LLC (18) United States Investment advisor 100.00 % 100.00 % 100.00 % Bancolombia Capital LLC (18) United States Securities brokerage 100.00 % 100.00 % 100.00 % Wenia Ltd. (11) Bermuda Technology services 100.00 % 100.00 % - (1) During 2022 and 2023, the Bank, through its subsidiary Banca de Inversión S.A., purchased remaining shares from minority investors. (2) During 2022, the Bank increased its participation in FCP Fondo Inmobiliario Colombia, to strengthen governance and strategy decisions. For further information, see Note 1. Reporting entity. (3) Companies consolidated by Fondo de Capital Privado FCP Fondo Inmobiliario Colombia since April 2022 and December 2022. (4) Company consolidated by Fondo de Capital Privado FCP Fondo Inmobiliario Colombia since March 2023. (5) The decrease in the shareholding is due to the repurchase of outstanding stock carried out by Valores Simesa S.A. during 2023 and 2022. (6) During 2023, the trust rights were transferred by Valores Simesa S.A. (7) On March 1, 2022, the Parent Company was established as trustor of P.A. FAI Calle 77, owner of a property that will be used for rental housing. For further information, see Note 1. Reporting entity and Note 9.3. Business combination. (8) On April 4, 2022, the Parent Company was appointed as trustor of 100% of the trust rights of Patrimonio Autonomo Nomad Salitre, whose main purpose is to develop a multifamily project. (9) During February and April 2023, the Parent Company was established as trustor of P.A. Nomad Central-2, P.A. Calle 84 (2) and P.A. Calle 84 (3), through a management mercantil trust agreement. (10) On July 8, 2022, Bancolombia S.A. acquired control of Fidecomiso P.A. Mercurio, through a management mercantil trust agreement. (11) On July 22, 2022, the Bank, through the subsidiary Sistemas de Inversiones y Negocios S.A. Sinesa, established the company Wenia Ltd. in Bermuda, a digital corporate vehicle whose purpose is to provide technology services. On November 22, 2022, Wenia Ltd. established the company called Wenia S.A.S., whose purpose is the creation and implementation of operating systems and software applications. On May 17, 2023, Wenia S.A.S. was established as trustor of the trust rights of P.A. Wenia. For further information, see Note 1. Reporting entity. (12) On December 14, 2021, the Board of Directors of the Parent Company authorized the legal separation of the business of Nequi, a Bank’s digital platform that offers financial services. The Superintendencia Financiera de Colombia, with Resolution 0843 of July 6, 2022, as amended by Resolution 0955 of July 27, 2022, authorized the incorporation of Nequi S.A. Compañía de Financiamiento. The legal separation resulted in the creation and commercial registration of a new corporation supervised by the Superintendencia Financiera de Colombia through which Nequi will operate as a 100.00% digital credit establishment. For further information, see Note 1. Reporting entity. (13) Investments in non-operational stage. (14) Companies not consolidated by Banistmo S.A. as of November 2022, due to non-compliance with consolidation requirements established in IFRS 10. (15) Company liquidated as of June 2023. (16) On September 30, 2021, Mercom Bank Ltd. shareholders authorized the beginning of an organized and gradual process to transfer of the assets and liabilities of Mercom Bank Ltd., to Banco Agromercantil de Guatemala S.A. or other companies of the Bancolombia Group. For further information, see Note 1. Reporting entity. (17) On October 5, 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. For further information, see Note 1. Reporting entity. (18) 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, 2023 the Bank, 2022 the Bank, 2021 2023 2022 Fondo de Capital Privado Fondo Inmobiliario Colombia (1) Colombia 80.47 % 80.47 % 49.96 % 5,503,022 5,023,316 Fideicomiso Lote Distrito Vera B1B2 (2) Colombia 64.61 % 66.00 % 66.49 % 25,073 55,733 Fideicomiso Lote Distrito Vera B3B4 (2) Colombia 64.61 % 66.00 % 66.49 % 56,295 53,558 Fideicomiso Lote B6 Ciudad del Rio (3) Colombia - 66.00 % - - 66,150 Banistmo Panamá Fondo de Inversión S.A. (4) Panama 100.00 % 100.00 % 100.00 % 132,496 243,268 (1) It includes the amounts of certain equity instruments that are controlled through the subsidiary Fondo de Capital Privado Fondo Inmobiliario Colombia, they meet the definition of control in accordance with IFRS 10. For further information, see Note 2.C. Consolidation. Also, during 2022, the Bank increased its participation in FCP Fondo Inmobiliario Colombia, which facilitates speed in decision-making in matters of government and strategy. For further information, see Note 1. Reporting entity. (2) The decrease in equity interest is due to the repurchase by the subsidiary Valores Simesa S.A. (parent company of Lote Distrito Vera B1B2, Lote Distrito Vera B3B4 and Lote B6 Ciudad del Rio), during 2023 and 2022. For further information, see Note 2.C. Consolidation. (3) During 2023, the trust rights were transferred by Valores Simesa S.A. (4) Investment in non-operational stage. For further information, see Note 2.C. Consolidation. |
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, 2023 December 31, 2022 December 31, 2021 Year-end exchange rate 3,822.05 4,810.20 3,981.16 Average rate for the period ended at 4,330.14 4,257.12 3,747.24 |
Schedule of economic scenario weighting | The scenarios are weighted as follows: Optimistic Base Pessimistic Country 2023 2022 2023 2022 2023 2022 Colombia 15.00 % 15.00 % 50.00 % 45.00 % 35.00 % 40.00 % Panama 20.00 % 15.00 % 50.00 % 55.00 % 30.00 % 30.00 % El Salvador 20.00 % 15.00 % 55.00 % 55.00 % 25.00 % 30.00 % Guatemala 20.00 % 15.00 % 55.00 % 55.00 % 25.00 % 30.00 % |
Summary of projections of macroeconomic variables used to estimate ECL | The following is a comparison of the main macroeconomic variable projected in each country, "GDP growth", used to estimate ECL as of December 31, 2023 and 2022: As of December 31, 2023 Colombia Panama Cutoff Optimistic Base Pessimistic Optimistic Base Pessimistic 2023 1.64 % 1.16 % 0.68 % 7.92 % 5.95 % 3.99 % 2024 2.37 % 0.87 % (0.63) % 6.68 % 4.00 % 1.33 % 2025 4.47 % 2.60 % 0.73 % 7.17 % 4.20 % 1.23 % As of December 31, 2023 Guatemala El Salvador Cutoff Optimistic Base Pessimistic Optimistic Base Pessimistic 2023 3.69 % 3.12 % 2.55 % 2.75 % 2.25 % 1.74 % 2024 4.33 % 3.26 % 2.19 % 3.32 % 1.90 % 0.49 % 2025 4.61 % 3.38 % 2.15 % 3.76 % 2.08 % 0.41 % As of December 31, 2022 Colombia Panama Cutoff Optimistic Base Pessimistic Optimistic Base Pessimistic 2022 8.11 % 7.76 % 6.98 % 8.84 % 8.19 % 7.53 % 2023 2.01 % 0.93 % (0.78) % 5.62 % 3.96 % 2.31 % 2024 3.68 % 2.50 % 0.36 % 5.70 % 3.71 % 1.73 % As of December 31, 2022 Guatemala El Salvador Cutoff Optimistic Base Pessimistic Optimistic Base Pessimistic 2022 4.35 % 3.40 % 2.45 % 3.78 % 2.62 % 1.47 % 2023 4.19 % 2.72 % 1.25 % 3.52 % 1.65 % (0.23) % 2024 4.59 % 3.00 % 1.40 % 3.94 % 1.96 % (0.03) % |
Schedule of significant increase in risk using external credit rating | To establish whether a security has a significant increase in risk since the initial recognition, an assessment of the deterioration of the rating in the current date is made against the rating granted at the time of purchase; according to the origin classification there may be an increase with 1, 2 or 3 notches, as shown in the following table: SIGNIFICANT INCREASE EXTERNAL RATING ORIGIN 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, i.e., there is no possibility of recovery due to the debtor's lack of ability or willingness to pay or in the absence of open guarantees granted by the debtor. In general, this characteristic will be fulfilled when the following delinquency conditions are present: Length of delinquency (days) Type Collateral Grupo Agromercantil Holding S.A. Banistmo S.A. Banco Agrícola S.A. Bancolombia S.A. Without collateral 180 Commercial With collateral N/A (1) 360 360 360 Without collateral 180 180 180 Consumer With collateral 540 for vehicles collateral 1,080 for mortgage collateral 720 for mortgage collateral 180 Without collateral 180 Small Business Loan With collateral N/A (1) 1,080 for mortgage collateral 180 180 Mortgage With collateral 1,440 1,080 720 N/A (1) (1) |
Schedule of estimated useful lives for each asset group | 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 premises 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 to 75 years Furniture and fixtures 3 to 20 years Computer equipment 3 to 20 years Equipment and machinery 2 to 40 years Vehicles 3 to 10 years |
FCP Fondo Inmobiliario Colombia | |
MATERIAL ACCOUNTING POLICIES | |
Schedule of net income and cash flows related to the FCP Fondo Inmobiliario Colombia | The following table summarizes the net income and cash flows as of December 31, 2021 related to the FCP Fondo Inmobiliario Colombia: Year-Ended 2021 In millions of COP Condensed statement of income Income Valuation of investment properties 85,148 Valuation of trust rights - Rents 187,194 Profits of equity method investees 105,439 Other income 92,298 Total Income 470,079 Expenses Interest on loans (73,201) Other administrative and general expenses (212,385) Total Expenses (285,586) Net Income 184,493 Condensed cash flow (1) Net cash used in operating activities (34,442) Net cash provided by financing activities 21,882 Cash and cash equivalents at beginning of year 63,368 Cash and cash equivalents at end of year 50,808 (1) Statement of cash flow corresponds to the FCP Fondo Inmobiliario Colombia without equity securities consolidated cash flow. |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Banking Banking Banking El Banking Investment International All other Total Colombia Panama Salvador Guatemala Trust banking Brokerage Banking segments segments In millions of COP Total interest and valuation on financial instruments 29,230,060 2,826,559 1,773,140 1,795,543 47 6 45,875 1,112,171 262,758 37,046,159 Interest income on loans and financial leases 28,366,678 2,415,234 1,524,765 1,726,821 47 - 5,076 940,091 262,075 35,240,787 Total debt investments 937,090 301,167 236,350 60,534 - 6 36,538 85,091 683 1,657,459 Derivatives (167,887) 817 11,187 - - - (1,747) (188) - (157,818) Total liquidity operations 94,179 109,341 838 8,188 - - 6,008 87,177 - 305,731 Interest expenses (13,464,980) (1,238,112) (464,851) (731,886) (179) (1) (222) (596,039) (172,025) (16,668,295) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 15,765,080 1,588,447 1,308,289 1,063,657 (132) 5 45,653 516,132 90,733 20,377,864 Total credit impairment charges, net (6,480,377) (270,501) (154,938) (499,368) (2,893) (380) 106 4,164 (57,399) (7,461,586) Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 9,284,703 1,317,946 1,153,351 564,289 (3,025) (375) 45,759 520,296 33,334 12,916,278 (Expenses) Revenues from transactions the operating segments of the Bank (187,467) (34,105) (17,844) (76,054) (16,518) 13,949 68,617 415,508 (166,086) - Fees and commissions income (1) 5,252,099 532,930 479,568 223,200 361,965 55,917 103,985 47,228 23,986 7,080,878 Fees and commissions expenses (2,522,927) (258,897) (188,972) (89,405) (4,244) (238) (8,645) (11,042) (12,910) (3,097,280) Total fees and commissions, net 2,729,172 274,033 290,596 133,795 357,721 55,679 95,340 36,186 11,076 3,983,598 Other operating income (Expenses) 1,575,845 36,939 51,656 130,757 14,107 (1,011) 4,737 16,794 2,149,826 3,979,650 Dividends and net income on equity investments 17,613 13,498 10,982 1,827 33,275 (98,512) 6,416 37 225,049 210,185 Total operating income, net 13,419,866 1,608,311 1,488,741 754,614 385,560 (30,270) 220,869 988,821 2,253,199 21,089,711 Operating expenses (2) (8,022,042) (909,843) (668,105) (620,928) (177,626) (49,759) (186,212) (89,219) (1,093,592) (11,817,326) Impairment, depreciation and amortization (744,346) (107,716) (131,921) (55,243) (2,218) (208) (2,950) (4,259) (75,998) (1,124,859) Total operating expenses (8,766,388) (1,017,559) (800,026) (676,171) (179,844) (49,967) (189,162) (93,478) (1,169,590) (12,942,185) Profit before income tax 4,653,478 590,752 688,715 78,443 205,716 (80,237) 31,707 895,343 1,083,609 8,147,526 (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 and taxes other than income tax. For the year ended December 31, 2022 Banking Banking Banking El Banking Investment International All other Total Colombia Panama Salvador Guatemala Trust banking Brokerage Banking segments segments In millions of COP Total interest and valuation on financial instruments 20,727,335 2,364,820 1,527,860 1,537,801 72 4 12,996 512,417 113,642 26,796,947 Interest income on loans and financial leases 19,263,960 2,154,151 1,293,556 1,509,143 72 - 511 446,028 116,072 24,783,493 Total debt investments 1,361,299 161,974 170,423 27,089 - 4 20,024 48,722 (2,447) 1,787,088 Derivatives 108,255 (1,026) 63,494 - - - 658 - - 171,381 Total liquidity operations (6,179) 49,721 387 1,569 - - (8,197) 17,667 17 54,985 Interest expenses (6,333,834) (910,937) (297,839) (528,459) (150) (4) (104) (271,280) (99,863) (8,442,470) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 14,393,501 1,453,883 1,230,021 1,009,342 (78) - 12,892 241,137 13,779 18,354,477 Total credit impairment charges, net (2,971,599) (545,012) (102,710) (168,834) (796) (924) 3,133 25,029 (29,984) (3,791,697) Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 11,421,902 908,871 1,127,311 840,508 (874) (924) 16,025 266,166 (16,205) 14,562,780 Revenues (Expenses) from transactions the operating segments of the Bank (32,163) (25,022) (7,371) (45,526) (12,658) 3,404 53,229 212,049 (145,942) - Fees and commissions income(1) 4,684,563 446,583 444,177 218,554 318,869 86,232 111,366 42,021 18,161 6,370,526 Fees and commissions expenses (2,099,585) (210,004) (170,563) (91,424) (3,668) (269) (6,160) (8,025) (468) (2,590,166) Total fees and commissions, net 2,584,978 236,579 273,614 127,130 315,201 85,963 105,206 33,996 17,693 3,780,360 Other operating income (Expenses) (72,994) 51,494 19,685 129,403 14,897 671 13,575 9,954 1,886,750 2,053,435 Dividends and net income on equity investments (8,058) 9,655 5,340 828 2,164 8,760 (4,314) 35 221,444 235,854 Total operating income, net 13,893,665 1,181,577 1,418,579 1,052,343 318,730 97,874 183,721 522,200 1,963,740 20,632,429 Operating expenses(2) (6,600,686) (797,091) (639,748) (577,497) (153,377) (47,997) (153,317) (79,814) (857,541) (9,907,068) Impairment, depreciation and amortization (613,807) (110,293) (106,601) (54,999) (1,630) (232) (1,754) (2,626) (88,633) (980,575) Total operating expenses (7,214,493) (907,384) (746,349) (632,496) (155,007) (48,229) (155,071) (82,440) (946,174) (10,887,643) Profit before income tax 6,679,172 274,193 672,230 419,847 163,723 49,645 28,650 439,760 1,017,566 9,744,786 (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 and taxes other than income tax. 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) 1,040 (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 the operating segments of the Bank 18,458 (10,089) 7 (26,324) (26,584) 3,576 59,995 81,997 (101,036) - - - Fees and commission 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 commission 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 commission income, 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 (Expenses) 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 (Loss) 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 and taxes other than income tax. |
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, 2023 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 254,367,378 40,740,495 21,608,586 21,377,205 658,547 1,719,824 351,694 30,199,897 10,224,734 381,248,360 (38,319,551) 342,928,809 Total liabilities 216,200,157 36,315,750 19,220,367 19,469,075 138,171 51,841 121,423 20,734,521 4,874,547 317,125,852 (13,246,772) 303,879,080 As of December 31, 2022 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 247,113,605 52,445,934 26,696,524 26,143,629 603,486 2,116,143 326,047 35,131,458 9,222,529 399,799,355 (46,984,622) 352,814,733 Total liabilities 207,293,246 47,081,613 23,738,984 23,635,997 126,307 80,162 106,115 23,216,118 4,320,836 329,599,378 (16,782,196) 312,817,182 |
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, 2023 (1) Banking Banking El Investment All other Colombia Salvador Trust banking segments Total In millions of COP Investments in associates and joint ventures 332,862 21,292 285,838 617,982 1,739,629 2,997,603 Equity method (52,183) 2,730 30,043 4,398 128,127 113,115 (1) As of December 31, 2023, Banking Panama, Banking Guatemala, Brokerage and International Banking did not have investments in associates and joint ventures. As of December 31, 2022 (1) Banking Banking El Investment All other Colombia Salvador Trust banking segments Total In millions of COP Investments in associates and joint ventures 337,024 28,029 256,720 700,936 1,592,924 2,915,633 Equity method 2,588 3,617 22,522 3,857 186,521 219,105 (1) As of December 31, 2022, 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: 2023 2022 2021 Geographic information Interest and Long-lived Interest and Long-lived Interest and Long-lived valuation (1) assets (2) valuation (1) assets (2) valuation (1) assets (2) In millions of COP Colombia 29,812,448 13,466,457 20,977,845 12,666,847 11,605,829 9,413,340 Panama 4,234,542 877,407 3,023,461 1,042,824 2,251,653 838,278 El Salvador 1,774,165 547,357 1,528,264 636,071 1,194,026 434,212 Guatemala 1,795,597 361,840 1,537,811 445,288 1,178,619 347,084 United States of America 55 4,805 - 7,504 - - Bermuda 184 3,434 2 - - - Puerto Rico 149,541 1,297 64,709 2,328 49,662 1,644 Total 37,766,532 15,262,597 27,132,092 14,800,862 16,279,789 11,034,558 Eliminations and adjustment (720,373) 7,000,343 (335,145) 8,795,011 (144,044) 7,655,610 Total, net 37,046,159 22,262,940 26,796,947 23,595,873 16,135,745 18,690,168 (1) Includes interest and valuation on financial instruments. (2) Includes assets held for sale, premises and equipment, net, investment property, right-of-use assets, goodwill and intangible assets, net. |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 In millions of COP Cash and balances at central bank Cash 8,830,305 8,854,169 Due from central banks (1) 11,248,230 9,602,209 Due from other private financial entities 7,607,921 5,881,022 Checks on hold 214,004 289,924 Remittances of domestic negotiated checks in transit 74,524 93,844 Total cash and due from banks 27,974,984 24,721,168 Money market transactions Interbank borrowings 3,983,699 4,050,407 Reverse repurchase agreements and other similar secured loans 7,840,926 2,873,716 Total money market transactions 11,824,625 6,924,123 Total cash and cash equivalents 39,799,609 31,645,291 (1) According to External Resolution No. 20 of 2020 of Banco de la República, which amends External Resolution No. 5 of 2008 issued by the Colombian Central Bank, the Parent Company must maintain, the equivalent of 8% of the deposits mentioned in Article 1, paragraph (a), and the equivalent of 3.5% of its customer’s deposits with a maturity of less than 18 months (paragraph b), as ordinary 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, circular SBP-DR-0045-2023 dated July 25, 2023, communicates the decision of the Superintendency of Banks of Panama to maintain the percentage established in the General Resolution of the Board of Directors SBP-GJD-0003-2014 dated January 28, 2014, which sets at 30.00% the minimum legal liquidity rate that Panamanian banks must maintain. Finally, in accordance with temporary rule NPBT-11, which is effective from September 27, 2023, to March 26, 2024, Banco Agrícola must maintain an equivalent average daily amount of its deposits and debt instruments in issue as a liquidity reserve between 1.00% and 16.00% represented in unrestricted deposits or debt instruments in issue by El Salvador Central Bank. Once the complete term established, the bank continues with the Technical Norm (NRP-28), issued by the Central Bank, where the Bank must maintain an equivalent amount between 1.00% and 18.00% , which has been in effect since 23 June 2021. |
FINANCIAL ASSETS INVESTMENTS _2
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |
Schedule of 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, 2023 and 2022: As of December 31, 2023 Measurement methodology Financial assets investments Fair value through Fair value through other Amortized Total carrying profit or loss comprehensive income, net cost, net value, net In millions of COP Securities issued by foreign governments 6,274,400 2,437,996 537,831 9,250,227 Securities issued by the Colombian Government 4,725,605 2,725,722 68,624 7,519,951 Corporate bonds 237,234 611,153 2,559,336 3,407,723 Securities issued by government entities 84,990 - 3,129,501 3,214,491 Securities issued by other financial institutions (1)(2) 774,178 373,306 552,790 1,700,274 Total debt instruments 12,096,407 6,148,177 6,848,082 25,092,666 Total equity securities 98,853 444,357 543,210 Total other instruments financial (3) 38,319 38,319 Total financial assets investments 25,674,195 (1) Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 84,301 . For further information on TIPS’ fair value measurement see Note 30. Fair value of assets and liabilities. (2) At December 31, the Bank has recognized in the Consolidated Statement of Comprehensive Income COP 93,264 related to debt instruments at fair value through OCI. (3) Corresponds to convertible notes or agreements for the future purchase of shares, Simple Agreement for Future Equity “SAFE”, by Inversiones CFNS S.A.S., Sistema de Inversiones y Negocios, S.A. and Banagrícola S.A As of December 31, 2022 Measurement methodology Financial assets investments Fair value through Fair value through other Amortized Total carrying profit or loss comprehensive income, net cost, net value, net In millions of COP Securities issued by foreign governments 5,967,856 4,694,369 755,282 11,417,507 Securities issued by the Colombian Government 4,260,230 2,590,622 206,950 7,057,802 Corporate bonds 121,527 123,327 3,680,260 3,925,114 Securities issued by government entities 79,035 - 3,059,550 3,138,585 Securities issued by other financial institutions (1)(2) 610,618 569,357 634,318 1,814,293 Total debt instruments 11,039,266 7,977,675 8,336,360 27,353,301 Total equity securities 102,274 442,394 544,668 Total other instruments financial (3) 42,171 42,171 Total financial assets investments 27,940,140 (1) Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 91,204 . For further information on TIPS’ fair value measurement see Note 30. Fair value of assets and liabilities. (2) At December 31, 2022, the Bank has recognized in the Consolidated Statement of Comprehensive Income COP (164,542) related to debt instruments at fair value through OCI. (3) Corresponds to convertible notes or agreements for the future purchase of shares, Simple Agreement for Future Equity “SAFE”, by Inversiones CFNS S.A.S. and Sistema de Inversiones y Negocios, S.A. In 2022 were revealed as debt instruments and equity securities. |
Schedule of debt instruments portfolio by maturity | The following tables set forth the debt instruments portfolio by maturity: As of December 31, 2023 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 foreign governments 4,864,121 513,546 283,020 613,713 6,274,400 Securities issued by the Colombian Government 390,307 2,759,392 491,867 1,084,039 4,725,605 Securities issued by other financial institutions 312,749 236,597 89,526 135,306 774,178 Corporate bonds 39,361 40,930 28,624 128,319 237,234 Securities issued by government entities 48,893 33,601 2,496 - 84,990 Subtotal 5,655,431 3,584,066 895,533 1,961,377 12,096,407 Fair value through other comprehensive income Securities issued by the Colombian Government 2,672,090 53,632 - - 2,725,722 Securities issued by foreign governments 1,346,171 598,014 355,927 137,884 2,437,996 Corporate bonds 549 - 63,474 547,130 611,153 Securities issued by other financial institutions 149,124 154,659 - 69,523 373,306 Subtotal 4,167,934 806,305 419,401 754,537 6,148,177 Securities at amortized cost Securities issued by government entities 3,078,744 - - 50,757 3,129,501 Corporate bonds 229,811 46,925 322,314 1,960,286 2,559,336 Securities issued by other financial institutions 103,414 106,681 46,969 295,726 552,790 Securities issued by foreign governments 188,651 189,744 56,703 102,733 537,831 Securities issued by the Colombian Government 39,046 - 7,350 22,228 68,624 Subtotal 3,639,666 343,350 433,336 2,431,730 6,848,082 Total debt instruments 13,463,031 4,733,721 1,748,270 5,147,644 25,092,666 As of December 31, 2022 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 foreign governments 5,187,871 100,436 367,120 312,429 5,967,856 Securities issued by the Colombian Government 1,639,518 866,241 472,955 1,281,516 4,260,230 Securities issued by other financial institutions 198,255 287,933 52,592 71,838 610,618 Corporate bonds 46,638 32,989 19,228 22,672 121,527 Securities issued by government entities 23,763 45,921 5,757 3,594 79,035 Subtotal 7,096,045 1,333,520 917,652 1,692,049 11,039,266 Fair value through other comprehensive income Securities issued by foreign governments 2,930,125 878,199 694,837 191,208 4,694,369 Securities issued by the Colombian Government 2,590,622 - - - 2,590,622 Securities issued by other financial institutions 148,925 316,099 - 104,333 569,357 Corporate bonds - - - 123,327 123,327 Subtotal 5,669,672 1,194,298 694,837 418,868 7,977,675 Securities at amortized cost Corporate bonds 250,583 423,154 755,067 2,251,456 3,680,260 Securities issued by government entities 3,008,521 - - 51,029 3,059,550 Securities issued by foreign governments 16,676 431,662 116,919 190,025 755,282 Securities issued by other financial institutions 79,800 191,690 48,701 314,127 634,318 Securities issued by the Colombian Government - 170,314 9,139 27,497 206,950 Subtotal 3,355,580 1,216,820 929,826 2,834,134 8,336,360 Total debt instruments 16,121,297 3,744,638 2,542,315 4,945,051 27,353,301 |
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, 2023 December 31, 2022 In millions of COP Securities at fair value through OCI: Equity securities listed in Colombia (1) 2 40,878 Equity securities listed in foreign countries (1) 78,787 8,038 Equity securities unlisted: Telered S.A. 164,981 207,562 Asociación Gremial de Instituciones Financieras Credibanco S.A. 110,786 98,492 Transacciones y Transferencias, S. A. 17,346 16,890 Compañía de Procesamiento de Medios de Pago Guatemala (Bahamas), S. A. 16,333 21,727 Cámara de Riesgo Central de Contraparte de Colombia S.A. 14,998 6,038 Derecho Fiduciario Inmobiliaria Cadenalco 4,449 4,003 Others 36,675 38,766 Total equity securities at fair value through OCI 444,357 442,394 (1) In November 2023, the integration of the stock exchanges of Colombia, Chile, and Peru was perfected, resulting in the creation of the Regional Stock Holding. As a result of this integration, 5,992,160 shares of the Bolsa de Valores de Colombia S.A. were delisted for COP 56,146 , and 3,606,223 shares were recognized in the Regional Stock Holding for COP 78,139 , this transaction generated an income in results of COP 21,993 , see Note 25.5. Dividends and net income on equity investments. The Bank retains 134 shares that were not included in this transaction, valued at COP |
Schedule of the detail of the securities pledged as collateral | The detail of the securities pledged as collateral as of December 31, 2023 and 2022 is as follows: As of December 31, 2023 Pledged financial assets Term Security pledged Carrying amount In millions of COP Investments pledged as collateral in money market Securities issued by foreign governments Up to 3 months Time deposits 120,477 Securities issued by foreign governments Between 3 and 6 months Time deposits 94,582 Securities issued by other financial institutions Up to 3 months Time deposits 5,443 Securities issued by other financial institutions Between 6 and 12 months Time deposits 2,179 Securities issued by other financial institutions Greater than 12 months Time deposits 25,938 Securities issued by other financial institutions Greater than 12 months Bonds 6,687 Corporate bonds Up to 3 months Bonds 4,570 Subtotal investments pledged as collateral in money market 259,876 Investments pledged as collateral in derivative operations Securities issued by the Colombian Government Up to 3 months TES - Treasury instruments 39,257 Securities issued by the Colombian Government Between 6 and 12 months TES - Treasury instruments 7,821 Securities issued by the Colombian Government Greater than 12 months TES - Treasury instruments 1,244,190 Securities issued by foreign governments Between 3 and 6 months Foreign issueds 1,875 Subtotal investments pledged as collateral in derivative operations 1,293,143 Total securities pledged as collateral 1,553,019 As of December 31, 2022 Pledged financial assets Term Security pledged Carrying amount In millions of COP Investments pledged as collateral in money market Corporate bonds Between 3 and 6 months Bonds 5,101 Securities issued by other financial institutions Greater than 12 months Bonds 1,861 Securities issued by other financial institutions Greater than 12 months Time deposits 2,171 Securities issued by the Colombian Government Up to 3 months TES - Treasury instruments 23,764 Securities issued by the Colombian Government Greater than 12 months TES - Treasury instruments 30,383 Securities issued by foreign governments Greater than 12 months Bonds 212,249 Subtotal investments pledged as collateral in money market 275,529 Investments pledged as collateral in derivative operations Securities issued by the Colombian Government Up to 3 months TES - Treasury instruments 320,252 Securities issued by the Colombian Government Between 3 and 6 months TES - Treasury instruments 38,083 Securities issued by the Colombian Government Greater than 12 months TES - Treasury instruments 215,250 Subtotal investments pledged as collateral in derivative operations 573,585 Total securities pledged as collateral 849,114 |
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, 2023 Debt instruments portfolio measure at fair value through OCI and amortized cost Stage 1 Stage 2 Stage 3 Total In millions of COP Gross carrying amount as at 1 January 2023 15,973,144 340,891 - 16,314,035 Transfer from stage 1 to stage 3 (1) (30,784) - 30,784 - Transfer from stage 2 to stage 1 (1) 6,627 (6,627) - - Sales and maturities (9,792,950) - - (9,792,950) Purchases 7,701,763 - - 7,701,763 Valuation and payments 84,609 (66,959) - 17,650 Foreign Exchange (1,182,067) (62,172) - (1,244,239) Gross carrying amount as at 31 December 2023 12,760,342 205,133 30,784 12,996,259 (1) Stage transfer in corporate bonds by Banistmo S.A. y Filiales. As of December 31, 2022 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 2022 13,545,514 227,167 13,772,681 Transfer from stage 1 to stage 2 (1) (23,017) 23,017 - Transfer from stage 2 to stage 1 (2) 129,403 (129,403) - Change in measure (3) (110,061) - (110,061) Sales and maturities (8,056,827) (96,382) (8,153,209) Purchases 9,814,484 286,278 10,100,762 Valuation and payments (381,921) 2,979 (378,942) Foreign Exchange 1,055,569 27,235 1,082,804 Gross carrying amount as at 31 December 2022 15,973,144 340,891 16,314,035 (1) Stage transfer in corporate bonds by Banistmo S.A. y Filiales and Banagrícola S.A. y Filiales. (2) Stage transfer in securities issued by the Guatemalan government and corporate bonds by Bancolombia Panamá S.A. and Bancolombia Puerto Rico Internacional, Inc. (3) Mercom Bank Ltd., a Grupo Agromercantil Holding S.A. subsidiary, is in the process of being gradually wound down; the measurement of the portfolio of securities issued by the government of Guatemala was changed from amortized cost to fair value through profit or loss. |
Schedule of provisions for the debt instruments portfolio using the expected credit losses model | The following shows provisions detail for the debt instruments portfolio using the expected credit losses model: As of December 31, 2023 Concept Stage 1 Stage 2 Stage 3 Total In millions of COP Securities at amortized cost 6,612,165 205,133 30,784 6,848,082 Carrying amount 6,642,104 217,046 44,735 6,903,885 Loss allowance (29,939) (11,913) (13,951) (55,803) Securities at fair value through other comprehensive income (1) 6,148,177 - - 6,148,177 Total debt instruments portfolio measure at fair value through OCI and amortized cost 12,760,342 205,133 30,784 12,996,259 (1) Loss allowance of investments at fair value through OCI corresponds to COP (5,562) classified in stage 1. The increase in relation to 2022 is due to the acquisition of instruments for COP 3,760 . As of December 31, 2022 Concept Stage 1 Stage 2 Total In millions of COP Securities at amortized cost 7,995,469 340,891 8,336,360 Carrying amount 8,025,350 375,911 8,401,261 Loss allowance (29,881) (35,020) (64,901) Securities at fair value through other comprehensive income (1) 7,977,675 - 7,977,675 Total debt instruments portfolio measure at fair value through OCI and amortized cost 15,973,144 340,891 16,314,035 (1) Loss allowance of investments at fair value through OCI corresponds to COP (2,288) classified in stage 1. |
Schedule of the changes in the allowance for debt instruments measured at amortized cost and fair value through other comprehensive income | 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, 2023 Concept Stage 1 Stage 2 Stage 3 Total In millions of COP Loss allowance of January 1, 2023 29,881 35,020 - 64,901 Transfer from stage 1 to stage 3 (1) (13,951) - 13,951 - Transfer from stage 2 to stage 1 (1) 129 (129) - - Sales and maturities (9,459) - - (9,459) New debt instruments purchased (2) 10,497 - - 10,497 Net provisions recognised during the period (3) 19,030 (17,882) - 1,148 Foreign Exchange (4) (6,188) (5,096) - (11,284) Loss allowance of December 31, 2023 29,939 11,913 13,951 55,803 (1) Stage transfer in corporate bonds by Banistmo S.A. y Filiales. (2) Impairment is mainly in securities issued by government entities and corporate bonds by Bancolombia S.A. and Banistmo S.A. y Filiales. (3) The increase in stage 1 is mostly due to a higher value of impairment loss in corporate bonds by Banistmo S.A. y Filiales and provision recovery in stage 2 is mostly in securities issued by foreign governments by Banagrícola S.A. y Filiales. (4) The decrease is due to the variation in the market representative rate during the year 2023. As of December 31, 2022 Concept Stage 1 Stage 2 Total In millions of COP Loss allowance of January 1, 2022 17,690 6,989 24,679 Transfer from stage 1 to stage 2 (1) (3,808) 3,808 - Transfer from stage 2 to stage 1 (2) 526 (526) - Change in measure (3) (213) - (213) Sales and maturities (6,097) (1,170) (7,267) New debt instruments purchased (4) 16,104 28,795 44,899 Net provisions recognised during the period 3,482 (4,088) (606) Foreign Exchange 2,197 1,212 3,409 Loss allowance of December 31, 2022 29,881 35,020 64,901 (1) Stage transfer in corporate bonds by Banistmo S.A. y Filiales and Banagrícola S.A. y Filiales. (2) Stage transfer in securities issued by the Guatemalan government and corporate bonds by Bancolombia Panamá S.A. and Bancolombia Puerto Rico Internacional, Inc. (3) Mercom Bank Ltd., a Grupo Agromercantil Holding S.A. subsidiary, is in the process of being gradually wound down; the measurement of the portfolio of securities issued by the government of Guatemala was changed from amortized cost to fair value through profit or loss. (4) Impairment is mainly in securities issued by the government of Salvador and corporate bonds. As of December 31, 2021 Concept Stage 1 Stage 2 Total In millions of COP Loss allowance of January 1, 2021 34,500 4,626 39,126 Transfer from stage 1 to stage 2 (1) (1,670) 1,670 - Sales and maturities (6,137) - (6,137) New debt instruments purchased 10,273 - 10,273 Net provisions recognised during the period (23,809) (46) (23,855) Foreign Exchange 4,533 739 5,272 Loss allowance of December 31, 2021 17,690 6,989 24,679 (1) Stage transfer in corporate bonds by Banistmo S.A. y Filiales and Bancolombia Panamá S.A. |
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, 2023 and 2022: Derivatives December 31, 2023 December 31, 2022 In millions of COP Forwards Assets Foreign exchange contracts 4,381,906 1,573,952 Equity contracts 3,015 5,519 Subtotal assets 4,384,921 1,579,471 Liabilities Foreign exchange contracts 4,526,353 1,711,644 Equity contracts 10,481 7,203 Subtotal liabilities 4,536,834 1,718,847 Total forwards (151,913) (139,376) Swaps Assets Foreign exchange contracts 1,304,337 2,394,832 Interest rate contracts 352,424 865,627 Subtotal assets 1,656,761 3,260,459 Liabilities Foreign exchange contracts 1,491,086 1,917,397 Interest rate contracts 449,857 1,008,302 Subtotal liabilities 1,940,943 2,925,699 Total swaps (284,182) 334,760 Options Assets Foreign exchange contracts 210,588 121,307 Subtotal assets 210,588 121,307 Liabilities Foreign exchange contracts 232,587 92,908 Subtotal liabilities 232,587 92,908 Total options (21,999) 28,399 Derivative assets 6,252,270 4,961,237 Derivative liabilities 6,710,364 4,737,454 |
Schedule of the remaining contractual life of the derivatives portfolio | The following table sets forth the remaining contractual life of the derivatives portfolio: As of December 31, 2023 Forwards Swaps Options Total In millions of COP Assets 4,384,921 1,656,761 210,588 6,252,270 Less than 1 year 4,235,981 642,305 135,559 5,013,845 Between 1 and 3 years 147,826 517,314 75,029 740,169 Greater than 3 years 1,114 497,142 - 498,256 Liabilities 4,536,834 1,940,943 232,587 6,710,364 Less than 1 year 4,419,918 419,251 152,285 4,991,454 Between 1 and 3 years 116,916 979,130 80,302 1,176,348 Greater than 3 years - 542,562 - 542,562 As of December 31, 2022 Forwards Swaps Options Total In millions of COP Assets 1,579,471 3,260,459 121,307 4,961,237 Less than 1 year 1,432,022 860,281 108,319 2,400,622 Between 1 and 3 years 147,449 1,241,252 12,988 1,401,689 Greater than 3 years - 1,158,926 - 1,158,926 Liabilities 1,718,847 2,925,699 92,908 4,737,454 Less than 1 year 1,642,706 501,368 80,854 2,224,928 Between 1 and 3 years 76,141 1,092,480 12,054 1,180,675 Greater than 3 years - 1,331,851 - 1,331,851 |
Schedule of collateral for derivatives | The table below presents the collateral amounts posted under derivatives contracts as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 In millions of COP Collateral granted 2,326,977 1,143,266 Collateral received 795,628 655,176 |
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, 2023 Forward Swaps Options Total In millions of COP Balance at January 1, 2023 61,724 16,580 39,714 118,018 New trades 1,159,069 (26,905) 195,456 1,327,620 Amortization (1,176,173) 4,166 (148,299) (1,320,306) Sale or transfer (8,331) (7,471) (23,803) (39,605) Balance at December 31, 2023 36,289 (13,630) 63,068 85,727 As of December 31, 2022 Forward Swaps Opciones Total In millions of COP Balance at January 1, 2022 16,918 27,894 26,675 71,487 New trades 315,395 11,937 164,460 491,792 Amortization (265,268) (18,723) (113,705) (397,696) Sale or transfer (5,321) (4,528) (37,716) (47,565) Balance at December 31, 2022 61,724 16,580 39,714 118,018 |
Schedule of hedging instruments of net foreign investment | The following is the detail of the hedging instruments of the net foreign investment: As of December 31, 2023 Debt securities issued designated as a hedging instrument In thousands of USD Designated capital as Opening date Expiration date Rate Principal balance a hedged instrument 18/10/2017 18/10/2027 7.03 % 750,000 360,000 18/12/2019 18/12/2029 4.68 % 436,516 436,516 18/12/2019 18/12/2029 4.68 % 85,710 85,710 18/12/2019 18/12/2029 4.68 % 27,774 27,774 29/01/2020 29/01/2025 3.02 % 482,034 482,034 Total debt securities issued 1,782,034 1,392,034 Financing with Correspondent Banks designated as a hedging instrument 31/03/2022 17/03/2025 6.06 % 150,000 150,000 7/09/2022 5/09/2025 6.36 % 50,000 50,000 Total financing with Correspondent Banks 200,000 200,000 Total 1,982,034 1,592,034 As of December 31, 2022 Debt securities issued designated as a hedging instrument In thousands of USD Designated capital as Opening date Expiration date Rate Principal balance a hedged instrument 18/10/2017 18/10/2027 7.03 % 750,000 360,000 18/12/2019 18/12/2029 4.68 % 436,516 436,516 18/12/2019 18/12/2029 4.68 % 85,710 85,710 18/12/2019 18/12/2029 4.68 % 27,774 27,774 29/01/2020 29/01/2025 3.02 % 598,032 598,032 29/01/2020 29/01/2025 3.02 % 351,968 351,968 Total debt securities issued 2,250,000 1,860,000 Financing with Correspondent Banks designated as a hedging instrument 31/03/2022 17/03/2025 6.06 % 150,000 150,000 7/09/2022 5/09/2025 6.36 % 50,000 50,000 Total financing with Correspondent Banks 200,000 200,000 Total 2,450,000 2,060,000 |
Schedule of derivative instruments subject to enforceable master netting agreements and other similar agreements | 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, 2023 and 2022 by derivative and by risk: As of December 31, 2023 Derivatives Assets Derivatives Liabilities In millions of COP Over-the-counter Foreign exchange contracts Forwards 4,381,906 4,526,353 Swaps 1,304,337 1,491,086 Options 210,588 232,587 Interest rate contracts Swaps 352,424 449,857 Equity contracts Forwards 3,015 10,481 Gross derivative assets/liabilities 6,252,270 6,710,364 Offseting of derivates - - Derivative financial instruments in statement of financial position 6,252,270 6,710,364 Master netting agreements (6,215,727) (5,548,746) Collateral received/paid (36,543) (1,161,618) Total derivative financial instruments assetss/ liabilities before collateral and Master netting agreements - - As of December 31, 2022 Derivatives Assets Derivatives Liabilities In millions of COP Over-the-counter Foreign exchange contracts Forwards 1,573,952 1,711,644 Swaps 2,394,832 1,917,397 Options 121,307 92,908 Interest rate contracts Swaps 865,627 1,008,302 Equity contracts Forwards 5,519 7,203 Gross derivative assets/liabilities 4,961,237 4,737,454 Offseting of derivates - - Derivative financial instruments in statement of financial position 4,961,237 4,737,454 Master netting agreements (4,369,178) (4,578,461) Collateral received/paid (592,059) (158,993) Total derivative financial instruments assetss/ liabilities before collateral and Master netting agreements - - |
LOANS AND ADVANCES TO CUSTOME_2
LOANS AND ADVANCES TO CUSTOMERS, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022: Composition December 31, 2023 December 31, 2022 In millions of COP Commercial 134,687,396 143,537,853 Consumer 54,591,769 59,588,721 Mortgage 36,250,408 37,371,373 Financial Leases (1) 27,277,057 28,097,716 Small Business Loans 1,145,017 1,328,076 Total gross loans and advances to customers (2) 253,951,647 269,923,739 Total allowance (16,223,103) (15,479,640) Total Net loans and advances to customers 237,728,544 254,444,099 (1) See note 7.1 Lessor. (2) The operations in Colombia and Banistmo in Panama contributed to the portfolio contraction. In addition, in 2023 the Colombian peso revalued 20.54% against the US dollar. |
Schedule of the changes in the allowance for loans and advances and lease losses | As of December 31, 2023 Small Concept Commercial Consumer Mortgage Financial business Total Leases loans In millions of COP Balance at beginning of period January 1, 2023 7,270,305 6,047,135 1,024,091 1,013,074 125,035 15,479,640 Loan sales (1) (829,547) - - - - (829,547) Recovery of charged - off loans 93,251 548,655 64,573 61,749 2,706 770,934 Credit impairment charges on loans, advances and financial leases, net 756,174 6,313,453 104,417 167,904 119,531 7,461,479 Adjusted stage 3 (2) 427,283 509,668 33,465 67,288 11,201 1,048,905 Charges-off (970,685) (5,261,966) (128,532) (277,904) (81,276) (6,720,363) Translation adjustment (456,515) (439,907) (74,808) (7,536) (9,179) (987,945) Balance at December 31, 2023 6,290,266 7,717,038 1,023,206 1,024,575 168,018 16,223,103 (1) Corresponds to the release of loan allowances related to portfolio sales. (2) Recognized as a reduction to Interest Income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9. The charges-off still subject to enforcement activity. As of December 31, 2022 Small Concept Commercial Consumer Mortgage Financial business Total Leases loans In millions of COP Balance at beginning of period January 1, 2022 7,813,023 5,305,267 1,061,058 1,521,067 164,067 15,864,482 Loan sales (1) (225,226) - - - - (225,226) Recovery of charged - off loans 188,018 385,011 28,690 72,056 1,191 674,966 Credit impairment charges on loans, advances and financial leases, net 502,577 3,447,515 183,436 (461,665) 49,490 3,721,353 Adjusted stage 3 (2) 323,196 279,843 38,769 48,836 11,989 702,633 Charges-off (1,742,895) (3,788,517) (345,991) (176,407) (111,092) (6,164,902) Translation adjustment 411,612 418,016 58,129 9,187 9,390 906,334 Balance at December 31, 2022 7,270,305 6,047,135 1,024,091 1,013,074 125,035 15,479,640 (1) Corresponds to the release of loan allowances related to portfolio sales. (2) Recognized as a reduction to Interest Income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9. The charges-off still subject to enforcement activity. 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 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) Corresponds to the release of loan allowances related to portfolio sales. (2) Recognized as a reduction to Interest Income on loans and financial leases in Consolidated Statement of Income, in accordance with IFRS 9. The charges-off still subject to enforcement activity. |
Schedule of changes in the contractual cash flows of the loan portfolio that did not result in derecognition | The following table presents information about the nature and effects of changes in the contractual cash flows of the loan portfolio that did not result in derecognition and the effect of these changes on the measurement of expected credit losses. Changes in the contractual cash flows of the loan portfolio that did not result in derecognition In millions of COP 2023 2022 Loan portfolio modified during the period Amortized cost before modification 7,566,692 5,524,962 Net gain or loss on changes (182,023) (78,790) Loan portfolio modified since initial recognition Gross carrying value of the previously modified loan portfolio for which the allowance for losses has been changed from the asset's life to the expected credit losses for 12 months. 393,789 164,423 |
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 loan losses by category during the periods ended on December 31, 2023 and 2022 as a result of applying the expected credit loss model according to IFRS 9: As of December 31, 2023 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, 2023 126,530,862 (665,259) 8,062,435 (751,728) 8,944,556 (5,853,318) 143,537,853 (7,270,305) Transfers of financial instruments: (1,248,210) (73,788) (565,802) 157,677 1,814,012 (83,889) - - Transfers from stage 1 to stage 2 (1,286,292) 24,362 1,286,292 (24,362) - - - - Transfers from stage 1 to stage 3 (900,645) 26,071 - - 900,645 (26,071) - - Transfers from stage 2 to stage 1 931,660 (118,403) (931,660) 118,403 - - - - Transfers from stage 2 to stage 3 - - (1,081,128) 139,257 1,081,128 (139,257) - - Transfers from stage 3 to stage 1 7,067 (5,818) - - (7,067) 5,818 - - Transfers from stage 3 to stage 2 - - 160,694 (75,621) (160,694) 75,621 - - Remeasurement arising from transfer of stage (172,134) 98,684 (190,275) (7,563) (153,574) (1,140,608) (515,983) (1,049,487) Remeasurement from remaining in the stage (10,087,837) 69,038 (444,057) 97,791 (135,588) (159,438) (10,667,482) 7,391 Remeasurement due to changes in economics factors - (14,781) - (19,968) - 7,515 - (27,234) Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - 19,001 - 53,533 - 25,299 - 97,833 New financial assets purchased/originated (1) 60,154,305 (302,169) 1,192,219 (143,442) 1,296,765 (725,298) 62,643,289 (1,170,909) Financial assets that have been derecognized (45,206,464) 181,931 (1,519,892) 121,596 (1,715,530) 1,391,718 (48,441,886) 1,695,245 Charges-off (19,285) 973 (81,528) 17,475 (869,872) 952,237 (970,685) 970,685 Foreign Exchange and other movements (9,177,310) 48,275 (999,563) 49,159 (720,837) 359,081 (10,897,710) 456,515 Balance at December 31, 2023 120,773,927 (638,095) 5,453,537 (425,470) 8,459,932 (5,226,701) 134,687,396 (6,290,266) (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, 2023 51,510,943 (1,823,841) 5,288,921 (1,868,882) 2,788,857 (2,354,412) 59,588,721 (6,047,135) Transfers of financial instruments: (2,366,645) (213,509) 299,377 313,735 2,067,268 (100,226) - - Transfers from stage 1 to stage 2 (1,890,263) 116,262 1,890,263 (116,262) - - - - Transfers from stage 1 to stage 3 (1,805,932) 124,706 - - 1,805,932 (124,706) - - Transfers from stage 2 to stage 1 1,252,391 (381,036) (1,252,391) 381,036 - - - - Transfers from stage 2 to stage 3 - - (547,962) 230,723 547,962 (230,723) - - Transfers from stage 3 to stage 1 77,159 (73,441) - - (77,159) 73,441 - - Transfers from stage 3 to stage 2 - - 209,467 (181,762) (209,467) 181,762 - - Remeasurement arising from transfer of stage (176,080) 281,499 (103,802) (541,174) 990,976 (4,445,663) 711,094 (4,705,338) Remeasurement from remaining in the stage (4,024,103) (79,073) (162,497) (79,505) 278,004 (493,421) (3,908,596) (651,999) Remeasurement due to changes in economics factors - (242,317) - (32,244) - 989 - (273,572) Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - (423,782) - 252,110 - 19,805 - (151,867) New financial assets purchased/originated (1) 15,350,895 (866,684) 1,429,142 (584,910) 1,275,594 (1,053,814) 18,055,631 (2,505,408) Financial assets that have been derecognized (9,643,264) 349,930 (858,742) 315,991 (294,422) 250,487 (10,796,428) 916,408 Charges-off (1,299,715) 231,387 (1,129,877) 542,312 (2,832,374) 4,488,267 (5,261,966) 5,261,966 Foreign Exchange and other movements (3,291,416) 114,156 (355,455) 98,062 (149,816) 227,689 (3,796,687) 439,907 Balance at December 31, 2023 46,060,615 (2,672,234) 4,407,067 (1,584,505) 4,124,087 (3,460,299) 54,591,769 (7,717,038) (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, 2023 23,566,544 (151,328) 3,172,285 (238,920) 1,358,887 (622,826) 28,097,716 (1,013,074) Transfers of financial instruments: (33,774) (56,552) (337,901) 74,010 371,675 (17,458) - - Transfers from stage 1 to stage 2 (886,398) 15,837 886,398 (15,837) - - - - Transfers from stage 1 to stage 3 (214,258) 6,202 - - 214,258 (6,202) - - Transfers from stage 2 to stage 1 1,065,222 (77,927) (1,065,222) 77,927 - - - - Transfers from stage 2 to stage 3 - - (211,221) 26,291 211,221 (26,291) - - Transfers from stage 3 to stage 1 1,660 (664) - - (1,660) 664 - - Transfers from stage 3 to stage 2 - - 52,144 (14,371) (52,144) 14,371 - - Remeasurement arising from transfer of stage (67,839) 66,879 (66,232) (43,021) 38,500 (275,772) (95,571) (251,914) Remeasurement from remaining in the stage (1,719,440) 7,812 (84,050) 27,024 (16,635) (44,480) (1,820,125) (9,644) Remeasurement due to changes in economics factors - (2,286) - (4,103) - 8,419 - 2,030 Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - (1,756) - (5,150) - 8,486 - 1,580 New financial assets purchased/originated (1) 2,926,745 (21,654) 915,316 (57,704) 67,467 (45,494) 3,909,528 (124,852) Financial assets that have been derecognized (1,780,980) 11,596 (264,866) 12,186 (129,570) 62,077 (2,175,416) 85,859 Charges-off (863) 29 (25,471) 27,464 (251,570) 250,411 (277,904) 277,904 Foreign Exchange and other movements (337,265) 1,831 (15,981) 1,573 (7,925) 4,132 (361,171) 7,536 Balance at December 31, 2023 22,553,128 (145,429) 3,293,100 (206,641) 1,430,829 (672,505) 27,277,057 (1,024,575) (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, 2023 34,067,734 (206,800) 1,997,270 (256,275) 1,306,369 (561,016) 37,371,373 (1,024,091) Transfers of financial instruments: (1,226,789) (46,563) 838,151 32,285 388,638 14,278 - - Transfers from stage 1 to stage 2 (1,419,929) 20,379 1,419,929 (20,379) - - - - Transfers from stage 1 to stage 3 (330,417) 7,821 - - 330,417 (7,821) - - Transfers from stage 2 to stage 1 523,311 (74,687) (523,311) 74,687 - - - - Transfers from stage 2 to stage 3 - - (306,993) 52,110 306,993 (52,110) - - Transfers from stage 3 to stage 1 246 (76) - - (246) 76 - - Transfers from stage 3 to stage 2 - - 248,526 (74,133) (248,526) 74,133 - - Remeasurement arising from transfer of stage (18,655) 45,186 (8,302) (84,371) 63,442 (154,335) 36,485 (193,520) Remeasurement from remaining in the stage (1,240,204) (6,873) (12,416) (5,955) (20,842) (125,459) (1,273,462) (138,287) Remeasurement due to changes in economics factors - (8,108) - (1,386) - - - (9,494) Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - 54,756 - 17,730 - 58,972 - 131,458 New financial assets purchased/originated (1) 5,361,515 (36,938) 102,552 (19,513) 37,864 (11,435) 5,501,931 (67,886) Financial assets that have been derecognized (1,428,077) 11,130 (69,961) 10,885 (106,100) 53,259 (1,604,138) 75,274 Charges-off (2,088) 8 (2,446) 497 (123,998) 128,027 (128,532) 128,532 Foreign Exchange and other movements (3,302,788) 9,287 (216,194) 21,182 (134,267) 44,339 (3,653,249) 74,808 Balance at December 31, 2023 32,210,648 (184,915) 2,628,654 (284,921) 1,411,106 (553,370) 36,250,408 (1,023,206) (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, 2023 1,093,973 (28,564) 135,528 (29,024) 98,575 (67,447) 1,328,076 (125,035) Transfers of financial instruments: (210,552) 3,957 155,467 (680) 55,085 (3,277) - - Transfers from stage 1 to stage 2 (177,024) 4,932 177,024 (4,932) - - - - Transfers from stage 1 to stage 3 (46,849) 2,745 - - 46,849 (2,745) - - Transfers from stage 2 to stage 1 13,169 (3,625) (13,169) 3,625 - - - - Transfers from stage 2 to stage 3 - - (17,243) 5,043 17,243 (5,043) - - Transfers from stage 3 to stage 1 152 (95) - - (152) 95 - - Transfers from stage 3 to stage 2 - - 8,855 (4,416) (8,855) 4,416 - - Remeasurement arising from transfer of stage (2,939) 2,268 (4,798) (5,519) (8,155) (58,743) (15,892) (61,994) Remeasurement from remaining in the stage (133,210) 5,932 (9,475) (7,767) (94) (9,821) (142,779) (11,656) Remeasurement due to changes in economics factors - (3,185) - (882) - 24 - (4,043) Remeasurement due to changes in model inputs - - - - - - - - Remeasurement due to methodological changes - (14,202) - 3,792 - 2,808 - (7,602) New financial assets purchased/originated (1) 395,777 (29,237) 31,394 (8,643) 32,093 (28,378) 459,264 (66,258) Financial assets that have been derecognized (220,594) 5,021 (13,738) 3,545 (12,904) 9,549 (247,236) 18,115 Charges-off (17,840) 1,787 (17,376) 7,174 (46,060) 72,315 (81,276) 81,276 Foreign Exchange and other movements (130,044) 993 (16,699) 3,139 (8,397) 5,047 (155,140) 9,179 Balance at December 31, 2023 774,571 (55,230) 260,303 (34,865) 110,143 (77,923) 1,145,017 (168,018) (1) Includes financial assets purchased, originated and restructured. |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
LEASES | |
Schedule of 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, 2023 Period Gross investment in finance lease receivable Present value of minimum payments In millions of COP Less than 1 year 1,481,313 1,257,859 Between 1 and 5 years 10,967,173 8,338,151 Greater than 5 years 34,066,937 17,681,047 Total gross investment in finance lease receivable/ present value of minimum payments 46,515,423 27,277,057 Less: Future financial income (1) (19,238,366) - Present value of payments receivable (2) 27,277,057 27,277,057 Minimum non-collectable payments impairment (1,024,575) (1,024,575) Total 26,252,482 26,252,482 (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, 2022 Period Gross investment in finance lease receivable Present value of minimum payments In millions of COP Less than 1 year 634,388 612,012 Between 1 and 5 years 10,579,102 8,286,322 Greater than 5 years 34,118,764 19,199,382 Total gross investment in finance lease receivable/ present value of minimum payments 45,332,254 28,097,716 Less: Future financial income (1) (17,234,538) - Present value of payments receivable (2) 28,097,716 28,097,716 Minimum non-collectable payments impairment (972,743) (972,743) Total 27,124,973 27,124,973 (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 | The following table sets the unsecured residual values by type of asset as of December 31, 2023 and 2022: Type of asset December 31, 2023 December 31, 2022 In millions of COP Technological equipment 49,990 47,922 Vehicles 14,243 24,187 Machinery and equipment 11,930 13,124 Furniture and fixtures 12 28 Other assets 1,417 1,541 Total 77,592 86,802 (*) 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 | 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, 2023 December 31, 2022 In millions of COP Technological equipment 20,717 30,075 Buildings 8,088 3,905 Machinery and equipment 532 498 Vehicles 102 206 Furniture and fixtures - 1 Total 29,439 34,685 |
Schedule of minimum payments on operating leases to be received | The following table presents the information of minimum payments by lease to be received: December 31, 2023 December 31, 2022 In millions of COP Less than 1 year 259,277 501,738 Between 1 and 5 years 524,293 783,663 Greater than 5 years 60,619 423,459 Total (1) 844,189 1,708,860 (1) During 2023, Renting S.A.S. have subleased their vehicles under financial leases, therefore operational placements through own resources and the number of operational vehicles have decreased. |
Schedule of the rollforward of right of use assets | 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, 2023 and 2022, the rollforward of right-of-use assets was as follows: As of December 31, 2023 Roll - forward Right-of-use assets Balance at January 01, 2023 Acquisitions Additions Expenses depreciation (1) Disposals Revaluation (2) Effect of changes in foreign exchange rate Balance at December 31, 2023 In millions of COP Buildings Cost 2,319,471 67,049 11,861 - (75,701) 218,592 (238,350) 2,302,922 Accumulated depreciation (637,615) - - (198,156) 41,560 - 87,425 (706,786) Furniture and fixtures Cost 4,449 620 - - (1,783) - (524) 2,762 Accumulated depreciation (4,291) - - (548) 1,708 - 524 (2,607) Computer equipment Cost 95,240 7,965 - - (30,650) (2,773) (11,713) 58,069 Accumulated depreciation (53,757) - - (17,043) 29,864 - 6,000 (34,936) Vehicles Cost 136,560 418,773 - - (539,293) 4,419 (704) 19,755 Accumulated depreciation (32,949) - - (13,918) 41,128 - 605 (5,134) Total right-of-use assets – cost 2,555,720 494,407 11,861 - (647,427) 220,238 (251,291) 2,383,508 Total right-of-use assets - accumulated depreciation (728,612) - - (229,665) 114,260 - 94,554 (749,463) Total right-of-use assets, net 1,827,108 494,407 11,861 (229,665) (533,167) 220,238 (156,737) 1,634,045 (1) See Note 26.3 Impairment, depreciation and amortization. (2) The variation corresponds mainly to changes in the estimated term of buildings lease liabilities. As of December 31, 2022 Roll - forward Right-of-use assets Balance at January 01, 2022 Acquisitions Additions Expenses depreciation (1) Disposals Revaluation Effect of changes in foreign exchange rate Balance at December 31, 2022 In millions of COP Buildings Cost 2,015,154 66,738 8,746 - (55,759) 83,387 201,205 2,319,471 Accumulated depreciation (431,147) - - (175,538) 31,276 - (62,206) (637,615) Furniture and fixtures Cost 3,972 - - - - 37 440 4,449 Accumulated depreciation (2,821) - - (1,066) - - (404) (4,291) Computer equipment Cost 87,357 2,603 - - (985) (2,659) 8,924 95,240 Accumulated depreciation (32,538) - - (18,717) 826 - (3,328) (53,757) Vehicles Cost 72,369 99,041 - - (70,207) 34,776 581 136,560 Accumulated depreciation (16,481) - - (17,540) 1,558 - (486) (32,949) Total right-of-use assets – cost 2,178,852 168,382 8,746 - (126,951) 115,541 211,150 2,555,720 Total right-of-use assets - accumulated depreciation (482,987) - - (212,861) 33,660 - (66,424) (728,612) Total right-of-use assets, net 1,695,865 168,382 8,746 (212,861) (93,291) 115,541 144,726 1,827,108 (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, 2023 and 2022: As of December 31, 2023 Concept Total In millions of COP Balance at January 01, 2023 1,900,268 (+) New contracts 75,345 (+/-) Reassessment of the lease liability (1) 161,787 (-) Payments (305,413) (+) Accrued Interest (2) 123,175 (+/-) Effect of changes in foreign exchange rate (3) (181,552) Balance at December 31, 2023 1,773,610 (1) The variation corresponds mainly to changes in the estimated term of buildings lease liabilities. (2) The difference of COP 9,360 with the interest expensive on lease liabilities recognized in the Consolidated Statement 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 (3) The variation is due to the decrease in the market representative rate from COP 4,810.20 colombian pesos in December 2022 to COP 3,822.05 colombian pesos in December 2023. As of December 31, 2022 Concept Total In millions of COP Balance at January 01, 2022 1,819,077 (+) New contracts 68,201 (+/-) Reassessment of the lease liability 12,131 (-) Payments (285,920) (+) Accrued Interest (1) 123,510 (+/-) Effect of changes in foreign exchange rate 163,269 Balance at December 31, 2022 1,900,268 (1) The difference of COP 12,161 with the interest expensive on lease liabilities recognized in the Consolidated Statement 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 | The following table shows maturity analysis of lease liabilities as of December 31, 2023 and 2022: As of December 31, 2023 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 17,345 58,438 230,397 1,441,288 1,747,468 Vehicles 125 245 - - 370 Computer equipment 2,733 14,124 7,524 1,391 25,772 Total lease liabilities 20,203 72,807 237,921 1,442,679 1,773,610 As of December 31, 2022 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 10,502 43,545 82,647 1,716,968 1,853,662 Vehicles 83 300 183 - 566 Computer equipment 3,052 17,775 14,650 10,563 46,040 Total lease liabilities 13,637 61,620 97,480 1,727,531 1,900,268 |
Schedule of weighted average rates and average useful life of right of use assets | The following table shows the weighted average rates and average useful life of right-of-use assets as of December 31, 2023 and 2022: As of December 31, 2023 Right-of-use assets Weighted average life Weighted average remaining lease terms Weighted average discount rates Buildings 209 99 6.67 % Computer equipment 73 31 8.36 % Vehicles 51 22 9.81 % As of December 31, 2022 Right-of-use assets Weighted average life Weighted average remaining lease terms Weighted average discount rates Buildings 195 97 5.75 % Computer equipment 75 35 8.65 % Vehicles 48 35 10.24 % |
Summary of leases in the Consolidated Statement of Income | The following table shows the detail of leases in the Consolidated Statement of Income as of December 31, 2023 and 2022: As of December 31, 2023 Right-of-use assets Financial interest (1) Expenses depreciation (2) 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 109,800 198,156 62 983 235 7,577 Vehicles 40 13,918 - 51 - - Computer equipment 3,907 17,043 - - 6,545 - Furniture and fixtures 68 548 - 904 432 - Total 113,815 229,665 62 1,938 7,212 7,577 (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 9,360 , see Note 25.2 Interest expenses. (2) See Note 26.3 Impairment, depreciation and amortization. As of December 31, 2022 Right-of-use assets Financial interest (1) Expenses depreciation (2) 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 107,002 175,538 416 872 208 6,048 Vehicles 13 17,540 - 394 55 - Computer equipment 4,289 18,717 - - 8,649 - Furniture and fixtures 45 1,066 - 1,015 2,685 - Total 111,349 212,861 416 2,281 11,597 6,048 (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 12,161 , see Note 25.2 Interest expenses. (2) See Note 26.3 Impairment, depreciation and amortization. |
Schedule of minimum payments lease liabilities | The following table contains the minimum payments lease liabilities as of December 31, 2023 and 2022: As of December 31, 2023 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 21,050 73,316 301,470 2,074,687 2,470,523 Vehicles 193 206 - - 399 Computer equipment 2,964 16,263 1,550 8,323 29,100 Total minimum payments lease liabilities 24,207 89,785 303,020 2,083,010 2,500,022 As of December 31, 2022 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 13,492 52,100 110,495 2,427,607 2,603,694 Vehicles 84 330 229 256 899 Computer equipment 3,117 19,266 19,875 14,292 56,550 Total minimum payments lease liabilities 16,693 71,696 130,599 2,442,155 2,661,143 |
INVESTMENTS IN ASSOCIATES AND_2
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 In millions of COP Investments in associates (1) 2,526,073 2,300,450 Investments in joint ventures (2) 471,530 615,183 Total associates and joint ventures 2,997,603 2,915,633 (1) As of December 31, 2023 and 2022, the amount includes investments in associates at fair value for COP 1,670,782 and COP 1,532,156 , respectively, and investments in associates at equity method value for COP 855,291 and COP 768,294 respectively. See Note 30. Fair value of assets and liabilities. (2) All investments in joint ventures are accounted for using the equity method. |
Schedule of the investments in associates | The following are the investments in associates that the Bank holds as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Company name Main activity Country % of Ownership Carrying % of Ownership Carrying interest amount interest amount In millions of COP P.A Viva Malls Development and operation of commercial spaces Colombia 49.00 % 1,661,679 49.00 % 1,530,459 Protección S.A. Administration of pension funds and severances Colombia 20.58 % 594,105 * 20.58 % 533,584 P.A El Bosque Real estate ecosystems Colombia 14.11 % 57,120 * 14.11 % 40,231 * Titularizadora Colombiana S.A. Hitos. Mortgage portfolio securities Colombia 26.98 % 37,950 * 26.98 % 35,756 * Redeban Multicolor S.A. Network data transmission services Colombia 20.36 % 35,735 * 20.36 % 31,876 * P.A El Otoño Real estate ecosystems Colombia 16.30 % 33,442 * 16.30 % 23,960 * ACH Colombia S.A. Electronic transfer services Colombia 19.94 % 21,952 * 19.94 % 19,005 * Gestoría Externa de Portafolios S.A. Investment management service Colombia 49.31 % 11,278 * - - Servicio Salvadoreño de Protección, S. A. de C.V. Custodial services and transfer of monetary types El Salvador 25.00 % 10,223 * 25.00 % 14,497 * Servicios Financieros, S.A. de C.V. Processing of financial transactions and electronic payment methods El Salvador 49.78 % 9,514 * 49.78 % 11,392 * P.A Madrid II Real estate ecosystems Colombia 20.00 % 9,208 * 20.00 % 9,126 * P.A Distrito Vera Real estate ecosystems Colombia 33.33 % 9,103 33.33 % 1,697 * P.A Boreal Real estate ecosystems Colombia 20.00 % 7,579 * 20.00 % 7,477 P.A La Felicidad Real estate ecosystems Colombia 20.00 % 6,938 * 20.00 % 9,798 * Internacional Ejecutiva de Aviación S.A.S. Aircraft and aircraft travel service Colombia 25.00 % 6,093 * 25.00 % 6,455 Reintegra S.A.S. Collections and recovery of portfolio Colombia 46.00 % 5,864 * 46.00 % 11,211 * P.A Mirador de la Ciénaga. Real estate ecosystems Colombia 13.00 % 4,518 * 13.00 % 3,329 * ACH de El Salvador, S. A. de C.V. Electronic transfer services El Salvador 25.00 % 1,554 * 25.00 % 2,140 * Agricapital S.A.S. (1) Financial services Colombia 10.79 % 1,262 * 10.21 % 1,408 * Servicios de Identidad Digital S.A.S. Digital services Colombia 33.33 % 956 33.33 % 7,049 Total, investments in associates 2,526,073 2,300,450 (1) In 2023, the ownership interest is increased due to capitalization through Bancolombia S.A. (*) For the purposes of applying the equity method of accounting, financial statements as of November 30, 2023 and 2022 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, 2023 and 2022. The following table sets forth the changes in the carrying amount of associates of the Bank as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 In millions of COP P.A Viva Malls Protección S.A. Others Total P.A Viva Malls Protección S.A. Others Total Balance at January 1, 1,530,459 533,584 236,407 2,300,450 1,355,688 630,821 151,647 2,138,156 Equity method - Gain (1) 128,028 62,442 40,234 230,704 189,132 46,812 29,941 265,885 OCI (Equity method) - (1,921) (1,039) (2,960) - 3,137 2,227 5,364 OCI (Translation adjustment) - - (5,674) (5,674) - - 4,466 4,466 Purchase / capitalizations 3,192 - 35,561 38,753 - 61,728 74,634 136,362 Sells or refund of contributions (2) - - (6,428) (6,428) (14,361) (208,914) (6,155) (229,430) Impairment loss (3) - - (2,017) (2,017) - - (2,656) (2,656) Dividends - - (28,249) (28,249) - - (28,005) (28,005) Others - - 1,494 1,494 - - 10,308 10,308 Balance at December 31, 1,661,679 594,105 270,289 2,526,073 1,530,459 533,584 236,407 2,300,450 (1) For further information see Note 25.5. Dividends and net income on equity investments. (2) In December 2022, was registered the spin-off of Protección S.A. and the creation of the company Asulado Seguros de Vida S.A., of which the Bank sold its participation to SURA Asset Management S.A., in order to comply with the authorized investment regime. For further information, see Note 25.5. Dividends and net income on equity investments. (3) For 2023 and 2022, the Bank management performed a valuation, to establish the recoverable amount based in value in use of Reintegra S.A.S., which amounted to COP 5,750 and COP 8,735 , respectively, with a 21.5% discount rate. As a result of the valuation, the recoverables amounts of the investment were lower than the carrying amount of each year, for this, the Bank recorded an impairment in the Consolidated Statement of Income for COP 2,017 for 2023 and COP 7,688 for 2022. In addition, in 2022 the Bank management also performed a valuation, to establish the recoverable amount of Internacional Ejecutiva de Aviación S.A.S. based in fair value (Level 3) less sales costs using a methodology based on the commercial appraisal of the entity's assets, which amounted to COP 10,359 . As a result of the valuation, the recoverable amount of the investment was higher than the carrying amount, for this, the Bank recognised a recovery of the impairment losses in the Consolidated Statement of Income for COP 5,032 . For further information see Note 25.5. Dividends and net income on equity investments. |
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, 2023 and 2022: As of December 31, 2023 Income from Assets Liabilities OCI ordinary activities Profits Company name (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) In millions of COP P.A Viva Malls 3,492,834 101,653 - 849,928 327,838 Protección S.A. 2,955,547 666,280 80,088 1,597,171 303,460 As of December 31, 2022 Income from Assets Liabilities OCI ordinary activities Profits Company name (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) In millions of COP P.A Viva Malls 3,152,529 19,705 - 689,794 418,410 Protección S.A. 2,619,197 624,052 89,419 2,993,740 227,514 |
Schedule of the joint ventures | The following are the joint ventures that the Bank holds as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Company name Main activity Country % of Ownership Carrying % of Ownership Carrying interest amount interest amount In millions of COP Compañía de Financiamiento TUYA S.A. (1) Financing Services Colombia 50.00 % 410,324 50.00 % 564,998 P.A Laurel Renewable energies Colombia 50.00 % 27,364 * 50.00 % 22,150 Puntos Colombia S.A.S. Administration of the customers loyalty Colombia 50.00 % 10,922 * 50.00 % 11,514 Fondo de Capital Privado Ruta del Sol compartimento A Investment in infrastructure projects Colombia 25.90 % 10,588 * 25.90 % 10,159 Ecosistemas Digitales de Negocio S.A.S. Digital electronic billing services Colombia 50.00 % 6,293 * 50.00 % 3,832 P.A Muverang Sustainable mobility services Colombia 33.33 % 2,684 33.33 % 2,351 P.A Blup Inventory finance and comprehensive logistics operation Colombia 50.00 % 3,313 50.00 % 179 * P.A. Finsocial Purchase and sale of loans and receivables Colombia 50.00 % 42 * - - P.A Reintegra (2) Collections and recovery of portfolio Colombia 46.00 % - * 46.00 % - * Avicapital (3) Purchase and sale of loans and receivables Colombia 50.00 % - - - Total investments in joint venture 471,530 615,183 (1) See table the changes in the carrying amount of joint ventures of the Bank as of December 31, 2023 and 2022 (2) In 2023 and 2022, 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 these years. (3) The value of the investment in the company is COP 0 , due to the recognition of the company's losses up to its recoverable value. (*) For the purposes of applying the equity method of accounting, financial statements as of November 30, 2023 and 2022 have been used. However, the Bank does not consider that any adjustments have to be made since no significant transactions took place between these dates and December 31, 2023 and 2022. The following table sets forth the changes in the carrying amount of joint ventures of the Bank as of December 31, 2023 and 2022: December 31, 2023 December 31, 2022 In millions of COP Compañía de Compañía de financiamiento Others Total financiamiento Others Total TUYA S.A. TUYA S.A. Balance at January 1, 564,998 50,185 615,183 546,633 35,770 582,403 Equity method - (Loss) / Gain (1) (110,600) (6,989) (117,589) (36,635) (10,145) (46,780) Purchase / capitalizations 62,500 17,890 80,390 55,000 31,524 86,524 Sells or refund of contributions - (296) (296) - (10) (10) (Impairment loss) / Recovery (2) (106,574) 416 (106,158) - (6,977) (6,977) Others - - - - 23 23 Balance at December 31, 410,324 61,206 471,530 564,998 50,185 615,183 (1) For further information see Note 25.5. Dividends and net income on equity investments. (2) During the year 2023, the impairment loss relates mainly to the fact that the Bank's management requested a valuation of joint venture Tuya S.A. to establish the recoverable amount based in value in use of the previously mentioned joint ventures, which amounted to COP 425,494 with a 13.1% - 20.3% discount rate. As a result of the valuation, the recoverable amount on investment was lower than the carrying amount, therefore, the Bank recorded an impairment in the Consolidated Statement of Income for COP 106,574 . Additionally, for 2023, the Bank management performed a valuation, to establish the recoverable amount based in value in use of Fondo de Capital Privado Ruta del Sol compartimento A, which amounted to COP 2,742 , with a 36.03% discount rate. As a result of the valuation, the recoverable amount of the investment was higher than the carrying amount, for this, the Bank recognised a recovery of the impairment losses for COP 416 . See Note 25.5. Dividends and net income on equity investments. |
Schedule of additional information regarding the bank's most significant joint ventures | The following is additional information regarding the Bank’s most significant joint ventures as of December 31, 2023 and 2022: As of December 31, 2023 Income from Assets Liabilities ordinary activities Loss Company name (unaudited) (1) (unaudited) (unaudited) (unaudited) (2) In millons of COP Compañía de financiamiento TUYA S.A. 3,827,631 3,313,741 2,205,538 221,199 (1) Includes cash and cash equivalents for COP 223,625 . (2) Includes interest and valuation income for COP 1,142,715 , credit impairment charges, net for COP 949,125 , interest expenses for COP 502,501 , depreciation and amortization for COP 38,491 and income tax revenue for COP 131,265 . As of December 31, 2022 Income from Assets Liabilities ordinary activities Loss Company name (unaudited) (1) (unaudited) (unaudited) (unaudited) (2) In millons of COP Compañía de financiamiento TUYA S.A. 5,101,346 4,491,257 1,973,131 73,266 (1) Includes cash and cash equivalents for COP 523,835 . (2) Includes interest and valuation income for COP 1,001,631 , interest expenses for COP 304,114 , depreciation and amortization for COP 32,122 and income tax revenue for COP 7,907 . |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
GOODWILL AND INTANGIBLE ASSETS, NET | |
Schedule of intangible assets and goodwill, net | Intangibles assets and goodwill net are as follows: December 31, 2023 December 31, 2022 In millions of COP Goodwill 7,818,125 9,836,661 Intangible assets 671,572 602,531 Total intangible assets and goodwill, net 8,489,697 10,439,192 |
Schedule of intangible assets | The following table sets forth the Bank’s intangible assets as of December 31, 2023 and 2022, including the reconciliation of initial and final balances of the cost and accrued amortization: As of December 31, 2023 Licenses, software Cost Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2023 28,438 1,361,258 554,558 1,944,254 Acquisitions - 352,248 - 352,248 Write off - (119,482) - (119,482) Foreign currency translation adjustment (5,842) (184,188) (113,922) (303,952) Balance at December 31, 2023 22,596 1,409,836 440,636 1,873,068 Licenses, software Amortization Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2023 28,437 765,339 547,947 1,341,723 Write off - (119,482) - (119,482) Amortization expense (1) - 210,333 1,984 212,317 Foreign currency translation adjustment (5,841) (114,425) (112,796) (233,062) Balance at December 31, 2023 22,596 741,765 437,135 1,201,496 Intangible assets at December 31, 2023, net - 668,071 3,501 671,572 (1) See Note 26.3. Impairment, depreciation and amortization. As of December 31, 2022 Licenses, software Cost Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2022 23,537 997,609 458,980 1,480,126 Acquisitions - 245,204 - 245,204 Write off - (43,991) - (43,991) Transfers from premises and equipment - 30,068 - 30,068 Foreign currency translation adjustment 4,901 132,368 95,578 232,847 Balance at December 31, 2022 28,438 1,361,258 554,558 1,944,254 Licenses, software Amortization Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2022 20,174 523,055 451,271 994,500 Write off - (41,148) - (41,148) Amortization expense (1) 3,595 170,004 2,392 175,991 Transfers from premises and equipment - 28,940 - 28,940 Foreign currency translation adjustment 4,668 84,488 94,284 183,440 Balance at December 31, 2022 28,437 765,339 547,947 1,341,723 Intangible assets at December 31, 2022, net 1 595,919 6,611 602,531 (1) 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, 2023 December 31, 2022 In millions of COP Balance at beginning of the year, net 9,836,661 8,143,146 Effect of change in foreign exchange rate (1) (2,018,536) 1,693,515 Balance at end of the year, net 7,818,125 9,836,661 (1) The market representative rate at the end of December 31, 2023 is COP 3,822.05 colombian pesos and 2022 is COP 4,810.20 colombian pesos. See Note 2.D.1. Functional currency, transactions and balances in foreign currency. |
Summary of key assumptions used by management in determining the recoverable amount | The key assumptions used by management in determining the recoverable amount as of December 31, 2023 and 2022 are: As of December 31, 2023 Discount Rate (1) Growth rate (2) Goodwill Operating segment Valuation Methodology Key Assumptions (real) (real) 2023 In millions of COP Banking Panama Discounted Cash flow 5 years plan 10.90 % 4.50 % 5,837,310 Banking 17.10 % El Salvador Discounted Cash flow 5 years plan and 15.50 % (3) 3.70 % 1,078,105 Banking Guatemala Discounted Cash flow 5 years plan 12.30 % 4.80 % 892,050 Multiples EV/ Revenue Does not Does not Others Segments Comparable multiples and EV/EBITDA apply apply 10,660 Total 7,818,125 (1) The discount rate is the return that would be expected for an investment that generates cash flows similar to those that are expected to be obtained from the use of the CGU. CAPM methodology was used as a basis to determine this rate. (2) This rate is equivalent to the nominal or real growth of the economy in Guatemala, Panama and El Salvador, which is considered an important driver for the growth of the banking industry. (3) Corresponds to the discount rate used for the short and long term, respectively. As of December 31, 2022 Discount Rate (1) Growth rate (2) Goodwill Operating segment Valuation Methodology Key Assumptions (real) (real) 2022 In millions of COP Banking Panama Discounted Cash flow 5 years plan 10.90 % 5.30 % 7,346,484 Banking 20.10 % El Salvador Discounted Cash flow 5 years plan and 16.10 % (3) 3.90 % 1,356,837 Banking Guatemala Discounted Cash flow 5 years plan 13.00 % 4.90 % 1,122,680 Multiples EV/ Revenue Does not Does not Others Segments Comparable multiples and EV/EBITDA apply apply 10,660 Total 9,836,661 (1) The discount rate is the return that would be expected for an investment that generates cash flows similar to those that are expected to be obtained from the use of the CGU. CAPM methodology was used as a basis to determine this rate. (2) This rate is equivalent to the nominal or real growth of the economy in Guatemala, Panama and El Salvador, which is considered an important driver for the growth of the banking industry. (3) Corresponds to the discount rate used for the short and long term, respectively. |
Schedule of estimated recoverable amount of each operating segment obtained as a result of sensitivity analysis | The tables below present the estimated recoverable amount of each operating segment obtained as a result of sensitivity analysis for the discount rate and growth rate in basis points (bips): As of December 31, 2023 Banking Panama +50 bips Discount rate -50 bips Growth rate 11.40% 10.90% 10.40% 4.50% 10,826,278 11,721,608 12,770,528 -50 bips Growth rate +50 bips Discount rate 4.00% 4.50% 5.00% 10.90% 11,224,673 11,721,608 12,302,770 Banking El Salvador +100 bips Discount rate -100 bips 18.10% 17.10% 16.10% Growth rate 16.50% 15.50% 14.50% 3.70% 3,909,551 4,241,177 4,634,962 -50 bips Growth rate +50 bips Discount rate 3.20% 3.70% 4.20% 17.10% and 15.50% 4,182,324 4,241,177 4,305,238 Banking Guatemala +50 bips Discount rate -50 bips Growth rate 12.80% 12.30% 11.80% 4.80% 3,903,356 4,224,256 4,592,449 -50 bips Growth rate +50 bips Discount rate 4.30% 4.80% 5.30% 12.30% 4,090,025 4,224,256 4,377,661 As of December 31, 2022 Banking +50 bips Discount rate -50 bips Growth rate 11.40% 10.90% 10.40% 5.30% 12,851,974 14,049,526 15,483,841 -50 bips Growth rate +50 bips Discount rate 4.80% 5.30% 5.80% 10.90% 13,351,970 14,049,526 14,883,860 Banking El Salvador +100 bips Discount rate -100 bips 21.10% 20.10% 19.10% Growth rate 17.10% 16.10% 15.10% 3.90% 4,543,466 4,913,975 5,351,507 -50 bips Growth rate +50 bips Discount rate 3.40% 3.90% 4.40% 20.10% and 16.10% 4,851,416 4,913,975 4,981,886 Banking Guatemala +50 bips Discount rate -50 bips Growth rate 13.50% 13.00% 12.50% 4.90% 4,854,108 5,225,546 5,647,675 -50 bips Growth rate +50 bips Discount rate 4.40% 4.90% 5.40% 13.00% 5,070,100 5,225,546 5,401,451 |
PA FAI Calle 77 acquisition | |
GOODWILL AND INTANGIBLE ASSETS, NET | |
Schedule of the 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 believes that this information provides a reasonable basis for determining fair values: In millions of COP Purchase Price Allocation Pruchase 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 Investments property 60,850 Other assets 78 Total Assets 62,029 LIABILITIES 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 |
Wompi S.A.S. (Before Vlipco S.A.S.) | |
GOODWILL AND INTANGIBLE ASSETS, NET | |
Schedule of the estimated fair value of assets acquired and liabilities assumed | 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 Wompi S.A.S 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 Wompi S.A.S 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 S.A.S. 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, 2023 | |
PREMISES AND EQUIPMENT, NET | |
Schedule of premises and equipment for own use | As of December 31, 2023 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, 2023 Additions depreciation and Disposals classified as held foreign 2023 impairment (1) for sale and exchange other assets rate In millions of COP Land Cost 605,713 3,750 - (3,738) (39,665) (48,655) 517,405 Construction in progress Cost 51,839 46,846 - - - (15,052) 83,633 Buildings Cost 1,878,689 25,644 - (30,968) 18,311 (151,671) 1,740,005 Accumulated depreciation (535,550) - (38,565) 10,828 (11,916) 82,007 (493,196) Accumulated impairment - - (153) 153 - - - Furniture and fixtures Cost 709,894 57,565 - (29,474) (6,522) (53,325) 678,138 Accumulated depreciation (432,992) - (44,238) 25,956 - 35,757 (415,517) Accumulated impairment - - (797) 797 - - - Computer equipment Cost 1,007,230 129,012 - (91,096) 2,416 (73,129) 974,433 Accumulated depreciation (595,991) - (114,887) 73,226 (4,100) 49,316 (592,436) Accumulated impairment - - (1,507) 1,507 - - Vehicles Cost 31,713 9,967 - (6,709) 2,489 (3,480) 33,980 Accumulated depreciation (19,506) - (5,331) 5,650 (14) 1,895 (17,306) Leasehold improvements Cost 9,661 26,950 - - (19,436) (538) 16,637 Accumulated depreciation (627) - (25) - - 130 (522) Total premises and equipment for own use - cost 4,294,739 299,734 - (161,985) (42,407) (345,850) 4,044,231 Total premises and equipment - accumulated depreciation (1,584,666) - (203,046) 115,660 (16,030) 169,105 (1,518,977) Total premises and equipment - accumulated impairment - - (2,457) 2,457 - - - Total premises and equipment for own use, net 2,710,073 299,734 (205,503) (43,868) (58,437) (176,745) 2,525,254 (1) See Note 26.3. Impairment, depreciation and amortization. As of December 31, 2022 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, 2022 Additions depreciation and Disposals classified as held foreign 2022 impairment (1) for sale and exchange other assets rate In millions of COP Land Cost 551,484 34,151 - (3,773) (17,068) 40,919 605,713 Construction in progress Cost 37,040 24,643 - (17,714) - 7,870 51,839 Accumulated impairment - - (3,536) 3,536 - - - Buildings Cost 1,795,240 20,789 - (18,844) (43,379) 124,883 1,878,689 Accumulated depreciation (458,784) - (37,604) 14,939 13,878 (67,979) (535,550) Furniture and fixtures Cost 662,385 46,390 - (42,540) - 43,659 709,894 Accumulated depreciation (388,005) - (44,958) 29,759 - (29,788) (432,992) Computer equipment Cost 881,056 191,122 - (125,436) - 60,488 1,007,230 Accumulated depreciation (545,954) - (114,099) 106,367 - (42,305) (595,991) Vehicles Cost 42,366 5,253 - (18,361) (163) 2,618 31,713 Accumulated depreciation (18,233) - (4,484) 4,721 64 (1,574) (19,506) Leasehold improvements Cost 5,307 32,144 - (1,058) (27,075) 343 9,661 Accumulated depreciation (510) - (32) 16 - (101) (627) Total premises and equipment for own use - cost 3,974,878 354,492 - (227,726) (87,685) 280,780 4,294,739 Total premises and equipment - accumulated depreciation (1,411,486) - (201,177) 155,802 13,942 (141,747) (1,584,666) Total premises and equipment - accumulated impairment - - (3,536) 3,536 - - - Total premises and equipment for own use, net 2,563,392 354,492 (204,713) (68,388) (73,743) 139,033 2,710,073 (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, 2023 Additions depreciation and Disposals classified as held foreign 2023 impairment (1) for sale and exchange other assets rate In millions of COP Furniture and fixtures Cost 2,091 - - - - - 2,091 Accumulated depreciation (360) - (254) - - - (614) Computer equipment Cost 150,969 66,833 - (4,463) 14,822 - 228,161 Accumulated depreciation (66,577) - (49,364) 3,855 16,448 - (95,638) Vehicles Cost 4,718,405 1,156,419 - (79,280) (1,007,899) - 4,787,645 Accumulated depreciation (787,535) - (383,712) 18,181 228,701 - (924,365) Accumulated impairment - - (2,023) 2,023 - - - Total premises and equipment in operating leases - cost 4,871,465 1,223,252 - (83,743) (993,077) - 5,017,897 Total premises and equipment - accumulated depreciation (854,472) - (433,330) 22,036 245,149 - (1,020,617) Total premises and equipment - accumulated impairment - - (2,023) 2,023 - - - Total premises and equipment in operating leases, net 4,016,993 1,223,252 (435,353) (59,684) (747,928) - 3,997,280 (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, 2022 Additions depreciation and Disposals classified as held foreign 2022 impairment (1) for sale and exchange other assets rate In millions of COP Furniture and fixtures Cost 2,091 - - - - - 2,091 Accumulated depreciation (106) - (254) - - - (360) Computer equipment Cost 121,071 45,690 - (6,001) (9,791) - 150,969 Accumulated depreciation (46,884) - (32,482) 4,618 8,171 - (66,577) Vehicles Cost 3,113,511 2,265,250 - (36,539) (623,817) - 4,718,405 Accumulated depreciation (652,423) - (326,683) 2,700 188,871 - (787,535) Total premises and equipment in operating leases - cost 3,236,673 2,310,940 - (42,540) (633,608) - 4,871,465 Total premises and equipment - accumulated depreciation (699,413) - (359,419) 7,318 197,042 - (854,472) Total premises and equipment in operating leases, net 2,537,260 2,310,940 (359,419) (35,222) (436,566) - 4,016,993 (1) See Note 26.3. Impairment, depreciation and amortization. |
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, 2023 Additions depreciation and Disposals classified as held foreign 2023 impairment (1) for sale and exchange other assets rate In millions of COP Total premises and equipment - cost 9,166,204 1,522,986 - (245,728) (1,035,484) (345,850) 9,062,128 Total premises and equipment - accumulated depreciation (2,439,138) - (636,376) 137,696 229,119 169,105 (2,539,594) Total premises and equipment - accumulated impairment - - (4,480) 4,480 - - - Total premises and equipment, net 6,727,066 1,522,986 (640,856) (103,552) (806,365) (176,745) 6,522,534 (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, 2022 Additions depreciation and Disposals classified as held foreign 2022 impairment (1) for sale and exchange other assets rate In millions of COP Total premises and equipment - cost 7,211,551 2,665,432 - (270,266) (721,293) 280,780 9,166,204 Total premises and equipment - accumulated depreciation (2,110,899) - (560,596) 163,120 210,984 (141,747) (2,439,138) Total premises and equipment - accumulated impairment - - (3,536) 3,536 - - - Total premises and equipment, net 5,100,652 2,665,432 (564,132) (103,610) (510,309) 139,033 6,727,066 (1) See Note 26.3. Impairment, depreciation and amortization. |
INVESTMENT PROPERTIES (Tables)
INVESTMENT PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INVESTMENT PROPERTIES | |
Schedule of changes in investment property | 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, 2023 December 31, 2022 In millions of COP Balance at the beginning of the year 3,994,058 3,132,220 Acquisitions 294,569 731,600 Subsequent expenditure recognised as an asset 170,920 66,745 Sales/Write-offs (21,194) (233,974) Acquisitions through business combination (1) - 60,850 Amount reclassified from premises and equipment (2) 39,096 - Gains on valuation (3) 232,462 236,617 Balance at the end of the period (4) 4,709,911 3,994,058 (1) In 2022 corresponds to PA FAI Calle 77. See Note 9.3. Business combination. (2) In 2023, the amount relates properties from FCP Fondo Inmobiliario Colombia that were reclassified from premises and equipment to investment property, because they are held for obtaining profits and capital appreciation. (3) The difference with the line Investment property valuation included in Other operating income corresponds to gains recognized in acquisitions. See Note 25.4. Other operating income - Investment property valuation and Others. (4) Between December 31, 2023 and 2022, 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 adjustments recorded by the Bank Related to its investment property | The valuation adjustments recorded by the Bank related to its investment properties are detailed below: As of December 31, 2023 Balance at the Amount Adjusted fair Type of asset beginning of the Appraisals Net increase (1)(2) reclassified from value at the end year premises and equipment (3) of the year In millions of COP Buildings 3,870,706 194,608 280,107 39,096 4,384,517 Lands 123,352 37,854 164,188 - 325,394 Total 3,994,058 232,462 444,295 39,096 4,709,911 (1) The increase in buildings corresponds mainly in Bancolombia for the purchase for COP 80,954 , FCP Fondo Inmobiliario Colombia for COP 91,182 , in addition to subsequent expenditure for investment properties under construction for COP 71,023 . (2) The increase in lands corresponds mainly to the entry of NOMAD CENTRAL, P.A CALLE 84 (2) and P.A CALLE 84 (3) for COP 92,585 and the subsequent expenditure for COP 71,354 . (3) The amount reclassified from premises and equipment corresponds properties from FCP Fondo Inmobiliario Colombia that were transfers to investment property, because they are held for obtaining profits and capital appreciation . As of December 31, 2022 Balance at the Acquisitions Adjusted fair Type of asset beginning of the Appraisals Net increase from business value at the end year (decrease) (1)(2) combination (3) of the year In millions of COP Buildings 2,949,720 239,823 620,313 60,850 3,870,706 Lands 182,500 (3,206) (55,942) - 123,352 Total 3,132,220 236,617 564,371 60,850 3,994,058 (1) The net increase in buildings corresponds mainly to increases in P.A. MERCURIO for COP 249,492 , FCP Fondo Inmobiliario Colombia for COP 242,274 , Bancolombia S.A. for COP 221,834 and sales made by FCP Fondo Inmobiliario Colombia for COP 147,483 . (2) The decrease in lands corresponds mainly to the sale of land by Valores Simesa S.A. (3) For more information on acquisitions from business combinations, See Note 9.3. Business. |
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, 2023 December 31, 2022 December 31, 2021 In millions of COP Income from rentals 228,325 157,511 139,021 Operating expenses due to: Investment properties that generated income through rentals 28,813 21,267 15,331 Investment properties that did not generate income through rentals 10,378 19,021 10,050 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAX | |
Schedule of tax components recognized in the income statement | December 31, December 31, December 31, 2023 2022 2021 In millions of Colombian pesos Current tax (1) Fiscal term (1,779,538) (2,644,173) (1,321,400) Prior fiscal terms 46,791 39,137 71,932 Total current tax (1,732,747) (2,605,036) (1,249,468) Deferred tax Fiscal term (282,012) (80,663) (530,926) Adjustments for consolidation purposes 82,204 (62,722) 4,169 Total deferred tax (199,808) (143,385) (526,757) Total income tax (2) (1,932,555) (2,748,421) (1,776,225) (1) The nominal income tax rate used in Colombia for the years 2023 and 2022 is 35% , and for the year 2021 it was 31% . The Colombian financial institutions of the Group liquidated some additional points in the income tax of 5% for the years 2023 and 2022, and 3% for the year 2021. (2) See table 12.3 Reconciliation of the effective tax rate. |
Schedule of dividend tax rate increases | Dividend tax rate increases as follows: Dividend tax Rate Foreign entities From 10% to 20% Colombian corporations From 7,5% to 10% |
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, 2023, 2022 and 2021 is detailed below: December 31, December 31, December 31, Reconciliation of the tax rate 2023 2022 2021 In millions of Colombian pesos Accounting profit 8,147,526 9,744,786 5,984,012 Applicable tax with nominal rate (1) (3,259,011) (3,703,019) (2,034,564) Non-deductible expenses to determine taxable profit (loss) (478,901) (425,458) (260,546) Accounting and non-tax expense (income) to determine taxable profit (loss) 667,744 978,468 767,857 Differences in accounting bases (2) (106,648) (19,448) (32,714) Fiscal and non-accounting expense (income) to determine taxable profit (loss) (652,607) (470,063) (285,191) Ordinary activities income exempt from taxation 1,563,793 832,822 412,495 Ordinary activities income not constituting income or occasional tax gain 67,132 120,513 98,870 Tax deductions 156,543 374,233 226,064 Goodwill Depreciation 2,478 461 200,617 Tax depreciation surplus 223,901 162,111 140,384 Untaxed recoveries (64,516) (40,559) (84,692) Tax rate effect in other countries (121,597) (319,825) (384,669) Prior fiscal terms 46,791 39,137 71,932 Other effects of the tax rate by reconciliation between accounting profit and tax expense (income) 22,343 (277,794) (612,068) Total income tax (1,932,555) (2,748,421) (1,776,225) (1) The nominal income tax rate used in Colombia for the years 2023 and 2022 is 35% , and for the year 2021 it was 31% . The Colombian financial institutions of the Group liquidated some additional points in the income tax of 5% for the years 2023 and 2022, and 3% for the year 2021. (2) Difference between the technical accounting frameworks in force in Colombia and the full International Financial Reporting Standards (IFRS). |
Schedule of components recognized in Other Comprehensive Income | See Consolidated Statement of Comprehensive Income December 31, 2023 In millions of Colombian pesos Amounts before taxes Deferred tax Net taxes Remeasurement income related to defined benefit liability (44,594) 13,234 (31,360) Unrealized gain Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) 11,144 (246) 10,898 Unrealized loss Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) 114,287 (21,023) 93,264 Loss on net investment hedge in foreign operations 1,948,833 (772,755) 1,176,078 Exchange differences arising on translating the foreign operations. (4,963,913) - (4,963,913) Unrealized loss on investments in associates and joint ventures using equity method (2,225) 2,223 (2) Net (2,936,468) (778,567) (3,715,035) See Consolidated Statement of Comprehensive Income December 31, 2022 In millions of Colombian pesos Amounts before taxes Deferred tax Net taxes Remeasurement income related to defined benefit liability 69,249 (25,090) 44,159 Unrealized loss Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) 33,354 (1,282) 32,072 Gains due to asset revaluation - (71) (71) Unrealized gain Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) (172,385) 7,843 (164,542) Loss on net investment hedge in foreign operations (1,833,087) 746,232 (1,086,855) Exchange differences arising on translating the foreign operations. 4,064,795 - 4,064,795 Unrealized gains on investments in associates and joint ventures using equity method (1,929) (1,221) (3,150) Net 2,159,997 726,411 2,886,408 See Consolidated Statement of Comprehensive Income December 31, 2021 In millions of Colombian pesos Amounts before taxes Deferred tax Net taxes Remeasurement expense 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 gain 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. |
Schedule of deferred tax assets and liabilities | Effect on Adjustments for December 31, Income Effect on Effect on Tax Made (2) Foreign consolidation December 31, 2022 Statement OCI Equity (1) Exchange purposes 2023 In millions of Colombian pesos Asset Deferred Tax: Property and equipment 11,071 (1,494) - - - (2,082) (1,513) 5,982 Employee Benefits 218,263 34,648 13,234 - - (6,739) - 259,406 Deterioration assessment 602,289 1,666 - - - (136,367) (51,136) 416,452 Investments evaluation 5,591 (231) (165) - - (134) - 5,061 Derivatives Valuation 8,457 221,735 - - - - 4,875 235,067 Tax credits settlement 18,186 16,754 - - - - - 34,940 Financial Obligations 663,095 (663,095) - - - - - - Insurance operations - (633) - 13,952 - - - 13,319 Net investment coverage in operations abroad 1,530,074 (91,043) (772,755) - (137,838) - - 528,438 Other deductions 446,451 (191,575) - - - (13,241) - 241,635 implementation adjustment 410,477 925 - - - (35,186) - 376,216 Total Asset Deferred Tax (3) 3,913,954 (672,343) (759,686) 13,952 (137,838) (193,749) (47,774) 2,116,516 Liability Deferred Tax: Property and equipment (310,845) 32,867 - - - 4,549 128,441 (144,988) Deterioration assessment (549,435) 437,539 - - - 1,333 (2,828) (113,391) Participatory titles evaluation (154,094) (200,138) (21,104) - - (1,205) 6,732 (369,809) Derivatives evaluation (20,466) 8,585 - - - 4,203 (2,367) (10,045) Lease restatement (258,954) 43,543 - - - - - (215,411) Investments in associates. Adjustment for equity method (241,748) 168,671 2,223 - - (8,730) - (79,584) Financial Obligations (1,248) (178,955) - - - 256 - (179,947) Goodwill (1,576,519) 644 - - - 1,909 - (1,573,966) Insurance operations - 189 - (14,138) - - - (13,949) Properties received in payment (162,681) 11,016 - - - 3,203 - (148,462) Other deductions (506,706) 66,370 - - - 73,779 - (366,557) implementation adjustment (25) - - - - - - (25) Total Liability Deferred Tax (3) (3,782,721) 390,331 (18,881) (14,138) - 79,297 129,978 (3,216,134) Net Deferred Tax 131,233 (282,012) (778,567) (186) (137,838) (114,452) 82,204 (1,099,618) (1) Application of IFRS 17 Insurance Contracts in Guatemala. (2) Current tax that arose from the exchange difference due to the liquidation of the bonds that was associated as a hedging instrument. (3) The values revealed in the Consolidated Statement of Financial Position correspond to the sum of the net deferred tax per company. |
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, 2023 December 31, 2022 In millions of Colombian pesos Temporary differences Local Subsidiaries (1,378,775) (1,966,594) Foreign Subsidiaries (17,696,145) (22,854,744) |
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, 2023. Deferred tax Company Base recognized asset In millions of Colombian pesos Renting Colombia S.A.S. 39,037 12,883 Nequi S.A., Compañía de Financiamiento 63,018 22,057 Total 102,055 34,940 |
ASSETS HELD FOR SALE AND INVE_2
ASSETS HELD FOR SALE AND INVENTORIES, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 In millions of COP Inventories, net 747,302 513,032 Assets held for sale, net 159,451 95,417 Total assets held for sale and inventories, net 906,753 608,449 |
Schedule of inventories, net | The Bank’s inventories at December 31, 2023 and 2022, are summarized as follows: Inventories December 31, 2023 December 31, 2022 In millions of COP Lands and buildings 275,808 285,076 Vehicles (1) 469,949 220,522 Machinery and others 38,310 33,091 Total inventory cost 784,067 538,689 Impairment (36,765) (25,658) Total inventories, net 747,302 513,031 (1) The increase is mainly due to the restitution of assets. |
Schedule of assets held for sale by operating segment | As of December 31, 2023 Banking Banking Banking Banking Assets held for sale Colombia Panama El Salvador Guatemala Total In millions of COP Machinery and equipment 9,238 2,464 - - 11,702 Cost 9,300 2,473 - - 11,773 Impairment (62) (9) - - (71) Real estate for residential purposes 6,191 104,934 3,091 3,260 117,476 Cost 6,191 106,642 3,148 4,060 120,041 Impairment - (1,708) (57) (800) (2,565) Real estate different from residential properties 5,406 24,867 - - 30,273 Cost 5,947 24,980 - - 30,927 Impairment (541) (113) - - (654) Total assets held for sale - cost 21,438 134,095 3,148 4,060 162,741 Total assets held for sale - impairment (603) (1,830) (57) (800) (3,290) Total assets held for sale (1) 20,835 132,265 3,091 3,260 159,451 (1) For 2023 there are no assets related to investments held for sale. As of December 31, 2022 Banking Banking Banking Banking Assets held for sale Colombia Panama El Salvador Guatemala Total In millions of COP Machinery and equipment 5,090 4,828 - - 9,918 Cost 5,160 4,870 - - 10,030 Impairment (70) (42) - - (112) Real estate for residential purposes 7,928 52,331 1,559 1,465 63,283 Cost 7,967 54,181 1,616 1,880 65,644 Impairment (39) (1,850) (57) (415) (2,361) Real estate different from residential properties 10,868 11,348 - - 22,216 Cost 11,178 11,348 - - 22,526 Impairment (310) - - - (310) Total assets held for sale - cost 24,305 70,399 1,616 1,880 98,200 Total assets held for sale - impairment (419) (1,892) (57) (415) (2,783) Total assets held for sale (1) 23,886 68,507 1,559 1,465 95,417 (1) For 2022 there are no assets related to investments held for sale. |
OTHER ASSETS, NET (Tables)
OTHER ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER ASSETS, NET | |
Schedule of detailed information about other assets | Other Assets, net December 31, 2023 December 31, 2022 In millions of COP Tax advance (1) 1,461,816 1,298,400 Other receivables (2) 1,193,294 1,158,447 Assets pledged as collateral (cash) (3) 1,082,611 752,099 Marketable and non-marketable for sale assets (4) 890,653 978,319 Prepaid expenses 713,505 576,742 Receivables related to abandoned accounts (5) 403,432 439,994 Accounts receivable from contracts with customers (6) 259,516 192,029 Receivable Sales of goods and service 254,607 260,674 Commission for letters of credit 207,327 70,249 Operating leases 201,302 172,216 Balance in credit card clearing house 185,164 142,331 Debtors 85,698 21,646 Others 595,799 488,640 Total other assets 7,534,724 6,551,786 Allowance others (6,688) (3,920) Total other assets, net 7,528,036 6,547,866 (1) Mainly due to increase balance in favor of income tax advance. (2) Other accounts receivable are mainly associated with outstanding items with networks, accounts receivable from derivatives and cash transactions, among others. (3) Variation generated by growth in current operations with international counterparts. (4) Decrease generated mainly in foreign subsidiaries due to the variation of the market representative rate, for December 2022 was COP 4,810.20 colombian pesos and for December 2023 is COP 3,822.05 colombian pesos. (5) Corresponds to the application of Law 1777 of February 1, 2016, where established that entities holding balances in savings or checking accounts that are considered abandoned, must transfer these resources to the special fund created and administered by ICETEX for the granting of study credits and credits to promote the quality of Higher Education Institutions. (6) Corresponds to accounts receivable from commissions, see Note 25.3.1. Income from commissions and other services, in the detail of accounts receivable and liabilities from contracts. |
DEPOSITS BY CUSTOMERS (Tables)
DEPOSITS BY CUSTOMERS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
DEPOSITS BY CUSTOMERS. | |
Schedule of detail of deposits | Deposits December 31, 2023 December 31, 2022 In millions of COP Saving accounts (1)(2) 108,971,334 118,443,600 Time deposits (2) 98,686,516 87,138,067 Checking accounts (2) 34,993,066 40,808,856 Other deposits (1) 5,290,264 4,601,800 Total deposits by customers 247,941,180 250,992,323 (1) As of December 31, 2023 and 2022 includes Nequi Deposits by COP 2,924,906 and COP 1,724,123 , respectively. (2) The variation in time deposits is mainly due to the increase in interest rates, which has led to a greater preference for fixed income instruments and a decrease in savings and checking accounts. |
Schedule of time deposits issued by bank | The following table details the time deposits issued by the Bank: As of December 31, 2023 Time deposits Effective interest rate December 31, 2023 Modality Minimum Maximum Carrying Value Fair value (1) In millions of COP Less than 6 months 0.10 % 15.52 % 17,641,158 17,494,878 Between 6 months and 12 months 0.50 % 17.32 % 18,422,400 18,314,065 Between 12 months and 18 months 0.85 % 20.52 % 17,523,847 17,647,508 Greater than 18 months 0.01 % 20.86 % 45,099,111 46,629,404 Total time deposits 98,686,516 100,085,855 (1) See Note 30. Fair value of assets and liabilities. As of December 31, 2022 Time deposits Effective interest rate December 31, 2022 Modality Minimum Maximum Carrying Value Fair value (1) In millions of COP Less than 6 months 0.10 % 16.57 % 16,922,753 16,900,555 Between 6 months and 12 months 0.50 % 17.41 % 14,279,083 14,234,825 Between 12 months and 18 months 0.50 % 19.51 % 13,692,773 13,571,248 Greater than 18 months 0.40 % 22.10 % 42,243,458 40,942,920 Total time deposits 87,138,067 85,649,548 (1) See Note 30. Fair value of assets and liabilities. |
Schedule of time deposits issued by the bank by maturity | The detail of time deposits issued by the Bank by maturity is as follows: As of December 31, 2023 December 31, 2023 Period Carrying value Fair value (1) In millions of COP Less than 1 year 71,178,788 71,315,171 Between 1 and 3 years 13,715,792 13,949,647 Between 3 and 5 years 3,197,528 3,256,102 Greater than 5 years 10,594,408 11,564,935 Total 98,686,516 100,085,855 (1) See Note 30. Fair value of assets and liabilities. As of December 31, 2022 December 31, 2022 Period Carrying value Fair value (1) In millions of COP Less than 1 year 60,256,684 60,113,046 Between 1 and 3 years 14,930,613 14,621,696 Between 3 and 5 years 4,318,988 4,017,350 Greater than 5 years 7,631,782 6,897,456 Total 87,138,067 85,649,548 (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, 2023 | |
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 Consolidated Statement of Financial Position: Interbank and repurchase agreements and other similar secured borrowing December 31, 2023 December 31, 2022 In millions of COP Interbank Deposits Interbank liabilities 606,141 902,132 Total interbank 606,141 902,132 Repurchase agreements and other similar secured borrowing Short selling operations 273,791 125,682 Temporary transfer of securities 44,888 63,370 Repurchase agreements 151,616 - Total Repurchase agreements and other similar secured borrowing (1) 470,295 189,052 Total money market transactions 1,076,436 1,091,184 (1) Total repo liabilities have maturities of less than 30 days . |
Schedule of repurchases and resale transactions | As of December 31, 2023 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) 7,850,516 - 7,850,516 (7,850,516) - Securities sold under repurchase agreements (470,295) - (470,295) 470,295 - Total repurchase and resale agreements 7,380,221 - 7,380,221 (7,380,221) - (1) The amount includes those presented as cash and cash equivalents for COP 7,840,926 and those presented as other assets for COP 9,590 . As of December 31, 2022 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) 2,880,987 - 2,880,987 (2,880,987) - Securities sold under repurchase agreements (189,052) - (189,052) 189,052 - Total repurchase and resale agreements 2,691,935 - 2,691,935 (2,691,935) - (1) The amount includes those presented as cash and cash equivalents for COP 2,873,716 and those presented as other assets for COP 7,271 . |
BORROWINGS FROM OTHER FINANCI_2
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |
Schedule of borrowings from other financial institutions measured at amortized cost | As of December 31, 2023 and 2022, the composition of the borrowings from other financial institutions measured at amortized cost is the following: Borrowings from other financial institutions December 31, 2023 December 31, 2022 In millions of COP Obligations granted by foreign banks (1) 9,139,834 14,774,220 Obligations granted by domestic banks (2) 6,508,772 4,918,418 Total borrowings from other financial institutions 15,648,606 19,692,638 (1) The variation is mainly due to the cancellation of obligations and the decrease of the market representative rate at the end of December 31, 2023 it was COP 3,822.05 colombian pesos and December 31, 2022 it was COP 4,810.20 colombian pesos. (2) The increase is due to higher loan openings by Bancolombia S.A mainly in rediscount lines with Finagro, Bancoldex and Findeter. |
Obligations granted by foreign banks | |
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |
Schedule of borrowings from other financial institutions measured at amortized cost | Obligations granted by foreign banks As of December 31, 2023 Financial entity Rate Minimum Rate Maximum December 31, 2023 In millions of COP Financing with Correspondent Banks and Multilateral Entities (1) 1.21 % 10.06 % 8,566,580 Banco Interamericano de Desarrollo (BID) 9.50 % 10.64 % 532,899 Banco Latinoamericano de Comercio Exterior (Bladex) 6.91 % 6.91 % 40,355 Total 9,139,834 (1) At Bancolombia S.A. USD 200 million were designated as coverage of net investment abroad. See Note 5.2 Derivative financial instruments- Hedges of a net asset in a foreign operation. As of December 31, 2022 Financial entity Rate Minimum Rate Maximum December 31, 2022 In millions of COP Financing with Correspondent Banks and Multilateral Entities 0.97 % 9.51 % 13,816,270 Banco Interamericano de Desarrollo (BID) 8.62 % 8.74 % 670,043 Banco Latinoamericano de Comercio Exterior (Bladex) 2.89 % 6.60 % 287,907 Total 14,774,220 |
Schedule of maturities of financial obligations | The maturities of the financial obligations with foreign entities as of December 31, 2023 and 2022 are the following: Foreign December 31, 2023 December 31, 2022 In millions of COP Amount expected to be settled: No more than twelve months after the reporting period 3,813,504 8,825,089 More than twelve months after the reporting period 5,326,330 5,949,131 Total 9,139,834 14,774,220 |
Obligations granted by domestic banks | |
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |
Schedule of borrowings from other financial institutions measured at amortized cost | Obligations granted by domestic banks As of December 31, 2023 Rate Rate Financial entity Minimum Maximum December 31, 2023 In millions of COP Financiera de desarrollo territorial (Findeter) 8.15 % 20.85 % 2,530,570 Fondo para el financiamiento del sector agropecuario (Finagro) 8.37 % 15.88 % 1,509,594 Banco de comercio exterior de Colombia (Bancoldex) 2.17 % 21.46 % 1,404,873 Other private financial entities 12.88 % 16.67 % 1,063,735 Total 6,508,772 As of December 31, 2022 Rate Rate Financial entity Minimum Maximum December 31, 2022 In millions of COP Financiera de desarrollo territorial (Findeter) 7.22 % 18.77 % 2,047,506 Fondo para el financiamiento del sector agropecuario (Finagro) 3.40 % 15.70 % 931,018 Banco de comercio exterior de Colombia (Bancoldex) 2.15 % 19.15 % 902,036 Other private financial entities 11.35 % 15.75 % 1,037,858 Total 4,918,418 |
Schedule of maturities of financial obligations | The maturities of financial obligations with domestic banks as of December 31, 2023 and 2022, are as follows: Domestic December 31, 2023 December 31, 2022 In millions of COP Amount expected to be settled: No more than twelve months after the reporting period 767,470 500,500 More than twelve months after the reporting period 5,741,302 4,417,918 Total 6,508,772 4,918,418 |
DEBT INSTRUMENTS IN ISSUE (Tabl
DEBT INSTRUMENTS IN ISSUE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Issuer Currency Face value (1) Balance COP Rate Range Bancolombia S.A. Local COP 4,029,882 4,097,727 12.87%-21.06% Bancolombia S.A. (2)(3) Foreign USD 1,832,534 6,861,098 3.02%-7.03% Banistmo S.A. (4) Foreign USD 679,395 2,626,235 3.00%-6.25% Banco Agrícola S.A. (5) Foreign USD 162,700 623,568 5.58%-7.57% Bancolombia Puerto Rico Internacional Inc. Foreign USD 69,648 276,451 5.05%-5.50% Bancolombia Panamá S.A. Foreign USD 44,924 176,376 4.70%-6.10% Grupo Agromercantil Holding S.A. Foreign USD 555 2,121 0.25%-7.25% Total debt instruments in issue 14,663,576 (1) Face value is in US dollar for foreign currency bonds. (2) The variation is due to repurchase in Bancolombia S.A. of USD 467,966 of senior bonds maturing in 2025 and the decrease in the market representative rate at the end of December 31, 2023 it was COP 3,822.05 colombian pesos and December 31, 2022 it was COP 4,810.20 colombian pesos. (3) USD 1,392,034 was designated as hedge of net asset in a foreign operation. See Note 5.2. Derivative financial instruments - Hedges of a net asset in a foreign operation. (4) See Note 18.2. Issue of Banistmo S.A. ordinary bonds. (5) See Note 18.3. Issue of Banco Agrícola S.A. ordinary bonds. As of December 31, 2022 Issuer Currency Face value (1) Balance COP Rate Range Bancolombia S.A. Local COP 4,642,404 4,708,586 13.06% - 17.92% Bancolombia S.A. (2)(3) Foreign USD 2,256,397 10,501,036 3.02% - 7.03% Banistmo S.A. (4) Foreign USD 687,913 3,344,759 1.80% - 5.00% Banco Agrícola S.A. (5) Foreign USD 125,640 603,865 5.45% - 6.41% Bancolombia Puerto Rico Internacional Inc. Foreign USD 14,876 72,240 3.30% - 3.65% Bancolombia Panamá S.A. Foreign USD 70,881 342,793 1.50% - 5.65% Grupo Agromercantil Holding S.A. Foreign USD 563 2,709 0.25% - 7.25% Total debt instruments in issue 19,575,988 (1) Face value is in US dollar for foreign currency bonds. (2) USD 1,860,000 was designated as hedge of net asset in a foreign operation. See Note 5.2. Derivative financial instruments - Hedges of a net asset in a foreign operation. (3) See Note 18.1. Issue of Bancolombia S.A. sustainable ordinary bonds. (4) See Note 18.2. Issue of Banistmo S.A. ordinary bonds. (5) See Note 18.3. Issue of Banco Agrícola S.A. ordinary bonds. The following table shows the detail of the bonds classified by currency, term and type of issue: As of December 31, 2023 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) - - - 1,236,385 1,236,385 Ordinary bonds - - 165,589 2,695,753 2,861,342 Foreign currency Subordinated bonds (1) - - - 4,822,273 4,822,273 Ordinary bonds 106,707 1,375,723 137,613 4,123,533 5,743,576 Total 106,707 1,375,723 303,202 12,877,944 14,663,576 (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, 2022 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) - - - 1,225,276 1,225,276 Ordinary bonds - - 165,495 3,317,815 3,483,310 Foreign currency Subordinated bonds (1) - - - 6,026,739 6,026,739 Ordinary bonds 402,714 609,437 619,232 7,209,280 8,840,663 Total 402,714 609,437 784,727 17,779,110 19,575,988 (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, 2023 December 31, 2022 In millions of COP Amount expected to be settled: No more than twelve months after the reporting period 3,368,076 1,898,469 More than twelve months after the reporting period 11,295,500 17,677,519 Total 14,663,576 19,575,988 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
EMPLOYEE BENEFIT PLANS | |
Schedule of liabilities relating to 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, Employee benefit plans 2023 2022 In millions of COP 19.1 Defined benefit pension plan 132,854 131,255 19.2 Severance obligation 14,360 15,446 19.3 Retirement Pension Premium Plan and Executive Pension Plan Premium 195,295 176,816 19.4 Other long term benefits 543,210 446,473 Total Post-employment and long-term benefit plans 885,719 769,990 Fair value Plan assets 2,765 4,619 Total Unfunded Post-employment and long-term benefit plans 882,954 765,371 |
Schedule of defined benefit plans | Colombia Defined benefit pension plan 2023 2022 In millions of COP Present value of the obligation as of January 1 95,081 110,018 Interest cost 11,409 9,459 Benefits paid (12,237) (11,439) Net actuarial loss / (gain) due to changes in assumptions 7,025 (11,321) Net actuarial loss / (gain) due to plan experience 500 (1,636) Defined obligation, unfunded as of December 31 101,778 95,081 Panama Defined benefit pension plan 2023 2022 In millions of COP Present value of the obligation as of January 1 5,296 6,025 Interest cost 312 229 Benefits paid from plan assets (1,088) (332) Net actuarial gain due to changes in assumptions (174) (1,360) Net actuarial gain due to plan experience (361) (293) Foreign currency translation effect (934) 1,027 Defined obligation, funded as of December 31 3,051 5,296 The following table details the change in plan assets: Banistmo’s Plan assets 2023 2022 In millions of COP Fair value of assets as of January 1 4,619 4,127 Interest income on plan assets 80 30 Benefits paid (1,105) (355) Foreign currency translation effect (829) 817 Fair value assets as of December 31 2,765 4,619 Guatemala Defined benefit pension plan 2023 2022 In millions of COP Present value of the obligation as of January 1 30,878 52,773 Current cost of service 878 2,457 Interest cost 2,757 3,375 Past service cost (1) (4,821) - Benefits paid (1,764) (1,709) Net actuarial loss / (gain) due to changes in assumptions (2) 5,544 (30,093) Net actuarial loss / (gain) due to plan experience 1,272 (2,122) Foreign currency translation effect (6,719) 6,197 Defined obligation, unfunded as of December 31 28,025 30,878 (1) Corresponds to the change in the computable age of the benefit, modified in the year 2023. (2) The loss for the year 2023 was mainly due to the decrease in the discount rate from 10.20% in 2022 to 9.00% in 2023 . |
Schedule of severance obligation | The balances recognized in the Consolidated Statement of Financial Position are listed below: Severance obligation 2023 2022 In millions of COP Present value of the obligation as of January 1 15,446 18,429 Current cost of service 357 409 Interest cost 1,566 1,250 Benefits paid (6,594) (5,113) Net actuarial loss due to changes in assumptions 888 1,806 Net actuarial loss / (gain) due to plan experience 2,697 (1,335) Defined obligation, unfunded as of December 31 14,360 15,446 |
Schedule of Retirement Pension Premium Plan and Executive Pension Plan Premium | The annual change of the present value of the obligations of defined benefit plans is as follows: Retirement Pension Premium Plan 2023 2022 In millions of COP Present value of the obligation as of January 1 176,816 219,496 Current service cost 18,427 20,794 Interest cost 17,338 15,371 Benefits paid (18,889) (19,487) Consolidation of contributions - (43,199) Net actuarial gain due to changes in assumptions (1) (565) (39,817) Net actuarial loss due to plan experience 24,238 6,487 Foreign currency translation effect (2) (22,070) 17,171 Defined obligation, unfunded as of December 31 195,295 176,816 (1) In the case of the plan in Guatemala, in 2022 the discount rate increased from 5.40% to 9.30% , generating an actuarial gain of COP 13,476 , while in 2023 there was an actuarial loss of COP 2,772 , mainly due to a higher than expected real salary growth and the decrease in the discount rate from 9.30% to 8.50% . In addition, Bancolombia S.A. presented a lower gain due to the decrease in the nominal discount rate ( 14.25% in 2022 to 11.75% in 2023) together with the change in the nominal inflation rate ( 7.30% in 2022 to 6.35% in 2023). (2) Corresponds to Banagrícola S.A. y Filiales and Banco Agromercantil de Guatemala S.A. given higher devaluation between COP to USD currencies. The plan assets’ fair value as of December 31, 2022 is as follow: Bancolombia’s Plan assets 2022 In millions of COP Fair value of assets as of January 1 30,121 Employee contributions 6,614 Interest income on plan assets 2,329 Return on plan assets greater/(less) than discount rate (4,245) Benefits paid (34,819) Fair value assets at the end of the year - |
Schedule of other long term benefits | Other long term benefits 2023 2022 In millions of COP Present value of the obligation as of January 1 446,473 465,744 Current service cost 48,790 24,106 Interest cost 54,878 39,973 Benefits paid (55,257) (44,601) Net actuarial loss / (gain) due to changes in assumptions (1) 38,497 (47,997) Net actuarial loss due to plan experience 18,721 2,369 Foreign currency translation effect (8,892) 6,879 Defined obligation, unfunded as of December 31 543,210 446,473 (1) In the case of Bancolombia S.A., in 2023 the discount rate decreased from 14.00% to 11.75% and the nominal inflation rate from 7.30% to 6.35% , generating an actuarial loss of COP 33,545 , while in 2022 the discount rate increased from 8.00% to 14.00% , producing an actuarial gain of COP 33,143 . |
Schedule of 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 2023 2022 In millions of COP Pension 286,621 231,676 Current severance regimen 82,963 63,802 Total 369,584 295,478 |
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, 2023 December 31, 2022 Discount rate 11.75 % 14.25 % Rate of wage increase 8.85 % 9.80 % Projected inflation 6.35 % 7.30 % Rate of pension increase 6.35 % 7.30 % Bancolombia Panamá Main projected assumptions December 31, 2023 December 31, 2022 Discount rate 7.00 % 6.50 % Rate of wage increase 2.00 % 2.00 % Projected inflation 2.00 % 2.00 % Banistmo Main projected assumptions December 31, 2023 December 31, 2022 Discount rate 7.60 % 6.90 % Expected long-term rate of return on plan assets 2.20 % 0.70 % El Salvador Main projected assumptions December 31, 2023 December 31, 2022 Discount rate 6.20 % 5.80 % Rate of wage increase 2.50 % 2.50 % Projected inflation 1.50 % 1.50 % Guatemala Main projected assumptions December 31, 2023 December 31, 2022 Discount rate 9.00 % 10.20 % 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 2024 15,217 90,557 2025 15,296 83,744 2026 15,443 98,699 2027 15,388 89,188 2028 15,357 98,452 2029 a 2033 71,711 483,520 |
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 12.25 % 0.50% increase (2,899) Discount rate 11.25 % 0.50% decrease 3,071 Salary increases 6.85 % 0.50% increase 3,436 Salary decreases 5.85 % 0.50% decrease (3,264) Mortality Table RV-08 ("Rentistas Validos") One year increase in life expectancy 4,229 Retirement Pension Premium Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 12.25 % 0.50% increase (5,412) Discount rate 11.25 % 0.50% decrease 5,894 Salary increases 9.35 % 0.50% increase 6,058 Salary decreases 8.35 % 0.50% decrease (5,602) Severance obligation Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 11.75 % 0.50% increase (177) Discount rate 10.75 % 0.50% decrease 182 Salary increases 9.35 % 0.50% increase 410 Salary decreases 8.35 % 0.50% decrease (402) Panama Defined benefit pension plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 8.10 % 0.50% increase (102) Discount rate 7.10 % 0.50% decrease 108 Mortality Table RP-2000 One year increase in life expectancy 86 Guatemala Defined Benefit Pension Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 9.50 % 0.50% increase (2,226) Discount rate 8.50 % 0.50% decrease 2,546 Salary increases 5.50 % 0.50% increase 1,653 Salary decreases 4.50 % 0.50% decrease (1,482) Mortality Table RP-2000 One year increase in life expectancy 784 Retirement Pension Premium Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 9.00 % 0.50% increase (1,461) Discount rate 8.00 % 0.50% decrease 1,537 Salary increases 5.50 % 0.50% increase 1,582 Salary decreases 4.50 % 0.50% decrease (1,515) El Salvador Retirement Pension Premium Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 6.70 % 0.50% increase (724) Discount rate 5.70 % 0.50% decrease 778 Salary increases 3.00 % 0.50% increase 134 Salary decreases 2.00 % 0.50% decrease (183) Other long term benefits Colombia Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 12.25 % 0.50% increase (14,948) Discount rate 11.25 % 0.50% decrease 15,879 Salary increases 9.35 % 0.50% increase 16,208 Salary decreases 8.35 % 0.50% decrease (14,405) Guatemala Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 9.10 % 0.50% increase (892) Discount rate 8.10 % 0.50% decrease 952 Salary increases 5.50 % 0.50% increase 981 Salary decreases 4.50 % 0.50% decrease (926) El Salvador Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 6.70 % 0.50% increase (132) Discount rate 5.70 % 0.50% decrease 140 |
Schedule of 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 2023 2022 In millions of COP Current severance obligation 95,732 73,475 Bonuses and short-term benefits (1) 734,916 640,458 Other employment benefit plans 830,648 713,933 (1) The increases between December 31, 2023 and 2022, corresponds to the bonuses related to employees’ variable compensation. See Note 20 Other Liabilities. |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER LIABILITIES | |
Schedule of other liabilities | Other liabilities December 31, 2023 December 31, 2022 In millions of COP Payables 4,746,323 3,629,433 Suppliers (1) 1,653,424 2,333,289 Advances to obligations 1,199,509 1,082,447 Dividends (2) 870,846 769,181 Collection services 820,393 1,032,613 Deposits delivered as security (3) 795,628 655,176 Bonuses and short-term benefits (4) 734,916 640,458 Security contributions 524,741 473,247 Provisions (5) 401,111 417,242 Salaries and other labor obligations (6) 396,734 359,673 Deferred interests 217,507 96,939 Advances in leasing operations and loans 186,547 282,173 Liabilities from contracts with customers (7) 60,128 56,856 Other 40,774 50,484 Total 12,648,581 11,879,211 (1) The decrease corresponds mainly to cancellations of supplier invoices for purchases and imports of leasing assets. (2) This relates to the last installment pending payment January 2, 2024. See Consolidated Statement of Changes in Equity, distribution of dividends. (3) The variation is generated by the valuation of current operations with international counterparties. For more information See Note 5.2. Derivative financial instruments. (4) For further information, see Note 19. Employee benefit plans (Bonuses and short-term benefits). (5) See Note 21. Provisions and contingent liabilities. (6) For more information related to other employee benefits, see Note 19. Employee benefits. (7) See Note 25.3. Fees and commissions. |
PROVISIONS AND CONTINGENT LIA_2
PROVISIONS AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
PROVISIONS AND CONTINGENT LIABILITIES | |
Schedule of detail of provisions | The following tables show the detail of the provisions at December 31, 2023 and 2022: As of December 31, 2023 Judicial Administrative Financial Loan Onerous proceedings proceedings (1) guarantees (2) commitments contracts (3) Total In millions of COP Balance at January 1, 2023 47,577 84,997 16,501 265,405 2,762 417,242 Net provisions recognized during the period 19,427 11,248 (14,139) 4,394 538 21,468 Provisions used during the period (10,666) (3,865) - - - (14,531) Translation adjustment (1,395) - (124) (17,418) - (18,937) Effect of discounted cash flows (4,131) - - - - (4,131) Final balance at December 31, 2023 50,812 92,380 2,238 252,381 3,300 401,111 (1) Mainly includes environmental remediation of the Santa Elena property, see Note 21.2. Contingent Liabilities; Judicial Proceesing current and proceedings in administrative litigation regarding the discussion of the difference in income tax criteria according to the applicable tax law for COP 14,920 . (2) The balance corresponds mainly to financial guarantees in Bancolombia S.A. and its decrease is due to the cancellation of operations (3) Onerous contracts corresponds to Renting Colombia S.A.S. As of December 31, 2022 Judicial Administrative Financial Loan Onerous proceedings proceedings(1) guarantees(2) commitments contracts(3) Total In millions of COP Balance at January 1, 2022 35,815 15,340 31,111 204,655 1,096 288,017 Net provisions recognized during the period 18,958 92,739 (14,716) 48,727 1,666 147,374 Provisions used during the period (8,863) (23,082) - - - (31,945) Translation adjustment (1,733) - 106 12,023 - 10,396 Effect of discounted cash flows 3,400 - - - - 3,400 Final balance at December 31, 2022 47,577 84,997 16,501 265,405 2,762 417,242 (1) Mainly includes environmental remediation of the Santa Elena property, see Note 21.2. Contingent Liabilities; and proceedings in administrative litigation regarding the discussion of the difference in income tax criteria according to the applicable tax law for COP 14,002 . (2) The balance corresponds mainly to financial guarantees in Bancolombia S.A. (3) Onerous contracts corresponds to Renting Colombia S.A.S. |
Schedule of provisions of financial guarantees and loan commitments | The following table shows the changes in the provision for financial guarantees and loan commitments during period at December 31, 2023 and 2022 with the expected credit loss model: Stage 1 Stage 2 Stage 3 TOTAL Balance at January 1, 2023 140,574 82,615 58,717 281,906 Transfers 34,443 (23,490) (10,953) - Transfer to stage 1 33,530 (24,858) (8,672) - Transfer to stage 2 2,384 4,992 (7,376) - Transfer to stage 3 (1,471) (3,624) 5,095 - Provisions recognized during the period 56,254 11,515 9,928 77,697 Provisions reversed during the period (60,779) (20,306) (6,357) (87,442) Translation adjustment (12,155) (5,276) (111) (17,542) Balance at December 31, 2023 158,337 45,058 51,224 254,619 Stage1 Stage2 Stage3 TOTAL Balance at January 1, 2022 104,204 59,825 71,737 235,766 Transfers 24,198 1,873 (26,071) - Transfer to stage 1 25,578 (17,581) (7,997) - Transfer to stage 2 119 21,547 (21,666) - Transfer to stage 3 (1,499) (2,093) 3,592 - Provisions recognized during the period 60,707 22,636 8,149 91,492 Provisions reversed during the period (55,730) (6,559) 4,808 (57,481) Translation adjustment 7,195 4,840 94 12,129 Balance at December 31, 2022 140,574 82,615 58,717 281,906 |
Schedule of financial guarantees | As of December 31, 2023 Maturity Financial Guarantees In millions of COP Guarantees under 1 month 826,699 Guarantees greater than 1 month and up to 3 months 3,778,824 Guarantees greater than 3 months and up to 1 years 5,609,521 Guarantees greater than 1 year and up to 3 years (1) 1,489,899 Guarantees greater than 3 years and up to 5 years 450,875 Guarantees greater than 5 years 535,380 Total 12,691,198 (1) The decrease with respect to the previous year is mainly due to the cancellation of operations with the following economic sectors: energy, private, among others. As of December 31, 2022 Maturity Financial Guarantees In millions of COP Guarantees under 1 month 757,658 Guarantees greater than 1 month and up to 3 months 1,286,137 Guarantees greater than 3 months and up to 1 years 5,695,172 Guarantees greater than 1 year and up to 3 years 3,660,806 Guarantees greater than 3 years and up to 5 years 134,611 Guarantees greater than 5 years 90,530 Total 11,624,914 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SHARE CAPITAL | |
Schedule of subscribed and paid-in capital | The subscribed and paid-in capital is the following: Share capital December 31, 2023 December 31, 2022 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) 2023 3,536 2022 3,536 2021 3,120 2020 260 2019 1,638 |
APPROPRIATED RESERVES (Tables)
APPROPRIATED RESERVES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
APPROPRIATED RESERVES | |
Schedule of appropriated retained earnings | As of December 31, 2023 and 2022, the appropriated retained earnings consist of the following: Concept December 31, 2023 December 31, 2022 In millions of COP Appropriation of net income (1)(2) 12,794,057 12,768,264 Others (3) 7,250,712 3,162,401 Total Appropiated reserves 20,044,769 15,930,665 (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) As of December 31, 2023 and December 31, 2022 includes reclassification of unclaimed dividends under Article 85 of the Bancolombia S.A Bylaws for COP 557 and COP 574 , respectively. (3) At Bancolombia S.A, the creation of an occasional reserve for equity strengthening and future growth continues, which was approved at the General Shareholders Meeting. |
UNCONSOLIDATED STRUCTURED ENT_2
UNCONSOLIDATED STRUCTURED ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Securitizations The Bank’s managed funds Total In millions of COP Total assets of the entities 1,028,501 159,609,365 160,637,866 The Bank’s interest-assets Investments at fair value through profit or loss 80,436 - 80,436 Investments at fair value through other comprehensive income 22,149 - 22,149 Loans and advances to customers - 7,997,406 7,997,406 Total assets in relation to the Bank’s interests in the unconsolidated structured entities 102,585 7,997,406 8,099,991 The Bank’s maximum exposure 102,585 7,997,406 8,099,991 Fees income 3,763 474,136 477,899 As of December 31, 2022 Securitizations The Bank’s managed funds Total In millions of COP Total assets of the entities 1,198,421 149,688,085 150,886,506 The Bank’s interest-assets Investments at fair value through profit or loss 87,048 - 87,048 Investments at fair value through other comprehensive income 26,936 - 26,936 Loans and advances to customers - 6,116,373 6,116,373 Total assets in relation to the Bank’s interests in the unconsolidated structured entities 113,984 6,116,373 6,230,357 The Bank’s maximum exposure 113,984 6,116,373 6,230,357 Fees income 4,532 435,177 439,709 |
OPERATING INCOME (Tables)
OPERATING INCOME (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022 and 2021: 2023 2022 2021 In millions of COP Interest on debt instruments using the effective interest method (1) 1,029,377 588,792 311,488 Interest and valuation on financial instruments Debt investments (2) 628,082 1,198,296 466,124 Repos 137,014 (84,410) (56,555) Spot transactions (28,590) 77,433 27,348 Derivatives (157,818) 171,381 33,637 Total valuation on financial instruments 578,688 1,362,700 470,554 Total Interest and valuation on financial instruments 1,608,065 1,951,492 782,042 (1) The increase is mainly presented in Bancolombia S.A., due to higher profits in the valuation of TDA (Títulos de Desarrollo Agropecuario). (2) In 2023 the decrease is mainly presented in Bancolombia S.A., due to a lower volume and lower valuation in the portfolio of securities issued by foreign governments (United States Treasury Bonds), which are directly related to the variations in the exchange rate, offset by an increase in the valuation of fixed rate TES. |
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, 2023, 2022 and 2021: 2023 2022 2021 In millions of COP Deposits (1) 13,323,516 6,141,680 2,814,505 Borrowing costs (1) 1,658,996 763,717 293,949 Debt instruments in issue 1,426,615 1,328,511 1,053,441 Lease liabilities (2) 113,815 111,349 111,556 Preferred shares 57,701 57,701 57,701 Overnight funds 30,540 11,375 3,870 Other interest (expense) 57,112 28,137 16,534 Total interest expenses 16,668,295 8,442,470 4,351,556 (1) The intervention rate issued by the Banco de la República de Colombia for the period of 2023 started at 12.00% and closed at 13.00% , for 2022 it started at 3.00% and closed at 12.00% and for 2021 it started at 1.75% and closed at 3.00% . This has an impact on the rates of deposits and financial obligations in addition, there was an increase of time deposits. (2) See 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, 2023 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 income Credit and debit card fees and commercial estabilshments 2,467,174 272,380 233,049 95,833 - - - 1,992 - 3,070,428 Bancassurance 924,280 72,705 77 - 104 29 126 - - 997,321 Banking services 593,729 110,271 157,386 68,857 - - - 37,746 23,574 991,563 Payment and collections 950,167 15,236 - - - - - - - 965,403 Fiduciary Activities and Securities - 20,233 6,399 851 361,632 - 74,377 54 - 463,546 Acceptances, Guarantees and Standby Letters of Credit 72,335 25,159 5,211 3,173 - - - 1,803 - 107,681 Investment banking - 980 1,225 - - 55,888 10,728 - - 68,821 Brokerage - 15,568 - - - - 11,140 - - 26,708 Others 244,414 398 76,221 54,486 229 - 7,614 5,633 412 389,407 Total revenue of contracts with customers 5,252,099 532,930 479,568 223,200 361,965 55,917 103,985 47,228 23,986 7,080,878 As of December 31, 2022 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 income Credit and debit card fees and commercial estabilshments 2,248,727 232,637 216,977 79,551 - - - 1,868 - 2,779,760 Bancassurance 814,653 57,858 97 - 29 8 32 - - 872,677 Banking services 481,103 91,938 142,047 78,264 - - - 31,277 12,732 837,361 Payment and collections 851,983 13,975 - - - - - - - 865,958 Fiduciary Activities and Securities - 18,975 6,522 803 318,840 - 78,509 53 - 423,702 Acceptances, Guarantees and Standby Letters of Credit 58,293 18,382 10,081 3,774 - - - 828 - 91,358 Investment banking - 550 1,482 - - 86,224 15,667 - - 103,923 Brokerage - 11,888 - - - - 15,960 - - 27,848 Others 229,804 380 66,971 56,162 - - 1,198 7,995 5,429 367,939 Total revenue of contracts with customers 4,684,563 446,583 444,177 218,554 318,869 86,232 111,366 42,021 18,161 6,370,526 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 income Credit and debit card fees and commercial estabilshments 1,830,128 174,226 168,273 61,831 - - - 1,663 - 2,236,121 Bancassurance 636,632 49,730 129 - 40 10 51 - - 686,592 Banking services 414,870 69,379 118,532 56,548 - - - 22,902 - 682,231 Payment and collections 723,297 10,064 - - - - - - - 733,361 Fiduciary Activities and Securities - 17,420 6,567 704 347,838 - 90,548 46 - 463,123 Acceptances, Guarantees and Standby Letters of Credit 43,863 16,125 6,928 3,716 - - - 1,917 - 72,549 Investment banking - 1,998 1,353 - - 79,521 11,481 - - 94,353 Brokerage - 12,661 - - - - 14,193 - - 26,854 Others 192,682 - 57,942 37,109 - - 1,009 6,781 3,097 298,620 Total revenue of contracts with customers 3,841,472 351,603 359,724 159,908 347,878 79,531 117,282 33,309 3,097 5,293,804 |
Schedule of accounts receivable and contract liabilities balances | The following table shows the detail of accounts receivable, and contract liabilities balances as at December 31, 2023, 2022 and 2021: 2023 2022 2021 In millions of COP Accounts receivable from contracts with customers (1) 259,516 192,029 182,672 Liabilities from contracts with customers (2)(3)(4) 60,128 56,856 55,025 (1) Allowances for receivables from customers are COP 21,591 , COP 15,330 and COP 16,537 for the year 2023, 2022 and 2021, respectively. (2) Contract liabilities are mainly related to commissions received from customers when the Bank issues financial guarantees. They are recognized as income during the term of the contract, according to the form and frequency of payment of the commissions. The weighted-average expected period for income recognition as of December 31, 2023 was 1.3 years, as of December 31, 2022, 1.6 years and as of December 31, 2021 was 1.3 years. (3) During the years 2023 and 2022, income was recognized for COP 55,179 and COP 45,656 respectively from the liability of contracts with clients at the beginning of the period. (4) See Note 20. Other liabilities. |
Schedule of fees and commissions expenses | Fees and Commissions Expenses 2023 2022 2021 In millions of COP Banking services 1,483,701 1,242,590 798,729 Sales, collections and other services 851,784 708,803 619,715 Correspondent banking 504,227 406,567 307,308 Payments and collections 41,904 34,720 26,897 Others 215,664 197,486 108,034 Total expenses for commissions 3,097,280 2,590,166 1,860,683 |
Schedule of other operating income | The following table sets forth the detail of other operating income net for the years ended December 31, 2023, 2022 and 2021: Other operating income 2023 2022 2021 In millions of COP Leases and related services (1) 1,771,016 1,362,677 936,574 Net foreign exchange and Derivatives Foreign exchange contracts (2) 1,215,064 (373,045) 296,534 Investment property valuation (3) 197,526 236,617 67,762 Gains on sale of assets 170,910 171,482 227,445 Logistics services 136,118 165,738 140,451 Insurance (4) 86,330 92,294 54,833 Other reversals 67,617 64,467 56,381 Penalties for failure to contracts 13,855 6,833 15,680 Others 321,214 326,372 226,481 Total Other operating income 3,979,650 2,053,435 2,022,141 (1) Corresponds to operating leases for COP 833,244 , COP 649,693 and COP 412,286 , other related leasing services for COP 660,442 , COP 541,436 and COP 375,275 (see Note 7.1 lessor), property leases for COP 228,325 , COP 157,511 and COP 139,021 (see Note 11. Investment properties) and other assets for COP 49,005 , COP 14,037 , COP 9,992 for the years ended December 31, 2023, 2022 and 2021 respectively . (2) Corresponds to the management of assets and liabilities in foreign currencies and the volatility of the U.S. dollar. (3) In 2022 increased in properties and variation in fair value due to improved market conditions at the reporting date. (4) Corresponds to income from insurance operations of Seguros Agromercantil S.A., subsidiary domiciled in Guatemala. In 2023, it includes the effect of the adoption of IFRS 17 Insurance Contract. See Note 32. Impacts on the application of new standards. |
Schedule of dividends received, and share of profits of equity method investees | The following table sets forth the detail of dividends received, and share of profits of equity method investees for the years ended December 31, 2023, 2022 and 2021: Dividends and net income on equity investments 2023 2022 2021 In millions of COP Dividends (1) 127,427 59,072 108,079 Equity method (2) 113,115 219,105 199,652 Equity investments and other financial instruments (3) 22,944 (672) 7,253 (Losses) Gains on sale of investments in associates (4) - (34,451) 9,896 Impairment of investments in associates and joint ventures (5) (108,175) (9,633) (1,733) Others (6) 54,874 2,433 5,197 Total dividends received, and share of profits of equity method investees 210,185 235,854 328,344 (1) As of December 31, 2023, 2022 and 2021, includes dividends received from equity investments at fair value through profit or loss for COP 768 , COP 6,209 and COP 40,188 , the decrease is the result of lower dividends on the preferred share of Tuya S.A and investments derecognised for COP 341 , COP 116 and COP 251 , respectively, dividends from equity investments at fair value through OCI for COP 18,464 , COP 16,842 and COP 12,665 , respectively and investments derecognised for COP 3,231 in 2023. Additionally, includes returns received of the associate at fair value P.A. Viva Malls for COP 104,623 , COP 35,905 , and COP 50,208 , respectively. For further information, see Note 8. Investments in associates and joint ventures. (2) Corresponds to income from equity method of investments in associates as of December 31, 2023, 2022 and 2021 for COP 230,704 , COP 265,885 and COP 179,032 (includes valuation of investments in associates at fair value), respectively, and joint ventures for COP (117,589) , COP (46,780) and COP 20,620 , respectively. For further information, see Note 8. Investments in associates and joint ventures. (3) For 2023, the increase is explained by the effect of the exchange of shares from Bolsa de Valores de Colombia for shares of the Holding Bursátil Regional in Chile. The Holding Bursátil Regional was constituted as of the integration of the Colombia, Perú and Chile Stock Exchanges in November 2023. For more information see Note 5.1. Financial assets investments. (4) In December 2022, was registered the spin-off of Protección S.A. and the creation of the company Asulado Seguros de Vida S.A., of which the Bank sold its participation to SURA Asset Management S.A., to comply with the authorized investment regime, and a loss of COP (41,434) was recognized, see Note 8 Investments in associates and joint ventures. Additionally, as a result of the sale in 2019 of the investments in the associates Avefarma S.A.S, Glassfarma Tech S.A.S. and Panamerican Pharmaceutical Holding Inc., COP 6,983 was received as contingent payment. For 2021, COP 9,896 had been received. (5) Corresponds to the impairment of associates and joint ventures, for 2023 in Compañía de Financiamiento TUYA S.A. recognized in the Investment Banking segment for COP 106,574 , Reintegra S.A.S. for COP 2,017 and recovery of impairment in Fondo de Capital Privado Ruta del Sol compartimento A for COP 416 for impairment recorded in 2022, both recognized in the segment Others. For 2022, the impairment corresponds to Reintegra S.A.S for COP 7,688 , Fondo de Capital Privado Ruta del Sol compartimiento A for COP 6,514 and Viliv S.A.S. (in liquidation) for COP 463 , recognized in Others segments, offset by the recovery of impairment of the associate Internacional Ejecutiva de Aviación S.A.S for COP 5,032 , impairment recognized in 2021 in the Investment Banking segment. For further information, see Note 8. Investments in associates and joint ventures. (6) For 2023, corresponds to gains recognized in acquisitions of P.A. Calle 84 (2) and P.A. Calle 84 (3) for COP 31,117 and P.A. Nomad Central for COP 23,757 from a bargain purchase. In 2022, this income corresponded to P.A. Fai Calle 77. For 2022, corresponds to gains recognized in acquisition of P.A. FAI Calle 77 from a bargain purchase. In 2021, corresponds to gains recognized by the Bank as the difference between book value and fair value of Wompi S.A.S. (before Vlipco S.A.S.) previous to its acquisition date, the transaction was completed in November 2021. For further information, see Note 9.3. Business combination. |
OPERATING EXPENSES (Tables)
OPERATING EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OPERATING EXPENSES | |
Schedule of salaries and employee benefit expenses | The detail for salaries and employee benefits for the years ended December 31, 2023, 2022 and 2021 is as follows: Salaries and employee benefit 2023 2022 2021 In millions of COP Salaries (1) 2,286,471 1,897,710 1,648,872 Bonuses (2) 940,292 823,517 714,353 Private premium (3) 651,048 423,261 384,056 Social security contributions 546,434 447,017 355,166 Indemnization payment 179,916 189,643 137,453 Other benefits (4) 746,073 636,508 542,696 Total Salaries and employee benefit 5,350,234 4,417,656 3,782,596 (1) This is mainly explained by salary increases indexed to inflation. (2) Corresponds mainly to bonuses for employees in accordance with the variable compensation model of the Bank. (3) The increase corresponds to a higher provision due to a decrease in the nominal rate and the inflation rate. (4) Includes vacations, severance and interest on severance, pension and employee benefits, mainly policy benefits, training and recreation. |
Schedule of other administrative and general expenses | The detail for administrative and general expenses for the years ended December 31, 2023, 2022 and 2021 is as follows: Other administrative and general expenses 2023 2022 2021 In millions of COP Fees (1) 943,781 864,520 758,986 Maintenance and repairs (2) 900,251 757,861 592,493 Insurance (3) 738,786 640,753 495,146 Data processing (4) 473,059 362,621 363,105 Frauds and claims (5) 346,899 258,834 182,916 Transport 233,856 232,471 198,828 Advertising 175,690 185,122 153,066 Cleaning and security services 129,460 117,966 111,717 Public services 125,433 119,949 149,029 Contributions and affiliations 109,038 116,118 101,727 Communications 74,685 72,501 71,861 Properties improvements and installation 66,438 70,845 64,554 Useful and stationery 57,061 55,045 53,476 Disputes, fines and sanctions (6) 43,499 63,519 13,106 Real estate management 33,637 30,216 28,962 Travel expenses 31,813 25,600 10,713 Publications and subscriptions 22,574 20,644 17,775 Storage services 16,321 15,013 14,666 Legal expenses 14,136 10,573 6,834 Others 497,527 539,729 351,546 Total other administrative and general expenses (7) 5,033,944 4,559,900 3,740,506 Taxes other than income tax (8) 1,433,148 929,512 719,593 (1) Increase generated mainly by digital transformation fees. (2) Increase is caused mainly by vehicle maintenance for COP 85,247 and computer equipment maintenance for COP 46,626 . (3) The increase is mainly generated by Fogafin deposit insurance due to an increase in the volume of time deposits. (4) In 2023, the increase generated mainly by license maintenance services, electronic data processing and technology services. (5) The increase is generated mainly in virtual transactions and cards frauds. (6) The amount for the year 2022 includes the following events: Banagrícola and subsidiaries by USD 4,000 due to out-of-court closing of contingency and in Banistmo and subsidiaries by USD 2,500 due to judgment against. (7) As of December 31, 2021, the Consolidated Statement of Income disclosed the line "Other expenses" for COP 218,586 . Considering the nature of the operations contained in this caption, the Bank decided to reclassify this item in the Consolidated Statement of Income as of December 31, 2023, 2022 and 2021 in the line "Other administrative and general expenses". For comparative purposes, figure disclosed in 2021 in the line "Other administrative and general expenses" for COP 3,521,920 were modified to COP 3,740,506 . (8) The increase mainly generates in industry and commerce taxes, value added tax (IVA) and Tax on Financial Movements (GMF). |
Schedule of impairment, depreciation and amortization expenses | The detail for Impairment, depreciation and amortization for the years ended December 31, 2023, 2022 and 2021 is as follows: Impairment, depreciation and amortization 2023 2022 2021 In millions of COP Depreciation of premises and equipment (1) 636,376 560,596 466,179 Depreciation of right-of-use assets (2) 229,665 212,861 190,819 Amortization of intangible assets (3) 212,317 175,991 198,169 Impairment of other assets, net (4)(5) 46,501 31,127 65,391 Total impairment, depreciation and amortization 1,124,859 980,575 920,558 (1) See Note 10 Premises and equipment, net. (2) See Note 7.2 Lessee. (3) See Note 9 Goodwill and intangibles assets, net. (4) Includes value for impairment of property and equipment for COP 4,480 in 2023 and COP 3,536 in 2022. (5) The detail of the impairment of other assets net by operating segments for the years ended December 31, 2023, 2022 and 2021 is presented in the table below: Impairment (recovery) of other assets, net 2023 2022 2021 In millions of COP Banking Colombia 45,122 24,187 38,632 Banking Panama 5,290 12,599 17,962 Banking Guatemala 8,929 12,101 7,554 All other segments 4,713 1,803 848 International Banking 1,730 314 - Banking El Salvador (1) (19,283) (19,877) 395 Total (2) 46,501 31,127 65,391 (1) Corresponds mainly to the Net realizable value (NRV) and higher sales generated in 2022 compared to 2021. (2) The variation in 2023 with respect to 2022 is mainly to the Net realizable value (NRV). |
EARNING PER SHARE ('EPS') (Tabl
EARNING PER SHARE ('EPS') (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022 and 2021 (in millions of pesos, except per share data): 2023 2022 2021 Income from continuing operations before attribution of non-controlling interests 6,214,971 6,996,365 4,207,787 Less: Non-controlling interests from continuing operations 98,035 212,875 120,992 Net income from controlling interest 6,116,936 6,783,490 4,086,795 Less: Preferred dividends declared 1,541,003 1,352,921 59,851 Less: Allocation of undistributed earnings to preferred stockholders 1,303,784 1,805,191 1,830,636 Net income allocated to common shareholders for basic and diluted EPS 3,272,149 3,625,378 2,196,308 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 6,420 7,113 4,309 Basic and diluted earnings per share from continuing operations 6,420 7,113 4,309 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
RELATED PARTY TRANSACTIONS | |
Schedule of transactions between related parties | As of December 31, 2023 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 6,050 - 54,001 Derivative financial instruments 48,747 - 7,297 Loans and advances to customers 1,850,407 22,437 271,676 Allowance for loans, advances and lease losses (1,455) (50) (760) Investment in associates and joint ventures - - 2,997,603 Other assets 17,951 18 271,263 Total assets 1,921,700 22,405 3,601,080 Liabilities Deposits by customers 1,434,117 16,312 141,853 Derivative financial instruments 14 209 1,068 Other liabilities 23,070 59 70,387 Total liabilities 1,457,201 16,580 213,308 Income Interest on loans and financial leases 157,451 1,783 27,925 Valuation on financial instruments 97 - 11,998 Fees and commissions income 744,000 98 14,647 Dividends and net income on equity investments (2) 213 - 109,563 Derivatives Foreign exchange contracts 63,060 (218) 27,174 Other operating income 48,531 9 9,806 Net income 1,013,352 1,672 201,113 Expenses Interest expenses 181,085 1,038 8,261 Credit impairment charges, net (8,307) 4 (1,193) Fees and commissions expenses 590 - 152,563 Employee benefits (3) 89,199 93 - Other administrative and general expenses 159,184 2,492 23,644 Total expenses 421,751 3,627 183,275 (1) Includes Grupo Sura conglomerate. (2) Includes impairment of associates and joint ventures mainly in TUYA S.A. for COP 106,574 . (3) In case of stockholders with an interest equal or higher than 20% of the Bank’s capital, includes the benefit provided to employees for insurance policies and for directors and senior management corresponds to the benefit of special credit rates for employees. As of December 31, 2022 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 5,711 - 51,991 Derivative financial instruments 191 5 8 Loans and advances to customers 947,150 28,935 342,896 Allowance for loans, advances and lease losses (9,746) (49) (3,470) Investment in associates and joint ventures - - 2,915,633 Other assets (2) 17,520 41 209,350 Total assets 960,826 28,932 3,516,408 Liabilities Deposits by customers 1,364,663 14,433 161,708 Derivative financial instruments 23 - 27,571 Other liabilities (2) 26,803 56 54,017 Total liabilities 1,391,489 14,489 243,296 Income Interest on loans and financial leases 74,896 1,249 21,715 Valuation on financial instruments - - 994 Fees and commissions income 929,721 100 20,574 Dividends and net income on equity investments 30 - 224,602 Net foreign exchange and Derivatives Foreign exchange contracts (10,158) 984 (30,484) Other operating income 50,816 28 99,855 Net income 1,045,305 2,361 337,256 Expenses Interest expenses 112,403 301 8,483 Credit impairment charges, net 10,171 50 (550) Fees and commissions expenses 19 - 180,951 Employee benefits (3) 76,455 117 - Other administrative and general expenses 161,367 2,056 30,792 Total expenses 360,415 2,524 219,676 (1) Includes Grupo Sura conglomerate. (2) The values disclosed for Other assets and Other liabilities corresponding to Stockholders with an interest equal or higher than 20% as of December 31, 2022 were restated from COP 54,842 to COP 17,520 and from COP 163,385 to 26,803 , respectively; this restatement has no effect on the Financial Statements and their notes, and it was also concluded that the revised figures were adjusted and disclosed on a comparative basis. (3) In case of stockholders with an interest equal or higher than 20% of the Bank’s capital, includes the benefit provided to employees for insurance policies and for directors and senior management corresponds to the benefit of special credit rates for employees. 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 8,175 194,864 Derivative financial instruments - 6 8,565 Other liabilities 1,120 368 36,596 Total liabilities 2,102,966 8,549 240,025 Income Interest on loans and financial leases 29,092 759 11,443 Valuation on financial instruments - - 1,560 Fees and commissions income 737,402 98 13,056 Dividends and net income on equity investments 58 - 289,423 Net foreign exchange and Derivatives Foreign exchange contracts (1,840) 1,112 (9,966) Other operating income 278 - 55,524 Net income 764,990 1,969 361,040 Expenses Interest expenses 16,564 93 1,403 Credit impairment charges, net 3,043 92 5,123 Fees and commissions expenses 17 - 130,950 Employee benefits (2) 60,221 19 - Other administrative and general expenses 14,148 1,724 32,071 Total expenses 93,993 1,928 169,547 (1) Includes Grupo Sura conglomerate. (2) In case of stockholders with an interest equal or higher than 20% of the Bank’s capital, includes the benefit provided to employees for insurance policies and for directors and senior management corresponds to the benefit of special credit rates for employees. |
LIABILITIES FROM FINANCING AC_2
LIABILITIES FROM FINANCING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
LIABILITIES FROM FINANCING ACTIVITIES | |
Schedule of reconciliation of the balances of liabilities from financing activities | The following table presents the reconciliation of the balances of liabilities from financing activities as of December 31, 2023 and 2022: Non-cash changes Balance as of Foreign January 1, 2023 Cash flows currency Interests Other Balance as of translation accrued movements December 31, 2023 adjustment In millions of COP Liabilities from financing activities Repurchase agreements and other similar secured borrowing 189,052 304,846 (23,603) - - 470,295 Borrowings from other financial institutions (1) 19,692,638 (1,674,476) (4,029,947) 1,658,996 1,395 15,648,606 Debt instruments in issue (1) 19,575,988 (3,494,834) (2,844,193) 1,426,615 - 14,663,576 Preferred shares (2) 584,204 (57,701) - 57,701 - 584,204 Total liabilities from financing activities 40,041,882 (4,922,165) (6,897,743) 3,143,312 1,395 31,366,681 (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 1,607,927 and COP 1,347,889 , 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 Balance as of Foreign January 1, 2022 Cash flows currency Interests Other Balance as of translation accrued movements December 31, 2022 adjustment In millions of COP Liabilities from financing activities Repurchase agreements and other similar secured borrowing 763,325 (579,488) 5,215 - - 189,052 Borrowings from other financial institutions (1) 8,551,558 7,963,253 2,404,567 763,717 9,543 19,692,638 Debt instruments in issue (1) 21,093,864 (5,767,989) 2,921,602 1,328,511 - 19,575,988 Preferred shares (2) 584,204 (57,701) - 57,701 - 584,204 Total liabilities from financing activities 30,992,951 1,558,075 5,331,384 2,149,929 9,543 40,041,882 (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 536,024 and COP 1,206,895 , 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. |
FAIR VALUE OF ASSETS AND LIAB_2
FAIR VALUE OF ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022: December 31, 2023 December 31, 2022 Carrying Fair Carrying Fair amount Value amount Value In millions of COP Assets Debt instruments at fair value through profit or loss 12,096,407 12,096,407 11,039,266 11,039,266 Debt instruments at fair value through OCI 6,148,177 6,148,177 7,977,675 7,977,675 Debt instruments at amortized cost 6,848,082 6,840,867 8,336,360 8,246,876 Derivative financial instruments 6,252,270 6,252,270 4,961,237 4,961,237 Equity securities at fair value 543,210 543,210 544,668 544,668 Other financial instruments (1) 38,319 38,319 42,171 42,171 Loans and advances to customers at amortized cost, net 237,728,544 238,771,724 254,444,099 251,336,077 Investment property 4,709,911 4,709,911 3,994,058 3,994,058 Investments in associates (2) 1,670,782 1,670,782 1,532,156 1,532,156 Total 276,035,702 277,071,667 292,871,690 289,674,184 Liabilities Deposits by customers 247,941,180 249,340,519 250,992,323 249,503,805 Interbank deposits 606,141 606,141 902,132 902,132 Repurchase agreements and other similar secured borrowing 470,295 470,295 189,052 189,052 Derivative financial instruments 6,710,364 6,710,364 4,737,454 4,737,454 Borrowings from other financial institutions 15,648,606 15,648,606 19,692,638 19,692,638 Preferred shares 584,204 394,550 584,204 350,978 Debt instruments in issue 14,663,576 14,468,650 19,575,988 18,776,819 Total 286,624,366 287,639,125 296,673,791 294,152,878 (1) For futher information see Note 5.1. Financial assets investments. (2) 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 | Financial Assets December 31, 2023 December 31, 2022 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 4,363,135 362,470 - 4,725,605 3,960,211 300,019 - 4,260,230 Securities issued or secured by government entities - 84,990 - 84,990 13,075 65,960 - 79,035 Securities issued by other financial institutions 41,003 654,446 78,729 774,178 77,944 451,285 81,389 610,618 Securities issued by foreign governments 3,621,960 2,652,440 - 6,274,400 3,136,636 2,831,220 - 5,967,856 Corporate bonds 125,010 97,940 14,284 237,234 17,299 104,228 - 121,527 Total debt instruments at fair value through profit or loss 8,151,108 3,852,286 93,013 12,096,407 7,205,165 3,752,712 81,389 11,039,266 Debt instruments at fair value through OCI Securities issued by the Colombian Government 61,427 - 2,664,295 2,725,722 - 2,590,622 - 2,590,622 Securities issued by other financial institutions 224,049 149,257 - 373,306 465,025 104,332 - 569,357 Securities issued by foreign governments 1,675,193 762,803 - 2,437,996 4,045,118 649,251 - 4,694,369 Corporate bonds 63,475 547,678 - 611,153 - 123,327 - 123,327 Total debt instruments at fair value through OCI 2,024,144 1,459,738 2,664,295 6,148,177 4,510,143 3,467,532 - 7,977,675 Total debt instruments 10,175,252 5,312,024 2,757,308 18,244,584 11,715,308 7,220,244 81,389 19,016,941 Equity securities Equity securities 89,128 69,400 384,682 543,210 30,884 51,531 462,253 544,668 Total equity securities 89,128 69,400 384,682 543,210 30,884 51,531 462,253 544,668 Other financial assets Other financial assets - - 38,319 38,319 - - 42,171 42,171 Total other financial assets - - 38,319 38,319 - - 42,171 42,171 Derivative financial instruments Forwards Foreign exchange contracts - 3,308,258 1,073,648 4,381,906 - 982,212 591,740 1,573,952 Equity contracts - 152 2,863 3,015 - 5,414 105 5,519 Total forwards - 3,308,410 1,076,511 4,384,921 - 987,626 591,845 1,579,471 Swaps Foreign exchange contracts - 1,066,915 237,422 1,304,337 - 1,940,303 454,529 2,394,832 Interest rate contracts 130,792 206,011 15,621 352,424 266,708 569,749 29,170 865,627 Total swaps 130,792 1,272,926 253,043 1,656,761 266,708 2,510,052 483,699 3,260,459 Options Foreign exchange contracts 6 136,979 73,603 210,588 - 4,240 117,067 121,307 Total options 6 136,979 73,603 210,588 - 4,240 117,067 121,307 Total derivative financial instruments 130,798 4,718,315 1,403,157 6,252,270 266,708 3,501,918 1,192,611 4,961,237 Investment properties Lands - - 325,394 325,394 - - 123,352 123,352 Buildings - - 4,384,517 4,384,517 - - 3,870,706 3,870,706 Total investment properties - - 4,709,911 4,709,911 - - 3,994,058 3,994,058 Investment in associates at fair value Investment in associates at fair value - - 1,670,782 1,670,782 - - 1,532,156 1,532,156 Total investment in associates at fair value - - 1,670,782 1,670,782 - - 1,532,156 1,532,156 Total 10,395,178 10,099,739 10,964,159 31,459,076 12,012,900 10,773,693 7,304,638 30,091,231 |
Schedule of fair-value hierarchy levels the Bank's liabilities that are measured at fair value on a recurring basis | Financial liabilities December 31, 2023 December 31, 2022 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 - 4,458,528 67,825 4,526,353 - 1,523,795 187,849 1,711,644 Equity contracts - 8,629 1,852 10,481 - 7,203 - 7,203 Total forwards - 4,467,157 69,677 4,536,834 - 1,530,998 187,849 1,718,847 Swaps Foreign exchange contracts - 1,388,113 102,973 1,491,086 - 1,757,219 160,178 1,917,397 Interest rate contracts 126,728 312,051 11,078 449,857 227,847 728,793 51,662 1,008,302 Total swaps 126,728 1,700,164 114,051 1,940,943 227,847 2,486,012 211,840 2,925,699 Options Foreign exchange contracts 19 232,568 - 232,587 - 92,908 - 92,908 Total options 19 232,568 - 232,587 - 92,908 - 92,908 Total derivative financial instruments 126,747 6,399,889 183,728 6,710,364 227,847 4,109,918 399,689 4,737,454 Total 126,747 6,399,889 183,728 6,710,364 227,847 4,109,918 399,689 4,737,454 |
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, 2023 December 31, 2022 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 67,514 - - 67,514 197,749 - - 197,749 Securities issued or secured by government entities - 49,980 3,075,936 3,125,916 - 3,041,314 - 3,041,314 Securities issued by other financial institutions 209,178 280,662 55,112 544,952 272,157 307,960 - 580,117 Securities issued by foreign governments 150,695 377,560 - 528,255 248,735 517,661 - 766,396 Corporate bonds 774,624 12,620 1,786,986 2,574,230 1,183,046 37,977 2,440,277 3,661,300 Total – Debt instruments 1,202,011 720,822 4,918,034 6,840,867 1,901,687 3,904,912 2,440,277 8,246,876 Loans and advances to customers, net - - 238,771,724 238,771,724 - - 251,336,077 251,336,077 Total 1,202,011 720,822 243,689,758 245,612,591 1,901,687 3,904,912 253,776,354 259,582,953 Liabilities December 31, 2023 December 31, 2022 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 - 60,236,355 189,104,164 249,340,519 - 40,990,191 208,513,614 249,503,805 Interbank deposits - - 606,141 606,141 - - 902,132 902,132 Repurchase agreements and other similar secured borrowing - - 470,295 470,295 - - 189,052 189,052 Borrowings from other financial institutions - - 15,648,606 15,648,606 - - 19,692,638 19,692,638 Debt instruments in issue (1) 8,021,700 4,025,322 2,421,628 14,468,650 7,714,800 8,898,934 2,163,085 18,776,819 Preferred shares - - 394,550 394,550 - - 350,978 350,978 Total 8,021,700 64,261,677 208,645,384 280,928,761 7,714,800 49,889,125 231,811,499 289,415,424 (1) The decrease in level 2 for the year 2023 corresponds to maturity of securities. |
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, 2023 December 31, 2022 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 - - 11,702 11,702 - - 9,918 9,918 Real estate for residential purposes - - 117,476 117,476 - - 63,283 63,283 Real estate different from residential properties - - 30,273 30,273 - - 22,216 22,216 Total - - 159,451 159,451 - - 95,417 95,417 |
Reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs | The table below presents reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs during 2023 and 2022: As of December 31, 2023 Balance, Included Transfers Transfers Balance, January 1, in OCI Purchases Settlement Reclassifications (1) Prepaids in to out of December 31, 2023 earnings level 3 level 3 2023 In millions of COP Assets Debt instruments at fair value though profit or loss Securities issued by the Colombian Government - (4,150) - 4,150 - - - - - - Securities issued or secured by other financial entities 81,389 12,869 - 2,639 (12,767) - (9,613) 4,212 - 78,729 Corporate bonds - - - - - - - 14,284 - 14,284 Total 81,389 8,719 - 6,789 (12,767) - (9,613) 18,496 - 93,013 Debt instruments at fair value through OCI Securities issued by the Colombian Government - - 173,648 2,490,647 - - - - - 2,664,295 Total - - 173,648 2,490,647 - - - - - 2,664,295 Derivative financial instruments Foreign exchange contracts 1,163,336 (60,699) - 1,295,089 (812,275) (13,559) - 46,459 (233,678) 1,384,673 Interest rate contracts 29,170 (10,694) - 6,957 (4,593) (38) - 525 (5,706) 15,621 Equity contracts 105 - - 2,863 (105) - - - - 2,863 Total 1,192,611 (71,393) - 1,304,909 (816,973) (13,597) - 46,984 (239,384) 1,403,157 Equity securities Equity securities 462,253 (3,577) (8,087) 6,740 (72,647) - - - - 384,682 Total 462,253 (3,577) (8,087) 6,740 (72,647) - - - - 384,682 Other financial instruments Other financial instruments 42,171 (13,746) - 9,894 - - - - - 38,319 Total 42,171 (13,746) - 9,894 - - - - - 38,319 Investment in associates PA Viva Malls 1,530,459 128,028 - 3,192 - - - - - 1,661,679 PA Distrito Vera 1,697 1,179 - 6,227 - - - - - 9,103 Total 1,532,156 129,207 - 9,419 - - - - - 1,670,782 Total Assets 3,310,580 49,210 165,561 3,828,398 (902,387) (13,597) (9,613) 65,480 (239,384) 6,254,248 Liabilities Derivative financial instruments Foreign exchange contracts 348,027 15,346 - 164,179 (329,858) (13,559) - 4,330 (17,667) 170,798 Interest rate contracts 51,662 (6,297) - 3,628 (41,002) (38) - 3,734 (609) 11,078 Equity contracts - - - 1,852 - - - - - 1,852 Total 399,689 9,049 - 169,659 (370,860) (13,597) - 8,064 (18,276) 183,728 Total liabilities 399,689 9,049 - 169,659 (370,860) (13,597) - 8,064 (18,276) 183,728 (1) From derivative assets to derivative liabilities classified in level 3 and vice versa. As of December 31, 2022 Balance, Included Transfers Transfers Balance, January 1, in OCI Purchases Settlement Reclassifications (1) Prepaids in to out of December 31, 2022 earnings level 3 level 3 2022 In millions of COP Assets Debt instruments at fair value though profit or loss Securities issued or secured by other financial entities 113,058 11,700 - 3,789 (20,031) - (19,181) 10,863 (18,809) 81,389 Total 113,058 11,700 - 3,789 (20,031) - (19,181) 10,863 (18,809) 81,389 Derivative financial instruments Foreign exchange contracts 937,633 270,494 - 607,659 (647,914) (777) - 547 (4,306) 1,163,336 Interest rate contracts 46,393 19,887 - 9,323 (8,986) (3,181) - 49 (34,315) 29,170 Equity contracts 313 - - 105 (313) - - - - 105 Total 984,339 290,381 - 617,087 (657,213) (3,958) - 596 (38,621) 1,192,611 Equity securities Equity securities (2) 335,006 (285) 89,072 15,762 (18,848) - - 41,856 (310) 462,253 Total 335,006 (285) 89,072 15,762 (18,848) - - 41,856 (310) 462,253 Other financial instruments Other financial instruments - (3,851) - 46,022 - - - - - 42,171 Total - (3,851) - 46,022 - - - - - 42,171 Investment in associates PA Viva Malls 1,355,688 189,132 - - (14,361) - - - - 1,530,459 PA Distrito Vera 2,680 (983) - - - - - - - 1,697 Total 1,358,368 188,149 - - (14,361) - - - - 1,532,156 Total Assets 2,790,771 486,094 89,072 682,660 (710,453) (3,958) (19,181) 53,315 (57,740) 3,310,580 Liabilities Derivative financial instruments Foreign exchange contracts 232,444 88,743 - 188,860 (157,374) (777) - - (3,869) 348,027 Interest rate contracts 4,312 24,825 - 26,323 (332) (3,181) - 396 (681) 51,662 Total 236,756 113,568 - 215,183 (157,706) (3,958) - 396 (4,550) 399,689 Total liabilities 236,756 113,568 - 215,183 (157,706) (3,958) - 396 (4,550) 399,689 (1) From derivative assets to derivative liabilities classified in level 3 and vice versa. (2) Mainly in Banistmo S.A. of the Telered S.A. instrument, which also includes conversion adjustments. |
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, 2023 and 2022: December 31, 2023 December 31, 2022 Transfers level 1 Transfers level Transfers level Transfers level to level 2 2 to level 1 1 to level 2 2 to level 1 In millions of COP Debt instruments at fair value though profit or loss Securities issued or secured by foreign government 1,712 - - 15,885 Securities issued or secured by government entities 13,619.0 - - 14,459 Corporate bonds - 8,397 5,282 - Securities issued by the Colombian Government - - - 5,103 Securities issued or secured by other financial entities 1,848 - - - Total 17,179 8,397 5,282 35,447 Debt instruments at fair value through OCI Securities issued or secured by foreign government 572,800 - - 950,235 Securities issued or secured by other financial entities 64,944 - - - Corporate bonds - 95,572 90,010 - Total 637,744 95,572 90,010 950,235 Equity securities Equity securities 13,740 7 - 15,858 Total 13,740 7 - 15,858 |
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, 2023 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 Yield 2.06% to 10.73 % 5.48 % 70,982 75,852 TIPS 74,087 Discounted cash flow Prepayment Speed n/a n/a 78,953 n/a Prepayment Speed n/a n/a 73,271 n/a Time deposits 4,642 Discounted cash flow Yield / Interest rate 2.15% to 5.70 % 3.78 % 4,277 4,701 Total securities issued by other financial institutions 78,729 Securities issued by the Colombian Government Bonds by government entities 2,664,295 Discounted cash flow Yield 0.00% to 1.18% 1.17% 2,658,010 2,679,372 Corporate bonds Corporate bonds 14,284 Discounted cash flow Yield 3.49% to 3.49% 3.49% 13,700 14,912 Total debt instruments 2,757,308 Equity securities Equity securities 384,682 Price-based Price n/a n/a n/a n/a Other financial instruments Other financial instruments 38,319 Internal valuation methodology Internal valuation methodology n/a n/a n/a n/a Derivative financial instruments Forward 1,006,834 Discounted cash flow Credit spread / Yield 0.00% to 50.58 % 7.22 % 1,004,399 1,009,283 Swaps 138,992 Discounted cash flow Credit spread 0.00% to 63.39 % 5.86 % 139,451 138,577 Options 73,603 Discounted cash flow Credit spread 0.13% to 33.77 % 0.57 % 73,048 73,870 Total derivative financial instruments 1,219,429 Investment in associates P.A Viva Malls 1,661,679 Price-based Price n/a n/a n/a n/a P.A Distrito Vera 9,103 Price-based Price n/a n/a n/a n/a Total investment in associates 1,670,782 As of December 31, 2022 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 76,014 Discounted cash flow Yield 2.06% to 9.89 % 4.93 % 71,208 75,021 Prepayment Speed n/a n/a 77,349 n/a Time deposits 5,375 Discounted cash flow Interest rate 4.10% to 5.20 % 5.00 % 5,033 5,438 Total debt instruments 81,389 Equity securities Equity securities 462,253 Price-based Price n/a n/a n/a n/a Other financial instruments Other financial instruments 42,171 Internal valuation methodology Internal valuation methodology n/a n/a n/a n/a Derivative financial instruments Forward 403,996 Discounted cash flow Credit spread / Yield 0.00% to 59.47 % 11.05 % 405,806 410,413 Swaps 271,859 Discounted cash flow Credit spread / Yield 0.00% to 39.33 % 7.85 % 265,949 278,192 Options 117,067 Discounted cash flow Credit spread 0.10% to 36.40 % 0.64 % 116,182 117,636 Total derivative financial instruments 792,922 Investment in associates P.A Viva Malls 1,530,459 Price-based Price n/a n/a n/a n/a P.A Distrito Vera 1,697 Price-based Price n/a n/a n/a n/a Total investment in associates 1,532,156 |
IMPACTS ON APPLICATION OF NEW_2
IMPACTS ON APPLICATION OF NEW STANDARDS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
IMPACTS ON APPLICATION OF NEW STANDARDS | |
Schedule of effects on the consolidated statement of financial position | The effects on the consolidated statement of financial position as of January 1, 2023, are presented below: Concept December 31, 2022 Adoption adjustment January 1, 2023 In millions of COP Insurance contracts asset (1) 68,991 22,383 91,374 Insurance contracts liability (2) 124,598 21,679 146,277 Retained earnings - 704 704 (1) Included in the "Other assets, net" item in the consolidated statement of financial position. (2) Included in the "Other liabilities" item in the consolidated statement of financial position. |
RISK MANAGEMENT (Tables)
RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
RISK MANAGEMENT | |
Schedule of maximum exposure to credit risk | The information below contains the maximum exposure to credit risk for the periods ending December 31, 2023 and December 31, 2022: December 31, 2023 Maximum exposure to credit risk - Financial instruments subject to impairment In millions of COP Stage 1 Stage 2 Stage 3 Total Loans and Advances 222,372,889 16,042,661 15,536,097 253,951,647 Commercial 120,773,927 5,453,537 8,459,932 134,687,396 Consumer 46,060,615 4,407,067 4,124,087 54,591,769 Mortgage 32,210,648 2,628,654 1,411,106 36,250,408 Small Business Loans 774,571 260,303 110,143 1,145,017 Financial Leases 22,553,128 3,293,100 1,430,829 27,277,057 Off-Balance Sheet Exposures 39,266,370 154,567 157,801 39,578,738 Financial Guarantees 12,533,868 26,889 130,441 12,691,198 Loan Commitments 26,732,502 127,678 27,360 26,887,540 Loss Allowance (3,854,240) (2,581,460) (10,042,022) (16,477,722) Total 257,785,019 13,615,768 5,651,876 277,052,663 December 31, 2022 Maximum exposure to credit risk - Financial instruments subject to impairment In millions of COP Stage 1 Stage 2 Stage 3 Total Loans and Advances 236,770,056 18,656,439 14,497,244 269,923,739 Commercial 126,530,862 8,062,435 8,944,556 143,537,853 Consumer 51,510,943 5,288,921 2,788,857 59,588,721 Mortgage 34,067,734 1,997,270 1,306,369 37,371,373 Small Business Loans 1,093,973 135,528 98,575 1,328,076 Financial Leases 23,566,544 3,172,285 1,358,887 28,097,716 Off-Balance Sheet Exposures 39,476,630 338,136 50,829 39,865,595 Financial Guarantees 11,399,726 202,240 22,948 11,624,914 Loan Commitments * 28,076,904 135,896 27,881 28,240,681 Loss Allowance (3,017,368) (3,227,440) (9,516,738) (15,761,546) Total 273,229,318 15,767,135 5,031,335 294,027,788 *The informational disclosed value of loan commitments has been updated. Other Financial Instruments Maximum Exposure to Credit Risk - Other Financial Instruments Maximum Exposure Collateral * Net Exposure 2023 2022 2023 2022 2023 2022 Maximum Exposure to Credit Risk Debt instruments 25,148,469 27,418,197 (1,407,484) (741,197) 23,740,985 26,677,000 Derivatives ** 1,824,750 9,189,488 (698,662) (138,416) 1,126,088 9,051,072 Equity 543,210 544668 - - 543,210 544,668 Other financial instruments 38,319 42171 - - 38,319 42,171 Total 27,554,748 37,194,524 (2,106,146) (879,613) 25,448,602 36,314,911 |
Schedule of amount and allowance of clients included in the described watch list | December 2023: Watch List december 31, 2023 In millions of COP Risk Level Amount % Allowance Level 1 – Low Risk 14,358,838 1.02 % 146,014 Level 2 – Medium Risk 4,744,341 7.38 % 349,972 Level 3 – High Risk 2,886,649 53.31 % 1,538,882 Level 4 – High Risk 5,239,356 73.24 % 3,837,196 Total 27,229,184 21.57 % 5,872,064 December 2022: Watch List december 31, 2022 In millions of COP Risk Level Amount % Allowance Level 1 – Low Risk 10,467,361 1.50 % 157,131 Level 2 – Medium Risk 7,408,528 9.36 % 693,260 Level 3 – High Risk 2,265,069 52.04 % 1,178,800 Level 4 – High Risk 6,442,895 82.16 % 5,293,593 Total 26,583,853 27.55 % 7,322,784 |
Schedule of loans and financial leases by type of collateral | 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, 2023 Amount Covered by Collateral In Millions of COP Financial Small Nature of the Collateral Commercial Consumer Mortgage Leasing Business Total Real Estate and Residential 23,368,950 1,693,007 34,253,140 10 319,038 59,634,145 Goods Given in Real Estate Leasing - - 189 17,104,180 - 17,104,369 Goods Given in Leasing Other Than Real Estate - 26 - 8,580,543 - 8,580,569 Stand by Letters of Credit 1,052,764 - - - - 1,052,764 Security Deposits 447,306 370,286 - - 103,013 920,605 Guarantee Fund 4,012,115 191 - 60,242 52,222 4,124,770 Sovereign of the Nation - - - - - - Collection Rights 6,673,320 57,306 - - 420 6,731,046 Other Collateral (Pledges) 2,957,482 7,286,581 39,432 - 2,499 10,285,994 Without Guarantee (Uncovered Balance) 96,175,459 45,184,372 1,957,647 1,532,082 667,825 145,517,385 Total loans and financial leases 134,687,396 54,591,769 36,250,408 27,277,057 1,145,017 253,951,647 December 31, 2022 Amount Covered by Collateral In Millions of COP Financial Small Nature of the Collateral Commercial Consumer Mortgage Leasing Business Total Real Estate and Residential 28,426,583 2,094,966 34,941,415 13 494,198 65,957,175 Goods Given in Real Estate Leasing - - 193 17,031,277 - 17,031,470 Goods Given in Leasing Other Than Real Estate - 39 - 7,975,353 - 7,975,392 Stand by Letters of Credit 604,309 - - - 3,375 607,684 Security Deposits 450,157 464,940 - - 133,112 1,048,209 Guarantee Fund 4,976,395 1,168 - 77,695 132,290 5,187,548 Sovereign of the Nation - - - - - - Collection Rights 6,048,311 54,112 - - 437 6,102,860 Other Collateral (Pledges) 3,382,334 7,963,563 57,360 - 3,696 11,406,953 Without Guarantee (Uncovered Balance) 99,649,764 49,009,933 2,372,405 3,013,378 560,968 154,606,448 Total loans and financial leases 143,537,853 59,588,721 37,371,373 28,097,716 1,328,076 269,923,739 |
Schedule of financial assets that are classified in Stage 3 | The Financial assets that are classified in Stage 3 and are evaluated under this methodology are shown below: December 31, 2023 In Millions of COP Classification Amount Allowance Total Fair Value of Collateral Commercial 700,120 274,641 425,479 1,176,130 Consumer Mortgage 383,878 94,260 289,618 331,738 Small Business Loans Financial Leases 699,803 383,127 316,676 1,263,274 Total credit assets 1,783,801 752,028 1,031,773 2,771,142 December 31, 2022 In Millions of COP Classification Amount Allowance Total Fair Value of Collateral Commercial 653,619 317,950 335,669 1,185,888 Consumer Mortgage 350,380 82,378 268,002 406,990 Small Business Loans Financial Leases 669,804 267,200 402,604 1,083,968 Total credit assets 1,673,803 667,528 1,006,275 2,676,846 |
Schedule of loans concentration by category | The composition of the credit portfolio in commercial, consumer, mortgage, financial leases and small business loans categories for the periods ending on December 31, 2023 and December 31, 2022, it is as follows: Composition December 31, 2023 December 31, 2022 In millions of COP Commercial 134,687,396 143,537,853 Corporate 69,843,654 79,766,203 SME 14,200,557 15,864,828 Others 50,643,185 47,906,822 Consumer 54,591,769 59,588,721 Credit card 11,207,731 11,388,043 Vehicle 5,409,226 5,173,235 Payroll loans 9,461,889 10,838,679 Others 28,512,923 32,188,764 Mortgage 36,250,408 37,371,373 VIS 2 12,997,624 12,318,512 Non- VIS 23,252,784 25,052,861 Financial Leases 27,277,057 28,097,716 Small Business Loans 1,145,017 1,328,076 Loans and advances to customers and financial institutions 253,951,647 269,923,739 Allowance for loans and advances and lease losses (16,223,103) (15,479,640) Total net loan and financial leases 237,728,544 254,444,099 |
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 at the end of December 2023 and December 2022: December 31, 2023 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 40,601,345 57,828,301 35,936,869 320,881 134,687,396 Corporate 22,360,108 27,329,312 19,970,727 183,507 69,843,654 SME 4,486,326 7,497,307 2,200,274 16,650 14,200,557 Others 13,754,911 23,001,682 13,765,868 120,724 50,643,185 Consumer 1,289,150 26,549,043 26,086,537 667,039 54,591,769 Credit card 417,390 1,755,518 9,034,823 - 11,207,731 Vehicle 55,295 2,982,439 2,371,163 329 5,409,226 Order of payment 57,211 1,872,546 7,061,605 470,527 9,461,889 Others 759,254 19,938,540 7,618,946 196,183 28,512,923 Mortgage 75,189 1,005,831 9,601,783 25,567,605 36,250,408 VIS 23,303 264,232 2,157,322 10,552,767 12,997,624 Non-VIS 51,886 741,599 7,444,461 15,014,838 23,252,784 Financial Leases 1,639,218 9,165,622 12,939,908 3,532,309 27,277,057 Small business loans 208,429 737,255 194,581 4,752 1,145,017 Total gross loans and financial leases 43,813,331 95,286,052 84,759,678 30,092,586 253,951,647 December 31, 2022 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 41,624,418 63,696,431 38,127,660 89,344 143,537,853 Corporate 22,737,806 32,474,514 24,547,720 6,163 79,766,203 SME 4,715,405 9,011,823 2,110,855 26,745 15,864,828 Others 14,171,207 22,210,094 11,469,085 56,436 47,906,822 Consumer 1,276,398 36,662,101 20,790,945 859,277 59,588,721 Credit card 341,644 9,658,986 1,387,413 - 11,388,043 Vehicle 56,869 2,453,692 2,662,171 503 5,173,235 Order of payment 53,455 1,955,842 8,274,849 554,533 10,838,679 Others 824,430 22,593,581 8,466,512 304,241 32,188,764 Mortgage 65,252 1,017,950 10,018,853 26,269,318 37,371,373 VIS 16,905 246,203 1,934,490 10,120,914 12,318,512 Non-VIS 48,347 771,747 8,084,363 16,148,404 25,052,861 Financial Leases 2,215,774 8,560,553 13,798,615 3,522,774 28,097,716 Small business loans 199,488 834,176 282,515 11,897 1,328,076 Total gross loans and financial leases 45,381,330 110,771,211 83,018,588 30,752,610 269,923,739 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 for the periods ending on December 31, 2023 and December 31, 2022. Loans or financial leases are considered past due if it is more than one month overdue (i.e. 31 days): December 31, 2023 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 129,866,971 500,794 205,141 1,777,620 2,336,870 134,687,396 Consumer 49,418,431 2,244,017 794,005 1,994,748 140,568 54,591,769 Mortgage 33,524,034 1,290,817 212,433 599,351 623,773 36,250,408 Financial Leases 26,436,493 247,124 56,434 196,578 340,428 27,277,057 Small Business Loans 1,005,725 50,138 14,859 58,244 16,051 1,145,017 Total 240,251,654 4,332,890 1,282,872 4,626,541 3,457,690 253,951,647 December 31, 2022 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 140,277,356 427,127 140,582 604,363 2,088,425 143,537,853 Consumer 56,121,232 1,578,302 521,407 1,201,421 166,359 59,588,721 Mortgage 35,520,689 578,116 144,580 524,619 603,369 37,371,373 Financial Leases 27,250,876 205,639 53,469 117,808 469,924 28,097,716 Small Business Loans 1,175,668 66,979 15,262 54,439 15,728 1,328,076 Total 260,345,821 2,856,163 875,300 2,502,650 3,343,805 269,923,739 |
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 for the periods ending on December 31, 2023 and December 31, 2022: December 31, 2023 Economic sector Loans and advances Local Foreign Total In millions of COP Agriculture 5,162,973 2,488,789 7,651,762 Petroleum and Mining Products 1,846,238 234,523 2,080,761 Food, Beverages and Tobacco 9,147,936 888,429 10,036,365 Chemical Production 4,299,308 25,409 4,324,717 Government 8,369,707 887,448 9,257,155 Construction 16,202,035 5,561,782 21,763,817 Commerce and Tourism 23,803,830 11,068,049 34,871,879 Transport and Communications 9,574,318 351,176 9,925,494 Public Services 11,758,265 1,286,561 13,044,826 Consumer Services 59,032,642 32,965,565 91,998,207 Commercial Services 27,474,593 7,217,591 34,692,184 Other Industries and Manufactured Products 8,679,684 5,624,796 14,304,480 Total 185,351,529 68,600,118 253,951,647 December 31, 2022 Economic sector Loans and advances Local Foreign Total In millions of COP Agriculture 4,822,190 3,306,216 8,128,406 Petroleum and Mining Products 751,401 144,373 895,774 Food, Beverages and Tobacco 9,725,211 1,213,217 10,938,428 Chemical Production 5,029,722 31,773 5,061,495 Government 6,826,772 4,707 6,831,479 Construction 17,828,783 8,066,352 25,895,135 Commerce and Tourism 24,841,275 13,691,154 38,532,429 Transport and Communications 10,345,263 724,740 11,070,003 Public Services 10,121,410 1,684,858 11,806,268 Consumer Services 59,437,125 39,168,939 98,606,064 Commercial Services 24,688,401 10,195,601 34,884,002 Other Industries and Manufactured Products 9,748,529 7,525,727 17,274,256 Total 184,166,082 85,757,657 269,923,739 |
Schedule of credit concentration of loans and financial leases by country | The following information shows the concentration of the loans and financial leases by country in which the Bank are located as of December 31, 2023 and December 31, 2022: December 31, 2023 Allowance for loans and Country Loans and advances % Participation advances and lease losses % Participation Colombia 181,951,462 71.65 % (13,133,577) 80.96 % Panama 38,599,152 15.20 % (1,645,802) 10.14 % El Salvador 15,373,156 6.05 % (552,236) 3.40 % Guatemala 16,958,954 6.68 % (887,518) 5.47 % Puerto Rico 1,068,923 0.42 % (3,970) 0.02 % Other Countries - 0.00 % - 0.00 % Total 253,951,647 100.00 % (16,223,103) 100.00 % December 31, 2022 Allowance for loans and Country Loans and advances % Participation advances and lease losses % Participation Colombia 178,168,073 66.01 % (11,505,443) 74.33 % Panama 50,813,521 18.83 % (2,223,118) 14.36 % El Salvador 18,971,871 7.03 % (729,238) 4.71 % Guatemala 20,866,364 7.73 % (950,068) 6.14 % Puerto Rico 1,103,910 0.41 % (71,773) 0.46 % Other Countries - 0.00 % - 0.00 % Total 269,923,739 100.00 % (15,479,640) 100.00 % |
Schedule of information about credit quality of the borrower | The following information about credit quality of the borrower for the periods ending December 31, 2023 and December 31, 2022: December 31 2023 Classification Stage 1 Stage 2 Stage 3 Total In millions of COP Commercial 120,773,927 5,453,537 8,459,932 134,687,396 Consumer 46,060,615 4,407,067 4,124,087 54,591,769 Mortgage 32,210,648 2,628,654 1,411,106 36,250,408 Small Business Loans 774,571 260,303 110,143 1,145,017 Financial Leases 22,553,128 3,293,100 1,430,829 27,277,057 Loans and Advances 222,372,889 16,042,661 15,536,097 253,951,647 December 31 2022 Classification Stage 1 Stage 2 Stage 3 Total In millions of COP Commercial 126,530,862 8,062,435 8,944,556 143,537,853 Consumer 51,510,943 5,288,921 2,788,857 59,588,721 Mortgage 34,067,734 1,997,270 1,306,369 37,371,373 Small Business Loans 1,093,973 135,528 98,575 1,328,076 Financial Leases 23,566,544 3,172,285 1,358,887 28,097,716 Loans and Advances 236,770,056 18,656,439 14,497,244 269,923,739 |
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 for the periods ending December 31, 2023 and December 31, 2022: December 31 2023 Impairment Individual Evaluation Collective Evaluation Carrying Amount ECL Carrying Amount ECL In millions of COP Commercial 5,198,384 2,825,357 3,261,548 2,401,344 Consumer - - 4,124,087 3,460,299 Mortgage - - 1,411,106 553,370 Financial Leases 562,716 315,979 868,113 356,526 Small Business Loan - - 110,143 77,923 Total 5,761,100 3,141,336 9,774,997 6,849,462 December 31 2022 Impairment Individual Evaluation Collective Evaluation Carrying Amount ECL Carrying Amount ECL In millions of COP Commercial 5,990,389 3,650,680 2,954,167 2,202,638 Consumer - - 2,788,857 2,354,412 Mortgage - - 1,306,369 561,016 Financial Leases 554,698 276,392 804,189 346,434 Small Business Loan - - 98,575 67,447 Total 6,545,087 3,927,072 7,952,157 5,531,947 |
Schedule of changes in the expected credit losses sensitivity analysis | The change in the expected credit losses (ECL) at 31 of December 2023, as a result of a possible positive or negative 1% (100 basis points) 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%] 73,940 -141,718 -344,396 GDP Growth Unchanged 215,658 - -202,678 [-1%] 389,759 174,101 -28,576 |
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: 2023 2022 As of 31 December Optimistic Pessimistic Optimistic Pessimistic In millions of COP Collective methodology (437,294) 343,209 (306,602) 277,296 Collateral methodology (149,983) 137,172 (150,312) 115,074 Individual methodology* (240,474) 605,152 (825,111) 817,330 Total (827,751) 1,085,533 (1,282,025) 1,209,700 *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 | Debt instruments Equity Other financial instruments(1) Derivatives(2) 2023 2022 2023 2022 2023 2022 2023 2022 Maximum Exposure to Credit Risk Low Risk 21,078,496 21,851,178 220,967 222,843 21,976 12,821 1,711,788 9,119,402 Medium Risk 827,469 2,090,039 17,354 19,074 - - 316 14,464 High Risk 3,242,504 3,476,980 587 13,728 2,966 - 17,327 55,622 Without Rating - - 304,302 289,023 13,377 29,350 95,319 - Total 25,148,469 27,418,197 543,210 544,668 - 38,319 - 42,171 1,824,750 9,189,488 (1) Corresponds to SAFE "Simple Agreement for Future Equity", in Inversiones CFNS S.A.S., Sistema de Inversiones y Negocios, S.A. and Banagrícola S.A (For 2023). For the year 2022 were revealed as debt securities and equity. (2) For derivatives transactions counterparty risk is disclosed as long as the valuation is positive. |
Schedule of maximum exposure level to the credit risk | Maximum Exposure Collateral* Net Exposure 2023 2022 2023 2022 2023 2022 Maximum Exposure to Credit Risk Debt instruments 25,148,469 27,418,197 (1,407,484) (741,197) 23,740,985 26,677,000 Derivatives ** 1,824,750 9,189,488 (698,662) (138,416) 1,126,088 9,051,072 Equity 543,210 544,668 - - 543,210 544,668 Other financial instruments 38,319 42,171 - - 38,319 42,171 Total 27,554,748 37,194,524 (2,106,146) (879,613) 25,448,602 36,314,911 |
Schedule of individual evaluation of impairment at the end of the period for other financial instruments | Debt instruments Exposure Impairment Final Exposure 2023 2022 2023 2022 2023 2022 Maximum Exposure to Credit Risk Fair Value 18,244,584 19,016,935 5,562 2,286 18,239,022 19,014,648 Amortized Cost 6,903,885 8,401,262 55,803 64,903 6,848,082 8,336,360 Total 25,148,469 27,418,197 61,365 67,189 25,087,104 27,351,008 Equity Exposure Impairment Final Exposure 2023 2022 2023 2022 2023 2022 Maximum Exposure to Credit Risk Fair Value through profit or loss 98,853 90,538 - - 98,853 90,538 Fair Value through OCI 444,357 454,130 - - 444,357 454,130 Total 543,210 544,668 - - 543,210 544,668 |
Schedule of level of collateral held | Collateral* Main type of collateral 2023 2022 2023 2022 Maximum Exposure to Credit Risk Debt Securities (1,407,483) (741,197) Government bonds (TES) Government bonds (TES) Derivatives (698,663) (138,416) Cash Cash Equity - - Total (2,106,146) (879,613) * Collateral Held (-) and Collateral Pledged (+). |
Schedule of risk exposure by economic sector and risk region | Debt instruments Equity Other financial instruments(1) Derivatives(2) 2023 2022 2023 2022 2023 2022 2023 2022 Maximum Exposure to Credit Risk Sector Concentration Corporate 3,675,913 4,197,844 279,396 329,249 23,887 42,171 951,573 1,403,527 Financial 4,626,294 5,268,337 211,037 199,760 14,432 - 870,598 7,096,094 Government 16,827,596 17,924,261 - - - - - - Funds ETF 18,666 27,755 52,777 15,659 - - 2,579 689,867 Total 25,148,469 27,418,197 543,210 544,668 38,319 42,171 1,824,750 9,189,488 Concentration by Region North America 4,666,195 5,686,298 197 125 - - 344,639 3,285,822 Latin America 20,440,893 20,004,790 529,033 473,259 38,319 29,187 1,009,595 2,102,995 Europe 41,381 - - - - 12984 467,937 3117284 Others (Includes Funds and ETF) - 1,727,109 13,980 71,284 - - 2,579 683,387 Total 25,148,469 27,418,197 543,210 544,668 38,319 42,171 1,824,750 9,189,488 (1) Corresponds to SAFE "Simple Agreement for Future Equity", in Inversiones CFNS S.A.S., Sistema de Inversiones y Negocios, S.A. and Banagrícola S.A (For 2023). For the year 2022 were revealed as debt securities and equity. (2) For derivatives transactions counterparty risk is disclosed as long as the valuation is positive. |
Schedule of risk exposure by credit rating | Risk exposure by credit rating Other financial instruments 2023 2022 Maximum Exposure to Credit Risk Sovereign Risk 7,520,002 7,025,658 AAA 9,613,353 14,570,753 AA+ 2,934,561 1,448,837 AA 761,139 723,019 AA- 285,253 794,748 A+ 763,754 3,549,222 A 465,025 516,950 A- 396,755 1,628,479 BBB+ 604,672 1,395,620 BBB 243,820 1,027,745 BBB- 1,808,396 1,332,161 Other 1,745,020 2,862,959 Not rated 412,998 318,373 Total 27,554,748 37,194,524 Note: * Internal homologation |
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 other risk factors | The following table presents the total change in market risk and other risk factors. December 2023 In millions of COP Factor December 31 Average Maximum Minimum Interest Rate Risk VaR 405,467 418,472 542,464 383,914 Foreign Exchange Rate Risk VaR 332,662 185,624 374,407 51,410 Equity Risk VaR 342,024 332,443 347,539 312,136 Fund Risk VaR 15,847 23,292 27,923 15,847 Total Value at Risk 1,096,000 959,831 December 2022 In millions of COP Factor December 31 Average Maximum Minimum Interest Rate Risk VaR 340,107 381,094 410,605 340,107 Foreign Exchange Rate Risk VaR 78,165 118,620 201,927 78,165 Equity Risk VaR 85,345 98,401 105,263 85,345 Fund Risk VaR 387,952 294,468 387,952 225,401 Total Value at Risk 891,569 892,583 |
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, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 In millions of COP Assets sensitivity 100 bps 1,152,782 1,060,949 Liabilities sensitivity 100 bps 595,749 545,911 Net interest income sensitivity 100 bps 557,033 515,038 The chart below provides information about Bancolombia’s interest rate risk sensitivity in foreign currency (US dollars) at December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 In millions of USD Assets sensitivity 100 bps 75,052 84,883 Liabilities sensitivity 100 bps 74,800 71,737 Net interest income sensitivity 100 bps 252 13,146 |
Schedule of equity risk exposure | The structural equity positions are exposed to market risk. Sensitivity calculations are made for those positions: December 31, 2023 December 31, 2022 Fair Value 41,096 56,607 Delta 14.70 % 14.70 % Sensitivity 6,041 8,321 |
Schedule of liquidity coverage ratio | In order to estimate liquidity risk, the Bank measures a liquidity coverage ratio to ensure holding liquid assets sufficient to cover potential net cash outflows over 30 days. This indicator allows the Bank to meet liquidity coverage for the next month. The liquidity coverage ratio is presented as follows: Liquidity Coverage Ratio December 31, 2023 December 31, 2022 Net cash outflows into 30 days 13,752,496 18,227,019 Liquid Assets 50,680,823 48,059,179 Liquidity coverage ratio ** 368.52 % 263.67 % * The minimum level required of the liquidity coverage ratio by the legal norm is 100%. |
Schedule of liquid assets held by Banks | Liquid Assets (1) December 31, 2023 December 31, 2022 High quality liquid assets* Cash 25,273,317 26,299,990 High quality liquid securities 19,951,771 17,739,501 Other Liquid Assets Other securities** 5,455,735 4,019,688 Total Liquid Assets 50,680,823 48,059,179 (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 : cash and shares that are eligible to be reportable or repo operations, in addition to those liquid assets that the Central Bank receives for its monetary expansion and contraction operations described in paragraph 3.1.1 of the Foreign Regulatory Circular DODM-142 of the Bank of the Republic. ** Other Securities: Securities issued by financial and corporate entities. |
Schedule of contractual maturities of financial assets | The tables below set out the remaining contractual maturities of principal and interest balances of the Bank’s financial assets: Contractual maturities of financial assets December 31, 2023 Financial Assets 0 – 30 days 31 days – 1 Year 1 - 3 Years 3 - 5 Years More than 5 years Cash and balances with central bank 24,461,384 Interbank borrowings - Repurchase agreements 14,497,024 452,847 Financial assets investments 2,467,493 12,311,055 5,462,198 2,597,787 5,525,545 Loans and advances to customers 12,474,473 90,653,852 96,770,268 57,038,679 104,103,871 Derivative financial instruments 3,922,735 12,977,266 4,141,896 1,699,943 1,405,850 Total financial assets 57,823,109 116,395,020 106,374,362 61,336,409 111,035,266 Contractual maturities of financial assets December 31, 2022 Financial Assets 0 – 30 days 31 days – 1 Year 1 - 3 Years 3 - 5 Years More than 5 years Cash and balances with central bank 24,721,168 - - - - Interbank borrowings - Repurchase agreements 6,354,954 1,369,698 - - - Financial assets investments 5,191,479 10,620,793 4,595,406 2,715,738 3,788,041 Loans and advances to customers 11,980,037 80,781,681 95,394,236 60,072,303 108,373,306 Derivative financial instruments 1,486,797 5,636,620 3,413,710 1,481,485 1,348,645 Total financial assets 49,734,435 98,408,792 103,403,352 64,269,526 113,509,992 |
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, 2023: Financial Liabilities 0 – 30 days 31 days – 1 Year 1 - 3 Years 3 - 5 Years More than 5 years Demand deposit from customers 143,307,149 Time deposits from customers 15,107,203 57,588,430 17,737,464 6,671,911 18,331,091 Interbank deposits-Repurchase agreements 809,027 242,810 23,431 Borrowings from other financial institutions 763,580 5,604,327 6,651,228 2,403,786 2,661,657 Debt securities in issue 124,055 3,913,687 4,363,593 6,023,469 3,836,353 Preferred Shares 57,701 115,403 115,403 295,697 Derivative financial instruments 3,337,039 13,511,532 4,146,259 1,688,473 1,484,149 Total financial liabilities 163,448,053 80,918,487 33,037,378 16,903,042 26,608,947 Contractual maturities of financial liabilities December 31, 2022: Financial Liabilities 0 – 30 days 31 days – 1 Year 1 - 3 Years 3 - 5 Years More than 5 years Demand deposit from customers 158,943,073 - - - - Time deposits from customers 9,814,980 47,401,947 18,441,478 7,318,807 17,384,283 Interbank deposits-Repurchase agreements 921,917 158,179 - - - Borrowings from other financial institutions 1,601,799 12,736,576 10,673,653 4,325,218 2,479,635 Debt securities in issue 807,242 2,117,609 9,501,683 8,220,719 1,472,558 Preferred Shares 62,083 374,780 540,358 136,414 322,982 Derivative financial instruments 1,488,518 5,167,852 2,579,407 1,501,967 1,417,894 Total financial liabilities 173,639,612 67,956,943 41,736,579 21,503,125 23,077,352 |
Schedule of contractual maturities of financial guarantees | The tables below set out the remaining contractual maturities of the Bank’s financial guarantees December 31, 2023 0 – 30 days 31 days – 1 Year 1 - 3 Years 3 - 5 Years More than 5 years In millions of COP Financial guarantees 826,699 9,388,345 1,489,899 450,875 535,380 December 31, 2022 0 – 30 days 31 days – 1 Year 1 - 3 Years 3 - 5 Years More than 5 years In millions of COP Financial guarantees 757,658 6,981,309 3,660,806 134,611 90,530 |
Schedule of financial instruments which have yet to transition to alternative benchmark rate | The following tables provide a breakdown by currency and nature of financial instruments exposed to the LIBOR rate for the periods ending in December 2022 and December 2023: December 31, 2022 In millions of COP USD LIBOR 1 Assets Loans 12,448,204 Bonds 693,302 Derivatives (1,784,991) Total Assets 11,356,515 Liabilities Loans 2,209,628 Term deposits 11,458 Total Liabilities 2,221,086 1 Cessation date: USD LIBOR 06/30/23. Portfolio balances and market value of derivative transactions outstanding at December 30, 2021. December 31, 2023 In millions of COP USD LIBOR 1 Assets Loans 66,351 Bonds Derivatives Total Assets 66,351 Liabilities Loans 323 Term deposits 6,750 Total Liabilities 7,073 1 Cessation date: USD LIBOR 06/30/23. Portfolio balances and market value of derivative transactions outstanding at December 31, 2023. Risk Any failure by market participants, such as the Bank, and regulators to successfully introduce benchmark rates to replace LIBOR and implement effective transitional arrangements to address the discontinuation of LIBOR could result in disruption of the financial and capital markets. In addition, the transition process to an alternative reference rate could impact the Bank’s business, financial condition or result of operations, as a result of: • An adverse impact in pricing, liquidity, value, return and trading for a broad array of financial products, loans and derivatives that are included in the Bank’s financial assets and liabilities. • Extensive changes to internal processes and documentation that contain references to LIBOR or use formulas that depend on LIBOR. |
Summary of regulatory capital and capital adequacy ratios | Technical Capital Asof December 31, 2023 December 31, 2022 In millions of COP Primary capital 39,704,542 40,652,350 Share Capital 480,914 480,914 Additional paid-in capital 4,857,454 4,857,454 Preferred shares 584,204 584,204 Legal reserve 14,541,561 14,534,766 Occasional reserves 7,250,712 3,162,401 Non-controlling interest 960,217 908,648 Other comprehensive income 4,065,182 7,749,234 Net income attributable to equity holders of the Parent Company 6,116,936 6,783,490 Retained earnings 847,362 1,591,239 Less: (8,919,345) (11,001,874) Prior-year losses (79,587) (79,577) Intangibles assets (7,818,125) (9,836,661) Revaluation property, plant and equipment (350,061) (351,871) Other intangibles (671,572) (602,531) Deferred net income tax - (131,234) Primary capital (Tier I) 30,785,197 29,650,476 Hybrid bonds 4,283,448 6,109,531 Subordinated bonds 678,797 794,881 General provisions 375,902 12,759 Computed secondary capital (Tier II) 5,338,147 6,917,171 Less: (10,687) (16,136) Technical capital 36,112,657 36,551,511 Capital Ratios Primary capital to risk-weighted assets (Tier I) 11.42 % 10.37 % Secondary capital to risk-weighted assets (Tier II) 1.98 % 2.41 % Risk-weighted assets including market risk and operational risk 269,591,211 285,878,639 Technical capital to risk-weighted assets 13.40 % 12.79 % |
Commercial and financial leases | |
RISK MANAGEMENT | |
Summary of portfolio variables | 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 consolidated annual sales by economic group >= 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 consolidated annual sales by economic group > = COP 13,000 M and < COP 100,000 M. For Banco Agricola borrowers with annual sales >= USD 7 MM y < USD 25 MM and BAM, 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 consolidated annual sales by economic group >= COP 58,000 M and <= COP 200,000 M or commercial size > = $15,000 M and < $70,000 MM, or project size >= $500,000 M and < $2,200 billion Corporate Construction Constructors who dedicate themselves to the construction of buildings to be sold or rented as their main activity, with consolidated annual sales by economic group > COP 200,000 M or commercial size > = $70,000 M or project size >= $2,200 billion SME Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity with consolidated annual sales by economic group >= COP 380 M and <= COP 58,000 M or commercial size < $715,000 M or project size < $500,000 M. 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 7 M and BAM, borrowers with annual sales < USD 2 M. |
REPORTING ENTITY (Details)
REPORTING ENTITY (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jul. 06, 2022 | Mar. 01, 2022 COP ($) | Sep. 30, 2022 COP ($) | Sep. 30, 2022 COP ($) | Dec. 31, 2023 item employee | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 09, 2021 COP ($) | |
The effect on shareholders' equity | ||||||||
Number of employees | employee | 34,756 | |||||||
Number of banking correspondents | item | 35,431 | |||||||
Number of ATMs | item | 6,080 | |||||||
Number of offices | item | 831 | |||||||
Nequi | ||||||||
REPORTING ENTITY | ||||||||
Percentage of operations to be operated as a digital bank | 100% | |||||||
Percentage of ownership interest in subsidiary | 100% | 100% | ||||||
Banca de Inversion Bancolombia S.A. Corporacion Financiera | ||||||||
REPORTING ENTITY | ||||||||
Percentage of ownership interest in subsidiary | 100% | 100% | 100% | |||||
Inversiones CFNS S.A.S. | ||||||||
REPORTING ENTITY | ||||||||
Percentage of ownership interest in subsidiary | 99.94% | 99.94% | 99.94% | |||||
PA FAI Calle 77 acquisition | ||||||||
REPORTING ENTITY | ||||||||
Purchase price | $ 56,968 | $ 56,968 | ||||||
Percentage of ownership interest in subsidiary | 98% | |||||||
FCP Fondo Inmobiliario Colombia | ||||||||
REPORTING ENTITY | ||||||||
Percentage of ownership interest in subsidiary | 80.47% | |||||||
The effect on shareholders' equity | ||||||||
Consideration paid to non-controlling interests | $ 816,081 | |||||||
Carrying amount of non-controlling interests acquired | 961,588 | |||||||
Excess of consideration paid recognized in the transactions with non-controlling interests reserve within equity | 145,507 | |||||||
Nequi | ||||||||
REPORTING ENTITY | ||||||||
Capital | $ 150,000 | $ 150,000 | ||||||
Nequi | Banca de Inversion Bancolombia S.A. Corporacion Financiera | ||||||||
REPORTING ENTITY | ||||||||
Participation percentage | 94.99% | |||||||
Nequi | Inversiones CFNS S.A.S. | ||||||||
REPORTING ENTITY | ||||||||
Participation percentage | 5.01% |
MATERIAL ACCOUNTING POLICIES -
MATERIAL ACCOUNTING POLICIES - Revised presentation of Statement of Cash Flow (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
MATERIAL ACCOUNTING POLICIES | ||||
Effect of exchange rate changes | [1] | $ (245,915) | $ (224,788) | $ 507,449 |
Net cash provided by operating activities | 19,153,084 | 6,339,438 | 6,602,754 | |
Effect of exchange rate changes on cash and cash equivalents | (5,408,405) | 3,777,073 | 2,486,401 | |
Increase (Decrease) in cash and cash equivalents | 13,562,723 | 2,538,372 | (857,704) | |
Cash and cash equivalents at beginning of year | 31,645,291 | 25,329,846 | 23,701,149 | |
Cash and cash equivalents at end of year | 39,799,609 | 31,645,291 | 25,329,846 | |
As previously reported | ||||
MATERIAL ACCOUNTING POLICIES | ||||
Effect of exchange rate changes | 0 | 0 | ||
Net cash provided by operating activities | 6,564,226 | 6,095,305 | ||
Effect of exchange rate changes on cash and cash equivalents | 3,552,285 | 2,993,850 | ||
Increase (Decrease) in cash and cash equivalents | 2,763,160 | (1,365,153) | ||
Cash and cash equivalents at beginning of year | $ 31,645,291 | 25,329,846 | 23,701,149 | |
Cash and cash equivalents at end of year | 31,645,291 | 25,329,846 | ||
Adjustments | ||||
MATERIAL ACCOUNTING POLICIES | ||||
Effect of exchange rate changes | (224,788) | 507,449 | ||
Net cash provided by operating activities | (224,788) | 507,449 | ||
Effect of exchange rate changes on cash and cash equivalents | 224,788 | (507,449) | ||
Increase (Decrease) in cash and cash equivalents | $ (224,788) | $ 507,449 | ||
[1] For further information, see Note 2.A.2. |
MATERIAL ACCOUNTING POLICIES _2
MATERIAL ACCOUNTING POLICIES - Subsidiaries (Details) - COP ($) $ in Millions | 12 Months Ended | ||||
Jul. 06, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 04, 2022 | |
Fiduciaria Bancolombia S.A. Sociedad Fiduciaria | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Trust | Trust | 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 | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Investment banking | Investment banking | Investment banking | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Valores Bancolombia S.A. Comisionista de Bolsa | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Securities brokerage | Securities brokerage | Securities brokerage | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Wompi S.A.S. (Before "VLIPCO S.A.S.") | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Technology services provider | Technology services provider | Technology services provider | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 99.98% | 94.77% | ||
Renting Colombia S.A.S. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Operating leasing | Operating leasing | Operating leasing | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Transportempo S.A.S. "En Liquidacion" | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Transportation | Transportation | Transportation | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Inversiones CFNS S.A.S. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Investments | Investments | Investments | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 99.94% | 99.94% | 99.94% | ||
Negocios Digitales Colombia S.A.S. (before "Pasarela Colombia S.A.S.") | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Payment solutions | Payment solutions | Payment solutions | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Fondo de Capital Privado Fondo Inmobiliario Colombia | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Real estate investment fund | Real estate investment fund | Real estate investment fund | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 80.47% | 80.47% | 49.96% | ||
P.A. Inmuebles CEM | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Mercantil trust | Mercantil trust | Mercantil trust | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 80.47% | 80.47% | 49.96% | ||
P.A. Calle 92 FIC-11 | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Mercantil trust | Mercantil trust | Mercantil trust | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 52.31% | 52.31% | 32.47% | ||
P.A. FIC Edificio Corfinsura | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Mercantil trust | Mercantil trust | Mercantil trust | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 80.47% | 80.47% | 49.96% | ||
P.A. FIC-A5 | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Mercantil trust | Mercantil trust | Mercantil trust | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 80.47% | 80.47% | 49.96% | ||
P.A. FIC Inmuebles | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Mercantil trust | Mercantil trust | Mercantil trust | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 80.47% | 80.47% | 49.96% | ||
P.A. FIC Clinica de Prado | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Mercantil trust | Mercantil trust | Mercantil trust | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 62% | 62% | 38.49% | ||
P. A. FIC A6 | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Mercantil trust | Mercantil trust | Mercantil trust | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 80.47% | 80.47% | 49.96% | ||
P.A. Central Point | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Mercantil trust | Mercantil trust | Mercantil trust | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 60.35% | 60.35% | 37.47% | ||
Fideicomiso Irrevocable de Garantia, Fuente de Pago y Administracion Inmobiliaria Polaris | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Mercantil trust | Mercantil trust | Mercantil trust | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 80.47% | 80.47% | 49.96% | ||
P.A. Fideicomiso Twins Bay | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Mercantil trust | Mercantil trust | Mercantil trust | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 80.47% | 80.47% | 49.96% | ||
Fideicomiso Lote Av San Martn | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Mercantil trust | Mercantil trust | Mercantil trust | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 80.47% | 80.47% | 49.96% | ||
P.A. Fideicomiso Lote 30 | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Mercantil trust | Mercantil trust | Mercantil trust | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 80.47% | 80.47% | 49.96% | ||
Fideicomiso Fondo Inmobiliario Bancolombia | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Mercantil trust | Mercantil trust | Mercantil trust | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 80.47% | 80.47% | 17.54% | ||
P.A. Florencia Ferrara | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | |||
BUSINESS | Mercantil trust | Mercantil trust | |||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 44.26% | 44.26% | |||
P.A. Flor Morado Plaza | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | |||
BUSINESS | Mercantil trust | Mercantil trust | |||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 80.47% | 80.47% | |||
P.A. Galeria la 33 | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | ||||
BUSINESS | Mercantil trust | ||||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 80.47% | ||||
Valores Simesa S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Investments | Investments | Investments | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 64.93% | 66.33% | 66.82% | ||
Fideicomiso Lote Distrito Vera B1B2 | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Mercantil trust | Mercantil trust | Mercantil trust | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 64.61% | 66% | 66.49% | ||
Fideicomiso Lote Distrito Vera B3B4 | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | Colombia | ||
BUSINESS | Mercantil trust | Mercantil trust | Mercantil trust | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 64.61% | 66% | 66.49% | ||
Fideicomiso Lote B6 Ciudad del Rio | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | ||||
BUSINESS | Mercantil trust | ||||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 66% | ||||
P.A. FAI CALLE 77 | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | |||
BUSINESS | Real estate investment fund | Real estate investment fund | |||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 98% | 98% | |||
P.A. NOMAD SALITRE | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | |||
BUSINESS | Real estate investment fund | Real estate investment fund | |||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 98% | 98% | |||
Percentage of trust rights held | 100% | ||||
P.A. NOMAD CENTRAL-2 | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | ||||
BUSINESS | Real estate investment fund | ||||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 98% | ||||
P.A. CALLE 84 (2) | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | ||||
BUSINESS | Real estate investment fund | ||||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 98% | ||||
P.A. CALLE 84 (3) | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | ||||
BUSINESS | Real estate investment fund | ||||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 98% | ||||
P.A. MERCURIO | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | |||
BUSINESS | Real estate investment fund | Real estate investment fund | |||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | |||
Wenia S.A.S. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | |||
BUSINESS | Technology services | Technology services | |||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | |||
P.A. Wenia | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | ||||
BUSINESS | Mercantil trust | ||||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | ||||
Nequi S.A. Compania de Financiamiento | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Colombia | Colombia | |||
BUSINESS | Financial services | Financial services | |||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | |||
Percentage of operations to be operated as a digital bank | 100% | ||||
Bancolombia Panama S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Panama | Panama | Panama | ||
BUSINESS | Banking | Banking | Banking | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Sistemas de Inversiones y Negocios S.A. Sinesa | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Panama | Panama | Panama | ||
BUSINESS | Investments | Investments | Investments | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Banagricola S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Panama | Panama | Panama | ||
BUSINESS | Investments | Investments | Investments | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 99.17% | 99.17% | 99.17% | ||
Banistmo S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Panama | Panama | Panama | ||
BUSINESS | Banking | Banking | Banking | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Banistmo Investment Corporation S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Panama | Panama | Panama | ||
BUSINESS | Trust | Trust | Trust | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Leasing Banistmo S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Panama | Panama | Panama | ||
BUSINESS | Leasing | Leasing | Leasing | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Valores Banistmo S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Panama | Panama | Panama | ||
BUSINESS | Securities brokerage | Securities brokerage | Securities brokerage | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Banistmo Panama Fondo de Inversion S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Panama | Panama | Panama | ||
BUSINESS | Holding | Holding | Holding | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Suvalor Renta Fija Internacional Corto Plazo S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Panama | ||||
BUSINESS | Collective investment fund | ||||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | ||||
Fondo Renta Sostenible Global S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Panama | ||||
BUSINESS | Collective investment fund | ||||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | ||||
Banistmo Capital Markets Group Inc. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Panama | Panama | Panama | ||
BUSINESS | Purchase and sale of securities | Purchase and sale of securities | Purchase and sale of securities | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Anavi Investment Corporation S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Panama | Panama | Panama | ||
BUSINESS | Real estate | Real estate | Real estate | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Desarrollo de Oriente S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Panama | Panama | Panama | ||
BUSINESS | Real estate | Real estate | Real estate | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Steens Enterprises S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Panama | Panama | Panama | ||
BUSINESS | Portfolio holder | Portfolio holder | Portfolio holder | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Ordway Holdings S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Panama | Panama | Panama | ||
BUSINESS | Real estate broker | Real estate broker | Real estate broker | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Grupo Agromercantil Holding S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Panama | Panama | Panama | ||
BUSINESS | Holding | Holding | Holding | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Banco Agromercantil de Guatemala S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Guatemala | Guatemala | Guatemala | ||
BUSINESS | Banking | Banking | Banking | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 99.68% | 99.68% | 99.66% | ||
Seguros Agromercantil de Guatemala S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Guatemala | Guatemala | Guatemala | ||
BUSINESS | Insurance agency | Insurance agency | Insurance agency | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 79.92% | 79.92% | 79.92% | ||
Financiera Agromercantil S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Guatemala | Guatemala | Guatemala | ||
BUSINESS | Financial services | Financial services | Financial services | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Agrovalores S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Guatemala | Guatemala | Guatemala | ||
BUSINESS | Securities brokerage | Securities brokerage | Securities brokerage | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Arrendadora Agromercantil S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Guatemala | Guatemala | Guatemala | ||
BUSINESS | Operating Leasing | Operating Leasing | Operating Leasing | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Agencia de Seguros y Fianzas Agromercantil S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Guatemala | Guatemala | |||
BUSINESS | Insurance agency | Insurance agency | |||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | |||
Asistencia y Ajustes S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Guatemala | Guatemala | Guatemala | ||
BUSINESS | Roadside and medical assistance services | Roadside and medical assistance services | Roadside and medical assistance services | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Serproba S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Guatemala | Guatemala | Guatemala | ||
BUSINESS | Maintenance and remodeling services | Maintenance and remodeling services | Maintenance and remodeling services | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Servicios de Formalizacion S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Guatemala | Guatemala | Guatemala | ||
BUSINESS | Loans formalization | Loans formalization | Loans formalization | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Conserjeria, Mantenimiento y Mensajeria S.A. "En Liquidacion" | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Guatemala | Guatemala | Guatemala | ||
BUSINESS | Maintenance services | Maintenance services | Maintenance services | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Mercom Bank Ltd. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Barbados | Barbados | Barbados | ||
BUSINESS | Banking | Banking | Banking | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 99.68% | 99.68% | 99.66% | ||
New Alma Enterprises Ltd. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Bahamas | Bahamas | Bahamas | ||
BUSINESS | Investments | Investments | Investments | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 99.68% | 99.68% | 99.66% | ||
Bancolombia Puerto Rico Internacional Inc. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Puerto Rico | Puerto Rico | Puerto Rico | ||
BUSINESS | Banking | Banking | Banking | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Bancolombia Cayman S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Cayman Islands | Cayman Islands | Cayman Islands | ||
BUSINESS | Banking | Banking | Banking | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Banco Agricola S.A. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | El Salvador | El Salvador | El Salvador | ||
BUSINESS | Banking | Banking | Banking | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 97.36% | 97.36% | 97.36% | ||
Arrendadora Financiera S.A. Arfinsa | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | El Salvador | El Salvador | El Salvador | ||
BUSINESS | Leasing | Leasing | Leasing | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 97.37% | 97.37% | 97.37% | ||
Credibac S.A. de C.V. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | El Salvador | El Salvador | El Salvador | ||
BUSINESS | Credit card services | Credit card services | 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. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | El Salvador | El Salvador | El Salvador | ||
BUSINESS | Securities brokerage | Securities brokerage | 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 | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | El Salvador | El Salvador | El Salvador | ||
BUSINESS | Investments | Investments | 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. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | El Salvador | El Salvador | El Salvador | ||
BUSINESS | Administers investment funds | Administers investment funds | 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. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Costa Rica | Costa Rica | Costa Rica | ||
BUSINESS | Outsourcing | Outsourcing | Outsourcing | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 99.17% | 99.17% | 99.17% | ||
Bancolombia Capital Holdings USA LLC | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | United States | United States | United States | ||
BUSINESS | Holding | Holding | Holding | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Bancolombia Capital Adviser LLC | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | United States | United States | United States | ||
BUSINESS | Investment advisor | Investment advisor | Investment advisor | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Bancolombia Capital LLC | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | United States | United States | United States | ||
BUSINESS | Securities brokerage | Securities brokerage | Securities brokerage | ||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | 100% | ||
Wenia Ltd. | |||||
MATERIAL ACCOUNTING POLICIES | |||||
JURISDICTION OF INCORPORATION | Bermuda | Bermuda | |||
BUSINESS | Technology services | Technology services | |||
PROPORTION OF OWNERSHIP INTEREST AND VOTING POWER HELD BY THE BANK | 100% | 100% | |||
Banistmo and Bancolombia Panama | |||||
MATERIAL ACCOUNTING POLICIES | |||||
Loan and financial lease reserves recognized | $ 835,527 | $ 1,036,919 |
MATERIAL ACCOUNTING POLICIES _3
MATERIAL ACCOUNTING POLICIES - Funds administration (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fondo de Capital Privado Fondo Inmobiliario Colombia | |||
MATERIAL ACCOUNTING POLICIES | |||
Country | Colombia | Colombia | Colombia |
Percentage of ownership interest held by the Bank | 80.47% | 80.47% | 49.96% |
Assets managed | $ 5,503,022 | $ 5,023,316 | |
Fideicomiso Lote Distrito Vera B1B2 | |||
MATERIAL ACCOUNTING POLICIES | |||
Country | Colombia | Colombia | Colombia |
Percentage of ownership interest held by the Bank | 64.61% | 66% | 66.49% |
Assets managed | $ 25,073 | $ 55,733 | |
Fideicomiso Lote Distrito Vera B3B4 | |||
MATERIAL ACCOUNTING POLICIES | |||
Country | Colombia | Colombia | Colombia |
Percentage of ownership interest held by the Bank | 64.61% | 66% | 66.49% |
Assets managed | $ 56,295 | $ 53,558 | |
Fideicomiso Lote B6 Ciudad del Rio | |||
MATERIAL ACCOUNTING POLICIES | |||
Country | Colombia | ||
Percentage of ownership interest held by the Bank | 66% | ||
Assets managed | $ 66,150 | ||
Banistmo Panama Fondo de Inversion S.A. | |||
MATERIAL ACCOUNTING POLICIES | |||
Country | Panama | Panama | Panama |
Percentage of ownership interest held by the Bank | 100% | 100% | 100% |
Assets managed | $ 132,496 | $ 243,268 |
MATERIAL ACCOUNTING POLICIES _4
MATERIAL ACCOUNTING POLICIES - FCP Fondo Inmobiliario Colombia (Details) - COP ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | ||
Condensed statement of income | |||||
Profits of equity method investees | $ 210,185 | $ 235,854 | $ 328,344 | ||
Expenses | |||||
Other administrative and general expenses | (5,033,944) | (4,559,900) | (3,740,506) | ||
Net income | 6,214,971 | 6,996,365 | 4,207,787 | ||
Condensed cash flow | |||||
Net cash used in operating activities | 19,153,084 | 6,339,438 | 6,602,754 | ||
Net cash provided by financing activities | [1] | (5,430,672) | 853,436 | (6,809,972) | |
Cash and cash equivalents at beginning of year | 31,645,291 | 25,329,846 | 23,701,149 | ||
Cash and cash equivalents at end of year | 39,799,609 | 31,645,291 | 25,329,846 | ||
Non-controlling interests | 960,217 | 908,648 | |||
Profit attributable to non-controlling interests | 98,035 | $ 212,875 | 120,992 | ||
FCP Fondo Inmobiliario Colombia | |||||
MATERIAL ACCOUNTING POLICIES | |||||
Percentage of interest acquired | 30.51% | ||||
Percentage of ownership interest in subsidiary | 80.47% | ||||
Amount of return delivered | $ 41,219 | ||||
Condensed statement of income | |||||
Valuation of investment properties | 85,148 | ||||
Rents | 187,194 | ||||
Profits of equity method investees | 105,439 | ||||
Other Income | 92,298 | ||||
Total income | 470,079 | ||||
Expenses | |||||
Interest on loans | (73,201) | ||||
Other administrative and general expenses | (212,385) | ||||
Total Expenses | (285,586) | ||||
Net income | 184,493 | ||||
Condensed cash flow | |||||
Net cash used in operating activities | (34,442) | ||||
Net cash provided by financing activities | 21,882 | ||||
Cash and cash equivalents at beginning of year | 50,808 | 63,368 | |||
Cash and cash equivalents at end of year | 50,808 | ||||
Non-controlling interests | 663,713 | 605,611 | 1,369,084 | ||
Profit attributable to non-controlling interests | $ 58,102 | $ 71,354 | $ 92,353 | ||
[1] For further information about the reconciliation of the balances of liabilities from financing activities, see Note 29 Liabilities from financing activities. |
MATERIAL ACCOUNTING POLICIES _5
MATERIAL ACCOUNTING POLICIES - Exchange rate (Details) - $ / $ | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
MATERIAL ACCOUNTING POLICIES | |||
Year end exchange rate, US dollar into Colombian pesos | 3,822.05 | 4,810.20 | 3,981.16 |
Average rate for the period ended, U.S. dollar into Colombian pesos | 4,330.14 | 4,257.12 | 3,747.24 |
MATERIAL ACCOUNTING POLICIES _6
MATERIAL ACCOUNTING POLICIES - Economic Scenario Weightings (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Optimistic | Colombia | ||
MATERIAL ACCOUNTING POLICIES | ||
Probability weighting | 15% | 15% |
Optimistic | Colombia | Cutoff 2022 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 8.11% | |
Optimistic | Colombia | Cutoff 2023 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 1.64% | 2.01% |
Optimistic | Colombia | Cutoff 2024 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 2.37% | 3.68% |
Optimistic | Colombia | Cutoff 2025 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 4.47% | |
Optimistic | Panama | ||
MATERIAL ACCOUNTING POLICIES | ||
Probability weighting | 20% | 15% |
Optimistic | Panama | Cutoff 2022 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 8.84% | |
Optimistic | Panama | Cutoff 2023 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 7.92% | 5.62% |
Optimistic | Panama | Cutoff 2024 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 6.68% | 5.70% |
Optimistic | Panama | Cutoff 2025 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 7.17% | |
Optimistic | Guatemala | ||
MATERIAL ACCOUNTING POLICIES | ||
Probability weighting | 20% | 15% |
Optimistic | Guatemala | Cutoff 2022 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 4.35% | |
Optimistic | Guatemala | Cutoff 2023 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 3.69% | 4.19% |
Optimistic | Guatemala | Cutoff 2024 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 4.33% | 4.59% |
Optimistic | Guatemala | Cutoff 2025 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 4.61% | |
Optimistic | El Salvador | ||
MATERIAL ACCOUNTING POLICIES | ||
Probability weighting | 20% | 15% |
Optimistic | El Salvador | Cutoff 2022 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 3.78% | |
Optimistic | El Salvador | Cutoff 2023 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 2.75% | 3.52% |
Optimistic | El Salvador | Cutoff 2024 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 3.32% | 3.94% |
Optimistic | El Salvador | Cutoff 2025 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 3.76% | |
Base | Colombia | ||
MATERIAL ACCOUNTING POLICIES | ||
Probability weighting | 50% | 45% |
Base | Colombia | Cutoff 2022 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 7.76% | |
Base | Colombia | Cutoff 2023 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 1.16% | 0.93% |
Base | Colombia | Cutoff 2024 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 0.87% | 2.50% |
Base | Colombia | Cutoff 2025 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 2.60% | |
Base | Panama | ||
MATERIAL ACCOUNTING POLICIES | ||
Probability weighting | 50% | 55% |
Base | Panama | Cutoff 2022 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 8.19% | |
Base | Panama | Cutoff 2023 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 5.95% | 3.96% |
Base | Panama | Cutoff 2024 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 4% | 3.71% |
Base | Panama | Cutoff 2025 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 4.20% | |
Base | Guatemala | ||
MATERIAL ACCOUNTING POLICIES | ||
Probability weighting | 55% | 55% |
Base | Guatemala | Cutoff 2022 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 3.40% | |
Base | Guatemala | Cutoff 2023 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 3.12% | 2.72% |
Base | Guatemala | Cutoff 2024 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 3.26% | 3% |
Base | Guatemala | Cutoff 2025 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 3.38% | |
Base | El Salvador | ||
MATERIAL ACCOUNTING POLICIES | ||
Probability weighting | 55% | 55% |
Base | El Salvador | Cutoff 2022 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 2.62% | |
Base | El Salvador | Cutoff 2023 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 2.25% | 1.65% |
Base | El Salvador | Cutoff 2024 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 1.90% | 1.96% |
Base | El Salvador | Cutoff 2025 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 2.08% | |
Pessimistic | Colombia | ||
MATERIAL ACCOUNTING POLICIES | ||
Probability weighting | 35% | 40% |
Pessimistic | Colombia | Cutoff 2022 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 6.98% | |
Pessimistic | Colombia | Cutoff 2023 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 0.68% | (0.78%) |
Pessimistic | Colombia | Cutoff 2024 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | (0.63%) | 0.36% |
Pessimistic | Colombia | Cutoff 2025 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 0.73% | |
Pessimistic | Panama | ||
MATERIAL ACCOUNTING POLICIES | ||
Probability weighting | 30% | 30% |
Pessimistic | Panama | Cutoff 2022 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 7.53% | |
Pessimistic | Panama | Cutoff 2023 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 3.99% | 2.31% |
Pessimistic | Panama | Cutoff 2024 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 1.33% | 1.73% |
Pessimistic | Panama | Cutoff 2025 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 1.23% | |
Pessimistic | Guatemala | ||
MATERIAL ACCOUNTING POLICIES | ||
Probability weighting | 25% | 30% |
Pessimistic | Guatemala | Cutoff 2022 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 2.45% | |
Pessimistic | Guatemala | Cutoff 2023 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 2.55% | 1.25% |
Pessimistic | Guatemala | Cutoff 2024 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 2.19% | 1.40% |
Pessimistic | Guatemala | Cutoff 2025 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 2.15% | |
Pessimistic | El Salvador | ||
MATERIAL ACCOUNTING POLICIES | ||
Probability weighting | 25% | 30% |
Pessimistic | El Salvador | Cutoff 2022 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 1.47% | |
Pessimistic | El Salvador | Cutoff 2023 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 1.74% | (0.23%) |
Pessimistic | El Salvador | Cutoff 2024 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 0.49% | (0.03%) |
Pessimistic | El Salvador | Cutoff 2025 | ||
MATERIAL ACCOUNTING POLICIES | ||
GDP growth | 0.41% |
MATERIAL ACCOUNTING POLICIES _7
MATERIAL ACCOUNTING POLICIES - Significant increase in risk (Details) | Dec. 31, 2023 item |
Ba1/BB+ | |
MATERIAL ACCOUNTING POLICIES | |
Number of notches, increase in risk | 3 |
Ba2/BB | |
MATERIAL ACCOUNTING POLICIES | |
Number of notches, increase in risk | 3 |
Ba3/BB- | |
MATERIAL ACCOUNTING POLICIES | |
Number of notches, increase in risk | 3 |
B1/B+ | |
MATERIAL ACCOUNTING POLICIES | |
Number of notches, increase in risk | 2 |
B2/B | |
MATERIAL ACCOUNTING POLICIES | |
Number of notches, increase in risk | 2 |
B3/B- | |
MATERIAL ACCOUNTING POLICIES | |
Number of notches, increase in risk | 1 |
Caa/CCC | |
MATERIAL ACCOUNTING POLICIES | |
Number of notches, increase in risk | 1 |
MATERIAL ACCOUNTING POLICIES _8
MATERIAL ACCOUNTING POLICIES - Written-Off loan portfolio (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Commercial | Without collateral | Banistmo S.A. | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 360 days |
Commercial | Without collateral | Banco Agricola S.A. | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 180 days |
Commercial | Without collateral | Bancolombia S.A. | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 360 days |
Commercial | With collateral | Banistmo S.A. | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 360 days |
Commercial | With collateral | Banco Agricola S.A. | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 360 days |
Commercial | With collateral | Bancolombia S.A. | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 360 days |
Consumer | Without collateral | Grupo Agromercantil Holding S.A. | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 180 days |
Consumer | Without collateral | Banistmo S.A. | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 180 days |
Consumer | Without collateral | Banco Agricola S.A. | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 180 days |
Consumer | Without collateral | Bancolombia S.A. | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 180 days |
Consumer | With collateral | Grupo Agromercantil Holding S.A. | Vehicles collateral | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 540 days |
Consumer | With collateral | Banistmo S.A. | Mortgage collateral | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 1080 days |
Consumer | With collateral | Banco Agricola S.A. | Mortgage collateral | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 720 days |
Consumer | With collateral | Bancolombia S.A. | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 180 days |
Small Business Loans | Without collateral | Banistmo S.A. | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 180 days |
Small Business Loans | Without collateral | Banco Agricola S.A. | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 180 days |
Small Business Loans | Without collateral | Bancolombia S.A. | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 180 days |
Small Business Loans | With collateral | Banistmo S.A. | Mortgage collateral | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 1080 days |
Small Business Loans | With collateral | Banco Agricola S.A. | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 180 days |
Small Business Loans | With collateral | Bancolombia S.A. | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 180 days |
Mortgage | With collateral | Grupo Agromercantil Holding S.A. | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 1440 days |
Mortgage | With collateral | Banistmo S.A. | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 1080 days |
Mortgage | With collateral | Banco Agricola S.A. | |
MATERIAL ACCOUNTING POLICIES | |
Length of delinquency | 720 days |
MATERIAL ACCOUNTING POLICIES _9
MATERIAL ACCOUNTING POLICIES - Premises and equipment and Intangible assets (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Minimum | |
MATERIAL ACCOUNTING POLICIES | |
Useful life, intangible assets | 1 year |
Maximum | |
MATERIAL ACCOUNTING POLICIES | |
Useful life, intangible assets | 10 years |
Buildings | Minimum | |
MATERIAL ACCOUNTING POLICIES | |
Useful life, premises and equipment | 10 years |
Buildings | Maximum | |
MATERIAL ACCOUNTING POLICIES | |
Useful life, premises and equipment | 75 years |
Furniture and fixtures | Minimum | |
MATERIAL ACCOUNTING POLICIES | |
Useful life, premises and equipment | 3 years |
Furniture and fixtures | Maximum | |
MATERIAL ACCOUNTING POLICIES | |
Useful life, premises and equipment | 20 years |
Computer equipment | Minimum | |
MATERIAL ACCOUNTING POLICIES | |
Useful life, premises and equipment | 3 years |
Computer equipment | Maximum | |
MATERIAL ACCOUNTING POLICIES | |
Useful life, premises and equipment | 20 years |
Equipment and machinery | Minimum | |
MATERIAL ACCOUNTING POLICIES | |
Useful life, premises and equipment | 2 years |
Equipment and machinery | Maximum | |
MATERIAL ACCOUNTING POLICIES | |
Useful life, premises and equipment | 40 years |
Vehicles | Minimum | |
MATERIAL ACCOUNTING POLICIES | |
Useful life, premises and equipment | 3 years |
Vehicles | Maximum | |
MATERIAL ACCOUNTING POLICIES | |
Useful life, premises and equipment | 10 years |
MATERIAL ACCOUNTING POLICIES_10
MATERIAL ACCOUNTING POLICIES - Additional information (Details) $ in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 COP ($) | Dec. 31, 2023 USD ($) | |
MATERIAL ACCOUNTING POLICIES | ||
Percentage of loss given default | 64.90% | |
Difference in present value of discounted cash flows of new debt instruments as a percentage of the original debt instrument | 10% | 10% |
Preferred dividend, as a percentage of subscription price | 1% | 1% |
Constitution of provisions | $ 11,071 | |
Stage Three | Foreign Subsidiaries | ||
MATERIAL ACCOUNTING POLICIES | ||
Threshold amount for determination of defaulted loans | $ 20,000 | $ 5 |
OPERATING SEGMENTS - Financial
OPERATING SEGMENTS - Financial performance by operating segment (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Jul. 06, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING SEGMENTS | ||||
Threshold Revenue, bank corporate and government sales force targets and specializes | $ 100,000 | |||
Financial performance by operating segment | ||||
Total interest and valuation on financial instruments | 37,046,159 | $ 26,796,947 | $ 16,135,745 | |
Interest income on loans and financial leases | 35,240,787 | 24,783,493 | 15,344,290 | |
Total debt investments | 777,612 | |||
Derivatives | 33,637 | |||
Total liquidity operations | (19,794) | |||
Interest expenses | (16,668,295) | (8,442,470) | (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 | 20,377,864 | 18,354,477 | 11,784,189 | |
Total credit impairment charges, net | (7,461,586) | (3,791,697) | (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 | 12,916,278 | 14,562,780 | 9,363,659 | |
Fees and commissions income | 7,080,878 | 6,370,526 | 5,293,804 | |
Fees and commissions expenses | (3,097,280) | (2,590,166) | (1,860,683) | |
Total fees and commission income, net | 3,983,598 | 3,780,360 | 3,433,121 | |
Other operating income (Expense) | 2,022,141 | |||
Dividends and net income on equity investments | 210,185 | 235,854 | 328,344 | |
Total operating income, net | 21,089,711 | 20,632,429 | 15,147,265 | |
Operating expenses | (8,242,695) | |||
Impairment, depreciation and amortization | (1,124,859) | (980,575) | (920,558) | |
Total operating expenses | (12,942,185) | (10,887,643) | (9,163,253) | |
Profit (Loss) before income tax | 8,147,526 | 9,744,786 | 5,984,012 | |
Nequi | ||||
OPERATING SEGMENTS | ||||
Percentage of operations to be operated as a digital bank | 100% | |||
Operating Segments | ||||
Financial performance by operating segment | ||||
Total interest and valuation on financial instruments | 37,046,159 | 26,796,947 | 16,135,317 | |
Interest income on loans and financial leases | 35,240,787 | 24,783,493 | 15,343,862 | |
Total debt investments | 1,657,459 | 1,787,088 | 777,612 | |
Derivatives | (157,818) | 171,381 | 33,637 | |
Total liquidity operations | 305,731 | 54,985 | (19,794) | |
Interest expenses | (16,668,295) | (8,442,470) | (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 | 20,377,864 | 18,354,477 | 11,783,761 | |
Total credit impairment charges, net | (7,461,586) | (3,791,697) | (2,413,226) | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 12,916,278 | 14,562,780 | 9,370,535 | |
Fees and commissions income | 7,080,878 | 6,370,526 | 5,293,804 | |
Fees and commissions expenses | (3,097,280) | (2,590,166) | (1,860,683) | |
Total fees and commission income, net | 3,983,598 | 3,780,360 | 3,433,121 | |
Other operating income (Expense) | 3,979,650 | 2,053,435 | 2,023,144 | |
Dividends and net income on equity investments | 210,185 | 235,854 | 328,344 | |
Total operating income, net | 21,089,711 | 20,632,429 | 15,155,144 | |
Operating expenses | (11,817,326) | (9,907,068) | (8,242,695) | |
Impairment, depreciation and amortization | (1,124,859) | (980,575) | (919,763) | |
Total operating expenses | (12,942,185) | (10,887,643) | (9,162,458) | |
Profit (Loss) before income tax | 8,147,526 | 9,744,786 | 5,992,686 | |
Operating Segments | Banking Colombia | ||||
Financial performance by operating segment | ||||
Total interest and valuation on financial instruments | 29,230,060 | 20,727,335 | 11,498,013 | |
Interest income on loans and financial leases | 28,366,678 | 19,263,960 | 11,118,035 | |
Total debt investments | 937,090 | 1,361,299 | 399,517 | |
Derivatives | (167,887) | 108,255 | 17,263 | |
Total liquidity operations | 94,179 | (6,179) | (36,802) | |
Interest expenses | (13,464,980) | (6,333,834) | (2,666,843) | |
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 15,765,080 | 14,393,501 | 8,831,170 | |
Total credit impairment charges, net | (6,480,377) | (2,971,599) | (2,122,515) | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 9,284,703 | 11,421,902 | 6,708,655 | |
(Expenses) Revenues from transactions with other operating segments of the Bank | (187,467) | (32,163) | 18,458 | |
Fees and commissions income | 5,252,099 | 4,684,563 | 3,841,472 | |
Fees and commissions expenses | (2,522,927) | (2,099,585) | (1,524,691) | |
Total fees and commission income, net | 2,729,172 | 2,584,978 | 2,316,781 | |
Other operating income (Expense) | 1,575,845 | (72,994) | 653,968 | |
Dividends and net income on equity investments | 17,613 | (8,058) | 93,769 | |
Total operating income, net | 13,419,866 | 13,893,665 | 9,791,631 | |
Operating expenses | (8,022,042) | (6,600,686) | (5,550,033) | |
Impairment, depreciation and amortization | (744,346) | (613,807) | (529,662) | |
Total operating expenses | (8,766,388) | (7,214,493) | (6,079,695) | |
Profit (Loss) before income tax | 4,653,478 | 6,679,172 | 3,711,936 | |
Operating Segments | Banking Panama | ||||
Financial performance by operating segment | ||||
Total interest and valuation on financial instruments | 2,826,559 | 2,364,820 | 1,963,509 | |
Interest income on loans and financial leases | 2,415,234 | 2,154,151 | 1,791,476 | |
Total debt investments | 301,167 | 161,974 | 156,377 | |
Derivatives | 817 | (1,026) | 1,860 | |
Total liquidity operations | 109,341 | 49,721 | 13,796 | |
Interest expenses | (1,238,112) | (910,937) | (796,396) | |
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 1,588,447 | 1,453,883 | 1,167,113 | |
Total credit impairment charges, net | (270,501) | (545,012) | (323,216) | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 1,317,946 | 908,871 | 843,897 | |
(Expenses) Revenues from transactions with other operating segments of the Bank | (34,105) | (25,022) | (10,089) | |
Fees and commissions income | 532,930 | 446,583 | 351,603 | |
Fees and commissions expenses | (258,897) | (210,004) | (151,906) | |
Total fees and commission income, net | 274,033 | 236,579 | 199,697 | |
Other operating income (Expense) | 36,939 | 51,494 | 19,101 | |
Dividends and net income on equity investments | 13,498 | 9,655 | 4,387 | |
Total operating income, net | 1,608,311 | 1,181,577 | 1,056,993 | |
Operating expenses | (909,843) | (797,091) | (700,226) | |
Impairment, depreciation and amortization | (107,716) | (110,293) | (104,493) | |
Total operating expenses | (1,017,559) | (907,384) | (804,719) | |
Profit (Loss) before income tax | 590,752 | 274,193 | 252,274 | |
Operating Segments | Banking El Salvador | ||||
Financial performance by operating segment | ||||
Total interest and valuation on financial instruments | 1,773,140 | 1,527,860 | 1,193,824 | |
Interest income on loans and financial leases | 1,524,765 | 1,293,556 | 1,072,718 | |
Total debt investments | 236,350 | 170,423 | 105,035 | |
Derivatives | 11,187 | 63,494 | 15,345 | |
Total liquidity operations | 838 | 387 | 726 | |
Interest expenses | (464,851) | (297,839) | (240,144) | |
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 1,308,289 | 1,230,021 | 953,680 | |
Total credit impairment charges, net | (154,938) | (102,710) | 4,271 | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 1,153,351 | 1,127,311 | 957,951 | |
(Expenses) Revenues from transactions with other operating segments of the Bank | (17,844) | (7,371) | 7 | |
Fees and commissions income | 479,568 | 444,177 | 359,724 | |
Fees and commissions expenses | (188,972) | (170,563) | (116,600) | |
Total fees and commission income, net | 290,596 | 273,614 | 243,124 | |
Other operating income (Expense) | 51,656 | 19,685 | 9,712 | |
Dividends and net income on equity investments | 10,982 | 5,340 | 2,760 | |
Total operating income, net | 1,488,741 | 1,418,579 | 1,213,554 | |
Operating expenses | (668,105) | (639,748) | (549,782) | |
Impairment, depreciation and amortization | (131,921) | (106,601) | (81,201) | |
Total operating expenses | (800,026) | (746,349) | (630,983) | |
Profit (Loss) before income tax | 688,715 | 672,230 | 582,571 | |
Operating Segments | Banking Guatemala | ||||
Financial performance by operating segment | ||||
Total interest and valuation on financial instruments | 1,795,543 | 1,537,801 | 1,178,615 | |
Interest income on loans and financial leases | 1,726,821 | 1,509,143 | 1,109,804 | |
Total debt investments | 60,534 | 27,089 | 67,772 | |
Total liquidity operations | 8,188 | 1,569 | 1,039 | |
Interest expenses | (731,886) | (528,459) | (397,138) | |
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 1,063,657 | 1,009,342 | 781,477 | |
Total credit impairment charges, net | (499,368) | (168,834) | 35,841 | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 564,289 | 840,508 | 817,318 | |
(Expenses) Revenues from transactions with other operating segments of the Bank | (76,054) | (45,526) | (26,324) | |
Fees and commissions income | 223,200 | 218,554 | 159,908 | |
Fees and commissions expenses | (89,405) | (91,424) | (50,144) | |
Total fees and commission income, net | 133,795 | 127,130 | 109,764 | |
Other operating income (Expense) | 130,757 | 129,403 | 82,855 | |
Dividends and net income on equity investments | 1,827 | 828 | 658 | |
Total operating income, net | 754,614 | 1,052,343 | 984,271 | |
Operating expenses | (620,928) | (577,497) | (464,199) | |
Impairment, depreciation and amortization | (55,243) | (54,999) | (102,991) | |
Total operating expenses | (676,171) | (632,496) | (567,190) | |
Profit (Loss) before income tax | 78,443 | 419,847 | 417,081 | |
Operating Segments | Trust | ||||
Financial performance by operating segment | ||||
Total interest and valuation on financial instruments | 47 | 72 | 46 | |
Interest income on loans and financial leases | 47 | 72 | 46 | |
Interest expenses | (179) | (150) | (167) | |
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | (132) | (78) | (121) | |
Total credit impairment charges, net | (2,893) | (796) | (4,595) | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | (3,025) | (874) | (4,716) | |
(Expenses) Revenues from transactions with other operating segments of the Bank | (16,518) | (12,658) | (26,584) | |
Fees and commissions income | 361,965 | 318,869 | 347,878 | |
Fees and commissions expenses | (4,244) | (3,668) | (3,881) | |
Total fees and commission income, net | 357,721 | 315,201 | 343,997 | |
Other operating income (Expense) | 14,107 | 14,897 | 12,702 | |
Dividends and net income on equity investments | 33,275 | 2,164 | 28,201 | |
Total operating income, net | 385,560 | 318,730 | 353,600 | |
Operating expenses | (177,626) | (153,377) | (129,923) | |
Impairment, depreciation and amortization | (2,218) | (1,630) | (1,548) | |
Total operating expenses | (179,844) | (155,007) | (131,471) | |
Profit (Loss) before income tax | 205,716 | 163,723 | 222,129 | |
Operating Segments | Investment Banking | ||||
Financial performance by operating segment | ||||
Total interest and valuation on financial instruments | 6 | 4 | ||
Total debt investments | 6 | 4 | ||
Interest expenses | (1) | (4) | (7) | |
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 5 | (7) | ||
Total credit impairment charges, net | (380) | (924) | (55) | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | (375) | (924) | (62) | |
(Expenses) Revenues from transactions with other operating segments of the Bank | 13,949 | 3,404 | 3,576 | |
Fees and commissions income | 55,917 | 86,232 | 79,531 | |
Fees and commissions expenses | (238) | (269) | (49) | |
Total fees and commission income, net | 55,679 | 85,963 | 79,482 | |
Other operating income (Expense) | (1,011) | 671 | 879 | |
Dividends and net income on equity investments | (98,512) | 8,760 | (232) | |
Total operating income, net | (30,270) | 97,874 | 83,643 | |
Operating expenses | (49,759) | (47,997) | (34,905) | |
Impairment, depreciation and amortization | (208) | (232) | (206) | |
Total operating expenses | (49,967) | (48,229) | (35,111) | |
Profit (Loss) before income tax | (80,237) | 49,645 | 48,532 | |
Operating Segments | Brokerage | ||||
Financial performance by operating segment | ||||
Total interest and valuation on financial instruments | 45,875 | 12,996 | 12,277 | |
Interest income on loans and financial leases | 5,076 | 511 | 28 | |
Total debt investments | 36,538 | 20,024 | 12,540 | |
Derivatives | (1,747) | 658 | (832) | |
Total liquidity operations | 6,008 | (8,197) | 541 | |
Interest expenses | (222) | (104) | (73) | |
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 45,653 | 12,892 | 12,204 | |
Total credit impairment charges, net | 106 | 3,133 | (116) | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 45,759 | 16,025 | 12,088 | |
(Expenses) Revenues from transactions with other operating segments of the Bank | 68,617 | 53,229 | 59,995 | |
Fees and commissions income | 103,985 | 111,366 | 117,282 | |
Fees and commissions expenses | (8,645) | (6,160) | (4,135) | |
Total fees and commission income, net | 95,340 | 105,206 | 113,147 | |
Other operating income (Expense) | 4,737 | 13,575 | (6,075) | |
Dividends and net income on equity investments | 6,416 | (4,314) | 2,177 | |
Total operating income, net | 220,869 | 183,721 | 181,332 | |
Operating expenses | (186,212) | (153,317) | (119,265) | |
Impairment, depreciation and amortization | (2,950) | (1,754) | (1,896) | |
Total operating expenses | (189,162) | (155,071) | (121,161) | |
Profit (Loss) before income tax | 31,707 | 28,650 | 60,171 | |
Operating Segments | International Banking | ||||
Financial performance by operating segment | ||||
Total interest and valuation on financial instruments | 1,112,171 | 512,417 | 251,135 | |
Interest income on loans and financial leases | 940,091 | 446,028 | 215,529 | |
Total debt investments | 85,091 | 48,722 | 35,739 | |
Derivatives | (188) | 1 | ||
Total liquidity operations | 87,177 | 17,667 | (134) | |
Interest expenses | (596,039) | (271,280) | (198,012) | |
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 516,132 | 241,137 | 53,123 | |
Total credit impairment charges, net | 4,164 | 25,029 | 14,995 | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 520,296 | 266,166 | 68,118 | |
(Expenses) Revenues from transactions with other operating segments of the Bank | 415,508 | 212,049 | 81,997 | |
Fees and commissions income | 47,228 | 42,021 | 33,309 | |
Fees and commissions expenses | (11,042) | (8,025) | (6,556) | |
Total fees and commission income, net | 36,186 | 33,996 | 26,753 | |
Other operating income (Expense) | 16,794 | 9,954 | 11,109 | |
Dividends and net income on equity investments | 37 | 35 | 20 | |
Total operating income, net | 988,821 | 522,200 | 187,997 | |
Operating expenses | (89,219) | (79,814) | (61,191) | |
Impairment, depreciation and amortization | (4,259) | (2,626) | (1,993) | |
Total operating expenses | (93,478) | (82,440) | (63,184) | |
Profit (Loss) before income tax | 895,343 | 439,760 | 124,813 | |
Operating Segments | All other segments | ||||
Financial performance by operating segment | ||||
Total interest and valuation on financial instruments | 262,758 | 113,642 | 37,898 | |
Interest income on loans and financial leases | 262,075 | 116,072 | 36,226 | |
Total debt investments | 683 | (2,447) | 632 | |
Total liquidity operations | 17 | 1,040 | ||
Interest expenses | (172,025) | (99,863) | (52,776) | |
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 90,733 | 13,779 | (14,878) | |
Total credit impairment charges, net | (57,399) | (29,984) | (17,836) | |
Net interest margin and valuation on financial instruments after impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments | 33,334 | (16,205) | (32,714) | |
(Expenses) Revenues from transactions with other operating segments of the Bank | (166,086) | (145,942) | (101,036) | |
Fees and commissions income | 23,986 | 18,161 | 3,097 | |
Fees and commissions expenses | (12,910) | (468) | (2,721) | |
Total fees and commission income, net | 11,076 | 17,693 | 376 | |
Other operating income (Expense) | 2,149,826 | 1,886,750 | 1,238,893 | |
Dividends and net income on equity investments | 225,049 | 221,444 | 196,604 | |
Total operating income, net | 2,253,199 | 1,963,740 | 1,302,123 | |
Operating expenses | (1,093,592) | (857,541) | (633,171) | |
Impairment, depreciation and amortization | (75,998) | (88,633) | (95,773) | |
Total operating expenses | (1,169,590) | (946,174) | (728,944) | |
Profit (Loss) before income tax | $ 1,083,609 | $ 1,017,566 | 573,179 | |
Adjustments for consolidation | ||||
Financial performance by operating segment | ||||
Total interest and valuation on financial instruments | 428 | |||
Interest income on loans and financial leases | 428 | |||
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 | |||
Total credit impairment charges, net | (7,304) | |||
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) | |||
Other operating income (Expense) | (1,003) | |||
Total operating income, net | (7,879) | |||
Impairment, depreciation and amortization | (795) | |||
Total operating expenses | (795) | |||
Profit (Loss) before income tax | $ (8,674) |
OPERATING SEGMENTS - Financia_2
OPERATING SEGMENTS - Financial information of the total assets and liabilities by operating segment (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
OPERATING SEGMENTS | ||
Total assets | $ 342,928,809 | $ 352,814,733 |
Total liabilities | 303,879,080 | 312,817,182 |
Operating Segments | ||
OPERATING SEGMENTS | ||
Total assets | 381,248,360 | 399,799,355 |
Total liabilities | 317,125,852 | 329,599,378 |
Operating Segments | Banking Colombia | ||
OPERATING SEGMENTS | ||
Total assets | 254,367,378 | 247,113,605 |
Total liabilities | 216,200,157 | 207,293,246 |
Operating Segments | Banking Panama | ||
OPERATING SEGMENTS | ||
Total assets | 40,740,495 | 52,445,934 |
Total liabilities | 36,315,750 | 47,081,613 |
Operating Segments | Banking El Salvador | ||
OPERATING SEGMENTS | ||
Total assets | 21,608,586 | 26,696,524 |
Total liabilities | 19,220,367 | 23,738,984 |
Operating Segments | Banking Guatemala | ||
OPERATING SEGMENTS | ||
Total assets | 21,377,205 | 26,143,629 |
Total liabilities | 19,469,075 | 23,635,997 |
Operating Segments | Trust | ||
OPERATING SEGMENTS | ||
Total assets | 658,547 | 603,486 |
Total liabilities | 138,171 | 126,307 |
Operating Segments | Investment Banking | ||
OPERATING SEGMENTS | ||
Total assets | 1,719,824 | 2,116,143 |
Total liabilities | 51,841 | 80,162 |
Operating Segments | Brokerage | ||
OPERATING SEGMENTS | ||
Total assets | 351,694 | 326,047 |
Total liabilities | 121,423 | 106,115 |
Operating Segments | International Banking | ||
OPERATING SEGMENTS | ||
Total assets | 30,199,897 | 35,131,458 |
Total liabilities | 20,734,521 | 23,216,118 |
Operating Segments | All other segments | ||
OPERATING SEGMENTS | ||
Total assets | 10,224,734 | 9,222,529 |
Total liabilities | 4,874,547 | 4,320,836 |
Adjustments for consolidation | ||
OPERATING SEGMENTS | ||
Total assets | (38,319,551) | (46,984,622) |
Total liabilities | $ (13,246,772) | $ (16,782,196) |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING SEGMENTS | |||
Investment in associates and joint ventures | $ 2,997,603 | $ 2,915,633 | |
Equity method | 113,115 | 219,105 | $ 199,652 |
Operating Segments | |||
OPERATING SEGMENTS | |||
Investment in associates and joint ventures | 2,997,603 | 2,915,633 | |
Equity method | 113,115 | 219,105 | |
Operating Segments | Banking Colombia | |||
OPERATING SEGMENTS | |||
Investment in associates and joint ventures | 332,862 | 337,024 | |
Equity method | (52,183) | 2,588 | |
Operating Segments | Banking El Salvador | |||
OPERATING SEGMENTS | |||
Investment in associates and joint ventures | 21,292 | 28,029 | |
Equity method | 2,730 | 3,617 | |
Operating Segments | Trust | |||
OPERATING SEGMENTS | |||
Investment in associates and joint ventures | 285,838 | 256,720 | |
Equity method | 30,043 | 22,522 | |
Operating Segments | Investment Banking | |||
OPERATING SEGMENTS | |||
Investment in associates and joint ventures | 617,982 | 700,936 | |
Equity method | 4,398 | 3,857 | |
Operating Segments | All other segments | |||
OPERATING SEGMENTS | |||
Investment in associates and joint ventures | 1,739,629 | 1,592,924 | |
Equity method | $ 128,127 | $ 186,521 |
OPERATING SEGMENTS - Geographic
OPERATING SEGMENTS - Geographic information (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING SEGMENTS | |||
Interest and valuation | $ 37,046,159 | $ 26,796,947 | $ 16,135,745 |
Long-lived assets | 22,262,940 | 23,595,873 | 18,690,168 |
Operating Segments | |||
OPERATING SEGMENTS | |||
Interest and valuation | 37,046,159 | 26,796,947 | 16,135,317 |
Operating Segments | Reportable Operating Segments | |||
OPERATING SEGMENTS | |||
Interest and valuation | 37,766,532 | 27,132,092 | 16,279,789 |
Long-lived assets | 15,262,597 | 14,800,862 | 11,034,558 |
Operating Segments | Reportable Operating Segments | Colombia | |||
OPERATING SEGMENTS | |||
Interest and valuation | 29,812,448 | 20,977,845 | 11,605,829 |
Long-lived assets | 13,466,457 | 12,666,847 | 9,413,340 |
Operating Segments | Reportable Operating Segments | Panama | |||
OPERATING SEGMENTS | |||
Interest and valuation | 4,234,542 | 3,023,461 | 2,251,653 |
Long-lived assets | 877,407 | 1,042,824 | 838,278 |
Operating Segments | Reportable Operating Segments | El Salvador | |||
OPERATING SEGMENTS | |||
Interest and valuation | 1,774,165 | 1,528,264 | 1,194,026 |
Long-lived assets | 547,357 | 636,071 | 434,212 |
Operating Segments | Reportable Operating Segments | Guatemala | |||
OPERATING SEGMENTS | |||
Interest and valuation | 1,795,597 | 1,537,811 | 1,178,619 |
Long-lived assets | 361,840 | 445,288 | 347,084 |
Operating Segments | Reportable Operating Segments | United States of America | |||
OPERATING SEGMENTS | |||
Interest and valuation | 55 | ||
Long-lived assets | 4,805 | 7,504 | |
Operating Segments | Reportable Operating Segments | Bermuda | |||
OPERATING SEGMENTS | |||
Interest and valuation | 184 | 2 | |
Long-lived assets | 3,434 | ||
Operating Segments | Reportable Operating Segments | Puerto rico | |||
OPERATING SEGMENTS | |||
Interest and valuation | 149,541 | 64,709 | 49,662 |
Long-lived assets | 1,297 | 2,328 | 1,644 |
Eliminations and translation adjustment | |||
OPERATING SEGMENTS | |||
Interest and valuation | (720,373) | (335,145) | (144,044) |
Long-lived assets | $ 7,000,343 | $ 8,795,011 | $ 7,655,610 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and balances at central bank | ||||
Cash | $ 8,830,305 | $ 8,854,169 | ||
Due from central banks | 11,248,230 | 9,602,209 | ||
Due from other private financial entities | 7,607,921 | 5,881,022 | ||
Checks on hold | 214,004 | 289,924 | ||
Remittances of domestic negotiated checks in transit | 74,524 | 93,844 | ||
Total cash and due from banks | 27,974,984 | 24,721,168 | ||
Money market transactions | ||||
Interbank borrowings | 3,983,699 | 4,050,407 | ||
Reverse repurchase agreements and other similar secured loans | 7,840,926 | 2,873,716 | ||
Total money market transactions | 11,824,625 | 6,924,123 | ||
Total cash and cash equivalents | 39,799,609 | 31,645,291 | $ 25,329,846 | $ 23,701,149 |
Margin deposits | ||||
Money market transactions | ||||
Restricted cash | $ 1,082,611 | $ 752,099 | ||
Grupo Agromercantil Holding S.A. | Legal banking reserve | ||||
Money market transactions | ||||
Mandatory reserve percentage in central bank | 14.60% | |||
All Panamanian banks | Liquidity reserve | Minimum | ||||
Money market transactions | ||||
Mandatory reserve percentage in central bank | 30% | |||
Banco Agricola S.A. | Liquidity Reserve, Temporary Rule NPTB-09 | Minimum | ||||
Money market transactions | ||||
Reserves to be maintained, percentage of deposits and debt securities in issue | 1% | |||
Banco Agricola S.A. | Liquidity Reserve, Temporary Rule NPTB-09 | Maximum | ||||
Money market transactions | ||||
Reserves to be maintained, percentage of deposits and debt securities in issue | 16% | |||
Banco Agricola S.A. | Liquidity Reserve, Technical Norm (NRP-28) | Minimum | ||||
Money market transactions | ||||
Reserves to be maintained, percentage of deposits and debt securities in issue | 1% | |||
Banco Agricola S.A. | Liquidity Reserve, Technical Norm (NRP-28) | Maximum | ||||
Money market transactions | ||||
Reserves to be maintained, percentage of deposits and debt securities in issue | 18% | |||
Bancolombia S.A. | ||||
Money market transactions | ||||
Reserves to be maintained, percentage of deposits mentioned in Article 1, paragraph (a) | 8% | |||
Reserve to be maintained, percentage of customer deposits | 3.50% |
FINANCIAL ASSETS INVESTMENTS _3
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Financial assets investments (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | $ 25,674,195 | $ 27,940,140 |
Financial assets investments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 25,674,195 | 27,940,140 |
Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 25,092,666 | 27,353,301 |
Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 9,250,227 | 11,417,507 |
Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 7,519,951 | 7,057,802 |
Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 3,407,723 | 3,925,114 |
Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 3,214,491 | 3,138,585 |
Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 1,700,274 | 1,814,293 |
Equity securities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 543,210 | 544,668 |
Other instruments financial | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 38,319 | 42,171 |
Fair value through profit or loss | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 12,096,407 | 11,039,266 |
Fair value through profit or loss | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 6,274,400 | 5,967,856 |
Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 4,725,605 | 4,260,230 |
Fair value through profit or loss | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 237,234 | 121,527 |
Fair value through profit or loss | Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 84,990 | 79,035 |
Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 774,178 | 610,618 |
Fair value through profit or loss | Debt instruments | Mortgage-backed securities (TIPS) | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 84,301 | 91,204 |
Fair value through profit or loss | Equity securities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 98,853 | 102,274 |
Fair value through profit or loss | Other instruments financial | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 38,319 | 42,171 |
Fair Value through other comprehensive income, net | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 6,148,177 | 7,977,675 |
Fair Value through other comprehensive income, net | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,437,996 | 4,694,369 |
Fair Value through other comprehensive income, net | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,725,722 | 2,590,622 |
Fair Value through other comprehensive income, net | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 611,153 | 123,327 |
Fair Value through other comprehensive income, net | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 373,306 | 569,357 |
Gains (losses) recognized at fair value through OCI | 93,264 | (164,542) |
Fair Value through other comprehensive income, net | Equity securities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 444,357 | 442,394 |
Amortized cost | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 6,848,082 | 8,336,360 |
Amortized cost | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 537,831 | 755,282 |
Amortized cost | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 68,624 | 206,950 |
Amortized cost | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,559,336 | 3,680,260 |
Amortized cost | Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 3,129,501 | 3,059,550 |
Amortized cost | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | $ 552,790 | $ 634,318 |
FINANCIAL ASSETS INVESTMENTS _4
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Debt instruments portfolio by maturity (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | $ 25,674,195 | $ 27,940,140 |
Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 25,092,666 | 27,353,301 |
Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 9,250,227 | 11,417,507 |
Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 7,519,951 | 7,057,802 |
Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 1,700,274 | 1,814,293 |
Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 3,407,723 | 3,925,114 |
Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 3,214,491 | 3,138,585 |
Fair value through profit or loss | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 12,096,407 | 11,039,266 |
Fair value through profit or loss | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 6,274,400 | 5,967,856 |
Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 4,725,605 | 4,260,230 |
Fair value through profit or loss | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 774,178 | 610,618 |
Fair value through profit or loss | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 237,234 | 121,527 |
Fair value through profit or loss | Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 84,990 | 79,035 |
Fair value through other comprehensive income | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 6,148,177 | 7,977,675 |
Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,437,996 | 4,694,369 |
Fair value through other comprehensive income | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,725,722 | 2,590,622 |
Fair value through other comprehensive income | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 373,306 | 569,357 |
Fair value through other comprehensive income | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 611,153 | 123,327 |
Amortized cost | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 6,848,082 | 8,336,360 |
Amortized cost | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 537,831 | 755,282 |
Amortized cost | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 68,624 | 206,950 |
Amortized cost | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 552,790 | 634,318 |
Amortized cost | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,559,336 | 3,680,260 |
Amortized cost | Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 3,129,501 | 3,059,550 |
Less than 1 year | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 13,463,031 | 16,121,297 |
Less than 1 year | Fair value through profit or loss | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 5,655,431 | 7,096,045 |
Less than 1 year | Fair value through profit or loss | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 4,864,121 | 5,187,871 |
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 | 390,307 | 1,639,518 |
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 | 312,749 | 198,255 |
Less than 1 year | Fair value through profit or loss | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 39,361 | 46,638 |
Less than 1 year | Fair value through profit or loss | Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 48,893 | 23,763 |
Less than 1 year | Fair value through other comprehensive income | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 4,167,934 | 5,669,672 |
Less than 1 year | Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 1,346,171 | 2,930,125 |
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 | 2,672,090 | 2,590,622 |
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 | 149,124 | 148,925 |
Less than 1 year | Fair value through other comprehensive income | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 549 | |
Less than 1 year | Amortized cost | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 3,639,666 | 3,355,580 |
Less than 1 year | Amortized cost | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 188,651 | 16,676 |
Less than 1 year | Amortized cost | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 39,046 | |
Less than 1 year | Amortized cost | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 103,414 | 79,800 |
Less than 1 year | Amortized cost | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 229,811 | 250,583 |
Less than 1 year | Amortized cost | Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 3,078,744 | 3,008,521 |
Between 1 and 3 years | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 106,374,362 | 103,403,352 |
Between 1 and 3 years | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 4,733,721 | 3,744,638 |
Between 1 and 3 years | Fair value through profit or loss | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 3,584,066 | 1,333,520 |
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 | 513,546 | 100,436 |
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 | 2,759,392 | 866,241 |
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 | 236,597 | 287,933 |
Between 1 and 3 years | Fair value through profit or loss | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 40,930 | 32,989 |
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 | 33,601 | 45,921 |
Between 1 and 3 years | Fair value through other comprehensive income | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 806,305 | 1,194,298 |
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 | 598,014 | 878,199 |
Between 1 and 3 years | Fair value through other comprehensive income | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 53,632 | |
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 | 154,659 | 316,099 |
Between 1 and 3 years | Amortized cost | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 343,350 | 1,216,820 |
Between 1 and 3 years | Amortized cost | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 189,744 | 431,662 |
Between 1 and 3 years | Amortized cost | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 170,314 | |
Between 1 and 3 years | Amortized cost | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 106,681 | 191,690 |
Between 1 and 3 years | Amortized cost | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 46,925 | 423,154 |
Between 3 and 5 years | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 61,336,409 | 64,269,526 |
Between 3 and 5 years | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 1,748,270 | 2,542,315 |
Between 3 and 5 years | Fair value through profit or loss | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 895,533 | 917,652 |
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 | 283,020 | 367,120 |
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 | 491,867 | 472,955 |
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 | 89,526 | 52,592 |
Between 3 and 5 years | Fair value through profit or loss | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 28,624 | 19,228 |
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 | 2,496 | 5,757 |
Between 3 and 5 years | Fair value through other comprehensive income | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 419,401 | 694,837 |
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 | 355,927 | 694,837 |
Between 3 and 5 years | Fair value through other comprehensive income | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 63,474 | |
Between 3 and 5 years | Amortized cost | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 433,336 | 929,826 |
Between 3 and 5 years | Amortized cost | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 56,703 | 116,919 |
Between 3 and 5 years | Amortized cost | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 7,350 | 9,139 |
Between 3 and 5 years | Amortized cost | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 46,969 | 48,701 |
Between 3 and 5 years | Amortized cost | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 322,314 | 755,067 |
Greater than 5 years | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 111,035,266 | 113,509,992 |
Greater than 5 years | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 5,147,644 | 4,945,051 |
Greater than 5 years | Fair value through profit or loss | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 1,961,377 | 1,692,049 |
Greater than 5 years | Fair value through profit or loss | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 613,713 | 312,429 |
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 | 1,084,039 | 1,281,516 |
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 | 135,306 | 71,838 |
Greater than 5 years | Fair value through profit or loss | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 128,319 | 22,672 |
Greater than 5 years | Fair value through profit or loss | Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 3,594 | |
Greater than 5 years | Fair value through other comprehensive income | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 754,537 | 418,868 |
Greater than 5 years | Fair value through other comprehensive income | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 137,884 | 191,208 |
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 | 69,523 | 104,333 |
Greater than 5 years | Fair value through other comprehensive income | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 547,130 | 123,327 |
Greater than 5 years | Amortized cost | Debt instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 2,431,730 | 2,834,134 |
Greater than 5 years | Amortized cost | Debt instruments | Securities issued by foreign governments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 102,733 | 190,025 |
Greater than 5 years | Amortized cost | Debt instruments | Securities issued by the Colombian Government | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 22,228 | 27,497 |
Greater than 5 years | Amortized cost | Debt instruments | Securities issued by other financial institutions | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 295,726 | 314,127 |
Greater than 5 years | Amortized cost | Debt instruments | Corporate bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | 1,960,286 | 2,251,456 |
Greater than 5 years | Amortized cost | Debt instruments | Securities issued by government entities | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Financial assets | $ 50,757 | $ 51,029 |
FINANCIAL ASSETS INVESTMENTS _5
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Equity instruments designated at fair value through other comprehensive income (Details) - COP ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Bolsa de Valores de Colombia S.A. | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Number of shares delisted from previous exchange | 5,992,160 | |||
Value of shares delisted from previous exchange | $ 56,146 | |||
Number of shares recognized under new exchange | 3,606,223 | |||
Value of shares recognized under new exchange | $ 78,139 | |||
Income generated from transfer of exchanges | $ 21,993 | |||
Number of shares excluded from exchange transaction | 134 | |||
Equity securities and trust funds | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Equity securities and trust funds at fair value through OCI | $ 10,898 | $ 32,072 | $ 52,147 | |
Equity securities | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Impairment loss | 0 | 0 | 0 | |
Fair value through other comprehensive income | Equity securities | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Total equity securities at fair value through OCI | 444,357 | 442,394 | ||
Dividends received from equity investments at fair value through OCI | 18,464 | 16,842 | $ 12,665 | |
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 | 2 | 40,878 | ||
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 | 78,787 | 8,038 | ||
Fair value through other comprehensive income | Equity securities | Securities unlisted | Telered S.A. | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Total equity securities at fair value through OCI | 164,981 | 207,562 | ||
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 | 110,786 | 98,492 | ||
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 | 17,346 | 16,890 | ||
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 | 16,333 | 21,727 | ||
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 | 14,998 | 6,038 | ||
Fair value through other comprehensive income | Equity securities | Securities unlisted | Derecho Fiduciario Inmobiliaria Cadenalco | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Total equity securities at fair value through OCI | 4,449 | 4,003 | ||
Fair value through other comprehensive income | Equity securities | Securities unlisted | Others | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Total equity securities at fair value through OCI | $ 36,675 | $ 38,766 |
FINANCIAL ASSETS INVESTMENTS _6
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Securities pledged as collateral (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financial assets investments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | $ 1,553,019 | $ 849,114 |
Investments pledged as collateral in money market | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 259,876 | 275,529 |
Investments pledged as collateral in money market | Securities issued by foreign governments | Up to 3 months | Time deposits | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 120,477 | |
Investments pledged as collateral in money market | Securities issued by foreign governments | Between 3 and 6 months | Time deposits | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 94,582 | |
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 | 212,249 | |
Investments pledged as collateral in money market | Securities issued by other financial institutions | Up to 3 months | Time deposits | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 5,443 | |
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 | 2,179 | |
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 | 25,938 | 2,171 |
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 | 6,687 | 1,861 |
Investments pledged as collateral in money market | Corporate bonds | Up to 3 months | Bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 4,570 | |
Investments pledged as collateral in money market | Corporate bonds | Between 3 and 6 months | Bonds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 5,101 | |
Investments pledged as collateral in money market | Securities issued by the Colombian Government | Up to 3 months | TES-Treasury instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 23,764 | |
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 | 30,383 | |
Investments pledged as collateral in derivative operations | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 1,293,143 | 573,585 |
Investments pledged as collateral in derivative operations | Securities issued by foreign governments | Between 3 and 6 months | Foreign issueds | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 1,875 | |
Investments pledged as collateral in derivative operations | Securities issued by the Colombian Government | Up to 3 months | TES-Treasury instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 39,257 | 320,252 |
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 | 38,083 | |
Investments pledged as collateral in derivative operations | Securities issued by the Colombian Government | Between 6 and 12 months | TES-Treasury instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Total securities pledged as collateral | 7,821 | |
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 | $ 1,244,190 | $ 215,250 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | $ 27,940,140 | ||
Ending Balance | 25,674,195 | $ 27,940,140 | |
Stage Three | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 1,006,275 | ||
Ending Balance | 1,031,773 | 1,006,275 | |
Debt instruments | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 27,353,301 | ||
Ending Balance | 25,092,666 | 27,353,301 | |
Fair value through OCI and amortized cost | Debt instruments | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 16,314,035 | ||
Ending Balance | 12,996,259 | 16,314,035 | |
Fair value through OCI and amortized cost | Debt instruments | Stage One | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 15,973,144 | ||
Ending Balance | 12,760,342 | 15,973,144 | |
Fair value through OCI and amortized cost | Debt instruments | Stage Two | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 340,891 | ||
Ending Balance | 205,133 | 340,891 | |
Fair value through OCI and amortized cost | Debt instruments | Stage Three | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Ending Balance | 30,784 | ||
Gross carrying amount | Stage Three | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 1,673,803 | ||
Ending Balance | 1,783,801 | 1,673,803 | |
Gross carrying amount | Fair value through OCI and amortized cost | Debt instruments | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 16,314,035 | 13,772,681 | |
Change in measure | (110,061) | ||
Sales and maturities | (9,792,950) | (8,153,209) | |
Purchases | 7,701,763 | 10,100,762 | |
Valuation and payments | 17,650 | (378,942) | |
Foreign exchange | (1,244,239) | 1,082,804 | |
Ending Balance | 12,996,259 | 16,314,035 | $ 13,772,681 |
Gross carrying amount | Fair value through OCI and amortized cost | Debt instruments | Stage One | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 15,973,144 | 13,545,514 | |
Transfers from stage 1 to stage 3 | (30,784) | ||
Transfers from stage 1 to stage 2 | (23,017) | ||
Transfers from stage 2 to stage 1 | 6,627 | 129,403 | |
Change in measure | (110,061) | ||
Sales and maturities | (9,792,950) | (8,056,827) | |
Purchases | 7,701,763 | 9,814,484 | |
Valuation and payments | 84,609 | (381,921) | |
Foreign exchange | (1,182,067) | 1,055,569 | |
Ending Balance | 12,760,342 | 15,973,144 | 13,545,514 |
Gross carrying amount | Fair value through OCI and amortized cost | Debt instruments | Stage Two | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 340,891 | 227,167 | |
Transfers from stage 1 to stage 2 | 23,017 | ||
Transfers from stage 2 to stage 1 | (6,627) | (129,403) | |
Sales and maturities | (96,382) | ||
Purchases | 286,278 | ||
Valuation and payments | (66,959) | 2,979 | |
Foreign exchange | (62,172) | 27,235 | |
Ending Balance | 205,133 | 340,891 | 227,167 |
Gross carrying amount | Fair value through OCI and amortized cost | Debt instruments | Stage Three | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 0 | ||
Transfers from stage 1 to stage 3 | 30,784 | ||
Ending Balance | 30,784 | 0 | |
Allowance | Stage Three | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | (667,528) | ||
Ending Balance | (752,028) | (667,528) | |
Allowance | Fair value through OCI and amortized cost | Debt instruments | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 64,901 | 24,679 | 39,126 |
Sales and maturities | (9,459) | (7,267) | (6,137) |
Purchases | 10,497 | 44,899 | 10,273 |
Foreign exchange | (11,284) | 3,409 | 5,272 |
Ending Balance | 55,803 | 64,901 | 24,679 |
Allowance | Fair value through OCI and amortized cost | Debt instruments | Stage One | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 29,881 | 17,690 | 34,500 |
Sales and maturities | (9,459) | (6,097) | (6,137) |
Purchases | 10,497 | 16,104 | 10,273 |
Foreign exchange | (6,188) | 2,197 | 4,533 |
Ending Balance | 29,939 | 29,881 | 17,690 |
Allowance | Fair value through OCI and amortized cost | Debt instruments | Stage Two | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 35,020 | 6,989 | 4,626 |
Sales and maturities | (1,170) | ||
Purchases | 28,795 | ||
Foreign exchange | (5,096) | 1,212 | 739 |
Ending Balance | 11,913 | $ 35,020 | $ 6,989 |
Allowance | Fair value through OCI and amortized cost | Debt instruments | Stage Three | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Ending Balance | $ 13,951 |
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 | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | $ 25,674,195 | $ 27,940,140 | ||
Fair value through other comprehensive income | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Debt instruments acquired | 3,760 | |||
Stage Three | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 1,031,773 | 1,006,275 | ||
Stage Three | Carrying amount | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 1,783,801 | 1,673,803 | ||
Stage Three | Allowance | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | (752,028) | (667,528) | ||
Debt instruments | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 25,092,666 | 27,353,301 | ||
Debt instruments | Fair value through OCI and amortized cost | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 12,996,259 | 16,314,035 | ||
Debt instruments | Fair value through OCI and amortized cost | Carrying amount | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 12,996,259 | 16,314,035 | $ 13,772,681 | |
Debt instruments | Fair value through OCI and amortized cost | Allowance | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 55,803 | 64,901 | 24,679 | $ 39,126 |
Debt instruments | Amortized cost | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 6,848,082 | 8,336,360 | ||
Debt instruments | Amortized cost | Carrying amount | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 6,903,885 | 8,401,261 | ||
Debt instruments | Amortized cost | Allowance | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | (55,803) | (64,901) | ||
Debt instruments | Fair value through other comprehensive income | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 6,148,177 | 7,977,675 | ||
Debt instruments | Fair value through other comprehensive income | Allowance | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 5,562 | 2,288 | ||
Debt instruments | Stage One | Fair value through OCI and amortized cost | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 12,760,342 | 15,973,144 | ||
Debt instruments | Stage One | Fair value through OCI and amortized cost | Carrying amount | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 12,760,342 | 15,973,144 | 13,545,514 | |
Debt instruments | Stage One | Fair value through OCI and amortized cost | Allowance | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 29,939 | 29,881 | 17,690 | 34,500 |
Debt instruments | Stage One | Amortized cost | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 6,612,165 | 7,995,469 | ||
Debt instruments | Stage One | Amortized cost | Carrying amount | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 6,642,104 | 8,025,350 | ||
Debt instruments | Stage One | Amortized cost | Allowance | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | (29,939) | (29,881) | ||
Debt instruments | Stage One | Fair value through other comprehensive income | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 6,148,177 | 7,977,675 | ||
Debt instruments | Stage Two | Fair value through OCI and amortized cost | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 205,133 | 340,891 | ||
Debt instruments | Stage Two | Fair value through OCI and amortized cost | Carrying amount | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 205,133 | 340,891 | 227,167 | |
Debt instruments | Stage Two | Fair value through OCI and amortized cost | Allowance | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 11,913 | 35,020 | $ 6,989 | $ 4,626 |
Debt instruments | Stage Two | Amortized cost | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 205,133 | 340,891 | ||
Debt instruments | Stage Two | Amortized cost | Carrying amount | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 217,046 | 375,911 | ||
Debt instruments | Stage Two | Amortized cost | Allowance | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | (11,913) | (35,020) | ||
Debt instruments | Stage Three | Fair value through OCI and amortized cost | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 30,784 | |||
Debt instruments | Stage Three | Fair value through OCI and amortized cost | Carrying amount | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 30,784 | $ 0 | ||
Debt instruments | Stage Three | Fair value through OCI and amortized cost | Allowance | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 13,951 | |||
Debt instruments | Stage Three | Amortized cost | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 30,784 | |||
Debt instruments | Stage Three | Amortized cost | Carrying amount | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | 44,735 | |||
Debt instruments | Stage Three | Amortized cost | Allowance | ||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||
Financial assets | $ (13,951) |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | $ 27,940,140 | ||
Ending Balance | 25,674,195 | $ 27,940,140 | |
Stage Three | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 1,006,275 | ||
Ending Balance | 1,031,773 | 1,006,275 | |
Stage Three | Gross carrying amount | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 1,673,803 | ||
Ending Balance | 1,783,801 | 1,673,803 | |
Stage Three | Allowance | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | (667,528) | ||
Ending Balance | (752,028) | (667,528) | |
Debt instruments | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 27,353,301 | ||
Ending Balance | 25,092,666 | 27,353,301 | |
Fair value through OCI and amortized cost | Debt instruments | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 16,314,035 | ||
Ending Balance | 12,996,259 | 16,314,035 | |
Fair value through OCI and amortized cost | Debt instruments | Gross carrying amount | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 16,314,035 | 13,772,681 | |
Sales and maturities | (9,792,950) | (8,153,209) | |
New debt instruments purchased | 7,701,763 | 10,100,762 | |
Foreign exchange | (1,244,239) | 1,082,804 | |
Ending Balance | 12,996,259 | 16,314,035 | $ 13,772,681 |
Fair value through OCI and amortized cost | Debt instruments | Allowance | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 64,901 | 24,679 | 39,126 |
Transfer from stage 1 to stage 3 | |||
Transfer from stage 2 to stage 1 | |||
Change in measurement | (213) | ||
Sales and maturities | (9,459) | (7,267) | (6,137) |
New debt instruments purchased | 10,497 | 44,899 | 10,273 |
Net provisions recognised during the period | 1,148 | (606) | (23,855) |
Foreign exchange | (11,284) | 3,409 | 5,272 |
Ending Balance | 55,803 | 64,901 | 24,679 |
Fair value through OCI and amortized cost | Debt instruments | Stage One | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 15,973,144 | ||
Ending Balance | 12,760,342 | 15,973,144 | |
Fair value through OCI and amortized cost | Debt instruments | Stage One | Gross carrying amount | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 15,973,144 | 13,545,514 | |
Sales and maturities | (9,792,950) | (8,056,827) | |
New debt instruments purchased | 7,701,763 | 9,814,484 | |
Foreign exchange | (1,182,067) | 1,055,569 | |
Ending Balance | 12,760,342 | 15,973,144 | 13,545,514 |
Fair value through OCI and amortized cost | Debt instruments | Stage One | Allowance | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 29,881 | 17,690 | 34,500 |
Transfer from stage 1 to stage 3 | (13,951) | ||
Transfer from stage 1 to stage 2 | (3,808) | (1,670) | |
Transfer from stage 2 to stage 1 | 129 | 526 | |
Change in measurement | (213) | ||
Sales and maturities | (9,459) | (6,097) | (6,137) |
New debt instruments purchased | 10,497 | 16,104 | 10,273 |
Net provisions recognised during the period | 19,030 | 3,482 | (23,809) |
Foreign exchange | (6,188) | 2,197 | 4,533 |
Ending Balance | 29,939 | 29,881 | 17,690 |
Fair value through OCI and amortized cost | Debt instruments | Stage Two | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 340,891 | ||
Ending Balance | 205,133 | 340,891 | |
Fair value through OCI and amortized cost | Debt instruments | Stage Two | Gross carrying amount | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 340,891 | 227,167 | |
Sales and maturities | (96,382) | ||
New debt instruments purchased | 286,278 | ||
Foreign exchange | (62,172) | 27,235 | |
Ending Balance | 205,133 | 340,891 | 227,167 |
Fair value through OCI and amortized cost | Debt instruments | Stage Two | Allowance | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 35,020 | 6,989 | 4,626 |
Transfer from stage 1 to stage 2 | 3,808 | 1,670 | |
Transfer from stage 2 to stage 1 | (129) | (526) | |
Sales and maturities | (1,170) | ||
New debt instruments purchased | 28,795 | ||
Net provisions recognised during the period | (17,882) | (4,088) | (46) |
Foreign exchange | (5,096) | 1,212 | 739 |
Ending Balance | 11,913 | 35,020 | $ 6,989 |
Fair value through OCI and amortized cost | Debt instruments | Stage Three | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Ending Balance | 30,784 | ||
Fair value through OCI and amortized cost | Debt instruments | Stage Three | Gross carrying amount | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Beginning balance | 0 | ||
Ending Balance | 30,784 | $ 0 | |
Fair value through OCI and amortized cost | Debt instruments | Stage Three | Allowance | |||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | |||
Transfer from stage 1 to stage 3 | 13,951 | ||
Ending Balance | $ 13,951 |
FINANCIAL ASSETS INVESTMENTS_10
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Carrying values of derivatives by type of risk (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | $ 6,252,270 | $ 4,961,237 |
Derivative financial instruments | 6,710,364 | 4,737,454 |
Forwards | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 4,384,921 | 1,579,471 |
Derivative financial instruments | 4,536,834 | 1,718,847 |
Swaps | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 1,656,761 | 3,260,459 |
Derivative financial instruments | 1,940,943 | 2,925,699 |
Options | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 210,588 | 121,307 |
Derivative financial instruments | 232,587 | 92,908 |
Carrying Amount | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 6,252,270 | 4,961,237 |
Derivative financial instruments | 6,710,364 | 4,737,454 |
Carrying Amount | Forwards | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 4,384,921 | 1,579,471 |
Derivative financial instruments | 4,536,834 | 1,718,847 |
Total derivative financial assets (liabilities) | (151,913) | (139,376) |
Carrying Amount | Forwards | Foreign exchange contracts | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 4,381,906 | 1,573,952 |
Derivative financial instruments | 4,526,353 | 1,711,644 |
Carrying Amount | Forwards | Equity contracts | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 3,015 | 5,519 |
Derivative financial instruments | 10,481 | 7,203 |
Carrying Amount | Swaps | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 1,656,761 | 3,260,459 |
Derivative financial instruments | 1,940,943 | 2,925,699 |
Total derivative financial assets (liabilities) | (284,182) | 334,760 |
Carrying Amount | Swaps | Foreign exchange contracts | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 1,304,337 | 2,394,832 |
Derivative financial instruments | 1,491,086 | 1,917,397 |
Carrying Amount | Swaps | Interest rate contracts | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 352,424 | 865,627 |
Derivative financial instruments | 449,857 | 1,008,302 |
Carrying Amount | Options | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 210,588 | 121,307 |
Derivative financial instruments | 232,587 | 92,908 |
Total derivative financial assets (liabilities) | (21,999) | 28,399 |
Carrying Amount | Options | Foreign exchange contracts | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 210,588 | 121,307 |
Derivative financial instruments | $ 232,587 | $ 92,908 |
FINANCIAL ASSETS INVESTMENTS_11
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Remaining contractual life of the derivatives portfolio (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | $ 6,252,270 | $ 4,961,237 |
Derivative financial liabilities | 6,710,364 | 4,737,454 |
Derivative financial instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 6,252,270 | 4,961,237 |
Derivative financial liabilities | 6,710,364 | 4,737,454 |
Derivative financial instruments | Less than 1 year | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 5,013,845 | 2,400,622 |
Derivative financial liabilities | 4,991,454 | 2,224,928 |
Derivative financial instruments | Between 1 and 3 years | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 740,169 | 1,401,689 |
Derivative financial liabilities | 1,176,348 | 1,180,675 |
Derivative financial instruments | Greater than 3 years | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 498,256 | 1,158,926 |
Derivative financial liabilities | 542,562 | 1,331,851 |
Forwards | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 4,384,921 | 1,579,471 |
Derivative financial liabilities | 4,536,834 | 1,718,847 |
Forwards | Less than 1 year | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 4,235,981 | 1,432,022 |
Derivative financial liabilities | 4,419,918 | 1,642,706 |
Forwards | Between 1 and 3 years | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 147,826 | 147,449 |
Derivative financial liabilities | 116,916 | 76,141 |
Forwards | Greater than 3 years | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 1,114 | |
Swaps | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 1,656,761 | 3,260,459 |
Derivative financial liabilities | 1,940,943 | 2,925,699 |
Swaps | Less than 1 year | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 642,305 | 860,281 |
Derivative financial liabilities | 419,251 | 501,368 |
Swaps | Between 1 and 3 years | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 517,314 | 1,241,252 |
Derivative financial liabilities | 979,130 | 1,092,480 |
Swaps | Greater than 3 years | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 497,142 | 1,158,926 |
Derivative financial liabilities | 542,562 | 1,331,851 |
Options | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 210,588 | 121,307 |
Derivative financial liabilities | 232,587 | 92,908 |
Options | Less than 1 year | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 135,559 | 108,319 |
Derivative financial liabilities | 152,285 | 80,854 |
Options | Between 1 and 3 years | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Derivative financial assets | 75,029 | 12,988 |
Derivative financial liabilities | $ 80,302 | $ 12,054 |
FINANCIAL ASSETS INVESTMENTS_12
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Collateral for derivatives (Details) - Derivative financial instruments - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Collateral granted | $ 2,326,977 | $ 1,143,266 |
Collateral received | $ 795,628 | $ 655,176 |
FINANCIAL ASSETS INVESTMENTS_13
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Unrecognised gains or (losses) for derivatives trading (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative financial instruments | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Beginning balance | $ 118,018 | $ 71,487 |
New trades | 1,327,620 | 491,792 |
Amortization | (1,320,306) | (397,696) |
Sale or transfer | (39,605) | (47,565) |
Ending balance | 85,727 | 118,018 |
Forwards | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Beginning balance | 61,724 | 16,918 |
New trades | 1,159,069 | 315,395 |
Amortization | (1,176,173) | (265,268) |
Sale or transfer | (8,331) | (5,321) |
Ending balance | 36,289 | 61,724 |
Swaps | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Beginning balance | 16,580 | 27,894 |
New trades | (26,905) | 11,937 |
Amortization | 4,166 | (18,723) |
Sale or transfer | (7,471) | (4,528) |
Ending balance | (13,630) | 16,580 |
Options | ||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||
Beginning balance | 39,714 | 26,675 |
New trades | 195,456 | 164,460 |
Amortization | (148,299) | (113,705) |
Sale or transfer | (23,803) | (37,716) |
Ending balance | $ 63,068 | $ 39,714 |
FINANCIAL ASSETS INVESTMENTS_14
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Hedging instruments of net foreign investment (Details) $ in Thousands, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 COP ($) | Dec. 31, 2022 COP ($) | Dec. 31, 2021 COP ($) | Dec. 31, 2023 USD ($) | Aug. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||||
Amounts discontinued from hedge relationships | $ 467,966 | $ 140,000 | ||||
Gains (losses) recognized in OCI related to exchange difference on conversion of debt securities | $ 1,948,833 | $ (1,833,087) | $ (1,207,052) | |||
Net foreign investment | ||||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||||
Principal balance | $ 1,982,034 | 2,450,000 | ||||
Designated capital as a hedged instrument | 1,592,034 | 2,060,000 | ||||
Net foreign investment | Debt securities | ||||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||||
Principal balance | 1,782,034 | 2,250,000 | ||||
Designated capital as a hedged instrument | $ 1,392,034 | $ 1,860,000 | ||||
Net foreign investment | Debt securities | Debt Securities Issued, 7.03% Principal 750,000 | ||||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||||
Interest rate | 7.03% | 7.03% | ||||
Principal balance | $ 750,000 | $ 750,000 | ||||
Designated capital as a hedged instrument | $ 360,000 | $ 360,000 | ||||
Net foreign investment | Debt securities | Debt Securities Issued, 4.68% Principal 436,516 | ||||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||||
Interest rate | 4.68% | 4.68% | ||||
Principal balance | $ 436,516 | $ 436,516 | ||||
Designated capital as a hedged instrument | $ 436,516 | $ 436,516 | ||||
Net foreign investment | Debt securities | Debt Securities Issued, 4.68% Principal 85,710 | ||||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||||
Interest rate | 4.68% | 4.68% | ||||
Principal balance | $ 85,710 | $ 85,710 | ||||
Designated capital as a hedged instrument | $ 85,710 | $ 85,710 | ||||
Net foreign investment | Debt securities | Debt Securities Issued, 4.68% Principal 27,774 | ||||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||||
Interest rate | 4.68% | 4.68% | ||||
Principal balance | $ 27,774 | $ 27,774 | ||||
Designated capital as a hedged instrument | $ 27,774 | $ 27,774 | ||||
Net foreign investment | Debt securities | Debt Securities Issued, 3.02% Principal 482,034 | ||||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||||
Interest rate | 3.02% | |||||
Principal balance | $ 482,034 | |||||
Designated capital as a hedged instrument | 482,034 | |||||
Net foreign investment | Debt securities | Debt Securities Issued, 3.02% Principal 598,032 | ||||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||||
Interest rate | 3.02% | |||||
Principal balance | $ 598,032 | |||||
Designated capital as a hedged instrument | $ 598,032 | |||||
Net foreign investment | Debt securities | Debt Securities Issued, 3.02% Principal 351,968 | ||||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||||
Interest rate | 3.02% | |||||
Principal balance | $ 351,968 | |||||
Designated capital as a hedged instrument | 351,968 | |||||
Net foreign investment | Financing with Correspondent Banks | ||||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||||
Principal balance | 200,000 | 200,000 | ||||
Designated capital as a hedged instrument | $ 200,000 | $ 200,000 | ||||
Net foreign investment | Financing with Correspondent Banks | Financing with Correspondent Banks, 6.06%, Principal 150,000 | ||||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||||
Interest rate | 6.06% | 6.06% | ||||
Principal balance | $ 150,000 | $ 150,000 | ||||
Designated capital as a hedged instrument | $ 150,000 | $ 150,000 | ||||
Net foreign investment | Financing with Correspondent Banks | Financing with Correspondent Banks, 6.36%, Principal 50,000 | ||||||
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES | ||||||
Interest rate | 6.36% | 6.36% | ||||
Principal balance | $ 50,000 | $ 50,000 | ||||
Designated capital as a hedged instrument | $ 50,000 | $ 50,000 |
FINANCIAL ASSETS INVESTMENTS_15
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Offsetting of derivatives (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | |
Derivatives Liabilities | ||
Derivative Liabilities | ||
Gross derivative liabilities | $ 4,737,454 | $ 6,710,364 |
Offsetting of derivatives | ||
Derivative financial instruments in statement of financial position | 4,737,454 | 6,710,364 |
Master netting agreements | (4,578,461) | (5,548,746) |
Equity collateral received/paid | (158,993) | (1,161,618) |
Total derivatives liabilities before collateral and Master netting agreements | ||
Forwards | Foreign exchange contracts | ||
Derivative Liabilities | ||
Gross derivative liabilities | 1,711,644 | 4,526,353 |
Forwards | Equity contracts | ||
Derivative Liabilities | ||
Gross derivative liabilities | 7,203 | 10,481 |
Swaps | Foreign exchange contracts | ||
Derivative Liabilities | ||
Gross derivative liabilities | 1,917,397 | 1,491,086 |
Swaps | Interest rate contracts | ||
Derivative Liabilities | ||
Gross derivative liabilities | 1,008,302 | 449,857 |
Options | Foreign exchange contracts | ||
Derivative Liabilities | ||
Gross derivative liabilities | 92,908 | 232,587 |
Derivatives Assets | ||
Derivatives Assets | ||
Gross derivative assets | 4,961,237 | 6,252,270 |
Offsetting of derivatives | ||
Derivative financial instruments in statement of financial position | 4,961,237 | 6,252,270 |
Master netting agreements | (4,369,178) | (6,215,727) |
Collateral received | (36,543) | |
Equity collateral received/paid | (592,059) | |
Total derivatives assets before collateral and Master netting agreements | ||
Forwards | Foreign exchange contracts | ||
Derivatives Assets | ||
Gross derivative assets | 1,573,952 | 4,381,906 |
Forwards | Equity contracts | ||
Derivatives Assets | ||
Gross derivative assets | 5,519 | 3,015 |
Swaps | Foreign exchange contracts | ||
Derivatives Assets | ||
Gross derivative assets | 2,394,832 | 1,304,337 |
Swaps | Interest rate contracts | ||
Derivatives Assets | ||
Gross derivative assets | 865,627 | 352,424 |
Options | Foreign exchange contracts | ||
Derivatives Assets | ||
Gross derivative assets | $ 121,307 | $ 210,588 |
LOANS AND ADVANCES TO CUSTOME_3
LOANS AND ADVANCES TO CUSTOMERS, NET - Loans and financial leasing operating portfolio (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
LOANS AND ADVANCES TO CUSTOMERS, NET | ||||
Loans and advances to customers | $ 237,728,544 | $ 254,444,099 | ||
Percentage of revaluation of Colombian peso against US Dollar | 20.54% | |||
Gross carrying amount | ||||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||||
Loans and advances to customers | $ 253,951,647 | 269,923,739 | ||
Allowance | ||||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||||
Loans and advances to customers | (16,223,103) | (15,479,640) | $ (15,864,482) | $ (16,616,043) |
Commercial | Gross carrying amount | ||||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||||
Loans and advances to customers | 134,687,396 | 143,537,853 | ||
Commercial | Allowance | ||||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||||
Loans and advances to customers | (6,290,266) | (7,270,305) | (7,813,023) | (7,673,720) |
Consumer | Gross carrying amount | ||||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||||
Loans and advances to customers | 54,591,769 | 59,588,721 | ||
Consumer | Allowance | ||||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||||
Loans and advances to customers | (7,717,038) | (6,047,135) | (5,305,267) | (5,753,430) |
Mortgage | Gross carrying amount | ||||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||||
Loans and advances to customers | 36,250,408 | 37,371,373 | ||
Mortgage | Allowance | ||||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||||
Loans and advances to customers | (1,023,206) | (1,024,091) | (1,061,058) | (992,515) |
Financial Leases | Gross carrying amount | ||||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||||
Loans and advances to customers | 27,277,057 | 28,097,716 | ||
Financial Leases | Allowance | ||||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||||
Loans and advances to customers | (1,024,575) | (1,013,074) | (1,521,067) | (1,996,033) |
Small Business Loans | Gross carrying amount | ||||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||||
Loans and advances to customers | 1,145,017 | 1,328,076 | ||
Small Business Loans | Allowance | ||||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||||
Loans and advances to customers | $ (168,018) | $ (125,035) | $ (164,067) | $ (200,345) |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
LOANS AND ADVANCES TO CUSTOMERS, NET | |||
Beginning balance | $ (254,444,099) | ||
Ending balance | (237,728,544) | $ (254,444,099) | |
Allowance | |||
LOANS AND ADVANCES TO CUSTOMERS, NET | |||
Beginning balance | 15,479,640 | 15,864,482 | $ 16,616,043 |
Loan sales | (829,547) | (225,226) | (27,817) |
Recovery of charged - off loans | 770,934 | 674,966 | 565,436 |
Credit impairment charges on loans, advances and financial leases, net | 7,461,479 | 3,721,353 | 2,521,178 |
Adjusted stage 3 | 1,048,905 | 702,633 | 607,734 |
Charges-off | (6,720,363) | (6,164,902) | (5,036,431) |
Translation adjustment | (987,945) | 906,334 | 618,339 |
Ending balance | 16,223,103 | 15,479,640 | 15,864,482 |
Commercial | Allowance | |||
LOANS AND ADVANCES TO CUSTOMERS, NET | |||
Beginning balance | 7,270,305 | 7,813,023 | 7,673,720 |
Loan sales | (829,547) | (225,226) | (27,817) |
Recovery of charged - off loans | 93,251 | 188,018 | 125,208 |
Credit impairment charges on loans, advances and financial leases, net | 756,174 | 502,577 | 198,619 |
Adjusted stage 3 | 427,283 | 323,196 | 216,330 |
Charges-off | (970,685) | (1,742,895) | (674,248) |
Translation adjustment | (456,515) | 411,612 | 301,211 |
Ending balance | 6,290,266 | 7,270,305 | 7,813,023 |
Consumer | Allowance | |||
LOANS AND ADVANCES TO CUSTOMERS, NET | |||
Beginning balance | 6,047,135 | 5,305,267 | 5,753,430 |
Recovery of charged - off loans | 548,655 | 385,011 | 349,125 |
Credit impairment charges on loans, advances and financial leases, net | 6,313,453 | 3,447,515 | 2,268,595 |
Adjusted stage 3 | 509,668 | 279,843 | 288,214 |
Charges-off | (5,261,966) | (3,788,517) | (3,618,009) |
Translation adjustment | (439,907) | 418,016 | 263,912 |
Ending balance | 7,717,038 | 6,047,135 | 5,305,267 |
Mortgage | Allowance | |||
LOANS AND ADVANCES TO CUSTOMERS, NET | |||
Beginning balance | 1,024,091 | 1,061,058 | 992,515 |
Recovery of charged - off loans | 64,573 | 28,690 | 26,660 |
Credit impairment charges on loans, advances and financial leases, net | 104,417 | 183,436 | 68,809 |
Adjusted stage 3 | 33,465 | 38,769 | 49,893 |
Charges-off | (128,532) | (345,991) | (110,408) |
Translation adjustment | (74,808) | 58,129 | 33,589 |
Ending balance | 1,023,206 | 1,024,091 | 1,061,058 |
Financial Leases | Allowance | |||
LOANS AND ADVANCES TO CUSTOMERS, NET | |||
Beginning balance | 1,013,074 | 1,521,067 | 1,996,033 |
Recovery of charged - off loans | 61,749 | 72,056 | 61,303 |
Credit impairment charges on loans, advances and financial leases, net | 167,904 | (461,665) | (34,678) |
Adjusted stage 3 | 67,288 | 48,836 | 40,747 |
Charges-off | (277,904) | (176,407) | (554,701) |
Translation adjustment | (7,536) | 9,187 | 12,363 |
Ending balance | 1,024,575 | 1,013,074 | 1,521,067 |
Small Business Loans | Allowance | |||
LOANS AND ADVANCES TO CUSTOMERS, NET | |||
Beginning balance | 125,035 | 164,067 | 200,345 |
Recovery of charged - off loans | 2,706 | 1,191 | 3,140 |
Credit impairment charges on loans, advances and financial leases, net | 119,531 | 49,490 | 19,833 |
Adjusted stage 3 | 11,201 | 11,989 | 12,550 |
Charges-off | (81,276) | (111,092) | (79,065) |
Translation adjustment | (9,179) | 9,390 | 7,264 |
Ending balance | $ 168,018 | $ 125,035 | $ 164,067 |
LOANS AND ADVANCES TO CUSTOME_5
LOANS AND ADVANCES TO CUSTOMERS, NET - Contractual cash flows of loan portfolio (Details) - Loans and Advances - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loan portfolio modified during the period | ||
Amortized cost before modification | $ 7,566,692 | $ 5,524,962 |
Net gain or loss on changes | (182,023) | (78,790) |
Loan portfolio modified since initial recognition | ||
Gross carrying value of the previously modified loan portfolio for which the allowance for losses has been changed from the asset's life to the expected credit losses for 12 months | $ 393,789 | $ 164,423 |
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) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
12-month expected credit losses | Stage One | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Increase (decrease) in exposure to credit risk on loan commitments | $ (14,397,167) | $ 51,669,823 |
Increase (decrease) in loss allowance | 820,111 | 420,975 |
Lifetime expected credit losses | Stage Two | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Increase (decrease) in exposure to credit risk on loan commitments | (2,613,778) | (643,314) |
Increase (decrease) in loss allowance | (608,427) | (178,706) |
Lifetime expected credit losses | Stage Two | Agribusiness | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Increase (decrease) in exposure to credit risk on loan commitments | (658,486) | |
Lifetime expected credit losses | Stage Three | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Increase (decrease) in exposure to credit risk on loan commitments | 1,038,853 | (1,426,253) |
Increase (decrease) in loss allowance | $ 531,779 | $ (627,111) |
LOANS AND ADVANCES TO CUSTOME_7
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, 2023 | Dec. 31, 2022 | |
Commercial | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | $ 143,537,853 | $ 114,911,843 |
Remeasurement arising from transfer of stage | (515,983) | (907,737) |
Remeasurement from remaining in the stage | (10,667,482) | (8,442,662) |
New financial assets purchased/originated | 62,643,289 | 74,338,286 |
Financial assets that have been derecognized | (48,441,886) | (43,014,916) |
Charges-off | (970,685) | (1,742,895) |
Foreign Exchange and other movements | (10,897,710) | 8,395,934 |
Ending balance | 134,687,396 | 143,537,853 |
Commercial | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | (7,270,305) | (7,813,023) |
Remeasurement arising from transfer of stage | (1,049,487) | (593,028) |
Remeasurement from remaining in the stage | 7,391 | (387,697) |
Remeasurement due to changes in economics factors | (27,234) | 111,528 |
Remeasurement due to methodological changes | 97,833 | 244,604 |
New financial assets purchased/originated | (1,170,909) | (1,726,662) |
Financial assets that have been derecognized | 1,695,245 | 1,562,690 |
Charges-off | 970,685 | 1,742,895 |
Foreign Exchange and other movements | 456,515 | (411,612) |
Ending balance | (6,290,266) | (7,270,305) |
Commercial | Stage One | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | 126,530,862 | 97,000,580 |
Transfers of financial instruments: | (1,248,210) | (1,000,903) |
Transfers from stage 1 to stage 2 | (1,286,292) | (1,826,599) |
Transfers from stage 1 to stage 3 | (900,645) | (495,556) |
Transfers from stage 2 to stage 1 | 931,660 | 1,318,572 |
Transfers from stage 3 to stage 1 | 7,067 | 2,680 |
Remeasurement arising from transfer of stage | (172,134) | (418,622) |
Remeasurement from remaining in the stage | (10,087,837) | (8,259,356) |
New financial assets purchased/originated | 60,154,305 | 71,027,870 |
Financial assets that have been derecognized | (45,206,464) | (38,422,512) |
Charges-off | (19,285) | (19,378) |
Foreign Exchange and other movements | (9,177,310) | 6,623,183 |
Ending balance | 120,773,927 | 126,530,862 |
Commercial | Stage One | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | (665,259) | (745,898) |
Transfers of financial instruments: | (73,788) | (55,842) |
Transfers from stage 1 to stage 2 | 24,362 | 40,086 |
Transfers from stage 1 to stage 3 | 26,071 | 24,385 |
Transfers from stage 2 to stage 1 | (118,403) | (115,364) |
Transfers from stage 3 to stage 1 | (5,818) | (4,949) |
Remeasurement arising from transfer of stage | 98,684 | 102,555 |
Remeasurement from remaining in the stage | 69,038 | 121,886 |
Remeasurement due to changes in economics factors | (14,781) | (37,926) |
Remeasurement due to methodological changes | 19,001 | 98,728 |
New financial assets purchased/originated | (302,169) | (323,336) |
Financial assets that have been derecognized | 181,931 | 190,804 |
Charges-off | 973 | 1,330 |
Foreign Exchange and other movements | 48,275 | (17,560) |
Ending balance | (638,095) | (665,259) |
Commercial | Stage Two | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | 8,062,435 | 8,335,781 |
Transfers of financial instruments: | (565,802) | 164,928 |
Transfers from stage 1 to stage 2 | 1,286,292 | 1,826,599 |
Transfers from stage 2 to stage 1 | (931,660) | (1,318,572) |
Transfers from stage 2 to stage 3 | (1,081,128) | (791,245) |
Transfers from stage 3 to stage 2 | 160,694 | 448,146 |
Remeasurement arising from transfer of stage | (190,275) | (288,452) |
Remeasurement from remaining in the stage | (444,057) | (250,538) |
New financial assets purchased/originated | 1,192,219 | 1,638,849 |
Financial assets that have been derecognized | (1,519,892) | (2,625,441) |
Charges-off | (81,528) | (48,003) |
Foreign Exchange and other movements | (999,563) | 1,135,311 |
Ending balance | 5,453,537 | 8,062,435 |
Commercial | Stage Two | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | (751,728) | (917,747) |
Transfers of financial instruments: | 157,677 | (58,355) |
Transfers from stage 1 to stage 2 | (24,362) | (40,086) |
Transfers from stage 2 to stage 1 | 118,403 | 115,364 |
Transfers from stage 2 to stage 3 | 139,257 | 85,224 |
Transfers from stage 3 to stage 2 | (75,621) | (218,857) |
Remeasurement arising from transfer of stage | (7,563) | (3,163) |
Remeasurement from remaining in the stage | 97,791 | 53,997 |
Remeasurement due to changes in economics factors | (19,968) | 157,149 |
Remeasurement due to methodological changes | 53,533 | 92,122 |
New financial assets purchased/originated | (143,442) | (256,104) |
Financial assets that have been derecognized | 121,596 | 208,049 |
Charges-off | 17,475 | 26,417 |
Foreign Exchange and other movements | 49,159 | (54,093) |
Ending balance | (425,470) | (751,728) |
Commercial | Stage Three | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | 8,944,556 | 9,575,482 |
Transfers of financial instruments: | 1,814,012 | 835,975 |
Transfers from stage 1 to stage 3 | 900,645 | 495,556 |
Transfers from stage 2 to stage 3 | 1,081,128 | 791,245 |
Transfers from stage 3 to stage 1 | (7,067) | (2,680) |
Transfers from stage 3 to stage 2 | (160,694) | (448,146) |
Remeasurement arising from transfer of stage | (153,574) | (200,663) |
Remeasurement from remaining in the stage | (135,588) | 67,232 |
New financial assets purchased/originated | 1,296,765 | 1,671,567 |
Financial assets that have been derecognized | (1,715,530) | (1,966,963) |
Charges-off | (869,872) | (1,675,514) |
Foreign Exchange and other movements | (720,837) | 637,440 |
Ending balance | 8,459,932 | 8,944,556 |
Commercial | Stage Three | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | (5,853,318) | (6,149,378) |
Transfers of financial instruments: | (83,889) | 114,197 |
Transfers from stage 1 to stage 3 | (26,071) | (24,385) |
Transfers from stage 2 to stage 3 | (139,257) | (85,224) |
Transfers from stage 3 to stage 1 | 5,818 | 4,949 |
Transfers from stage 3 to stage 2 | 75,621 | 218,857 |
Remeasurement arising from transfer of stage | (1,140,608) | (692,420) |
Remeasurement from remaining in the stage | (159,438) | (563,580) |
Remeasurement due to changes in economics factors | 7,515 | (7,695) |
Remeasurement due to methodological changes | 25,299 | 53,754 |
New financial assets purchased/originated | (725,298) | (1,147,222) |
Financial assets that have been derecognized | 1,391,718 | 1,163,837 |
Charges-off | 952,237 | 1,715,148 |
Foreign Exchange and other movements | 359,081 | (339,959) |
Ending balance | (5,226,701) | (5,853,318) |
Consumer | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | 59,588,721 | 48,363,040 |
Remeasurement arising from transfer of stage | 711,094 | 114,014 |
Remeasurement from remaining in the stage | (3,908,596) | (3,521,959) |
New financial assets purchased/originated | 18,055,631 | 26,472,729 |
Financial assets that have been derecognized | (10,796,428) | (10,946,901) |
Charges-off | (5,261,966) | (3,788,517) |
Foreign Exchange and other movements | (3,796,687) | 2,896,315 |
Ending balance | 54,591,769 | 59,588,721 |
Consumer | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | (6,047,135) | (5,305,267) |
Remeasurement arising from transfer of stage | (4,705,338) | (2,296,809) |
Remeasurement from remaining in the stage | (651,999) | (202,402) |
Remeasurement due to changes in economics factors | (273,572) | 279,152 |
Remeasurement due to methodological changes | (151,867) | (54,075) |
New financial assets purchased/originated | (2,505,408) | (2,462,601) |
Financial assets that have been derecognized | 916,408 | 624,366 |
Charges-off | 5,261,966 | 3,788,517 |
Foreign Exchange and other movements | 439,907 | (418,016) |
Ending balance | (7,717,038) | (6,047,135) |
Consumer | Stage One | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | 51,510,943 | 41,773,555 |
Transfers of financial instruments: | (2,366,645) | (2,023,245) |
Transfers from stage 1 to stage 2 | (1,890,263) | (2,205,274) |
Transfers from stage 1 to stage 3 | (1,805,932) | (981,411) |
Transfers from stage 2 to stage 1 | 1,252,391 | 1,086,524 |
Transfers from stage 3 to stage 1 | 77,159 | 76,916 |
Remeasurement arising from transfer of stage | (176,080) | (206,572) |
Remeasurement from remaining in the stage | (4,024,103) | (3,215,778) |
New financial assets purchased/originated | 15,350,895 | 23,609,797 |
Financial assets that have been derecognized | (9,643,264) | (10,128,838) |
Charges-off | (1,299,715) | (698,744) |
Foreign Exchange and other movements | (3,291,416) | 2,400,768 |
Ending balance | 46,060,615 | 51,510,943 |
Consumer | Stage One | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | (1,823,841) | (1,402,277) |
Transfers of financial instruments: | (213,509) | (175,533) |
Transfers from stage 1 to stage 2 | 116,262 | 126,781 |
Transfers from stage 1 to stage 3 | 124,706 | 64,937 |
Transfers from stage 2 to stage 1 | (381,036) | (298,371) |
Transfers from stage 3 to stage 1 | (73,441) | (68,880) |
Remeasurement arising from transfer of stage | 281,499 | 336,478 |
Remeasurement from remaining in the stage | (79,073) | (89,383) |
Remeasurement due to changes in economics factors | (242,317) | 39,672 |
Remeasurement due to methodological changes | (423,782) | 23,381 |
New financial assets purchased/originated | (866,684) | (987,792) |
Financial assets that have been derecognized | 349,930 | 286,762 |
Charges-off | 231,387 | 233,953 |
Foreign Exchange and other movements | 114,156 | (89,102) |
Ending balance | (2,672,234) | (1,823,841) |
Consumer | Stage Two | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | 5,288,921 | 3,927,387 |
Transfers of financial instruments: | 299,377 | 937,915 |
Transfers from stage 1 to stage 2 | 1,890,263 | 2,205,274 |
Transfers from stage 2 to stage 1 | (1,252,391) | (1,086,524) |
Transfers from stage 2 to stage 3 | (547,962) | (379,978) |
Transfers from stage 3 to stage 2 | 209,467 | 199,143 |
Remeasurement arising from transfer of stage | (103,802) | (191,232) |
Remeasurement from remaining in the stage | (162,497) | (38,099) |
New financial assets purchased/originated | 1,429,142 | 1,919,811 |
Financial assets that have been derecognized | (858,742) | (668,543) |
Charges-off | (1,129,877) | (916,801) |
Foreign Exchange and other movements | (355,455) | 318,483 |
Ending balance | 4,407,067 | 5,288,921 |
Consumer | Stage Two | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | (1,868,882) | (1,800,518) |
Transfers of financial instruments: | 313,735 | 147,486 |
Transfers from stage 1 to stage 2 | (116,262) | (126,781) |
Transfers from stage 2 to stage 1 | 381,036 | 298,371 |
Transfers from stage 2 to stage 3 | 230,723 | 129,687 |
Transfers from stage 3 to stage 2 | (181,762) | (153,791) |
Remeasurement arising from transfer of stage | (541,174) | (135,684) |
Remeasurement from remaining in the stage | (79,505) | (206,202) |
Remeasurement due to changes in economics factors | (32,244) | 241,992 |
Remeasurement due to methodological changes | 252,110 | (78,241) |
New financial assets purchased/originated | (584,910) | (715,751) |
Financial assets that have been derecognized | 315,991 | 215,579 |
Charges-off | 542,312 | 615,728 |
Foreign Exchange and other movements | 98,062 | (153,271) |
Ending balance | (1,584,505) | (1,868,882) |
Consumer | Stage Three | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | 2,788,857 | 2,662,098 |
Transfers of financial instruments: | 2,067,268 | 1,085,330 |
Transfers from stage 1 to stage 3 | 1,805,932 | 981,411 |
Transfers from stage 2 to stage 3 | 547,962 | 379,978 |
Transfers from stage 3 to stage 1 | (77,159) | (76,916) |
Transfers from stage 3 to stage 2 | (209,467) | (199,143) |
Remeasurement arising from transfer of stage | 990,976 | 511,818 |
Remeasurement from remaining in the stage | 278,004 | (268,082) |
New financial assets purchased/originated | 1,275,594 | 943,121 |
Financial assets that have been derecognized | (294,422) | (149,520) |
Charges-off | (2,832,374) | (2,172,972) |
Foreign Exchange and other movements | (149,816) | 177,064 |
Ending balance | 4,124,087 | 2,788,857 |
Consumer | Stage Three | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | (2,354,412) | (2,102,472) |
Transfers of financial instruments: | (100,226) | 28,047 |
Transfers from stage 1 to stage 3 | (124,706) | (64,937) |
Transfers from stage 2 to stage 3 | (230,723) | (129,687) |
Transfers from stage 3 to stage 1 | 73,441 | 68,880 |
Transfers from stage 3 to stage 2 | 181,762 | 153,791 |
Remeasurement arising from transfer of stage | (4,445,663) | (2,497,603) |
Remeasurement from remaining in the stage | (493,421) | 93,183 |
Remeasurement due to changes in economics factors | 989 | (2,512) |
Remeasurement due to methodological changes | 19,805 | 785 |
New financial assets purchased/originated | (1,053,814) | (759,058) |
Financial assets that have been derecognized | 250,487 | 122,025 |
Charges-off | 4,488,267 | 2,938,836 |
Foreign Exchange and other movements | 227,689 | (175,643) |
Ending balance | (3,460,299) | (2,354,412) |
Financial Leases | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | 28,097,716 | 25,119,628 |
Remeasurement arising from transfer of stage | (95,571) | (51,105) |
Remeasurement from remaining in the stage | (1,820,125) | (1,494,022) |
New financial assets purchased/originated | 3,909,528 | 5,980,103 |
Financial assets that have been derecognized | (2,175,416) | (2,347,970) |
Charges-off | (277,904) | (176,407) |
Foreign Exchange and other movements | (361,171) | 1,067,489 |
Ending balance | 27,277,057 | 28,097,716 |
Financial Leases | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | (1,013,074) | (1,521,067) |
Remeasurement arising from transfer of stage | (251,914) | (100,293) |
Remeasurement from remaining in the stage | (9,644) | 62,422 |
Remeasurement due to changes in economics factors | 2,030 | (22,046) |
Remeasurement due to methodological changes | 1,580 | (9,746) |
New financial assets purchased/originated | (124,852) | (92,358) |
Financial assets that have been derecognized | 85,859 | 502,794 |
Charges-off | 277,904 | 176,407 |
Foreign Exchange and other movements | 7,536 | (9,187) |
Ending balance | (1,024,575) | (1,013,074) |
Financial Leases | Stage One | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | 23,566,544 | 19,927,472 |
Transfers of financial instruments: | (33,774) | 59,490 |
Transfers from stage 1 to stage 2 | (886,398) | (626,697) |
Transfers from stage 1 to stage 3 | (214,258) | (102,499) |
Transfers from stage 2 to stage 1 | 1,065,222 | 779,795 |
Transfers from stage 3 to stage 1 | 1,660 | 8,891 |
Remeasurement arising from transfer of stage | (67,839) | (74,495) |
Remeasurement from remaining in the stage | (1,719,440) | (1,380,295) |
New financial assets purchased/originated | 2,926,745 | 5,358,579 |
Financial assets that have been derecognized | (1,780,980) | (1,362,963) |
Charges-off | (863) | (264) |
Foreign Exchange and other movements | (337,265) | 1,039,020 |
Ending balance | 22,553,128 | 23,566,544 |
Financial Leases | Stage One | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | (151,328) | (142,954) |
Transfers of financial instruments: | (56,552) | (79,666) |
Transfers from stage 1 to stage 2 | 15,837 | 16,913 |
Transfers from stage 1 to stage 3 | 6,202 | 3,810 |
Transfers from stage 2 to stage 1 | (77,927) | (98,964) |
Transfers from stage 3 to stage 1 | (664) | (1,425) |
Remeasurement arising from transfer of stage | 66,879 | 86,331 |
Remeasurement from remaining in the stage | 7,812 | 10,504 |
Remeasurement due to changes in economics factors | (2,286) | (14,991) |
Remeasurement due to methodological changes | (1,756) | 19,160 |
New financial assets purchased/originated | (21,654) | (38,976) |
Financial assets that have been derecognized | 11,596 | 10,976 |
Charges-off | 29 | 4 |
Foreign Exchange and other movements | 1,831 | (1,716) |
Ending balance | (145,429) | (151,328) |
Financial Leases | Stage Two | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | 3,172,285 | 3,198,182 |
Transfers of financial instruments: | (337,901) | (118,703) |
Transfers from stage 1 to stage 2 | 886,398 | 626,697 |
Transfers from stage 2 to stage 1 | (1,065,222) | (779,795) |
Transfers from stage 2 to stage 3 | (211,221) | (143,173) |
Transfers from stage 3 to stage 2 | 52,144 | 177,568 |
Remeasurement arising from transfer of stage | (66,232) | (23,270) |
Remeasurement from remaining in the stage | (84,050) | (74,988) |
New financial assets purchased/originated | 915,316 | 587,957 |
Financial assets that have been derecognized | (264,866) | (399,179) |
Charges-off | (25,471) | (19,361) |
Foreign Exchange and other movements | (15,981) | 21,647 |
Ending balance | 3,293,100 | 3,172,285 |
Financial Leases | Stage Two | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | (238,920) | (314,149) |
Transfers of financial instruments: | 74,010 | 57,312 |
Transfers from stage 1 to stage 2 | (15,837) | (16,913) |
Transfers from stage 2 to stage 1 | 77,927 | 98,964 |
Transfers from stage 2 to stage 3 | 26,291 | 19,624 |
Transfers from stage 3 to stage 2 | (14,371) | (44,363) |
Remeasurement arising from transfer of stage | (43,021) | (22,332) |
Remeasurement from remaining in the stage | 27,024 | 49,130 |
Remeasurement due to changes in economics factors | (4,103) | 1,612 |
Remeasurement due to methodological changes | (5,150) | (19,451) |
New financial assets purchased/originated | (57,704) | (35,776) |
Financial assets that have been derecognized | 12,186 | 28,647 |
Charges-off | 27,464 | 19,127 |
Foreign Exchange and other movements | 1,573 | (3,040) |
Ending balance | (206,641) | (238,920) |
Financial Leases | Stage Three | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | 1,358,887 | 1,993,974 |
Transfers of financial instruments: | 371,675 | 59,213 |
Transfers from stage 1 to stage 3 | 214,258 | 102,499 |
Transfers from stage 2 to stage 3 | 211,221 | 143,173 |
Transfers from stage 3 to stage 1 | (1,660) | (8,891) |
Transfers from stage 3 to stage 2 | (52,144) | (177,568) |
Remeasurement arising from transfer of stage | 38,500 | 46,660 |
Remeasurement from remaining in the stage | (16,635) | (38,739) |
New financial assets purchased/originated | 67,467 | 33,567 |
Financial assets that have been derecognized | (129,570) | (585,828) |
Charges-off | (251,570) | (156,782) |
Foreign Exchange and other movements | (7,925) | 6,822 |
Ending balance | 1,430,829 | 1,358,887 |
Financial Leases | Stage Three | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | (622,826) | (1,063,964) |
Transfers of financial instruments: | (17,458) | 22,354 |
Transfers from stage 1 to stage 3 | (6,202) | (3,810) |
Transfers from stage 2 to stage 3 | (26,291) | (19,624) |
Transfers from stage 3 to stage 1 | 664 | 1,425 |
Transfers from stage 3 to stage 2 | 14,371 | 44,363 |
Remeasurement arising from transfer of stage | (275,772) | (164,292) |
Remeasurement from remaining in the stage | (44,480) | 2,788 |
Remeasurement due to changes in economics factors | 8,419 | (8,667) |
Remeasurement due to methodological changes | 8,486 | (9,455) |
New financial assets purchased/originated | (45,494) | (17,606) |
Financial assets that have been derecognized | 62,077 | 463,171 |
Charges-off | 250,411 | 157,276 |
Foreign Exchange and other movements | 4,132 | (4,431) |
Ending balance | (672,505) | (622,826) |
Mortgage | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | 37,371,373 | 30,646,787 |
Remeasurement arising from transfer of stage | 36,485 | 45,159 |
Remeasurement from remaining in the stage | (1,273,462) | (1,307,576) |
New financial assets purchased/originated | 5,501,931 | 7,505,481 |
Financial assets that have been derecognized | (1,604,138) | (2,092,714) |
Charges-off | (128,532) | (345,991) |
Foreign Exchange and other movements | (3,653,249) | 2,920,227 |
Ending balance | 36,250,408 | 37,371,373 |
Mortgage | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | (1,024,091) | (1,061,058) |
Remeasurement arising from transfer of stage | (193,520) | (280,783) |
Remeasurement from remaining in the stage | (138,287) | (15,681) |
Remeasurement due to changes in economics factors | (9,494) | 33,711 |
Remeasurement due to methodological changes | 131,458 | (36,089) |
New financial assets purchased/originated | (67,886) | (71,607) |
Financial assets that have been derecognized | 75,274 | 119,554 |
Charges-off | 128,532 | 345,991 |
Foreign Exchange and other movements | 74,808 | (58,129) |
Ending balance | (1,023,206) | (1,024,091) |
Mortgage | Stage One | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | 34,067,734 | 25,447,635 |
Transfers of financial instruments: | (1,226,789) | 2,074,437 |
Transfers from stage 1 to stage 2 | (1,419,929) | (745,136) |
Transfers from stage 1 to stage 3 | (330,417) | (207,362) |
Transfers from stage 2 to stage 1 | 523,311 | 3,021,745 |
Transfers from stage 3 to stage 1 | 246 | 5,190 |
Remeasurement arising from transfer of stage | (18,655) | (34,494) |
Remeasurement from remaining in the stage | (1,240,204) | (1,265,193) |
New financial assets purchased/originated | 5,361,515 | 7,407,685 |
Financial assets that have been derecognized | (1,428,077) | (1,772,230) |
Charges-off | (2,088) | (3,449) |
Foreign Exchange and other movements | (3,302,788) | 2,213,343 |
Ending balance | 32,210,648 | 34,067,734 |
Mortgage | Stage One | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | (206,800) | (140,843) |
Transfers of financial instruments: | (46,563) | (61,050) |
Transfers from stage 1 to stage 2 | 20,379 | 15,839 |
Transfers from stage 1 to stage 3 | 7,821 | 4,437 |
Transfers from stage 2 to stage 1 | (74,687) | (80,567) |
Transfers from stage 3 to stage 1 | (76) | (759) |
Remeasurement arising from transfer of stage | 45,186 | 69,980 |
Remeasurement from remaining in the stage | (6,873) | (611) |
Remeasurement due to changes in economics factors | (8,108) | (21,123) |
Remeasurement due to methodological changes | 54,756 | (11,559) |
New financial assets purchased/originated | (36,938) | (46,935) |
Financial assets that have been derecognized | 11,130 | 11,975 |
Charges-off | 8 | 283 |
Foreign Exchange and other movements | 9,287 | (6,917) |
Ending balance | (184,915) | (206,800) |
Mortgage | Stage Two | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | 1,997,270 | 3,654,710 |
Transfers of financial instruments: | 838,151 | (2,522,248) |
Transfers from stage 1 to stage 2 | 1,419,929 | 745,136 |
Transfers from stage 2 to stage 1 | (523,311) | (3,021,745) |
Transfers from stage 2 to stage 3 | (306,993) | (445,019) |
Transfers from stage 3 to stage 2 | 248,526 | 199,380 |
Remeasurement arising from transfer of stage | (8,302) | (26,095) |
Remeasurement from remaining in the stage | (12,416) | 406,332 |
New financial assets purchased/originated | 102,552 | 74,121 |
Financial assets that have been derecognized | (69,961) | (146,498) |
Charges-off | (2,446) | (1,206) |
Foreign Exchange and other movements | (216,194) | 558,154 |
Ending balance | 2,628,654 | 1,997,270 |
Mortgage | Stage Two | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | (256,275) | (260,867) |
Transfers of financial instruments: | 32,285 | 30,734 |
Transfers from stage 1 to stage 2 | (20,379) | (15,839) |
Transfers from stage 2 to stage 1 | 74,687 | 80,567 |
Transfers from stage 2 to stage 3 | 52,110 | 31,802 |
Transfers from stage 3 to stage 2 | (74,133) | (65,796) |
Remeasurement arising from transfer of stage | (84,371) | (40,822) |
Remeasurement from remaining in the stage | (5,955) | (924) |
Remeasurement due to changes in economics factors | (1,386) | 54,802 |
Remeasurement due to methodological changes | 17,730 | (22,449) |
New financial assets purchased/originated | (19,513) | (15,026) |
Financial assets that have been derecognized | 10,885 | 11,697 |
Charges-off | 497 | 1,174 |
Foreign Exchange and other movements | 21,182 | (14,594) |
Ending balance | (284,921) | (256,275) |
Mortgage | Stage Three | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | 1,306,369 | 1,544,442 |
Transfers of financial instruments: | 388,638 | 447,811 |
Transfers from stage 1 to stage 3 | 330,417 | 207,362 |
Transfers from stage 2 to stage 3 | 306,993 | 445,019 |
Transfers from stage 3 to stage 1 | (246) | (5,190) |
Transfers from stage 3 to stage 2 | (248,526) | (199,380) |
Remeasurement arising from transfer of stage | 63,442 | 105,748 |
Remeasurement from remaining in the stage | (20,842) | (448,715) |
New financial assets purchased/originated | 37,864 | 23,675 |
Financial assets that have been derecognized | (106,100) | (173,986) |
Charges-off | (123,998) | (341,336) |
Foreign Exchange and other movements | (134,267) | 148,730 |
Ending balance | 1,411,106 | 1,306,369 |
Mortgage | Stage Three | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | (561,016) | (659,348) |
Transfers of financial instruments: | 14,278 | 30,316 |
Transfers from stage 1 to stage 3 | (7,821) | (4,437) |
Transfers from stage 2 to stage 3 | (52,110) | (31,802) |
Transfers from stage 3 to stage 1 | 76 | 759 |
Transfers from stage 3 to stage 2 | 74,133 | 65,796 |
Remeasurement arising from transfer of stage | (154,335) | (309,941) |
Remeasurement from remaining in the stage | (125,459) | (14,146) |
Remeasurement due to changes in economics factors | 32 | |
Remeasurement due to methodological changes | 58,972 | (2,081) |
New financial assets purchased/originated | (11,435) | (9,646) |
Financial assets that have been derecognized | 53,259 | 95,882 |
Charges-off | 128,027 | 344,534 |
Foreign Exchange and other movements | 44,339 | (36,618) |
Ending balance | (553,370) | (561,016) |
Small Business Loans | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | 1,328,076 | 1,282,185 |
Remeasurement arising from transfer of stage | (15,892) | (22,436) |
Remeasurement from remaining in the stage | (142,779) | (146,678) |
New financial assets purchased/originated | 459,264 | 530,041 |
Financial assets that have been derecognized | (247,236) | (332,547) |
Charges-off | (81,276) | (111,092) |
Foreign Exchange and other movements | (155,140) | 128,603 |
Ending balance | 1,145,017 | 1,328,076 |
Small Business Loans | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | (125,035) | (164,067) |
Remeasurement arising from transfer of stage | (61,994) | (51,766) |
Remeasurement from remaining in the stage | (11,656) | 3,245 |
Remeasurement due to changes in economics factors | (4,043) | 3,246 |
Remeasurement due to methodological changes | (7,602) | (2,103) |
New financial assets purchased/originated | (66,258) | (44,699) |
Financial assets that have been derecognized | 18,115 | 29,407 |
Charges-off | 81,276 | 111,092 |
Foreign Exchange and other movements | 9,179 | (9,390) |
Ending balance | (168,018) | (125,035) |
Small Business Loans | Stage One | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | 1,093,973 | 950,991 |
Transfers of financial instruments: | (210,552) | (70,809) |
Transfers from stage 1 to stage 2 | (177,024) | (68,581) |
Transfers from stage 1 to stage 3 | (46,849) | (44,815) |
Transfers from stage 2 to stage 1 | 13,169 | 38,613 |
Transfers from stage 3 to stage 1 | 152 | 3,974 |
Remeasurement arising from transfer of stage | (2,939) | (4,527) |
Remeasurement from remaining in the stage | (133,210) | (42,292) |
New financial assets purchased/originated | 395,777 | 463,403 |
Financial assets that have been derecognized | (220,594) | (279,820) |
Charges-off | (17,840) | (12,781) |
Foreign Exchange and other movements | (130,044) | 89,808 |
Ending balance | 774,571 | 1,093,973 |
Small Business Loans | Stage One | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | (28,564) | (22,845) |
Transfers of financial instruments: | 3,957 | (1,260) |
Transfers from stage 1 to stage 2 | 4,932 | 2,098 |
Transfers from stage 1 to stage 3 | 2,745 | 1,960 |
Transfers from stage 2 to stage 1 | (3,625) | (4,608) |
Transfers from stage 3 to stage 1 | (95) | (710) |
Remeasurement arising from transfer of stage | 2,268 | 4,802 |
Remeasurement from remaining in the stage | 5,932 | (505) |
Remeasurement due to changes in economics factors | (3,185) | (435) |
Remeasurement due to methodological changes | (14,202) | 49 |
New financial assets purchased/originated | (29,237) | (14,534) |
Financial assets that have been derecognized | 5,021 | 4,489 |
Charges-off | 1,787 | 2,895 |
Foreign Exchange and other movements | 993 | (1,220) |
Ending balance | (55,230) | (28,564) |
Small Business Loans | Stage Two | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | 135,528 | 183,693 |
Transfers of financial instruments: | 155,467 | 17,756 |
Transfers from stage 1 to stage 2 | 177,024 | 68,581 |
Transfers from stage 2 to stage 1 | (13,169) | (38,613) |
Transfers from stage 2 to stage 3 | (17,243) | (18,528) |
Transfers from stage 3 to stage 2 | 8,855 | 6,316 |
Remeasurement arising from transfer of stage | (4,798) | (8,173) |
Remeasurement from remaining in the stage | (9,475) | (89,440) |
New financial assets purchased/originated | 31,394 | 42,588 |
Financial assets that have been derecognized | (13,738) | (21,195) |
Charges-off | (17,376) | (16,004) |
Foreign Exchange and other movements | (16,699) | 26,303 |
Ending balance | 260,303 | 135,528 |
Small Business Loans | Stage Two | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | (29,024) | (30,255) |
Transfers of financial instruments: | (680) | 3,557 |
Transfers from stage 1 to stage 2 | (4,932) | (2,098) |
Transfers from stage 2 to stage 1 | 3,625 | 4,608 |
Transfers from stage 2 to stage 3 | 5,043 | 3,684 |
Transfers from stage 3 to stage 2 | (4,416) | (2,637) |
Remeasurement arising from transfer of stage | (5,519) | (4,465) |
Remeasurement from remaining in the stage | (7,767) | 1,278 |
Remeasurement due to changes in economics factors | (882) | 3,752 |
Remeasurement due to methodological changes | 3,792 | (448) |
New financial assets purchased/originated | (8,643) | (10,982) |
Financial assets that have been derecognized | 3,545 | 3,584 |
Charges-off | 7,174 | 6,857 |
Foreign Exchange and other movements | 3,139 | (1,902) |
Ending balance | (34,865) | (29,024) |
Small Business Loans | Stage Three | Gross carrying amount | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | 98,575 | 147,501 |
Transfers of financial instruments: | 55,085 | 53,053 |
Transfers from stage 1 to stage 3 | 46,849 | 44,815 |
Transfers from stage 2 to stage 3 | 17,243 | 18,528 |
Transfers from stage 3 to stage 1 | (152) | (3,974) |
Transfers from stage 3 to stage 2 | (8,855) | (6,316) |
Remeasurement arising from transfer of stage | (8,155) | (9,736) |
Remeasurement from remaining in the stage | (94) | (14,946) |
New financial assets purchased/originated | 32,093 | 24,050 |
Financial assets that have been derecognized | (12,904) | (31,532) |
Charges-off | (46,060) | (82,307) |
Foreign Exchange and other movements | (8,397) | 12,492 |
Ending balance | 110,143 | 98,575 |
Small Business Loans | Stage Three | Allowance | ||
LOANS AND ADVANCES TO CUSTOMERS, NET | ||
Beginning balance | (67,447) | (110,967) |
Transfers of financial instruments: | (3,277) | (2,297) |
Transfers from stage 1 to stage 3 | (2,745) | (1,960) |
Transfers from stage 2 to stage 3 | (5,043) | (3,684) |
Transfers from stage 3 to stage 1 | 95 | 710 |
Transfers from stage 3 to stage 2 | 4,416 | 2,637 |
Remeasurement arising from transfer of stage | (58,743) | (52,103) |
Remeasurement from remaining in the stage | (9,821) | 2,472 |
Remeasurement due to changes in economics factors | 24 | (71) |
Remeasurement due to methodological changes | 2,808 | (1,704) |
New financial assets purchased/originated | (28,378) | (19,183) |
Financial assets that have been derecognized | 9,549 | 21,334 |
Charges-off | 72,315 | 101,340 |
Foreign Exchange and other movements | 5,047 | (6,268) |
Ending balance | $ (77,923) | $ (67,447) |
LEASES - Summary of finance lea
LEASES - Summary of finance leases as lessor (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
LEASES | ||
Total gross investment in finance lease receivable | $ 46,515,423 | $ 45,332,254 |
Less: Future financial income | (19,238,366) | (17,234,538) |
Present value of payments receivable | 27,277,057 | 28,097,716 |
Minimum non-collectable payments impairment | (1,024,575) | (972,743) |
Total | $ 26,252,482 | $ 27,124,973 |
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 | $ 1,481,313 | $ 634,388 |
Present value of payments receivable | 1,257,859 | 612,012 |
Between 1 and 5 years | ||
LEASES | ||
Total gross investment in finance lease receivable | 10,967,173 | 10,579,102 |
Present value of payments receivable | 8,338,151 | 8,286,322 |
Greater than 5 years | ||
LEASES | ||
Total gross investment in finance lease receivable | 34,066,937 | 34,118,764 |
Present value of payments receivable | $ 17,681,047 | $ 19,199,382 |
LEASES - Unsecured residual val
LEASES - Unsecured residual value (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
LEASES | ||
Unsecured residual value | $ 77,592 | $ 86,802 |
Technological equipment | ||
LEASES | ||
Unsecured residual value | 49,990 | 47,922 |
Vehicles | ||
LEASES | ||
Unsecured residual value | 14,243 | 24,187 |
Machinery and equipment | ||
LEASES | ||
Unsecured residual value | 11,930 | 13,124 |
Furniture and fixtures | ||
LEASES | ||
Unsecured residual value | 12 | 28 |
Other assets | ||
LEASES | ||
Unsecured residual value | $ 1,417 | $ 1,541 |
LEASES - Amounts recognized as
LEASES - Amounts recognized as income for extensions (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
LEASES | |||
Amounts recognized as income for extensions | $ 29,439 | $ 34,685 | |
Financial leases income | 3,879,188 | 2,461,456 | $ 1,440,493 |
Technological equipment | |||
LEASES | |||
Amounts recognized as income for extensions | 20,717 | 30,075 | |
Buildings | |||
LEASES | |||
Amounts recognized as income for extensions | 8,088 | 3,905 | |
Machinery and equipment | |||
LEASES | |||
Amounts recognized as income for extensions | 532 | 498 | |
Vehicles | |||
LEASES | |||
Amounts recognized as income for extensions | $ 102 | 206 | |
Furniture and fixtures | |||
LEASES | |||
Amounts recognized as income for extensions | $ 1 |
LEASES - Operating leases as le
LEASES - Operating leases as lessor (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
LEASES | ||
Minimum future operating lease payments to be received | $ 844,189 | $ 1,708,860 |
Operating lease income | 833,244 | 649,693 |
Income recognized for other services related to operating lease | $ 660,442 | $ 541,436 |
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 | $ 259,277 | $ 501,738 |
Between 1 and 5 years | ||
LEASES | ||
Minimum future operating lease payments to be received | 524,293 | 783,663 |
Greater than 5 years | ||
LEASES | ||
Minimum future operating lease payments to be received | $ 60,619 | $ 423,459 |
LEASES - Rollforward of right o
LEASES - Rollforward of right of use assets (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
LEASES | |||
Beginning balance | $ 1,827,108 | $ 1,695,865 | |
Acquisition | 494,407 | 168,382 | |
Additions | 11,861 | 8,746 | |
Expenses depreciation | (229,665) | (212,861) | $ (190,819) |
Disposal | (533,167) | (93,291) | |
Revaluation | 220,238 | 115,541 | |
Effect of changes in foreign exchange rate | (156,737) | 144,726 | |
Ending balance | 1,634,045 | 1,827,108 | 1,695,865 |
Buildings | |||
LEASES | |||
Expenses depreciation | (198,156) | (175,538) | |
Furniture and fixtures | |||
LEASES | |||
Expenses depreciation | (548) | (1,066) | |
Computer equipment | |||
LEASES | |||
Expenses depreciation | (17,043) | (18,717) | |
Vehicles | |||
LEASES | |||
Expenses depreciation | (13,918) | (17,540) | |
Cost | |||
LEASES | |||
Beginning balance | 2,555,720 | 2,178,852 | |
Acquisition | 494,407 | 168,382 | |
Additions | 11,861 | 8,746 | |
Disposal | (647,427) | (126,951) | |
Revaluation | 220,238 | 115,541 | |
Effect of changes in foreign exchange rate | (251,291) | 211,150 | |
Ending balance | 2,383,508 | 2,555,720 | 2,178,852 |
Cost | Buildings | |||
LEASES | |||
Beginning balance | 2,319,471 | 2,015,154 | |
Acquisition | 67,049 | 66,738 | |
Additions | 11,861 | 8,746 | |
Disposal | (75,701) | (55,759) | |
Revaluation | 218,592 | 83,387 | |
Effect of changes in foreign exchange rate | (238,350) | 201,205 | |
Ending balance | 2,302,922 | 2,319,471 | 2,015,154 |
Cost | Furniture and fixtures | |||
LEASES | |||
Beginning balance | 4,449 | 3,972 | |
Acquisition | 620 | ||
Disposal | (1,783) | ||
Revaluation | 37 | ||
Effect of changes in foreign exchange rate | (524) | 440 | |
Ending balance | 2,762 | 4,449 | 3,972 |
Cost | Computer equipment | |||
LEASES | |||
Beginning balance | 95,240 | 87,357 | |
Acquisition | 7,965 | 2,603 | |
Disposal | (30,650) | (985) | |
Revaluation | (2,773) | (2,659) | |
Effect of changes in foreign exchange rate | (11,713) | 8,924 | |
Ending balance | 58,069 | 95,240 | 87,357 |
Cost | Vehicles | |||
LEASES | |||
Beginning balance | 136,560 | 72,369 | |
Acquisition | 418,773 | 99,041 | |
Disposal | (539,293) | (70,207) | |
Revaluation | 4,419 | 34,776 | |
Effect of changes in foreign exchange rate | (704) | 581 | |
Ending balance | 19,755 | 136,560 | 72,369 |
Accumulated depreciation | |||
LEASES | |||
Beginning balance | (728,612) | (482,987) | |
Expenses depreciation | (229,665) | (212,861) | |
Disposal | 114,260 | 33,660 | |
Effect of changes in foreign exchange rate | 94,554 | (66,424) | |
Ending balance | (749,463) | (728,612) | (482,987) |
Accumulated depreciation | Buildings | |||
LEASES | |||
Beginning balance | (637,615) | (431,147) | |
Expenses depreciation | (198,156) | (175,538) | |
Disposal | 41,560 | 31,276 | |
Effect of changes in foreign exchange rate | 87,425 | (62,206) | |
Ending balance | (706,786) | (637,615) | (431,147) |
Accumulated depreciation | Furniture and fixtures | |||
LEASES | |||
Beginning balance | (4,291) | (2,821) | |
Expenses depreciation | (548) | (1,066) | |
Disposal | 1,708 | ||
Effect of changes in foreign exchange rate | 524 | (404) | |
Ending balance | (2,607) | (4,291) | (2,821) |
Accumulated depreciation | Computer equipment | |||
LEASES | |||
Beginning balance | (53,757) | (32,538) | |
Expenses depreciation | (17,043) | (18,717) | |
Disposal | 29,864 | 826 | |
Effect of changes in foreign exchange rate | 6,000 | (3,328) | |
Ending balance | (34,936) | (53,757) | (32,538) |
Accumulated depreciation | Vehicles | |||
LEASES | |||
Beginning balance | (32,949) | (16,481) | |
Expenses depreciation | (13,918) | (17,540) | |
Disposal | 41,128 | 1,558 | |
Effect of changes in foreign exchange rate | 605 | (486) | |
Ending balance | $ (5,134) | $ (32,949) | $ (16,481) |
LEASES - Change in lease liabil
LEASES - Change in lease liabilities (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 COP ($) $ / $ | Dec. 31, 2022 COP ($) $ / $ | Dec. 31, 2021 $ / $ | |
LEASES | |||
Beginning balance | $ 1,900,268 | $ 1,819,077 | |
New contracts | 75,345 | 68,201 | |
Reassessment of the lease liability | 161,787 | 12,131 | |
Payments | (305,413) | (285,920) | |
Accrued Interest | 123,175 | 123,510 | |
Effect of changes in foreign exchange rate (lease liabilities) | (181,552) | 163,269 | |
Ending balance | 1,773,610 | 1,900,268 | |
Interest expense on lease liabilities | $ 9,360 | $ 12,161 | |
Year end exchange rate, US dollar into Colombian pesos | $ / $ | 3,822.05 | 4,810.20 | 3,981.16 |
LEASES - Maturity analysis of l
LEASES - Maturity analysis of lease liabilities (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
LEASES | |||
Lease liabilities | $ 1,773,610 | $ 1,900,268 | $ 1,819,077 |
Buildings | |||
LEASES | |||
Lease liabilities | 1,747,468 | 1,853,662 | |
Vehicles | |||
LEASES | |||
Lease liabilities | 370 | 566 | |
Computer equipment | |||
LEASES | |||
Lease liabilities | 25,772 | 46,040 | |
Maturity less than 1 year | |||
LEASES | |||
Lease liabilities | 20,203 | 13,637 | |
Maturity less than 1 year | Buildings | |||
LEASES | |||
Lease liabilities | 17,345 | 10,502 | |
Maturity less than 1 year | Vehicles | |||
LEASES | |||
Lease liabilities | 125 | 83 | |
Maturity less than 1 year | Computer equipment | |||
LEASES | |||
Lease liabilities | 2,733 | 3,052 | |
Maturity between 1 and 3 years | |||
LEASES | |||
Lease liabilities | 72,807 | 61,620 | |
Maturity between 1 and 3 years | Buildings | |||
LEASES | |||
Lease liabilities | 58,438 | 43,545 | |
Maturity between 1 and 3 years | Vehicles | |||
LEASES | |||
Lease liabilities | 245 | 300 | |
Maturity between 1 and 3 years | Computer equipment | |||
LEASES | |||
Lease liabilities | 14,124 | 17,775 | |
Maturity between 3 and 5 years | |||
LEASES | |||
Lease liabilities | 237,921 | 97,480 | |
Maturity between 3 and 5 years | Buildings | |||
LEASES | |||
Lease liabilities | 230,397 | 82,647 | |
Maturity between 3 and 5 years | Vehicles | |||
LEASES | |||
Lease liabilities | 183 | ||
Maturity between 3 and 5 years | Computer equipment | |||
LEASES | |||
Lease liabilities | 7,524 | 14,650 | |
Maturity more than 5 years | |||
LEASES | |||
Lease liabilities | 1,442,679 | 1,727,531 | |
Maturity more than 5 years | Buildings | |||
LEASES | |||
Lease liabilities | 1,441,288 | 1,716,968 | |
Maturity more than 5 years | Computer equipment | |||
LEASES | |||
Lease liabilities | $ 1,391 | $ 10,563 |
LEASES - Weighted average rates
LEASES - Weighted average rates and average useful life of right of use assets (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Buildings | ||
LEASES | ||
Weighted average life | 209 months | 195 months |
Weighted average remaining lease terms | 99 months | 97 months |
Weighted average discount rates | 6.67% | 5.75% |
Computer equipment | ||
LEASES | ||
Weighted average life | 73 months | 75 months |
Weighted average remaining lease terms | 31 months | 35 months |
Weighted average discount rates | 8.36% | 8.65% |
Vehicles | ||
LEASES | ||
Weighted average life | 51 months | 48 months |
Weighted average remaining lease terms | 22 months | 35 months |
Weighted average discount rates | 9.81% | 10.24% |
LEASES - Statement of Income im
LEASES - Statement of Income impact of leases (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
LEASES | |||
Financial interest | $ 113,815 | $ 111,349 | $ 111,556 |
Expenses depreciation | 229,665 | 212,861 | $ 190,819 |
Effect of changes in foreign exchange rate | 62 | 416 | |
Short-term leases | 1,938 | 2,281 | |
Leases for which the underlying asset is of low value | 7,212 | 11,597 | |
Variable payments | 7,577 | 6,048 | |
Interest expense on lease liabilities | 9,360 | 12,161 | |
Buildings | |||
LEASES | |||
Financial interest | 109,800 | 107,002 | |
Expenses depreciation | 198,156 | 175,538 | |
Effect of changes in foreign exchange rate | 62 | 416 | |
Short-term leases | 983 | 872 | |
Leases for which the underlying asset is of low value | 235 | 208 | |
Variable payments | 7,577 | 6,048 | |
Vehicles | |||
LEASES | |||
Financial interest | 40 | 13 | |
Expenses depreciation | 13,918 | 17,540 | |
Short-term leases | 51 | 394 | |
Leases for which the underlying asset is of low value | 55 | ||
Computer equipment | |||
LEASES | |||
Financial interest | 3,907 | 4,289 | |
Expenses depreciation | 17,043 | 18,717 | |
Leases for which the underlying asset is of low value | 6,545 | 8,649 | |
Furniture and fixtures | |||
LEASES | |||
Financial interest | 68 | 45 | |
Expenses depreciation | 548 | 1,066 | |
Short-term leases | 904 | 1,015 | |
Leases for which the underlying asset is of low value | $ 432 | $ 2,685 |
LEASES - Minimum payments lease
LEASES - Minimum payments lease liabilities (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
LEASES | ||
Total minimum payments lease liabilities | $ 2,500,022 | $ 2,661,143 |
Buildings | ||
LEASES | ||
Total minimum payments lease liabilities | 2,470,523 | 2,603,694 |
Vehicles | ||
LEASES | ||
Total minimum payments lease liabilities | 399 | 899 |
Computer equipment | ||
LEASES | ||
Total minimum payments lease liabilities | 29,100 | 56,550 |
Maturity less than 1 year | ||
LEASES | ||
Total minimum payments lease liabilities | 24,207 | 16,693 |
Maturity less than 1 year | Buildings | ||
LEASES | ||
Total minimum payments lease liabilities | 21,050 | 13,492 |
Maturity less than 1 year | Vehicles | ||
LEASES | ||
Total minimum payments lease liabilities | 193 | 84 |
Maturity less than 1 year | Computer equipment | ||
LEASES | ||
Total minimum payments lease liabilities | 2,964 | 3,117 |
Maturity between 1 and 3 years | ||
LEASES | ||
Total minimum payments lease liabilities | 89,785 | 71,696 |
Maturity between 1 and 3 years | Buildings | ||
LEASES | ||
Total minimum payments lease liabilities | 73,316 | 52,100 |
Maturity between 1 and 3 years | Vehicles | ||
LEASES | ||
Total minimum payments lease liabilities | 206 | 330 |
Maturity between 1 and 3 years | Computer equipment | ||
LEASES | ||
Total minimum payments lease liabilities | 16,263 | 19,266 |
Maturity between 3 and 5 years | ||
LEASES | ||
Total minimum payments lease liabilities | 303,020 | 130,599 |
Maturity between 3 and 5 years | Buildings | ||
LEASES | ||
Total minimum payments lease liabilities | 301,470 | 110,495 |
Maturity between 3 and 5 years | Vehicles | ||
LEASES | ||
Total minimum payments lease liabilities | 229 | |
Maturity between 3 and 5 years | Computer equipment | ||
LEASES | ||
Total minimum payments lease liabilities | 1,550 | 19,875 |
Maturity more than 5 years | ||
LEASES | ||
Total minimum payments lease liabilities | 2,083,010 | 2,442,155 |
Maturity more than 5 years | Buildings | ||
LEASES | ||
Total minimum payments lease liabilities | 2,074,687 | 2,427,607 |
Maturity more than 5 years | Vehicles | ||
LEASES | ||
Total minimum payments lease liabilities | 256 | |
Maturity more than 5 years | Computer equipment | ||
LEASES | ||
Total minimum payments lease liabilities | $ 8,323 | $ 14,292 |
INVESTMENTS IN ASSOCIATES AND_3
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Investments in associates and joint ventures (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Investment in associates and joint ventures | $ 2,997,603 | $ 2,915,633 | |
Investments in associates at fair value | 1,670,782 | 1,532,156 | |
Investments in associates at equity method value | 855,291 | 768,294 | |
Associates | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Investment in associates and joint ventures | 2,526,073 | 2,300,450 | $ 2,138,156 |
Joint ventures | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Investment in associates and joint ventures | $ 471,530 | $ 615,183 | $ 582,403 |
INVESTMENTS IN ASSOCIATES AND_4
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Investments in associates (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Investments | $ 2,997,603 | $ 2,915,633 | |
Associates | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Investments | $ 2,526,073 | $ 2,300,450 | $ 2,138,156 |
Associates | P.A. Viva Malls | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Development and operation of commercial spaces | Development and operation of commercial spaces | |
Country | Colombia | Colombia | |
Percentage of Ownership interest | 49% | 49% | |
Investments | $ 1,661,679 | $ 1,530,459 | 1,355,688 |
Associates | Proteccion S.A. | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Administration of pension funds and severances | Administration of pension funds and severances | |
Country | Colombia | Colombia | |
Percentage of Ownership interest | 20.58% | 20.58% | |
Investments | $ 594,105 | $ 533,584 | $ 630,821 |
Associates | P.A. El Bosque | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Real estate ecosystems | Real estate ecosystems | |
Country | Colombia | Colombia | |
Percentage of Ownership interest | 14.11% | 14.11% | |
Investments | $ 57,120 | $ 40,231 | |
Associates | Titularizadora Colombiana S.A. Hitos | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Mortgage portfolio securities | Mortgage portfolio securities | |
Country | Colombia | Colombia | |
Percentage of Ownership interest | 26.98% | 26.98% | |
Investments | $ 37,950 | $ 35,756 | |
Associates | Redeban Multicolor S.A. | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Network data transmission services | Network data transmission services | |
Country | Colombia | Colombia | |
Percentage of Ownership interest | 20.36% | 20.36% | |
Investments | $ 35,735 | $ 31,876 | |
Associates | P.A El Otono | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Real estate ecosystems | Real estate ecosystems | |
Country | Colombia | Colombia | |
Percentage of Ownership interest | 16.30% | 16.30% | |
Investments | $ 33,442 | $ 23,960 | |
Associates | ACH Colombia S.A. | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Electronic transfer services | Electronic transfer services | |
Country | Colombia | Colombia | |
Percentage of Ownership interest | 19.94% | 19.94% | |
Investments | $ 21,952 | $ 19,005 | |
Associates | Gestoria Externa de Portafolios S.A. | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Investment management service | ||
Country | Colombia | ||
Percentage of Ownership interest | 49.31% | ||
Investments | $ 11,278 | ||
Associates | 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 | |
Country | El Salvador | El Salvador | |
Percentage of Ownership interest | 25% | 25% | |
Investments | $ 10,223 | $ 14,497 | |
Associates | 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 | |
Country | El Salvador | El Salvador | |
Percentage of Ownership interest | 49.78% | 49.78% | |
Investments | $ 9,514 | $ 11,392 | |
Associates | P.A Madrid II | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Real estate ecosystems | Real estate ecosystems | |
Country | Colombia | Colombia | |
Percentage of Ownership interest | 20% | 20% | |
Investments | $ 9,208 | $ 9,126 | |
Associates | P.A Distrito Vera | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Real estate ecosystems | Real estate ecosystems | |
Country | Colombia | Colombia | |
Percentage of Ownership interest | 33.33% | 33.33% | |
Investments | $ 9,103 | $ 1,697 | |
Associates | P.A Boreal | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Real estate ecosystems | Real estate ecosystems | |
Country | Colombia | Colombia | |
Percentage of Ownership interest | 20% | 20% | |
Investments | $ 7,579 | $ 7,477 | |
Associates | P.A La Felicidad | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Real estate ecosystems | Real estate ecosystems | |
Country | Colombia | Colombia | |
Percentage of Ownership interest | 20% | 20% | |
Investments | $ 6,938 | $ 9,798 | |
Associates | Internacional Ejecutiva de Aviacion S.A.S. | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Aircraft and aircraft travel service | Aircraft and aircraft travel service | |
Country | Colombia | Colombia | |
Percentage of Ownership interest | 25% | 25% | |
Investments | $ 6,093 | $ 6,455 | |
Associates | Reintegra S.A.S. | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Collections and recovery of portfolio | Collections and recovery of portfolio | |
Country | Colombia | Colombia | |
Percentage of Ownership interest | 46% | 46% | |
Investments | $ 5,864 | $ 11,211 | |
Associates | P.A Mirador de la Cienaga | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Real estate ecosystems | Real estate ecosystems | |
Country | Colombia | Colombia | |
Percentage of Ownership interest | 13% | 13% | |
Investments | $ 4,518 | $ 3,329 | |
Associates | ACH de El Salvador, S. A. de C.V. | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Electronic transfer services | Electronic transfer services | |
Country | El Salvador | El Salvador | |
Percentage of Ownership interest | 25% | 25% | |
Investments | $ 1,554 | $ 2,140 | |
Associates | Agricapital S.A.S. | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Financial services | Financial services | |
Country | Colombia | Colombia | |
Percentage of Ownership interest | 10.79% | 10.21% | |
Investments | $ 1,262 | $ 1,408 | |
Associates | Servicios de Identidad Digital S.A.S. | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Digital services | Digital services | |
Country | Colombia | Colombia | |
Percentage of Ownership interest | 33.33% | 33.33% | |
Investments | $ 956 | $ 7,049 |
INVESTMENTS IN ASSOCIATES AND_5
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Changes in carrying amount of investments in associates (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||
Beginning Balance | $ 2,915,633 | |
Ending Balance | 2,997,603 | $ 2,915,633 |
Reintegra S.A.S. | ||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||
Impairment loss recognized in the Statement of Income | 2,017 | 7,688 |
Internacional Ejecutiva de Aviacion S.A.S. | ||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||
Reversal of impairment losses | 5,032 | |
Associates | ||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||
Beginning Balance | 2,300,450 | 2,138,156 |
Equity method - Gain | 230,704 | 265,885 |
OCI (Equity method) | (2,960) | 5,364 |
OCI (Translation adjustment) | (5,674) | 4,466 |
Purchase / capitalizations | 38,753 | 136,362 |
Sells or refund of contributions | (6,428) | (229,430) |
Impairment loss | (2,017) | (2,656) |
Dividends | (28,249) | (28,005) |
Others | 1,494 | 10,308 |
Ending Balance | 2,526,073 | 2,300,450 |
Associates | P.A. Viva Malls | ||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||
Beginning Balance | 1,530,459 | 1,355,688 |
Equity method - Gain | 128,028 | 189,132 |
Purchase / capitalizations | 3,192 | |
Sells or refund of contributions | (14,361) | |
Ending Balance | 1,661,679 | 1,530,459 |
Associates | Proteccion S.A. | ||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||
Beginning Balance | 533,584 | 630,821 |
Equity method - Gain | 62,442 | 46,812 |
OCI (Equity method) | (1,921) | 3,137 |
Purchase / capitalizations | 61,728 | |
Sells or refund of contributions | (208,914) | |
Ending Balance | 594,105 | 533,584 |
Associates | Others | ||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||
Beginning Balance | 236,407 | 151,647 |
Equity method - Gain | 40,234 | 29,941 |
OCI (Equity method) | (1,039) | 2,227 |
OCI (Translation adjustment) | (5,674) | 4,466 |
Purchase / capitalizations | 35,561 | 74,634 |
Sells or refund of contributions | (6,428) | (6,155) |
Impairment loss | (2,017) | (2,656) |
Dividends | (28,249) | (28,005) |
Others | 1,494 | 10,308 |
Ending Balance | 270,289 | 236,407 |
Associates | Reintegra S.A.S. | ||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||
Beginning Balance | 11,211 | |
Ending Balance | 5,864 | 11,211 |
Recoverable amount | $ 5,750 | 8,735 |
Discount rate | 21.50% | |
Impairment loss recognized in the Statement of Income | $ 2,017 | 7,688 |
Associates | Internacional Ejecutiva de Aviacion S.A.S. | ||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||
Beginning Balance | 6,455 | |
Ending Balance | $ 6,093 | 6,455 |
Recoverable amount | 10,359 | |
Reversal of impairment losses | $ 5,032 |
INVESTMENTS IN ASSOCIATES AND_6
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Significant associates (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Assets | $ 342,928,809 | $ 352,814,733 | |
Liabilities | 303,879,080 | 312,817,182 | |
Total other comprehensive income | (3,720,257) | 2,889,849 | $ 1,814,640 |
Associates | P.A. Viva Malls | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Assets | 3,492,834 | 3,152,529 | |
Liabilities | 101,653 | 19,705 | |
Income from ordinary activities | 849,928 | 689,794 | |
Profits (loss) | 327,838 | 418,410 | |
Dividends | 104,623 | 35,905 | |
Associates | Proteccion S.A. | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Assets | 2,955,547 | 2,619,197 | |
Liabilities | 666,280 | 624,052 | |
Total other comprehensive income | 80,088 | 89,419 | |
Income from ordinary activities | 1,597,171 | 2,993,740 | |
Profits (loss) | $ 303,460 | $ 227,514 |
INVESTMENTS IN ASSOCIATES AND_7
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Investments in joint ventures (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Investments | $ 2,997,603 | $ 2,915,633 | |
Compania de Financiamiento TUYA S.A | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Financing Services | Financing Services | |
Country | Colombia | Colombia | |
P.A. Laurel | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Renewable energies | Renewable energies | |
Country | Colombia | Colombia | |
Puntos Colombia S.A.S | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Administration of the customers loyalty | Administration of the customers loyalty | |
Country | Colombia | Colombia | |
Fondo de Capital Privado Ruta del Sol compartimento A | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Investment in infrastructure projects | Investment in infrastructure projects | |
Country | Colombia | Colombia | |
Ecosistemas Digitales de Negocio S.A.S. | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Digital electronic billing services | Digital electronic billing services | |
Country | Colombia | Colombia | |
P.A Muverang | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Sustainable mobility services | Sustainable mobility services | |
Country | Colombia | Colombia | |
P.A. Blup | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Inventory finance and comprehensive logistics operation | Inventory finance and comprehensive logistics operation | |
Country | Colombia | Colombia | |
P.A. Finsocial | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Purchase and sale of loans and receivables | ||
Country | Colombia | ||
P.A Reintegra | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Collections and recovery of portfolio | Collections and recovery of portfolio | |
Country | Colombia | Colombia | |
Avicapital | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Main activity | Purchase and sale of loans and receivables | ||
Country | Colombia | ||
Joint ventures | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Investments | $ 471,530 | $ 615,183 | $ 582,403 |
Joint ventures | Compania de Financiamiento TUYA S.A | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Percentage of Ownership interest | 50% | 50% | |
Investments | $ 410,324 | $ 564,998 | $ 546,633 |
Joint ventures | P.A. Laurel | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Percentage of Ownership interest | 50% | 50% | |
Investments | $ 27,364 | $ 22,150 | |
Joint ventures | Puntos Colombia S.A.S | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Percentage of Ownership interest | 50% | 50% | |
Investments | $ 10,922 | $ 11,514 | |
Joint ventures | Fondo de Capital Privado Ruta del Sol compartimento A | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Percentage of Ownership interest | 25.90% | 25.90% | |
Investments | $ 10,588 | $ 10,159 | |
Joint ventures | Ecosistemas Digitales de Negocio S.A.S. | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Percentage of Ownership interest | 50% | 50% | |
Investments | $ 6,293 | $ 3,832 | |
Joint ventures | P.A Muverang | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Percentage of Ownership interest | 33.33% | 33.33% | |
Investments | $ 2,684 | $ 2,351 | |
Joint ventures | P.A. Blup | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Percentage of Ownership interest | 50% | 50% | |
Investments | $ 3,313 | $ 179 | |
Joint ventures | P.A. Finsocial | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Percentage of Ownership interest | 50% | ||
Investments | $ 42 | ||
Joint ventures | P.A Reintegra | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Percentage of Ownership interest | 46% | 46% | |
Investments | $ 0 | $ 0 | |
Joint ventures | Avicapital | |||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | |||
Percentage of Ownership interest | 50% | ||
Investments | $ 0 |
INVESTMENTS IN ASSOCIATES AND_8
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Changes in carrying amount of investments in joint ventures (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||
Beginning Balance | $ 2,915,633 | |
Ending Balance | 2,997,603 | $ 2,915,633 |
Compania de Financiamiento Tuya S.A | ||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||
Impairment loss recognized in the Statement of Income | 106,574 | |
Fondo de Capital Privado Ruta del Sol compartimento A | ||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||
Reversal of impairment losses | 416 | |
Impairment loss recognized in the Statement of Income | 6,514 | |
Joint ventures | ||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||
Beginning Balance | 615,183 | 582,403 |
Equity method - (Loss) / Gain | (117,589) | (46,780) |
Purchase / capitalizations | 80,390 | 86,524 |
Sells or refund of contributions | (296) | (10) |
(Impairment loss) / Recovery | (106,158) | (6,977) |
Others | 23 | |
Ending Balance | 471,530 | 615,183 |
Joint ventures | Compania de Financiamiento Tuya S.A | ||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||
Beginning Balance | 564,998 | 546,633 |
Equity method - (Loss) / Gain | (110,600) | (36,635) |
Purchase / capitalizations | 62,500 | 55,000 |
(Impairment loss) / Recovery | (106,574) | |
Ending Balance | 410,324 | 564,998 |
Recoverable amount | 425,494 | |
Impairment loss recognized in the Statement of Income | $ 106,574 | |
Joint ventures | Compania de Financiamiento Tuya S.A | Minimum | ||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||
Discount rate | 13.10% | |
Joint ventures | Compania de Financiamiento Tuya S.A | Maximum | ||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||
Discount rate | 20.30% | |
Joint ventures | Others | ||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||
Beginning Balance | $ 50,185 | 35,770 |
Equity method - (Loss) / Gain | (6,989) | (10,145) |
Purchase / capitalizations | 17,890 | 31,524 |
Sells or refund of contributions | (296) | (10) |
(Impairment loss) / Recovery | 416 | (6,977) |
Others | 23 | |
Ending Balance | 61,206 | 50,185 |
Joint ventures | Fondo de Capital Privado Ruta del Sol compartimento A | ||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||
Beginning Balance | 10,159 | |
Ending Balance | 10,588 | $ 10,159 |
Recoverable amount | $ 2,742 | |
Discount rate | 36.03% | |
Reversal of impairment losses | $ 416 |
INVESTMENTS IN ASSOCIATES AND_9
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Significant joint ventures (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Assets | $ 342,928,809 | $ 352,814,733 | ||
Liabilities | 303,879,080 | 312,817,182 | ||
Cash and cash equivalents | 39,799,609 | 31,645,291 | $ 25,329,846 | $ 23,701,149 |
Interest expense | 16,668,295 | 8,442,470 | 4,351,556 | |
Income tax revenue | (1,932,555) | (2,748,421) | $ (1,776,225) | |
Accumulated other comprehensive income before tax of investments in associates and joint ventures | 4,751 | 13,385 | ||
Contingent liabilities incurred in relation to interests in joint ventures | 0 | 0 | ||
Contingent liabilities incurred in relation to interests in associates | 0 | 0 | ||
Joint ventures | Compania de Financiamiento Tuya S.A | ||||
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | ||||
Assets | 3,827,631 | 5,101,346 | ||
Liabilities | 3,313,741 | 4,491,257 | ||
Income from ordinary activities | 2,205,538 | 1,973,131 | ||
Profits (loss) | 221,199 | 73,266 | ||
Cash and cash equivalents | 223,625 | 523,835 | ||
Interest and valuation income | 1,142,715 | 1,001,631 | ||
Credit impairment charges | 949,125 | |||
Interest expense | 502,501 | 304,114 | ||
Depreciation and amortization | 38,491 | 32,122 | ||
Income tax revenue | $ 131,265 | $ 7,907 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS, NET - Intangibles assets and goodwill net (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
GOODWILL AND INTANGIBLE ASSETS, NET | |||
Goodwill | $ 7,818,125 | $ 9,836,661 | $ 8,143,146 |
Intangible assets | 671,572 | 602,531 | |
Total intangible assets and goodwill, net | $ 8,489,697 | $ 10,439,192 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS, NET - Intangible assets (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | $ 602,531 | ||
Amortization expense | (212,317) | $ (175,991) | $ (198,169) |
Intangible assets at end of year | 671,572 | 602,531 | |
Intangible assets controlled by entity but recognized directly to expense | 1,026 | 49,079 | 10,046 |
Other administrative and general expenses | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Research and development costs | 64,363 | 40,229 | 11,882 |
Gross carrying amount | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | 1,944,254 | 1,480,126 | |
Acquisitions | 352,248 | 245,204 | |
Write off | (119,482) | (43,991) | |
Transfers from premises and equipment | 30,068 | ||
Foreign currency translation adjustment | (303,952) | 232,847 | |
Intangible assets at end of year | 1,873,068 | 1,944,254 | 1,480,126 |
Amortization | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | (1,341,723) | (994,500) | |
Write off | 119,482 | 41,148 | |
Transfers from premises and equipment | 28,940 | ||
Amortization expense | 212,317 | 175,991 | |
Foreign currency translation adjustment | (233,062) | 183,440 | |
Intangible assets at end of year | (1,201,496) | (1,341,723) | (994,500) |
Trademarks | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | 1 | ||
Intangible assets at end of year | 1 | ||
Trademarks | Gross carrying amount | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | 28,438 | 23,537 | |
Foreign currency translation adjustment | (5,842) | 4,901 | |
Intangible assets at end of year | 22,596 | 28,438 | 23,537 |
Trademarks | Amortization | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | (28,437) | (20,174) | |
Amortization expense | 3,595 | ||
Foreign currency translation adjustment | (5,841) | 4,668 | |
Intangible assets at end of year | (22,596) | (28,437) | (20,174) |
Licenses, software and computer applications | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | 595,919 | ||
Intangible assets at end of year | 668,071 | 595,919 | |
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 | 1,361,258 | 997,609 | |
Acquisitions | 352,248 | 245,204 | |
Write off | (119,482) | (43,991) | |
Transfers from premises and equipment | 30,068 | ||
Foreign currency translation adjustment | (184,188) | 132,368 | |
Intangible assets at end of year | 1,409,836 | 1,361,258 | 997,609 |
Licenses, software and computer applications | Amortization | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | (765,339) | (523,055) | |
Write off | 119,482 | 41,148 | |
Transfers from premises and equipment | 28,940 | ||
Amortization expense | 210,333 | 170,004 | |
Foreign currency translation adjustment | (114,425) | 84,488 | |
Intangible assets at end of year | (741,765) | (765,339) | (523,055) |
Client relationships | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | 6,611 | ||
Intangible assets at end of year | 3,501 | 6,611 | |
Client relationships | Gross carrying amount | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | 554,558 | 458,980 | |
Foreign currency translation adjustment | (113,922) | 95,578 | |
Intangible assets at end of year | 440,636 | 554,558 | 458,980 |
Client relationships | Amortization | |||
Reconciliation of initial and final balances of the cost and accrued amortization | |||
Intangible assets at beginning of year | (547,947) | (451,271) | |
Amortization expense | 1,984 | 2,392 | |
Foreign currency translation adjustment | (112,796) | 94,284 | |
Intangible assets at end of year | $ (437,135) | $ (547,947) | $ (451,271) |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS, NET - Goodwill (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 COP ($) $ / $ | Dec. 31, 2022 COP ($) $ / $ | Dec. 31, 2021 $ / $ | |
GOODWILL AND INTANGIBLE ASSETS, NET | |||
Balance at beginning of the year, net | $ 9,836,661 | $ 8,143,146 | |
Effect of change in foreign exchange rate | (2,018,536) | 1,693,515 | |
Balance at end of the year, net | $ 7,818,125 | $ 9,836,661 | |
Market representative rate | $ / $ | 3,822.05 | 4,810.20 | 3,981.16 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
GOODWILL AND INTANGIBLE ASSETS, NET | |||
Goodwill | $ 7,818,125 | $ 9,836,661 | $ 8,143,146 |
Banking Panama | Discounted cash flow | Key Assumption, Five Year Plan | |||
GOODWILL AND INTANGIBLE ASSETS, NET | |||
Discount Rate (real) | 10.90% | 10.90% | |
Growth rate (real) | 4.50% | 5.30% | |
Goodwill | $ 5,837,310 | $ 7,346,484 | |
Banking El Salvador | Discounted cash flow | Key Assumption, Five Year Plan | |||
GOODWILL AND INTANGIBLE ASSETS, NET | |||
Growth rate (real) | 3.70% | 3.90% | |
Goodwill | $ 1,078,105 | $ 1,356,837 | |
Banking El Salvador | Discounted cash flow | Key Assumption, Five Year Plan | Short Term | |||
GOODWILL AND INTANGIBLE ASSETS, NET | |||
Discount Rate (real) | 17.10% | 20.10% | |
Banking El Salvador | Discounted cash flow | Key Assumption, Five Year Plan | Long Term | |||
GOODWILL AND INTANGIBLE ASSETS, NET | |||
Discount Rate (real) | 15.50% | 16.10% | |
Banking Guatemala | Discounted cash flow | Key Assumption, Five Year Plan | |||
GOODWILL AND INTANGIBLE ASSETS, NET | |||
Discount Rate (real) | 12.30% | 13% | |
Growth rate (real) | 4.80% | 4.90% | |
Goodwill | $ 892,050 | $ 1,122,680 | |
Other Segments | Key Assumption, Five Year Plan | |||
GOODWILL AND INTANGIBLE ASSETS, NET | |||
Goodwill | $ 10,660 | $ 10,660 |
GOODWILL AND INTANGIBLE ASSET_7
GOODWILL AND INTANGIBLE ASSETS, NET - Sensitivity analysis (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Banking Panama | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 4.50% | 5.30% |
Discount rate | 10.90% | 10.90% |
Banking Panama | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 4% | 4.80% |
Discount rate | 11.40% | 11.40% |
Banking Panama | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 4.50% | 5.30% |
Discount rate | 10.90% | 10.90% |
Banking Panama | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 5% | 5.80% |
Discount rate | 10.40% | 10.40% |
Banking Panama | Growth rate | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | $ 10,826,278 | $ 12,851,974 |
Banking Panama | Growth rate | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 11,721,608 | 14,049,526 |
Banking Panama | Growth rate | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 12,770,528 | 15,483,841 |
Banking Panama | Discount rate | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 11,224,673 | 13,351,970 |
Banking Panama | Discount rate | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 11,721,608 | 14,049,526 |
Banking Panama | Discount rate | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | $ 12,302,770 | $ 14,883,860 |
Banking El Salvador | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 3.70% | 3.90% |
Banking El Salvador | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 3.20% | 3.40% |
Banking El Salvador | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 3.70% | 3.90% |
Banking El Salvador | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 4.20% | 4.40% |
Banking El Salvador | Maximum | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Discount rate | 17.10% | 20.10% |
Banking El Salvador | Maximum | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Discount rate | 18.10% | 21.10% |
Banking El Salvador | Maximum | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Discount rate | 17.10% | 20.10% |
Banking El Salvador | Maximum | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Discount rate | 16.10% | 19.10% |
Banking El Salvador | Minimum | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Discount rate | 15.50% | 16.10% |
Banking El Salvador | Minimum | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Discount rate | 16.50% | 17.10% |
Banking El Salvador | Minimum | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Discount rate | 15.50% | 16.10% |
Banking El Salvador | Minimum | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Discount rate | 14.50% | 15.10% |
Banking El Salvador | Growth rate | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | $ 3,909,551 | $ 4,543,466 |
Banking El Salvador | Growth rate | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 4,241,177 | 4,913,975 |
Banking El Salvador | Growth rate | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 4,634,962 | 5,351,507 |
Banking El Salvador | Discount rate | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 4,182,324 | 4,851,416 |
Banking El Salvador | Discount rate | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 4,241,177 | 4,913,975 |
Banking El Salvador | Discount rate | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | $ 4,305,238 | $ 4,981,886 |
Banking Guatemala | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 4.80% | 4.90% |
Discount rate | 12.30% | 13% |
Banking Guatemala | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 4.30% | 4.40% |
Discount rate | 12.80% | 13.50% |
Banking Guatemala | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 4.80% | 4.90% |
Discount rate | 12.30% | 13% |
Banking Guatemala | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Growth rate | 5.30% | 5.40% |
Discount rate | 11.80% | 12.50% |
Banking Guatemala | Growth rate | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | $ 3,903,356 | $ 4,854,108 |
Banking Guatemala | Growth rate | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 4,224,256 | 5,225,546 |
Banking Guatemala | Growth rate | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 4,592,449 | 5,647,675 |
Banking Guatemala | Discount rate | Pessimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 4,090,025 | 5,070,100 |
Banking Guatemala | Discount rate | Base scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | 4,224,256 | 5,225,546 |
Banking Guatemala | Discount rate | Optimistic scenario | ||
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Recoverable amount | $ 4,377,661 | $ 5,401,451 |
GOODWILL AND INTANGIBLE ASSET_8
GOODWILL AND INTANGIBLE ASSETS, NET - PA FAI CALLE 77 - Purchase Price Allocation (Details) - PA FAI Calle 77 acquisition - COP ($) $ in Millions | Mar. 01, 2022 | Jun. 09, 2021 |
GOODWILL AND INTANGIBLE ASSETS, NET | ||
Percentage of ownership interest in subsidiary | 98% | |
Percentage of non-controlling interests in acquiree | 2% | |
Cash advance | $ 29,025 | |
Settlement of an active financial leasing operation | 27,943 | |
Purchase price | $ 56,968 | $ 56,968 |
Non-controlling interest at fair value | 1,166 | |
TOTAL | $ 58,134 |
GOODWILL AND INTANGIBLE ASSET_9
GOODWILL AND INTANGIBLE ASSETS, NET - PA FAI CALLE 77 - Net assets acquired (Details) - PA FAI Calle 77 acquisition - COP ($) $ in Millions | 12 Months Ended | |
Mar. 01, 2022 | Dec. 31, 2022 | |
ASSETS | ||
Cash and cash equivalents | $ 799 | |
Accounts receivable | 299 | |
Premises and equipment, net | 3 | |
Investments property | 60,850 | |
Other assets | 78 | |
Total Assets | 62,029 | |
LIABILITIES | ||
Accounts payable | 1,080 | |
Deferred tax | 283 | |
Other liabilities | 99 | |
Total Liabilities | 1,462 | |
Net assets acquired | 60,567 | |
Gain from a bargain purchase | $ 2,433 | $ 2,433 |
GOODWILL AND INTANGIBLE ASSE_10
GOODWILL AND INTANGIBLE ASSETS, NET - WOMPI S.A.S. Purchase Price Allocation (Details) - Wompi S.A.S. (Before Vlipco S.A.S.) - COP ($) $ in Millions | 1 Months Ended | |||
Nov. 09, 2021 | Jul. 31, 2019 | Nov. 30, 2021 | Nov. 10, 2021 | |
GOODWILL AND INTANGIBLE ASSETS, NET | ||||
Percentage of interest acquired | 47.37% | |||
Number of shares held | 91,838 | |||
Proportion of ownership interest in joint venture | 47.40% | 48.91% | ||
Goodwill | $ 10,660 | |||
Goodwill expected to be deductible for tax purposes | $ 0 | |||
Percentage of non-controlling interests in acquiree | 5.23% | |||
Purchase price | $ 9,474 | |||
Fair value of previously held investment | 9,479 | |||
Non-controlling interest at fair value | 1,047 | |||
TOTAL | $ 20,000 |
GOODWILL AND INTANGIBLE ASSE_11
GOODWILL AND INTANGIBLE ASSETS, NET - WOMPI S.A.S. - Net assets acquired (Details) - Wompi S.A.S. (Before Vlipco S.A.S.) - COP ($) $ in Millions | 1 Months Ended | ||||
Dec. 31, 2021 | Nov. 30, 2021 | Nov. 09, 2021 | Jul. 31, 2019 | Nov. 10, 2021 | |
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 | ||||
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 | ||||
Previously held interest | |||||
Proportion of ownership interest in joint venture | 47.40% | 48.91% | |||
Percentage of interest acquired | 47.37% | ||||
Percentage of ownership interest in subsidiary | 94.77% | ||||
Gain on remeasurement of equity interest to fair value | $ 5,197 |
PREMISES AND EQUIPMENT, NET (De
PREMISES AND EQUIPMENT, NET (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | $ 6,727,066 | $ 5,100,652 |
Additions | 1,522,986 | 2,665,432 |
Expenses depreciation and impairment | (640,856) | (564,132) |
Disposals | (103,552) | (103,610) |
Assets classified as held for sale and other assets | (806,365) | (510,309) |
Effect of changes in foreign exchange rate | (176,745) | 139,033 |
Ending Balance | 6,522,534 | 6,727,066 |
Contractual commitments | 4,025 | 3,816 |
Premises and equipment pledged as collateral | 0 | 0 |
Fully depreciated property and equipment that is still in use | 673,376 | 714,734 |
Temporarily idle premises and equipment | 79,644 | 75,473 |
Premises and equipment for own use | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 2,710,073 | 2,563,392 |
Additions | 299,734 | 354,492 |
Expenses depreciation and impairment | (205,503) | (204,713) |
Disposals | (43,868) | (68,388) |
Assets classified as held for sale and other assets | (58,437) | (73,743) |
Effect of changes in foreign exchange rate | (176,745) | 139,033 |
Ending Balance | 2,525,254 | 2,710,073 |
Premises and equipment in operating leases | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 4,016,993 | 2,537,260 |
Additions | 1,223,252 | 2,310,940 |
Expenses depreciation and impairment | (435,353) | (359,419) |
Disposals | (59,684) | (35,222) |
Assets classified as held for sale and other assets | (747,928) | (436,566) |
Ending Balance | 3,997,280 | 4,016,993 |
Cost | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 9,166,204 | 7,211,551 |
Additions | 1,522,986 | 2,665,432 |
Disposals | (245,728) | (270,266) |
Assets classified as held for sale and other assets | (1,035,484) | (721,293) |
Effect of changes in foreign exchange rate | (345,850) | 280,780 |
Ending Balance | 9,062,128 | 9,166,204 |
Cost | Premises and equipment for own use | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 4,294,739 | 3,974,878 |
Additions | 299,734 | 354,492 |
Disposals | (161,985) | (227,726) |
Assets classified as held for sale and other assets | (42,407) | (87,685) |
Effect of changes in foreign exchange rate | (345,850) | 280,780 |
Ending Balance | 4,044,231 | 4,294,739 |
Cost | Premises and equipment for own use | Land | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 605,713 | 551,484 |
Additions | 3,750 | 34,151 |
Disposals | (3,738) | (3,773) |
Assets classified as held for sale and other assets | (39,665) | (17,068) |
Effect of changes in foreign exchange rate | (48,655) | 40,919 |
Ending Balance | 517,405 | 605,713 |
Cost | Premises and equipment for own use | Construction in progress | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 51,839 | 37,040 |
Additions | 46,846 | 24,643 |
Disposals | (17,714) | |
Effect of changes in foreign exchange rate | (15,052) | 7,870 |
Ending Balance | 83,633 | 51,839 |
Cost | Premises and equipment for own use | Buildings | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 1,878,689 | 1,795,240 |
Additions | 25,644 | 20,789 |
Disposals | (30,968) | (18,844) |
Assets classified as held for sale and other assets | 18,311 | (43,379) |
Effect of changes in foreign exchange rate | (151,671) | 124,883 |
Ending Balance | 1,740,005 | 1,878,689 |
Cost | Premises and equipment for own use | Furniture and fixtures | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 709,894 | 662,385 |
Additions | 57,565 | 46,390 |
Disposals | (29,474) | (42,540) |
Assets classified as held for sale and other assets | (6,522) | |
Effect of changes in foreign exchange rate | (53,325) | 43,659 |
Ending Balance | 678,138 | 709,894 |
Cost | Premises and equipment for own use | Computer equipment | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 1,007,230 | 881,056 |
Additions | 129,012 | 191,122 |
Disposals | (91,096) | (125,436) |
Assets classified as held for sale and other assets | 2,416 | |
Effect of changes in foreign exchange rate | (73,129) | 60,488 |
Ending Balance | 974,433 | 1,007,230 |
Cost | Premises and equipment for own use | Vehicles | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 31,713 | 42,366 |
Additions | 9,967 | 5,253 |
Disposals | (6,709) | (18,361) |
Assets classified as held for sale and other assets | 2,489 | (163) |
Effect of changes in foreign exchange rate | (3,480) | 2,618 |
Ending Balance | 33,980 | 31,713 |
Cost | Premises and equipment for own use | Leasehold improvements | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 9,661 | 5,307 |
Additions | 26,950 | 32,144 |
Disposals | (1,058) | |
Assets classified as held for sale and other assets | (19,436) | (27,075) |
Effect of changes in foreign exchange rate | (538) | 343 |
Ending Balance | 16,637 | 9,661 |
Cost | Premises and equipment in operating leases | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 4,871,465 | 3,236,673 |
Additions | 1,223,252 | 2,310,940 |
Disposals | (83,743) | (42,540) |
Assets classified as held for sale and other assets | (993,077) | (633,608) |
Ending Balance | 5,017,897 | 4,871,465 |
Cost | Premises and equipment in operating leases | Furniture and fixtures | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 2,091 | 2,091 |
Ending Balance | 2,091 | 2,091 |
Cost | Premises and equipment in operating leases | Computer equipment | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 150,969 | 121,071 |
Additions | 66,833 | 45,690 |
Disposals | (4,463) | (6,001) |
Assets classified as held for sale and other assets | 14,822 | (9,791) |
Ending Balance | 228,161 | 150,969 |
Cost | Premises and equipment in operating leases | Vehicles | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | 4,718,405 | 3,113,511 |
Additions | 1,156,419 | 2,265,250 |
Disposals | (79,280) | (36,539) |
Assets classified as held for sale and other assets | (1,007,899) | (623,817) |
Ending Balance | 4,787,645 | 4,718,405 |
Accumulated depreciation | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (2,439,138) | (2,110,899) |
Expenses depreciation and impairment | (636,376) | (560,596) |
Disposals | 137,696 | 163,120 |
Assets classified as held for sale and other assets | 229,119 | 210,984 |
Effect of changes in foreign exchange rate | 169,105 | (141,747) |
Ending Balance | (2,539,594) | (2,439,138) |
Accumulated depreciation | Premises and equipment for own use | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (1,584,666) | (1,411,486) |
Expenses depreciation and impairment | (203,046) | (201,177) |
Disposals | 115,660 | 155,802 |
Assets classified as held for sale and other assets | (16,030) | 13,942 |
Effect of changes in foreign exchange rate | 169,105 | (141,747) |
Ending Balance | (1,518,977) | (1,584,666) |
Accumulated depreciation | Premises and equipment for own use | Buildings | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (535,550) | (458,784) |
Expenses depreciation and impairment | (38,565) | (37,604) |
Disposals | 10,828 | 14,939 |
Assets classified as held for sale and other assets | (11,916) | 13,878 |
Effect of changes in foreign exchange rate | 82,007 | (67,979) |
Ending Balance | (493,196) | (535,550) |
Accumulated depreciation | Premises and equipment for own use | Furniture and fixtures | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (432,992) | (388,005) |
Expenses depreciation and impairment | (44,238) | (44,958) |
Disposals | 25,956 | 29,759 |
Effect of changes in foreign exchange rate | 35,757 | (29,788) |
Ending Balance | (415,517) | (432,992) |
Accumulated depreciation | Premises and equipment for own use | Computer equipment | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (595,991) | (545,954) |
Expenses depreciation and impairment | (114,887) | (114,099) |
Disposals | 73,226 | 106,367 |
Assets classified as held for sale and other assets | (4,100) | |
Effect of changes in foreign exchange rate | 49,316 | (42,305) |
Ending Balance | (592,436) | (595,991) |
Accumulated depreciation | Premises and equipment for own use | Vehicles | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (19,506) | (18,233) |
Expenses depreciation and impairment | (5,331) | (4,484) |
Disposals | 5,650 | 4,721 |
Assets classified as held for sale and other assets | (14) | 64 |
Effect of changes in foreign exchange rate | 1,895 | (1,574) |
Ending Balance | (17,306) | (19,506) |
Accumulated depreciation | Premises and equipment for own use | Leasehold improvements | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (627) | (510) |
Expenses depreciation and impairment | (25) | (32) |
Disposals | 16 | |
Effect of changes in foreign exchange rate | 130 | (101) |
Ending Balance | (522) | (627) |
Accumulated depreciation | Premises and equipment in operating leases | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (854,472) | (699,413) |
Expenses depreciation and impairment | (433,330) | (359,419) |
Disposals | 22,036 | 7,318 |
Assets classified as held for sale and other assets | 245,149 | 197,042 |
Ending Balance | (1,020,617) | (854,472) |
Accumulated depreciation | Premises and equipment in operating leases | Furniture and fixtures | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (360) | (106) |
Expenses depreciation and impairment | (254) | (254) |
Ending Balance | (614) | (360) |
Accumulated depreciation | Premises and equipment in operating leases | Computer equipment | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (66,577) | (46,884) |
Expenses depreciation and impairment | (49,364) | (32,482) |
Disposals | 3,855 | 4,618 |
Assets classified as held for sale and other assets | 16,448 | 8,171 |
Ending Balance | (95,638) | (66,577) |
Accumulated depreciation | Premises and equipment in operating leases | Vehicles | ||
PREMISES AND EQUIPMENT, NET | ||
Beginning Balance | (787,535) | (652,423) |
Expenses depreciation and impairment | (383,712) | (326,683) |
Disposals | 18,181 | 2,700 |
Assets classified as held for sale and other assets | 228,701 | 188,871 |
Ending Balance | (924,365) | (787,535) |
Accumulated impairment | ||
PREMISES AND EQUIPMENT, NET | ||
Expenses depreciation and impairment | (4,480) | (3,536) |
Disposals | 4,480 | 3,536 |
Accumulated impairment | Premises and equipment for own use | ||
PREMISES AND EQUIPMENT, NET | ||
Expenses depreciation and impairment | (2,457) | (3,536) |
Disposals | 2,457 | 3,536 |
Accumulated impairment | Premises and equipment for own use | Construction in progress | ||
PREMISES AND EQUIPMENT, NET | ||
Expenses depreciation and impairment | (3,536) | |
Disposals | $ 3,536 | |
Accumulated impairment | Premises and equipment for own use | Buildings | ||
PREMISES AND EQUIPMENT, NET | ||
Expenses depreciation and impairment | (153) | |
Disposals | 153 | |
Accumulated impairment | Premises and equipment for own use | Furniture and fixtures | ||
PREMISES AND EQUIPMENT, NET | ||
Expenses depreciation and impairment | (797) | |
Disposals | 797 | |
Accumulated impairment | Premises and equipment for own use | Computer equipment | ||
PREMISES AND EQUIPMENT, NET | ||
Expenses depreciation and impairment | (1,507) | |
Disposals | 1,507 | |
Accumulated impairment | Premises and equipment in operating leases | ||
PREMISES AND EQUIPMENT, NET | ||
Expenses depreciation and impairment | (2,023) | |
Disposals | 2,023 | |
Accumulated impairment | Premises and equipment in operating leases | Vehicles | ||
PREMISES AND EQUIPMENT, NET | ||
Expenses depreciation and impairment | (2,023) | |
Disposals | $ 2,023 |
INVESTMENT PROPERTIES - Reconci
INVESTMENT PROPERTIES - Reconciliation (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INVESTMENT PROPERTIES | ||
Balance at the beginning of the year | $ 3,994,058 | $ 3,132,220 |
Acquisitions | 294,569 | 731,600 |
Subsequent expenditure recognised as an asset | 170,920 | 66,745 |
Sales/Write-offs | (21,194) | (233,974) |
Acquisitions through business combination | 60,850 | |
Amount reclassified from premises and equipment | 39,096 | |
Gains on valuation | 232,462 | 236,617 |
Balance at the end of the year | 4,709,911 | 3,994,058 |
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) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INVESTMENT PROPERTIES | ||
Balance at the beginning of the year | $ 3,994,058 | $ 3,132,220 |
Appraisals | 232,462 | 236,617 |
Net increase (decrease) | 444,295 | 564,371 |
Acquisitions through business combination | 60,850 | |
Amount reclassified from premises and equipment | 39,096 | |
Balance at the end of the year | 4,709,911 | 3,994,058 |
Purchases, investment property | 294,569 | 731,600 |
Subsequent expenditure recognised as an asset | 170,920 | 66,745 |
Buildings | ||
INVESTMENT PROPERTIES | ||
Balance at the beginning of the year | 3,870,706 | 2,949,720 |
Appraisals | 194,608 | 239,823 |
Net increase (decrease) | 280,107 | 620,313 |
Acquisitions through business combination | 60,850 | |
Amount reclassified from premises and equipment | 39,096 | |
Balance at the end of the year | 4,384,517 | 3,870,706 |
Buildings | Bancolombia S.A. | ||
INVESTMENT PROPERTIES | ||
Purchases, investment property | 80,954 | 221,834 |
Buildings | P.A. MERCURIO | ||
INVESTMENT PROPERTIES | ||
Purchases, investment property | 249,492 | |
Buildings | FCP Fondo Inmobiliario Colombia | ||
INVESTMENT PROPERTIES | ||
Purchases, investment property | 91,182 | 242,274 |
Subsequent expenditure recognised as an asset | 71,023 | |
Sales, investment property | 147,483 | |
Land | ||
INVESTMENT PROPERTIES | ||
Balance at the beginning of the year | 123,352 | 182,500 |
Appraisals | 37,854 | (3,206) |
Net increase (decrease) | 164,188 | (55,942) |
Balance at the end of the year | 325,394 | $ 123,352 |
Land | NOMAD CENTRAL and P.A. FAI CALLE 84 | ||
INVESTMENT PROPERTIES | ||
Purchases, investment property | 92,585 | |
Subsequent expenditure recognised as an asset | $ 71,354 |
INVESTMENT PROPERTIES - Amounts
INVESTMENT PROPERTIES - Amounts recognized in the statement of income (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INVESTMENT PROPERTIES | |||
Income from rentals | $ 228,325 | $ 157,511 | $ 139,021 |
Operating expenses due to: | |||
Investment properties that generated income through rentals | 28,813 | 21,267 | 15,331 |
Investment properties that did not generate income through rentals | $ 10,378 | $ 19,021 | $ 10,050 |
INCOME TAX - Components recogni
INCOME TAX - Components recognized in income statement (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current tax | |||
Fiscal term | $ (1,779,538) | $ (2,644,173) | $ (1,321,400) |
Prior fiscal terms | 46,791 | 39,137 | 71,932 |
Total current tax | (1,732,747) | (2,605,036) | (1,249,468) |
Deferred tax | |||
Fiscal term | (282,012) | (80,663) | (530,926) |
Adjustments for consolidation purposes | 82,204 | (62,722) | 4,169 |
Total deferred tax | (199,808) | (143,385) | (526,757) |
Total income tax | $ (1,932,555) | $ (2,748,421) | $ (1,776,225) |
Foreign | |||
Deferred tax | |||
Dividend tax rate | 20% | 10% | |
Colombia | |||
Deferred tax | |||
Nominal income tax rate | 35% | 35% | 31% |
Income tax points liquidated | 5% | 5% | 3% |
Threshold percentage of industry and trade tax which can be offset against corporate income tax liability. | 3% | ||
Threshold percentage of total outstanding shares to determine taxable status of sale of public shares | 3% | ||
Dividend tax rate | 10% | 7.50% | |
Capital gains tax rate | 15% | 10% | |
Temporary reduction in penalties and interest | 60% | ||
Colombia | Taxable income equal to, or higher than 120.00 tax units (UVT) from year 2023 to 2027 | |||
Deferred tax | |||
Percentage increase in surcharge rate applicable to financial entities | 5% | ||
Threshold taxable income (UVT) | $ 120,000 | ||
Colombia | Minimum | |||
Deferred tax | |||
Effective tax rate | 15% | ||
Guatemala | |||
Deferred tax | |||
Income tax rate | 25% | ||
Panama | |||
Deferred tax | |||
Income tax rate | 25% | ||
El Salvador | |||
Deferred tax | |||
Income tax rate | 30% |
INCOME TAX - Reconciliation of
INCOME TAX - Reconciliation of effective tax rate (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INCOME TAX | |||
Accounting profit | $ 8,147,526 | $ 9,744,786 | $ 5,984,012 |
Applicable tax with nominal rate | (3,259,011) | (3,703,019) | (2,034,564) |
Non-deductible expenses to determine taxable profit (loss) | (478,901) | (425,458) | (260,546) |
Accounting and non-tax expense (income) to determine of taxable profit (loss) | 667,744 | 978,468 | 767,857 |
Differences in accounting bases | (106,648) | (19,448) | (32,714) |
Fiscal and non-accounting expense (income) to determine of taxable profit (loss) | (652,607) | (470,063) | (285,191) |
Ordinary activities income exempt from taxation | 1,563,793 | 832,822 | 412,495 |
Ordinary activities income not constituting income or occasional tax gain | 67,132 | 120,513 | 98,870 |
Tax deductions | 156,543 | 374,233 | 226,064 |
Goodwill Depreciation | 2,478 | 461 | 200,617 |
Tax depreciation surplus | 223,901 | 162,111 | 140,384 |
Untaxed recoveries | (64,516) | (40,559) | (84,692) |
Tax rate effect in other countries | (121,597) | (319,825) | (384,669) |
Prior fiscal terms | 46,791 | 39,137 | 71,932 |
Other effects of the tax rate by reconciliation between accounting profit and tax expense (income) | 22,343 | (277,794) | (612,068) |
Total income tax | $ (1,932,555) | $ (2,748,421) | $ (1,776,225) |
Colombia | |||
INCOME TAX | |||
Nominal income tax rate | 35% | 35% | 31% |
Income tax points liquidated | 5% | 5% | 3% |
INCOME TAX - Other comprehensiv
INCOME TAX - Other comprehensive income (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amount before taxes | |||
Remeasurement income related to defined benefit liability | $ (44,594) | $ 69,249 | $ 7,444 |
Unrealized gain (loss) Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) | 11,144 | 33,354 | 3,994 |
Gains due to asset revaluation | |||
Unrealized gain (loss) Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) | 114,287 | (172,385) | (61,052) |
Loss on net investment hedge in foreign operations | 1,948,833 | (1,833,087) | (1,207,052) |
Exchange differences arising on translating the foreign operations | (4,963,913) | 4,064,795 | 2,513,742 |
Unrealized (loss)/gain on investments in associates and joint ventures using equity method | (2,225) | (1,929) | 2,913 |
Net | (2,936,468) | 2,159,997 | 1,259,989 |
Deferred tax | |||
Remeasurement income related to defined benefit liability | 13,234 | (25,090) | (1,791) |
Unrealized gain (loss) Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) | (246) | (1,282) | 48,153 |
Gains due to asset revaluation | (71) | (142) | |
Unrealized gain (loss) Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) | (21,023) | 7,843 | 9,527 |
Loss on net investment hedge in foreign operations | (772,755) | 746,232 | 493,346 |
Unrealized gains on investments in associates and joint ventures using equity method | 2,223 | (1,221) | (982) |
Net | (778,567) | 726,411 | 548,111 |
Net taxes | |||
Remeasurement income related to defined benefit liability | (31,360) | 44,159 | 5,653 |
Unrealized gain (loss) Investments in equity instruments measured at fair value through other comprehensive income (FVTOCI) | 10,898 | 32,072 | 52,147 |
Gains due to asset revaluation | (71) | (142) | |
Unrealized gain (loss) Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI) | 93,264 | (164,542) | (51,525) |
Loss on net investment hedge in foreign operations | 1,176,078 | (1,086,855) | (713,706) |
Exchange differences arising on translating the foreign operations | (4,963,913) | 4,064,795 | 2,513,742 |
Unrealized gains on investments in associates and joint ventures using equity method | (2) | (3,150) | 1,931 |
Other comprehensive income, attributable to the owners of the Parent Company, net of tax | $ (3,715,035) | $ 2,886,408 | $ 1,808,100 |
INCOME TAX - Deferred tax asset
INCOME TAX - Deferred tax asset and liabilities classification (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 COP ($) | |
Asset Deferred Tax: | |
December 31, 2022 | $ 3,913,954 |
Effect on Income Statement | (672,343) |
Effect on OCI | (759,686) |
Effect on Equity | 13,952 |
Tax Made | (137,838) |
Foreign Exchange | (193,749) |
Adjustments for consolidation purposes | (47,774) |
December 31, 2023 | 2,116,516 |
Liability Deferred Tax: | |
December 31, 2022 | (3,782,721) |
Effect on Income Statement | 390,331 |
Effect on OCI | (18,881) |
Effect on Equity | (14,138) |
Foreign Exchange | 79,297 |
Adjustments for consolidation purposes | 129,978 |
December 31, 2023 | (3,216,134) |
Net Deferred Tax | |
December 31, 2021 | 131,233 |
Effect on Income Statement | (282,012) |
Effect on OCI | (778,567) |
Effect on Equity | (186) |
Tax Made | (137,838) |
Foreign Exchange | (114,452) |
Adjustments for consolidation purposes | 82,204 |
December 31, 2022 | (1,099,618) |
Property and equipment | |
Asset Deferred Tax: | |
December 31, 2022 | 11,071 |
Effect on Income Statement | (1,494) |
Foreign Exchange | (2,082) |
Adjustments for consolidation purposes | (1,513) |
December 31, 2023 | 5,982 |
Employee Benefits | |
Asset Deferred Tax: | |
December 31, 2022 | 218,263 |
Effect on Income Statement | 34,648 |
Effect on OCI | 13,234 |
Foreign Exchange | (6,739) |
December 31, 2023 | 259,406 |
Deterioration assessment | |
Asset Deferred Tax: | |
December 31, 2022 | 602,289 |
Effect on Income Statement | 1,666 |
Foreign Exchange | (136,367) |
Adjustments for consolidation purposes | (51,136) |
December 31, 2023 | 416,452 |
Investments evaluation | |
Asset Deferred Tax: | |
December 31, 2022 | 5,591 |
Effect on Income Statement | (231) |
Effect on OCI | (165) |
Foreign Exchange | (134) |
December 31, 2023 | 5,061 |
Derivatives Valuation | |
Asset Deferred Tax: | |
December 31, 2022 | 8,457 |
Effect on Income Statement | 221,735 |
Adjustments for consolidation purposes | 4,875 |
December 31, 2023 | 235,067 |
Tax credits settlement | |
Asset Deferred Tax: | |
December 31, 2022 | 18,186 |
Effect on Income Statement | 16,754 |
December 31, 2023 | 34,940 |
Financial Obligations | |
Asset Deferred Tax: | |
December 31, 2022 | 663,095 |
Effect on Income Statement | (663,095) |
Insurance operations | |
Asset Deferred Tax: | |
Effect on Income Statement | (633) |
Effect on Equity | 13,952 |
December 31, 2023 | 13,319 |
Net investment coverage in operations abroad | |
Asset Deferred Tax: | |
December 31, 2022 | 1,530,074 |
Effect on Income Statement | (91,043) |
Effect on OCI | (772,755) |
Tax Made | (137,838) |
December 31, 2023 | 528,438 |
Other deductions | |
Asset Deferred Tax: | |
December 31, 2022 | 446,451 |
Effect on Income Statement | (191,575) |
Foreign Exchange | (13,241) |
December 31, 2023 | 241,635 |
Implementation adjustment | |
Asset Deferred Tax: | |
December 31, 2022 | 410,477 |
Effect on Income Statement | 925 |
Foreign Exchange | (35,186) |
December 31, 2023 | 376,216 |
Property and equipment | |
Liability Deferred Tax: | |
December 31, 2022 | (310,845) |
Effect on Income Statement | 32,867 |
Foreign Exchange | 4,549 |
Adjustments for consolidation purposes | 128,441 |
December 31, 2023 | (144,988) |
Deterioration assessment | |
Liability Deferred Tax: | |
December 31, 2022 | (549,435) |
Effect on Income Statement | 437,539 |
Foreign Exchange | 1,333 |
Adjustments for consolidation purposes | (2,828) |
December 31, 2023 | (113,391) |
Participatory titles evaluation | |
Liability Deferred Tax: | |
December 31, 2022 | (154,094) |
Effect on Income Statement | (200,138) |
Effect on OCI | (21,104) |
Foreign Exchange | (1,205) |
Adjustments for consolidation purposes | 6,732 |
December 31, 2023 | (369,809) |
Derivatives evaluation | |
Liability Deferred Tax: | |
December 31, 2022 | (20,466) |
Effect on Income Statement | 8,585 |
Foreign Exchange | 4,203 |
Adjustments for consolidation purposes | (2,367) |
December 31, 2023 | (10,045) |
Lease restatement | |
Liability Deferred Tax: | |
December 31, 2022 | (258,954) |
Effect on Income Statement | 43,543 |
December 31, 2023 | (215,411) |
Investments in associates Adjustment for equity method | |
Liability Deferred Tax: | |
December 31, 2022 | (241,748) |
Effect on Income Statement | 168,671 |
Effect on OCI | 2,223 |
Foreign Exchange | (8,730) |
December 31, 2023 | (79,584) |
Financial Obligations | |
Liability Deferred Tax: | |
December 31, 2022 | (1,248) |
Effect on Income Statement | (178,955) |
Foreign Exchange | 256 |
December 31, 2023 | (179,947) |
Goodwill | |
Liability Deferred Tax: | |
December 31, 2022 | (1,576,519) |
Effect on Income Statement | 644 |
Foreign Exchange | 1,909 |
December 31, 2023 | (1,573,966) |
Insurance operations | |
Liability Deferred Tax: | |
Effect on Income Statement | 189 |
Effect on Equity | (14,138) |
December 31, 2023 | (13,949) |
Properties received in payment | |
Liability Deferred Tax: | |
December 31, 2022 | (162,681) |
Effect on Income Statement | 11,016 |
Foreign Exchange | 3,203 |
December 31, 2023 | (148,462) |
Other deductions | |
Liability Deferred Tax: | |
December 31, 2022 | (506,706) |
Effect on Income Statement | 66,370 |
Foreign Exchange | 73,779 |
December 31, 2023 | (366,557) |
Implementation adjustment | |
Liability Deferred Tax: | |
December 31, 2022 | (25) |
December 31, 2023 | $ (25) |
INCOME TAX - Temporary differen
INCOME TAX - Temporary differences in subsidiaries, branches, associates (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Local Subsidiaries | ||
INCOME TAX | ||
Temporary differences | $ (1,378,775) | $ (1,966,594) |
Foreign Subsidiaries | ||
INCOME TAX | ||
Temporary differences | $ (17,696,145) | $ (22,854,744) |
INCOME TAX - Tax credits (Detai
INCOME TAX - Tax credits (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 COP ($) | |
INCOME TAX | |
Base | $ 102,055 |
Deferred tax recognized asset | 34,940 |
Renting Colombia S.A.S. | |
INCOME TAX | |
Base | 39,037 |
Deferred tax recognized asset | 12,883 |
Nequi S.A. Compania de Financiamiento | |
INCOME TAX | |
Base | 63,018 |
Deferred tax recognized asset | $ 22,057 |
ASSETS HELD FOR SALE AND INVE_3
ASSETS HELD FOR SALE AND INVENTORIES, NET - Summary (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Inventories, net | $ 747,302 | $ 513,032 |
Assets held for sale, net | 159,451 | 95,417 |
Total assets held for sale and inventories, net | $ 906,753 | $ 608,449 |
ASSETS HELD FOR SALE AND INVE_4
ASSETS HELD FOR SALE AND INVENTORIES, NET - Inventories, net (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Total inventories, net | $ 747,302 | $ 513,031 |
Inventories pledged as collateral for liabilities | 0 | 0 |
Cost | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Total inventories, net | 784,067 | 538,689 |
Impairment | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Total inventories, net | (36,765) | (25,658) |
Land and buildings | Cost | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Total inventories, net | 275,808 | 285,076 |
Vehicles | Cost | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Total inventories, net | 469,949 | 220,522 |
Machinery and others | Cost | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Total inventories, net | $ 38,310 | $ 33,091 |
ASSETS HELD FOR SALE AND INVE_5
ASSETS HELD FOR SALE AND INVENTORIES, NET - Assets held for sale (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | $ 159,451 | $ 95,417 |
Investments held for sale | 0 | 0 |
Banking Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 20,835 | 23,886 |
Banking Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 132,265 | 68,507 |
Banking El Salvador | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 3,091 | 1,559 |
Banking Guatemala | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 3,260 | 1,465 |
Machinery and equipment | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 11,702 | 9,918 |
Machinery and equipment | Banking Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 9,238 | 5,090 |
Machinery and equipment | Banking Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 2,464 | 4,828 |
Real estate for residential purposes | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 117,476 | 63,283 |
Real estate for residential purposes | Banking Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 6,191 | 7,928 |
Real estate for residential purposes | Banking Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 104,934 | 52,331 |
Real estate for residential purposes | Banking El Salvador | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 3,091 | 1,559 |
Real estate for residential purposes | Banking Guatemala | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 3,260 | 1,465 |
Real estate different from residential properties | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 30,273 | 22,216 |
Real estate different from residential properties | Banking Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 5,406 | 10,868 |
Real estate different from residential properties | Banking Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 24,867 | 11,348 |
Gross carrying amount | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 162,741 | 98,200 |
Gross carrying amount | Banking Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 21,438 | 24,305 |
Gross carrying amount | Banking Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 134,095 | 70,399 |
Gross carrying amount | Banking El Salvador | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 3,148 | 1,616 |
Gross carrying amount | Banking Guatemala | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 4,060 | 1,880 |
Gross carrying amount | Machinery and equipment | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 11,773 | 10,030 |
Gross carrying amount | Machinery and equipment | Banking Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 9,300 | 5,160 |
Gross carrying amount | Machinery and equipment | Banking Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 2,473 | 4,870 |
Gross carrying amount | Real estate for residential purposes | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 120,041 | 65,644 |
Gross carrying amount | Real estate for residential purposes | Banking Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 6,191 | 7,967 |
Gross carrying amount | Real estate for residential purposes | Banking Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 106,642 | 54,181 |
Gross carrying amount | Real estate for residential purposes | Banking El Salvador | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 3,148 | 1,616 |
Gross carrying amount | Real estate for residential purposes | Banking Guatemala | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 4,060 | 1,880 |
Gross carrying amount | Real estate different from residential properties | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 30,927 | 22,526 |
Gross carrying amount | Real estate different from residential properties | Banking Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 5,947 | 11,178 |
Gross carrying amount | Real estate different from residential properties | Banking Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | 24,980 | 11,348 |
Impairment | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (3,290) | (2,783) |
Impairment | Banking Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (603) | (419) |
Impairment | Banking Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (1,830) | (1,892) |
Impairment | Banking El Salvador | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (57) | (57) |
Impairment | Banking Guatemala | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (800) | (415) |
Impairment | Machinery and equipment | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (71) | (112) |
Impairment | Machinery and equipment | Banking Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (62) | (70) |
Impairment | Machinery and equipment | Banking Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (9) | (42) |
Impairment | Real estate for residential purposes | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (2,565) | (2,361) |
Impairment | Real estate for residential purposes | Banking Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (39) | |
Impairment | Real estate for residential purposes | Banking Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (1,708) | (1,850) |
Impairment | Real estate for residential purposes | Banking El Salvador | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (57) | (57) |
Impairment | Real estate for residential purposes | Banking Guatemala | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (800) | (415) |
Impairment | Real estate different from residential properties | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (654) | (310) |
Impairment | Real estate different from residential properties | Banking Colombia | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | (541) | $ (310) |
Impairment | Real estate different from residential properties | Banking Panama | ||
ASSETS HELD FOR SALE AND INVENTORIES, NET | ||
Assets held for sale | $ (113) |
OTHER ASSETS, NET (Details)
OTHER ASSETS, NET (Details) $ in Millions | Dec. 31, 2023 COP ($) $ / $ | Dec. 31, 2022 COP ($) $ / $ | Dec. 31, 2021 COP ($) $ / $ |
OTHER ASSETS, NET | |||
Tax advance | $ 1,461,816 | $ 1,298,400 | |
Other receivables | 1,193,294 | 1,158,447 | |
Assets pledged as collateral (cash) | 1,082,611 | 752,099 | |
Marketable and non-marketable for sale assets | 890,653 | 978,319 | |
Prepaid expenses | 713,505 | 576,742 | |
Receivables related to abandoned accounts | 403,432 | 439,994 | |
Accounts receivable from contracts with customers | 259,516 | 192,029 | $ 182,672 |
Receivable Sales of goods and service | 254,607 | 260,674 | |
Commission for letters of credit | 207,327 | 70,249 | |
Operating leases | 201,302 | 172,216 | |
Balance in credit card clearing house | 185,164 | 142,331 | |
Debtors | 85,698 | 21,646 | |
Others | 595,799 | 488,640 | |
Total other assets | 7,534,724 | 6,551,786 | |
Allowance others | (6,688) | (3,920) | |
Total other assets, net | $ 7,528,036 | $ 6,547,866 | |
Year end exchange rate, US dollar into Colombian pesos | $ / $ | 3,822.05 | 4,810.20 | 3,981.16 |
DEPOSITS BY CUSTOMERS - Summary
DEPOSITS BY CUSTOMERS - Summary of Deposits (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
DEPOSITS BY CUSTOMERS | ||
Saving accounts | $ 108,971,334 | $ 118,443,600 |
Time deposits | 98,686,516 | 87,138,067 |
Checking accounts | 34,993,066 | 40,808,856 |
Other deposits | 5,290,264 | 4,601,800 |
Total deposits by customers | 247,941,180 | 250,992,323 |
Nequi | ||
DEPOSITS BY CUSTOMERS | ||
Total deposits by customers | $ 2,924,906 | $ 1,724,123 |
DEPOSITS BY CUSTOMERS - Summa_2
DEPOSITS BY CUSTOMERS - Summary of Time Deposits (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
DEPOSITS BY CUSTOMERS | ||
Carrying value | $ 98,686,516 | $ 87,138,067 |
Fair value | 100,085,855 | 85,649,548 |
Less than 6 months | ||
DEPOSITS BY CUSTOMERS | ||
Carrying value | 17,641,158 | 16,922,753 |
Fair value | $ 17,494,878 | $ 16,900,555 |
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 | 15.52% | 16.57% |
Between 6 months and 12 months | ||
DEPOSITS BY CUSTOMERS | ||
Carrying value | $ 18,422,400 | $ 14,279,083 |
Fair value | $ 18,314,065 | $ 14,234,825 |
Between 6 months and 12 months | Minimum | ||
DEPOSITS BY CUSTOMERS | ||
Effective interest rate | 0.50% | 0.50% |
Between 6 months and 12 months | Maximum | ||
DEPOSITS BY CUSTOMERS | ||
Effective interest rate | 17.32% | 17.41% |
Between 12 months and 18 months | ||
DEPOSITS BY CUSTOMERS | ||
Carrying value | $ 17,523,847 | $ 13,692,773 |
Fair value | $ 17,647,508 | $ 13,571,248 |
Between 12 months and 18 months | Minimum | ||
DEPOSITS BY CUSTOMERS | ||
Effective interest rate | 0.85% | 0.50% |
Between 12 months and 18 months | Maximum | ||
DEPOSITS BY CUSTOMERS | ||
Effective interest rate | 20.52% | 19.51% |
Greater than 18 months | ||
DEPOSITS BY CUSTOMERS | ||
Carrying value | $ 45,099,111 | $ 42,243,458 |
Fair value | $ 46,629,404 | $ 40,942,920 |
Greater than 18 months | Minimum | ||
DEPOSITS BY CUSTOMERS | ||
Effective interest rate | 0.01% | 0.40% |
Greater than 18 months | Maximum | ||
DEPOSITS BY CUSTOMERS | ||
Effective interest rate | 20.86% | 22.10% |
DEPOSITS BY CUSTOMERS - Maturit
DEPOSITS BY CUSTOMERS - Maturity of Time Deposits (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
DEPOSITS BY CUSTOMERS | ||
Carrying value | $ 98,686,516 | $ 87,138,067 |
Fair value | 100,085,855 | 85,649,548 |
Less than 1 year | ||
DEPOSITS BY CUSTOMERS | ||
Carrying value | 71,178,788 | 60,256,684 |
Fair value | 71,315,171 | 60,113,046 |
Between 1 and 3 years | ||
DEPOSITS BY CUSTOMERS | ||
Carrying value | 13,715,792 | 14,930,613 |
Fair value | 13,949,647 | 14,621,696 |
Between 3 and 5 years | ||
DEPOSITS BY CUSTOMERS | ||
Carrying value | 3,197,528 | 4,318,988 |
Fair value | 3,256,102 | 4,017,350 |
Greater than 5 years | ||
DEPOSITS BY CUSTOMERS | ||
Carrying value | 10,594,408 | 7,631,782 |
Fair value | $ 11,564,935 | $ 6,897,456 |
INTERBANK DEPOSITS AND REPURC_3
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING - Money market operations (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interbank Deposits | ||
Interbank liabilities | $ 606,141 | $ 902,132 |
Total interbank | 606,141 | 902,132 |
Repurchase agreements and other similar secured borrowing | ||
Short selling operations | 273,791 | 125,682 |
Temporary transfer of securities | 44,888 | 63,370 |
Repurchase agreements | 151,616 | |
Total Repurchase agreements and other similar secured borrowing | 470,295 | 189,052 |
Total money market transactions | $ 1,076,436 | $ 1,091,184 |
Repo liabilities | ||
Repurchase agreements and other similar secured borrowing | ||
Debt instrument maturity | 30 days | 30 days |
INTERBANK DEPOSITS AND REPURC_4
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING - Repurchases and resale transactions (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING | ||
Assets / liabilities gross | $ 7,380,221 | $ 2,691,935 |
Net balance presented in the statement of financial position | 7,380,221 | 2,691,935 |
Financial instruments as collateral | (7,380,221) | (2,691,935) |
Securities purchased under resale agreements presented as cash and cash equivalents | 7,840,926 | 2,873,716 |
Securities purchased under resale agreements presented as other assets | 9,590 | 7,271 |
Securities purchased under resale agreements | ||
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING | ||
Assets / liabilities gross | 7,850,516 | 2,880,987 |
Net balance presented in the statement of financial position | 7,850,516 | 2,880,987 |
Financial instruments as collateral | (7,850,516) | (2,880,987) |
Securities sold under repurchase agreements | ||
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING | ||
Assets / liabilities gross | (470,295) | (189,052) |
Net balance presented in the statement of financial position | (470,295) | (189,052) |
Financial instruments as collateral | $ 470,295 | $ 189,052 |
BORROWINGS FROM OTHER FINANCI_3
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Summary (Details) $ in Millions | Dec. 31, 2023 COP ($) $ / $ | Dec. 31, 2022 COP ($) $ / $ | Dec. 31, 2021 $ / $ |
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Borrowings from other financial institutions | $ 15,648,606 | $ 19,692,638 | |
Year end exchange rate, US dollar into Colombian pesos | $ / $ | 3,822.05 | 4,810.20 | 3,981.16 |
Obligations granted by foreign banks | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Borrowings from other financial institutions | $ 9,139,834 | $ 14,774,220 | |
Obligations granted by domestic banks | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Borrowings from other financial institutions | $ 6,508,772 | $ 4,918,418 |
BORROWINGS FROM OTHER FINANCI_4
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Obligations granted by foreign banks (Details) $ in Millions, $ in Millions | Dec. 31, 2023 COP ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 COP ($) |
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Borrowings from other financial institutions | $ 15,648,606 | $ 19,692,638 | |
Obligations granted by foreign banks | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Borrowings from other financial institutions | 9,139,834 | 14,774,220 | |
Obligations granted by foreign banks | Financing with Correspondent Banks and Multilateral Entities | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Borrowings from other financial institutions | $ 8,566,580 | $ 13,816,270 | |
Coverage of net investment abroad | $ 200 | ||
Obligations granted by foreign banks | Financing with Correspondent Banks and Multilateral Entities | Minimum | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Rate | 1.21% | 1.21% | 0.97% |
Obligations granted by foreign banks | Financing with Correspondent Banks and Multilateral Entities | Maximum | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Rate | 10.06% | 10.06% | 9.51% |
Obligations granted by foreign banks | Banco Interamericano de Desarrollo (BID) | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Borrowings from other financial institutions | $ 532,899 | $ 670,043 | |
Obligations granted by foreign banks | Banco Interamericano de Desarrollo (BID) | Minimum | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Rate | 9.50% | 9.50% | 8.62% |
Obligations granted by foreign banks | Banco Interamericano de Desarrollo (BID) | Maximum | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Rate | 10.64% | 10.64% | 8.74% |
Obligations granted by foreign banks | Banco Latinoamericano de Comercio Exterior (Bladex) | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Borrowings from other financial institutions | $ 40,355 | $ 287,907 | |
Obligations granted by foreign banks | Banco Latinoamericano de Comercio Exterior (Bladex) | Minimum | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Rate | 6.91% | 6.91% | 2.89% |
Obligations granted by foreign banks | Banco Latinoamericano de Comercio Exterior (Bladex) | Maximum | |||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | |||
Rate | 6.91% | 6.91% | 6.60% |
BORROWINGS FROM OTHER FINANCI_5
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Obligations granted by foreign banks maturity (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Borrowings from other financial institutions | $ 15,648,606 | $ 19,692,638 |
Obligations granted by foreign banks | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Borrowings from other financial institutions | 9,139,834 | 14,774,220 |
Obligations granted by foreign banks | No more than twelve months after the reporting period | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Borrowings from other financial institutions | 3,813,504 | 8,825,089 |
Obligations granted by foreign banks | More than twelve months after the reporting period | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Borrowings from other financial institutions | $ 5,326,330 | $ 5,949,131 |
BORROWINGS FROM OTHER FINANCI_6
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Obligations granted by domestic banks (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||||
Borrowings from other financial institutions | $ 15,648,606 | $ 19,692,638 | ||
Intervention rate issued by Banco de la Republica | 13% | 12% | 3% | 1.75% |
Obligations granted by domestic banks | ||||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||||
Borrowings from other financial institutions | $ 6,508,772 | $ 4,918,418 | ||
Obligations granted by domestic banks | Financiera de desarrollo territorial (Findeter) | ||||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||||
Borrowings from other financial institutions | $ 2,530,570 | $ 2,047,506 | ||
Obligations granted by domestic banks | Financiera de desarrollo territorial (Findeter) | Minimum | ||||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||||
Rate | 8.15% | 7.22% | ||
Obligations granted by domestic banks | Financiera de desarrollo territorial (Findeter) | Maximum | ||||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||||
Rate | 20.85% | 18.77% | ||
Obligations granted by domestic banks | Fondo para el financiamiento del sector agropecuario (Finagro) | ||||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||||
Borrowings from other financial institutions | $ 1,509,594 | $ 931,018 | ||
Obligations granted by domestic banks | Fondo para el financiamiento del sector agropecuario (Finagro) | Minimum | ||||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||||
Rate | 8.37% | 3.40% | ||
Obligations granted by domestic banks | Fondo para el financiamiento del sector agropecuario (Finagro) | Maximum | ||||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||||
Rate | 15.88% | 15.70% | ||
Obligations granted by domestic banks | Banco de comercio exterior de Colombia (Bancoldex) | ||||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||||
Borrowings from other financial institutions | $ 1,404,873 | $ 902,036 | ||
Obligations granted by domestic banks | Banco de comercio exterior de Colombia (Bancoldex) | Minimum | ||||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||||
Rate | 2.17% | 2.15% | ||
Obligations granted by domestic banks | Banco de comercio exterior de Colombia (Bancoldex) | Maximum | ||||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||||
Rate | 21.46% | 19.15% | ||
Obligations granted by domestic banks | Other private financial entities | ||||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||||
Borrowings from other financial institutions | $ 1,063,735 | $ 1,037,858 | ||
Obligations granted by domestic banks | Other private financial entities | Minimum | ||||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||||
Rate | 12.88% | 11.35% | ||
Obligations granted by domestic banks | Other private financial entities | Maximum | ||||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||||
Rate | 16.67% | 15.75% |
BORROWINGS FROM OTHER FINANCI_7
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Obligations granted by domestic banks maturity (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Borrowings from other financial institutions | $ 15,648,606 | $ 19,692,638 |
Obligations granted by domestic banks | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Borrowings from other financial institutions | 6,508,772 | 4,918,418 |
Obligations granted by domestic banks | No more than twelve months after the reporting period | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Borrowings from other financial institutions | 767,470 | 500,500 |
Obligations granted by domestic banks | More than twelve months after the reporting period | ||
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS | ||
Borrowings from other financial institutions | $ 5,741,302 | $ 4,417,918 |
DEBT INSTRUMENTS IN ISSUE - Sum
DEBT INSTRUMENTS IN ISSUE - Summary (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 COP ($) $ / $ | Dec. 31, 2023 USD ($) $ / $ | Dec. 31, 2022 COP ($) $ / $ | Dec. 31, 2022 USD ($) $ / $ | Dec. 31, 2021 $ / $ | |
DEBT INSTRUMENTS IN ISSUE | ||||||
Debt instruments in issue | $ 14,663,576 | $ 19,575,988 | ||||
Year end exchange rate, US dollar into Colombian pesos | $ / $ | 3,822.05 | 3,822.05 | 4,810.20 | 4,810.20 | 3,981.16 | |
Banistmo S.A. | Foreign currency | ||||||
DEBT INSTRUMENTS IN ISSUE | ||||||
Principal balance | $ 679,395 | $ 687,913 | ||||
Debt instruments in issue | $ 2,626,235 | $ 3,344,759 | ||||
Banistmo S.A. | Foreign currency | Minimum | ||||||
DEBT INSTRUMENTS IN ISSUE | ||||||
Interest rate | 3% | 3% | 1.80% | 1.80% | ||
Banistmo S.A. | Foreign currency | Maximum | ||||||
DEBT INSTRUMENTS IN ISSUE | ||||||
Interest rate | 6.25% | 6.25% | 5% | 5% | ||
Banco Agricola S.A. | Foreign currency | ||||||
DEBT INSTRUMENTS IN ISSUE | ||||||
Principal balance | $ 162,700 | $ 125,640 | ||||
Debt instruments in issue | $ 623,568 | $ 603,865 | ||||
Banco Agricola S.A. | Foreign currency | Minimum | ||||||
DEBT INSTRUMENTS IN ISSUE | ||||||
Interest rate | 5.58% | 5.58% | 5.45% | 5.45% | ||
Banco Agricola S.A. | Foreign currency | Maximum | ||||||
DEBT INSTRUMENTS IN ISSUE | ||||||
Interest rate | 7.57% | 7.57% | 6.41% | 6.41% | ||
Bancolombia Puerto Rico Internacional Inc. | Foreign currency | ||||||
DEBT INSTRUMENTS IN ISSUE | ||||||
Principal balance | $ 69,648 | $ 14,876 | ||||
Debt instruments in issue | $ 276,451 | $ 72,240 | ||||
Bancolombia Puerto Rico Internacional Inc. | Foreign currency | Minimum | ||||||
DEBT INSTRUMENTS IN ISSUE | ||||||
Interest rate | 5.05% | 5.05% | 3.30% | 3.30% | ||
Bancolombia Puerto Rico Internacional Inc. | Foreign currency | Maximum | ||||||
DEBT INSTRUMENTS IN ISSUE | ||||||
Interest rate | 5.50% | 5.50% | 3.65% | 3.65% | ||
Bancolombia Panama S.A. | Foreign currency | ||||||
DEBT INSTRUMENTS IN ISSUE | ||||||
Principal balance | $ 44,924 | $ 70,881 | ||||
Debt instruments in issue | $ 176,376 | $ 342,793 | ||||
Bancolombia Panama S.A. | Foreign currency | Minimum | ||||||
DEBT INSTRUMENTS IN ISSUE | ||||||
Interest rate | 4.70% | 4.70% | 1.50% | 1.50% | ||
Bancolombia Panama S.A. | Foreign currency | Maximum | ||||||
DEBT INSTRUMENTS IN ISSUE | ||||||
Interest rate | 6.10% | 6.10% | 5.65% | 5.65% | ||
Grupo Agromercantil Holding S.A. and Filiales | Foreign currency | ||||||
DEBT INSTRUMENTS IN ISSUE | ||||||
Principal balance | $ 555 | $ 563 | ||||
Debt instruments in issue | $ 2,121 | $ 2,709 | ||||
Grupo Agromercantil Holding S.A. and Filiales | Foreign currency | Minimum | ||||||
DEBT INSTRUMENTS IN ISSUE | ||||||
Interest rate | 0.25% | 0.25% | 0.25% | 0.25% | ||
Grupo Agromercantil Holding S.A. and Filiales | Foreign currency | Maximum | ||||||
DEBT INSTRUMENTS IN ISSUE | ||||||
Interest rate | 7.25% | 7.25% | 7.25% | 7.25% | ||
Bancolombia S.A. | Local currency | ||||||
DEBT INSTRUMENTS IN ISSUE | ||||||
Principal balance | $ 4,029,882 | $ 4,642,404 | ||||
Debt instruments in issue | $ 4,097,727 | $ 4,708,586 | ||||
Bancolombia S.A. | Local currency | Minimum | ||||||
DEBT INSTRUMENTS IN ISSUE | ||||||
Interest rate | 12.87% | 12.87% | 13.06% | 13.06% | ||
Bancolombia S.A. | Local currency | Maximum | ||||||
DEBT INSTRUMENTS IN ISSUE | ||||||
Interest rate | 21.06% | 21.06% | 17.92% | 17.92% | ||
Bancolombia S.A. | Foreign currency | ||||||
DEBT INSTRUMENTS IN ISSUE | ||||||
Principal balance | $ 1,832,534 | $ 2,256,397 | ||||
Debt instruments in issue | $ 6,861,098 | $ 10,501,036 | ||||
Repurchases of senior bonds | $ 467,966 | |||||
Hedge of net asset in a foreign operation | $ 1,392,034 | $ 1,860,000 | ||||
Bancolombia S.A. | Foreign currency | Minimum | ||||||
DEBT INSTRUMENTS IN ISSUE | ||||||
Interest rate | 3.02% | 3.02% | 3.02% | 3.02% | ||
Bancolombia S.A. | Foreign currency | Maximum | ||||||
DEBT INSTRUMENTS IN ISSUE | ||||||
Interest rate | 7.03% | 7.03% | 7.03% | 7.03% |
DEBT INSTRUMENTS IN ISSUE - Bon
DEBT INSTRUMENTS IN ISSUE - Bonds classified by currency, term and type of issue (Details) item in Millions, $ in Millions | 12 Months Ended | ||||
Oct. 25, 2022 COP ($) item | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 COP ($) | Dec. 31, 2022 COP ($) | |
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instruments in issue | $ 14,663,576 | $ 19,575,988 | |||
Banco Agricola S.A. | Maximum | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instrument term | 5 years | ||||
Ordinary bonds | Banistmo S.A. | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
New issuances of bonds | $ 58,062 | $ 72,682 | |||
Debt instrument term | 1 year | ||||
Interest rate | 4.50% | ||||
Ordinary bonds | Banistmo S.A. | Minimum | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Interest rate | 6% | ||||
Ordinary bonds | Banistmo S.A. | Maximum | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Interest rate | 6.25% | ||||
Ordinary bonds | Banco Agricola S.A. | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
New issuances of bonds | $ 77,700 | $ 23,600 | |||
Ordinary bonds | Banco Agricola S.A. | Minimum | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instrument term | 1 year 6 months | 2 years | |||
Interest rate | 6.68% | 5.25% | |||
Ordinary bonds | Banco Agricola S.A. | Maximum | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instrument term | 8 years | ||||
Interest rate | 7.25% | 6.68% | |||
Sustainable ordinary bonds | Bancolombia S.A. | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
New issuances of bonds | $ 640,000 | ||||
Debt instrument term | 5 years | ||||
Number of people covered by commitment to grant financing | item | 1.5 | ||||
Percentage reduction in CO2 emissions in financial loans | 35.60% | ||||
Local currency | Subordinated bonds | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instruments in issue | $ 1,236,385 | $ 1,225,276 | |||
Local currency | Ordinary bonds | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instruments in issue | 2,861,342 | 3,483,310 | |||
Foreign currency | Banistmo S.A. | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instruments in issue | $ 2,626,235 | $ 3,344,759 | |||
Foreign currency | Banistmo S.A. | Minimum | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Interest rate | 3% | 1.80% | |||
Foreign currency | Banistmo S.A. | Maximum | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Interest rate | 6.25% | 5% | |||
Foreign currency | Banco Agricola S.A. | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instruments in issue | $ 623,568 | $ 603,865 | |||
Foreign currency | Banco Agricola S.A. | Minimum | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Interest rate | 5.58% | 5.45% | |||
Foreign currency | Banco Agricola S.A. | Maximum | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Interest rate | 7.57% | 6.41% | |||
Foreign currency | Subordinated bonds | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instruments in issue | $ 4,822,273 | $ 6,026,739 | |||
Foreign currency | Ordinary bonds | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instruments in issue | 5,743,576 | 8,840,663 | |||
Less than 1 year | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instruments in issue | 106,707 | 402,714 | |||
Less than 1 year | Foreign currency | Ordinary bonds | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instruments in issue | 106,707 | 402,714 | |||
Between 1 and 3 years | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instruments in issue | 1,375,723 | 609,437 | |||
Between 1 and 3 years | Foreign currency | Ordinary bonds | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instruments in issue | 1,375,723 | 609,437 | |||
Between 3 and 5 years | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instruments in issue | 303,202 | 784,727 | |||
Between 3 and 5 years | Local currency | Ordinary bonds | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instruments in issue | 165,589 | 165,495 | |||
Between 3 and 5 years | Foreign currency | Ordinary bonds | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instruments in issue | 137,613 | 619,232 | |||
Greater than 5 years | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instruments in issue | 12,877,944 | 17,779,110 | |||
Greater than 5 years | Local currency | Subordinated bonds | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instruments in issue | 1,236,385 | 1,225,276 | |||
Greater than 5 years | Local currency | Ordinary bonds | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instruments in issue | 2,695,753 | 3,317,815 | |||
Greater than 5 years | Foreign currency | Subordinated bonds | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instruments in issue | 4,822,273 | 6,026,739 | |||
Greater than 5 years | Foreign currency | Ordinary bonds | |||||
DEBT INSTRUMENTS IN ISSUE | |||||
Debt instruments in issue | $ 4,123,533 | $ 7,209,280 |
DEBT INSTRUMENTS IN ISSUE - Deb
DEBT INSTRUMENTS IN ISSUE - Debt instruments in issue by maturity (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
DEBT INSTRUMENTS IN ISSUE | ||
Amount expected to be settled | $ 14,663,576 | $ 19,575,988 |
No more than twelve months after the reporting period | ||
DEBT INSTRUMENTS IN ISSUE | ||
Amount expected to be settled | 3,368,076 | 1,898,469 |
More than twelve months after the reporting period | ||
DEBT INSTRUMENTS IN ISSUE | ||
Amount expected to be settled | $ 11,295,500 | $ 17,677,519 |
EMPLOYEE BENEFIT PLANS - Liabil
EMPLOYEE BENEFIT PLANS - Liabilities relating to post-employment benefit and long-term benefit plans (Details) - Post-employment benefit and long-term benefit plans - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
EMPLOYEE BENEFIT PLANS | ||
Total Post-employment and long-term benefit plans | $ 885,719 | $ 769,990 |
Fair value Plan assets | 2,765 | 4,619 |
Total Unfunded Post-employment and long-term benefit plans | 882,954 | 765,371 |
Defined benefit pension plan | ||
EMPLOYEE BENEFIT PLANS | ||
Total Post-employment and long-term benefit plans | 132,854 | 131,255 |
Severance obligation | ||
EMPLOYEE BENEFIT PLANS | ||
Total Post-employment and long-term benefit plans | 14,360 | 15,446 |
Retirement Pension Premium Plan and Executive Pension Plan Premium | ||
EMPLOYEE BENEFIT PLANS | ||
Total Post-employment and long-term benefit plans | 195,295 | 176,816 |
Other long term benefits | ||
EMPLOYEE BENEFIT PLANS | ||
Total Post-employment and long-term benefit plans | $ 543,210 | $ 446,473 |
EMPLOYEE BENEFIT PLANS - Define
EMPLOYEE BENEFIT PLANS - Defined benefit pension plan (Details) - item | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined benefit pension plan - Colombia | ||
EMPLOYEE BENEFIT PLANS | ||
Number of participants covered by plan | 498 | 522 |
Defined benefit pension plan - Panama | ||
EMPLOYEE BENEFIT PLANS | ||
Number of months prior to retirement used to determine benefit payments | 120 | |
Required service period | 10 years | |
Number of participants covered by plan | 37 | 42 |
Number of participants with deferred benefits | 10 | 15 |
Number of participants receiving benefits | 27 | 27 |
Defined benefit pension plan - Guatemala | Benefits Scenario 1 | ||
EMPLOYEE BENEFIT PLANS | ||
Required service period | 30 years | |
Percentage of monthly nominal wage in retirement pension plan | 50% | |
Retirement Age | 70 years | |
Defined benefit pension plan - Guatemala | Benefits Scenario 2 | ||
EMPLOYEE BENEFIT PLANS | ||
Required service period | 40 years | |
Percentage of monthly nominal wage in retirement pension plan | 50% | |
Retirement Age | 65 years | |
Defined benefit pension plan - Guatemala | Benefits Scenario 3 | ||
EMPLOYEE BENEFIT PLANS | ||
Required service period | 40 years | |
Percentage of monthly nominal wage in retirement pension plan | 70% | |
Retirement Age | 70 years | |
Defined benefit pension plan - Guatemala | Benefits Scenario 4 | ||
EMPLOYEE BENEFIT PLANS | ||
Required service period | 45 years | |
Percentage of monthly nominal wage in retirement pension plan | 70% | |
Retirement Age | 65 years |
EMPLOYEE BENEFIT PLANS - Defi_2
EMPLOYEE BENEFIT PLANS - Defined benefit pension plan - Obligation (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined benefit pension plan - Colombia | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate | 11.75% | 14.25% |
Defined benefit pension plan - Guatemala | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate | 9% | 10.20% |
Defined benefit obligation at present value | Defined benefit pension plan - Colombia | ||
EMPLOYEE BENEFIT PLANS | ||
Present value of the obligation as of January 1 | $ 95,081 | $ 110,018 |
Interest cost | 11,409 | 9,459 |
Benefits paid | (12,237) | (11,439) |
Net actuarial loss / (gain) due to changes in assumptions | 7,025 | (11,321) |
Net actuarial loss / (gain) due to plan experience | 500 | (1,636) |
Defined obligation, unfunded as of December 31 | 101,778 | 95,081 |
Defined benefit obligation at present value | Defined benefit pension plan - Panama | ||
EMPLOYEE BENEFIT PLANS | ||
Present value of the obligation as of January 1 | 5,296 | 6,025 |
Interest cost | 312 | 229 |
Benefits paid | (1,088) | (332) |
Net actuarial loss / (gain) due to changes in assumptions | (174) | (1,360) |
Net actuarial loss / (gain) due to plan experience | (361) | (293) |
Foreign currency translation effect | (934) | 1,027 |
Defined obligation, unfunded as of December 31 | 3,051 | 5,296 |
Defined benefit obligation at present value | Defined benefit pension plan - Guatemala | ||
EMPLOYEE BENEFIT PLANS | ||
Present value of the obligation as of January 1 | 30,878 | 52,773 |
Current cost of service | 878 | 2,457 |
Interest cost | 2,757 | 3,375 |
Past service cost | (4,821) | |
Benefits paid | (1,764) | (1,709) |
Net actuarial loss / (gain) due to changes in assumptions | 5,544 | (30,093) |
Net actuarial loss / (gain) due to plan experience | 1,272 | (2,122) |
Foreign currency translation effect | (6,719) | 6,197 |
Defined obligation, unfunded as of December 31 | $ 28,025 | $ 30,878 |
EMPLOYEE BENEFIT PLANS - Defi_3
EMPLOYEE BENEFIT PLANS - Defined benefit pension plan - Plan assets (Details) - Plan assets - Defined benefit pension plan - Panama - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
EMPLOYEE BENEFIT PLANS | ||
Fair value of assets as of January 1 | $ 4,619 | $ 4,127 |
Interest income on plan assets | 80 | 30 |
Benefits paid | (1,105) | (355) |
Foreign currency translation effect | (829) | 817 |
Fair value assets at December 31 | $ 2,765 | $ 4,619 |
EMPLOYEE BENEFIT PLANS - Severa
EMPLOYEE BENEFIT PLANS - Severance obligation (Details) - Severance obligation - Colombia $ in Millions | 12 Months Ended | |
Dec. 31, 2023 COP ($) item | Dec. 31, 2022 COP ($) item | |
EMPLOYEE BENEFIT PLANS | ||
Number of participants covered by plan | item | 114 | 152 |
Defined benefit obligation at present value | ||
EMPLOYEE BENEFIT PLANS | ||
Present value of the obligation as of January 1 | $ 15,446 | $ 18,429 |
Current service cost | 357 | 409 |
Interest cost | 1,566 | 1,250 |
Benefits paid | (6,594) | (5,113) |
Net actuarial loss / (gain) due to changes in assumptions | 888 | 1,806 |
Net actuarial loss / (gain) due to plan experience | 2,697 | (1,335) |
Defined obligation, unfunded as of December 31 | $ 14,360 | $ 15,446 |
EMPLOYEE BENEFIT PLANS - Retire
EMPLOYEE BENEFIT PLANS - Retirement Pension Premium Plan and Executive Pension Plan Premium - Obligation (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 COP ($) item | Dec. 31, 2022 COP ($) item | Dec. 31, 2021 | |
Bancolombia S.A. | |||
EMPLOYEE BENEFIT PLANS | |||
Discount rate | 11.75% | 14.25% | |
Inflation rate | 6.35% | 7.30% | |
Retirement Pension Premium Plan and Executive Pension Plan Premium - El Salvador | |||
EMPLOYEE BENEFIT PLANS | |||
Number of participants covered by plan | item | 2,927 | 2,844 | |
Retirement Pension Premium Plan and Executive Pension Plan Premium - Guatemala | |||
EMPLOYEE BENEFIT PLANS | |||
Number of participants covered by plan | item | 3,733 | 3,504 | |
Discount rate | 8.50% | 9.30% | 5.40% |
Actuarial gain (loss) from changes in financial assumptions | $ (2,772) | $ (13,476) | |
Defined benefit obligation at present value | Retirement Pension Premium Plan and Executive Pension Plan Premium | |||
EMPLOYEE BENEFIT PLANS | |||
Present value of the obligation as of January 1 | 176,816 | 219,496 | |
Current service cost | 18,427 | 20,794 | |
Interest cost | 17,338 | 15,371 | |
Benefits paid | (18,889) | (19,487) | |
Consolidation of contributions | (43,199) | ||
Net actuarial loss / (gain) due to changes in assumptions | (565) | (39,817) | |
Net actuarial loss / (gain) due to plan experience | 24,238 | 6,487 | |
Foreign currency translation effect | (22,070) | 17,171 | |
Defined obligation, unfunded as of December 31 | $ 195,295 | $ 176,816 |
EMPLOYEE BENEFIT PLANS - Reti_2
EMPLOYEE BENEFIT PLANS - Retirement Pension Premium Plan and Executive Pension Plan Premium - Plan assets (Details) - Plan assets - Retirement Pension Premium Plan and Executive Pension Plan Premium $ in Millions | 12 Months Ended |
Dec. 31, 2022 COP ($) | |
EMPLOYEE BENEFIT PLANS | |
Fair value of assets as of January 1 | $ 30,121 |
Employee contributions | 6,614 |
Interest income on plan assets | 2,329 |
Return on plan assets greater/(less) than discount rate | (4,245) |
Benefits paid | (34,819) |
Fair value assets at December 31 |
EMPLOYEE BENEFIT PLANS - Other
EMPLOYEE BENEFIT PLANS - Other long term benefits (Details) - Other long term benefits - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
EMPLOYEE BENEFIT PLANS | |||
Discount rate | 11.75% | 14% | 8% |
Actuarial gain (loss) from changes in financial assumptions | $ 33,545 | $ 33,143 | |
Inflation rate | 6.35% | 7.30% | |
Defined benefit obligation at present value | |||
EMPLOYEE BENEFIT PLANS | |||
Present value of the obligation as of January 1 | $ 446,473 | $ 465,744 | |
Current service cost | 48,790 | 24,106 | |
Interest cost | 54,878 | 39,973 | |
Benefits paid | (55,257) | (44,601) | |
Net actuarial loss / (gain) due to changes in assumptions | 38,497 | (47,997) | |
Net actuarial loss / (gain) due to plan experience | 18,721 | 2,369 | |
Foreign currency translation effect | (8,892) | 6,879 | |
Defined obligation, unfunded as of December 31 | $ 543,210 | $ 446,473 |
EMPLOYEE BENEFIT PLANS - Defi_4
EMPLOYEE BENEFIT PLANS - Defined contribution plans (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined contribution plan | ||
EMPLOYEE BENEFIT PLANS | ||
Defined contribution expense | $ 369,584 | $ 295,478 |
Pension | ||
EMPLOYEE BENEFIT PLANS | ||
Defined contribution expense | 286,621 | 231,676 |
Current severance regimen | ||
EMPLOYEE BENEFIT PLANS | ||
Defined contribution expense | $ 82,963 | $ 63,802 |
EMPLOYEE BENEFIT PLANS - Econom
EMPLOYEE BENEFIT PLANS - Economic assumptions used in the determination of the present value of the defined benefit plans (Details) - Y | Dec. 31, 2023 | Dec. 31, 2022 |
Minimum | ||
EMPLOYEE BENEFIT PLANS | ||
Actuarial assumption of mortality rates (in years) | 20 | |
Maximum | ||
EMPLOYEE BENEFIT PLANS | ||
Actuarial assumption of mortality rates (in years) | 60 | |
Defined benefit pension plan - Colombia | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate | 11.75% | 14.25% |
Rate of wage increase | 8.85% | 9.80% |
Projected inflation | 6.35% | 7.30% |
Rate of pension increase | 6.35% | 7.30% |
Defined benefit pension plan - Bancolombia Panama | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate | 7% | 6.50% |
Rate of wage increase | 2% | 2% |
Projected inflation | 2% | 2% |
Defined benefit pension plan - Banistmo | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate | 7.60% | 6.90% |
Rate of wage increase | 2.20% | 0.70% |
Defined benefit pension plan - El Salvador | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate | 6.20% | 5.80% |
Rate of wage increase | 2.50% | 2.50% |
Projected inflation | 1.50% | 1.50% |
Defined benefit pension plan - Guatemala | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate | 9% | 10.20% |
Rate of wage increase | 5% | 5% |
Projected inflation | 4% | 4% |
EMPLOYEE BENEFIT PLANS - Estima
EMPLOYEE BENEFIT PLANS - Estimated payment of future benefits (Details) $ in Millions | Dec. 31, 2023 COP ($) |
Pension Benefits | 2024 | |
EMPLOYEE BENEFIT PLANS | |
Estimated payment of future benefits | $ 15,217 |
Pension Benefits | 2025 | |
EMPLOYEE BENEFIT PLANS | |
Estimated payment of future benefits | 15,296 |
Pension Benefits | 2026 | |
EMPLOYEE BENEFIT PLANS | |
Estimated payment of future benefits | 15,443 |
Pension Benefits | 2027 | |
EMPLOYEE BENEFIT PLANS | |
Estimated payment of future benefits | 15,388 |
Pension Benefits | 2028 | |
EMPLOYEE BENEFIT PLANS | |
Estimated payment of future benefits | 15,357 |
Pension Benefits | 2029 to 2033 | |
EMPLOYEE BENEFIT PLANS | |
Estimated payment of future benefits | 71,711 |
Other Benefits | 2024 | |
EMPLOYEE BENEFIT PLANS | |
Estimated payment of future benefits | 90,557 |
Other Benefits | 2025 | |
EMPLOYEE BENEFIT PLANS | |
Estimated payment of future benefits | 83,744 |
Other Benefits | 2026 | |
EMPLOYEE BENEFIT PLANS | |
Estimated payment of future benefits | 98,699 |
Other Benefits | 2027 | |
EMPLOYEE BENEFIT PLANS | |
Estimated payment of future benefits | 89,188 |
Other Benefits | 2028 | |
EMPLOYEE BENEFIT PLANS | |
Estimated payment of future benefits | 98,452 |
Other Benefits | 2029 to 2033 | |
EMPLOYEE BENEFIT PLANS | |
Estimated payment of future benefits | $ 483,520 |
EMPLOYEE BENEFIT PLANS - Sensit
EMPLOYEE BENEFIT PLANS - Sensitivity analysis (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined benefit pension plan - Colombia | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 11.75% | 14.25% |
Salary, Value | 8.85% | 9.80% |
Defined benefit pension plan - Colombia | Discount rate | 0.50% increase in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 12.25% | |
Percentage of increase | 0.50% | |
Increase, Effect on DBO | $ (2,899) | |
Defined benefit pension plan - Colombia | Discount rate | 0.50% decrease in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 11.25% | |
Percentage of decrease | 0.50% | |
Decrease, Effect on DBO | $ 3,071 | |
Defined benefit pension plan - Colombia | Salary | 0.50% increase in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Salary, Value | 6.85% | |
Percentage of increase | 0.50% | |
Increase, Effect on DBO | $ 3,436 | |
Defined benefit pension plan - Colombia | Salary | 0.50% decrease in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Salary, Value | 5.85% | |
Percentage of decrease | 0.50% | |
Decrease, Effect on DBO | $ (3,264) | |
Defined benefit pension plan - Colombia | Mortality Table | Mortality Table RV-08 | ||
EMPLOYEE BENEFIT PLANS | ||
Mortality Table (Increase/Decrease) | One year increase in life expectancy | |
Increase, Effect on DBO | $ 4,229 | |
Retirement Pension Premium Plan - Colombia | Discount rate | 0.50% increase in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 12.25% | |
Percentage of increase | 0.50% | |
Increase, Effect on DBO | $ (5,412) | |
Retirement Pension Premium Plan - Colombia | Discount rate | 0.50% decrease in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 11.25% | |
Percentage of decrease | 0.50% | |
Decrease, Effect on DBO | $ 5,894 | |
Retirement Pension Premium Plan - Colombia | Salary | 0.50% increase in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Salary, Value | 9.35% | |
Percentage of increase | 0.50% | |
Increase, Effect on DBO | $ 6,058 | |
Retirement Pension Premium Plan - Colombia | Salary | 0.50% decrease in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Salary, Value | 8.35% | |
Percentage of decrease | 0.50% | |
Decrease, Effect on DBO | $ (5,602) | |
Severance obligation - Colombia | Discount rate | 0.50% increase in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 11.75% | |
Percentage of increase | 0.50% | |
Increase, Effect on DBO | $ (177) | |
Severance obligation - Colombia | Discount rate | 0.50% decrease in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 10.75% | |
Percentage of decrease | 0.50% | |
Decrease, Effect on DBO | $ 182 | |
Severance obligation - Colombia | Salary | 0.50% increase in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Salary, Value | 9.35% | |
Percentage of increase | 0.50% | |
Increase, Effect on DBO | $ 410 | |
Severance obligation - Colombia | Salary | 0.50% decrease in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Salary, Value | 8.35% | |
Percentage of decrease | 0.50% | |
Decrease, Effect on DBO | $ (402) | |
Defined benefit pension plan - Panama | Discount rate | 0.50% increase in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 8.10% | |
Percentage of increase | 0.50% | |
Increase, Effect on DBO | $ (102) | |
Defined benefit pension plan - Panama | Discount rate | 0.50% decrease in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 7.10% | |
Percentage of decrease | 0.50% | |
Decrease, Effect on DBO | $ 108 | |
Defined benefit pension plan - Panama | Mortality Table | Mortality Table RP-2000 | ||
EMPLOYEE BENEFIT PLANS | ||
Mortality Table (Increase/Decrease) | One year increase in life expectancy | |
Increase, Effect on DBO | $ 86 | |
Defined benefit pension plan - Guatemala | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 9% | 10.20% |
Salary, Value | 5% | 5% |
Defined benefit pension plan - Guatemala | Discount rate | 0.50% increase in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 9.50% | |
Percentage of increase | 0.50% | |
Increase, Effect on DBO | $ (2,226) | |
Defined benefit pension plan - Guatemala | Discount rate | 0.50% decrease in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 8.50% | |
Percentage of decrease | 0.50% | |
Decrease, Effect on DBO | $ 2,546 | |
Defined benefit pension plan - Guatemala | Salary | 0.50% increase in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Salary, Value | 5.50% | |
Percentage of increase | 0.50% | |
Increase, Effect on DBO | $ 1,653 | |
Defined benefit pension plan - Guatemala | Salary | 0.50% decrease in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Salary, Value | 4.50% | |
Percentage of decrease | 0.50% | |
Decrease, Effect on DBO | $ (1,482) | |
Defined benefit pension plan - Guatemala | Mortality Table | Mortality Table RP-2000 | ||
EMPLOYEE BENEFIT PLANS | ||
Mortality Table (Increase/Decrease) | One year increase in life expectancy | |
Increase, Effect on DBO | $ 784 | |
Retirement Pension Premium Plan - Guatemala | Discount rate | 0.50% increase in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 9% | |
Percentage of increase | 0.50% | |
Increase, Effect on DBO | $ (1,461) | |
Retirement Pension Premium Plan - Guatemala | Discount rate | 0.50% decrease in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 8% | |
Percentage of decrease | 0.50% | |
Decrease, Effect on DBO | $ 1,537 | |
Retirement Pension Premium Plan - Guatemala | Salary | 0.50% increase in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Salary, Value | 5.50% | |
Percentage of increase | 0.50% | |
Increase, Effect on DBO | $ 1,582 | |
Retirement Pension Premium Plan - Guatemala | Salary | 0.50% decrease in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Salary, Value | 4.50% | |
Percentage of decrease | 0.50% | |
Decrease, Effect on DBO | $ (1,515) | |
Retirement Pension Premium Plan - El Salvador | Discount rate | 0.50% increase in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 6.70% | |
Percentage of increase | 0.50% | |
Increase, Effect on DBO | $ (724) | |
Retirement Pension Premium Plan - El Salvador | Discount rate | 0.50% decrease in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 5.70% | |
Percentage of decrease | 0.50% | |
Decrease, Effect on DBO | $ 778 | |
Retirement Pension Premium Plan - El Salvador | Salary | 0.50% increase in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Salary, Value | 3% | |
Percentage of increase | 0.50% | |
Increase, Effect on DBO | $ 134 | |
Retirement Pension Premium Plan - El Salvador | Salary | 0.50% decrease in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Salary, Value | 2% | |
Percentage of decrease | 0.50% | |
Decrease, Effect on DBO | $ (183) | |
Other Long-Term Benefits - Colombia | Discount rate | 0.50% increase in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 12.25% | |
Percentage of increase | 0.50% | |
Increase, Effect on DBO | $ (14,948) | |
Other Long-Term Benefits - Colombia | Discount rate | 0.50% decrease in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 11.25% | |
Percentage of decrease | 0.50% | |
Decrease, Effect on DBO | $ 15,879 | |
Other Long-Term Benefits - Colombia | Salary | 0.50% increase in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Salary, Value | 9.35% | |
Percentage of increase | 0.50% | |
Increase, Effect on DBO | $ 16,208 | |
Other Long-Term Benefits - Colombia | Salary | 0.50% decrease in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Salary, Value | 8.35% | |
Percentage of decrease | 0.50% | |
Decrease, Effect on DBO | $ (14,405) | |
Other Long-Term Benefits - Guatemala | Discount rate | 0.50% increase in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 9.10% | |
Percentage of increase | 0.50% | |
Increase, Effect on DBO | $ (892) | |
Other Long-Term Benefits - Guatemala | Discount rate | 0.50% decrease in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 8.10% | |
Percentage of decrease | 0.50% | |
Decrease, Effect on DBO | $ 952 | |
Other Long-Term Benefits - Guatemala | Salary | 0.50% increase in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Salary, Value | 5.50% | |
Percentage of increase | 0.50% | |
Increase, Effect on DBO | $ 981 | |
Other Long-Term Benefits - Guatemala | Salary | 0.50% decrease in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Salary, Value | 4.50% | |
Percentage of decrease | 0.50% | |
Decrease, Effect on DBO | $ (926) | |
Other Long-Term Benefits - El Salvador | Discount rate | 0.50% increase in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 6.70% | |
Percentage of increase | 0.50% | |
Increase, Effect on DBO | $ (132) | |
Other Long-Term Benefits - El Salvador | Discount rate | 0.50% decrease in actuarial assumption | ||
EMPLOYEE BENEFIT PLANS | ||
Discount rate, Value | 5.70% | |
Percentage of decrease | 0.50% | |
Decrease, Effect on DBO | $ 140 |
EMPLOYEE BENEFIT PLANS - Short-
EMPLOYEE BENEFIT PLANS - Short-term employment benefit plans (Details) - Other liabilities - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
EMPLOYEE BENEFIT PLANS | ||
Current severance obligation | $ 95,732 | $ 73,475 |
Bonuses and short-term benefits | 734,916 | 640,458 |
Other employment benefit plans | $ 830,648 | $ 713,933 |
OTHER LIABILITIES (Details)
OTHER LIABILITIES (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
OTHER LIABILITIES | |||
Payables | $ 4,746,323 | $ 3,629,433 | |
Suppliers | 1,653,424 | 2,333,289 | |
Advances to obligations | 1,199,509 | 1,082,447 | |
Dividends | 870,846 | 769,181 | |
Collection services | 820,393 | 1,032,613 | |
Deposits delivered as security | 795,628 | 655,176 | |
Bonuses and short-term benefits | 734,916 | 640,458 | |
Security contributions | 524,741 | 473,247 | |
Provisions | 401,111 | 417,242 | |
Salaries and other labor obligations | 396,734 | 359,673 | |
Deferred interests | 217,507 | 96,939 | |
Advances in leasing operations and loans | 186,547 | 282,173 | |
Liabilities from contracts with customers | 60,128 | 56,856 | $ 55,025 |
Other | 40,774 | 50,484 | |
Total | $ 12,648,581 | $ 11,879,211 |
PROVISIONS AND CONTINGENT LIA_3
PROVISIONS AND CONTINGENT LIABILITIES - Provisions (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | $ 417,242 | $ 288,017 |
Net provisions recognized during the period | 21,468 | 147,374 |
Provisions used during the period | (14,531) | (31,945) |
Translation adjustment | (18,937) | 10,396 |
Effect of discounted cash flows | (4,131) | 3,400 |
Ending balance | 401,111 | 417,242 |
Judicial proceedings | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | 47,577 | 35,815 |
Net provisions recognized during the period | 19,427 | 18,958 |
Provisions used during the period | (10,666) | (8,863) |
Translation adjustment | (1,395) | (1,733) |
Effect of discounted cash flows | (4,131) | 3,400 |
Ending balance | 50,812 | 47,577 |
Administrative proceedings | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | 84,997 | 15,340 |
Net provisions recognized during the period | 11,248 | 92,739 |
Provisions used during the period | (3,865) | (23,082) |
Ending balance | 92,380 | 84,997 |
Amount recognized related to administrative litigation | 14,920 | 14,002 |
Financial guarantees | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | 16,501 | 31,111 |
Net provisions recognized during the period | (14,139) | (14,716) |
Translation adjustment | (124) | 106 |
Ending balance | 2,238 | 16,501 |
Loan commitments | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | 265,405 | 204,655 |
Net provisions recognized during the period | 4,394 | 48,727 |
Translation adjustment | (17,418) | 12,023 |
Ending balance | 252,381 | 265,405 |
Onerous contracts | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | 2,762 | 1,096 |
Net provisions recognized during the period | 538 | 1,666 |
Ending balance | $ 3,300 | $ 2,762 |
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, 2023 | Dec. 31, 2022 | |
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | $ (27,940,140) | |
Ending Balance | (25,674,195) | $ (27,940,140) |
Stage Three | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | (1,006,275) | |
Ending Balance | (1,031,773) | (1,006,275) |
Stage Three | Allowance | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | 667,528 | |
Ending Balance | 752,028 | 667,528 |
Financial guarantees and loan commitments | Allowance | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | 281,906 | 235,766 |
Provisions recognised during the period | 77,697 | 91,492 |
Provisions reversed during the period | (87,442) | (57,481) |
Translation adjustment | (17,542) | 12,129 |
Ending Balance | 254,619 | 281,906 |
Financial guarantees and loan commitments | Stage One | Allowance | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | 140,574 | 104,204 |
Transfers | 34,443 | 24,198 |
Transfer to stage 1 | 33,530 | 25,578 |
Transfer to stage 2 | 2,384 | 119 |
Transfer to stage 3 | (1,471) | (1,499) |
Provisions recognised during the period | 56,254 | 60,707 |
Provisions reversed during the period | (60,779) | (55,730) |
Translation adjustment | (12,155) | 7,195 |
Ending Balance | 158,337 | 140,574 |
Financial guarantees and loan commitments | Stage Two | Allowance | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | 82,615 | 59,825 |
Transfers | (23,490) | 1,873 |
Transfer to stage 1 | (24,858) | (17,581) |
Transfer to stage 2 | 4,992 | 21,547 |
Transfer to stage 3 | (3,624) | (2,093) |
Provisions recognised during the period | 11,515 | 22,636 |
Provisions reversed during the period | (20,306) | (6,559) |
Translation adjustment | (5,276) | 4,840 |
Ending Balance | 45,058 | 82,615 |
Financial guarantees and loan commitments | Stage Three | Allowance | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Beginning balance | 58,717 | 71,737 |
Transfers | (10,953) | (26,071) |
Transfer to stage 1 | (8,672) | (7,997) |
Transfer to stage 2 | (7,376) | (21,666) |
Transfer to stage 3 | 5,095 | 3,592 |
Provisions recognised during the period | 9,928 | 8,149 |
Provisions reversed during the period | (6,357) | 4,808 |
Translation adjustment | (111) | 94 |
Ending Balance | $ 51,224 | $ 58,717 |
PROVISIONS AND CONTINGENT LIA_5
PROVISIONS AND CONTINGENT LIABILITIES - Financial guarantees (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
PROVISIONS AND CONTINGENT LIABILITIES | ||
Financial guarantees | $ 12,691,198 | $ 11,624,914 |
Under 1 month | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Financial guarantees | 826,699 | 757,658 |
Greater than 1 month and up to 3 months | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Financial guarantees | 3,778,824 | 1,286,137 |
Greater than 3 months and up to 1 year | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Financial guarantees | 5,609,521 | 5,695,172 |
Greater than 1 year and up to 3 years | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Financial guarantees | 1,489,899 | 3,660,806 |
Greater than 3 years and up to 5 years | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Financial guarantees | 450,875 | 134,611 |
Greater than 5 years | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Financial guarantees | $ 535,380 | $ 90,530 |
PROVISIONS AND CONTINGENT LIA_6
PROVISIONS AND CONTINGENT LIABILITIES - Loan commitments (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
PROVISIONS AND CONTINGENT LIABILITIES | ||
Loan commitments | $ 11,233,614 | $ 15,865,759 |
Under 1 month | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Loan commitments | 687,405 | 745,606 |
Greater than 1 month and up to 3 months | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Loan commitments | 11,373 | 1,028,896 |
Greater than 3 months and up to 1 year | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Loan commitments | 4,205,833 | 1,271,666 |
Greater than 1 year and up to 3 years | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Loan commitments | 2,269,280 | 5,308,195 |
Greater than 3 years and up to 5 years | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Loan commitments | 3,411,570 | 6,683,599 |
Greater than 5 years | ||
PROVISIONS AND CONTINGENT LIABILITIES | ||
Loan commitments | $ 648,153 | $ 827,797 |
PROVISIONS AND CONTINGENT LIA_7
PROVISIONS AND CONTINGENT LIABILITIES - Contingent liabilities (Details) $ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 13, 2023 COP ($) | Nov. 03, 2023 COP ($) | Nov. 03, 2022 COP ($) | Sep. 20, 2022 USD ($) | Sep. 28, 2015 COP ($) | Jun. 03, 2008 USD ($) | Oct. 31, 2022 USD ($) item | Apr. 30, 2022 USD ($) | Mar. 31, 2022 COP ($) | Oct. 31, 2021 USD ($) | Oct. 31, 2018 USD ($) | Oct. 31, 2013 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2014 USD ($) | Dec. 31, 2023 COP ($) | |
Neos Group S.A.S. (in reorganization) and Inversiones Davanic S.A.S. | ||||||||||||||||
PROVISIONS AND CONTINGENT LIABILITIES | ||||||||||||||||
Damages sought | $ 65,000 | |||||||||||||||
Contraloria Departamental de Cundinamarca v. GEHS, Bancolombia and other natural persons | ||||||||||||||||
PROVISIONS AND CONTINGENT LIABILITIES | ||||||||||||||||
Price agreed | $ 19,000 | |||||||||||||||
Fines awarded | $ 7,649 | |||||||||||||||
Legal proceedings provision | $ 7,149 | |||||||||||||||
Remediation Plan for Santa Elena's property | ||||||||||||||||
PROVISIONS AND CONTINGENT LIABILITIES | ||||||||||||||||
Remediation plan timeframe | 36 months | |||||||||||||||
Legal proceedings provision | $ 74,770 | |||||||||||||||
Fredy Alberto Lara Borja | ||||||||||||||||
PROVISIONS AND CONTINGENT LIABILITIES | ||||||||||||||||
Damages sought | $ 103,943 | |||||||||||||||
Quinta Sur S.A.S. | ||||||||||||||||
PROVISIONS AND CONTINGENT LIABILITIES | ||||||||||||||||
Damages sought | $ 128,000 | |||||||||||||||
Constructora Tymsa S.A. | ||||||||||||||||
PROVISIONS AND CONTINGENT LIABILITIES | ||||||||||||||||
Damages sought | $ 10,000 | |||||||||||||||
Five Star Production Inc., Global Men Health Foundation, Ingrid Perscky and Others | ||||||||||||||||
PROVISIONS AND CONTINGENT LIABILITIES | ||||||||||||||||
Damages sought | $ 5,000 | |||||||||||||||
Deniss Rafael Perez Perozo, Carlos Perez Leal and others | ||||||||||||||||
PROVISIONS AND CONTINGENT LIABILITIES | ||||||||||||||||
Damages sought | $ 5,252,000 | |||||||||||||||
Partial payment received, flagged as irregular activity | $ 299 | |||||||||||||||
DD&C, Carlos Perez Leal and Others | ||||||||||||||||
PROVISIONS AND CONTINGENT LIABILITIES | ||||||||||||||||
Damages sought | $ 28,100 | |||||||||||||||
Number of international banks of the company against whom the case if file | item | 5 | |||||||||||||||
Number of international transactions on which legal is sought for compensation | item | 6 | |||||||||||||||
Aggregate amount of alleged fraudulent transactions | $ 1,900 | |||||||||||||||
Direccion General de Impuestos Internos of El Salvador | ||||||||||||||||
PROVISIONS AND CONTINGENT LIABILITIES | ||||||||||||||||
Tax liability amount under examination | $ 11,116 | |||||||||||||||
Adjusted rental tax | $ 6,341 | |||||||||||||||
ARRENDADORA FINANCIERA S.A. | ||||||||||||||||
PROVISIONS AND CONTINGENT LIABILITIES | ||||||||||||||||
Damages sought | $ 6,454 | |||||||||||||||
Bapa Holdings Corp. | ||||||||||||||||
PROVISIONS AND CONTINGENT LIABILITIES | ||||||||||||||||
Damages sought | $ 7,000 | |||||||||||||||
Superintendencia de Administracion Tributaria | ||||||||||||||||
PROVISIONS AND CONTINGENT LIABILITIES | ||||||||||||||||
Tax adjustment amount | $ 13,583 | |||||||||||||||
Payments for taxes and penalties | 770 | |||||||||||||||
Legal proceedings contingent liability | ||||||||||||||||
PROVISIONS AND CONTINGENT LIABILITIES | ||||||||||||||||
Threshold amount of contingencies significant to financial statements | $ 6,585 |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) - COP ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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% | ||||
Mandatory percentage of annual net income if total reserves exceeds outstanding capital | 70% | ||||
Minimum percentage of shareholder approval required to defer distribution of annual net income | 78% | ||||
Quorum of subscribed preferred shareholders attendance which is required for valid vote | 80% | ||||
Cash dividends per share | $ 3,536 | $ 3,536 | $ 3,120 | $ 260 | $ 1,638 |
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% | ||||
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% | ||||
Non-cumulative minimum preferred dividend, as a percentage of annual subscription price | 1% | ||||
Quorum of subscribed preferred shareholders attendance which is required for valid vote | 80% | ||||
Legal reserves | |||||
Dividends declared | |||||
Minimum percentage of annual net income required to be appropriated to reserves | 10% | ||||
Maximum reserve balance, as a percentage of total paid-in capital | 50% |
APPROPRIATED RESERVES (Details)
APPROPRIATED RESERVES (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
APPROPRIATED RESERVES | ||
Total Appropriated reserves | $ 20,044,769 | $ 15,930,665 |
Appropriation of net income | ||
APPROPRIATED RESERVES | ||
Total Appropriated reserves | 12,794,057 | 12,768,264 |
Dividends reclassification | 557 | 574 |
Others | ||
APPROPRIATED RESERVES | ||
Total Appropriated reserves | $ 7,250,712 | $ 3,162,401 |
UNCONSOLIDATED STRUCTURED ENT_3
UNCONSOLIDATED STRUCTURED ENTITIES (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
UNCONSOLIDATED STRUCTURED ENTITIES | ||
Total assets of the entities | $ 160,637,866 | $ 150,886,506 |
Total assets in relation to the Bank's interests in the unconsolidated structured entities | 8,099,991 | 6,230,357 |
The Bank's maximum exposure | 8,099,991 | 6,230,357 |
Fees income | 477,899 | 439,709 |
Fair value through profit or loss | Investments | ||
UNCONSOLIDATED STRUCTURED ENTITIES | ||
Total assets in relation to the Bank's interests in the unconsolidated structured entities | 80,436 | 87,048 |
Fair value through other comprehensive income | Investments | ||
UNCONSOLIDATED STRUCTURED ENTITIES | ||
Total assets in relation to the Bank's interests in the unconsolidated structured entities | 22,149 | 26,936 |
Loans and advances to customers | Loans and advances | ||
UNCONSOLIDATED STRUCTURED ENTITIES | ||
Total assets in relation to the Bank's interests in the unconsolidated structured entities | 7,997,406 | 6,116,373 |
Securitisation | ||
UNCONSOLIDATED STRUCTURED ENTITIES | ||
Total assets of the entities | 1,028,501 | 1,198,421 |
Total assets in relation to the Bank's interests in the unconsolidated structured entities | 102,585 | 113,984 |
The Bank's maximum exposure | 102,585 | 113,984 |
Fees income | 3,763 | 4,532 |
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 | 80,436 | 87,048 |
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 | 22,149 | 26,936 |
The Bank's managed funds | ||
UNCONSOLIDATED STRUCTURED ENTITIES | ||
Total assets of the entities | 159,609,365 | 149,688,085 |
Total assets in relation to the Bank's interests in the unconsolidated structured entities | 7,997,406 | 6,116,373 |
The Bank's maximum exposure | 7,997,406 | 6,116,373 |
Fees income | 474,136 | 435,177 |
The Bank's managed funds | Loans and advances to customers | Loans and advances | ||
UNCONSOLIDATED STRUCTURED ENTITIES | ||
Total assets in relation to the Bank's interests in the unconsolidated structured entities | $ 7,997,406 | $ 6,116,373 |
OPERATING INCOME - Interest and
OPERATING INCOME - Interest and valuation on financial instruments (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING INCOME | |||
Interest on debt instruments using the effective interest method | $ 1,029,377 | $ 588,792 | $ 311,488 |
Interest and valuation on financial instruments | 578,688 | 1,362,700 | 470,554 |
Interest and valuation on financial assets instruments | 1,608,065 | 1,951,492 | 782,042 |
Debt investments | |||
OPERATING INCOME | |||
Interest and valuation on financial instruments | 628,082 | 1,198,296 | 466,124 |
Repos | |||
OPERATING INCOME | |||
Interest and valuation on financial instruments | 137,014 | (84,410) | (56,555) |
Spot transactions | |||
OPERATING INCOME | |||
Interest and valuation on financial instruments | (28,590) | 77,433 | 27,348 |
Derivatives | |||
OPERATING INCOME | |||
Interest and valuation on financial instruments | $ (157,818) | $ 171,381 | $ 33,637 |
OPERATING INCOME - Interest exp
OPERATING INCOME - Interest expenses (Details) - COP ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING INCOME | ||||
Deposits | $ 13,323,516 | $ 6,141,680 | $ 2,814,505 | |
Borrowing costs | 1,658,996 | 763,717 | 293,949 | |
Debt instruments in issue | 1,426,615 | 1,328,511 | 1,053,441 | |
Lease liabilities | 113,815 | 111,349 | 111,556 | |
Preferred shares | 57,701 | 57,701 | 57,701 | |
Overnight funds | 30,540 | 11,375 | 3,870 | |
Other interest (expense) | 57,112 | 28,137 | 16,534 | |
Interest expenses | $ 16,668,295 | $ 8,442,470 | $ 4,351,556 | |
Intervention rate issued by Banco de la Republica | 13% | 12% | 3% | 1.75% |
Net interest income | $ 19,601,869 | $ 16,929,815 | $ 11,304,222 |
OPERATING INCOME - Revenue from
OPERATING INCOME - Revenue from contracts with customers (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Minimum | |||
OPERATING INCOME | |||
Intermediation margin | 5% | ||
Maximum | |||
OPERATING INCOME | |||
Intermediation margin | 10% | ||
Operating Segments | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | $ 7,080,878 | $ 6,370,526 | $ 5,293,804 |
Operating Segments | Credit and debit card fees and commercial establishments | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 3,070,428 | 2,779,760 | 2,236,121 |
Operating Segments | Bancassurance | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 997,321 | 872,677 | 686,592 |
Operating Segments | Banking services | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 991,563 | 837,361 | 682,231 |
Operating Segments | Payment and collections | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 965,403 | 865,958 | 733,361 |
Operating Segments | Fiduciary Activities and Securities | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 463,546 | 423,702 | 463,123 |
Operating Segments | Acceptances, Guarantees and Standby Letters of Credit | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 107,681 | 91,358 | 72,549 |
Operating Segments | Investment Banking | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 68,821 | 103,923 | 94,353 |
Operating Segments | Brokerage | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 26,708 | 27,848 | 26,854 |
Operating Segments | Others | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 389,407 | 367,939 | 298,620 |
Operating Segments | Banking Colombia | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 5,252,099 | 4,684,563 | 3,841,472 |
Operating Segments | Banking Colombia | Credit and debit card fees and commercial establishments | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 2,467,174 | 2,248,727 | 1,830,128 |
Operating Segments | Banking Colombia | Bancassurance | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 924,280 | 814,653 | 636,632 |
Operating Segments | Banking Colombia | Banking services | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 593,729 | 481,103 | 414,870 |
Operating Segments | Banking Colombia | Payment and collections | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 950,167 | 851,983 | 723,297 |
Operating Segments | Banking Colombia | Acceptances, Guarantees and Standby Letters of Credit | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 72,335 | 58,293 | 43,863 |
Operating Segments | Banking Colombia | Others | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 244,414 | 229,804 | 192,682 |
Operating Segments | Banking Panama | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 532,930 | 446,583 | 351,603 |
Operating Segments | Banking Panama | Credit and debit card fees and commercial establishments | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 272,380 | 232,637 | 174,226 |
Operating Segments | Banking Panama | Bancassurance | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 72,705 | 57,858 | 49,730 |
Operating Segments | Banking Panama | Banking services | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 110,271 | 91,938 | 69,379 |
Operating Segments | Banking Panama | Payment and collections | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 15,236 | 13,975 | 10,064 |
Operating Segments | Banking Panama | Fiduciary Activities and Securities | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 20,233 | 18,975 | 17,420 |
Operating Segments | Banking Panama | Acceptances, Guarantees and Standby Letters of Credit | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 25,159 | 18,382 | 16,125 |
Operating Segments | Banking Panama | Investment Banking | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 980 | 550 | 1,998 |
Operating Segments | Banking Panama | Brokerage | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 15,568 | 11,888 | 12,661 |
Operating Segments | Banking Panama | Others | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 398 | 380 | |
Operating Segments | Banking El Salvador | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 479,568 | 444,177 | 359,724 |
Operating Segments | Banking El Salvador | Credit and debit card fees and commercial establishments | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 233,049 | 216,977 | 168,273 |
Operating Segments | Banking El Salvador | Bancassurance | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 77 | 97 | 129 |
Operating Segments | Banking El Salvador | Banking services | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 157,386 | 142,047 | 118,532 |
Operating Segments | Banking El Salvador | Fiduciary Activities and Securities | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 6,399 | 6,522 | 6,567 |
Operating Segments | Banking El Salvador | Acceptances, Guarantees and Standby Letters of Credit | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 5,211 | 10,081 | 6,928 |
Operating Segments | Banking El Salvador | Investment Banking | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 1,225 | 1,482 | 1,353 |
Operating Segments | Banking El Salvador | Others | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 76,221 | 66,971 | 57,942 |
Operating Segments | Banking Guatemala | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 223,200 | 218,554 | 159,908 |
Operating Segments | Banking Guatemala | Credit and debit card fees and commercial establishments | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 95,833 | 79,551 | 61,831 |
Operating Segments | Banking Guatemala | Banking services | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 68,857 | 78,264 | 56,548 |
Operating Segments | Banking Guatemala | Fiduciary Activities and Securities | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 851 | 803 | 704 |
Operating Segments | Banking Guatemala | Acceptances, Guarantees and Standby Letters of Credit | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 3,173 | 3,774 | 3,716 |
Operating Segments | Banking Guatemala | Others | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 54,486 | 56,162 | 37,109 |
Operating Segments | Trust | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 361,965 | 318,869 | 347,878 |
Operating Segments | Trust | Bancassurance | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 104 | 29 | 40 |
Operating Segments | Trust | Fiduciary Activities and Securities | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 361,632 | 318,840 | 347,838 |
Operating Segments | Trust | Others | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 229 | ||
Operating Segments | Investment Banking | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 55,917 | 86,232 | 79,531 |
Operating Segments | Investment Banking | Bancassurance | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 29 | 8 | 10 |
Operating Segments | Investment Banking | Investment Banking | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 55,888 | 86,224 | 79,521 |
Operating Segments | Brokerage | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 103,985 | 111,366 | 117,282 |
Operating Segments | Brokerage | Bancassurance | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 126 | 32 | 51 |
Operating Segments | Brokerage | Fiduciary Activities and Securities | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 74,377 | 78,509 | 90,548 |
Operating Segments | Brokerage | Investment Banking | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 10,728 | 15,667 | 11,481 |
Operating Segments | Brokerage | Brokerage | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 11,140 | 15,960 | 14,193 |
Operating Segments | Brokerage | Others | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 7,614 | 1,198 | 1,009 |
Operating Segments | International Banking | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 47,228 | 42,021 | 33,309 |
Operating Segments | International Banking | Credit and debit card fees and commercial establishments | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 1,992 | 1,868 | 1,663 |
Operating Segments | International Banking | Banking services | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 37,746 | 31,277 | 22,902 |
Operating Segments | International Banking | Fiduciary Activities and Securities | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 54 | 53 | 46 |
Operating Segments | International Banking | Acceptances, Guarantees and Standby Letters of Credit | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 1,803 | 828 | 1,917 |
Operating Segments | International Banking | Others | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 5,633 | 7,995 | 6,781 |
Operating Segments | All other segments | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 23,986 | 18,161 | 3,097 |
Operating Segments | All other segments | Banking services | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | 23,574 | 12,732 | |
Operating Segments | All other segments | Others | |||
Revenue from contracts with customers | |||
Revenue from contracts with customers | $ 412 | $ 5,429 | $ 3,097 |
OPERATING INCOME - Contract ass
OPERATING INCOME - Contract assets and contract liabilities (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING INCOME | |||
Accounts receivable from contracts with customers, net | $ 259,516 | $ 192,029 | $ 182,672 |
Liabilities from contracts with customers | 60,128 | 56,856 | 55,025 |
Allowances for receivables from customers | $ 21,591 | $ 15,330 | $ 16,537 |
Weighted-average expected period for income recognition | 1 year 3 months 18 days | 1 year 7 months 6 days | 1 year 3 months 18 days |
Income recognized during the year | $ 55,179 | $ 45,656 | |
Increase (decrease) in contract liabilities | $ 3,272 | $ 1,831 |
OPERATING INCOME - Fees and Com
OPERATING INCOME - Fees and Commissions Expenses (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fees and Commissions Expenses | |||
Baking services | $ 1,483,701 | $ 1,242,590 | $ 798,729 |
Sales, collections and other services | 851,784 | 708,803 | 619,715 |
Correspondent banking | 504,227 | 406,567 | 307,308 |
Payments and collections | 41,904 | 34,720 | 26,897 |
Others | 215,664 | 197,486 | 108,034 |
Total expenses for commissions | $ 3,097,280 | $ 2,590,166 | $ 1,860,683 |
OPERATING INCOME - Other operat
OPERATING INCOME - Other operating income (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING INCOME | |||
Leases and related services | $ 1,771,016 | $ 1,362,677 | $ 936,574 |
Net foreign exchange and Derivatives Foreign exchange contracts | 1,215,064 | (373,045) | 296,534 |
Investment property valuation | 197,526 | 236,617 | 67,762 |
Gains on sale of assets | 170,910 | 171,482 | 227,445 |
Logistics services | 136,118 | 165,738 | 140,451 |
Insurance | 86,330 | 92,294 | 54,833 |
Other reversals | 67,617 | 64,467 | 56,381 |
Penalties for failure to contracts | 13,855 | 6,833 | 15,680 |
Others | 321,214 | 326,372 | 226,481 |
Total Other operating income | 3,979,650 | 2,053,435 | 2,022,141 |
Operating leases | |||
OPERATING INCOME | |||
Leases and related services | 833,244 | 649,693 | 412,286 |
Other related leasing services | |||
OPERATING INCOME | |||
Leases and related services | 660,442 | 541,436 | 375,275 |
Property leases | |||
OPERATING INCOME | |||
Leases and related services | 228,325 | 157,511 | 139,021 |
Other assets | |||
OPERATING INCOME | |||
Leases and related services | $ 49,005 | $ 14,037 | $ 9,992 |
OPERATING INCOME - Dividends an
OPERATING INCOME - Dividends and net income on equity investments (Details) - COP ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
OPERATING INCOME | |||||
Dividends | $ 127,427 | $ 59,072 | $ 108,079 | ||
Equity method | 113,115 | 219,105 | 199,652 | ||
Equity investments and other financial instruments | 22,944 | (672) | 7,253 | ||
(Losses) Gains on sale of investments in associates | (34,451) | 9,896 | |||
Impairment of investments in associates and joint ventures | (108,175) | (9,633) | (1,733) | ||
Others | 54,874 | 2,433 | 5,197 | ||
Total dividends received, and share of profits of equity method investees | 210,185 | 235,854 | 328,344 | ||
Dividends received from equity investments at fair value through profit or loss | 768 | 6,209 | 40,188 | ||
Dividends of investments derecognised | 341 | 116 | 251 | ||
Dividends from equity investments at fair value through OCI | 18,464 | 16,842 | 12,665 | ||
Dividends of other investments derecognised | 3,231 | ||||
P.A. Calle 84 | |||||
OPERATING INCOME | |||||
Others | 31,117 | ||||
P.A. Nomad Central | |||||
OPERATING INCOME | |||||
Others | 23,757 | ||||
Compania de Financiamiento TUYA S.A | |||||
OPERATING INCOME | |||||
Impairment loss | 106,574 | ||||
Fondo de Capital Privado Ruta del Sol compartimento A | |||||
OPERATING INCOME | |||||
Impairment loss | 6,514 | ||||
Reversal of impairment losses | 416 | ||||
VILIV S.A.S. (In liquidation) | |||||
OPERATING INCOME | |||||
Impairment loss | 463 | ||||
P.A. Viva Malls | |||||
OPERATING INCOME | |||||
Dividends from investments in associates | 104,623 | 35,905 | 50,208 | ||
Proteccion S.A. | |||||
OPERATING INCOME | |||||
(Losses) Gains on sale of investments in associates | $ (41,434) | ||||
Reintegra S.A.S. | |||||
OPERATING INCOME | |||||
Impairment loss | 2,017 | 7,688 | |||
Internacional Ejecutiva de Aviacion S.A.S. | |||||
OPERATING INCOME | |||||
Reversal of impairment losses | 5,032 | ||||
Associates | |||||
OPERATING INCOME | |||||
Equity method | 230,704 | 265,885 | 179,032 | ||
Contingent consideration recognized | $ 6,983 | ||||
Proceeds received as contingent consideration from a business combination arrangement | 9,896 | ||||
Associates | Reintegra S.A.S. | |||||
OPERATING INCOME | |||||
Impairment loss | 2,017 | 7,688 | |||
Associates | Internacional Ejecutiva de Aviacion S.A.S. | |||||
OPERATING INCOME | |||||
Reversal of impairment losses | 5,032 | ||||
Joint ventures | |||||
OPERATING INCOME | |||||
Equity method | (117,589) | $ (46,780) | $ 20,620 | ||
Joint ventures | Compania de Financiamiento TUYA S.A | |||||
OPERATING INCOME | |||||
Impairment loss | 106,574 | ||||
Joint ventures | Fondo de Capital Privado Ruta del Sol compartimento A | |||||
OPERATING INCOME | |||||
Reversal of impairment losses | $ 416 |
OPERATING EXPENSES - Salaries a
OPERATING EXPENSES - Salaries and employee benefit (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING EXPENSES | |||
Salaries | $ 2,286,471 | $ 1,897,710 | $ 1,648,872 |
Bonuses | 940,292 | 823,517 | 714,353 |
Private premium | 651,048 | 423,261 | 384,056 |
Social security contributions | 546,434 | 447,017 | 355,166 |
Indemnization payment | 179,916 | 189,643 | 137,453 |
Other benefits | 746,073 | 636,508 | 542,696 |
Total Salaries and employee benefit | $ 5,350,234 | $ 4,417,656 | $ 3,782,596 |
OPERATING EXPENSES - Other admi
OPERATING EXPENSES - Other administrative and general expenses (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 COP ($) | Dec. 31, 2022 COP ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 COP ($) | |
OPERATING EXPENSES | ||||
Fees | $ 943,781 | $ 864,520 | $ 758,986 | |
Maintenance and repairs | 900,251 | 757,861 | 592,493 | |
Insurance | 738,786 | 640,753 | 495,146 | |
Data processing | 473,059 | 362,621 | 363,105 | |
Frauds and claims | 346,899 | 258,834 | 182,916 | |
Transport | 233,856 | 232,471 | 198,828 | |
Advertising | 175,690 | 185,122 | 153,066 | |
Cleaning and security services | 129,460 | 117,966 | 111,717 | |
Public services | 125,433 | 119,949 | 149,029 | |
Contributions and affiliations | 109,038 | 116,118 | 101,727 | |
Communications | 74,685 | 72,501 | 71,861 | |
Properties improvements and installation | 66,438 | 70,845 | 64,554 | |
Useful and stationery | 57,061 | 55,045 | 53,476 | |
Disputes, fines and sanctions | 43,499 | 63,519 | 13,106 | |
Real estate management | 33,637 | 30,216 | 28,962 | |
Travel expenses | 31,813 | 25,600 | 10,713 | |
Publications and subscriptions | 22,574 | 20,644 | 17,775 | |
Storage services | 16,321 | 15,013 | 14,666 | |
Legal expenses | 14,136 | 10,573 | 6,834 | |
Others | 497,527 | 539,729 | 351,546 | |
Total other administrative and general expenses | 5,033,944 | 4,559,900 | 3,740,506 | |
Taxes other than income tax | 1,433,148 | $ 929,512 | 719,593 | |
Previously reported | ||||
OPERATING EXPENSES | ||||
Total other administrative and general expenses | 3,521,920 | |||
Other expenses | $ 218,586 | |||
Vehicle maintenance | ||||
OPERATING EXPENSES | ||||
Maintenance and repairs | 85,247 | |||
Computer equipment maintenance | ||||
OPERATING EXPENSES | ||||
Maintenance and repairs | $ 46,626 | |||
Out of court closing of contingency | ||||
OPERATING EXPENSES | ||||
Disputes, fines and sanctions | $ 4,000 | |||
Judgment against | ||||
OPERATING EXPENSES | ||||
Disputes, fines and sanctions | $ 2,500 |
OPERATING EXPENSES - Impairment
OPERATING EXPENSES - Impairment, depreciation and amortization (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING EXPENSES | |||
Depreciation of premises and equipment | $ 636,376 | $ 560,596 | $ 466,179 |
Depreciation of right-of-use assets | 229,665 | 212,861 | 190,819 |
Amortization of intangible assets | 212,317 | 175,991 | 198,169 |
Impairment of other assets, net | 46,501 | 31,127 | 65,391 |
Total impairment, depreciation and amortization | 1,124,859 | 980,575 | 920,558 |
Impairment of property and equipment | 4,480 | 3,536 | |
Banking Colombia | |||
OPERATING EXPENSES | |||
Impairment of other assets, net | 45,122 | 24,187 | 38,632 |
Banking Panama | |||
OPERATING EXPENSES | |||
Impairment of other assets, net | 5,290 | 12,599 | 17,962 |
Banking Guatemala | |||
OPERATING EXPENSES | |||
Impairment of other assets, net | 8,929 | 12,101 | 7,554 |
All other segments | |||
OPERATING EXPENSES | |||
Impairment of other assets, net | 4,713 | 1,803 | 848 |
International Banking | |||
OPERATING EXPENSES | |||
Impairment of other assets, net | 1,730 | 314 | |
Banking El Salvador | |||
OPERATING EXPENSES | |||
Impairment of other assets, net | $ (19,283) | $ (19,877) | $ 395 |
EARNING PER SHARE ('EPS') (Deta
EARNING PER SHARE ('EPS') (Details) - COP ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
EARNING PER SHARE ('EPS') | |||
Number of dilutive potential common shares | 0 | 0 | 0 |
Income from continuing operations before attribution of non-controlling | $ 6,214,971 | $ 6,996,365 | $ 4,207,787 |
Less: Non-controlling interests from continuing operations | 98,035 | 212,875 | 120,992 |
Net income from controlling interest | 6,116,936 | 6,783,490 | 4,086,795 |
Less: Preferred dividends declared | 1,541,003 | 1,352,921 | 59,851 |
Less: Allocation of undistributed earnings to preferred stockholders | 1,303,784 | 1,805,191 | 1,830,636 |
Net income allocated to common shareholders for basic EPS | 3,272,149 | 3,625,378 | 2,196,308 |
Net income allocated to common shareholders for diluted EPS | $ 3,272,149 | $ 3,625,378 | $ 2,196,308 |
Weighted average number of common shares outstanding used in basic EPS calculation (in millions) | 510 | 510 | 510 |
Basic earnings per share to common shareholders | $ 6,420 | $ 7,113 | $ 4,309 |
Diluted earnings per share to common shareholders | 6,420 | 7,113 | 4,309 |
Basic earnings per share from continuing operations | 6,420 | 7,113 | 4,309 |
Diluted earnings per share from continuing operations | $ 6,420 | $ 7,113 | $ 4,309 |
RELATED PARTY TRANSACTIONS - Su
RELATED PARTY TRANSACTIONS - Summary (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Compania de Financiamiento TUYA S.A | |||
Expenses | |||
Impairment loss | $ 106,574 | ||
Stockholders with an interest equal or higher than 20% of the Bank's capital | |||
Assets | |||
Financial assets investments | 6,050 | $ 5,711 | $ 2,755 |
Derivative financial instruments | 48,747 | 191 | |
Loans and advances to customers | 1,850,407 | 947,150 | 937,190 |
Allowance for loans, advances and lease losses | (1,455) | (9,746) | (3,028) |
Other assets | 17,951 | 17,520 | 7,644 |
Total assets | 1,921,700 | 960,826 | 944,561 |
Liabilities | |||
Deposits by customers | 1,434,117 | 1,364,663 | 2,101,846 |
Derivative financial instruments | 14 | 23 | |
Other liabilities | 23,070 | 26,803 | 1,120 |
Total liabilities | 1,457,201 | 1,391,489 | 2,102,966 |
Income | |||
Interest on loans and financial leases | 157,451 | 74,896 | 29,092 |
Valuation on financial instruments | 97 | ||
Fees and commissions income | 744,000 | 929,721 | 737,402 |
Dividends and net income on equity investments | 213 | 30 | 58 |
Net foreign exchange and Derivatives Foreign exchange contracts | 63,060 | (10,158) | (1,840) |
Other operating income | 48,531 | 50,816 | 278 |
Net income | 1,013,352 | 1,045,305 | 764,990 |
Expenses | |||
Interests expenses | 181,085 | 112,403 | 16,564 |
Credit impairment charges, net | (8,307) | 10,171 | 3,043 |
Fees and commissions expenses | 590 | 19 | 17 |
Employee benefits | 89,199 | 76,455 | 60,221 |
Other administrative and general expenses | 159,184 | 161,367 | 14,148 |
Total expenses | 421,751 | 360,415 | 93,993 |
Stockholders with an interest equal or higher than 20% of the Bank's capital | Previously reported | |||
Assets | |||
Other assets | 54,842 | ||
Liabilities | |||
Other liabilities | 163,385 | ||
Directors and senior management | |||
Assets | |||
Derivative financial instruments | 5 | 25 | |
Loans and advances to customers | 22,437 | 28,935 | 17,821 |
Allowance for loans, advances and lease losses | (50) | (49) | (84) |
Other assets | 18 | 41 | 913 |
Total assets | 22,405 | 28,932 | 18,675 |
Liabilities | |||
Deposits by customers | 16,312 | 14,433 | 8,175 |
Derivative financial instruments | 209 | 6 | |
Other liabilities | 59 | 56 | 368 |
Total liabilities | 16,580 | 14,489 | 8,549 |
Income | |||
Interest on loans and financial leases | 1,783 | 1,249 | 759 |
Fees and commissions income | 98 | 100 | 98 |
Net foreign exchange and Derivatives Foreign exchange contracts | (218) | 984 | 1,112 |
Other operating income | 9 | 28 | |
Net income | 1,672 | 2,361 | 1,969 |
Expenses | |||
Interests expenses | 1,038 | 301 | 93 |
Credit impairment charges, net | 4 | 50 | 92 |
Employee benefits | 93 | 117 | 19 |
Other administrative and general expenses | 2,492 | 2,056 | 1,724 |
Total expenses | 3,627 | 2,524 | 1,928 |
Associates and joint ventures | |||
Assets | |||
Financial assets investments | 54,001 | 51,991 | 9,635 |
Derivative financial instruments | 7,297 | 8 | |
Loans and advances to customers | 271,676 | 342,896 | 234,956 |
Allowance for loans, advances and lease losses | (760) | (3,470) | (5,360) |
Investments in associates and joint ventures | 2,997,603 | 2,915,633 | 2,720,559 |
Other assets | 271,263 | 209,350 | 172,636 |
Total assets | 3,601,080 | 3,516,408 | 3,132,426 |
Liabilities | |||
Deposits by customers | 141,853 | 161,708 | 194,864 |
Derivative financial instruments | 1,068 | 27,571 | 8,565 |
Other liabilities | 70,387 | 54,017 | 36,596 |
Total liabilities | 213,308 | 243,296 | 240,025 |
Income | |||
Interest on loans and financial leases | 27,925 | 21,715 | 11,443 |
Valuation on financial instruments | 11,998 | 994 | 1,560 |
Fees and commissions income | 14,647 | 20,574 | 13,056 |
Dividends and net income on equity investments | 109,563 | 224,602 | 289,423 |
Net foreign exchange and Derivatives Foreign exchange contracts | 27,174 | (30,484) | (9,966) |
Other operating income | 9,806 | 99,855 | 55,524 |
Net income | 201,113 | 337,256 | 361,040 |
Expenses | |||
Interests expenses | 8,261 | 8,483 | 1,403 |
Credit impairment charges, net | (1,193) | (550) | 5,123 |
Fees and commissions expenses | 152,563 | 180,951 | 130,950 |
Other administrative and general expenses | 23,644 | 30,792 | 32,071 |
Total expenses | $ 183,275 | $ 219,676 | $ 169,547 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional information (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Directors | |||
RELATED PARTY TRANSACTIONS | |||
Fees paid for attending meetings of the Board and its Committees | $ 2,306 | $ 1,937 | $ 1,655 |
Senior Management | |||
RELATED PARTY TRANSACTIONS | |||
Payments for short-term retributions | 18,387 | 15,776 | 10,487 |
Payments for long-term retributions | 312 | 552 | 604 |
Payments for post-employment benefits | $ 827 | 642 | $ 3,207 |
Senior Management | Retirement Pension Premium Plan and Senior Management Pension Plan Premium | |||
RELATED PARTY TRANSACTIONS | |||
Payments for post-employment benefits | $ 36,962 |
LIABILITIES FROM FINANCING AC_3
LIABILITIES FROM FINANCING ACTIVITIES (Details) - COP ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
LIABILITIES FROM FINANCING ACTIVITIES | |||
Balance, beginning of year | $ 40,041,882 | $ 30,992,951 | |
Cash flows | (4,922,165) | 1,558,075 | |
Foreign currency translation adjustment | (6,897,743) | 5,331,384 | |
Interests accrued | 3,143,312 | 2,149,929 | |
Other movements | 1,395 | 9,543 | |
Balance, end of year | 31,366,681 | 40,041,882 | $ 30,992,951 |
Interest paid | 15,978,748 | 7,508,066 | 4,410,742 |
Repurchase agreements and other similar secured borrowing | |||
LIABILITIES FROM FINANCING ACTIVITIES | |||
Balance, beginning of year | 189,052 | 763,325 | |
Cash flows | 304,846 | (579,488) | |
Foreign currency translation adjustment | (23,603) | 5,215 | |
Balance, end of year | 470,295 | 189,052 | 763,325 |
Borrowings from other financial institutions | |||
LIABILITIES FROM FINANCING ACTIVITIES | |||
Balance, beginning of year | 19,692,638 | 8,551,558 | |
Cash flows | (1,674,476) | 7,963,253 | |
Foreign currency translation adjustment | (4,029,947) | 2,404,567 | |
Interests accrued | 1,658,996 | 763,717 | |
Other movements | 1,395 | 9,543 | |
Balance, end of year | 15,648,606 | 19,692,638 | 8,551,558 |
Interest paid | 1,607,927 | 536,024 | |
Debt securities in issue | |||
LIABILITIES FROM FINANCING ACTIVITIES | |||
Balance, beginning of year | 19,575,988 | 21,093,864 | |
Cash flows | (3,494,834) | (5,767,989) | |
Foreign currency translation adjustment | (2,844,193) | 2,921,602 | |
Interests accrued | 1,426,615 | 1,328,511 | |
Balance, end of year | 14,663,576 | 19,575,988 | 21,093,864 |
Interest paid | 1,347,889 | 1,206,895 | |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | |||
Derivative financial instruments | $ 6,252,270 | $ 4,961,237 | |
Other financial instruments | 38,319 | 42,171 | |
Loans and advances to customers | 237,728,544 | 254,444,099 | |
Investment property | 4,709,911 | 3,994,058 | $ 3,132,220 |
Investments in associates | 1,670,782 | 1,532,156 | |
Total Assets | 276,035,702 | 292,871,690 | |
Liabilities | |||
Deposits by customers | 247,941,180 | 250,992,323 | |
Interbank deposits | 606,141 | 902,132 | |
Repurchase agreements and other similar secured borrowing | 470,295 | 189,052 | |
Derivative financial instruments | 6,710,364 | 4,737,454 | |
Borrowings from other financial institutions | 15,648,606 | 19,692,638 | |
Preferred shares | 584,204 | 584,204 | |
Debt instruments in issue | 14,663,576 | 19,575,988 | |
Total Liabilities | 286,624,366 | 296,673,791 | |
Amortized cost, net | |||
Assets | |||
Loans and advances to customers | 237,728,544 | 254,444,099 | |
Fair value | |||
Assets | |||
Equity securities | 543,210 | 544,668 | |
Fair value through profit or loss | |||
Assets | |||
Debt instruments | 12,096,407 | 11,039,266 | |
Fair value through OCI | |||
Assets | |||
Debt instruments | 6,148,177 | 7,977,675 | |
Amortized cost | |||
Assets | |||
Debt instruments | 6,848,082 | 8,336,360 | |
Carrying Amount | |||
Assets | |||
Derivative financial instruments | 6,252,270 | 4,961,237 | |
Liabilities | |||
Derivative financial instruments | 6,710,364 | 4,737,454 | |
Recurring Fair Value | |||
Assets | |||
Debt instruments | 18,244,584 | 19,016,941 | |
Derivative financial instruments | 6,252,270 | 4,961,237 | |
Equity securities | 543,210 | 544,668 | |
Other financial instruments | 38,319 | 42,171 | |
Investment property | 4,709,911 | 3,994,058 | |
Investments in associates | 1,670,782 | 1,532,156 | |
Total Assets | 277,071,667 | 289,674,184 | |
Liabilities | |||
Deposits by customers | 249,340,519 | 249,503,805 | |
Interbank deposits | 606,141 | 902,132 | |
Repurchase agreements and other similar secured borrowing | 470,295 | 189,052 | |
Derivative financial instruments | 6,710,364 | 4,737,454 | |
Borrowings from other financial institutions | 15,648,606 | 19,692,638 | |
Preferred shares | 394,550 | 350,978 | |
Debt instruments in issue | 14,468,650 | 18,776,819 | |
Total Liabilities | 287,639,125 | 294,152,878 | |
Recurring Fair Value | Amortized cost, net | |||
Assets | |||
Loans and advances to customers | 238,771,724 | 251,336,077 | |
Recurring Fair Value | Fair value | |||
Assets | |||
Equity securities | 543,210 | 544,668 | |
Recurring Fair Value | Fair value through profit or loss | |||
Assets | |||
Debt instruments | 12,096,407 | 11,039,266 | |
Recurring Fair Value | Fair value through OCI | |||
Assets | |||
Debt instruments | 6,148,177 | 7,977,675 | |
Recurring Fair Value | Amortized cost | |||
Assets | |||
Debt instruments | $ 6,840,867 | $ 8,246,876 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | |||
Other financial assets | $ 38,319 | $ 42,171 | |
Derivative financial instruments | 6,252,270 | 4,961,237 | |
Investment property | 4,709,911 | 3,994,058 | $ 3,132,220 |
Investments in associates | 1,670,782 | 1,532,156 | |
Fair value through profit or loss | |||
Assets | |||
Debt instruments | 12,096,407 | 11,039,266 | |
Fair value through other comprehensive income | |||
Assets | |||
Debt instruments | 6,148,177 | 7,977,675 | |
Recurring Fair Value | |||
Assets | |||
Debt instruments | 18,244,584 | 19,016,941 | |
Equity securities | 543,210 | 544,668 | |
Other financial assets | 38,319 | 42,171 | |
Derivative financial instruments | 6,252,270 | 4,961,237 | |
Investment property | 4,709,911 | 3,994,058 | |
Investments in associates | 1,670,782 | 1,532,156 | |
Total | 31,459,076 | 30,091,231 | |
Recurring Fair Value | Forwards | |||
Assets | |||
Derivative financial instruments | 4,384,921 | 1,579,471 | |
Recurring Fair Value | Forwards | Foreign exchange contracts | |||
Assets | |||
Derivative financial instruments | 4,381,906 | 1,573,952 | |
Recurring Fair Value | Forwards | Equity contracts | |||
Assets | |||
Derivative financial instruments | 3,015 | 5,519 | |
Recurring Fair Value | Swaps | |||
Assets | |||
Derivative financial instruments | 1,656,761 | 3,260,459 | |
Recurring Fair Value | Swaps | Foreign exchange contracts | |||
Assets | |||
Derivative financial instruments | 1,304,337 | 2,394,832 | |
Recurring Fair Value | Swaps | Interest rate contracts | |||
Assets | |||
Derivative financial instruments | 352,424 | 865,627 | |
Recurring Fair Value | Options | |||
Assets | |||
Derivative financial instruments | 210,588 | 121,307 | |
Recurring Fair Value | Options | Foreign exchange contracts | |||
Assets | |||
Derivative financial instruments | 210,588 | 121,307 | |
Recurring Fair Value | Land | |||
Assets | |||
Investment property | 325,394 | 123,352 | |
Recurring Fair Value | Buildings | |||
Assets | |||
Investment property | 4,384,517 | 3,870,706 | |
Recurring Fair Value | Fair value through profit or loss | |||
Assets | |||
Debt instruments | 12,096,407 | 11,039,266 | |
Recurring Fair Value | Fair value through profit or loss | Securities issued by the Colombian Government | |||
Assets | |||
Debt instruments | 4,725,605 | 4,260,230 | |
Recurring Fair Value | Fair value through profit or loss | Securities issued or secured by government entities | |||
Assets | |||
Debt instruments | 84,990 | 79,035 | |
Recurring Fair Value | Fair value through profit or loss | Securities issued by other financial institutions | |||
Assets | |||
Debt instruments | 774,178 | 610,618 | |
Recurring Fair Value | Fair value through profit or loss | Securities issued by foreign governments | |||
Assets | |||
Debt instruments | 6,274,400 | 5,967,856 | |
Recurring Fair Value | Fair value through profit or loss | Corporate bonds | |||
Assets | |||
Debt instruments | 237,234 | 121,527 | |
Recurring Fair Value | Fair value through other comprehensive income | |||
Assets | |||
Debt instruments | 6,148,177 | 7,977,675 | |
Recurring Fair Value | Fair value through other comprehensive income | Securities issued by the Colombian Government | |||
Assets | |||
Debt instruments | 2,725,722 | 2,590,622 | |
Recurring Fair Value | Fair value through other comprehensive income | Securities issued by other financial institutions | |||
Assets | |||
Debt instruments | 373,306 | 569,357 | |
Recurring Fair Value | Fair value through other comprehensive income | Securities issued by foreign governments | |||
Assets | |||
Debt instruments | 2,437,996 | 4,694,369 | |
Recurring Fair Value | Fair value through other comprehensive income | Corporate bonds | |||
Assets | |||
Debt instruments | 611,153 | 123,327 | |
Recurring Fair Value | Level 1 | |||
Assets | |||
Debt instruments | 10,175,252 | 11,715,308 | |
Equity securities | 89,128 | 30,884 | |
Derivative financial instruments | 130,798 | 266,708 | |
Total | 10,395,178 | 12,012,900 | |
Recurring Fair Value | Level 1 | Swaps | |||
Assets | |||
Derivative financial instruments | 130,792 | 266,708 | |
Recurring Fair Value | Level 1 | Swaps | Interest rate contracts | |||
Assets | |||
Derivative financial instruments | 130,792 | 266,708 | |
Recurring Fair Value | Level 1 | Options | |||
Assets | |||
Derivative financial instruments | 6 | ||
Recurring Fair Value | Level 1 | Options | Foreign exchange contracts | |||
Assets | |||
Derivative financial instruments | 6 | ||
Recurring Fair Value | Level 1 | Fair value through profit or loss | |||
Assets | |||
Debt instruments | 8,151,108 | 7,205,165 | |
Recurring Fair Value | Level 1 | Fair value through profit or loss | Securities issued by the Colombian Government | |||
Assets | |||
Debt instruments | 4,363,135 | 3,960,211 | |
Recurring Fair Value | Level 1 | Fair value through profit or loss | Securities issued or secured by government entities | |||
Assets | |||
Debt instruments | 13,075 | ||
Recurring Fair Value | Level 1 | Fair value through profit or loss | Securities issued by other financial institutions | |||
Assets | |||
Debt instruments | 41,003 | 77,944 | |
Recurring Fair Value | Level 1 | Fair value through profit or loss | Securities issued by foreign governments | |||
Assets | |||
Debt instruments | 3,621,960 | 3,136,636 | |
Recurring Fair Value | Level 1 | Fair value through profit or loss | Corporate bonds | |||
Assets | |||
Debt instruments | 125,010 | 17,299 | |
Recurring Fair Value | Level 1 | Fair value through other comprehensive income | |||
Assets | |||
Debt instruments | 2,024,144 | 4,510,143 | |
Recurring Fair Value | Level 1 | Fair value through other comprehensive income | Securities issued by the Colombian Government | |||
Assets | |||
Debt instruments | 61,427 | ||
Recurring Fair Value | Level 1 | Fair value through other comprehensive income | Securities issued by other financial institutions | |||
Assets | |||
Debt instruments | 224,049 | 465,025 | |
Recurring Fair Value | Level 1 | Fair value through other comprehensive income | Securities issued by foreign governments | |||
Assets | |||
Debt instruments | 1,675,193 | 4,045,118 | |
Recurring Fair Value | Level 1 | Fair value through other comprehensive income | Corporate bonds | |||
Assets | |||
Debt instruments | 63,475 | ||
Recurring Fair Value | Level 2 | |||
Assets | |||
Debt instruments | 5,312,024 | 7,220,244 | |
Equity securities | 69,400 | 51,531 | |
Derivative financial instruments | 4,718,315 | 3,501,918 | |
Total | 10,099,739 | 10,773,693 | |
Recurring Fair Value | Level 2 | Forwards | |||
Assets | |||
Derivative financial instruments | 3,308,410 | 987,626 | |
Recurring Fair Value | Level 2 | Forwards | Foreign exchange contracts | |||
Assets | |||
Derivative financial instruments | 3,308,258 | 982,212 | |
Recurring Fair Value | Level 2 | Forwards | Equity contracts | |||
Assets | |||
Derivative financial instruments | 152 | 5,414 | |
Recurring Fair Value | Level 2 | Swaps | |||
Assets | |||
Derivative financial instruments | 1,272,926 | 2,510,052 | |
Recurring Fair Value | Level 2 | Swaps | Foreign exchange contracts | |||
Assets | |||
Derivative financial instruments | 1,066,915 | 1,940,303 | |
Recurring Fair Value | Level 2 | Swaps | Interest rate contracts | |||
Assets | |||
Derivative financial instruments | 206,011 | 569,749 | |
Recurring Fair Value | Level 2 | Options | |||
Assets | |||
Derivative financial instruments | 136,979 | 4,240 | |
Recurring Fair Value | Level 2 | Options | Foreign exchange contracts | |||
Assets | |||
Derivative financial instruments | 136,979 | 4,240 | |
Recurring Fair Value | Level 2 | Fair value through profit or loss | |||
Assets | |||
Debt instruments | 3,852,286 | 3,752,712 | |
Recurring Fair Value | Level 2 | Fair value through profit or loss | Securities issued by the Colombian Government | |||
Assets | |||
Debt instruments | 362,470 | 300,019 | |
Recurring Fair Value | Level 2 | Fair value through profit or loss | Securities issued or secured by government entities | |||
Assets | |||
Debt instruments | 84,990 | 65,960 | |
Recurring Fair Value | Level 2 | Fair value through profit or loss | Securities issued by other financial institutions | |||
Assets | |||
Debt instruments | 654,446 | 451,285 | |
Recurring Fair Value | Level 2 | Fair value through profit or loss | Securities issued by foreign governments | |||
Assets | |||
Debt instruments | 2,652,440 | 2,831,220 | |
Recurring Fair Value | Level 2 | Fair value through profit or loss | Corporate bonds | |||
Assets | |||
Debt instruments | 97,940 | 104,228 | |
Recurring Fair Value | Level 2 | Fair value through other comprehensive income | |||
Assets | |||
Debt instruments | 1,459,738 | 3,467,532 | |
Recurring Fair Value | Level 2 | Fair value through other comprehensive income | Securities issued by the Colombian Government | |||
Assets | |||
Debt instruments | 2,590,622 | ||
Recurring Fair Value | Level 2 | Fair value through other comprehensive income | Securities issued by other financial institutions | |||
Assets | |||
Debt instruments | 149,257 | 104,332 | |
Recurring Fair Value | Level 2 | Fair value through other comprehensive income | Securities issued by foreign governments | |||
Assets | |||
Debt instruments | 762,803 | 649,251 | |
Recurring Fair Value | Level 2 | Fair value through other comprehensive income | Corporate bonds | |||
Assets | |||
Debt instruments | 547,678 | 123,327 | |
Recurring Fair Value | Level 3 | |||
Assets | |||
Debt instruments | 2,757,308 | 81,389 | |
Equity securities | 384,682 | 462,253 | |
Other financial assets | 38,319 | 42,171 | |
Derivative financial instruments | 1,403,157 | 1,192,611 | |
Investment property | 4,709,911 | 3,994,058 | |
Investments in associates | 1,670,782 | 1,532,156 | |
Total | 10,964,159 | 7,304,638 | |
Recurring Fair Value | Level 3 | Forwards | |||
Assets | |||
Derivative financial instruments | 1,076,511 | 591,845 | |
Recurring Fair Value | Level 3 | Forwards | Foreign exchange contracts | |||
Assets | |||
Derivative financial instruments | 1,073,648 | 591,740 | |
Recurring Fair Value | Level 3 | Forwards | Equity contracts | |||
Assets | |||
Derivative financial instruments | 2,863 | 105 | |
Recurring Fair Value | Level 3 | Swaps | |||
Assets | |||
Derivative financial instruments | 253,043 | 483,699 | |
Recurring Fair Value | Level 3 | Swaps | Foreign exchange contracts | |||
Assets | |||
Derivative financial instruments | 237,422 | 454,529 | |
Recurring Fair Value | Level 3 | Swaps | Interest rate contracts | |||
Assets | |||
Derivative financial instruments | 15,621 | 29,170 | |
Recurring Fair Value | Level 3 | Options | |||
Assets | |||
Derivative financial instruments | 73,603 | 117,067 | |
Recurring Fair Value | Level 3 | Options | Foreign exchange contracts | |||
Assets | |||
Derivative financial instruments | 73,603 | 117,067 | |
Recurring Fair Value | Level 3 | Land | |||
Assets | |||
Investment property | 325,394 | 123,352 | |
Recurring Fair Value | Level 3 | Buildings | |||
Assets | |||
Investment property | 4,384,517 | 3,870,706 | |
Recurring Fair Value | Level 3 | Fair value through profit or loss | |||
Assets | |||
Debt instruments | 93,013 | 81,389 | |
Recurring Fair Value | Level 3 | Fair value through profit or loss | Securities issued by other financial institutions | |||
Assets | |||
Debt instruments | 78,729 | $ 81,389 | |
Recurring Fair Value | Level 3 | Fair value through profit or loss | Corporate bonds | |||
Assets | |||
Debt instruments | 14,284 | ||
Recurring Fair Value | Level 3 | Fair value through other comprehensive income | |||
Assets | |||
Debt instruments | 2,664,295 | ||
Recurring Fair Value | Level 3 | Fair value through other comprehensive income | Securities issued by the Colombian Government | |||
Assets | |||
Debt instruments | $ 2,664,295 |
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, 2023 | Dec. 31, 2022 |
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | $ 6,710,364 | $ 4,737,454 |
Recurring Fair Value | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 6,710,364 | 4,737,454 |
Recurring Fair Value | Forwards | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 4,536,834 | 1,718,847 |
Recurring Fair Value | Forwards | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 4,526,353 | 1,711,644 |
Recurring Fair Value | Forwards | Equity contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 10,481 | 7,203 |
Recurring Fair Value | Swaps | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 1,940,943 | 2,925,699 |
Recurring Fair Value | Swaps | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 1,491,086 | 1,917,397 |
Recurring Fair Value | Swaps | Interest rate contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 449,857 | 1,008,302 |
Recurring Fair Value | Options | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 232,587 | 92,908 |
Recurring Fair Value | Options | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 232,587 | 92,908 |
Recurring Fair Value | Level 1 | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 126,747 | 227,847 |
Recurring Fair Value | Level 1 | Swaps | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 126,728 | 227,847 |
Recurring Fair Value | Level 1 | Swaps | Interest rate contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 126,728 | 227,847 |
Recurring Fair Value | Level 1 | Options | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 19 | |
Recurring Fair Value | Level 1 | Options | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 19 | |
Recurring Fair Value | Level 2 | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 6,399,889 | 4,109,918 |
Recurring Fair Value | Level 2 | Forwards | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 4,467,157 | 1,530,998 |
Recurring Fair Value | Level 2 | Forwards | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 4,458,528 | 1,523,795 |
Recurring Fair Value | Level 2 | Forwards | Equity contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 8,629 | 7,203 |
Recurring Fair Value | Level 2 | Swaps | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 1,700,164 | 2,486,012 |
Recurring Fair Value | Level 2 | Swaps | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 1,388,113 | 1,757,219 |
Recurring Fair Value | Level 2 | Swaps | Interest rate contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 312,051 | 728,793 |
Recurring Fair Value | Level 2 | Options | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 232,568 | 92,908 |
Recurring Fair Value | Level 2 | Options | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 232,568 | 92,908 |
Recurring Fair Value | Level 3 | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 183,728 | 399,689 |
Recurring Fair Value | Level 3 | Forwards | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 69,677 | 187,849 |
Recurring Fair Value | Level 3 | Forwards | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 67,825 | 187,849 |
Recurring Fair Value | Level 3 | Forwards | Equity contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 1,852 | |
Recurring Fair Value | Level 3 | Swaps | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 114,051 | 211,840 |
Recurring Fair Value | Level 3 | Swaps | Foreign exchange contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | 102,973 | 160,178 |
Recurring Fair Value | Level 3 | Swaps | Interest rate contracts | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Derivative financial liabilities | $ 11,078 | $ 51,662 |
FAIR VALUE OF ASSETS AND LIAB_6
FAIR VALUE OF ASSETS AND LIABILITIES - Fair value of assets that are not measured at fair value (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Loans and advances to customers, net | $ 237,728,544 | $ 254,444,099 |
Not measured at fair value | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Debt instruments | 6,840,867 | 8,246,876 |
Loans and advances to customers, net | 238,771,724 | 251,336,077 |
Total | 245,612,591 | 259,582,953 |
Not measured at fair value | Securities issued by the Colombian Government | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Debt instruments | 67,514 | 197,749 |
Not measured at fair value | Securities issued or secured by government entities | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Debt instruments | 3,125,916 | 3,041,314 |
Not measured at fair value | Securities issued by other financial institutions | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Debt instruments | 544,952 | 580,117 |
Not measured at fair value | Securities issued by foreign governments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Debt instruments | 528,255 | 766,396 |
Not measured at fair value | Corporate bonds | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Debt instruments | 2,574,230 | 3,661,300 |
Not measured at fair value | Level 1 | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Debt instruments | 1,202,011 | 1,901,687 |
Total | 1,202,011 | 1,901,687 |
Not measured at fair value | Level 1 | Securities issued by the Colombian Government | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Debt instruments | 67,514 | 197,749 |
Not measured at fair value | Level 1 | Securities issued by other financial institutions | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Debt instruments | 209,178 | 272,157 |
Not measured at fair value | Level 1 | Securities issued by foreign governments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Debt instruments | 150,695 | 248,735 |
Not measured at fair value | Level 1 | Corporate bonds | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Debt instruments | 774,624 | 1,183,046 |
Not measured at fair value | Level 2 | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Debt instruments | 720,822 | 3,904,912 |
Total | 720,822 | 3,904,912 |
Not measured at fair value | Level 2 | Securities issued or secured by government entities | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Debt instruments | 49,980 | 3,041,314 |
Not measured at fair value | Level 2 | Securities issued by other financial institutions | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Debt instruments | 280,662 | 307,960 |
Not measured at fair value | Level 2 | Securities issued by foreign governments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Debt instruments | 377,560 | 517,661 |
Not measured at fair value | Level 2 | Corporate bonds | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Debt instruments | 12,620 | 37,977 |
Not measured at fair value | Level 3 | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Debt instruments | 4,918,034 | 2,440,277 |
Loans and advances to customers, net | 238,771,724 | 251,336,077 |
Total | 243,689,758 | 253,776,354 |
Not measured at fair value | Level 3 | Securities issued or secured by government entities | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Debt instruments | 3,075,936 | |
Not measured at fair value | Level 3 | Securities issued by other financial institutions | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Debt instruments | 55,112 | |
Not measured at fair value | Level 3 | Corporate bonds | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Debt instruments | $ 1,786,986 | $ 2,440,277 |
FAIR VALUE OF ASSETS AND LIAB_7
FAIR VALUE OF ASSETS AND LIABILITIES - Fair value of liabilities that are not measured at fair value (Details) - Not measured at fair value - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | $ 280,928,761 | $ 289,415,424 |
Deposits by customers | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | 249,340,519 | 249,503,805 |
Interbank deposits | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | 606,141 | 902,132 |
Repurchase agreements and other similar secured borrowing | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | 470,295 | 189,052 |
Borrowings from other financial institutions | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | 15,648,606 | 19,692,638 |
Debt Instruments in issue | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | 14,468,650 | 18,776,819 |
Preferred shares | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | 394,550 | 350,978 |
Level 1 | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | 8,021,700 | 7,714,800 |
Level 1 | Debt Instruments in issue | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | 8,021,700 | 7,714,800 |
Level 2 | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | 64,261,677 | 49,889,125 |
Level 2 | Deposits by customers | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | 60,236,355 | 40,990,191 |
Level 2 | Debt Instruments in issue | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | 4,025,322 | 8,898,934 |
Level 3 | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | 208,645,384 | 231,811,499 |
Level 3 | Deposits by customers | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | 189,104,164 | 208,513,614 |
Level 3 | Interbank deposits | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | 606,141 | 902,132 |
Level 3 | Repurchase agreements and other similar secured borrowing | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | 470,295 | 189,052 |
Level 3 | Borrowings from other financial institutions | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | 15,648,606 | 19,692,638 |
Level 3 | Debt Instruments in issue | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | 2,421,628 | 2,163,085 |
Level 3 | Preferred shares | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Liabilities | $ 394,550 | $ 350,978 |
FAIR VALUE OF ASSETS AND LIAB_8
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, 2023 | Dec. 31, 2022 |
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets, at fair value | $ 159,451 | $ 95,417 |
Machinery and equipment | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets, at fair value | 11,702 | 9,918 |
Real estate for residential purposes | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets, at fair value | 117,476 | 63,283 |
Real estate different from residential properties | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets, at fair value | 30,273 | 22,216 |
Level 3 | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets, at fair value | 159,451 | 95,417 |
Level 3 | Machinery and equipment | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets, at fair value | 11,702 | 9,918 |
Level 3 | Real estate for residential purposes | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets, at fair value | 117,476 | 63,283 |
Level 3 | Real estate different from residential properties | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Financial assets, at fair value | $ 30,273 | $ 22,216 |
FAIR VALUE OF ASSETS AND LIAB_9
FAIR VALUE OF ASSETS AND LIABILITIES - Reconciliation for all assets measured at fair value (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | ||
Assets, beginning balance | $ 352,814,733 | |
Assets, ending balance | 342,928,809 | $ 352,814,733 |
Recurring Fair Value | Level 3 | ||
Assets | ||
Assets, beginning balance | 3,310,580 | 2,790,771 |
Included in earnings | 49,210 | 486,094 |
OCI | 165,561 | 89,072 |
Purchases | 3,828,398 | 682,660 |
Settlement | (902,387) | (710,453) |
Reclassifications | (13,597) | (3,958) |
Prepaids | (9,613) | (19,181) |
Transfers in to Level 3 | 65,480 | 53,315 |
Transfers out of Level 3 | (239,384) | (57,740) |
Assets, ending balance | 6,254,248 | 3,310,580 |
Recurring Fair Value | Level 3 | Derivative financial instruments | ||
Assets | ||
Assets, beginning balance | 1,192,611 | 984,339 |
Included in earnings | (71,393) | 290,381 |
Purchases | 1,304,909 | 617,087 |
Settlement | (816,973) | (657,213) |
Reclassifications | (13,597) | (3,958) |
Transfers in to Level 3 | 46,984 | 596 |
Transfers out of Level 3 | (239,384) | (38,621) |
Assets, ending balance | 1,403,157 | 1,192,611 |
Recurring Fair Value | Level 3 | Derivative financial instruments | Foreign exchange contracts | ||
Assets | ||
Assets, beginning balance | 1,163,336 | 937,633 |
Included in earnings | (60,699) | 270,494 |
Purchases | 1,295,089 | 607,659 |
Settlement | (812,275) | (647,914) |
Reclassifications | (13,559) | (777) |
Transfers in to Level 3 | 46,459 | 547 |
Transfers out of Level 3 | (233,678) | (4,306) |
Assets, ending balance | 1,384,673 | 1,163,336 |
Recurring Fair Value | Level 3 | Derivative financial instruments | Interest rate contracts | ||
Assets | ||
Assets, beginning balance | 29,170 | 46,393 |
Included in earnings | (10,694) | 19,887 |
Purchases | 6,957 | 9,323 |
Settlement | (4,593) | (8,986) |
Reclassifications | (38) | (3,181) |
Transfers in to Level 3 | 525 | 49 |
Transfers out of Level 3 | (5,706) | (34,315) |
Assets, ending balance | 15,621 | 29,170 |
Recurring Fair Value | Level 3 | Derivative financial instruments | Equity contracts | ||
Assets | ||
Assets, beginning balance | 105 | 313 |
Purchases | 2,863 | 105 |
Settlement | (105) | (313) |
Assets, ending balance | 2,863 | 105 |
Recurring Fair Value | Level 3 | Equity securities | ||
Assets | ||
Assets, beginning balance | 462,253 | 335,006 |
Included in earnings | (3,577) | (285) |
OCI | (8,087) | 89,072 |
Purchases | 6,740 | 15,762 |
Settlement | (72,647) | (18,848) |
Transfers in to Level 3 | 41,856 | |
Transfers out of Level 3 | (310) | |
Assets, ending balance | 384,682 | 462,253 |
Recurring Fair Value | Level 3 | Other financial instruments | ||
Assets | ||
Assets, beginning balance | 42,171 | |
Included in earnings | (13,746) | (3,851) |
Purchases | 9,894 | 46,022 |
Assets, ending balance | 38,319 | 42,171 |
Recurring Fair Value | Level 3 | Investment in associates | ||
Assets | ||
Assets, beginning balance | 1,532,156 | 1,358,368 |
Included in earnings | 129,207 | 188,149 |
Purchases | 9,419 | |
Settlement | (14,361) | |
Assets, ending balance | 1,670,782 | 1,532,156 |
Recurring Fair Value | Level 3 | Investment in associates | P.A. Viva Malls | ||
Assets | ||
Assets, beginning balance | 1,530,459 | 1,355,688 |
Included in earnings | 128,028 | 189,132 |
Purchases | 3,192 | |
Settlement | (14,361) | |
Assets, ending balance | 1,661,679 | 1,530,459 |
Recurring Fair Value | Level 3 | Investment in associates | P.A Distrito Vera | ||
Assets | ||
Assets, beginning balance | 1,697 | 2,680 |
Included in earnings | 1,179 | (983) |
Purchases | 6,227 | |
Assets, ending balance | 9,103 | 1,697 |
Recurring Fair Value | Level 3 | Fair value through profit or loss | Debt instruments | ||
Assets | ||
Assets, beginning balance | 81,389 | 113,058 |
Included in earnings | 8,719 | 11,700 |
Purchases | 6,789 | 3,789 |
Settlement | (12,767) | (20,031) |
Prepaids | (9,613) | (19,181) |
Transfers in to Level 3 | 18,496 | 10,863 |
Transfers out of Level 3 | (18,809) | |
Assets, ending balance | 93,013 | 81,389 |
Recurring Fair Value | Level 3 | Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government | ||
Assets | ||
Included in earnings | (4,150) | |
Purchases | 4,150 | |
Recurring Fair Value | Level 3 | Fair value through profit or loss | Debt instruments | Securities issued or secured by other financial entities | ||
Assets | ||
Assets, beginning balance | 81,389 | 113,058 |
Included in earnings | 12,869 | 11,700 |
Purchases | 2,639 | 3,789 |
Settlement | (12,767) | (20,031) |
Prepaids | (9,613) | (19,181) |
Transfers in to Level 3 | 4,212 | 10,863 |
Transfers out of Level 3 | (18,809) | |
Assets, ending balance | 78,729 | $ 81,389 |
Recurring Fair Value | Level 3 | Fair value through profit or loss | Debt instruments | Corporate bonds | ||
Assets | ||
Transfers in to Level 3 | 14,284 | |
Assets, ending balance | 14,284 | |
Recurring Fair Value | Level 3 | Fair value through other comprehensive income | Debt instruments | ||
Assets | ||
OCI | 173,648 | |
Purchases | 2,490,647 | |
Assets, ending balance | 2,664,295 | |
Recurring Fair Value | Level 3 | Fair value through other comprehensive income | Debt instruments | Securities issued by the Colombian Government | ||
Assets | ||
OCI | 173,648 | |
Purchases | 2,490,647 | |
Assets, ending balance | $ 2,664,295 |
FAIR VALUE OF ASSETS AND LIA_10
FAIR VALUE OF ASSETS AND LIABILITIES - Reconciliation for all liabilities measured at fair value (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Liabilities | ||
Liabilities, beginning balance | $ 312,817,182 | |
Liabilities, ending balance | 303,879,080 | $ 312,817,182 |
Recurring Fair Value | Level 3 | ||
Liabilities | ||
Liabilities, beginning balance | 399,689 | 236,756 |
Included in earnings | 9,049 | 113,568 |
Purchases | 169,659 | 215,183 |
Settlement | (370,860) | (157,706) |
Reclassifications | (13,597) | (3,958) |
Transfers into Level 3 | 8,064 | 396 |
Transfers out of Level 3 | (18,276) | (4,550) |
Liabilities, ending balance | 183,728 | 399,689 |
Recurring Fair Value | Level 3 | Derivative financial instruments | ||
Liabilities | ||
Liabilities, beginning balance | 399,689 | 236,756 |
Included in earnings | 9,049 | 113,568 |
Purchases | 169,659 | 215,183 |
Settlement | (370,860) | (157,706) |
Reclassifications | (13,597) | (3,958) |
Transfers into Level 3 | 8,064 | 396 |
Transfers out of Level 3 | (18,276) | (4,550) |
Liabilities, ending balance | 183,728 | 399,689 |
Recurring Fair Value | Level 3 | Derivative financial instruments | Foreign exchange contracts | ||
Liabilities | ||
Liabilities, beginning balance | 348,027 | 232,444 |
Included in earnings | 15,346 | 88,743 |
Purchases | 164,179 | 188,860 |
Settlement | (329,858) | (157,374) |
Reclassifications | (13,559) | (777) |
Transfers into Level 3 | 4,330 | |
Transfers out of Level 3 | (17,667) | (3,869) |
Liabilities, ending balance | 170,798 | 348,027 |
Recurring Fair Value | Level 3 | Derivative financial instruments | Interest rate contracts | ||
Liabilities | ||
Liabilities, beginning balance | 51,662 | 4,312 |
Included in earnings | (6,297) | 24,825 |
Purchases | 3,628 | 26,323 |
Settlement | (41,002) | (332) |
Reclassifications | (38) | (3,181) |
Transfers into Level 3 | 3,734 | 396 |
Transfers out of Level 3 | (609) | (681) |
Liabilities, ending balance | 11,078 | $ 51,662 |
Recurring Fair Value | Level 3 | Derivative financial instruments | Equity contracts | ||
Liabilities | ||
Purchases | 1,852 | |
Liabilities, ending balance | $ 1,852 |
FAIR VALUE OF ASSETS AND LIA_11
FAIR VALUE OF ASSETS AND LIABILITIES - Transfers between levels (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative financial instruments | Foreign exchange contracts and interest rate contracts | ||
Transfers between levels, Assets | ||
Transfers out of Level 3 | $ 257,660 | $ 43,171 |
Transfers in to Level 3 | 55,048 | |
Debt instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Unrealized gains (losses) | 8,719 | 11,700 |
Equity securities | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Unrealized gains (losses) | (3,577) | (285) |
Transfers between levels, Assets | ||
Transfers, Level 1 to Level 2 | 13,740 | |
Transfers, Level 2 to Level 1 | 7 | 15,858 |
Fair value through profit or loss | Debt instruments | ||
Transfers between levels, Assets | ||
Transfers, Level 1 to Level 2 | 17,179 | 5,282 |
Transfers, Level 2 to Level 1 | 8,397 | 35,447 |
Fair value through profit or loss | Debt instruments | Securities issued or secured by foreign government | ||
Transfers between levels, Assets | ||
Transfers, Level 1 to Level 2 | 1,712 | |
Transfers, Level 2 to Level 1 | 15,885 | |
Fair value through profit or loss | Debt instruments | Securities issued or secured by government entities | ||
Transfers between levels, Assets | ||
Transfers, Level 1 to Level 2 | 13,619 | |
Transfers, Level 2 to Level 1 | 14,459 | |
Fair value through profit or loss | Debt instruments | Corporate bonds | ||
Transfers between levels, Assets | ||
Transfers, Level 1 to Level 2 | 5,282 | |
Transfers, Level 2 to Level 1 | 8,397 | |
Fair value through profit or loss | Debt instruments | Securities issued by the Colombian Government | ||
Transfers between levels, Assets | ||
Transfers, Level 2 to Level 1 | 5,103 | |
Fair value through profit or loss | Debt instruments | Securities issued or secured by other financial entities | ||
Transfers between levels, Assets | ||
Transfers, Level 1 to Level 2 | 1,848 | |
Fair value through OCI | Debt instruments | ||
Transfers between levels, Assets | ||
Transfers, Level 1 to Level 2 | 637,744 | 90,010 |
Transfers, Level 2 to Level 1 | 95,572 | 950,235 |
Fair value through OCI | Debt instruments | Securities issued or secured by foreign government | ||
Transfers between levels, Assets | ||
Transfers, Level 1 to Level 2 | 572,800 | |
Transfers, Level 2 to Level 1 | 950,235 | |
Fair value through OCI | Debt instruments | Corporate bonds | ||
Transfers between levels, Assets | ||
Transfers, Level 1 to Level 2 | $ 90,010 | |
Transfers, Level 2 to Level 1 | 95,572 | |
Fair value through OCI | Debt instruments | Securities issued or secured by other financial entities | ||
Transfers between levels, Assets | ||
Transfers, Level 1 to Level 2 | $ 64,944 |
FAIR VALUE OF ASSETS AND LIA_12
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, 2023 COP ($) | Dec. 31, 2022 COP ($) item | |
Debt instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Fair Value | $ 2,757,308 | $ 81,389 |
Debt instruments | Securities issued by other financial institutions | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Fair Value | 78,729 | |
Debt instruments | TIPS | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Fair Value | 74,087 | 76,014 |
Debt instruments | TIPS | Discounted cash flow | Yield | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Sensitivity 100 basis point increase | 70,982 | 71,208 |
Sensitivity 100 basis point decrease | $ 75,852 | $ 75,021 |
Debt instruments | TIPS | Discounted cash flow | Yield | Minimum | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.0206 | 0.0206 |
Debt instruments | TIPS | Discounted cash flow | Yield | Maximum | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.1073 | 0.0989 |
Debt instruments | TIPS | Discounted cash flow | Yield | Weighted average | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.0548 | 0.0493 |
Debt instruments | TIPS | Discounted cash flow | Prepayment speed | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Sensitivity 100 basis point increase | $ 78,953 | |
Debt instruments | Time deposits | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Fair Value | 4,642 | $ 5,375 |
Debt instruments | Time deposits | Discounted cash flow | Prepayment speed | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Sensitivity 100 basis point increase | 73,271 | 77,349 |
Debt instruments | Time deposits | Discounted cash flow | Yield / interest rate | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Sensitivity 100 basis point increase | 4,277 | |
Sensitivity 100 basis point decrease | $ 4,701 | |
Debt instruments | Time deposits | Discounted cash flow | Yield / interest rate | Minimum | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.0215 | |
Debt instruments | Time deposits | Discounted cash flow | Yield / interest rate | Maximum | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.0570 | |
Debt instruments | Time deposits | Discounted cash flow | Yield / interest rate | Weighted average | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.0378 | |
Debt instruments | Time deposits | Discounted cash flow | Interest rate | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Sensitivity 100 basis point increase | 5,033 | |
Sensitivity 100 basis point decrease | $ 5,438 | |
Debt instruments | Time deposits | Discounted cash flow | Interest rate | Minimum | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | item | 0.0410 | |
Debt instruments | Time deposits | Discounted cash flow | Interest rate | Maximum | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | item | 0.0520 | |
Debt instruments | Time deposits | Discounted cash flow | Interest rate | Weighted average | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.0500 | |
Debt instruments | Bonds by government entities | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Fair Value | $ 2,664,295 | |
Debt instruments | Bonds by government entities | Discounted cash flow | Yield | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Sensitivity 100 basis point increase | 2,658,010 | |
Sensitivity 100 basis point decrease | $ 2,679,372 | |
Debt instruments | Bonds by government entities | Discounted cash flow | Yield | Minimum | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0 | |
Debt instruments | Bonds by government entities | Discounted cash flow | Yield | Maximum | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.0118 | |
Debt instruments | Bonds by government entities | Discounted cash flow | Yield | Weighted average | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.0117 | |
Debt instruments | Corporate bonds | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Fair Value | $ 14,284 | |
Debt instruments | Corporate bonds | Discounted cash flow | Yield | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Sensitivity 100 basis point increase | 13,700 | |
Sensitivity 100 basis point decrease | $ 14,912 | |
Debt instruments | Corporate bonds | Discounted cash flow | Yield | Minimum | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.0349 | |
Debt instruments | Corporate bonds | Discounted cash flow | Yield | Maximum | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.0349 | |
Debt instruments | Corporate bonds | Discounted cash flow | Yield | Weighted average | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.0349 | |
Equity securities | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Fair Value | $ 384,682 | $ 462,253 |
Other financial instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Fair Value | 38,319 | 42,171 |
Derivative financial instruments | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Fair Value | 1,219,429 | 792,922 |
Forwards | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Fair Value | 1,006,834 | 403,996 |
Forwards | Discounted cash flow | Credit spread / yield | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Sensitivity 100 basis point increase | 1,004,399 | 405,806 |
Sensitivity 100 basis point decrease | $ 1,009,283 | $ 410,413 |
Forwards | Discounted cash flow | Credit spread / yield | Minimum | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0 | 0 |
Forwards | Discounted cash flow | Credit spread / yield | Maximum | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.5058 | 0.5947 |
Forwards | Discounted cash flow | Credit spread / yield | Weighted average | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.0722 | 0.1105 |
Swaps | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Fair Value | $ 138,992 | $ 271,859 |
Swaps | Discounted cash flow | Credit spread / yield | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Sensitivity 100 basis point increase | 265,949 | |
Sensitivity 100 basis point decrease | $ 278,192 | |
Swaps | Discounted cash flow | Credit spread / yield | Minimum | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0 | |
Swaps | Discounted cash flow | Credit spread / yield | Maximum | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.3933 | |
Swaps | Discounted cash flow | Credit spread / yield | Weighted average | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.0785 | |
Swaps | Discounted cash flow | Credit spread | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Sensitivity 100 basis point increase | 139,451 | |
Sensitivity 100 basis point decrease | $ 138,577 | |
Swaps | Discounted cash flow | Credit spread | Minimum | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0 | |
Swaps | Discounted cash flow | Credit spread | Maximum | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.6339 | |
Swaps | Discounted cash flow | Credit spread | Weighted average | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.0586 | |
Options | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Fair Value | $ 73,603 | $ 117,067 |
Options | Discounted cash flow | Credit spread | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Sensitivity 100 basis point increase | 73,048 | 116,182 |
Sensitivity 100 basis point decrease | $ 73,870 | $ 117,636 |
Options | Discounted cash flow | Credit spread | Minimum | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.0013 | 0.0010 |
Options | Discounted cash flow | Credit spread | Maximum | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.3377 | 0.3640 |
Options | Discounted cash flow | Credit spread | Weighted average | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.0057 | 0.0064 |
Investment in associates | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Fair Value | $ 1,670,782 | $ 1,532,156 |
Investment in associates | P.A. Viva Malls | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Fair Value | 1,661,679 | 1,530,459 |
Investment in associates | P.A Distrito Vera | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Fair Value | $ 9,103 | $ 1,697 |
FAIR VALUE OF ASSETS AND LIA_13
FAIR VALUE OF ASSETS AND LIABILITIES - Valuation techniques (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income approach | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Ratio between monthly gross income and real estate value | 0.82% | 0.61% |
Direct capitalization | Capitalisation rate | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.0807 | 0.0786 |
Discounted cash flow | Discount rate | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.1244 | 0.1162 |
Discounted cash flow | Terminal rate | ||
FAIR VALUE OF ASSETS AND LIABILITIES | ||
Significant unobservable input, assets | 0.0825 | 0.0806 |
IMPACTS ON APPLICATION OF NEW_3
IMPACTS ON APPLICATION OF NEW STANDARDS (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
IMPACTS ON APPLICATION OF NEW STANDARDS | |||
Retained earnings | $ 2,515,278 | $ 3,278,164 | |
IFRS 17 | |||
IMPACTS ON APPLICATION OF NEW STANDARDS | |||
Insurance contracts asset | 68,991 | ||
Insurance contracts liability | 124,598 | ||
Retained earnings | |||
Adoption adjustment | IFRS 17 | |||
IMPACTS ON APPLICATION OF NEW STANDARDS | |||
Insurance contracts asset | 22,383 | ||
Insurance contracts liability | 21,679 | ||
Retained earnings | $ 704 | ||
Adjusted Balance | IFRS 17 | |||
IMPACTS ON APPLICATION OF NEW STANDARDS | |||
Insurance contracts asset | $ 91,374 | ||
Insurance contracts liability | 146,277 | ||
Retained earnings | $ 704 |
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, 2023 | Dec. 31, 2022 |
RISK MANAGEMENT | ||
Loss Allowance | $ (16,477,722) | $ (15,761,546) |
Total | 277,052,663 | 294,027,788 |
Stage One | ||
RISK MANAGEMENT | ||
Loss Allowance | (3,854,240) | (3,017,368) |
Total | 257,785,019 | 273,229,318 |
Stage Two | ||
RISK MANAGEMENT | ||
Loss Allowance | (2,581,460) | (3,227,440) |
Total | 13,615,768 | 15,767,135 |
Stage Three | ||
RISK MANAGEMENT | ||
Loss Allowance | (10,042,022) | (9,516,738) |
Total | 5,651,876 | 5,031,335 |
Loans and Advances | ||
RISK MANAGEMENT | ||
Maximum exposure | 253,951,647 | 269,923,739 |
Loans and Advances | Stage One | ||
RISK MANAGEMENT | ||
Maximum exposure | 222,372,889 | 236,770,056 |
Loans and Advances | Stage Two | ||
RISK MANAGEMENT | ||
Maximum exposure | 16,042,661 | 18,656,439 |
Loans and Advances | Stage Three | ||
RISK MANAGEMENT | ||
Maximum exposure | 15,536,097 | 14,497,244 |
Commercial | ||
RISK MANAGEMENT | ||
Maximum exposure | 134,687,396 | 143,537,853 |
Commercial | Stage One | ||
RISK MANAGEMENT | ||
Maximum exposure | 120,773,927 | 126,530,862 |
Commercial | Stage Two | ||
RISK MANAGEMENT | ||
Maximum exposure | 5,453,537 | 8,062,435 |
Commercial | Stage Three | ||
RISK MANAGEMENT | ||
Maximum exposure | 8,459,932 | 8,944,556 |
Consumer | ||
RISK MANAGEMENT | ||
Maximum exposure | 54,591,769 | 59,588,721 |
Consumer | Stage One | ||
RISK MANAGEMENT | ||
Maximum exposure | 46,060,615 | 51,510,943 |
Consumer | Stage Two | ||
RISK MANAGEMENT | ||
Maximum exposure | 4,407,067 | 5,288,921 |
Consumer | Stage Three | ||
RISK MANAGEMENT | ||
Maximum exposure | 4,124,087 | 2,788,857 |
Mortgage | ||
RISK MANAGEMENT | ||
Maximum exposure | 36,250,408 | 37,371,373 |
Mortgage | Stage One | ||
RISK MANAGEMENT | ||
Maximum exposure | 32,210,648 | 34,067,734 |
Mortgage | Stage Two | ||
RISK MANAGEMENT | ||
Maximum exposure | 2,628,654 | 1,997,270 |
Mortgage | Stage Three | ||
RISK MANAGEMENT | ||
Maximum exposure | 1,411,106 | 1,306,369 |
Small Business Loans | ||
RISK MANAGEMENT | ||
Maximum exposure | 1,145,017 | 1,328,076 |
Small Business Loans | Stage One | ||
RISK MANAGEMENT | ||
Maximum exposure | 774,571 | 1,093,973 |
Small Business Loans | Stage Two | ||
RISK MANAGEMENT | ||
Maximum exposure | 260,303 | 135,528 |
Small Business Loans | Stage Three | ||
RISK MANAGEMENT | ||
Maximum exposure | 110,143 | 98,575 |
Financial Leases | ||
RISK MANAGEMENT | ||
Maximum exposure | 27,277,057 | 28,097,716 |
Financial Leases | Stage One | ||
RISK MANAGEMENT | ||
Maximum exposure | 22,553,128 | 23,566,544 |
Financial Leases | Stage Two | ||
RISK MANAGEMENT | ||
Maximum exposure | 3,293,100 | 3,172,285 |
Financial Leases | Stage Three | ||
RISK MANAGEMENT | ||
Maximum exposure | 1,430,829 | 1,358,887 |
Off Balance Sheet Exposures | ||
RISK MANAGEMENT | ||
Maximum exposure | 39,578,738 | 39,865,595 |
Off Balance Sheet Exposures | Stage One | ||
RISK MANAGEMENT | ||
Maximum exposure | 39,266,370 | 39,476,630 |
Off Balance Sheet Exposures | Stage Two | ||
RISK MANAGEMENT | ||
Maximum exposure | 154,567 | 338,136 |
Off Balance Sheet Exposures | Stage Three | ||
RISK MANAGEMENT | ||
Maximum exposure | 157,801 | 50,829 |
Financial Guarantees | ||
RISK MANAGEMENT | ||
Maximum exposure | 12,691,198 | 11,624,914 |
Financial Guarantees | Stage One | ||
RISK MANAGEMENT | ||
Maximum exposure | 12,533,868 | 11,399,726 |
Financial Guarantees | Stage Two | ||
RISK MANAGEMENT | ||
Maximum exposure | 26,889 | 202,240 |
Financial Guarantees | Stage Three | ||
RISK MANAGEMENT | ||
Maximum exposure | 130,441 | 22,948 |
Loan Commitments | ||
RISK MANAGEMENT | ||
Maximum exposure | 26,887,540 | 28,240,681 |
Loan Commitments | Stage One | ||
RISK MANAGEMENT | ||
Maximum exposure | 26,732,502 | 28,076,904 |
Loan Commitments | Stage Two | ||
RISK MANAGEMENT | ||
Maximum exposure | 127,678 | 135,896 |
Loan Commitments | Stage Three | ||
RISK MANAGEMENT | ||
Maximum exposure | $ 27,360 | $ 27,881 |
RISK MANAGEMENT - Maximum exp_2
RISK MANAGEMENT - Maximum exposure to credit risk - Other financial instruments (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other financial instruments | ||
RISK MANAGEMENT | ||
Maximum exposure | $ 27,554,748 | $ 37,194,524 |
Collateral | (2,106,146) | (879,613) |
Net exposure | 25,448,602 | 36,314,911 |
Debt instruments | ||
RISK MANAGEMENT | ||
Maximum exposure | 25,148,469 | 27,418,197 |
Collateral | (1,407,484) | (741,197) |
Net exposure | 23,740,985 | 26,677,000 |
Derivatives | ||
RISK MANAGEMENT | ||
Maximum exposure | 1,824,750 | 9,189,488 |
Collateral | (698,662) | (138,416) |
Net exposure | 1,126,088 | 9,051,072 |
Equity | ||
RISK MANAGEMENT | ||
Maximum exposure | 543,210 | 544,668 |
Net exposure | 543,210 | 544,668 |
Other financial instruments | ||
RISK MANAGEMENT | ||
Maximum exposure | 38,319 | 42,171 |
Net exposure | $ 38,319 | $ 42,171 |
RISK MANAGEMENT - Commercial an
RISK MANAGEMENT - Commercial and Financial Leases (Details) $ in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 COP ($) | Dec. 31, 2023 USD ($) | |
Commercial and financial leases | Corporate | Minimum | ||
RISK MANAGEMENT | ||
Annual sales by economic group | $ 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 by economic group | 13,000 | |
Commercial and financial leases | Business | Maximum | ||
RISK MANAGEMENT | ||
Annual sales by economic group | 100,000 | |
Commercial and financial leases | Business | Banco Agricola | Minimum | ||
RISK MANAGEMENT | ||
Annual sales | 7 | |
Commercial and financial leases | Business | Banco Agricola | Maximum | ||
RISK MANAGEMENT | ||
Annual sales | 25 | |
Commercial and financial leases | Business | BAM | Minimum | ||
RISK MANAGEMENT | ||
Annual sales | 5 | |
Commercial and financial leases | Business | BAM | Maximum | ||
RISK MANAGEMENT | ||
Annual sales | 25 | |
Commercial and financial leases | Commercial | BAM | Minimum | ||
RISK MANAGEMENT | ||
Annual sales | 2 | |
Commercial and financial leases | Commercial | BAM | Maximum | ||
RISK MANAGEMENT | ||
Annual sales | 5 | |
Commercial and financial leases | Business Construction | Minimum | ||
RISK MANAGEMENT | ||
Annual sales by economic group | 58,000 | |
Annual sales by commercial size | 15,000 | |
Annual sales by project size | 500,000 | |
Commercial and financial leases | Business Construction | Maximum | ||
RISK MANAGEMENT | ||
Annual sales by economic group | 200,000 | |
Annual sales by commercial size | 70,000 | |
Annual sales by project size | 2,200,000 | |
Commercial and financial leases | Corporate Construction | Minimum | ||
RISK MANAGEMENT | ||
Annual sales by economic group | 200,000 | |
Annual sales by commercial size | 70,000 | |
Annual sales by project size | 2,200,000 | |
Commercial and financial leases | SME Construction | Minimum | ||
RISK MANAGEMENT | ||
Annual sales by economic group | 380 | |
Annual sales by commercial size | 715,000 | |
Commercial and financial leases | SME Construction | Maximum | ||
RISK MANAGEMENT | ||
Annual sales by economic group | 58,000 | |
Annual sales by commercial size | 500,000 | |
Commercial and financial leases | Government | Minimum | ||
RISK MANAGEMENT | ||
Annual sales | 20,000 | |
Commercial and financial leases | SME | Minimum | ||
RISK MANAGEMENT | ||
Annual sales | $ 13,000 | |
Commercial and financial leases | SME | Banistmo | Minimum | ||
RISK MANAGEMENT | ||
Annual sales | 10 | |
Commercial and financial leases | SME | Banco Agricola | Minimum | ||
RISK MANAGEMENT | ||
Annual sales | 7 | |
Commercial and financial leases | SME | BAM | Minimum | ||
RISK MANAGEMENT | ||
Annual sales | $ 2 | |
Mortgage | Minimum | ||
RISK MANAGEMENT | ||
Repayment term | 5 years | 5 years |
Mortgage | 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, 2023 | Dec. 31, 2022 | |
RISK MANAGEMENT | ||
Financial assets | $ 25,674,195 | $ 27,940,140 |
Watch list | ||
RISK MANAGEMENT | ||
Watch List, Amount | $ 27,229,184 | $ 26,583,853 |
Percentage of allowance recorded | 21.57% | 27.55% |
Allowance | $ 5,872,064 | $ 7,322,784 |
Level 1 - Low Risk | ||
RISK MANAGEMENT | ||
Watch List, Amount | $ 14,358,838 | $ 10,467,361 |
Percentage of allowance recorded | 1.02% | 1.50% |
Allowance | $ 146,014 | $ 157,131 |
Level 2 - Medium Risk | ||
RISK MANAGEMENT | ||
Watch List, Amount | $ 4,744,341 | $ 7,408,528 |
Percentage of allowance recorded | 7.38% | 9.36% |
Allowance | $ 349,972 | $ 693,260 |
Level 3 - High Risk | ||
RISK MANAGEMENT | ||
Watch List, Amount | $ 2,886,649 | $ 2,265,069 |
Percentage of allowance recorded | 53.31% | 52.04% |
Allowance | $ 1,538,882 | $ 1,178,800 |
Level 4 - High Risk | ||
RISK MANAGEMENT | ||
Watch List, Amount | $ 5,239,356 | $ 6,442,895 |
Percentage of allowance recorded | 73.24% | 82.16% |
Allowance | $ 3,837,196 | $ 5,293,593 |
Loan portfolio and financial lease operations | ||
RISK MANAGEMENT | ||
Percentage increase (decrease) in total loan portfolio | (5.90%) | |
30-day past due loan ratio | 5.39% | 3.55% |
Commercial and financial leases | ||
RISK MANAGEMENT | ||
Financial assets | $ 161,964,000 | |
Percentage increase (decrease) in total loan portfolio | (5.60%) | |
30-day past due loan ratio | 3.50% | 2.39% |
Consumer loans | ||
RISK MANAGEMENT | ||
Financial assets | $ 54,592,000 | |
Percentage increase (decrease) in total loan portfolio | (8.40%) | |
30-day past due loan ratio | 9.48% | 5.82% |
Mortgage loans | ||
RISK MANAGEMENT | ||
Financial assets | $ 36,250,000 | |
Percentage increase (decrease) in total loan portfolio | (3.00%) | |
30-day past due loan ratio | 7.52% | 4.95% |
Small Business Loans | ||
RISK MANAGEMENT | ||
Financial assets | $ 1,145,000 | |
Percentage increase (decrease) in total loan portfolio | (13.80%) | |
30-day past due loan ratio | 12.17% | 11.48% |
RISK MANAGEMENT - Loans and fin
RISK MANAGEMENT - Loans and financial leases by classification and type of collateral (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
RISK MANAGEMENT | ||
Loans and financial leases | $ 253,951,647 | $ 269,923,739 |
Real Estate and Residential | ||
RISK MANAGEMENT | ||
Loans and financial leases | 59,634,145 | 65,957,175 |
Goods Given in Real Estate Leasing | ||
RISK MANAGEMENT | ||
Loans and financial leases | 17,104,369 | 17,031,470 |
Goods Given in Leasing Other Than Real Estate | ||
RISK MANAGEMENT | ||
Loans and financial leases | 8,580,569 | 7,975,392 |
Stand by Letter of Credit | ||
RISK MANAGEMENT | ||
Loans and financial leases | 1,052,764 | 607,684 |
Security Deposits | ||
RISK MANAGEMENT | ||
Loans and financial leases | 920,605 | 1,048,209 |
Guarantee Fund | ||
RISK MANAGEMENT | ||
Loans and financial leases | 4,124,770 | 5,187,548 |
Collection Rights | ||
RISK MANAGEMENT | ||
Loans and financial leases | 6,731,046 | 6,102,860 |
Other Collateral (Pledges) | ||
RISK MANAGEMENT | ||
Loans and financial leases | 10,285,994 | 11,406,953 |
Without Guarantee (Uncovered Balance) | ||
RISK MANAGEMENT | ||
Loans and financial leases | 145,517,385 | 154,606,448 |
Commercial | ||
RISK MANAGEMENT | ||
Loans and financial leases | 134,687,396 | 143,537,853 |
Commercial | Real Estate and Residential | ||
RISK MANAGEMENT | ||
Loans and financial leases | 23,368,950 | 28,426,583 |
Commercial | Stand by Letter of Credit | ||
RISK MANAGEMENT | ||
Loans and financial leases | 1,052,764 | 604,309 |
Commercial | Security Deposits | ||
RISK MANAGEMENT | ||
Loans and financial leases | 447,306 | 450,157 |
Commercial | Guarantee Fund | ||
RISK MANAGEMENT | ||
Loans and financial leases | 4,012,115 | 4,976,395 |
Commercial | Collection Rights | ||
RISK MANAGEMENT | ||
Loans and financial leases | 6,673,320 | 6,048,311 |
Commercial | Other Collateral (Pledges) | ||
RISK MANAGEMENT | ||
Loans and financial leases | 2,957,482 | 3,382,334 |
Commercial | Without Guarantee (Uncovered Balance) | ||
RISK MANAGEMENT | ||
Loans and financial leases | 96,175,459 | 99,649,764 |
Consumer | ||
RISK MANAGEMENT | ||
Loans and financial leases | 54,591,769 | 59,588,721 |
Consumer | Real Estate and Residential | ||
RISK MANAGEMENT | ||
Loans and financial leases | 1,693,007 | 2,094,966 |
Consumer | Goods Given in Leasing Other Than Real Estate | ||
RISK MANAGEMENT | ||
Loans and financial leases | 26 | 39 |
Consumer | Security Deposits | ||
RISK MANAGEMENT | ||
Loans and financial leases | 370,286 | 464,940 |
Consumer | Guarantee Fund | ||
RISK MANAGEMENT | ||
Loans and financial leases | 191 | 1,168 |
Consumer | Collection Rights | ||
RISK MANAGEMENT | ||
Loans and financial leases | 57,306 | 54,112 |
Consumer | Other Collateral (Pledges) | ||
RISK MANAGEMENT | ||
Loans and financial leases | 7,286,581 | 7,963,563 |
Consumer | Without Guarantee (Uncovered Balance) | ||
RISK MANAGEMENT | ||
Loans and financial leases | 45,184,372 | 49,009,933 |
Mortgage | ||
RISK MANAGEMENT | ||
Loans and financial leases | 36,250,408 | 37,371,373 |
Mortgage | Real Estate and Residential | ||
RISK MANAGEMENT | ||
Loans and financial leases | 34,253,140 | 34,941,415 |
Mortgage | Goods Given in Real Estate Leasing | ||
RISK MANAGEMENT | ||
Loans and financial leases | 189 | 193 |
Mortgage | Other Collateral (Pledges) | ||
RISK MANAGEMENT | ||
Loans and financial leases | 39,432 | 57,360 |
Mortgage | Without Guarantee (Uncovered Balance) | ||
RISK MANAGEMENT | ||
Loans and financial leases | 1,957,647 | 2,372,405 |
Financial Leases | ||
RISK MANAGEMENT | ||
Loans and financial leases | 27,277,057 | 28,097,716 |
Financial Leases | Real Estate and Residential | ||
RISK MANAGEMENT | ||
Loans and financial leases | 10 | 13 |
Financial Leases | Goods Given in Real Estate Leasing | ||
RISK MANAGEMENT | ||
Loans and financial leases | 17,104,180 | 17,031,277 |
Financial Leases | Goods Given in Leasing Other Than Real Estate | ||
RISK MANAGEMENT | ||
Loans and financial leases | 8,580,543 | 7,975,353 |
Financial Leases | Guarantee Fund | ||
RISK MANAGEMENT | ||
Loans and financial leases | 60,242 | 77,695 |
Financial Leases | Without Guarantee (Uncovered Balance) | ||
RISK MANAGEMENT | ||
Loans and financial leases | 1,532,082 | 3,013,378 |
Small Business | ||
RISK MANAGEMENT | ||
Loans and financial leases | 1,145,017 | 1,328,076 |
Small Business | Real Estate and Residential | ||
RISK MANAGEMENT | ||
Loans and financial leases | 319,038 | 494,198 |
Small Business | Stand by Letter of Credit | ||
RISK MANAGEMENT | ||
Loans and financial leases | 3,375 | |
Small Business | Security Deposits | ||
RISK MANAGEMENT | ||
Loans and financial leases | 103,013 | 133,112 |
Small Business | Guarantee Fund | ||
RISK MANAGEMENT | ||
Loans and financial leases | 52,222 | 132,290 |
Small Business | Collection Rights | ||
RISK MANAGEMENT | ||
Loans and financial leases | 420 | 437 |
Small Business | Other Collateral (Pledges) | ||
RISK MANAGEMENT | ||
Loans and financial leases | 2,499 | 3,696 |
Small Business | Without Guarantee (Uncovered Balance) | ||
RISK MANAGEMENT | ||
Loans and financial leases | $ 667,825 | $ 560,968 |
RISK MANAGEMENT - Financial ass
RISK MANAGEMENT - Financial assets classified in Stage 3 (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
RISK MANAGEMENT | |||
Financial assets | $ 25,674,195 | $ 27,940,140 | |
Non-current assets held for sale | 1,361,465 | 889,752 | |
Stage Three | |||
RISK MANAGEMENT | |||
Financial assets | 1,031,773 | 1,006,275 | |
Fair Value of Collateral | 2,771,142 | 2,676,846 | |
Commercial | Stage Three | |||
RISK MANAGEMENT | |||
Financial assets | 425,479 | 335,669 | |
Fair Value of Collateral | 1,176,130 | 1,185,888 | |
Consumer | |||
RISK MANAGEMENT | |||
Financial assets | 54,592,000 | ||
Mortgage | |||
RISK MANAGEMENT | |||
Financial assets | 36,250,000 | ||
Mortgage | Stage Three | |||
RISK MANAGEMENT | |||
Financial assets | 289,618 | 268,002 | |
Fair Value of Collateral | 331,738 | 406,990 | |
Small Business | |||
RISK MANAGEMENT | |||
Financial assets | 1,145,000 | ||
Financial Leases | Stage Three | |||
RISK MANAGEMENT | |||
Financial assets | 316,676 | 402,604 | |
Fair Value of Collateral | 1,263,274 | 1,083,968 | |
Mortgage and Commercial Business | Stage Three | |||
RISK MANAGEMENT | |||
Financial assets | 206,871 | $ 204,268 | |
Gross carrying amount | Stage Three | |||
RISK MANAGEMENT | |||
Financial assets | 1,783,801 | 1,673,803 | |
Gross carrying amount | Commercial | Stage Three | |||
RISK MANAGEMENT | |||
Financial assets | 700,120 | 653,619 | |
Gross carrying amount | Mortgage | Stage Three | |||
RISK MANAGEMENT | |||
Financial assets | 383,878 | 350,380 | |
Gross carrying amount | Financial Leases | Stage Three | |||
RISK MANAGEMENT | |||
Financial assets | 699,803 | 669,804 | |
Allowance | Stage Three | |||
RISK MANAGEMENT | |||
Financial assets | (752,028) | (667,528) | |
Allowance | Commercial | Stage Three | |||
RISK MANAGEMENT | |||
Financial assets | (274,641) | (317,950) | |
Allowance | Mortgage | Stage Three | |||
RISK MANAGEMENT | |||
Financial assets | (94,260) | (82,378) | |
Allowance | Financial Leases | Stage Three | |||
RISK MANAGEMENT | |||
Financial assets | $ (383,127) | $ (267,200) |
RISK MANAGEMENT - Loans concent
RISK MANAGEMENT - Loans concentration by category (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
RISK MANAGEMENT | ||||
Loans and advances to customers | $ 237,728,544 | $ 254,444,099 | ||
Gross carrying amount | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | 253,951,647 | 269,923,739 | ||
Allowance | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | (16,223,103) | (15,479,640) | $ (15,864,482) | $ (16,616,043) |
Commercial | Gross carrying amount | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | 134,687,396 | 143,537,853 | ||
Commercial | Allowance | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | (6,290,266) | (7,270,305) | (7,813,023) | (7,673,720) |
Commercial | Corporate | Gross carrying amount | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | 69,843,654 | 79,766,203 | ||
Commercial | SME | Gross carrying amount | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | 14,200,557 | 15,864,828 | ||
Commercial | Others | Gross carrying amount | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | 50,643,185 | 47,906,822 | ||
Consumer | Gross carrying amount | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | 54,591,769 | 59,588,721 | ||
Consumer | Allowance | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | (7,717,038) | (6,047,135) | (5,305,267) | (5,753,430) |
Consumer | Credit card | Gross carrying amount | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | 11,207,731 | 11,388,043 | ||
Consumer | Vehicle | Gross carrying amount | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | 5,409,226 | 5,173,235 | ||
Consumer | Payroll loans | Gross carrying amount | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | 9,461,889 | 10,838,679 | ||
Consumer | Others | Gross carrying amount | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | 28,512,923 | 32,188,764 | ||
Mortgage | Gross carrying amount | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | 36,250,408 | 37,371,373 | ||
Mortgage | VIS | Gross carrying amount | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | 12,997,624 | 12,318,512 | ||
Mortgage | Non-VIS | Gross carrying amount | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | 23,252,784 | 25,052,861 | ||
Financial Leases | Gross carrying amount | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | 27,277,057 | 28,097,716 | ||
Financial Leases | Allowance | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | (1,024,575) | (1,013,074) | (1,521,067) | (1,996,033) |
Small Business Loans [Member] | Gross carrying amount | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | 1,145,017 | 1,328,076 | ||
Small Business Loans [Member] | Allowance | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | $ (168,018) | $ (125,035) | $ (164,067) | $ (200,345) |
RISK MANAGEMENT - Concentration
RISK MANAGEMENT - Concentration of loan by maturity (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
RISK MANAGEMENT | ||
Gross loans and advances to customers | $ 253,951,647 | $ 269,923,739 |
Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 43,813,331 | 45,381,330 |
Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 95,286,052 | 110,771,211 |
Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 84,759,678 | 83,018,588 |
Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 30,092,586 | 30,752,610 |
Commercial | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 134,687,396 | 143,537,853 |
Commercial | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 40,601,345 | 41,624,418 |
Commercial | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 57,828,301 | 63,696,431 |
Commercial | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 35,936,869 | 38,127,660 |
Commercial | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 320,881 | 89,344 |
Commercial | Corporate | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 69,843,654 | 79,766,203 |
Commercial | Corporate | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 22,360,108 | 22,737,806 |
Commercial | Corporate | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 27,329,312 | 32,474,514 |
Commercial | Corporate | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 19,970,727 | 24,547,720 |
Commercial | Corporate | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 183,507 | 6,163 |
Commercial | SME | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 14,200,557 | 15,864,828 |
Commercial | SME | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 4,486,326 | 4,715,405 |
Commercial | SME | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 7,497,307 | 9,011,823 |
Commercial | SME | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 2,200,274 | 2,110,855 |
Commercial | SME | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 16,650 | 26,745 |
Commercial | Others | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 50,643,185 | 47,906,822 |
Commercial | Others | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 13,754,911 | 14,171,207 |
Commercial | Others | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 23,001,682 | 22,210,094 |
Commercial | Others | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 13,765,868 | 11,469,085 |
Commercial | Others | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 120,724 | 56,436 |
Consumer | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 54,591,769 | 59,588,721 |
Consumer | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 1,289,150 | 1,276,398 |
Consumer | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 26,549,043 | 36,662,101 |
Consumer | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 26,086,537 | 20,790,945 |
Consumer | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 667,039 | 859,277 |
Consumer | Credit card | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 11,207,731 | 11,388,043 |
Consumer | Credit card | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 417,390 | 341,644 |
Consumer | Credit card | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 1,755,518 | 9,658,986 |
Consumer | Credit card | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 9,034,823 | 1,387,413 |
Consumer | Vehicle | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 5,409,226 | 5,173,235 |
Consumer | Vehicle | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 55,295 | 56,869 |
Consumer | Vehicle | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 2,982,439 | 2,453,692 |
Consumer | Vehicle | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 2,371,163 | 2,662,171 |
Consumer | Vehicle | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 329 | 503 |
Consumer | Order of payment | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 9,461,889 | 10,838,679 |
Consumer | Order of payment | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 57,211 | 53,455 |
Consumer | Order of payment | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 1,872,546 | 1,955,842 |
Consumer | Order of payment | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 7,061,605 | 8,274,849 |
Consumer | Order of payment | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 470,527 | 554,533 |
Consumer | Others | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 28,512,923 | 32,188,764 |
Consumer | Others | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 759,254 | 824,430 |
Consumer | Others | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 19,938,540 | 22,593,581 |
Consumer | Others | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 7,618,946 | 8,466,512 |
Consumer | Others | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 196,183 | 304,241 |
Mortgage | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 36,250,408 | 37,371,373 |
Mortgage | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 75,189 | 65,252 |
Mortgage | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 1,005,831 | 1,017,950 |
Mortgage | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 9,601,783 | 10,018,853 |
Mortgage | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 25,567,605 | 26,269,318 |
Mortgage | VIS | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 12,997,624 | 12,318,512 |
Mortgage | VIS | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 23,303 | 16,905 |
Mortgage | VIS | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 264,232 | 246,203 |
Mortgage | VIS | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 2,157,322 | 1,934,490 |
Mortgage | VIS | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 10,552,767 | 10,120,914 |
Mortgage | Non-VIS | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 23,252,784 | 25,052,861 |
Mortgage | Non-VIS | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 51,886 | 48,347 |
Mortgage | Non-VIS | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 741,599 | 771,747 |
Mortgage | Non-VIS | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 7,444,461 | 8,084,363 |
Mortgage | Non-VIS | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 15,014,838 | 16,148,404 |
Financial Leases | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 27,277,057 | 28,097,716 |
Financial Leases | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 1,639,218 | 2,215,774 |
Financial Leases | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 9,165,622 | 8,560,553 |
Financial Leases | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 12,939,908 | 13,798,615 |
Financial Leases | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 3,532,309 | 3,522,774 |
Small Business Loans [Member] | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 1,145,017 | 1,328,076 |
Small Business Loans [Member] | Less than 1 year | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 208,429 | 199,488 |
Small Business Loans [Member] | Between 1 and 5 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 737,255 | 834,176 |
Small Business Loans [Member] | Between 5 and 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 194,581 | 282,515 |
Small Business Loans [Member] | Greater than 15 years | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | $ 4,752 | $ 11,897 |
RISK MANAGEMENT - Concentrati_2
RISK MANAGEMENT - Concentration by past due days (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
RISK MANAGEMENT | ||
Gross loans and advances to customers | $ 253,951,647 | $ 269,923,739 |
0 - 30 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 240,251,654 | 260,345,821 |
31 - 90 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 4,332,890 | 2,856,163 |
91 - 120 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 1,282,872 | 875,300 |
121 - 360 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 4,626,541 | 2,502,650 |
More Than 360 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 3,457,690 | 3,343,805 |
Commercial | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 134,687,396 | 143,537,853 |
Commercial | 0 - 30 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 129,866,971 | 140,277,356 |
Commercial | 31 - 90 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 500,794 | 427,127 |
Commercial | 91 - 120 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 205,141 | 140,582 |
Commercial | 121 - 360 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 1,777,620 | 604,363 |
Commercial | More Than 360 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 2,336,870 | 2,088,425 |
Consumer | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 54,591,769 | 59,588,721 |
Consumer | 0 - 30 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 49,418,431 | 56,121,232 |
Consumer | 31 - 90 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 2,244,017 | 1,578,302 |
Consumer | 91 - 120 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 794,005 | 521,407 |
Consumer | 121 - 360 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 1,994,748 | 1,201,421 |
Consumer | More Than 360 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 140,568 | 166,359 |
Mortgage | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 36,250,408 | 37,371,373 |
Mortgage | 0 - 30 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 33,524,034 | 35,520,689 |
Mortgage | 31 - 90 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 1,290,817 | 578,116 |
Mortgage | 91 - 120 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 212,433 | 144,580 |
Mortgage | 121 - 360 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 599,351 | 524,619 |
Mortgage | More Than 360 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 623,773 | 603,369 |
Financial Leases | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 27,277,057 | 28,097,716 |
Financial Leases | 0 - 30 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 26,436,493 | 27,250,876 |
Financial Leases | 31 - 90 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 247,124 | 205,639 |
Financial Leases | 91 - 120 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 56,434 | 53,469 |
Financial Leases | 121 - 360 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 196,578 | 117,808 |
Financial Leases | More Than 360 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 340,428 | 469,924 |
Small Business Loans [Member] | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 1,145,017 | 1,328,076 |
Small Business Loans [Member] | 0 - 30 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 1,005,725 | 1,175,668 |
Small Business Loans [Member] | 31 - 90 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 50,138 | 66,979 |
Small Business Loans [Member] | 91 - 120 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 14,859 | 15,262 |
Small Business Loans [Member] | 121 - 360 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | 58,244 | 54,439 |
Small Business Loans [Member] | More Than 360 Days | ||
RISK MANAGEMENT | ||
Gross loans and advances to customers | $ 16,051 | $ 15,728 |
RISK MANAGEMENT - Concentrati_3
RISK MANAGEMENT - Concentration of loans by economic sector (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
RISK MANAGEMENT | ||
Loans and advances | $ 253,951,647 | $ 269,923,739 |
Loans and Advances | ||
RISK MANAGEMENT | ||
Loans and advances | 253,951,647 | 269,923,739 |
Loans and Advances | Agriculture | ||
RISK MANAGEMENT | ||
Loans and advances | 7,651,762 | 8,128,406 |
Loans and Advances | Petroleum and Mining Products | ||
RISK MANAGEMENT | ||
Loans and advances | 2,080,761 | 895,774 |
Loans and Advances | Food, Beverages and Tobacco | ||
RISK MANAGEMENT | ||
Loans and advances | 10,036,365 | 10,938,428 |
Loans and Advances | Chemical Production | ||
RISK MANAGEMENT | ||
Loans and advances | 4,324,717 | 5,061,495 |
Loans and Advances | Government | ||
RISK MANAGEMENT | ||
Loans and advances | 9,257,155 | 6,831,479 |
Loans and Advances | Construction | ||
RISK MANAGEMENT | ||
Loans and advances | 21,763,817 | 25,895,135 |
Loans and Advances | Commerce and Tourism | ||
RISK MANAGEMENT | ||
Loans and advances | 34,871,879 | 38,532,429 |
Loans and Advances | Transport and Communications | ||
RISK MANAGEMENT | ||
Loans and advances | 9,925,494 | 11,070,003 |
Loans and Advances | Public Services | ||
RISK MANAGEMENT | ||
Loans and advances | 13,044,826 | 11,806,268 |
Loans and Advances | Consumer Services | ||
RISK MANAGEMENT | ||
Loans and advances | 91,998,207 | 98,606,064 |
Loans and Advances | Commercial Services | ||
RISK MANAGEMENT | ||
Loans and advances | 34,692,184 | 34,884,002 |
Loans and Advances | Other Industries and Manufactured Products | ||
RISK MANAGEMENT | ||
Loans and advances | 14,304,480 | 17,274,256 |
Loans and Advances | Colombia | ||
RISK MANAGEMENT | ||
Loans and advances | 185,351,529 | 184,166,082 |
Loans and Advances | Colombia | Agriculture | ||
RISK MANAGEMENT | ||
Loans and advances | 5,162,973 | 4,822,190 |
Loans and Advances | Colombia | Petroleum and Mining Products | ||
RISK MANAGEMENT | ||
Loans and advances | 1,846,238 | 751,401 |
Loans and Advances | Colombia | Food, Beverages and Tobacco | ||
RISK MANAGEMENT | ||
Loans and advances | 9,147,936 | 9,725,211 |
Loans and Advances | Colombia | Chemical Production | ||
RISK MANAGEMENT | ||
Loans and advances | 4,299,308 | 5,029,722 |
Loans and Advances | Colombia | Government | ||
RISK MANAGEMENT | ||
Loans and advances | 8,369,707 | 6,826,772 |
Loans and Advances | Colombia | Construction | ||
RISK MANAGEMENT | ||
Loans and advances | 16,202,035 | 17,828,783 |
Loans and Advances | Colombia | Commerce and Tourism | ||
RISK MANAGEMENT | ||
Loans and advances | 23,803,830 | 24,841,275 |
Loans and Advances | Colombia | Transport and Communications | ||
RISK MANAGEMENT | ||
Loans and advances | 9,574,318 | 10,345,263 |
Loans and Advances | Colombia | Public Services | ||
RISK MANAGEMENT | ||
Loans and advances | 11,758,265 | 10,121,410 |
Loans and Advances | Colombia | Consumer Services | ||
RISK MANAGEMENT | ||
Loans and advances | 59,032,642 | 59,437,125 |
Loans and Advances | Colombia | Commercial Services | ||
RISK MANAGEMENT | ||
Loans and advances | 27,474,593 | 24,688,401 |
Loans and Advances | Colombia | Other Industries and Manufactured Products | ||
RISK MANAGEMENT | ||
Loans and advances | 8,679,684 | 9,748,529 |
Loans and Advances | Foreign countries | ||
RISK MANAGEMENT | ||
Loans and advances | 68,600,118 | 85,757,657 |
Loans and Advances | Foreign countries | Agriculture | ||
RISK MANAGEMENT | ||
Loans and advances | 2,488,789 | 3,306,216 |
Loans and Advances | Foreign countries | Petroleum and Mining Products | ||
RISK MANAGEMENT | ||
Loans and advances | 234,523 | 144,373 |
Loans and Advances | Foreign countries | Food, Beverages and Tobacco | ||
RISK MANAGEMENT | ||
Loans and advances | 888,429 | 1,213,217 |
Loans and Advances | Foreign countries | Chemical Production | ||
RISK MANAGEMENT | ||
Loans and advances | 25,409 | 31,773 |
Loans and Advances | Foreign countries | Government | ||
RISK MANAGEMENT | ||
Loans and advances | 887,448 | 4,707 |
Loans and Advances | Foreign countries | Construction | ||
RISK MANAGEMENT | ||
Loans and advances | 5,561,782 | 8,066,352 |
Loans and Advances | Foreign countries | Commerce and Tourism | ||
RISK MANAGEMENT | ||
Loans and advances | 11,068,049 | 13,691,154 |
Loans and Advances | Foreign countries | Transport and Communications | ||
RISK MANAGEMENT | ||
Loans and advances | 351,176 | 724,740 |
Loans and Advances | Foreign countries | Public Services | ||
RISK MANAGEMENT | ||
Loans and advances | 1,286,561 | 1,684,858 |
Loans and Advances | Foreign countries | Consumer Services | ||
RISK MANAGEMENT | ||
Loans and advances | 32,965,565 | 39,168,939 |
Loans and Advances | Foreign countries | Commercial Services | ||
RISK MANAGEMENT | ||
Loans and advances | 7,217,591 | 10,195,601 |
Loans and Advances | Foreign countries | Other Industries and Manufactured Products | ||
RISK MANAGEMENT | ||
Loans and advances | $ 5,624,796 | $ 7,525,727 |
RISK MANAGEMENT - Credit concen
RISK MANAGEMENT - Credit concentration by country (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
RISK MANAGEMENT | ||||
Loans and advances to customers | $ 237,728,544 | $ 254,444,099 | ||
Gross carrying amount | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | $ 253,951,647 | $ 269,923,739 | ||
% Participation | 100% | 100% | ||
Gross carrying amount | Colombia | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | $ 181,951,462 | $ 178,168,073 | ||
% Participation | 71.65% | 66.01% | ||
Gross carrying amount | Panama | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | $ 38,599,152 | $ 50,813,521 | ||
% Participation | 15.20% | 18.83% | ||
Gross carrying amount | El Salvador | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | $ 15,373,156 | $ 18,971,871 | ||
% Participation | 6.05% | 7.03% | ||
Gross carrying amount | Guatemala | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | $ 16,958,954 | $ 20,866,364 | ||
% Participation | 6.68% | 7.73% | ||
Gross carrying amount | Puerto rico | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | $ 1,068,923 | $ 1,103,910 | ||
% Participation | 0.42% | 0.41% | ||
Gross carrying amount | Other Countries | ||||
RISK MANAGEMENT | ||||
% Participation | 0% | 0% | ||
Allowance | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | $ (16,223,103) | $ (15,479,640) | $ (15,864,482) | $ (16,616,043) |
% Participation | 100% | 100% | ||
Allowance | Colombia | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | $ (13,133,577) | $ (11,505,443) | ||
% Participation | 80.96% | 74.33% | ||
Allowance | Panama | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | $ (1,645,802) | $ (2,223,118) | ||
% Participation | 10.14% | 14.36% | ||
Allowance | El Salvador | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | $ (552,236) | $ (729,238) | ||
% Participation | 3.40% | 4.71% | ||
Allowance | Guatemala | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | $ (887,518) | $ (950,068) | ||
% Participation | 5.47% | 6.14% | ||
Allowance | Puerto rico | ||||
RISK MANAGEMENT | ||||
Loans and advances to customers | $ (3,970) | $ (71,773) | ||
% Participation | 0.02% | 0.46% | ||
Allowance | Other Countries | ||||
RISK MANAGEMENT | ||||
% Participation | 0% | 0% |
RISK MANAGEMENT - Credit conc_2
RISK MANAGEMENT - Credit concentration by economic group (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
RISK MANAGEMENT | ||
Loans and advances | $ 253,951,647 | $ 269,923,739 |
20 largest economic groups | ||
RISK MANAGEMENT | ||
Loans and advances | $ 34,134,547 | $ 33,413,138 |
RISK MANAGEMENT - Credit qualit
RISK MANAGEMENT - Credit quality of the borrower (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
RISK MANAGEMENT | ||
Loans and advances | $ 253,951,647 | $ 269,923,739 |
Stage 1 | ||
RISK MANAGEMENT | ||
Loans and advances | 222,372,889 | 236,770,056 |
Stage 2 | ||
RISK MANAGEMENT | ||
Loans and advances | 16,042,661 | 18,656,439 |
Stage 3 | ||
RISK MANAGEMENT | ||
Loans and advances | 15,536,097 | 14,497,244 |
Commercial | ||
RISK MANAGEMENT | ||
Loans and advances | 134,687,396 | 143,537,853 |
Commercial | Stage 1 | ||
RISK MANAGEMENT | ||
Loans and advances | 120,773,927 | 126,530,862 |
Commercial | Stage 2 | ||
RISK MANAGEMENT | ||
Loans and advances | 5,453,537 | 8,062,435 |
Commercial | Stage 3 | ||
RISK MANAGEMENT | ||
Loans and advances | 8,459,932 | 8,944,556 |
Consumer | ||
RISK MANAGEMENT | ||
Loans and advances | 54,591,769 | 59,588,721 |
Consumer | Stage 1 | ||
RISK MANAGEMENT | ||
Loans and advances | 46,060,615 | 51,510,943 |
Consumer | Stage 2 | ||
RISK MANAGEMENT | ||
Loans and advances | 4,407,067 | 5,288,921 |
Consumer | Stage 3 | ||
RISK MANAGEMENT | ||
Loans and advances | 4,124,087 | 2,788,857 |
Mortgage | ||
RISK MANAGEMENT | ||
Loans and advances | 36,250,408 | 37,371,373 |
Mortgage | Stage 1 | ||
RISK MANAGEMENT | ||
Loans and advances | 32,210,648 | 34,067,734 |
Mortgage | Stage 2 | ||
RISK MANAGEMENT | ||
Loans and advances | 2,628,654 | 1,997,270 |
Mortgage | Stage 3 | ||
RISK MANAGEMENT | ||
Loans and advances | 1,411,106 | 1,306,369 |
Small Business | ||
RISK MANAGEMENT | ||
Loans and advances | 1,145,017 | 1,328,076 |
Small Business | Stage 1 | ||
RISK MANAGEMENT | ||
Loans and advances | 774,571 | 1,093,973 |
Small Business | Stage 2 | ||
RISK MANAGEMENT | ||
Loans and advances | 260,303 | 135,528 |
Small Business | Stage 3 | ||
RISK MANAGEMENT | ||
Loans and advances | 110,143 | 98,575 |
Financial Leases | ||
RISK MANAGEMENT | ||
Loans and advances | 27,277,057 | 28,097,716 |
Financial Leases | Stage 1 | ||
RISK MANAGEMENT | ||
Loans and advances | 22,553,128 | 23,566,544 |
Financial Leases | Stage 2 | ||
RISK MANAGEMENT | ||
Loans and advances | 3,293,100 | 3,172,285 |
Financial Leases | Stage 3 | ||
RISK MANAGEMENT | ||
Loans and advances | $ 1,430,829 | $ 1,358,887 |
RISK MANAGEMENT - Stage 3 loans
RISK MANAGEMENT - Stage 3 loans and advances by evaluation type (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
RISK MANAGEMENT | ||
Financial assets | $ 25,674,195 | $ 27,940,140 |
Consumer | ||
RISK MANAGEMENT | ||
Financial assets | 54,592,000 | |
Mortgage | ||
RISK MANAGEMENT | ||
Financial assets | 36,250,000 | |
Small Business Loans [Member] | ||
RISK MANAGEMENT | ||
Financial assets | 1,145,000 | |
Stage Three | ||
RISK MANAGEMENT | ||
Financial assets | 1,031,773 | 1,006,275 |
Stage Three | Commercial | ||
RISK MANAGEMENT | ||
Financial assets | 425,479 | 335,669 |
Stage Three | Mortgage | ||
RISK MANAGEMENT | ||
Financial assets | 289,618 | 268,002 |
Stage Three | Financial Leases | ||
RISK MANAGEMENT | ||
Financial assets | 316,676 | 402,604 |
Stage Three | Individually assessed | ||
RISK MANAGEMENT | ||
Financial assets | $ 5,761,100 | 6,545,087 |
Percentage of loan portfolio in default | 2.30% | |
Stage Three | Individually assessed | Commercial | ||
RISK MANAGEMENT | ||
Financial assets | $ 5,198,384 | 5,990,389 |
Stage Three | Individually assessed | Financial Leases | ||
RISK MANAGEMENT | ||
Financial assets | 562,716 | 554,698 |
Stage Three | Collectively assessed | ||
RISK MANAGEMENT | ||
Financial assets | 9,774,997 | 7,952,157 |
Stage Three | Collectively assessed | Commercial | ||
RISK MANAGEMENT | ||
Financial assets | 3,261,548 | 2,954,167 |
Stage Three | Collectively assessed | Consumer | ||
RISK MANAGEMENT | ||
Financial assets | 4,124,087 | 2,788,857 |
Stage Three | Collectively assessed | Mortgage | ||
RISK MANAGEMENT | ||
Financial assets | 1,411,106 | 1,306,369 |
Stage Three | Collectively assessed | Financial Leases | ||
RISK MANAGEMENT | ||
Financial assets | 868,113 | 804,189 |
Stage Three | Collectively assessed | Small Business Loans [Member] | ||
RISK MANAGEMENT | ||
Financial assets | 110,143 | 98,575 |
ECL | Stage Three | Individually assessed | ||
RISK MANAGEMENT | ||
Financial assets | 3,141,336 | 3,927,072 |
ECL | Stage Three | Individually assessed | Commercial | ||
RISK MANAGEMENT | ||
Financial assets | 2,825,357 | 3,650,680 |
ECL | Stage Three | Individually assessed | Financial Leases | ||
RISK MANAGEMENT | ||
Financial assets | 315,979 | 276,392 |
ECL | Stage Three | Collectively assessed | ||
RISK MANAGEMENT | ||
Financial assets | 6,849,462 | 5,531,947 |
ECL | Stage Three | Collectively assessed | Commercial | ||
RISK MANAGEMENT | ||
Financial assets | 2,401,344 | 2,202,638 |
ECL | Stage Three | Collectively assessed | Consumer | ||
RISK MANAGEMENT | ||
Financial assets | 3,460,299 | 2,354,412 |
ECL | Stage Three | Collectively assessed | Mortgage | ||
RISK MANAGEMENT | ||
Financial assets | 553,370 | 561,016 |
ECL | Stage Three | Collectively assessed | Financial Leases | ||
RISK MANAGEMENT | ||
Financial assets | 356,526 | 346,434 |
ECL | Stage Three | Collectively assessed | Small Business Loans [Member] | ||
RISK MANAGEMENT | ||
Financial assets | $ 77,923 | $ 67,447 |
RISK MANAGEMENT - Changes in EC
RISK MANAGEMENT - Changes in ECL (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Optimistic scenario | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | $ (827,751) | $ (1,282,025) |
Pessimistic scenario | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | 1,085,533 | $ 1,209,700 |
GDP Growth | Optimistic scenario | 1% increase | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | 73,940 | |
GDP Growth | Optimistic scenario | Unchanged | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | 215,658 | |
GDP Growth | Optimistic scenario | 1% decrease | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | 389,759 | |
GDP Growth | Base scenario | 1% increase | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | (141,718) | |
GDP Growth | Base scenario | 1% decrease | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | 174,101 | |
GDP Growth | Pessimistic scenario | 1% increase | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | (344,396) | |
GDP Growth | Pessimistic scenario | Unchanged | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | (202,678) | |
GDP Growth | Pessimistic scenario | 1% decrease | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | $ (28,576) |
RISK MANAGEMENT - Impact on ECL
RISK MANAGEMENT - Impact on ECL for each methodology (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Optimistic scenario | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | $ (827,751) | $ (1,282,025) |
Pessimistic scenario | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | 1,085,533 | 1,209,700 |
Collective methodology | Optimistic scenario | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | (437,294) | (306,602) |
Collective methodology | Pessimistic scenario | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | 343,209 | 277,296 |
Collateral methodology | Optimistic scenario | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | (149,983) | (150,312) |
Collateral methodology | Pessimistic scenario | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | 137,172 | 115,074 |
Individual methodology | Optimistic scenario | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | (240,474) | (825,111) |
Individual methodology | Pessimistic scenario | ||
RISK MANAGEMENT | ||
Increase (decrease) in ECL | $ 605,152 | $ 817,330 |
RISK MANAGEMENT - Credit Qual_2
RISK MANAGEMENT - Credit Quality Analysis of the Group (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Total | ||
RISK MANAGEMENT | ||
Maximum exposure | $ 27,554,748 | $ 37,194,524 |
Collateral | (2,106,146) | (879,613) |
Net exposure | $ 25,448,602 | 36,314,911 |
Debt instruments | ||
RISK MANAGEMENT | ||
Percentage of financial instruments not in default | 100% | |
Maximum exposure | $ 25,148,469 | 27,418,197 |
Collateral | (1,407,484) | (741,197) |
Net exposure | 23,740,985 | 26,677,000 |
Debt instruments | Low Risk | ||
RISK MANAGEMENT | ||
Maximum exposure | 21,078,496 | 21,851,178 |
Debt instruments | Medium Risk | ||
RISK MANAGEMENT | ||
Maximum exposure | 827,469 | 2,090,039 |
Debt instruments | High Risk | ||
RISK MANAGEMENT | ||
Maximum exposure | 3,242,504 | 3,476,980 |
Equity | ||
RISK MANAGEMENT | ||
Maximum exposure | 543,210 | 544,668 |
Net exposure | 543,210 | 544,668 |
Equity | Low Risk | ||
RISK MANAGEMENT | ||
Maximum exposure | 220,967 | 222,843 |
Equity | Medium Risk | ||
RISK MANAGEMENT | ||
Maximum exposure | 17,354 | 19,074 |
Equity | High Risk | ||
RISK MANAGEMENT | ||
Maximum exposure | 587 | 13,728 |
Equity | Without Rating | ||
RISK MANAGEMENT | ||
Maximum exposure | 304,302 | 289,023 |
Other financial instruments | ||
RISK MANAGEMENT | ||
Maximum exposure | 38,319 | 42,171 |
Net exposure | 38,319 | 42,171 |
Other financial instruments | Low Risk | ||
RISK MANAGEMENT | ||
Maximum exposure | 21,976 | 12,821 |
Other financial instruments | High Risk | ||
RISK MANAGEMENT | ||
Maximum exposure | 2,966 | |
Other financial instruments | Without Rating | ||
RISK MANAGEMENT | ||
Maximum exposure | $ 13,377 | 29,350 |
Derivatives | ||
RISK MANAGEMENT | ||
Percentage of financial instruments not in default | 99.90% | |
Maximum exposure | $ 1,824,750 | 9,189,488 |
Collateral | (698,662) | (138,416) |
Net exposure | 1,126,088 | 9,051,072 |
Derivatives | Low Risk | ||
RISK MANAGEMENT | ||
Maximum exposure | 1,711,788 | 9,119,402 |
Derivatives | Medium Risk | ||
RISK MANAGEMENT | ||
Maximum exposure | 316 | 14,464 |
Derivatives | High Risk | ||
RISK MANAGEMENT | ||
Maximum exposure | 17,327 | $ 55,622 |
Derivatives | Without Rating | ||
RISK MANAGEMENT | ||
Maximum exposure | $ 95,319 |
RISK MANAGEMENT - Individual ev
RISK MANAGEMENT - Individual evaluation of impairment for other financial instruments (Details) - Individual evaluation - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt instruments | ||
RISK MANAGEMENT | ||
Maximum exposure | $ 25,148,469 | $ 27,418,197 |
Impairment | 61,365 | 67,189 |
Final Exposure | 25,087,104 | 27,351,008 |
Equity | ||
RISK MANAGEMENT | ||
Maximum exposure | 543,210 | 544,668 |
Final Exposure | 543,210 | 544,668 |
Fair value | Debt instruments | ||
RISK MANAGEMENT | ||
Maximum exposure | 18,244,584 | 19,016,935 |
Impairment | 5,562 | 2,286 |
Final Exposure | 18,239,022 | 19,014,648 |
Amortized cost | Debt instruments | ||
RISK MANAGEMENT | ||
Maximum exposure | 6,903,885 | 8,401,262 |
Impairment | 55,803 | 64,903 |
Final Exposure | 6,848,082 | 8,336,360 |
Fair Value through profit or loss | Equity | ||
RISK MANAGEMENT | ||
Maximum exposure | 98,853 | 90,538 |
Final Exposure | 98,853 | 90,538 |
Fair value through OCI | Equity | ||
RISK MANAGEMENT | ||
Maximum exposure | 444,357 | 454,130 |
Final Exposure | $ 444,357 | $ 454,130 |
RISK MANAGEMENT - Level of coll
RISK MANAGEMENT - Level of collateral held (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt securities | ||
RISK MANAGEMENT | ||
Collateral | $ (1,407,484) | $ (741,197) |
Derivatives | ||
RISK MANAGEMENT | ||
Collateral | (698,662) | (138,416) |
Credit risk | ||
RISK MANAGEMENT | ||
Collateral | (2,106,146) | (879,613) |
Credit risk | Debt securities | ||
RISK MANAGEMENT | ||
Collateral | $ (1,407,483) | $ (741,197) |
Main type of collateral | Government bonds (TES) | Government bonds (TES) |
Credit risk | Derivatives | ||
RISK MANAGEMENT | ||
Collateral | $ (698,663) | $ (138,416) |
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, 2023 | Dec. 31, 2022 |
Debt instruments | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | $ 25,148,469 | $ 27,418,197 |
Debt instruments | North America | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 4,666,195 | 5,686,298 |
Debt instruments | Latin America | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 20,440,893 | 20,004,790 |
Debt instruments | Europe | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 41,381 | |
Debt instruments | Other (Includes Funds and ETF) | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 1,727,109 | |
Debt instruments | Corporate | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 3,675,913 | 4,197,844 |
Debt instruments | Financial | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 4,626,294 | 5,268,337 |
Debt instruments | Government Sectors | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 16,827,596 | 17,924,261 |
Debt instruments | Funds and ETF | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 18,666 | 27,755 |
Equity | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 543,210 | 544,668 |
Equity | North America | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 197 | 125 |
Equity | Latin America | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 529,033 | 473,259 |
Equity | Other (Includes Funds and ETF) | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 13,980 | 71,284 |
Equity | Corporate | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 279,396 | 329,249 |
Equity | Financial | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 211,037 | 199,760 |
Equity | Funds and ETF | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 52,777 | 15,659 |
Other financial instruments | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 38,319 | 42,171 |
Other financial instruments | Latin America | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 38,319 | 29,187 |
Other financial instruments | Europe | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 12,984 | |
Other financial instruments | Corporate | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 23,887 | 42,171 |
Other financial instruments | Financial | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 14,432 | |
Derivatives | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 1,824,750 | 9,189,488 |
Derivatives | North America | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 344,639 | 3,285,822 |
Derivatives | Latin America | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 1,009,595 | 2,102,995 |
Derivatives | Europe | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 467,937 | 3,117,284 |
Derivatives | Other (Includes Funds and ETF) | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 2,579 | 683,387 |
Derivatives | Corporate | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 951,573 | 1,403,527 |
Derivatives | Financial | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | 870,598 | 7,096,094 |
Derivatives | Funds and ETF | ||
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | $ 2,579 | $ 689,867 |
RISK MANAGEMENT - Risk exposu_2
RISK MANAGEMENT - Risk exposure by credit rating (Details) - Other financial instruments - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
RISK MANAGEMENT | ||
Maximum Exposure to Credit Risk | $ 27,554,748 | $ 37,194,524 |
Sovereign Risk | ||
RISK MANAGEMENT | ||
Credit exposure | 7,520,002 | 7,025,658 |
AAA | ||
RISK MANAGEMENT | ||
Credit exposure | 9,613,353 | 14,570,753 |
AA+ | ||
RISK MANAGEMENT | ||
Credit exposure | 2,934,561 | 1,448,837 |
AA | ||
RISK MANAGEMENT | ||
Credit exposure | 761,139 | 723,019 |
AA- | ||
RISK MANAGEMENT | ||
Credit exposure | 285,253 | 794,748 |
A+ | ||
RISK MANAGEMENT | ||
Credit exposure | 763,754 | 3,549,222 |
A | ||
RISK MANAGEMENT | ||
Credit exposure | 465,025 | 516,950 |
A- | ||
RISK MANAGEMENT | ||
Credit exposure | 396,755 | 1,628,479 |
BBB+ | ||
RISK MANAGEMENT | ||
Credit exposure | 604,672 | 1,395,620 |
BBB | ||
RISK MANAGEMENT | ||
Credit exposure | 243,820 | 1,027,745 |
BBB- | ||
RISK MANAGEMENT | ||
Credit exposure | 1,808,396 | 1,332,161 |
Other | ||
RISK MANAGEMENT | ||
Credit exposure | 1,745,020 | 2,862,959 |
Not rated | ||
RISK MANAGEMENT | ||
Credit exposure | $ 412,998 | $ 318,373 |
RISK MANAGEMENT - Relevant fact
RISK MANAGEMENT - Relevant facts (Details) - $ / $ | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
RISK MANAGEMENT | |||||
Inflation rate | 9.28% | 13.12% | |||
Intervention rate issued by Banco de la Republica | 13% | 12% | 3% | 1.75% | |
Federal reserve interest rate | 5.50% | 4.05% | |||
CPI, United States | 3.40% | ||||
Colombian stock market percentage of devaluation | (7.07%) | ||||
Percentage of appreciation, S&P 500 | 24.23% | ||||
Percentage of appreciation, Euro Stoxx 50 | 19.19% | ||||
Increase in interest rate futures | 24.70% | ||||
Increase in currency futures | 12.80% | ||||
Year end exchange rate, US dollar into Colombian pesos | 3,822.05 | 4,810.20 | 3,981.16 | ||
Annual appreciation of foreign exchange rate | 20.54% | ||||
Forecast | Minimum | |||||
RISK MANAGEMENT | |||||
Inflation rate | 5.20% | ||||
Forecast | Maximum | |||||
RISK MANAGEMENT | |||||
Inflation rate | 5.70% |
RISK MANAGEMENT - Interest Risk
RISK MANAGEMENT - Interest Risk Sensitivity by Bands and Zones (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Zone 1 | Band 1 | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 2.74% |
Zone 1 | Band 1 | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 2.74% |
Zone 1 | Band 1 | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 1% |
Zone 1 | Band 1 | Lower Limit | |
RISK MANAGEMENT | |
Modified Duration | 0 |
Zone 1 | Band 1 | Upper Limit | |
RISK MANAGEMENT | |
Modified Duration | 0.08 |
Zone 1 | Band 2 | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 2.68% |
Zone 1 | Band 2 | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 2.74% |
Zone 1 | Band 2 | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 1% |
Zone 1 | Band 2 | Lower Limit | |
RISK MANAGEMENT | |
Modified Duration | 0.08 |
Zone 1 | Band 2 | Upper Limit | |
RISK MANAGEMENT | |
Modified Duration | 0.25 |
Zone 1 | Band 3 | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 2.59% |
Zone 1 | Band 3 | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 2.74% |
Zone 1 | Band 3 | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 1% |
Zone 1 | Band 3 | Lower Limit | |
RISK MANAGEMENT | |
Modified Duration | 0.25 |
Zone 1 | Band 3 | Upper Limit | |
RISK MANAGEMENT | |
Modified Duration | 0.5 |
Zone 1 | Band 4 | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 2.33% |
Zone 1 | Band 4 | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 2.74% |
Zone 1 | Band 4 | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 1% |
Zone 1 | Band 4 | Lower Limit | |
RISK MANAGEMENT | |
Modified Duration | 0.5 |
Zone 1 | Band 4 | Upper Limit | |
RISK MANAGEMENT | |
Modified Duration | 1 |
Zone 2 | Band 5 | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 2.22% |
Zone 2 | Band 5 | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 2.50% |
Zone 2 | Band 5 | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 0.90% |
Zone 2 | Band 5 | Lower Limit | |
RISK MANAGEMENT | |
Modified Duration | 1 |
Zone 2 | Band 5 | Upper Limit | |
RISK MANAGEMENT | |
Modified Duration | 1.9 |
Zone 2 | Band 6 | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 2.22% |
Zone 2 | Band 6 | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 2.50% |
Zone 2 | Band 6 | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 0.80% |
Zone 2 | Band 6 | Lower Limit | |
RISK MANAGEMENT | |
Modified Duration | 1.9 |
Zone 2 | Band 6 | Upper Limit | |
RISK MANAGEMENT | |
Modified Duration | 2.8 |
Zone 2 | Band 7 | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 2.11% |
Zone 2 | Band 7 | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 2.20% |
Zone 2 | Band 7 | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 0.75% |
Zone 2 | Band 7 | Lower Limit | |
RISK MANAGEMENT | |
Modified Duration | 2.8 |
Zone 2 | Band 7 | Upper Limit | |
RISK MANAGEMENT | |
Modified Duration | 3.6 |
Zone 3 | Band 8 | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 2.11% |
Zone 3 | Band 8 | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 2.20% |
Zone 3 | Band 8 | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 0.75% |
Zone 3 | Band 8 | Lower Limit | |
RISK MANAGEMENT | |
Modified Duration | 3.6 |
Zone 3 | Band 8 | Upper Limit | |
RISK MANAGEMENT | |
Modified Duration | 4.3 |
Zone 3 | Band 9 | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 1.72% |
Zone 3 | Band 9 | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 2% |
Zone 3 | Band 9 | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 0.70% |
Zone 3 | Band 9 | Lower Limit | |
RISK MANAGEMENT | |
Modified Duration | 4.3 |
Zone 3 | Band 9 | Upper Limit | |
RISK MANAGEMENT | |
Modified Duration | 5.7 |
Zone 3 | Band 10 | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 1.62% |
Zone 3 | Band 10 | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 1.70% |
Zone 3 | Band 10 | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 0.65% |
Zone 3 | Band 10 | Lower Limit | |
RISK MANAGEMENT | |
Modified Duration | 5.7 |
Zone 3 | Band 10 | Upper Limit | |
RISK MANAGEMENT | |
Modified Duration | 7.3 |
Zone 3 | Band 11 | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 1.62% |
Zone 3 | Band 11 | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 1.70% |
Zone 3 | Band 11 | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 0.60% |
Zone 3 | Band 11 | Lower Limit | |
RISK MANAGEMENT | |
Modified Duration | 7.3 |
Zone 3 | Band 11 | Upper Limit | |
RISK MANAGEMENT | |
Modified Duration | 9.3 |
Zone 3 | Band 12 | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 1.62% |
Zone 3 | Band 12 | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 1.70% |
Zone 3 | Band 12 | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 0.60% |
Zone 3 | Band 12 | Lower Limit | |
RISK MANAGEMENT | |
Modified Duration | 9.3 |
Zone 3 | Band 12 | Upper Limit | |
RISK MANAGEMENT | |
Modified Duration | 10.6 |
Zone 3 | Band 13 | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 1.62% |
Zone 3 | Band 13 | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 1.70% |
Zone 3 | Band 13 | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 0.60% |
Zone 3 | Band 13 | Lower Limit | |
RISK MANAGEMENT | |
Modified Duration | 10.6 |
Zone 3 | Band 13 | Upper Limit | |
RISK MANAGEMENT | |
Modified Duration | 12 |
Zone 3 | Band 14 | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 1.62% |
Zone 3 | Band 14 | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 1.70% |
Zone 3 | Band 14 | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 0.60% |
Zone 3 | Band 14 | Lower Limit | |
RISK MANAGEMENT | |
Modified Duration | 12 |
Zone 3 | Band 14 | Upper Limit | |
RISK MANAGEMENT | |
Modified Duration | 20 |
Zone 3 | Band 15 | Legal Currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 1.62% |
Zone 3 | Band 15 | UVR | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 1.70% |
Zone 3 | Band 15 | Foreign currency | |
RISK MANAGEMENT | |
Changes in Interest Rates (percent) | 0.60% |
Zone 3 | Band 15 | Lower Limit | |
RISK MANAGEMENT | |
Modified Duration | 20 |
RISK MANAGEMENT - Currency, Equ
RISK MANAGEMENT - Currency, Equity and Fund Risk (Details) | 12 Months Ended |
Dec. 31, 2023 | |
United States Dollar | |
RISK MANAGEMENT | |
Sensitivity Factor | 12.49% |
Euro | |
RISK MANAGEMENT | |
Sensitivity Factor | 11% |
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, 2023 | Dec. 31, 2022 | |
Market Risk | ||
RISK MANAGEMENT | ||
Percentage increase (decrease) in VaR | 22.90% | |
Value at risk | $ 1,096,000 | $ 891,569 |
Market Risk | Average | ||
RISK MANAGEMENT | ||
Value at risk | 959,831 | 892,583 |
Interest Rate Risk VaR | ||
RISK MANAGEMENT | ||
Value at risk | 405,467 | 340,107 |
Interest Rate Risk VaR | Average | ||
RISK MANAGEMENT | ||
Value at risk | 418,472 | 381,094 |
Interest Rate Risk VaR | Maximum | ||
RISK MANAGEMENT | ||
Value at risk | 542,464 | 410,605 |
Interest Rate Risk VaR | Minimum | ||
RISK MANAGEMENT | ||
Value at risk | 383,914 | 340,107 |
Foreign Exchange Rate Risk VaR | ||
RISK MANAGEMENT | ||
Value at risk | 332,662 | 78,165 |
Foreign Exchange Rate Risk VaR | Average | ||
RISK MANAGEMENT | ||
Value at risk | 185,624 | 118,620 |
Foreign Exchange Rate Risk VaR | Maximum | ||
RISK MANAGEMENT | ||
Value at risk | 374,407 | 201,927 |
Foreign Exchange Rate Risk VaR | Minimum | ||
RISK MANAGEMENT | ||
Value at risk | 51,410 | 78,165 |
Equity Risk VaR | ||
RISK MANAGEMENT | ||
Value at risk | 342,024 | 85,345 |
Equity Risk VaR | Average | ||
RISK MANAGEMENT | ||
Value at risk | 332,443 | 98,401 |
Equity Risk VaR | Maximum | ||
RISK MANAGEMENT | ||
Value at risk | 347,539 | 105,263 |
Equity Risk VaR | Minimum | ||
RISK MANAGEMENT | ||
Value at risk | 312,136 | 85,345 |
Fund Risk VaR | ||
RISK MANAGEMENT | ||
Value at risk | 15,847 | 387,952 |
Fund Risk VaR | Average | ||
RISK MANAGEMENT | ||
Value at risk | 23,292 | 294,468 |
Fund Risk VaR | Maximum | ||
RISK MANAGEMENT | ||
Value at risk | 27,923 | 387,952 |
Fund Risk VaR | Minimum | ||
RISK MANAGEMENT | ||
Value at risk | $ 15,847 | $ 225,401 |
RISK MANAGEMENT - Sensitivity t
RISK MANAGEMENT - Sensitivity to Interest Rate Risk of the Banking Book (Details) $ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 COP ($) | Dec. 31, 2022 COP ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Interest Rate Risk | Sensitivity 100 bps | ||||
RISK MANAGEMENT | ||||
Assets | $ 1,152,782 | $ 1,060,949 | $ 75,052 | $ 84,883 |
Liabilities | 595,749 | 545,911 | 74,800 | 71,737 |
Net | $ 557,033 | 515,038 | $ 252 | $ 13,146 |
Equity price risk | ||||
RISK MANAGEMENT | ||||
Percentage of decrease in market value of investments | 27.40% | |||
Fair value | $ 41,096 | $ 56,607 | ||
Delta, decrease in measurement input | 14.70% | 14.70% | 14.70% | 14.70% |
Sensitivity (decrease in value) | $ 6,041 | $ 8,321 | ||
Structural equity investments market value | $ 35,000 | $ 41,000 |
RISK MANAGEMENT - Liquidity ris
RISK MANAGEMENT - Liquidity risk exposure (Details) - Liquidity risk - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
RISK MANAGEMENT | ||
Net cash outflows into 30 days | $ 13,752,496 | $ 18,227,019 |
Liquid assets | $ 50,680,823 | $ 48,059,179 |
Liquidity coverage ratio | 368.52% | 263.67% |
RISK MANAGEMENT - Liquid Assets
RISK MANAGEMENT - Liquid Assets (Details) - Liquidity risk - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
RISK MANAGEMENT | ||
Liquid assets | $ 50,680,823 | $ 48,059,179 |
High quality liquid assets | Cash | ||
RISK MANAGEMENT | ||
Liquid assets | 25,273,317 | 26,299,990 |
High quality liquid assets | High quality liquid securities | ||
RISK MANAGEMENT | ||
Liquid assets | 19,951,771 | 17,739,501 |
Other liquid assets | Other securities | ||
RISK MANAGEMENT | ||
Liquid assets | $ 5,455,735 | $ 4,019,688 |
RISK MANAGEMENT - Contractual m
RISK MANAGEMENT - Contractual maturities of financial assets (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
RISK MANAGEMENT | ||
Financial assets | $ 25,674,195 | $ 27,940,140 |
0 - 30 Days | ||
RISK MANAGEMENT | ||
Financial assets | 57,823,109 | 49,734,435 |
31 Days - 1 Year | ||
RISK MANAGEMENT | ||
Financial assets | 116,395,020 | 98,408,792 |
Between 1 and 3 years | ||
RISK MANAGEMENT | ||
Financial assets | 106,374,362 | 103,403,352 |
Between 3 and 5 years | ||
RISK MANAGEMENT | ||
Financial assets | 61,336,409 | 64,269,526 |
Greater than 5 years | ||
RISK MANAGEMENT | ||
Financial assets | 111,035,266 | 113,509,992 |
Cash and balances with central bank | 0 - 30 Days | ||
RISK MANAGEMENT | ||
Financial assets | 24,461,384 | 24,721,168 |
Interbank borrowings - Repurchase agreements | 0 - 30 Days | ||
RISK MANAGEMENT | ||
Financial assets | 14,497,024 | 6,354,954 |
Interbank borrowings - Repurchase agreements | 31 Days - 1 Year | ||
RISK MANAGEMENT | ||
Financial assets | 452,847 | 1,369,698 |
Financial assets investments | ||
RISK MANAGEMENT | ||
Financial assets | 25,674,195 | 27,940,140 |
Financial assets investments | 0 - 30 Days | ||
RISK MANAGEMENT | ||
Financial assets | 2,467,493 | 5,191,479 |
Financial assets investments | 31 Days - 1 Year | ||
RISK MANAGEMENT | ||
Financial assets | 12,311,055 | 10,620,793 |
Financial assets investments | Between 1 and 3 years | ||
RISK MANAGEMENT | ||
Financial assets | 5,462,198 | 4,595,406 |
Financial assets investments | Between 3 and 5 years | ||
RISK MANAGEMENT | ||
Financial assets | 2,597,787 | 2,715,738 |
Financial assets investments | Greater than 5 years | ||
RISK MANAGEMENT | ||
Financial assets | 5,525,545 | 3,788,041 |
Loans and advances to customers | 0 - 30 Days | ||
RISK MANAGEMENT | ||
Financial assets | 12,474,473 | 11,980,037 |
Loans and advances to customers | 31 Days - 1 Year | ||
RISK MANAGEMENT | ||
Financial assets | 90,653,852 | 80,781,681 |
Loans and advances to customers | Between 1 and 3 years | ||
RISK MANAGEMENT | ||
Financial assets | 96,770,268 | 95,394,236 |
Loans and advances to customers | Between 3 and 5 years | ||
RISK MANAGEMENT | ||
Financial assets | 57,038,679 | 60,072,303 |
Loans and advances to customers | Greater than 5 years | ||
RISK MANAGEMENT | ||
Financial assets | 104,103,871 | 108,373,306 |
Derivative financial instruments | 0 - 30 Days | ||
RISK MANAGEMENT | ||
Financial assets | 3,922,735 | 1,486,797 |
Derivative financial instruments | 31 Days - 1 Year | ||
RISK MANAGEMENT | ||
Financial assets | 12,977,266 | 5,636,620 |
Derivative financial instruments | Between 1 and 3 years | ||
RISK MANAGEMENT | ||
Financial assets | 4,141,896 | 3,413,710 |
Derivative financial instruments | Between 3 and 5 years | ||
RISK MANAGEMENT | ||
Financial assets | 1,699,943 | 1,481,485 |
Derivative financial instruments | Greater than 5 years | ||
RISK MANAGEMENT | ||
Financial assets | $ 1,405,850 | $ 1,348,645 |
RISK MANAGEMENT - Contractual_2
RISK MANAGEMENT - Contractual maturities of financial liabilities (Details) - COP ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
0 - 30 Days | ||
RISK MANAGEMENT | ||
Financial liabilities | $ 163,448,053 | $ 173,639,612 |
31 Days - 1 Year | ||
RISK MANAGEMENT | ||
Financial liabilities | 80,918,487 | 67,956,943 |
Between 1 and 3 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 33,037,378 | 41,736,579 |
Between 3 and 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 16,903,042 | 21,503,125 |
Greater than 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 26,608,947 | 23,077,352 |
Demand deposit from customers | 0 - 30 Days | ||
RISK MANAGEMENT | ||
Financial liabilities | 143,307,149 | 158,943,073 |
Time deposits from customers | 0 - 30 Days | ||
RISK MANAGEMENT | ||
Financial liabilities | 15,107,203 | 9,814,980 |
Time deposits from customers | 31 Days - 1 Year | ||
RISK MANAGEMENT | ||
Financial liabilities | 57,588,430 | 47,401,947 |
Time deposits from customers | Between 1 and 3 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 17,737,464 | 18,441,478 |
Time deposits from customers | Between 3 and 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 6,671,911 | 7,318,807 |
Time deposits from customers | Greater than 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 18,331,091 | 17,384,283 |
Interbank deposits - Repurchase agreements | 0 - 30 Days | ||
RISK MANAGEMENT | ||
Financial liabilities | 809,027 | 921,917 |
Interbank deposits - Repurchase agreements | 31 Days - 1 Year | ||
RISK MANAGEMENT | ||
Financial liabilities | 242,810 | 158,179 |
Interbank deposits - Repurchase agreements | Between 1 and 3 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 23,431 | |
Borrowings from other financial institutions | 0 - 30 Days | ||
RISK MANAGEMENT | ||
Financial liabilities | 763,580 | 1,601,799 |
Borrowings from other financial institutions | 31 Days - 1 Year | ||
RISK MANAGEMENT | ||
Financial liabilities | 5,604,327 | 12,736,576 |
Borrowings from other financial institutions | Between 1 and 3 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 6,651,228 | 10,673,653 |
Borrowings from other financial institutions | Between 3 and 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 2,403,786 | 4,325,218 |
Borrowings from other financial institutions | Greater than 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 2,661,657 | 2,479,635 |
Debt securities in issue | 0 - 30 Days | ||
RISK MANAGEMENT | ||
Financial liabilities | 124,055 | 807,242 |
Debt securities in issue | 31 Days - 1 Year | ||
RISK MANAGEMENT | ||
Financial liabilities | 3,913,687 | 2,117,609 |
Debt securities in issue | Between 1 and 3 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 4,363,593 | 9,501,683 |
Debt securities in issue | Between 3 and 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 6,023,469 | 8,220,719 |
Debt securities in issue | Greater than 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 3,836,353 | 1,472,558 |
Preferred shares | 0 - 30 Days | ||
RISK MANAGEMENT | ||
Financial liabilities | 62,083 | |
Preferred shares | 31 Days - 1 Year | ||
RISK MANAGEMENT | ||
Financial liabilities | 57,701 | 374,780 |
Preferred shares | Between 1 and 3 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 115,403 | 540,358 |
Preferred shares | Between 3 and 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 115,403 | 136,414 |
Preferred shares | Greater than 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 295,697 | 322,982 |
Derivative financial instruments | 0 - 30 Days | ||
RISK MANAGEMENT | ||
Financial liabilities | 3,337,039 | 1,488,518 |
Derivative financial instruments | 31 Days - 1 Year | ||
RISK MANAGEMENT | ||
Financial liabilities | 13,511,532 | 5,167,852 |
Derivative financial instruments | Between 1 and 3 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 4,146,259 | 2,579,407 |
Derivative financial instruments | Between 3 and 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | 1,688,473 | 1,501,967 |
Derivative financial instruments | Greater than 5 years | ||
RISK MANAGEMENT | ||
Financial liabilities | $ 1,484,149 | $ 1,417,894 |
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, 2023 | Dec. 31, 2022 |
RISK MANAGEMENT | ||
Financial guarantees | $ 12,691,198 | $ 11,624,914 |
0 - 30 Days | ||
RISK MANAGEMENT | ||
Financial guarantees | 826,699 | 757,658 |
31 Days - 1 Year | ||
RISK MANAGEMENT | ||
Financial guarantees | 9,388,345 | 6,981,309 |
Between 1 and 3 years | ||
RISK MANAGEMENT | ||
Financial guarantees | 1,489,899 | 3,660,806 |
Between 3 and 5 years | ||
RISK MANAGEMENT | ||
Financial guarantees | 450,875 | 134,611 |
Greater than 5 years | ||
RISK MANAGEMENT | ||
Financial guarantees | $ 535,380 | $ 90,530 |
RISK MANAGEMENT - Interest Rate
RISK MANAGEMENT - Interest Rate Benchmark Reform (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Loans | $ 237,728,544 | $ 254,444,099 |
Derivative financial assets | 6,252,270 | 4,961,237 |
TOTAL ASSETS | 342,928,809 | 352,814,733 |
Liabilities | ||
Term deposits | 98,686,516 | 87,138,067 |
TOTAL LIABILITIES | 303,879,080 | 312,817,182 |
USD LIBOR | ||
Assets | ||
Loans | 66,351 | 12,448,204 |
Bonds | 693,302 | |
Derivative financial assets | (1,784,991) | |
TOTAL ASSETS | 66,351 | 11,356,515 |
Liabilities | ||
Loans | 323 | 2,209,628 |
Term deposits | 6,750 | 11,458 |
TOTAL LIABILITIES | $ 7,073 | $ 2,221,086 |
RISK MANAGEMENT - Technical cap
RISK MANAGEMENT - Technical capital (Details) - COP ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Regulatory Capital and Capital Adequacy Ratios | |||
Share capital | $ 480,914 | $ 480,914 | |
Additional paid-in-capital | 4,857,454 | 4,857,454 | |
Preferred shares | 584,204 | 584,204 | |
Non-controlling interest | 960,217 | 908,648 | |
Other comprehensive income | 4,074,161 | 7,758,216 | |
Net income attributable to equity holders of the Parent Company | 6,116,936 | 6,783,490 | |
Retained earnings | 2,515,278 | 3,278,164 | |
Intangibles assets | (7,818,125) | (9,836,661) | $ (8,143,146) |
Other intangibles | (671,572) | (602,531) | |
Deferred net income tax | (685,612) | (764,594) | |
Technical Capital | |||
Regulatory Capital and Capital Adequacy Ratios | |||
Primary capital | 39,704,542 | 40,652,350 | |
Share capital | 480,914 | 480,914 | |
Additional paid-in-capital | 4,857,454 | 4,857,454 | |
Preferred shares | 584,204 | 584,204 | |
Legal reserve | 14,541,561 | 14,534,766 | |
Occasional reserves | 7,250,712 | 3,162,401 | |
Non-controlling interest | 960,217 | 908,648 | |
Other comprehensive income | 4,065,182 | 7,749,234 | |
Net income attributable to equity holders of the Parent Company | 6,116,936 | 6,783,490 | |
Retained earnings | 847,362 | 1,591,239 | |
Less: | (8,919,345) | (11,001,874) | |
Prior-year losses | (79,587) | (79,577) | |
Intangibles assets | (7,818,125) | (9,836,661) | |
Revaluation property, plant and equipment | (350,061) | (351,871) | |
Other intangibles | (671,572) | (602,531) | |
Deferred net income tax | (131,234) | ||
Primary capital (Tier I) | 30,785,197 | 29,650,476 | |
Hybrid bonds | 4,283,448 | 6,109,531 | |
Subordinated bonds | 678,797 | 794,881 | |
General provisions | 375,902 | 12,759 | |
Computed secondary capital (Tier II) | 5,338,147 | 6,917,171 | |
Less: | (10,687) | (16,136) | |
Technical capital | $ 36,112,657 | $ 36,551,511 | |
Capital Ratios | |||
Primary capital to risk-weighted assets (Tier I) | 11.42% | 10.37% | |
Secondary capital to risk-weighted assets (Tier II) | 1.98% | 2.41% | |
Risk-weighted assets including market risk and operational risk | $ 269,591,211 | $ 285,878,639 | |
Technical capital to risk-weighted assets | 13.40% | 12.79% |