Form 20-F þ | Form 40-F o |
Yes o | No þ |
CONSOLIDATED BALANCE SHEET | Quarter | Growth | ||||||||||||||||||
AND INCOME STATEMENT | Pro forma | |||||||||||||||||||
(Ps. millions) | 2Q07 | 1Q08 | 2Q08 | 2Q08 / 1Q08 | 2Q08 / 2Q07 | |||||||||||||||
ASSETS |
||||||||||||||||||||
Loans and financial leases, net |
31,110,145 | 36,607,315 | 37,710,491 | 3.01 | % | 21.22 | % | |||||||||||||
Investment securities, net |
5,517,317 | 5,899,352 | 6,168,070 | 4.56 | % | 11.79 | % | |||||||||||||
Other assets |
8,383,636 | 9,228,530 | 10,432,007 | 13.04 | % | 24.43 | % | |||||||||||||
Total assets |
45,011,098 | 51,735,197 | 54,310,568 | 4.98 | % | 20.66 | % | |||||||||||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||||||||||||||
Deposits |
29,540,131 | 33,299,951 | 34,538,354 | 3.72 | % | 16.92 | % | |||||||||||||
Non-interest bearing |
4,499,236 | 4,676,607 | 4,764,975 | 1.89 | % | 5.91 | % | |||||||||||||
Interest bearing |
25,040,895 | 28,623,344 | 29,773,379 | 4.02 | % | 18.90 | % | |||||||||||||
Other liabilities |
11,902,250 | 13,514,534 | 14,480,464 | 6.67 | % | 21.66 | % | |||||||||||||
Total liabilities |
41,442,381 | 46,814,485 | 49,018,818 | 4.71 | % | 18.28 | % | |||||||||||||
Shareholders equity |
3,568,717 | 4,920,712 | 5,291,750 | 7.54 | % | 48.28 | % | |||||||||||||
Total liabilities and shareholders equity |
45,011,098 | 51,735,197 | 54,310,568 | 4.98 | % | 20.66 | % | |||||||||||||
Interest income |
1,152,435 | 1,419,605 | 1,494,665 | 5.29 | % | 29.70 | % | |||||||||||||
Interest expense |
463,861 | 623,160 | 636,839 | 2.20 | % | 37.29 | % | |||||||||||||
Net interest income |
688,574 | 796,445 | 857,826 | 7.71 | % | 24.58 | % | |||||||||||||
Net provisions |
(123,212 | ) | (173,234 | ) | (241,685 | ) | 39.51 | % | 96.15 | % | ||||||||||
Fees and income from service, net |
271,361 | 306,941 | 298,984 | -2.59 | % | 10.18 | % | |||||||||||||
Other operating income |
47,291 | 134,743 | 195,761 | 45.28 | % | 313.95 | % | |||||||||||||
Total operating expense |
(556,020 | ) | (584,078 | ) | (609,566 | ) | 4.36 | % | 9.63 | % | ||||||||||
Goodwill amortization |
(15,302 | ) | (16,561 | ) | (10,497 | ) | -36.62 | % | -31.40 | % | ||||||||||
Non-operating income, net |
11,310 | (53,429 | ) | 29,883 | 155.93 | % | 164.22 | % | ||||||||||||
Income tax expense |
(82,703 | ) | (156,951 | ) | (145,359 | ) | -7.39 | % | 75.76 | % | ||||||||||
Net income |
241,299 | 253,876 | 375,347 | 47.85 | % | 55.55 | % | |||||||||||||
1 | This report corresponds to the consolidated financial
statements of BANCOLOMBIA and its affiliates of which it owns, directly or
indirectly more than 50% of the voting capital stock. These financial
statements have been prepared in accordance with generally accepted accounting
principles in Colombia and the regulations of Superintendency of Finance in
Colombia, collectively COL GAAP. BANCOLOMBIA maintains accounting records in
Colombian pesos, referred to herein as Ps.. Certain monetary amounts,
percentages and other figures included in this report have been subject to
rounding adjustments. There have been no changes to the Banks principal
accounting policies in the quarter ended June 30, 2008. The statements of
income for the quarter ended June 30, 2008 are not necessarily indicative of
the results for any other future interim period. For more information, please
refer to the Banks filings with the Securities and Exchange Commission, which
are available on the Commissions website at www.sec.gov. |
|
This report contains pro forma figures for 2Q07. The unaudited pro forma
combined condensed financial statements are provided for illustrative purposes
only and do not purport to represent what the actual consolidated results of
operations or the consolidated financial position of BANCOLOMBIA would have
been, nor are they necessarily indicative of future consolidated results of
operations or consolidated financial position. These pro forma financial
statements reflect certain assumptions, including (i) that the acquisition of
Banagrícola S.A. (BANAGRICOLA) was consummated on June 30, 2006, while it in
fact occurred in May 2007, and (ii) that the Banks capital structure at June
30, 2006 was the same as the one present at July 31, 2007. The unaudited pro
forma financial statements do not include the realization of cost savings from
operating efficiencies, revenue synergies or other restructuring costs
resulting from or expected to result from the acquisition of BANAGRICOLA. |
||
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS |
||
This release contains statements that may be considered forward-looking
statements within the meaning of Section 27A of the U.S. Securities Act of 1933
and Section 21E of the U.S. Securities Exchange Act of 1934. All
forward-looking statements, whether made in this release or in future filings
or press releases or orally, address matters that involve risks and
uncertainties; consequently, there are or will be factors, including, among
others, changes in general economic and business conditions, changes in
currency exchange rates and interest rates, introduction of competing products
by other companies, lack of acceptances of new products or services by our
targeted customers, changes in business strategy and various others factors,
that could cause actual results to differ materially from those indicated in
such statements. We do not intend, and do not assume any obligation, to update
these forward-looking statements. Certain monetary amounts, percentages and
other figures included in this report have been subject to rounding
adjustments. |
||
Any reference to BANCOLOMBIA means the Bank together with its affiliates,
unless otherwise specified. |
||
Representative Market Rate: July 1 2008 Ps. 1,923.02 = US$ 1 Average
Representative Market Rate June 2008 Ps. 1,838.63 = US$ 1 |
Contacts |
||||
Sergio Restrepo
|
Jaime A. Velásquez | Juan E. Toro | ||
Executive VP
|
Financial VP | IR Manager | ||
Tel.: (574) 5108668
|
Tel.: (574) 5108666 | Tel.: (574) 5108866 |
1
| Net interest income that totaled Ps. 857.8 billion in 2Q08, resulting in an increase
of 24.6% as compared to the pro forma figures for 2Q07. |
||
| Fees and income from services that amounted to Ps. 346.5 billion in 2Q08,
representing an increase of 18.0% as compared to the pro forma figures for 2Q07. |
||
| Other operating income that amounted to Ps. 195.8 billion in 2Q08, representing an
increase of 314.0% as compared to the pro forma figures for 2Q07. |
| Total net provisions that amounted to Ps. 241.7 billion for 2Q08, representing an
increase of 96.2% when compared to the pro forma figures for 2Q07. |
||
| Fees and other service expenses that amounted to Ps 47.6 billion, increasing 113.9%
as compared to the pro forma figures for 2Q07. |
2
Quarter | As of | |||||||||||||||||||
KEY FINANCIAL HIGHLIGHTS | 2Q07 | 1Q08 | 2Q08 | Jun-07 | Jun-08 | |||||||||||||||
Net Income (Ps millions) |
241,299 | 253,876 | 375,347 | 447,694 | 629,223 | |||||||||||||||
Basic and Diluted net income per ADS |
0.68 | 0.70 | 0.99 | 1.25 | 1.66 | |||||||||||||||
Basic and Diluted net income per share $COP (7) |
331.31 | 322.25 | 476.43 | 614.70 | 798.68 | |||||||||||||||
Return on average total assets (1) |
2.14 | % | 1.95 | % | 2.86 | % | 1.99 | % | 2.41 | % | ||||||||||
Return on average shareholders equity (2) |
27.05 | % | 19.67 | % | 29.48 | % | 25.09 | % | 24.40 | % | ||||||||||
P/BV ADS (3) |
3.28 | 2.60 | 2.24 | |||||||||||||||||
P/BV Local (4) (5) |
3.14 | 2.36 | 2.12 | |||||||||||||||||
P/E (6) |
11.77 | 11.86 | 7.62 | |||||||||||||||||
ADR price |
32.83 | 35.46 | 31.30 | |||||||||||||||||
Common price (7) |
15,380 | 14,760 | 14,220 | |||||||||||||||||
Weighted average of Preferred and Common Shares
outstanding |
728,314,060 | 787,827,003 | 787,827,003 |
(1) | Defined as annualized quarterly net income divided by monthly average assets. |
|
(2) | Defined as annualized quarterly net income divided by monthly average equity. |
|
(3) | Defined as ADS price divided by ADS book value. |
|
(4) | Defined as share price divided by share book value. |
|
(5) | Share prices on the Colombian Stock Exchange |
|
(6) | Defined as market capitalization divided by annualized quarter results. |
|
(7) | Prices by the end of the respective quarter. |
2.1. | Assets |
|
BANCOLOMBIAs assets totaled Ps. 54,311 billion as of June 30, 2008, representing an
increase of 5.0% compared to Ps. 51,735 billion as of March 31, 2007 and an increase of
20.7% compared to Ps. 45,011 billion as of June 30, 2007. |
||
2.1.1. | Loan Portfolio |
|
Loan growth increased slightly during 2Q08, reaching 3.3% as compared to 1Q08 and
22.0% as compared to 2Q07, mostly due to an increase in credit activity in June and to
a higher Colombian Peso conversion rate for U.S. dollar denominated loans as a result
of the depreciation of the Colombian Peso against the U.S. Dollar towards the end of
2Q08. |
3
LOAN PORTFOLIO | As of | Growth | ||||||||||||||||||
(Ps. millions) | 30-Jun-07 | 31-Mar-08 | 30-Jun-08 | Jun-08 / Mar-08 | Jun-08 / Jun-07 | |||||||||||||||
CORPORATE |
||||||||||||||||||||
Working capital loans |
14,058,294 | 15,825,682 | 16,147,393 | 2.03 | % | 14.86 | % | |||||||||||||
Loans funded by
domestic development banks |
608,272 | 851,755 | 983,613 | 15.48 | % | 61.71 | % | |||||||||||||
Trade Financing |
945,679 | 1,229,712 | 993,021 | -19.25 | % | 5.01 | % | |||||||||||||
Overdrafts |
145,706 | 141,521 | 227,848 | 61.00 | % | 56.38 | % | |||||||||||||
Credit Cards |
76,867 | 37,949 | 43,414 | 14.40 | % | -43.52 | % | |||||||||||||
TOTAL CORPORATE |
15,834,818 | 18,086,619 | 18,395,289 | 1.71 | % | 16.17 | % | |||||||||||||
RETAIL AND SMEs |
||||||||||||||||||||
Working capital loans |
2,680,255 | 3,691,082 | 3,913,770 | 6.03 | % | 46.02 | % | |||||||||||||
Personal loans |
3,780,146 | 3,835,763 | 3,982,508 | 3.83 | % | 5.35 | % | |||||||||||||
Loans funded by
domestic development banks |
439,583 | 752,106 | 807,006 | 7.30 | % | 83.58 | % | |||||||||||||
Credit Cards |
1,126,592 | 2,123,973 | 2,220,956 | 4.57 | % | 97.14 | % | |||||||||||||
Overdrafts |
218,921 | 288,780 | 306,272 | 6.06 | % | 39.90 | % | |||||||||||||
Automobile loans |
1,121,268 | 1,333,066 | 1,358,355 | 1.90 | % | 21.14 | % | |||||||||||||
Trade Financing |
80,230 | 73,653 | 96,566 | 31.11 | % | 20.36 | % | |||||||||||||
TOTAL RETAIL AND SMEs |
9,446,995 | 12,098,423 | 12,685,433 | 4.85 | % | 34.28 | % | |||||||||||||
MORTGAGE |
2,955,711 | 3,066,537 | 3,149,911 | 2.72 | % | 6.57 | % | |||||||||||||
FINANCIAL LEASES |
3,989,953 | 4,814,395 | 5,096,379 | 5.86 | % | 27.73 | % | |||||||||||||
Total loans and financial leases |
32,227,477 | 38,065,974 | 39,327,012 | 3.31 | % | 22.03 | % | |||||||||||||
Allowance for loan losses and
financial leases |
(1,117,332 | ) | (1,458,659 | ) | (1,616,521 | ) | 10.82 | % | 44.68 | % | ||||||||||
Total loans and financial leases, net |
31,110,145 | 36,607,315 | 37,710,491 | 3.01 | % | 21.22 | % | |||||||||||||
4
BANCOLOMBIA has two types of currency denominated loans: those denominated in Colombian Peso
which comprise 63% of the loan portfolio and those denominated in U.S. Dollars which
comprise the remaining part of the loan portfolio. Loan growth figures are affected by
currency conversion, especially in periods of high volatility. Specifically, in 2Q08
the Colombian market experienced currency exchange volatility, particularly in the last
week of June, when the Colombian Peso ended the quarter depreciating 4.8% against the
U.S. dollar which corrected part of the appreciation trend seen during the first six
months of the year. This depreciation had a positive effect on the loan portfolio
growth as it impacts U.S. dollar denominated loans when converted to Colombian Pesos
for accounting purposes. Even without the currency conversion effect, both the peso
denominated and U.S. dollar denominated loans maintained a growth rate of over 20% on a
year over year basis. U.S. dollar denominated loans grew 1.2% as compared to 1Q08 and
23.8% as compared to the pro forma figures for 2Q07 when measured in dollars. Colombian
Peso denominated loans grew 2.3% as compared to 1Q08 and 22.3% as compared to pro forma
figures for 2Q07. |
||
Net loans and financial leases represented 69.4% of the total assets as of June 30, 2008,
amounting to Ps. 37,710 billion. |
||
2.1.2. | Investment Portfolio |
|
As of June 30, 2008, BANCOLOMBIAs net investment securities amounted to Ps. 6,168 billion
and represented an increase of 4.5% when compared to the figures as of March 31, 2008, and
an increase of 11.8% when compared to the figures as of June 30, 2007. |
||
As of June 30, 2008, investments in debt securities amounted to Ps. 6,014 billion and
represented 97.5% of BANCOLOMBIAs net investment securities, maintaining a stable relative
size comprising 11.1% of total assets. Debt securities increased 5.7% as compared to March
31, 2008, when debt securities amounted to Ps. 5,687 billion and represented 11.0% of total
assets, and an increase of 12.1% as compared to the Ps. 5,363 billion as of June 30, 2007
which represented 11.9% of total assets. The quarter over quarter increase is explained by
the Banks need to maintain its debt securities portfolio relative size for liquidity
management purposes and by the 10.8% increase in Colombian mortgage backed securities
(TIPS) as a result of the repurchase of a portion of the mortgages securitized by the Bank
in the same period, of which, a vast majority are backed by mortgages originated by the Bank
according to its credit policies and standards. |
||
The following table presents the debt securities portfolio breakdown by type of issuer. |
Debt Securities | Government (Colombia) |
Government (Others) |
MBS (TIPS) |
Corporate (Others) |
Total | |||||||||||||||
Trading |
20 | % | 0 | % | 1 | % | 11 | % | 32 | % | ||||||||||
Available for sale |
11 | % | 4 | % | 10 | % | 7 | % | 31 | % | ||||||||||
Held to Maturity |
13 | % | 10 | % | 9 | % | 5 | % | 36 | % | ||||||||||
Total |
44 | % | 14 | % | 20 | % | 22 | % | 100 | % | ||||||||||
* | Government includes debt securities issued or backed by governments, Corporate means debt
securities issued by corporations and MBS means Colombian mortgage backed securities. |
5
2.1.3. | Asset Quality |
|
Asset quality measures deteriorated slightly over 2Q08 as past due loans to total loans
ratio reached 3.5% of total loans, increasing from 3.4% recorded by the end 1Q08. After
growing at a pace of 17.0% quarterly in 1Q08, past due loans moderated their growth rate to
6.4% in 2Q08, due in part by the write-down of a Ps. 104 billion loan in 2Q08. On the other
hand, allowances for loans and accrued interest losses increased 10.9% over the quarter,
increasing coverage levels, as the ratio of allowances to past due loans increased to 120.1%
from 115.2% in 1Q08, while the ratio of allowances to loans classified as C, D and E (i.e.
those of an inferior quality as measured by their number of days past due) at the end of
2Q08 decreased to 125.9% from 131.4% in 1Q08. |
||
As of June 30, 2008, allowances for loan and accrued interest losses represented 4.2% of
gross loans and financial leases, while non-performing loans represented 2.0% of gross loans
and financial leases. |
||
Increasing interest rates and continuous gradual change on the composition of the loan
portfolio have been the main drivers of the Banks past due loans levels. The Colombian
Central Bank was the first in the region to hike interest rates and has done it since April
2006 increasing its overnight lending rate from 6.00% to 10.00%. As a result of this,
interest rates along the economy have increased in recent years, affecting asset quality. In
addition, the gradual change in the composition of the loan book presented in recent time,
as part of the increased participation of banks in the Colombian economy, has translated in
higher participation of Retail and SMEs in BANCOLOMBIAs loan book. Historically, Retail and
SMEs has been a segment with two particular characteristics: (i) higher margins and (ii)
higher levels of delinquencies. In conclusion, higher interest rates in the economy plus a
higher participation of the SMEs segment in the loan portfolio have been accompanied by a
higher level of past due loans and higher margins, which as a result, have helped to
compensate the higher provisions charges in recent quarters and to maintain the Banks
profitability. |
LOANS AND FINANCIAL LEASES CLASSIFICATION | ||||||||||||||||||||||||
( Ps. millions) | As of 30-Jun-07 | As of 31-Mar-08 | As of 30-Jun-08 | |||||||||||||||||||||
¨A¨ Normal |
30,307,013 | 94.1 | % | 35,780,026 | 94.0 | % | 36,597,476 | 93.1 | % | |||||||||||||||
¨B¨ Subnormal |
1,101,821 | 3.4 | % | 1,152,247 | 3.0 | % | 1,417,227 | 3.6 | % | |||||||||||||||
¨C¨ Deficient |
260,297 | 0.8 | % | 301,742 | 0.8 | % | 374,663 | 1.0 | % | |||||||||||||||
¨D¨ Doubtful recovery |
295,430 | 0.9 | % | 518,490 | 1.4 | % | 621,091 | 1.5 | % | |||||||||||||||
¨E¨ Unrecoverable |
262,916 | 0.8 | % | 313,469 | 0.8 | % | 316,555 | 0.8 | % | |||||||||||||||
Total |
32,227,477 | 100 | % | 38,065,974 | 100 | % | 39,327,012 | 100 | % | |||||||||||||||
Loans and financial leases classified as C, D and E
as a percentage of total loans and financial leases |
2.5 | % | 3.0 | % | 3.3 | % | ||||||||||||||||||
6
ASSET QUALITY | As of | Growth | ||||||||||||||||||
( Ps. millions) | Jun-07 | Mar-08 | Jun-08 | 2Q 08 / 1Q 08 | 2Q 08 / 2Q 07 | |||||||||||||||
Total performing past due loans (1) |
387,295 | 584,416 | 589,206 | 0.82 | % | 52.13 | % | |||||||||||||
Total non-performing past due loans |
486,762 | 708,370 | 786,658 | 11.05 | % | 61.61 | % | |||||||||||||
Total past due loans |
874,057 | 1,292,786 | 1,375,864 | 6.43 | % | 57.41 | % | |||||||||||||
Allowance for loans and accrued interest losses |
1,133,380 | 1,489,572 | 1,652,491 | 10.94 | % | 45.80 | % | |||||||||||||
Past due loans to total loans |
2.71 | % | 3.40 | % | 3.50 | % | ||||||||||||||
Non-performing loans as a percentage of total
loans |
1.51 | % | 1.86 | % | 2.00 | % | ||||||||||||||
C, D and E loans as a percentage of
total loans |
2.54 | % | 2.98 | % | 3.34 | % | ||||||||||||||
Allowances to past due loans (2) |
129.67 | % | 115.22 | % | 120.11 | % | ||||||||||||||
Allowance for loan and accrued interest losses
as a percentage of C, D and E loans
(2) |
138.45 | % | 131.39 | % | 125.92 | % | ||||||||||||||
Allowance for loan and accrued interest losses
as a percentage of non-performing loans
(2) |
232.84 | % | 210.28 | % | 210.06 | % | ||||||||||||||
Allowance for loan and accrued interest losses
as a percentage of total loans |
3.52 | % | 3.91 | % | 4.20 | % | ||||||||||||||
Percentage of performing loans to total loans |
98.49 | % | 98.14 | % | 98.00 | % |
(1) | Performing past due loans are loans upon which the Bank continues to recognize
income although interest in respect of such loans has not been received. Mortgage loans cease to
accumulate interest on the statement of operations when they are more than 60 days past due. For
all other loans and financial leasing operations of any type, interest is no longer accumulated
after they are more than 30 days past due. |
|
(2) | Under Colombian Bank regulations, a loan is past due when it is at least 31 days
past the actual due date. |
The following table presents past due loans per loan category: |
LOAN CLASSIFICATION | PDL/ total Loans as Of | |||||||||||
% Of loan Portfolio | 31-Mar-08 | 30-Jun-08 | ||||||||||
Commercial loans |
61.1 | % | 2.0 | % | 2.1 | % | ||||||
Consumer loans |
17.6 | % | 6.1 | % | 6.2 | % | ||||||
Small business loans |
0.3 | % | 9.9 | % | 10.2 | % | ||||||
Mortgage loans |
8.0 | % | 8.4 | % | 7.5 | % | ||||||
Finance lease |
13.0 | % | 2.6 | % | 3.7 | % | ||||||
TOTAL LOAN PORTFOLIO |
100.0 | % | 3.4 | % | 3.5 | % | ||||||
2.2. | Liabilities |
|
During 2Q08 the Bank began to focus on increasing its deposit base and consolidating its
competitive advantage in terms of funding costs. As of June 30, 2008, BANCOLOMBIA had Ps
34,538 billion of total deposits which represents an increase of 3.7% as compared to 1Q08
and an increase of 16.9% as compared to 2Q08. Most of the growth came in interest bearing
deposits which increased 4.0% as compared to 1Q08 and 18.9% as compared to 2Q07.
Nonetheless, non- interest bearing deposits grew 1.9% over 2Q08 and 5.9% over the year. |
7
Deposit composition has continued to change over the last 12 months; non-interest bearing
deposits reached 13.8% of total deposits from 15.2% in 2Q07, while interest bearing deposits
increased their share of deposits to 86.2%, coming from 84.8% in 2Q07. These changes were to
a large extent driven by the implementation of marginal reserve requirements that have been
in place since 2Q07, which are higher for savings and checking accounts (27% marginal
reserve requirement) than for time deposits (5% marginal reserve requirement), conditions
that affect the funding preferences among Colombian banks. However, Resolution 5 of 2008,
issued by the Colombian Central Banks board of directors, released on June 20, 2008,
introduced some changes to the existing reserve requirement, modifying the ordinary reserve
requirements to (i) 11.5% for demand deposits (ii) 6% for time deposits under 540 days;
(iii) 0% for deposits with maturities above 540 days. This resolution also eliminates the
marginal reserve requirements and will be applied beginning on August 13, 2008. The Bank
expects these measures to eliminate the deposit cost distortion created by marginal reserve
requirements, especially on branch based deposits. In addition, the Bank also expects these
measures to draw some market liquidity and affect funding costs. However, the effect on
market liquidity is expected to be gradually eased by the U.S. Dollar international reserves
accumulation announced by the Colombian Central Bank in the same resolution. |
Jun-07 | Participation | Mar-08 | Participation | Jun-08 | Participation | |||||||||||||||||||
Checking Accounts |
5,206,905 | 17.6 | % | 5,619,395 | 16.9 | % | 5,892,512 | 17.1 | % | |||||||||||||||
Time Deposits |
12,045,703 | 40.8 | % | 14,532,213 | 43.6 | % | 16,097,667 | 46.6 | % | |||||||||||||||
Savings deposits |
11,938,893 | 40.4 | % | 12,739,551 | 38.3 | % | 12,150,236 | 35.2 | % | |||||||||||||||
Other |
348,630 | 1.2 | % | 408,792 | 1.2 | % | 397,939 | 1.2 | % | |||||||||||||||
Total Deposits |
29,540,131 | 100 | % | 33,299,951 | 100 | % | 34,538,354 | 100 | % | |||||||||||||||
2.3. | Shareholders Equity |
|
BANCOLOMBIAs shareholders equity amounted to Ps. 5,292 billion at the end of 2Q08, which
represents an increase of 7.5% as compared to 1Q08, mostly explained by the operating
results of the Bank in 2Q08. As compared to 2Q07, this represents an increase of 48.3%,
mainly due to the Banks stock issuance in 3Q07. |
||
At the end of 2Q08, the Banks consolidated ratio of technical capital to risk-weighted
assets was 11.8%, a slight decrease from the 11.9% recorded in 1Q08, but still 282 basis
points above the minimum established by Colombian regulators. |
||
Unrealized losses on debt securities amounted to Ps 63.7 billion as of June 30, 2008,
increasing from Ps. 49.1 billion presented by the end of 1Q08 and explained by higher
interest rates on Colombias bonds secondary market, which affect the valuation of our
available for sale and held to maturity debt securities. |
TECHNICAL CAPITAL RISK WEIGHTED ASSETS | ||||||||||||
Consolidated (Ps. millions) | Jun-07 | Mar-08 | Jun-08 | |||||||||
Basic capital (Tier I) |
3,382,308 | 4,386,709 | 4,569,691 | |||||||||
Additional capital (Tier II) |
1,297,599 | 1,088,900 | 1,122,139 | |||||||||
Technical capital (1) |
4,679,907 | 5,475,609 | 5,691,830 | |||||||||
Risk weighted assets included market risk |
39,507,368 | 45,978,130 | 48,139,875 | |||||||||
CAPITAL ADEQUACY (2) |
11.85 | % | 11.91 | % | 11.82 | % | ||||||
(1) | Technical capital is the sum of basic capital and additional capital. |
|
(2) | Capital Adequacy is technical capital divided by risk weighted assets. |
BANCOLOMBIAs net income amounted to Ps. 375.3 billion for 2Q08, increasing 55.6% as
compared to the pro forma figures for 2Q07, driven by double digit growth in the net
interest income, fees and other operating income, and partially off-set by higher
provisions. On a quarterly basis, net income for 2Q08 increased 47.9% as compared to the Ps.
253.9 billion for 1Q08. |
||
Net income totaled Ps. 629.2 billion for the first six months of 2008, increasing 40.6% as
compared to the same period of 2007. Return on average shareholders equity for 2Q08 was
29.5% which represents an increase from the 27.0% in the pro forma figures for 2Q07. |
8
3.1. | Net Interest Income |
|
During 2Q08, interest on loans reached Ps. 1,174 billion, increasing 3.6% as compared to
1Q08 and 35.5% as compared to the Ps. 867 billion recorded in the pro forma figures for
2Q07, mainly driven by higher interest rates as a result of the continuous re-pricing of the
loan portfolio. |
||
Despite a weak quarter for Colombias bond market, interest on investment securities
increased 39.4% in 2Q08 to Ps. 111,136 million, explained by a lower duration and a higher
participation of variable rate instruments in the debt securities portfolio, which helped to
mitigate the losses produced by mark to market valuation of the Banks trading portfolio. |
||
Overall, total interest income increased 5.3% as compared to 1Q08, while total interest
expense grew at a lower rate of 2.2%. As a result, net interest income increased 7.7% as
compared to 1Q08 and net interest margin increased from 7.0% in 1Q08 to 7.5% in 2Q08 due to
higher margin in the loan portfolio (loans interest margin increased to 8.3% from 8.0% in
1Q08) and higher debt investment interest margin (2.1% in 2Q08 compared to 0.1% in 1Q08) . |
||
3.2. | Provisions |
|
Total net provisions for 2Q08 amounted to Ps. 241.7 billion, increasing 96.2% as compared to
the pro forma figures for 2Q07 and increasing 39.5% as compared to 1Q08. Specifically,
provisions for loans and accrued interest losses increased 70.3% in 2Q08 as compared to pro
forma 2Q07 driven by higher levels of past due loans. On the other hand, recoveries on
provisions for foreclosed assets and other assets decreased 35.8% over the same period, also
contributing to the higher level of net provisions. |
||
3.3. | Fees and Income from Services |
|
Net fees and income from services totaled Ps. 299.0 billion during 2Q08, increasing 10.2% as
compared to the pro forma figures for 2Q07 and decreasing 2.6% as compared to 1Q08. Net fees
and income from services are being affected by the sale of Multienlace S.A., which occurred
during 2Q08, as fees and other service expenses related to contact center services used by
the Bank and provided by Multienlace S.A. are no longer considered an intercompany
transaction. As a result, expenses related to contact center services were not eliminated as
intercompany transactions from the 2Q08 numbers. Consequently, fees and other services
expenses increased 89.7% as compared to 1Q08 and 113.9% as compared to proforma 2Q07,
explaining the lower net fees and income from services rate of growth in yearly basis. |
||
In fact, fees and other service income before expenses grew 4.4% and 18.0% as compared to
1Q08 and 2Q07 respectively, mostly driven by a dynamic year for credit and debit card
related fees, trust management, collection and payment fees, electronic services and ATM
fees. |
||
In the last year BANCOLOMBIA has undertaken a series of initiatives to become Colombias
credit card business leader, and as a result, the Banks accumulated unconsolidated credit
card billing increased 26.8% when compared to the pro forma 2Q07, resulting in a 25.6%
market share of the Colombian credit card business. In addition, the Banks number of
outstanding credit cards increased 26.1%, resulting in a 17.9% market share of the Colombian
total outstanding credit cards at the end of 2Q08. |
9
ACCUMULATED CREDIT CARD BILLING | As of | % | 2008 | |||||||||||||
(Ps. millions) | Jun-07 | Jun-08 | Growth | Market Share | ||||||||||||
Bancolombia VISA |
648,134 | 807,371 | 24.57 | % | 8.09 | % | ||||||||||
Bancolombia Mastercard |
925,015 | 1,055,566 | 14.11 | % | 10.58 | % | ||||||||||
Bancolombia American Express |
440,838 | 691,620 | 56.89 | % | 6.93 | % | ||||||||||
Total Bancolombia |
2,013,986 | 2,554,557 | 26.84 | % | 25.60 | % | ||||||||||
Mercado de tarjetas de crédito en Colombia |
9,098,806 | 9,978,510 | 9.67 | % | ||||||||||||
CREDIT CARD MARKET SHARE | % | 2008 | ||||||||||||||
(Outstanding credit cards) | Jun-07 | Jun-08 | Growth | Market Share | ||||||||||||
Bancolombia VISA |
246,507 | 305,780 | 24.05 | % | 5.81 | % | ||||||||||
Bancolombia Mastercard |
328,563 | 361,480 | 10.02 | % | 6.86 | % | ||||||||||
Bancolombia American Express |
170,737 | 273,378 | 60.12 | % | 5.19 | % | ||||||||||
Total Bancolombia |
745,807 | 940,638 | 26.12 | % | 17.86 | % | ||||||||||
Mercado de tarjetas de crédito en Colombia |
5,011,592 | 5,265,859 | 5.07 | % | ||||||||||||
3.4. | Other Operating Income |
|
Total other operating income amounted to Ps. 195.8 billion for 2Q08, positively affected by
the sale of Multienlace S.A. during the quarter. According to Colombian GAAP, the gain or
loss on sale of equity securities can only be recorded when the consideration involved in
the transaction is effectively received by the seller. As part of the Multienlace S.A.
transaction, the Bank has only received 44% of the consideration in 2Q08 equating Ps. 37
billion, which has been accounted as part of other operating income. In addition, the Bank
also received a dividend income from Multienlace S.A. totaling Ps. 15 billion during the
quarter. The remaining part of the consideration for the Multienlace S.A. transaction is
expected to be received in the quarter ending December 31, 2008. |
||
Notwithstanding the non-recurring events described above, the Banks other operating income
continues to perform in a dynamic way as foreign exchange gains and income derived from
forward contracts in foreign currency continue to outperform historic results. The positive
performance is explained by the competitive position the Bank has in this market, its broad
base of customers and the higher activity in the forward market this year. |
||
3.5. | Operating expenses |
|
Personnel expenses (the sum of salaries and employee benefits, bonus plan
payment and compensation) for 2Q08 increased 10.9% as compared to 1Q08 and 16.9% as compared
to the pro forma figures for 2Q07, explained by higher payouts under the bonus plan and
variable compensation due to the Banks improved 1H08 results as compared to 1H07. |
||
Administrative and other expenses increased 1.5% as compared to 1Q08 and 7.5% as compared to
the pro forma figures for 2Q07. |
||
During 2Q08, the revenues growth rate was higher than that posted by operating expenses
which totaled Ps. 609.6 billion, increasing 4.4% as compared to 1Q08 and 9.6% as compared to
the pro forma figures for 2Q07. As a result, BANCOLOMBIAs efficiency, measured by the ratio
of operating expenses to net operating income improved during 2Q08, reached 45.8%, which
compares favorably to 56.7%, recorded in the 2Q07 pro forma figures. The Banks efficiency,
measured as operating expenses over average total assets, was 4.7% for 2Q08, a decline as
compared to 5.1% in the pro forma figures for 2Q07, but a slight increase compared to the
4.6% for 1Q08. |
10
3.6. | Non Operating Income / Expense |
|
During 2Q08 total non-operating income totaled Ps 29.9 billion, of which Ps. 26.1 billion
were related to the compensation received in connection with the membership rights
recognized by Visa International Service Association (Visa International) as a result of
the initial public offering of VISA Inc., which took place in 2007 (the VISA IPO). Under
the restructuring of Visa International, financial institutions that were members of Visa
International were entitled to receive compensation for their membership rights once VISA
Inc. underwent its initial public offering. As a result of this, non-operating income
increased 155.9% as compared to 1Q08 and 164.2% as compared to the pro forma figures for
2Q07. |
||
3.7. | Income tax expense |
|
Income tax expense for 2Q08 amounted to Ps 145.4 billion decreasing 7.4% as compared to 1Q08
and increasing 75.8% as compared to the pro forma figures for 2Q07. Income tax expense for
1H08 totaled Ps. 302.3 billion increasing 72.1% as compared to the same period of 2007. |
PRINCIPAL RATIOS | Quarter | As of | ||||||||||||||||||
PROFITABILITY | 2Q07 | 1Q08 | 2Q08 | Jun-07 | Jun-08 | |||||||||||||||
Net interest margin (1) |
7.11 | % | 7.03 | % | 7.51 | % | 6.73 | % | 7.26 | % | ||||||||||
Return on average total assets (2) |
2.14 | % | 1.95 | % | 2.86 | % | 1.99 | % | 2.41 | % | ||||||||||
Return on
average shareholders equity (3) |
27.05 | % | 19.67 | % | 29.5 | % | 25.09 | % | 24.40 | % | ||||||||||
EFFICIENCY |
||||||||||||||||||||
Operating expenses to net operating income (4) |
56.72 | % | 48.51 | % | 45.84 | % | 58.23 | % | 47.12 | % | ||||||||||
Operating expenses to average total assets (5) |
5.08 | % | 4.62 | % | 4.72 | % | 4.97 | % | 4.67 | % | ||||||||||
CAPITAL ADEQUACY |
||||||||||||||||||||
Shareholders equity to total assets |
7.93 | % | 9.51 | % | 9.74 | % | ||||||||||||||
Technical capital to risk weighted assets |
11.85 | % | 11.91 | % | 11.82 | % |
(1) | Calculated taking into account an average between the figures as of March 2008 and
as of June 2008. Its defined as net interest income divided by monthly average interest-earning
assets. |
|
(2) | Net interest income divided by monthly average interest-earning assets. |
|
(3) | Net income by monthly average assets. |
|
(4) | Net income by monthly average shareholders equity. |
|
(5) | Operating expenses divided by monthly average assets.
|
11
BALANCE SHEET | Last | |||||||||||||||||||
(Ps. millions) | Jun-07 | Mar-08 | Jun-08 | Quarter | Annual | |||||||||||||||
ASSETS |
||||||||||||||||||||
Cash and due from banks |
3,405,203 | 3,320,974 | 4,203,606 | 26.58 | % | 23.45 | % | |||||||||||||
Overnight funds sold |
513,713 | 958,839 | 820,588 | -14.42 | % | 59.74 | % | |||||||||||||
Total cash and equivalents |
3,918,916 | 4,279,813 | 5,024,194 | 17.39 | % | 28.20 | % | |||||||||||||
Debt securities |
5,363,253 | 5,687,079 | 6,013,604 | 5.74 | % | 12.13 | % | |||||||||||||
Trading |
1,999,470 | 2,108,656 | 1,954,381 | -7.32 | % | -2.26 | % | |||||||||||||
Available for Sale |
1,447,851 | 1,917,520 | 1,883,080 | -1.80 | % | 30.06 | % | |||||||||||||
Held to Maturity |
1,915,932 | 1,660,903 | 2,176,143 | 31.02 | % | 13.58 | % | |||||||||||||
Equity securities |
231,115 | 283,679 | 227,372 | -19.85 | % | -1.62 | % | |||||||||||||
Trading |
70,613 | 121,505 | 51,726 | -57.43 | % | -26.75 | % | |||||||||||||
Available for Sale |
160,502 | 162,174 | 175,646 | 8.31 | % | 9.44 | % | |||||||||||||
Market value allowance |
-77,051 | -71,406 | -72,906 | 2.10 | % | -5.38 | % | |||||||||||||
Net investment securities |
5,517,317 | 5,899,352 | 6,168,070 | 4.56 | % | 11.79 | % | |||||||||||||
Commercial loans |
19,581,261 | 23,358,467 | 24,022,762 | 2.84 | % | 22.68 | % | |||||||||||||
Consumer loans |
5,569,558 | 6,702,199 | 6,925,338 | 3.33 | % | 24.34 | % | |||||||||||||
Small business loans |
130,994 | 124,376 | 132,622 | 6.63 | % | 1.24 | % | |||||||||||||
Mortgage loans |
2,955,711 | 3,066,537 | 3,149,911 | 2.72 | % | 6.57 | % | |||||||||||||
Finance lease |
3,989,953 | 4,814,395 | 5,096,379 | 5.86 | % | 27.73 | % | |||||||||||||
Allowance for loan losses |
-1,117,332 | -1,458,659 | -1,616,521 | 10.82 | % | 44.68 | % | |||||||||||||
Net total loans and financial leases |
31,110,145 | 36,607,315 | 37,710,491 | 3.01 | % | 21.22 | % | |||||||||||||
Accrued interest receivable on loans |
326,995 | 457,435 | 482,991 | 5.59 | % | 47.71 | % | |||||||||||||
Allowance for accrued interest losses |
-16,048 | -30,913 | -35,970 | 16.36 | % | 124.14 | % | |||||||||||||
Net total interest accrued |
310,947 | 426,522 | 447,021 | 4.81 | % | 43.76 | % | |||||||||||||
Customers acceptances and derivatives |
237,126 | 269,180 | 100,081 | -62.82 | % | -57.79 | % | |||||||||||||
Net accounts receivable |
625,336 | 699,104 | 855,548 | 22.38 | % | 36.81 | % | |||||||||||||
Net premises and equipment |
885,393 | 840,283 | 885,666 | 5.40 | % | 0.03 | % | |||||||||||||
Foreclosed assets, net |
40,688 | 27,102 | 23,672 | -12.66 | % | -41.82 | % | |||||||||||||
Prepaid expenses and deferred charges |
119,440 | 139,958 | 135,071 | -3.49 | % | 13.09 | % | |||||||||||||
Goodwill |
873,854 | 877,173 | 909,121 | 3.64 | % | 4.04 | % | |||||||||||||
Operating leases, net |
345,446 | 608,014 | 630,942 | 3.77 | % | 82.65 | % | |||||||||||||
Other |
662,265 | 547,956 | 904,895 | 65.14 | % | 36.64 | % | |||||||||||||
Reappraisal of assets |
364,225 | 513,425 | 515,796 | 0.46 | % | 41.61 | % | |||||||||||||
Total assets |
45,011,098 | 51,735,197 | 54,310,568 | 4.98 | % | 20.66 | % | |||||||||||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||||||||||||||
LIABILITIES |
||||||||||||||||||||
DEPOSITS |
||||||||||||||||||||
Non-interest bearing |
4,499,236 | 4,676,607 | 4,764,975 | 1.89 | % | 5.91 | % | |||||||||||||
Checking accounts |
4,150,606 | 4,267,815 | 4,367,036 | 2.32 | % | 5.21 | % | |||||||||||||
Other |
348,630 | 408,792 | 397,939 | -2.65 | % | 14.14 | % | |||||||||||||
Interest bearing |
25,040,895 | 28,623,344 | 29,773,379 | 4.02 | % | 18.90 | % | |||||||||||||
Checking accounts |
1,056,299 | 1,351,580 | 1,525,476 | 12.87 | % | 44.42 | % | |||||||||||||
Time deposits |
12,045,703 | 14,532,213 | 16,097,667 | 10.77 | % | 33.64 | % | |||||||||||||
Savings deposits |
11,938,893 | 12,739,551 | 12,150,236 | -4.63 | % | 1.77 | % | |||||||||||||
Total deposits |
29,540,131 | 33,299,951 | 34,538,354 | 3.72 | % | 16.92 | % | |||||||||||||
Overnight funds |
1,882,290 | 2,455,473 | 2,772,806 | 12.92 | % | 47.31 | % | |||||||||||||
Bank acceptances outstanding |
57,071 | 61,698 | 36,536 | -40.78 | % | -35.98 | % | |||||||||||||
Interbank borrowings |
1,752,518 | 1,422,573 | 1,493,083 | 4.96 | % | -14.80 | % | |||||||||||||
Borrowings from domestic development banks |
2,780,660 | 3,524,201 | 3,718,117 | 5.50 | % | 33.71 | % | |||||||||||||
Accounts payable |
1,573,156 | 1,999,101 | 2,059,164 | 3.00 | % | 30.89 | % | |||||||||||||
Accrued interest payable |
228,875 | 324,977 | 334,435 | 2.91 | % | 46.12 | % | |||||||||||||
Other liabilities |
486,007 | 478,117 | 521,447 | 9.06 | % | 7.29 | % | |||||||||||||
Bonds |
2,438,909 | 2,638,936 | 2,767,762 | 4.88 | % | 13.48 | % | |||||||||||||
Accrued expenses |
516,710 | 521,335 | 688,604 | 32.08 | % | 33.27 | % | |||||||||||||
Minority interest in consolidated subsidiaries |
186,054 | 88,123 | 88,510 | 0.44 | % | -52.43 | % | |||||||||||||
Total liabilities |
41,442,381 | 46,814,485 | 49,018,818 | 4.71 | % | 18.28 | % | |||||||||||||
SHAREHOLDERS EQUITY |
||||||||||||||||||||
Subscribed and paid in capital |
365,375 | 393,914 | 393,914 | 0.00 | % | 7.81 | % | |||||||||||||
Retained earnings |
2,612,363 | 3,837,185 | 4,223,649 | 10.07 | % | 61.68 | % | |||||||||||||
Appropiated |
2,164,669 | 3,583,309 | 3,594,426 | 0.31 | % | 66.05 | % | |||||||||||||
Unappropiated |
447,694 | 253,876 | 629,223 | 147.85 | % | 40.55 | % | |||||||||||||
Reappraisal and others |
614,218 | 738,706 | 737,842 | -0.12 | % | 20.13 | % | |||||||||||||
Gross unrealized gain or loss on debt securities |
-23,239 | -49,093 | -63,655 | 29.66 | % | 173.91 | % | |||||||||||||
Total shareholders equity |
3,568,717 | 4,920,712 | 5,291,750 | 7.54 | % | 48.28 | % | |||||||||||||
12
INCOME STATEMENT | As of | Growth | Proforma | Growth | ||||||||||||||||||||||||||||
(Ps. millions) | Jun-07 | Jun-08 | Jun-08 / Jun-07 | 2Q07 | 1Q08 | 2Q08 | 2Q08 / 1Q08 | 2Q08 / 2Q07 | ||||||||||||||||||||||||
Interest income and expenses |
||||||||||||||||||||||||||||||||
Interest on loans |
1,664,884 | 2,307,700 | 38.61 | % | 866,944 | 1,133,438 | 1,174,262 | 3.60 | % | 35.45 | % | |||||||||||||||||||||
Interest on investment securities |
217,732 | 190,839 | -12.35 | % | 118,077 | 79,703 | 111,136 | 39.44 | % | -5.88 | % | |||||||||||||||||||||
Overnight funds |
56,468 | 49,331 | -12.64 | % | 34,922 | 28,803 | 20,528 | -28.73 | % | -41.22 | % | |||||||||||||||||||||
Leasing |
252,939 | 366,400 | 44.86 | % | 132,492 | 177,661 | 188,739 | 6.24 | % | 42.45 | % | |||||||||||||||||||||
Total interest income |
2,192,023 | 2,914,270 | 32.95 | % | 1,152,435 | 1,419,605 | 1,494,665 | 5.29 | % | 29.70 | % | |||||||||||||||||||||
Interest expense |
||||||||||||||||||||||||||||||||
Checking accounts |
19,355 | 17,564 | -9.25 | % | 9,197 | 8,819 | 8,745 | -0.84 | % | -4.91 | % | |||||||||||||||||||||
Time deposits |
346,805 | 578,168 | 66.71 | % | 185,162 | 276,826 | 301,342 | 8.86 | % | 62.75 | % | |||||||||||||||||||||
Savings deposits |
212,514 | 271,644 | 27.82 | % | 117,569 | 138,881 | 132,763 | -4.41 | % | 12.92 | % | |||||||||||||||||||||
Total interest on deposits |
578,674 | 867,376 | 49.89 | % | 311,928 | 424,526 | 442,850 | 4.32 | % | 41.97 | % | |||||||||||||||||||||
Interbank borrowings |
70,102 | 29,935 | -57.30 | % | 38,584 | 16,667 | 13,268 | -20.39 | % | -65.61 | % | |||||||||||||||||||||
Borrowings from domestic development banks |
119,777 | 169,134 | 41.21 | % | 64,267 | 84,665 | 84,469 | -0.23 | % | 31.43 | % | |||||||||||||||||||||
Overnight funds |
53,404 | 77,467 | 45.06 | % | 24,717 | 42,197 | 35,270 | -16.42 | % | 42.70 | % | |||||||||||||||||||||
Bonds |
65,177 | 116,087 | 78.11 | % | 24,365 | 55,105 | 60,982 | 10.67 | % | 150.29 | % | |||||||||||||||||||||
Total interest expense |
887,134 | 1,259,999 | 42.03 | % | 463,861 | 623,160 | 636,839 | 2.20 | % | 37.29 | % | |||||||||||||||||||||
Net interest income |
1,304,889 | 1,654,271 | 26.77 | % | 688,574 | 796,445 | 857,826 | 7.71 | % | 24.58 | % | |||||||||||||||||||||
Provision for loan and accrued interest losses, net |
(246,961 | ) | (449,107 | ) | 81.85 | % | (149,901 | ) | (193,882 | ) | (255,225 | ) | 31.64 | % | 70.26 | % | ||||||||||||||||
Recovery of charged-off loans |
41,250 | 40,448 | -1.94 | % | 21,995 | 21,841 | 18,607 | -14.81 | % | -15.40 | % | |||||||||||||||||||||
Provision for foreclosed assets and other assets |
(30,758 | ) | (24,316 | ) | -20.94 | % | (8,747 | ) | (10,616 | ) | (13,700 | ) | 29.05 | % | 56.63 | % | ||||||||||||||||
Recovery of provisions for foreclosed assets and other assets |
42,862 | 18,056 | -57.87 | % | 13,441 | 9,423 | 8,633 | -8.38 | % | -35.77 | % | |||||||||||||||||||||
Total net provisions |
(193,607 | ) | (414,919 | ) | 114.31 | % | (123,212 | ) | (173,234 | ) | (241,685 | ) | 39.51 | % | 96.15 | % | ||||||||||||||||
Net interest income after provision for loans |
||||||||||||||||||||||||||||||||
and accrued interest losses |
1,111,282 | 1,239,352 | 11.52 | % | 565,362 | 623,211 | 616,141 | -1.13 | % | 8.98 | % | |||||||||||||||||||||
Commissions from banking services and other services |
95,056 | 110,313 | 16.05 | % | 47,490 | 53,377 | 56,937 | 6.67 | % | 19.89 | % | |||||||||||||||||||||
Electronic services and ATM fees |
37,126 | 42,563 | 14.64 | % | 18,227 | 21,392 | 21,171 | -1.03 | % | 16.15 | % | |||||||||||||||||||||
Branch network services |
50,726 | 49,033 | -3.34 | % | 25,251 | 23,867 | 25,166 | 5.44 | % | -0.34 | % | |||||||||||||||||||||
Collections and payments fees |
60,559 | 75,649 | 24.92 | % | 31,148 | 36,896 | 38,753 | 5.03 | % | 24.42 | % | |||||||||||||||||||||
Credit card merchant fees |
19,306 | 13,984 | -27.57 | % | 8,608 | 8,078 | 5,906 | -26.89 | % | -31.39 | % | |||||||||||||||||||||
Credit and debit card annual fees |
149,440 | 208,529 | 39.54 | % | 78,713 | 100,500 | 108,029 | 7.49 | % | 37.24 | % | |||||||||||||||||||||
Checking fees |
33,100 | 33,076 | -0.07 | % | 16,653 | 16,350 | 16,726 | 2.30 | % | 0.44 | % | |||||||||||||||||||||
Fiduciary activities |
32,795 | 41,980 | 28.01 | % | 16,756 | 19,804 | 22,176 | 11.98 | % | 32.35 | % | |||||||||||||||||||||
Pension plan administration |
41,267 | 39,997 | -3.08 | % | 19,444 | 20,854 | 19,143 | -8.21 | % | -1.55 | % | |||||||||||||||||||||
Brokerage fees |
29,949 | 30,456 | 1.69 | % | 15,696 | 14,126 | 16,329 | 15.59 | % | 4.03 | % | |||||||||||||||||||||
Check remittance |
11,126 | 13,011 | 16.94 | % | 5,338 | 6,678 | 6,333 | -5.17 | % | 18.64 | % | |||||||||||||||||||||
International operations |
20,832 | 19,965 | -4.16 | % | 10,270 | 10,093 | 9,872 | -2.19 | % | -3.88 | % | |||||||||||||||||||||
Fees and other service income |
581,282 | 678,556 | 16.73 | % | 293,594 | 332,015 | 346,541 | 4.38 | % | 18.03 | % | |||||||||||||||||||||
Fees and other service expenses |
(43,860 | ) | (72,631 | ) | 65.60 | % | (22,233 | ) | (25,074 | ) | (47,557 | ) | 89.67 | % | 113.90 | % | ||||||||||||||||
Total fees and income from services, net |
537,422 | 605,925 | 12.75 | % | 271,361 | 306,941 | 298,984 | -2.59 | % | 10.18 | % | |||||||||||||||||||||
Other operating income |
||||||||||||||||||||||||||||||||
Net foreign exchange gains |
(86,725 | ) | (50,326 | ) | -41.97 | % | (68,951 | ) | (110,086 | ) | 59,760 | 154.28 | % | 186.67 | % | |||||||||||||||||
Forward contracts in foreign currency |
110,340 | 182,848 | 65.71 | % | 80,763 | 166,002 | 16,846 | -89.85 | % | -79.14 | % | |||||||||||||||||||||
Gains on sales of investments on equity securities |
(15,123 | ) | 37,084 | 345.22 | % | 62 | (96 | ) | 37,180 | 38829.17 | % | 59867.74 | % | |||||||||||||||||||
Gains on sale of mortgage loan |
| 21,844 | * | | 9,068 | 12,776 | 40.89 | % | * | |||||||||||||||||||||||
Dividend income |
16,146 | 36,417 | 125.55 | % | 1,435 | 20,488 | 15,929 | -22.25 | % | 1010.03 | % | |||||||||||||||||||||
Revenues from commercial subsidiaries |
43,515 | 51,722 | 18.86 | % | 27,306 | 26,087 | 25,635 | -1.73 | % | -6.12 | % | |||||||||||||||||||||
Insurance income |
2,169 | 5,797 | 167.27 | % | 1,812 | 4,812 | 985 | -79.53 | % | -45.64 | % | |||||||||||||||||||||
Communication, postage, rent and others |
9,274 | 45,118 | 386.50 | % | 4,864 | 18,468 | 26,650 | 44.30 | % | 447.90 | % | |||||||||||||||||||||
Total other operating income |
79,596 | 330,504 | 315.23 | % | 47,291 | 134,743 | 195,761 | 45.28 | % | 313.95 | % | |||||||||||||||||||||
Total income |
1,728,300 | 2,175,781 | 25.89 | % | 884,014 | 1,064,895 | 1,110,886 | 4.32 | % | 25.66 | % | |||||||||||||||||||||
Operating expenses |
||||||||||||||||||||||||||||||||
Salaries and employee benefits |
412,846 | 437,013 | 5.85 | % | 210,646 | 219,217 | 217,796 | -0.65 | % | 3.39 | % | |||||||||||||||||||||
Bonus plan payments |
34,764 | 65,971 | 89.77 | % | 17,511 | 18,452 | 47,519 | 157.53 | % | 171.37 | % | |||||||||||||||||||||
Compensation |
10,413 | 13,534 | 29.97 | % | 4,279 | 7,233 | 6,301 | -12.89 | % | 47.25 | % | |||||||||||||||||||||
Administrative and other expenses |
540,519 | 583,391 | 7.93 | % | 273,364 | 289,475 | 293,916 | 1.53 | % | 7.52 | % | |||||||||||||||||||||
Deposit security, net |
24,316 | 26,678 | 9.71 | % | 12,022 | 14,324 | 12,354 | -13.75 | % | 2.76 | % | |||||||||||||||||||||
Donation expenses |
1,794 | 1,519 | -15.33 | % | 648 | 973 | 546 | -43.88 | % | -15.74 | % | |||||||||||||||||||||
Depreciation |
63,196 | 65,538 | 3.71 | % | 37,550 | 34,404 | 31,134 | -9.50 | % | -17.09 | % | |||||||||||||||||||||
Total operating expenses |
1,087,848 | 1,193,644 | 9.73 | % | 556,020 | 584,078 | 609,566 | 4.36 | % | 9.63 | % | |||||||||||||||||||||
Net operating income |
640,452 | 982,137 | 53.35 | % | 327,994 | 480,817 | 501,320 | 4.26 | % | 52.84 | % | |||||||||||||||||||||
Goodwill amortization (1) |
31,317 | 27,058 | -13.60 | % | 15,302 | 16,561 | 10,497 | -36.62 | % | -31.40 | % | |||||||||||||||||||||
Non-operating income (expense) |
||||||||||||||||||||||||||||||||
Other income |
64,157 | 80,966 | 26.20 | % | 29,598 | 22,338 | 58,628 | 162.46 | % | 98.08 | % | |||||||||||||||||||||
Minority interest |
(23,898 | ) | (10,196 | ) | -57.34 | % | (16,323 | ) | (3,761 | ) | (6,435 | ) | 71.10 | % | -60.58 | % | ||||||||||||||||
Other expense |
(26,046 | ) | (94,316 | ) | 262.11 | % | (1,965 | ) | (72,006 | ) | (22,310 | ) | -69.02 | % | 1035.37 | % | ||||||||||||||||
Total non-operating income |
14,213 | (23,546 | ) | -265.67 | % | 11,310 | (53,429 | ) | 29,883 | 155.93 | % | 164.22 | % | |||||||||||||||||||
Income before income taxes |
623,348 | 931,533 | 49.44 | % | 324,002 | 410,827 | 520,706 | 26.75 | % | 60.71 | % | |||||||||||||||||||||
Income tax expense |
(175,654 | ) | (302,310 | ) | 72.11 | % | (82,703 | ) | (156,951 | ) | (145,359 | ) | -7.39 | % | 75.76 | % | ||||||||||||||||
Net income |
447,694 | 629,223 | 40.55 | % | 241,299 | 253,876 | 375,347 | 47.85 | % | 55.55 | % | |||||||||||||||||||||
13
BANCOLOMBIA S.A. (Registrant) |
||||
Date: August 4, 2008 | By: | /s/ JAIME ALBERTO VELÁSQUEZ B. | ||
Name: | Jaime Alberto Velásquez B. | |||
Title: | Vice President of Finance | |||