CONFORMED COPY
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1933
For the month of November 2005
BANCOLOMBIA S.A.
(Translation of Registrant's name into English)
Calle 50 No. 51-66
Medellin, Colombia
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
----- -----
(Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes No X
----- -----
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-______________.)
This Report on Form 6-K shall be incorporated by reference into the registrant's
registration statement on Form F-3 (File No. 001-32535).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BANCOLOMBIA S.A.
(Registrant)
Date: November 02, 2005 By /s/ JAIME ALBERTO VELASQUEZ B.
-------------------------------------
Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
(BANCOLOMBIA LOGO) (CIB LISTED NYSE LOGO)
CONSOLIDATED FINANCIAL RESULTS
FOR THE QUARTER ENDED SEPTEMBER 30, 2005
NOVEMBER 2, 2005. Medellin, Colombia - Today, BANCOLOMBIA S.A. (NYSE: CIB)
announced the financial results for the quarter ended September 30, 2005.(1)
QUARTER
CONSOLIDATED BALANCE SHEET -----------------------
AND INCOME STATEMENT 2Q 05 GROWTH
(Ps millions) PRO FORMA 3Q 05 3Q 05 / 2Q 05
-------------------------- ---------- ---------- -------------
ASSETS
Loans and financial leases, net 16,859,567 17,245,858 2.29%
Investment securities, net 7,549,162 7,636,300 1.15%
Other assets 4,160,571 3,966,172 -4.67%
---------- ---------- ------
TOTAL ASSETS 28,569,300 28,848,330 0.98%
========== ========== ======
LIABILITIES AND SHAREHOLDERS' EQUITY
DEPOSITS 17,199,275 17,516,446 1.84%
Non-interest bearing 2,502,570 2,613,728 4.44%
Interest bearing 14,696,705 14,902,718 1.40%
OTHER LIABILITIES 8,420,041 8,101,685 -3.78%
TOTAL LIABILITIES 25,619,316 25,618,131 0.00%
Shareholders' equity 2,949,984 3,230,199 9.50%
---------- ---------- ------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 28,569,300 28,848,330 0.98%
========== ========== ======
Interest income 813,245 885,428 8.88%
Interest expense 287,616 284,961 -0.92%
NET INTEREST INCOME 525,629 600,467 14.24%
Net provisions (22,902) (58,115) 153.76%
Fees and income from service, net 175,917 207,961 18.22%
Other operating income 47,625 47,199 -0.89%
Operating expense (407,897) (468,675) 14.90%
Non-operating income, net (4,098) (16,420) 300.68%
Income tax expense (70,752) (43,178) -38.97%
---------- ---------- ------
NET INCOME 243,522 269,239 10.56%
========== ========== ======
----------
(1) This report corresponds to the consolidated financial statements of
BANCOLOMBIA and its affiliates of which it owns, directly or indirectly,
50% or more of the voting capital stock. Any reference to BANCOLOMBIA must
be understood as to the Bank together with its affiliates, unless otherwise
specified. The unaudited pro forma combined condensed financial statements
for the third quarter of 2004, for the second quarter of 2005, as of
September 30, 2004, and as of June 30, 2005 and the relevant numbers
developed from such financial statements presented below are derived from
(a) the unaudited consolidated financial statements of Bancolombia as of
June 30, 2004, September 30, 2004, as of March 31, 2005 and as of June 30,
2005, (b) the unaudited consolidated financial statements of Corporacion
Financiera Nacional y Suramericana S.A. ("Corfinsura"), giving effect to
the spin-off of the portion of Corfinsura's assets and liabilities that
were not assumed by Bancolombia through the merger, as of June 30, 2004,
September 30, 2004, as of March 31, 2005 and as of June 30, 2005 and (c)
the unaudited consolidated financial statements of Conavi Banco Comercial y
de Ahorros S.A ("Conavi"), as of June 30, 2004, as of September 30, 2004,
as of March 31, 2005 and as of June 30, 2005, as if the merger had been
completed as of those dates.
These financial statements have been prepared in accordance with generally
accepted accounting principles in Colombia (COLGAAP), are stated in nominal
terms and have not been audited. Even though for purposes of COLGAAP historical
pro forma information is not required, these pro forma financial statements are
presented for comparison purposes.
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. The
unaudited pro forma combined condensed financial statements do not include the
realization of cost savings from operating efficiencies, revenue synergies or
other restructuring costs currently expected to result from the merger. No
assurance can be given that any such savings or other expected benefits of the
merger will in fact take place, whether at the level of management's current
expectations or at all.
ANY REFERENCE TO BANCOLOMBIA MUST BE UNDERSTOOD AS TO THE BANK TOGETHER WITH ITS
AFFILIATES, UNLESS OTHERWISE SPECIFIED.
Exchange rate: September 30, 2005 Ps 2,288.22 = US$ 1 Average exchange rate
September 2005 Ps 2,333.00 = US$ 1
CONTACTS
SERGIO RESTREPO JAIME A. VELASQUEZ MAURICIO BOTERO
EXECUTIVE VP FINANCIAL VP IR MANAGER
TEL.: (574) 3120332 TEL.: (574) 5108666 TEL.: (574) 5108866
1
(BANCOLOMBIA LOGO)
3Q05
1. HIGHLIGHTS:
- This is the first time BANCOLOMBIA has released consolidated results
since the merger that took place on July 30, 2005. This report
contains pro forma figures for the third quarter of 2004, for the
second quarter of 2005 and for the periods ended September 30, 2004
and June 30, 2005 as if the spin off of Corfinsura and the merger with
Conavi and Corfinsura (after the spin-off) had taken place on those
dates, for the purpose of comparison with the results of the third
quarter of 2005 and the period ended September 30, 2005. All
references to numbers for periods prior to the merger contained herein
were derived from such pro forma consolidated financial statements.
- Net income increased 10.6% over the quarter and 16.4% over the year,
amounting to Ps 269.2 billion, compared to pro forma net income of Ps
243.5 billion for the previous quarter and Ps 231.4 billion during the
third quarter of 2004.
- As of September 30, 2005, BANCOLOMBIA's net loans totaled Ps 17,246
billion, increasing 2.3% compared to Ps 16,860 billion in the previous
quarter pro forma. On a year-to-year basis, this represents an
increase of 10.6% from Ps 15,595 billion pro forma at September 30,
2004. On the other hand, investment debt securities amounted to Ps
7,343 billion. Compared to pro forma figures, they were stable over
the quarter and increased 5.9% over the year.
- During the third quarter of 2005, net interest income amounted to Ps
600.5 billion, increasing 14.2% compared to the previous quarter pro
forma and 20.2% on a year-to-year basis. Similarly, the net interest
margin went from 8.63% during the third quarter 2004 to 9.59% for the
same period of 2005.
- Net fees and income from services were up 18.2% over the quarter,
reaching a total of Ps 208.0 billion, which represents an increase of
33.2% compared to pro forma figures for the third quarter of 2004.
- BANCOLOMBIA's ratio of past due loans to total loans at September 30,
2005 was 3.22% and the ratio of allowances for past due loans was
130%.
- BANCOLOMBIA experienced non-recurrent provisions, operating expenses
and merger expenses, due mainly to accounting adjustments of the
acquired companies to BANCOLOMBIA's policies.
QUARTER AS OF
STOCK INDICATORS 3Q 05 SEP-05
---------------- ----------- -------
Net Income (Ps millions) 269,239 690,303
USD Earnings per ADS 0.647 1.658
ROAA 3.73% 3.19%
ROAE 33.34% 28.49%
P/BV ADS (1) 2.83
P/BV Local (2) (3) 2.80
P/E (4) 8.43
Shares Outstanding (5) 727,829,109
(1) Defined as ADS price divided by ADS book value.
(2) Defined as Share price divided by share book value.
(3) Share prices on the Colombian Stock Exchange
(4) Defined as market capitalization divided by annualized quarter results
(5) Approximate total number of shares of BANCOLOMBIA (Not accounting for cash
payments of fractional shares)
2
(BANCOLOMBIA LOGO)
3Q05
2. CONSOLIDATED BALANCE SHEET
2.1 ASSETS
BANCOLOMBIA's total assets were stable during the quarter, compared to pro
forma figures, but increased 11.25% over the year to Ps 28,848 billion as
of September 30, 2005 from pro forma Ps 25,931 billion as of September 30,
2004.
2.1.1 LOAN PORTFOLIO
Corporate loans increased 3.8% over the quarter from Ps 9,208 billion to Ps
9,556 billion, which represents an increase of 2.3% compared to Ps 9,338
billion pro forma as of September 30, 2004.
AS OF GROWTH
LOAN PORTFOLIO 30-SEP-04 30-JUN-05 -------------------------
(Ps millions) PRO FORMA PRO FORMA 30-SEP-05 3Q 05/2Q 05 3Q 05/3Q 04
-------------- ---------- ---------- ---------- ----------- -----------
CORPORATE
Working capital loans 7,630,011 7,299,250 7,958,571 9.03% 4.31%
Loans funded by
domestic development banks 1,290,561 1,174,277 1,042,505 -11.22% -19.22%
Trade Financing 318,210 601,761 423,198 -29.67% 32.99%
Overdrafts 66,341 96,980 87,557 -9.72% 31.98%
Credit Cards 33,335 36,101 44,396 22.98% 33.18%
---------- ---------- ---------- ------ ------
TOTAL CORPORATE 9,338,458 9,208,369 9,556,227 3.78% 2.33%
========== ========== ========== ====== ======
RETAIL AND SMES
Working capital loans 1,189,647 1,474,432 1,442,580 -2.16% 21.26%
Personal loans 1,103,430 1,426,152 1,498,279 5.06% 35.78%
Loans funded by
domestic development banks 357,994 368,252 385,205 4.60% 7.60%
Credit Cards 440,974 497,677 550,927 10.70% 24.93%
Overdrafts 120,281 138,108 134,639 -2.51% 11.94%
Automobile loans 336,494 480,300 541,223 12.68% 60.84%
Trade Financing 42,608 69,530 60,056 -13.63% 40.95%
---------- ---------- ---------- ------ ------
TOTAL RETAIL AND SMES 3,591,428 4,454,451 4,612,909 3.56% 28.44%
MORTGAGE 1,645,989 1,455,408 1,483,011 1.90% -9.90%
FINANCIAL LEASES 1,812,194 2,434,171 2,336,170 -4.03% 28.91%
---------- ---------- ---------- ------ ------
TOTAL LOANS AND FINANCIAL LEASES 16,388,069 17,552,399 17,988,317 2.48% 9.76%
ALLOWANCE FOR LOAN LOSSES AND
FINANCIAL LEASES (793,283) (692,832) (742,459) 7.16% -6.41%
---------- ---------- ---------- ------ ------
TOTAL LOANS AND FINANCIAL LEASES, NET 15,594,786 16,859,567 17,245,858 2.29% 10.59%
========== ========== ========== ====== ======
The retail and small and medium-sized enterprise ("SME") loan portfolio
maintained positive growth rates. It totaled Ps 4,613 billion as of
September 30, 2005, increasing 3.6% over the quarter and 28.4% over the
year.
Mortgage loans increased 1.9% over the quarter, amounting to Ps 1,483
billion, but decreased 9.9% year-to-year compared to the September 30,
2004, pro forma figures. The annual decrease is mainly explained by a
mortgage securitization of Ps 229.9 billion that took place on December 20,
2004. On the other hand, financial leases decreased 4.0% over the quarter
amounting to Ps 2,336 billion, but increased 28.9% over the year compared
to pro forma results. The quarterly decrease is explained by the adjustment
of an accounting policy as a result of the merger.
3
(BANCOLOMBIA LOGO)
3Q05
2.1.2 INVESTMENT PORTFOLIO
BANCOLOMBIA's investment debt securities were very stable compared to the
pro forma amounts for the previous quarter, totaling Ps 7,343 billion. On a
year-to-year basis, this represents an increase of 5.9%, from the pro forma
Ps 6,934 billion at September 30, 2004.
2.1.3 ASSET QUALITY
As of September 30, 2005, the Bank's past due loans accounted for 3.22% of
total loans. Loans classified as C, D and E accounted for 3.5% of total
loans. Furthermore, the ratio of allowances for past due loans at the end
of the quarter was 130%, while the ratio of allowances for loans classified
as C, D and E was 119%.
LOANS AND FINANCIAL LEASES CLASSIFICATION AS OF 30-SEP-04 AS OF 30-JUN-05
(Ps millions) PRO FORMA PRO FORMA AS OF 30-SEP-05
----------------------------------------- ----------------- ----------------- -----------------
"A" Normal 15,015,457 91.6% 16,255,409 92.6% 16,853,001 93.7%
"B" Subnormal 642,818 3.9% 628,849 3.1% 503,075 2.8%
"C" Deficient 223,742 1.4% 209,101 1.3% 158,943 0.9%
"D" Doubtful recovery 220,649 1.3% 284,589 2.1% 278,559 1.5%
"E" Unrecoverable 285,403 1.8% 174,451 0.9% 194,739 1.1%
---------- ---- ---------- ---- ---------- ----
TOTAL 16,388,069 100% 17,552,399 100% 17,988,317 100%
========== ==== ========== ==== ========== ====
LOANS AND FINANCIAL LEASES CLASSIFIED AS C, D AND E
AS A PERCENTAGE OF TOTAL LOANS AND FINANCIAL LEASES 4.5% 3.8% 3.5%
AS OF
ASSET QUALITY 30-SEP-04 30-JUN-05 GROWTH
(Ps millions) PRO FORMA PRO FORMA 30-SEP-05 3Q 05/2Q 05 3Q 05/3Q 04
------------- --------- --------- --------- -----------------------
Total performing past due loans 291,391 286,525 301,878 5.36% 3.60%
Total non-performing past due loans (1) 344,195 250,046 277,971 11.17% -19.24%
Total past due loans 635,586 536,571 579,849 8.07% -8.77%
Allowance for loans and accrued interest losses 813,850 705,552 755,290 7.05% -7.20%
Past due loans to total loans 3.88% 3.06% 3.22%
Non-performing loans to total loans 2.10% 1.42% 1.55%
C, D, and E loans to total loans 4.45% 3.81% 3.51%
Allowances to past due loans (2) 128.05% 131.49% 130.26%
Allowances to C, D, and E loans (2) 111.52% 105.60% 119.46%
Allowances to non-performing loans (2) 236.45% 282.17% 271.72%
Allowances to total loans 4.97% 4.02% 4.20%
Performing loans to total loans 97.90% 98.58% 98.45%
(1) Non-performing loans comprise consumer loans that are past due 60 days or
more, commercial loans that are past due 90 days or more, and mortgage
loans that are past due 120 days or more.
(2) Allowance means allowance for loan and accrued interest losses.
2.2 LIABILITIES
Total deposits increased 1.8% over the quarter and 13.6% over the year,
compared to pro forma figures, to Ps 17,516 billion as of September 30,
2005. The funding mix improved over the year. Interest-bearing deposits
increased 11.7%, while non-interest bearing deposits increased 26.3%.
Savings deposits increased 30.8%, whereas time deposits decreased 3.0% over
the year, compared to pro forma figures.
4
(BANCOLOMBIA LOGO)
3Q05
2.3 SHAREHOLDERS' EQUITY
BANCOLOMBIA's shareholders' equity totaled Ps 3,230 billion at the end of
the third quarter of 2005. Compared with pro forma figures, this amount
represents an increase of 9.5% over the quarter and 23.7% over the year.
Unrealized gains on available for sale debt securities totaled Ps 96.3
billion as of September 30, 2005.
At the end of the third quarter, the Bank's consolidated ratio of technical
capital to risk-weighted assets was 11.6%.
AS OF
TECHNICAL CAPITAL RISK WEIGHTED ASSETS 30-SEP-04 30-JUN-05
Consolidated (Ps millions) PRO FORMA PRO FORMA 30-SEP-05
-------------------------------------- ---------- ---------- ----------
Basic capital (Tier I) 2,069,034 1,955,867 2,123,055
Additional capital (Tier II) 420,589 513,214 464,592
Technical capital (1) 2,489,623 2,469,081 2,587,647
Risk-weighted assets, including market risk 19,957,240 22,203,580 22,371,981
CAPITAL ADEQUACY (2) 12.47% 11.12% 11.57%
(1) Technical capital is the sum of basic capital and additional capital.
(2) Capital Adequacy is Technical capital divided by Risk weighted assets
5
(BANCOLOMBIA LOGO)
3Q05
3. INCOME STATEMENT
BANCOLOMBIA's net income amounted to Ps 269.2 billion during the third
quarter of 2005 which represents an increase of 10.6% and 16.4% compared to
pro forma figures from the previous quarter and from the third quarter of
2004, respectively. The accumulated net income increased 25.7% compared to
2004 pro forma results, rising from Ps 549.3 billion to Ps 690.3 billion.
3.1 NET INTEREST INCOME
Interest on loans amounted to Ps 529.5 billion, increasing 5.3% compared to
the previous quarter and 9.6% compared to the third quarter 2004.
Furthermore, the rally in the prices of Colombian bonds led to increases of
18.0% and 29.6% in interest on investments, compared to the second quarter
of 2005 and to the third quarter of 2004, respectively. In sum, net
interest income totaled Ps 600.5 billion during the quarter, increasing
14.2% over the quarter and 20.2% compared pro forma results of Ps 499.8
billion for the same period of the previous year.
Due to the fact that the net interest income grew at a faster pace than the
interest-earning assets, the net interest margin increased to 9.59% from
the pro forma results of 8.63% achieved during the quarter ended September
30, 2004.
3.2 PROVISIONS
Provisions for loan and interest losses amounted to Ps 64.2 billion,
increasing 46.7% compared to the pro forma results of the previous quarter
and 43.9% compared to the pro forma results of the same quarter in 2004.
Similarly, the accumulated provisions for loans amounted to Ps 141.6
billion, which represents an increase of 46.3% over last year's pro forma
results. These strong growth figures are explained by the additional
allowances made for the loans of the acquired companies, taking into
account BANCOLOMBIA's credit risk management policies.
3.3 FEES AND INCOME FROM SERVICES
The different sources of fee generation continued their positive trend. Net
fees and income from services increased to Ps 208.0 billion during the
third quarter of 2005. This represents an increase of 18.2% as compared to
Ps 175.9 billion for the previous quarter pro forma results and an increase
of 33.2% as compared to Ps 156.2 billion for the third quarter of 2004 pro
forma results.
BANCOLOMBIA's accumulated unconsolidated credit card billing increased
17.9% during the year, resulting in a 22.9% market share of the Colombian
credit card business. In addition, the Bank's number of outstanding credit
cards increased 17.4%, resulting in a 16.8% market share.
ACCUMULATED CREDIT CARD BILLING Sep-04 % 2005
(Millons of pesos as of September 30, 2005) Proforma Sep-05 Growth Market Share
------------------------------------------- --------- --------- ------ ------------
Bancolombia VISA 510,770 626,894 22.74% 7.13%
Bancolombia Mastercard 924,743 1,010,851 9.31% 11.50%
Bancolombia American Express 270,788 373,166 37.81% 4.25%
TOTAL BANCOLOMBIA 1,706,301 2,010,912 17.85% 22.88%
Colombian credit card market 7,129,734 8,788,743 23.27%
Source: Credibanco, American Express y Red Multicolor
6
(BANCOLOMBIA LOGO)
3Q05
CREDIT CARD MARKET SHARE Sep-04 % 2005
Outstanding credit cards as of June 30, 2005 Pro forma Sep-05 Growth Market Share
-------------------------------------------- --------- --------- ------ ------------
Bancolombia VISA 148,716 185,248 24.56% 5.74%
Bancolombia Mastercard 239,619 255,250 6.52% 7.92%
Bancolombia American Express 73,453 101,819 38.62% 3.16%
TOTAL BANCOLOMBIA 461,788 542,317 17.44% 16.82%
Colombian credit card market 2,662,157 3,224,653 21.13%
Source: Credibanco, American Express y Red Multicolor.
3.4 OPERATING EXPENSES
Compared to pro forma figures, total operating expenses increased 14.0%
during the quarter, amounting to Ps 443.2 billion, which represents a 14.7%
increase on an accumulated year-to-year basis. This growth is mostly
explained by non-recurrent expenses related to accounting adjustments for
the acquired companies. As a result, the ratio of operating expenses to net
operating income was 54.8% during the third quarter of 2005.
QUARTERS AS OF
PRINCIPAL RATIOS 3Q 04 2Q 05 ---------------------
PROFITABILITY PRO FORMA PRO FORMA 3Q 05 30-SEP-04 30-SEP-05
---------------- --------- --------- ----- --------- ---------
Net interest margin (1) 8.63% 8.22% 9.59% 7.43% 8.21%
Return on total assets (2) 3.57% 3.41% 3.73% 2.82% 3.19%
Return on shareholders' equity (3) 35.44% 33.02% 33.34% 28.05% 28.49%
EFFICIENCY
Operating expenses to net operating income (4) 52.12% 54.45% 54.78% 55.55% 56.00%
Operating expenses to total assets (4) 5.85% 5.71% 6.50% 5.58% 5.91%
CAPITAL ADEQUACY
Shareholders' equity to total assets 10.07% 10.33% 11.20%
Technical capital to risk weighted assets 12.47% 11.12% 11.57%
(1) Defined as Net Interest Income divided by interest-earning assets.
(2) Net income divided by total assets.
(3) Net income divided by shareholders' equity.
(4) Operating income includes net interest income, total fees and income from
services, and total other operating income. The efficiency ratios contained
herein are not comparable to those previously released by BANCOLOMBIA
because merger expenses have been included as operating expenses.
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
7
(BANCOLOMBIA LOGO)
3Q05
GROWTH
AS OF ----------------
CONSOLIDATED BALANCE SHEET SEP-04 JUN-05 LAST
(Ps millions) PRO FORMA PRO FORMA SEP-05 QUARTER ANNUAL
-------------------------- ---------- ---------- ---------- ------- ------
ASSETS
Cash and due from banks 936,248 1,146,552 1,040,224 -9.27% 11.11%
Overnight funds sold 146,317 812,086 410,735 -49.42% 180.72%
TOTAL CASH AND EQUIVALENTS 1,082,565 1,958,638 1,450,959 -25.92% 34.03%
DEBT SECURITIES 6,933,980 7,400,501 7,342,978 -0.78% 5.90%
Trading 4,158,959 4,080,234 4,591,826 12.54% 10.41%
Available for Sale 1,892,205 2,474,099 1,879,456 -24.03% -0.67%
Held to Maturity 882,816 846,168 871,696 3.02% -1.26%
EQUITY SECURITIES 185,776 213,193 356,995 67.45% 92.16%
Trading 17,616 31,678 170,980 439.74% 870.59%
Available for Sale 168,160 181,515 186,015 2.48% 10.62%
Market value allowance (76,821) (64,532) (63,673) -1.33% -17.12%
NET INVESTMENT SECURITIES 7,042,935 7,549,162 7,636,300 1.15% 8.42%
Commercial loans 11,126,040 11,441,432 11,769,986 2.87% 5.79%
Consumer loans 1,720,859 2,125,156 2,300,528 8.25% 33.68%
Small business loans 82,987 96,232 98,622 2.48% 18.84%
Mortgage loans 1,645,989 1,455,408 1,483,011 1.90% -9.90%
Finance lease 1,812,194 2,434,171 2,336,170 -4.03% 28.91%
Allowance for loan losses (793,283) (692,832) (742,459) 7.16% -6.41%
NET TOTAL LOANS AND FINANCIAL LEASES 15,594,786 16,859,567 17,245,858 2.29% 10.59%
Accrued interest receivable on loans 189,440 198,598 197,061 -0.77% 4.02%
Allowance for accrued interest losses (20,567) (12,721) (12,831) 0.86% -37.61%
NET TOTAL INTEREST ACCRUED 168,873 185,877 184,230 -0.89% 9.09%
Customers' acceptances and derivatives 117,063 88,989 102,755 15.47% -12.22%
Net accounts receivable 277,649 309,650 289,699 -6.44% 4.34%
Net premises and equipment 573,885 525,010 652,828 24.35% 13.76%
Foreclosed assets, net 99,931 54,562 39,180 -28.19% -60.79%
Prepaid expenses and deferred charges 57,931 60,188 31,602 -47.49% -45.45%
Goodwill 80,756 62,264 56,024 -10.02% -30.63%
Operating leases, net 132,755 127,500 143,024 12.18% 7.74%
Other 318,063 391,319 591,032 51.04% 85.82%
Reappraisal of assets 384,268 396,574 424,839 7.13% 10.56%
---------- ---------- ---------- ------ ------
TOTAL ASSETS 25,931,460 28,569,300 28,848,330 0.98% 11.25%
========== ========== ========== ====== ======
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 2,069,780 2,502,570 2,613,728 4.44% 26.28%
Checking accounts 1,842,793 2,246,186 2,246,240 0.00% 21.89%
Other 226,987 256,384 367,488 43.33% 61.90%
INTEREST BEARING 13,344,956 14,696,705 14,902,718 1.40% 11.67%
Checking accounts 1,093,932 1,056,500 1,115,689 5.60% 1.99%
Time deposits 6,612,862 6,812,775 6,413,490 -5.86% -3.01%
Savings deposits 5,638,162 6,827,430 7,373,539 8.00% 30.78%
TOTAL DEPOSITS 15,414,736 17,199,275 17,516,446 1.84% 13.63%
Overnight funds 1,452,975 1,534,014 1,032,610 -32.69% -28.93%
Bank acceptances outstanding 57,510 41,949 57,209 36.38% -0.52%
Interbank borrowings 815,041 1,274,645 1,543,154 21.07% 89.33%
Borrowings from domestic development banks 2,165,630 1,809,234 1,833,188 1.32% -15.35%
Accounts payable 715,699 875,924 916,552 4.64% 28.06%
Accrued interest payable 169,759 188,319 185,168 -1.67% 9.08%
Other liabilities 254,877 304,678 292,033 -4.15% 14.58%
Bonds 1,825,168 1,992,489 1,768,280 -11.25% -3.12%
Accrued expenses 389,279 344,474 419,172 21.68% 7.68%
Minority interest in consolidated subsidiaries 59,483 54,315 54,319 0.01% -8.68%
---------- ---------- ---------- ------ ------
TOTAL LIABILITIES 23,320,157 25,619,316 25,618,131 0.00% 9.85%
========== ========== ========== ====== ======
SHAREHOLDERS' EQUITY
SUBSCRIBED AND PAID IN CAPITAL 363,915 363,604 363,580 -0.01% -0.09%
RETAINED EARNINGS 1,597,127 1,847,228 2,118,885 14.71% 32.67%
Appropiated 1,047,862 1,426,164 1,428,582 0.17% 36.33%
Unappropiated 549,265 421,064 690,303 63.94% 25.68%
REAPPRAISAL AND OTHERS 599,667 624,607 651,457 4.30% 8.64%
GROSS UNREALIZED GAIN OR LOSS ON DEBT SECURITIES 50,594 114,545 96,277 -15.95% 90.29%
---------- ---------- ---------- ------ ------
TOTAL SHAREHOLDER'S EQUITY 2,611,303 2,949,984 3,230,199 9.50% 23.70%
========== ========== ========== ====== ======
8
(BANCOLOMBIA LOGO)
3Q05
AS OF GROWTH
-------------------- QUARTER ----------------
CONSOLIDATED INCOME STATEMENT SEP-04 SEP-05 / 3Q 04 2Q 05 3Q 05/ 3Q 05/
(Ps Millions) PRO FORMA SEP-05 SEP-04 PRO FORMA PRO FORMA 3Q 05 2Q 05 3Q 04
----------------------------- --------- --------- -------- --------- --------- ------- ------ --------
INTEREST INCOME AND EXPENSES
Interest on loans 1,341,328 1,516,770 13.08% 483,018 502,733 529,527 5.33% 9.63%
Interest on investment securities 541,013 655,712 21.20% 211,138 231,914 273,600 17.97% 29.58%
Overnight funds 13,152 24,784 88.44% 4,298 9,593 9,141 -4.71% 112.68%
Leasing 171,158 209,249 22.25% 75,291 69,005 73,160 6.02% -2.83%
TOTAL INTEREST INCOME 2,066,651 2,406,515 16.45% 773,745 813,245 885,428 8.88% 14.43%
Interest expense
Checking accounts 9,414 14,158 50.39% 3,176 4,476 5,068 13.23% 59.57%
Time deposits 298,667 345,846 15.80% 103,728 114,599 115,189 0.51% 11.05%
Savings deposits 162,461 179,283 10.35% 56,035 60,438 60,902 0.77% 8.69%
TOTAL INTEREST ON DEPOSITS 470,542 539,287 14.61% 162,939 179,513 181,159 0.92% 11.18%
Interbank borrowings 10,126 33,527 231.10% 4,896 9,925 12,834 29.31% 162.13%
Borrowings from domestic development banks 116,383 117,699 1.13% 39,626 36,980 39,176 5.94% -1.14%
Overnight funds 74,670 55,237 -26.03% 27,701 25,668 15,001 -41.56% -45.85%
Bonds 104,078 117,530 12.92% 38,801 35,530 36,791 3.55% -5.18%
TOTAL INTEREST EXPENSE 775,799 863,280 11.28% 273,963 287,616 284,961 -0.92% 4.01%
NET INTEREST INCOME 1,290,852 1,543,235 19.55% 499,782 525,629 600,467 14.24% 20.15%
Provision for loan and accrued interest
losses, net (96,755) (141,556) 46.30% (44,604) (43,757) (64,171) 46.65% 43.87%
Recovery of charged-off loans 25,583 46,603 82.16% 10,199 19,424 15,297 -21.25% 49.99%
Provision for foreclosed assets and other assets (52,876) (44,236) -16.34% (17,604) (18,089) (15,562) -13.97% -11.60%
Recovery of provisions for foreclosed assets and
other assets 27,724 30,555 10.21% 5,545 19,520 6,321 -67.62% 13.99%
TOTAL NET PROVISIONS (96,324) (108,634) 12.78% (46,464) (22,902) (58,115) 153.76% 25.08%
NET INTEREST INCOME AFTER PROVISION FOR LOANS
AND ACCRUED INTEREST LOSSES 1,194,528 1,434,601 20.10% 453,318 502,727 542,352 7.88% 19.64%
Commissions from banking services and other
services 48,934 61,663 26.01% 16,384 17,484 26,186 49.77% 59.83%
Electronic services and ATM fees 54,794 78,771 43.76% 19,666 29,842 24,743 -17.09% 25.82%
Branch network services 31,258 35,643 14.03% 10,884 11,798 12,837 8.81% 17.94%
Collections and payments fees 35,113 41,683 18.71% 12,837 13,916 14,640 5.20% 14.05%
Credit card merchant fees 8,026 7,387 -7.96% 1,902 4,315 2,647 -38.66% 39.17%
Credit and debit card annual fees 140,746 152,967 8.68% 46,948 46,665 53,196 14.00% 13.31%
Checking fees 37,955 40,886 7.72% 13,041 13,869 14,104 1.69% 8.15%
Warehouse services 35,981 41,706 15.91% 12,879 12,775 14,182 11.01% 10.12%
Fiduciary activities 38,648 45,328 17.28% 12,517 14,720 16,501 12.10% 31.83%
Brokerage fees 35,452 52,753 48.80% 11,431 14,774 23,896 61.74% 109.05%
Check remittance 8,145 7,723 -5.18% 2,584 2,572 2,725 5.95% 5.46%
International operations 24,313 27,640 13.68% 7,962 8,005 13,013 62.56% 63.44%
FEES AND OTHER SERVICE INCOME 499,365 594,150 18.98% 169,035 190,735 218,670 14.65% 29.36%
Fees and other service expenses (38,192) (38,598) 1.06% (12,868) (14,818) (10,709) -27.73% -16.78%
TOTAL FEES AND INCOME FROM SERVICES, NET 461,173 555,552 20.46% 156,167 175,917 207,961 18.22% 33.17%
OTHER OPERATING INCOME
Net foreign exchange gains (72,361) (77,664) 7.33% (20,229) (42,994) (16,189) -62.35% -19.97%
Forward contracts in foreign currency 141,206 136,613 -3.25% 45,750 67,505 31,447 -53.42% -31.26%
Dividend income 41,469 41,195 -0.66% 17,378 570 1,831 221.23% -89.46%
Revenues from commercial subsidiaries 76,788 76,873 0.11% 24,356 20,205 27,884 38.01% 14.49%
Communication, postage, rent and others 15,419 8,649 -43.91% 5,071 2,339 2,226 -4.83% -56.10%
TOTAL OTHER OPERATING INCOME 202,521 185,666 -8.32% 72,326 47,625 47,199 -0.89% -34.74%
TOTAL INCOME 1,858,222 2,175,819 17.09% 681,811 726,269 797,512 9.81% 16.97%
OPERATING EXPENSES
Salaries and employee benefits 398,958 459,996 15.30% 135,644 153,441 157,833 2.86% 16.36%
Bonus plan payments 20,142 21,254 5.52% 5,687 2,383 12,551 426.69% 120.70%
Compensation 12,915 6,873 -46.78% 3,343 2,443 2,188 -10.44% -34.55%
Administrative and other expenses 533,303 628,096 17.77% 185,309 198,877 235,245 18.29% 26.95%
Deposit security, net 31,228 42,008 34.52% 9,101 15,180 13,203 -13.02% 45.07%
Donation expenses 552 533 -3.44% 202 295 130 -55.93% -35.64%
Depreciation 70,132 65,232 -6.99% 34,400 16,317 22,049 35.13% -35.90%
TOTAL OPERATING EXPENSES 1,065,960 1,223,992 14.69% 372,416 388,936 443,199 13.95% 18.60%
NET OPERATING INCOME 792,262 951,827 20.33% 309,395 337,333 354,313 5.03% 14.99%
Merger expenses 1,576 38,236 2326.14% 194 13,299 19,814 48.99% 10113.40%
Goodwill amortization Banco de Colombia 16,986 16,986 0.00% 5,662 5,662 5,662 0.00% 0.00%
NON-OPERATING INCOME (EXPENSE)
Other income 53,246 50,322 -5.49% 15,807 24,077 12,331 -48.79% -21.99%
Minority interest (4,443) (4,518) 1.69% (366) (1,267) (1,430) 12.87% 290.71%
Other expense (76,363) (67,656) -11.40% (19,289) (26,908) (27,321) 1.53% 41.64%
TOTAL NON-OPERATING INCOME (27,560) (21,852) -20.71% (3,848) (4,098) (16,420) 300.68% 326.72%
INCOME BEFORE INCOME TAXES 744,870 874,753 17.44% 298,421 314,274 312,417 -0.59% 4.69%
Income tax expense 195,605 (184,450) -5.70% 67,044 (70,752) (43,178) -38.97% -35.60%
--------- --------- ------- ------- ------- ------- ------ --------
NET INCOME 549,265 690,303 25.68% 231,377 243,522 269,239 10.56% 16.36%
========= ========= ======= ======= ======= ======= ====== ========
9