-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SGU7440r27qpqLOwLe1D9/gvs9NSloxk2r7aWKstL2j77elmRA7MRZmWfvROqQwg Sntf7nQxhK/rvEHjtmr0Bw== 0000950123-04-006506.txt : 20040518 0000950123-04-006506.hdr.sgml : 20040518 20040518100055 ACCESSION NUMBER: 0000950123-04-006506 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040514 FILED AS OF DATE: 20040518 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANCOLOMBIA SA CENTRAL INDEX KEY: 0001071371 STANDARD INDUSTRIAL CLASSIFICATION: COMMERCIAL BANKS, NEC [6029] IRS NUMBER: 000000000 STATE OF INCORPORATION: F8 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-09478 FILM NUMBER: 04814882 BUSINESS ADDRESS: STREET 1: CALLE 50 STREET 2: NO 51-66 CITY: MEDELLIN COLOMBIA STATE: F8 ZIP: 00000 6-K 1 y97595e6vk.txt 6-K 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 May 2004 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. 333-12658). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BANCOLOMBIA S.A. (Registrant) Date: May 14, 2004 By /s/ JAIME ALBERTO VELASQUEZ B. ------------------------------------- Name: Jaime Alberto Velasquez B. Title: Vice President of Finance [BANCOLOMBIA LOGO] [THE BANKER LOGO] CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2004 MAY 12, 2004. Medellin, Colombia - BANCOLOMBIA S.A. (NYSE: CIB) announced today the financial results for the quarter ended March 31, 2004.(1) CONSOLIDATED INCOME STATEMENT AND BALANCE SHEET
QUARTER GROWTH (Ps millions) 4Q 03 1Q 04 1Q 04/4Q 03 ASSETS Loans, net 7.642.405 7.949.252 4,02% Investment securities, net 4.336.724 5.081.643 17,18% Other assets 3.197.000 2.410.643 -24,60% TOTAL ASSETS 15.176.129 15.441.538 1,75% LIABILITIES AND SHAREHOLDERS' EQUITY Deposits 10.231.997 10.304.446 0,71% Other liabilities 3.254.753 3.445.294 5,85% TOTAL LIABILITIES 13.486.750 13.749.740 1,95% Shareholders' equity 1.689.379 1.691.798 0,14% TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 15.176.129 15.441.538 1,75% Interest income 458.649 451.128 -1,64% Interest expense 139.880 131.245 -6,17% NET INTEREST INCOME 318.769 319.883 0,35% Net provisions (25.531) (34.804) 36,32% Other operating income 142.383 153.302 7,67% Other operating expense (268.226) (228.862) -14,68% Non-operating income, net (1.939) (9.368) 383,14% Income tax expense (19.108) (76.103) 298,28% NET INCOME 146.348 124.048 -15,24%
- ---------------- (1) This report corresponds to the consolidated financial statements of BANCOLOMBIA and its affiliated companies of which it owns, directly or indirectly, 50% or more of the voting capital stock. For this reason, the financial information contained herein is not comparable to BANCOLOMBIA's consolidated results (with its financial subsidiaries) released prior to March 2003. This information has been prepared in accordance with generally accepted accounting principles in Colombia, is stated in nominal terms and has not been audited. All growth rates mentioned herein are not adjusted for inflation. ANY REFERENCE TO BANCOLOMBIA MUST BE UNDERSTOOD AS TO THE BANK AND ITS AFFILIATES, UNLESS OTHERWISE SPECIFIED. 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. Exchange rate: March 31, 2004 TRM Ps 2,678.16 = 1 US$ Average exchange rate March 2004 Ps 2,682.09 = 1 US$ CONTACTS JAIME A. VELASQUEZ MAURICIO BOTERO FAX: (574) 2317208 FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM TEL.: (574) 5108666 TEL.: (574) 5108866 - 1 - [BANCOLOMBIA LOGO] 1. HIGHLIGHTS: - BANCOLOMBIA's net income amounted to Ps 124.0 billion, or US$ 0.321 per ADS, during the quarter ended March 31, 2004, as compared to a net income of Ps 146.3 billion, or US$ 0.362 per ADS, for the quarter ended December 31, 2003 and Ps 81.9 billion, or US$ 0.192 per ADS, during the quarter ended March 31, 2003. - Income before income taxes amounted to Ps 200.2 billion, Ps 165.5 billion and Ps 94.8 billion during the quarters ended March 31, 2004, December 31, 2003 and March 31, 2003, respectively. - Net interest income was very stable quarter over quarter amounting to Ps 319.9 billion, but increasing 39.9% as compared to the same period in 2003. - Net interest margin was 10.4% during the first quarter of 2004, as compared to 11.1% during the fourth quarter of 2003 and 8.3% during the first quarter of 2003. - Total net fees and income from services amounted to Ps 98.8 billion, increasing 4.0% from the previous quarter and 22.9% as compared to the first quarter of 2003. - Total other operating income increased 14.9% from the previous quarter and 45.3% as compared to the same period in 2003, amounting to Ps 54.5 billion; the increase largely reflected gains due to dividend income. - BANCOLOMBIA's ratio of past due loans to total loans for the quarter ended March 31, 2004 was 1.8%, and allowances for past due loans decreased to 291% compared to 328% for the previous quarter. - During the quarter ended March 31, 2004 BANCOLOMBIA's shareholders' equity increased 0.1% despite dividend's payment, over the previous quarter, and 31.7% as compared to the first quarter of 2003. - The ROAE (Return on average shareholders' equity) and ROAA (Return on average total assets) for the quarter ended March 31, 2004 were 31.9% and 3.5%, respectively, while for the fourth quarter of 2003 they were 38.8% and 4.2%, respectively. - The efficiency ratio improved to 48.4%, as compared to 58.2% and 55.7% for the fourth quarter and the first quarter of 2003, respectively. CONTACTS JAIME A. VELASQUEZ MAURICIO BOTERO FAX: (574) 2317208 FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM TEL.: (574) 5108666 TEL.: (574) 5108866 - 2 - [BANCOLOMBIA LOGO] 2. CONSOLIDATED BALANCE SHEET 2.1 ASSETS BANCOLOMBIA's total assets increased 1.8% over the quarter to Ps 15,442 billion as of March 31, 2004, from Ps 15,176 billion as of December 31, 2003, and 19.8% from Ps 12,892 billion as of March 31, 2003. Investment debt securities increased 17.8% compared to the fourth quarter of 2003. 2.1.1 LOAN PORTFOLIO Total corporate loans decreased 7.2% quarter over quarter from Ps 5,272 billion to Ps 4,894 billion, due to seasonality, but they increased 14.5% as compared to the same period in fiscal year 2003. Corporate Working capital loans decreased 9.0% over the quarter, but increased 15.1% as compared to the first quarter in year 2003. LOAN PORTFOLIO
AS OF GROWTH (Ps millions) 31-MAR-03 31-DEC-03 31-MAR-04 1Q 04/4Q 03 1Q 04/1Q 03 CORPORATE Working capital loans 3.702.986 4.687.153 4.263.643 -9,04% 15,14% Loans funded by domestic development banks 382.035 394.947 410.068 3,83% 7,34% Trade Financing 138.357 149.582 151.378 1,20% 9,41% Overdrafts 43.750 32.371 48.481 49,77% 10,81% Credit Cards 6.632 8.237 20.891 153,62% 215,00% TOTAL CORPORATE 4.273.760 5.272.290 4.894.461 -7,17% 14,52% RETAIL Working capital loans 722.657 898.239 951.858 5,97% 31,72% Personal loans 586.251 814.885 846.659 3,90% 44,42% Loans funded by domestic development banks 294.363 330.246 340.278 3,04% 15,60% Credit Cards 267.578 335.172 323.239 -3,56% 20,80% Overdrafts 98.241 81.294 110.288 35,67% 12,26% Automobile loans 24.884 229.737 255.289 11,12% 925,92% Trade Financing 11.431 19.644 17.976 -8,49% 57,26% TOTAL RETAIL 2.005.405 2.709.217 2.845.587 5,03% 41,90% MORTGAGE 38.769 48.161 49.740 3,28% 28,30% CAPITAL LEASES - - 583.438 100,00% 100,00% TOTAL LOANS AND CAPITAL LEASES (1) 6.317.934 8.029.668 8.373.226 4,28% 32,53% ALLOWANCE FOR LOAN LOSSES AND CAPITAL LEASES (360.076) (387.263) (423.974) 9,48% 17,75% TOTAL LOANS AND CAPITAL LEASES, NET 5.957.858 7.642.405 7.949.252 4,02% 33,42%
(1) The Superintendency of Banking in its External Circular Number 040 of October 23, 2003, established that capital leases have to be included in gross loans as of January 1, 2004. For this reason, the amount of total loans is not comparable with the previous quarter. CONTACTS JAIME A. VELASQUEZ MAURICIO BOTERO FAX: (574) 2317208 FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM TEL.: (574) 5108666 TEL.: (574) 5108866 - 3 - [BANCOLOMBIA LOGO] In spite of seasonality, total retail loans increased 5.0% from Ps 2,709 billion as of December 31, 2003 to Ps 2,846 billion as of March 31, 2004 taking into account that Sufinanciamiento is included since the fourth quarter of 2003, this is partially why total retail loans increased 41.9% compared to the first quarter of 2003. 2.1.2 ASSET QUALITY As of March 31, 2004 the Bank's past due loans as a percentage of total loans were 1.8%, as compared to 1.5% as of December 31, 2003. LOAN CLASSIFICATION
( Ps millions) AS OF 31-MAR-03 AS OF 31-DEC-03 AS OF 31-MAR-04 "A" Normal 5.292.633 83,8% 7.288.273 90,8% 7.547.168 90,1% "B" Subnormal 330.417 5,2% 345.297 4,3% 404.427 4,8% "C" Deficient 229.841 3,7% 109.615 1,4% 118.601 1,4% "D" Doubtful recovery 254.910 4,0% 196.075 2,4% 199.400 2,4% "E" Unrecoverable 210.133 3,3% 90.408 1,1% 103.630 1,3% TOTAL 6.317.934 100% 8.029.668 100% 8.373.226 100% LOANS CLASSIFIED AS C, D AND E AS A PERCENTAGE OF TOTAL LOANS 11,0% 4,9% 5,0%
ASSET QUALITY
AS OF GROWTH (Ps millions) 31-MAR-03 31-DEC-03 31-MAR-04 1Q 04/4Q 03 1Q 04/1Q 03 Total performing past due loans 41.071 43.471 52.484 20,73% 27,79% Total non-performing past due loans (1) 127.688 76.182 95.066 24,79% -25,55% Total past due loans 168.759 119.653 147.550 23,31% -12,57% Allowance for loans and accrued interest losses 382.757 392.433 430.048 9,59% 12,36% Past due loans to total loans 2,67% 1,49% 1,76% Non-performing loans to total loans 2,02% 0,95% 1,14% C, D, and E loans to total loans 11,00% 4,93% 5,04% Allowances to past due loans (2) 226,81% 327,98% 291,46% Allowances to C, D, and E loans (2) 55,08% 99,07% 102,00% Allowances to non-performing loans (2) 299,76% 515,13% 452,37% Allowances to total loans 6,06% 4,89% 5,14% Performing loans to total loans 97,98% 99,05% 98,86%
(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 slightly 0.7% over the quarter, from Ps 10,232 billion as of December 31, 2003, to Ps 10,304 billion as of March 31, 2004. Interest bearing and non-interest bearing checking accounts decreased 20.5% and 16.9%, respectively, as compared to the previous quarter, but they increased 20.0% and 13.7%, respectively, as compared to the same period in 2003. CONTACTS JAIME A. VELASQUEZ MAURICIO BOTERO FAX: (574) 2317208 FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM TEL.: (574) 5108666 TEL.: (574) 5108866 - 4 - [BANCOLOMBIA LOGO] Bonds amounted to Ps 475.5 billion due mainly to the issuance of bonds in an aggregate amount of Ps 400 billion on February 11, 2004. This issuance has allowed BANCOLOMBIA to improve its liability structure by extending the duration of its liabilities. FUNDING MIX COMPOSITION
AS OF 31-MAR-03 31-DEC-03 31-MAR-04 NON-INTEREST BEARING 19,24% 22,67% 20,31% Checking accounts 17,46% 21,43% 17,69% Other 1,78% 1,24% 2,62% --------- --------- --------- INTEREST BEARING 80,76% 77,33% 79,69% Checking accounts 9,76% 13,23% 10,44% Time deposits 43,15% 41,41% 41,55% Savings deposits 27,85% 22,69% 27,70% --------- --------- --------- TOTAL DEPOSITS 100,00% 100,00% 100,00% --------- --------- ---------
2.3 SHAREHOLDERS' EQUITY BANCOLOMBIA's shareholders' equity totaled Ps 1,692 billion during the first quarter of 2004. Despite the payment of dividends, shareholder's equity increased 0.1% and 31.7%, as compared to the previous quarter and the first quarter of 2003, respectively. Unrealized gains on investment debt securities totaled Ps 122.5 billion as of March 31, 2004. As of March 31, 2004, the Bank's capital adequacy (as defined in footnote 2 below) was 12.7%. The decrease from the previous quarter is explained by the increase of risk weighted assets. TECHNICAL EQUITY RISK WEIGHTED ASSETS Consolidated
AS OF (Ps millions) 31-MAR-03 31-DEC-03 31-MAR-04 Basic capital 850.820 1.167.427 1.179.601 Additional capital 247.857 260.454 282.589 Technical capital (1) 1.098.677 1.427.881 1.462.190 Risk weighted assets 9.178.035 10.920.514 11.553.069 CAPITAL ADEQUACY (2) 11,97% 13,08% 12,66%
(1) Technical capital is the sum of basic capital and additional capital. (2) Capital Adequacy is Technical capital divided by Risk weighted assets 3. INCOME STATEMENT BANCOLOMBIA's net income amounted to Ps 124.0 billion during the quarter ended March 31, 2004, as compared to net income of Ps 146.3 billion for the quarter ended December 31, 2003 and Ps 81.9 billion for the same period last year. Income before taxes, however, amounted to Ps 200.2 billion, as compared to Ps 165.5 billion for the previous quarter and Ps 94.8 billion for the first quarter of 2003. CONTACTS JAIME A. VELASQUEZ MAURICIO BOTERO FAX: (574) 2317208 FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM TEL.: (574) 5108666 TEL.: (574) 5108866 - 5 - [BANCOLOMBIA LOGO] 3.1 NET INTEREST INCOME Net interest income increased by 0.4% to Ps 319.9 billion for the quarter ended March 31, 2004, compared to Ps 318.8 billion for the quarter ended December 31, 2003 . This represents an increase of 39.9% compared to Ps 228.7 billion for the quarter ended March 31, 2003. Interest on investment securities increased 25.2%, quarter over quarter, due mainly to valorization of securities. 3.2 PROVISIONS Total net provisions for the first quarter of 2004 amounted to Ps 34.8 billion, increasing 36.3% as compared to the previous quarter, due mainly to investment provisions. During the first quarter of 2003, however, total net provisions amounted to Ps 59.4 billion which shows a decrease of 41.4% during this quarter. 3.3 FEES AND INCOME FROM SERVICES Total net fees and other service income increased to Ps 98.8 billion during the first quarter of 2004, a 4.0% increase as compared to Ps 95.0 billion for the previous quarter and a 22.9% increase as compared to Ps 80.4 billion for the first quarter of 2003. BANCOLOMBIA's accumulated unconsolidated credit card billing increased 31.2% during the first quarter of 2004, resulting in a 18.3% market share of the Colombian credit card business. In addition, the Bank's unconsolidated number of outstanding credit cards increased 15.0% compared to the previous quarter, resulting in a 13.5% market share. BC American Express credit card showed an excellent performance, increasing its billing to Ps 83 billion and the number of outstanding credit cards to more than 65,000 cards, as of March 31, 2004 reaching a market share of 3.8% and 2.6%, respectively. ACCUMULATED CREDIT CARD BILLING
% 2004 (As of March 31, in Ps million) 2003 2004 Growth Mkt. Share Bancolombia Mastercard 84.460 113.493 34,4% 5,2% Bancolombia VISA 179.298 205.414 14,6% 9,3% Bancolombia American Express 42.338 82.611 95,1% 3,8% TOTAL BANCOLOMBIA 306.096 401.518 31,2% 18,3% Colombian credit card industry 1.748.980 2.198.041 25,7%
Source: Credibanco, American Express and Red Multicolor CREDIT CARD MARKET SHARE
% 2004 Number of credit cards as of March 31, 2003 2004 Growth Mkt. Share Bancolombia Mastercard 100.500 110.334 9,8% 4,4% Bancolombia VISA 157.079 162.089 3,2% 6,5% Bancolombia American Express 36.007 65.257 81,2% 2,6% TOTAL BANCOLOMBIA 293.586 337.680 15,0% 13,5% Colombian credit card industry 2.263.558 2.497.370 10,3%
Source: Credibanco, American Express and Red Multicolor. CONTACTS JAIME A. VELASQUEZ MAURICIO BOTERO FAX: (574) 2317208 FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM TEL.: (574) 5108666 TEL.: (574) 5108866 - 6 - [BANCOLOMBIA LOGO] 3.4 OPERATING EXPENSES Operating expenses decreased 1.3% quarter over quarter totaling Ps 223 billion during the quarter ended March 31, 2004. Due to the acquisition of Sufinanciamiento, operating expenses for the first quarter are not comparable on a year to year basis. BANCOLOMBIA's efficiency ratio reached 48.4% improving from 58.2% for the quarter ended December 31, 2003. This improvement is explained both by the decrease in operating expenses and by the increase in net operating income. 3.5 OTHER OPERATING INCOME Other operating income totaled Ps 54.5 billion during the first quarter of 2004, a 14.9% increase from Ps 47.4 billion during the previous quarter and a 45.3% increase from Ps 37.5 billion, during the first quarter of 2003. The increase resulted from higher dividend income. BANCOLOMBIA received Ps 14.9 billion in dividends from other affiliate companies such as Conavi, Proteccion and Corfinsura, in which it holds less than 50% of the outstanding voting shares. CONTACTS JAIME A. VELASQUEZ MAURICIO BOTERO FAX: (574) 2317208 FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM TEL.: (574) 5108666 TEL.: (574) 5108866 - 7 - [BANCOLOMBIA LOGO] 4. SUBSIDIARIES BANCOLOMBIA PANAMA AND ITS SUBSIDIARIES The following table is expressed in US dollars. BANCOLOMBIA PANAMA INCOME STATEMENT AND BALANCE SHEET
QUARTER GROWTH (US$) 4Q 03 1Q 04 1Q 04/4Q 03 ASSETS Loans and capital leases, net 543.831.063 529.520.180 -2,63% Investment securities, net 428.185.477 501.426.570 17,10% Overnight funds sold 203.722.770 131.350.618 -35,52% Other assets 41.625.456 47.695.944 14,58% TOTAL ASSETS 1.217.364.766 1.209.993.312 -0,61% LIABILITIES AND SHAREHOLDERS' EQUITY Deposits 1.056.979.257 1.039.175.184 -1,68% Other liabilities 9.885.773 8.971.956 -9,24% TOTAL LIABILITIES 1.066.865.030 1.048.147.140 -1,75% Shareholders' equity 150.499.736 161.846.172 7,54% TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1.217.364.766 1.209.993.312 -0,61% Interest income 21.070.917 20.834.651 -1,12% Interest expense (4.585.345) (4.409.984) -3,82% NET INTEREST INCOME 16.485.572 16.424.667 -0,37% Net provisions (291.335) (6.873.368) 2259,27% Other operating income 135.917 1.140.750 739,30% Other operating expense (998.099) (638.385) -36,04% NET INCOME 15.332.055 10.053.664 -34,43%
BANCOLOMBIA Panama's total assets decreased 0.6% over the quarter to US$1,210 million as of March 31, 2004, as compared to US$1,217 million as of December 31, 2003. Even though net investment securities increased 17.1% over the quarter, the overnight funds sold decreased 35.5%. BANCOLOMBIA Panama's shareholders' equity increased 7.5% over the quarter from US$151 million as of December 31, 2003, to US$162 million as of March 31, 2004. Unrealized gains on investment securities totaled US$25.6 million as of March 31, 2004, up 22.0% from US$21 million as of December 31, 2003. BANCOLOMBIA Panama reported net income of US$10.1 million during the quarter ended March 31, 2004, as compared to net income of US$15.3 million for the quarter ended December 31, 2003, mainly due to higher net provisions. CONTACTS JAIME A. VELASQUEZ MAURICIO BOTERO FAX: (574) 2317208 FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM TEL.: (574) 5108666 TEL.: (574) 5108866 - 8 - [BANCOLOMBIA LOGO] 5. RATINGS AND RECOGNITIONS - The risk-rating firm BRC Investor Services ratified the Bank's AAA rating for long-term debt and BRC 1+ for short-term obligations. These ratings are the highest given in the national financial sector. - For the second consecutive year, BANCOLOMBIA received Deutsche Bank's Straight Through Processing (STP) Excellence award, in recognition of BANCOLOMBIA's excellence in quality of payment messages sent to Deutsche Bank. PRINCIPAL RATIOS
QUARTERS PROFITABILITY 1Q 03 4Q 03 1Q 04 Net interest margin (1) 8,33% 11,12% 10,38% Return on average total assets (2) 2,57% 4,24% 3,52% Return on average shareholders' equity (3) 25,60% 38,83% 31,88% EFFICIENCY Operating expenses to net operating income (4) 55,74% 58,16% 48,37% Operating expenses to average total assets (4) 6,07% 7,77% 6,49% CAPITAL ADEQUACY Shareholders' equity to total assets 9,96% 11,13% 10,96% Technical capital to risk weighted assets 11,97% 13,08% 12,66%
(1) Defined as Net Interest Income divided by monthly average interest-earning assets. (2) Net income divided by monthly average total assets. (3) Net income divided by monthly average 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. STOCK INDICATORS
QUARTERS 1Q 03 4Q 03 1Q 04 Net Income (Ps millions) 81.853 146.348 124.048 USD Earnings per ADS 0,192 0,362 0,321 ROAA 2,57% 4,24% 3,52% ROAE 25,60% 38,83% 31,88% P/BV ADS (1) 0,91 1,28 1,73 P/BV Local (2) (3) 1,03 1,38 1,84 Shares Outstanding 576.695.395 576.695.395 576.695.395
(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 CONTACTS JAIME A. VELASQUEZ MAURICIO BOTERO FAX: (574) 2317208 FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM TEL.: (574) 5108666 TEL.: (574) 5108866 - 9 - [BANCOLOMBIA LOGO] CONSOLIDATED BALANCE SHEET
AS OF GROWTH (Ps millions) 31-MAR-03 31-DEC-03 31-MAR-04 1Q 04/4Q 03 1Q 04/1Q 03 ASSETS Cash and due from banks 514.897 848.052 716.943 -15,46% 39,24% Overnight funds sold 455.176 598.409 379.588 -36,57% -16,61% TOTAL CASH AND EQUIVALENTS 970.073 1.446.461 1.096.531 -24,19% 13,04% --------- --------- --------- ------ ----- DEBT SECURITIES 4.160.656 4.171.591 4.912.921 17,77% 18,08% Trading 1.594.013 1.644.068 2.055.356 25,02% 28,94% Available for Sale 1.928.535 1.805.230 2.133.985 18,21% 10,65% Held to Maturity 638.108 722.293 723.580 0,18% 13,39% EQUITY SECURITIES 300.247 246.172 260.606 5,86% -13,20% Trading 80.605 17.667 15.255 -13,65% -81,07% Available for Sale 219.642 228.505 245.351 7,37% 11,70% Market value allowance (82.783) (81.039) (91.883) 13,38% 10,99% NET INVESTMENT SECURITIES 4.378.120 4.336.724 5.081.644 17,18% 16,07% --------- --------- --------- ------ ----- Gross loans and capital leases 6.317.934 8.029.668 8.373.226 4,28% 32,53% Allowance for loan losses (360.076) (387.263) (423.974) 9,48% 17,75% NET TOTAL LOANS 5.957.858 7.642.405 7.949.252 4,02% 33,42% --------- --------- --------- ------ ----- Accrued interest receivable on loans 93.702 108.379 91.724 -15,37% -2,11% Allowance for accrued interest losses (22.681) (5.170) (6.074) 17,49% -73,22% NET TOTAL INTEREST ACCRUED 71.021 103.209 85.650 -17,01% 20,60% --------- --------- --------- ------ ----- Customers' acceptances and derivatives 14.641 1.539 61.730 3911,05% 321,62% Net accounts receivable 128.832 162.399 147.233 -9,34% 14,28% Net premises and equipment 326.007 337.964 354.412 4,87% 8,71% Foreclosed assets 43.710 27.645 24.212 -12,42% -44,61% Prepaid expenses and deferred charges 53.045 27.831 26.002 -6,57% -50,98% Good will 113.242 99.910 94.062 -5,85% -16,94% Operating leases, net 404.820 537.207 10.544 -98,04% -97,40% Other 176.539 199.422 251.676 26,20% 42,56% Reappraisal of assets 254.588 253.413 258.590 2,04% 1,57% TOTAL ASSETS 12.892.496 15.176.129 15.441.538 1,75% 19,77% LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES DEPOSITS NON-INTEREST BEARING 1.767.314 2.319.787 2.093.667 -9,75% 18,47% Checking accounts 1.603.879 2.193.069 1.823.222 -16,86% 13,68% Other 163.435 126.718 270.445 113,42% 65,48% --------- --------- --------- ------ ----- INTEREST BEARING 7.417.310 7.912.210 8.210.779 3,77% 10,70% Checking accounts 896.113 1.353.123 1.075.653 -20,51% 20,04% Time deposits 3.963.257 4.237.345 4.281.006 1,03% 8,02% Savings deposits 2.557.940 2.321.742 2.854.120 22,93% 11,58% --------- --------- --------- ------ ----- TOTAL DEPOSITS 9.184.624 10.231.997 10.304.446 0,71% 12,19% Overnight funds 588.942 1.118.139 714.712 -36,08% 21,36% Bank acceptances outstanding 33.034 35.833 37.139 3,64% 12,43% Interbank borrowings 300.010 456.059 379.845 -16,71% 26,61% Borrowings from domestic development banks 608.256 755.536 768.977 1,78% 26,42% Accounts payable 521.454 545.319 660.061 21,04% 26,58% Other liabilities 155.212 174.317 170.518 -2,18% 9,86% Bonds 62.742 71.818 475.520 562,12% 657,90% Accrued expenses 107.547 56.173 198.642 253,63% 84,70% Minority interest in consolidated subsidiaries 46.120 41.559 39.880 -4,04% -13,53% TOTAL LIABILITIES 11.607.941 13.486.750 13.749.740 1,95% 18,45% Shareholders' equity 1.284.555 1.689.379 1.691.798 0,14% 31,70% TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 12.892.496 15.176.129 15.441.538 1,75% 19,77%
CONTACTS JAIME A. VELASQUEZ MAURICIO BOTERO FAX: (574) 2317208 FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM TEL.: (574) 5108666 TEL.: (574) 5108866 - 10 - [BANCOLOMBIA LOGO] CONSOLIDATED INCOME STATEMENT
QUARTER GROWTH (Ps Millions) 1Q 03 4Q 03 1Q 04 1Q 04/4Q 03 1Q 04/1Q 03 INTEREST INCOME AND EXPENSES Interest on loans 187.260 298.906 257.870 -13,73% 37,71% Interest on investment securities 133.800 135.635 169.865 25,24% 26,95% Overnight funds 3.547 5.405 3.614 -33,14% 1,89% Leasing 12.001 18.703 19.779 5,75% 64,81% TOTAL INTEREST INCOME 336.608 458.649 451.128 -1,64% 34,02% --------- --------- --------- -------- -------- Interest expense Checking accounts 2.946 3.115 3.163 1,54% 7,37% Time deposits 55.094 78.144 62.452 -20,08% 13,36% Savings deposits 27.293 28.558 30.064 5,27% 10,15% TOTAL INTEREST ON DEPOSITS 85.333 109.817 95.679 -12,87% 12,12% --------- --------- --------- -------- -------- Interbank borrowings 109 1.743 1.502 -13,83% 1277,98% Borrowings from domestic development banks 13.333 16.154 17.776 10,04% 33,32% Overnight funds 8.465 11.385 10.022 -11,97% 18,39% Bonds 686 781 6.266 702,30% 813,41% TOTAL INTEREST EXPENSE 107.926 139.880 131.245 -6,17% 21,61% --------- --------- --------- -------- -------- NET INTEREST INCOME 228.682 318.769 319.883 0,35% 39,88% Provision for loan and accrued interest losses, net (42.460) (39.776) (20.731) -47,88% -51,18% Recovery of charged-off loans 4.389 5.540 6.233 12,51% 42,01% Provision for foreclosed assets and other assets (22.059) 3.552 (21.420) -703,04% -2,90% Recovery of provisions for foreclosed assets and other assets 730 5.153 1.114 -78,38% 52,60% --------- --------- --------- -------- -------- TOTAL NET PROVISIONS (59.400) (25.531) (34.804) 36,32% -41,41% NET INTEREST INCOME AFTER PROVISION FOR LOANS AND ACCRUED INTEREST LOSSES 169.282 293.238 285.079 -2,78% 68,40% --------- --------- --------- -------- -------- Commissions from banking services 31.086 41.454 44.417 7,15% 42,88% Credit card merchant fees 12.010 22.469 17.614 -21,61% 46,66% Credit and debit card annual fees 13.347 15.915 16.247 2,09% 21,73% Checking fees 11.043 12.885 12.019 -6,72% 8,84% Warehouse services 9.648 10.796 11.313 4,79% 17,26% Commissions-fees from fiduciary activities 8.076 11.498 12.754 10,92% 57,92% Check remittance 5.338 5.167 2.833 -45,17% -46,93% International operations 6.149 7.190 5.170 -28,09% -15,92% TOTAL FEES AND OTHER SERVICE INCOME 96.697 127.374 122.367 -3,93% 26,55% --------- --------- --------- -------- -------- Fees and other service expenses (16.285) (32.395) (23.549) -27,31% 44,61% TOTAL FEES AND INCOME FROM SERVICES 80.412 94.979 98.818 4,04% 22,89% --------- --------- --------- -------- -------- OTHER OPERATING INCOME Net foreign exchange gains 8.550 27.454 (58.726) -313,91% -786,85% Dividend income 9.532 478 14.918 3020,92% 56,50% Forward contacts in foreign currency 1.413 (11.526) 72.443 728,52% 5026,89% Revenues from commercial subsidiaries 14.700 23.387 22.081 -5,58% 50,21% Communication, postage and others 3.306 7.611 3.768 -50,49% 13,97% TOTAL OTHER OPERATING INCOME 37.501 47.404 54.484 14,94% 45,29% --------- --------- --------- -------- -------- TOTAL INCOME 287.195 435.621 438.381 0,63% 52,64% OPERATING EXPENSES Salaries and employee benefits 72.286 94.733 86.381 -8,82% 19,50% Payment plan bonuses' 5.260 3.952 9.265 134,44% 76,14% Compensation 7.339 3.746 4.865 29,87% -33,71% Administrative and other expenses 94.051 110.411 112.353 1,76% 19,46% Donation expenses 11 1.095 48 -95,62% 336,36% Depreciation 8.585 12.280 10.288 -16,22% 19,84% TOTAL OPERATING EXPENSES 187.532 226.217 223.200 -1,33% 19,02% --------- --------- --------- -------- -------- NET OPERATING INCOME 99.663 209.404 215.181 2,76% 115,91% Merger expenses 5.662 5.662 5.662 0,00% 0,00% Goodwill amortization - 36.347 - -100,00% 0,00% NON-OPERATING INCOME (EXPENSE) Other income 7.606 16.356 15.158 -7,32% 99,29% Minority interest (1.439) (538) (188) -65,06% -86,94% Recovery of deposit security - - - 0,00% 0,00% Other expense (5.343) (17.757) (24.338) 37,06% 355,51% TOTAL NON-OPERATING INCOME 824 (1.939) (9.368) 383,14% -1236,89% INCOME BEFORE INCOME TAXES 94.825 165.456 200.151 20,97% 111,07% Income tax expense (12.972) (19.108) (76.103) 298,28% 486,67% NET INCOME 81.853 146.348 124.048 -15,24% 51,55%
CONTACTS JAIME A. VELASQUEZ MAURICIO BOTERO FAX: (574) 2317208 FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM TEL.: (574) 5108666 TEL.: (574) 5108866 - 11 - -----END PRIVACY-ENHANCED MESSAGE-----