-----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, AhPb5HUH/rN3rOA2IjV7dYN+DfRmwWHidlVxwApBtKbdNCPcAaceOTTNmrlbZObQ VS2aqu7qFtTnrOAJz3xWtA== 0000950123-06-013618.txt : 20061107 0000950123-06-013618.hdr.sgml : 20061107 20061107140127 ACCESSION NUMBER: 0000950123-06-013618 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20061107 FILED AS OF DATE: 20061107 DATE AS OF CHANGE: 20061107 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: 001-32535 FILM NUMBER: 061193253 BUSINESS ADDRESS: STREET 1: CARRERA 52 #50-20 STREET 2: CALLE 50 #51-66 CITY: MEDELLIN STATE: F8 ZIP: 00000 BUSINESS PHONE: 5745108866 MAIL ADDRESS: STREET 1: CARRERA 52 #50-20 STREET 2: CALLE 50 #51-66 CITY: MEDELLIN STATE: F8 ZIP: 00000 6-K 1 y26874e6vk.txt FORM 6-K 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 2006 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 7, 2006 By /s/ JAIME ALBERTO VELASQUEZ B. ---------------------------------- Name: Jaime Alberto Velasquez B. Title: Vice President of Finance {BANCOLOMBIA LOGO} CIB LISTED NYSE CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2006 NOVEMBER 7, 2006. Medellin, Colombia -- Today, BANCOLOMBIA S.A. (NYSE: CIB) announced its financial results for the third quarter of fiscal year 2006, ended September 30, 2006.1
CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT QUARTER GROWTH (Ps millions) 2Q 06 3Q 06 3Q 06/ 2Q 06 ----- ----- ------------ ASSETS Loans and financial leases, net 21,084,601 23,009,881 9.13% Investment securities, net 7,954,602 5,319,196 -33.13% Other assets 4,448,419 4,785,233 7.57% - -------------------------------------------------------------------------------------- TOTAL ASSETS 33,487,622 33,114,310 -1.11% ====================================================================================== LIABILITIES AND SHAREHOLDERS' EQUITY DEPOSITS 20,681,265 20,829,673 0.72% Non-interest bearing 3,282,769 3,309,870 0.83% Interest bearing 17,398,496 17,519,803 0.70% OTHER LIABILITIES 9,590,872 8,853,878 -7.68% TOTAL LIABILITIES 30,272,137 29,683,551 -1.94% Shareholders' equity 3,215,485 3,430,759 6.69% - -------------------------------------------------------------------------------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 33,487,622 33,114,310 -1.11% ====================================================================================== Interest income 484,489 888,288 83.35% Interest expense 301,759 323,489 7.20% NET INTEREST INCOME 182,730 564,799 209.09% Net provisions (7,554) (85,803) 1035.86% Fees and income from service, net 210,335 219,206 4.22% Other operating income 87,677 14,336 -83.65% Operating expense (426,601) (469,535) 10.06% Non-operating income, net 55,515 (21,628) -138.96% Income tax expense (33,054) (39,889) 20.68% - -------------------------------------------------------------------------------------- NET INCOME 69,048 181,486 162.84% ======================================================================================
- ---------- 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 (COLGAAP), are stated in nominal terms and have not been audited. BANCOLOMBIA maintains accounting records in Colombian pesos, referred to herein as "Ps." ANY REFERENCE TO BANCOLOMBIA MUST BE UNDERSTOOD AS REFERRING TO THE BANK TOGETHER WITH ITS AFFILIATES, UNLESS OTHERWISE SPECIFIED. Exchange rate: September 30, 2006 Ps 2,394.31= US$ 1 Average exchange rate September 2006 Ps 2,374.67 = US$ 1 Contacts SERGIO RESTREPO JAIME A. VELASQUEZ MAURICIO BOTERO EXECUTIVE VP FINANCIAL VP IR MANAGER TEL.: (574) 5108668 TEL.: (574) 5108666 TEL.: (574) 5108866 1 (BANCOLOMBIA LOGO) 3Q06 1. HIGHLIGHTS: - Net income amounted to Ps 181,486 million or US$ 0.417 per ADS, for the third quarter of 2006. This represents an increase of 162.8% as compared to Ps 69,048 million, or US$ 0.147 per ADS, for the second quarter of 2006, and a decrease of 32.6% compared to Ps 269,239 million or US$ 0.647 per ADS, for the third quarter of 2005. - As of September 30, 2006, BANCOLOMBIA's net loans totaled Ps 23,010 billion, increasing 9.1% as compared to Ps 21,085 billion in the previous quarter and 33.4% as compared to the third quarter of 2005. Additionally, interest on loans increased 10.8% as compared to the previous quarter and 13.7% as compared to the third quarter of 2005. - Investments in debt securities amounted to Ps 5,141 billion, which represents a decrease of 33.2% as compared to the previous quarter and 30.0% over the year. Interest on investment securities amounted to Ps 173,771 million, increasing 209.7% as compared to the previous quarter, due mainly to a more stable environment of Colombian bond prices, and decreasing 36.4% as compared to the third quarter of 2005. - Net fees and income from services totaled Ps 219,206 million for the quarter, increasing 4.2% as compared to the previous quarter and 5.4% as compared to the third quarter of 2005. - Total operating expenses remained stable, increasing 1.26% on a year-to-year basis, which is lower than the growth rate in Bank's assets. - BANCOLOMBIA's ratio of past due loans to total loans at September 30, 2006 was 2.4%, and the ratio of allowances to past due loans was 144.4%.
STOCK INDICATORS QUARTER AS OF 3Q 05 2Q 06 3Q 06 SEP-05 SEP-06 ----- ----- ----- ------ ------ Net Income (Ps millions) 269,239 69,048 181,486 690,303 464,636 USD Earnings per ADS 0.647 0.147 0.417 1.658 1.067 ROAA 3.77% 0.85% 2.20% 3.23% 1.93% ROAE 34.43% 8.56% 21.54% 30.74% 18.55% P/BV ADS (1) 2.83 3.52 3.63 P/BV Local (2) (3) 2.80 3.03 3.35 P/E (4) 8.43 37.00 16.24 Shares Outstanding 727,829,109 727,827,005 727,827,005
(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 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. 2 (BANCOLOMBIA LOGO) 3Q06 2. CONSOLIDATED BALANCE SHEET 2.1 ASSETS BANCOLOMBIA's total assets amounted to Ps 33,114 billion as of September 30, 2006, decreasing 1.11% as compared to Ps 33,488 billion as of June 30, 2006. As described in Section 2.1.2 below, this result reflects the decrease in investment securities. This represents an increase of 14.8% as compared to Ps 28,848 billion as of September 30, 2005. 2.1.1 LOAN PORTFOLIO The loan portfolio presented very positive figures amounting to Ps 23,010 billion as of September 30, 2006, increasing 9.1% as compared to the previous quarter and 33.4% as compared to the third quarter of 2005. Corporate loans presented a robust growth amounting to Ps 12,287 billion for the quarter, increasing 9.5% as compared to Ps 11,224 billion for the previous quarter. This represents an increase of 28.6% as compared to Ps 9,556 billion for the third quarter of 2005. The retail and small and medium-sized enterprise ("SME") loans maintained their positive growth rates. They amounted to Ps 6,231 billion as of September 30, 2006, increasing 7.3% over the quarter and 35.1% over the year. Similarly, financial leases maintained their positive trend amounting to Ps 3,336 billion, increasing 7.6% as compared to the previous quarter and 42.8% over the year.
LOAN PORTFOLIO AS OF GROWTH (Ps millions) 30-SEP-05 30-JUN-06 30-SEP-06 3Q 06/2Q 06 3Q 06/3Q 05 --------- --------- --------- ----------- ----------- CORPORATE Working capital loans 7,958,571 9,983,764 11,173,199 11.91% 40.39% Loans funded by domestic development banks 1,042,505 394,049 382,448 -2.94% -63.31% Trade Financing 423,198 649,875 574,632 -11.58% 35.78% Overdrafts 87,557 147,057 102,168 -30.52% 16.69% Credit Cards 44,396 49,363 54,641 10.69% 23.08% - ---------------------------------------------------------------------------------------------------------------------------- TOTAL CORPORATE 9,556,227 11,224,108 12,287,088 9.47% 28.58% ============================================================================================================================ RETAIL AND SMEs Working capital loans 1,442,580 1,878,090 2,021,631 7.64% 40.14% Personal loans 1,498,279 1,807,138 1,991,947 10.23% 32.95% Loans funded by domestic development banks 385,205 405,651 383,444 -5.47% -0.46% Credit Cards 550,927 700,157 766,744 9.51% 39.17% Overdrafts 134,639 176,774 143,390 -18.89% 6.50% Automobile loans 541,223 760,980 849,855 11.68% 57.02% Trade Financing 60,056 77,305 74,488 -3.64% 24.03% TOTAL RETAIL AND SMEs 4,612,909 5,806,095 6,231,499 7.33% 35.09% MORTGAGE 1,483,011 1,719,002 1,980,240 15.20% 33.53% FINANCIAL LEASES 2,336,170 3,099,021 3,335,723 7.64% 42.79% TOTAL LOANS AND FINANCIAL LEASES 17,988,317 21,848,226 23,834,550 9.09% 32.50% ALLOWANCE FOR LOAN LOSSES AND FINANCIAL LEASES (742,459) (763,625) (824,669) 7.99% 11.07% - ---------------------------------------------------------------------------------------------------------------------------- TOTAL LOANS AND FINANCIAL LEASES, NET 17,245,858 21,084,601 23,009,881 9.13% 33.42% ============================================================================================================================
3 (BANCOLOMBIA LOGO) 3Q06 Mortgage loans also presented a positive growth, amounting to Ps 1,980 billion as of September 30, 2006. This represents an increase of 15.2% as compared to Ps 1,719 billion for the previous quarter and 33.5% as compared to Ps 1,483 billion for the third quarter of 2005. 2.1.2 INVESTMENT PORTFOLIO BANCOLOMBIA's investments in debt securities amounted to Ps 5,141 billion, decreasing 33.2% over the quarter. This decrease was mainly due to both an increase in credit demand and the Government's repurchase program, announced on October 11, 2006, in which the Bank sold government securities (TES) to the National Treasury amounting to approximately Ps 586,000 million. On a year-to-year basis, this represents a decrease of 30.0%, from Ps 7,343 billion at September 30, 2005. 2.1.3 ASSET QUALITY As of September 30, 2006, the Bank's past due loans accounted for 2.4% of total loans. Loans classified as C, D and E comprised 2.5% of total loans. In addition, the ratio of allowances to past due loans at the end of the quarter was 144.4%, while the ratio of allowances to loans classified as C, D and E at the end of the quarter was 138.3%.
LOANS AND FINANCIAL LEASES CLASSIFICATION AS OF 30-SEP-05 AS OF 30-JUN-06 AS OF 30-SEP-06 --------------- --------------- --------------- (Ps millions) "A" Normal 16,853,001 93.7% 20,437,368 93.6% 22,482,115 94.4% "B" Subnormal 503,075 2.8% 814,255 3.7% 748,580 3.1% "C" Deficient 158,943 0.9% 199,243 0.9% 194,418 0.8% "D" Doubtful recovery 278,559 1.5% 247,670 1.1% 254,530 1.1% "E" Unrecoverable 194,739 1.1% 149,690 0.7% 154,907 0.6% TOTAL 17,988,317 100% 21,848,226 100% 23,834,550 100% LOANS AND FINANCIAL LEASES CLASSIFIED AS C, D AND E AS A PERCENTAGE OF TOTAL LOANS AND FINANCIAL LEASES 3.5% 2.7% 2.5%
ASSET QUALITY AS OF GROWTH (Ps millions) 30-SEP-05 30-JUN-06 30-SEP-06 3Q 06/2Q 06 3Q 06/3Q 05 --------- --------- --------- ----------- ----------- Total performing past due loans 240,335 281,598 256,995 -8.74% 6.93% Total non-performing past due loans (1) 339,514 310,069 321,038 3.54% -5.44% Total past due loans 579,849 591,667 578,033 -2.30% -0.31% Allowance for loans and accrued interest losses 755,290 773,157 834,934 7.99% 10.54% Past due loans to total loans 3.22% 2.71% 2.43% Non-performing loans to total loans 1.89% 1.42% 1.35% C, D, and E loans to total loans 3.51% 2.73% 2.53% Allowances to past due loans (2) 130.26% 130.67% 144.44% Allowances to C, D, and E loans (2) 119.46% 129.59% 138.27% Allowances to non-performing loans (2) 222.46% 249.35% 260.07% Allowances to total loans 4.20% 3.54% 3.50% Performing loans to total loans 98.11% 98.58% 98.65%
(1) Non-performing loans comprised of consumer loans that are past due 60 days or more, commercial loans that are past due 90 days or more, small business loans that are past due 30 days or more and mortgage loans that are past due 60 days or more. (2) Allowance means allowance for loan and accrued interest losses. 4 (BANCOLOMBIA LOGO) 3Q06 2.2 LIABILITIES Total deposits increased 0.7% as compared to the previous quarter and 18.9% over the year, amounting to Ps 20,830 billion as of September 30, 2006. As compared to the third quarter of 2005, interest-bearing deposits increased 17.6% while non-interest bearing deposits increased 26.6%. 2.3 SHAREHOLDERS' EQUITY BANCOLOMBIA's shareholders' equity amounted to Ps 3,431 billion at the end of the third quarter of 2006. This represents an increase of 6.7% as compared to the previous quarter and 6.2% over the year. Unrealized gains on available-for-sale debt securities amounted to Ps 3.3 billion as of September 30, 2006. Due to the strong growth of the loan portfolio, the Bank's consolidated ratio of technical capital to risk-weighted assets decreased as compared to the previous quarter to 11.2%.
TECHNICAL CAPITAL RISK WEIGHTED ASSETS Consolidated (Ps millions) 30-SEP-05 30-JUN-06 30-SEP-06 ---------- ---------- ---------- Basic capital (Tier I) 2,123,055 2,835,435 2,883,305 Additional capital (Tier II) 464,592 369,393 430,877 Technical capital (1) 2,587,647 3,204,828 3,314,182 Risk weighted assets included market risk 22,371,981 28,282,884 29,582,049 CAPITAL ADEQUACY (2) 11.57% 11.33% 11.20%
(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) 3Q06 3. INCOME STATEMENT BANCOLOMBIA's net income amounted to Ps 181,486 million for the quarter ended September 30, 2006, as compared to Ps 69,048 million for the previous quarter and Ps 269,239 million for the third quarter of 2005. This represents an increase of 162.8% and a decrease of 32.6%, respectively, due to the losses that resulted from the mark-to-market valuation of Colombian bond prices during the second quarter of 2006. 3.1 NET INTEREST INCOME Interest on loans totaled Ps 602,301 million for the third quarter of 2006, increasing 10.8% as compared to Ps 543,606 million for the previous quarter and 13.7% as compared to Ps 529,527 million for the third quarter of 2005. On the other hand, interest on investment securities amounted to Ps 173,771 million, which represents an increase of 209.7% as compared to the previous quarter loss of Ps 158,401 million and a decrease of 36.4% as compared to Ps 273,298 million during the third quarter of 2005. The most representative bond in the market is the COLOMBIA TES 20, which matures in July 2020. As illustrated below, this bond was traded at a yield of 10.50% as of June 30, 2006 and 9.56% at the end of the third quarter of 2006. (LINE GRAPH) 6 (BANCOLOMBIA LOGO) 3Q06 3.2 PROVISIONS During the third quarter of 2006, provisions for loan and interest losses amounted to Ps 104,044 million, increasing 54.8% and 62.1% as compared to the previous quarter and to the third quarter of 2005, respectively. Approximately Ps 18,000 million from these provisions corresponds to adjustments made by the new provisioning regulation. 3.3 FEES AND INCOME FROM SERVICES Net fees and income from services amounted to Ps 219,206 million, increasing 4.2% as compared to the previous quarter and 5.4% as compared to Ps 207,961 million for the third quarter of 2005. BANCOLOMBIA's accumulated unconsolidated credit card billing increased 18.6% during the year, resulting in a 21.1% market share of the Colombian credit card business. In addition, the Bank's number of outstanding credit cards increased 20.2%, resulting in a 15.2% market share.
ACCUMULATED CREDIT CARD BILLING % 2006 Sep-05 Sep-06 ------ ------ (Millons of pesos as of September 30, 2006) Growth Market Share ------ ------------ Bancolombia VISA 626.896 774.066 23,48% 6,83% Bancolombia Mastercard 1.010.854 1.148.472 13,61% 10,14% Bancolombia American Express 373.167 462.647 23,98% 4,08% TOTAL BANCOLOMBIA 2.010.917 2.385.185 18,61% 21,06% - ----------------------------------------------------------------------------------------------------------------- Colombian credit card market 8.788.743 11.325.769 28,87% =================================================================================================================
Source: Credibanco, American Express and Red Multicolor
CREDIT CARD MARKET SHARE % 2006 Sep-05 Sep-06 ------ ------ Outstanding credit cards as of September 30, 2006 Growth Market Share ------ ------------ Bancolombia VISA 184.648 231.649 25,45% 5,42% Bancolombia Mastercard 255.250 285.188 11,73% 6,67% Bancolombia American Express 101.819 134.081 31,69% 3,14% TOTAL BANCOLOMBIA 541.717 650.918 20,16% 15,22% - ----------------------------------------------------------------------------------------------------------------- Colombian credit card market 3.224.653 4.275.988 32,60% =================================================================================================================
Source: Credibanco, American Express and Red Multicolor. 3.4 OPERATING EXPENSES Total operating expenses increased 8.8% as compared to the previous quarter, amounting to Ps 448,797 million, which represents a 1.3% increase as compared to Ps 443,199 million for the third quarter 2005. BANCOLOMBIA's operating expenses to net operating income efficiency ratio decreased to 58.8% as compared to the previous quarter. On a nine-month accumulated basis, the income efficiency ratio reached 64.8%. The Bank's efficiency measured as operating expenses over average total assets was 5.68% as compared to the previous quarter and 5.46% during the first nine months of 2006. 7 (BANCOLOMBIA LOGO) 3Q06
PRINCIPAL RATIOS QUARTER AS OF 3Q 05 2Q 06 3Q 06 SEP-05 SEP-06 ----- ----- ----- ------ ------ PROFITABILITY Net interest margin (1) 9.34% 2.48% 7.58% 8.02% 5.54% Return on average total assets (2) 3.77% 0.85% 2.20% 3.23% 1.93% Return on average shareholders' equity (3) 34.43% 8.56% 21.54% 30.74% 18.55% EFFICIENCY - --------------------------------------------------------------------------------------------------------------------------------- Operating expenses to net operating income (4) 54.78% 88.74% 58.81% 56.00% 64.84% Operating expenses to average total assets (4) 6.56% 5.27% 5.68% 5.99% 5.46% CAPITAL ADEQUACY - --------------------------------------------------------------------------------------------------------------------------------- Shareholders' equity to total assets 11.20% 9.60% 10.36% Technical capital to risk weighted assets 11.57% 11.33% 11.20%
(1)Defined as Net Interest Income divided by monthly average interest-earning assets. (2)Net income divided by monthly average assets. (3)Net income divided by monthly average shareholders' equity. (4)Operating income includes net interest income, total net fees and income from services, and total other operating income. Operating expenses include merger expenses and good will amortization. 8 (BANCOLOMBIA LOGO) 3Q06
CONSOLIDATED BALANCE SHEET AS OF GROWTH LAST (Ps millions) SEP-05 JUN-06 SEP-06 QUARTER ANNUAL ------ ------ ------ ------- ------ ASSETS Cash and due from banks 1,040,224 1,123,060 1,603,443 42.77% 54.14% Overnight funds sold 410,735 647,403 340,346 -47.43% -17.14% TOTAL CASH AND EQUIVALENTS 1,450,959 1,770,463 1,943,789 9.79% 33.97% - ----------------------------------------------------------------------------------------------------------------------------- DEBT SECURITIES 7,342,978 7,698,653 5,141,219 -33.22% -29.98% Trading 4,591,826 3,990,245 2,567,227 -35.66% -44.09% Available for Sale 1,879,456 2,508,292 1,793,975 -28.48% -4.55% Held to Maturity 871,696 1,200,116 780,017 -35.00% -10.52% EQUITY SECURITIES 356,995 334,519 248,696 -25.66% -30.34% Trading 170,980 137,378 54,005 -60.69% -68.41% Available for Sale 186,015 197,141 194,691 -1.24% 4.66% Market value allowance (63,673) (78,570) (70,719) -9.99% 11.07% NET INVESTMENT SECURITIES 7,636,300 7,954,602 5,319,196 -33.13% -30.34% - ----------------------------------------------------------------------------------------------------------------------------- Commercial loans 11,769,986 14,052,561 15,204,992 8.20% 29.18% Consumer loans 2,300,528 2,903,674 3,219,063 10.86% 39.93% Small business loans 98,622 73,968 94,532 27.80% -4.15% Mortgage loans 1,483,011 1,719,002 1,980,240 15.20% 33.53% Finance lease 2,336,170 3,099,021 3,335,723 7.64% 42.79% Allowance for loan losses (742,459) (763,625) (824,669) 7.99% 11.07% NET TOTAL LOANS AND FINANCIAL LEASES 17,245,858 21,084,601 23,009,881 9.13% 33.42% - ----------------------------------------------------------------------------------------------------------------------------- Accrued interest receivable on loans 197,061 210,003 248,006 18.10% 25.85% Allowance for accrued interest losses (12,831) (9,532) (10,265) 7.69% -20.00% NET TOTAL INTEREST ACCRUED 184,230 200,471 237,741 18.59% 29.05% - ----------------------------------------------------------------------------------------------------------------------------- Customers' acceptances and derivatives 102,755 54,707 127,704 133.43% 24.28% Net accounts receivable 289,699 396,608 404,822 2.07% 39.74% Net premises and equipment 652,828 649,493 690,489 6.31% 5.77% Foreclosed assets, net 39,180 25,859 24,338 -5.88% -37.88% Prepaid expenses and deferred charges 31,602 50,516 54,475 7.84% 72.38% Goodwill 56,024 53,991 47,077 -12.81% -15.97% Operating leases, net 143,024 149,800 159,050 6.17% 11.21% Other 591,032 725,965 714,787 -1.54% 20.94% Reappraisal of assets 424,839 370,546 380,961 2.81% -10.33% - ----------------------------------------------------------------------------------------------------------------------------- TOTAL ASSETS 28,848,330 33,487,622 33,114,310 -1.11% 14.79% ============================================================================================================================= LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES DEPOSITS NON-INTEREST BEARING 2,613,728 3,282,769 3,309,870 0.83% 26.63% Checking accounts 2,246,240 3,006,549 2,994,107 -0.41% 33.29% Other 367,488 276,220 315,763 14.32% -14.08% - ----------------------------------------------------------------------------------------------------------------------------- INTEREST BEARING 14,902,718 17,398,496 17,519,803 0.70% 17.56% Checking accounts 1,115,689 1,281,143 1,229,213 -4.05% 10.18% Time deposits 6,413,490 7,306,274 7,530,088 3.06% 17.41% Savings deposits 7,373,539 8,811,079 8,760,502 -0.57% 18.81% - ----------------------------------------------------------------------------------------------------------------------------- TOTAL DEPOSITS 17,516,446 20,681,265 20,829,673 0.72% 18.91% Overnight funds 1,032,610 1,818,644 1,672,061 -8.06% 61.93% Bank acceptances outstanding 57,209 62,563 78,987 26.25% 38.07% Interbank borrowings 1,543,154 1,899,892 1,257,125 -33.83% -18.54% Borrowings from domestic development banks 1,833,188 2,439,329 2,387,699 -2.12% 30.25% Accounts payable 916,552 1,001,489 919,267 -8.21% 0.30% Accrued interest payable 185,168 218,011 220,120 0.97% 18.88% Other liabilities 292,033 392,553 374,707 -4.55% 28.31% Bonds 1,768,280 1,382,430 1,475,909 6.76% -16.53% Accrued expenses 419,172 320,850 417,107 30.00% -0.49% Minority interest in consolidated subsidiaries 54,319 55,111 50,896 -7.65% -6.30% - ----------------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES 25,618,131 30,272,137 29,683,551 -1.94% 15.87% ============================================================================================================================= SHAREHOLDERS' EQUITY SUBSCRIBED AND PAID IN CAPITAL 363,580 366,027 363,914 -0.58% 0.09% RETAINED EARNINGS 2,118,885 2,325,159 2,466,967 6.10% 16.43% Appropiated 1,428,582 2,042,009 2,002,331 -1.94% 40.16% Unappropiated 690,303 283,150 464,636 64.10% -32.69% REAPPRAISAL AND OTHERS 651,457 580,639 596,537 2.74% -8.43% GROSS UNREALIZED GAIN OR LOSS ON DEBT SECURITIES 96,277 (56,340) 3,341 105.93% -96.53% - ----------------------------------------------------------------------------------------------------------------------------- TOTAL SHAREHOLDER'S EQUITY 3,230,199 3,215,485 3,430,759 6.69% 6.21% =============================================================================================================================
9 (BANCOLOMBIA LOGO) 3Q06
CONSOLIDATED INCOME STATEMENT AS OF QUARTER GROWTH (Ps Millions) SEP-05 SEP-06 SEP-06/SEP-05 3Q 05 2Q 06 3Q 06 3Q 06/2Q 06 3Q 06/3Q 05 ------ ------ ------------- ----- ----- ----- ----------- ----------- INTEREST INCOME AND EXPENSES Interest on loans 1,516,770 1,665,223 9.79% 529,527 543,606 602,301 10.80% 13.74% Interest on investment securities 655,313 150,749 -77.00% 273,298 (158,401) 173,771 209.70% -36.42% Overnight funds 24,784 31,079 25.40% 9,141 8,620 13,444 55.96% 47.07% Leasing 209,249 273,631 30.77% 73,160 90,664 98,772 8.94% 35.01% TOTAL INTEREST INCOME 2,406,116 2,120,682 -11.86% 885,126 484,489 888,288 83.35% 0.36% - ---------------------------------------------------------------------------------------------------------------------------- Interest expense Checking accounts 14,158 24,035 69.76% 5,068 8,132 8,805 8.28% 73.74% Time deposits 345,846 336,178 -2.80% 115,189 112,536 117,626 4.52% 2.12% Savings deposits 179,283 184,275 2.78% 60,902 56,844 72,154 26.93% 18.48% TOTAL INTEREST ON DEPOSITS 539,287 544,488 0.96% 181,159 177,512 198,585 11.87% 9.62% - ---------------------------------------------------------------------------------------------------------------------------- Interbank borrowings 33,527 79,633 137.52% 12,834 27,584 23,964 -13.12% 86.72% Borrowings from domestic development banks 117,699 129,847 10.32% 39,176 42,326 46,664 10.25% 19.11% Overnight funds 55,237 74,966 35.72% 15,001 26,280 27,851 5.98% 85.66% Bonds 117,530 86,075 -26.76% 36,791 28,057 26,425 -5.82% -28.18% TOTAL INTEREST EXPENSE 863,280 915,009 5.99% 284,961 301,759 323,489 7.20% 13.52% - ---------------------------------------------------------------------------------------------------------------------------- NET INTEREST INCOME 1,542,836 1,205,673 -21.85% 600,165 182,730 564,799 209.09% -5.89% Provision for loan and accrued interest losses, net (141,556) (235,477) 66.35% (64,171) (67,228)(104,044) 54.76% 62.14% Recovery of charged-off loans 46,603 50,234 7.79% 15,297 15,327 18,160 18.48% 18.72% Provision for foreclosed assets and other assets (44,236) (24,102) -45.51% (15,562) (7,496) (3,970) -47.04% -74.49% Recovery of provisions for foreclosed assets and other assets 30,555 65,310 113.75% 6,321 51,843 4,051 -92.19% -35.91% - ---------------------------------------------------------------------------------------------------------------------------- TOTAL NET PROVISIONS (108,634) (144,035) 32.59% (58,115) (7,554) (85,803) 1035.86% 47.64% NET INTEREST INCOME AFTER PROVISION FOR LOANS AND ACCRUED INTEREST LOSSES 1,434,202 1,061,638 -25.98% 542,050 175,176 478,996 173.44% -11.63% - ---------------------------------------------------------------------------------------------------------------------------- Commissions from banking services and other services 61,663 113,565 84.17% 26,186 41,357 44,245 6.98% 68.96% Electronic services and ATM fees 78,771 64,839 -17.69% 24,743 21,825 22,289 2.13% -9.92% Branch network services 35,643 40,296 13.05% 12,837 13,318 14,145 6.21% 10.19% Collections and payments fees 41,683 51,566 23.71% 14,640 18,680 17,722 -5.13% 21.05% Credit card merchant fees 7,387 5,994 -18.86% 2,647 2,079 1,680 -19.19% -36.53% Credit and debit card annual fees 152,967 180,184 17.79% 53,196 59,003 61,933 4.97% 16.42% Checking fees 40,886 44,358 8.49% 14,104 14,292 15,370 7.54% 8.98% Warehouse services 41,706 52,731 26.44% 14,182 16,031 18,719 16.77% 31.99% Fiduciary activities 45,328 43,699 -3.59% 16,501 13,275 14,829 11.71% -10.13% Brokerage fees 52,753 51,574 -2.23% 23,896 12,728 15,463 21.49% -35.29% Check remittance 7,723 8,337 7.95% 2,725 2,737 2,748 0.40% 0.84% International operations 27,640 25,048 -9.38% 13,013 8,838 9,374 6.06% -27.96% FEES AND OTHER SERVICE INCOME 594,150 682,191 14.82% 218,670 224,163 238,517 6.40% 9.08% - ---------------------------------------------------------------------------------------------------------------------------- Fees and other service expenses (38,598) (46,531) 20.55% (10,709) (13,828) (19,311) 39.65% 80.32% TOTAL FEES AND INCOME FROM SERVICES, NET 555,552 635,660 14.42% 207,961 210,335 219,206 4.22% 5.41% - ---------------------------------------------------------------------------------------------------------------------------- OTHER OPERATING INCOME Net foreign exchange gains (77,664) 104,414 234.44% (16,189) 132,194 (39,049) -129.54% 141.21% Forward contracts in foreign currency 136,613 (30,728) -122.49% 31,447 (67,807) 32,742 148.29% 4.12% Gains on sales of investments on equity securities 399 48,948 12167.67% 302 8,894 5,933 -33.29% 1864.57% Dividend income 41,195 21,314 -48.26% 1,831 98 1,596 1528.57% -12.83% Revenues from commercial subsidiaries 76,873 31,223 -59.38% 27,884 8,706 9,272 6.50% -66.75% Communication, postage, rent and others 8,649 11,780 36.20% 2,226 5,592 3,842 -31.29% 72.60% TOTAL OTHER OPERATING INCOME 186,065 186,951 0.48% 47,501 87,677 14,336 -83.65% -69.82% - ---------------------------------------------------------------------------------------------------------------------------- TOTAL INCOME 2,175,819 1,884,249 -13.40% 797,512 473,188 712,538 50.58% -10.65% OPERATING EXPENSES Salaries and employee benefits 459,996 505,151 9.82% 157,833 171,869 169,504 -1.38% 7.39% Bonus plan payments 21,254 17,170 -19.22% 12,551 61 8,882 14460.66% -29.23% Compensation 6,873 3,222 -53.12% 2,188 882 1,624 84.13% -25.78% Administrative and other expenses 628,096 619,749 -1.33% 235,245 199,486 221,737 11.15% -5.74% Deposit security, net 42,008 49,418 17.64% 13,203 13,651 20,085 47.13% 52.12% Donation expenses 533 249 -53.28% 130 77 114 48.05% -12.31% Depreciation 65,232 74,885 14.80% 22,049 26,436 26,851 1.57% 21.78% TOTAL OPERATING EXPENSES 1,223,992 1,269,844 3.75% 443,199 412,462 448,797 8.81% 1.26% - ---------------------------------------------------------------------------------------------------------------------------- NET OPERATING INCOME 951,827 614,405 -35.45% 354,313 60,726 263,741 334.31% -25.56% Merger expenses 38,236 26,303 -31.21% 19,814 7,814 13,825 76.93% -30.23% Goodwill amortization (1) 16,986 18,900 11.27% 5,662 6,325 6,913 9.30% 22.09% NON-OPERATING INCOME (EXPENSE) Other income 50,322 158,120 214.22% 12,331 121,284 16,375 -86.50% 32.80% Minority interest (4,518) (5,740) 27.05% (1,430) (1,545) (1,434) -7.18% 0.28% Other expense (67,656) (116,224) 71.79% (27,321) (64,224) (36,569) -43.06% 33.85% TOTAL NON-OPERATING INCOME (21,852) 36,156 265.46% (16,420) 55,515 (21,628) -138.96% 31.72% INCOME BEFORE INCOME TAXES 874,753 605,358 -30.80% 312,417 102,102 221,375 116.82% -29.14% Income tax expense (184,450) (140,722) -23.71% (43,178) (33,054) (39,889) 20.68% -7.62% - ---------------------------------------------------------------------------------------------------------------------------- NET INCOME 690,303 464,636 -32.69% 269,239 69,048 181,486 162.84% -32.59% ============================================================================================================================
(1) Includes Banco de Colombia and Comercia S.A. -----END PRIVACY-ENHANCED MESSAGE-----