0001144204-17-029174.txt : 20170524 0001144204-17-029174.hdr.sgml : 20170524 20170523210258 ACCESSION NUMBER: 0001144204-17-029174 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170523 FILED AS OF DATE: 20170524 DATE AS OF CHANGE: 20170523 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: 17865362 BUSINESS ADDRESS: STREET 1: AVENIDA LOS INDUSTRIALES STREET 2: CARRERA 48 # 26 -85 CITY: MEDELLIN STATE: F8 ZIP: 00000 BUSINESS PHONE: 574--510-18-38 MAIL ADDRESS: STREET 1: AVENIDA LOS INDUSTRIALES STREET 2: CARRERA 48 # 26 -85 CITY: MEDELLIN STATE: F8 ZIP: 00000 6-K 1 v467706_6k.htm FORM 6-K

 

UNITED STATES

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 1934

 

For the month of May, 2017

 

Commission File Number 001-32535

 

Bancolombia S.A.

(Translation of registrant’s name into English)

 

Cra. 48 # 26-85
Medellín, 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 þ                    Form 40-F ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):___

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(2):___

 

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 þ

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-                    .

 

 

 

 

 

BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS CONSOLIDATED NET INCOME OF COP 609 BILLION FOR THE FIRST QUARTER OF 2017 WHICH REPRESENTS AN INCREASE OF 53% COMPARED TO 1Q16.

 

·Net interest income was COP 2.6 billion and grew 6.4% during the quarter. This growth is explained by an expansion of the net interest margin, by higher volumes of peso-denominated loans and by the strong performance of the investment portfolio. Net interest income grew 14.0% when compared to 1Q16.

 

·Net fees were COP 625 billion and increased by 5.7% during the quarter. This growth was mainly driven by an increase in fees related to credit and debit cards, as well as trust services. Net fees increased by 10.5% when compared to 1Q16.

 

·The annualized net interest margin was 6.3% for the quarter. The margin increased 30 basis points during the quarter and 60 basis points when compared to 1Q16. This increase is product of higher interest rates on loans, strong performance of the investment portfolio and a lower cost of funding.

 

·Gross loans grew 0.4% during the quarter and 5.2% when compared to 1Q16. This growth shows the moderation in the credit demand in Colombia as well as a sustained growth in the Central America operations.

 

·Provision charges for the quarter were COP 774 billion and the coverage ratio for 90-day past due loans was 184%. These provisions aim to maintain a solid coverage ratio amid a challenging environment, as new past due loans totaled COP 1,564 billion, mainly explained by corporate clients in Colombia.

 

·Efficiency was 51.1% during the quarter, lower than the 54.1% registered for 4Q16. Operating expenses decreased by 3.0% during the quarter due to a tighter cost control and to seasonal factors. Personnel expenses grew 1.3% while administrative expenses decreased by 20.0% during the quarter.

 

·Tier 1 ratio was 10.5% at March 31, 2017 and increased 234 basis points when compared to March 31, 2016. The capital adequacy ratio was 14.5%. This increase is explained mainly by the generation net income, as well as the earnings retention in the AGM of March 2017.

 

·ROE was 11.4% during the quarter, higher than the 8.1% registered in 1Q16. This ROE improvement shows the normalization of operating results, combined with the tighter cost control and a lower effective tax rate.

 

May 23, 2017. Medellin, Colombia – Today, BANCOLOMBIA S.A. (“Bancolombia” or “the Bank”) announced its earnings results for the first quarter of 20171. For the quarter ended on March 31, 2017 (“1Q17”), Bancolombia reported consolidated net income of COP 609 billion, or COP 632.91 per share - USD 0.88 per ADR. This net income represents a 46.2% decrease compared to the quarter ended on December 31, 2016 (“4Q16”) and an increase of 53.2% compared to the quarter ended on March 31, 2016 (“1Q16”).

 

 

1. This report corresponds to the interim unaudited consolidated financial statements of BANCOLOMBIA S.A. and its subsidiaries (“BANCOLOMBIA” or “The Bank”) which Bancolombia controls, amongst others, by owning directly or indirectly, more than 50% of the voting capital stock. These financial statements have been prepared in accordance with International Financial Reporting Standards – IFRS. BANCOLOMBIA maintains accounting records in Colombian pesos, referred to herein as “Ps.” or “COP”. The statements of income for the quarter ended March 31, 2017 are not necessarily indicative of the results for any other future interim period. For more information, please refer to the Bank's filings with the Securities and Exchange Commission, which are available on the Commission's website at www.sec.gov. CAUTIONARY NOTE REGARDING CHANGES IN THE BANK’S ACCOUNTING POLICIES: Beginning on January 1, 2015, the financial statements of BANCOLOMBIA are being prepared under IFRS. BANCOLOMBIA’s first IFRS financial statements will cover the year ending in 2015. CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties; consequently, there are or will be factors, including, among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products by other companies, lack of acceptances of new products or services by our targeted customers, changes in business strategy and various others factors, that could cause actual results to differ materially from those indicated in such statements. We do not intend, and do not assume any obligation, to update these forward-looking statements. Certain monetary amounts, percentages and other figures included in this report have been subject to rounding adjustments. Any reference to BANCOLOMBIA means the Bank together with its affiliates, unless otherwise specified.

Representative Market Rate, April 1, 2017 $2,885.57 = US$ 1

 

  1

 

 

 

BANCOLOMBIA: Summary of consolidated financial quarterly results

 

CONSOLIDATED BALANCE SHEET            
AND INCOME STATEMENT  Quarter   Growth 
(COP million)  1Q16   4Q16   1Q17   1Q17/4Q16   1Q17/1Q16 
ASSETS                    
Net Loans   139,453,777    145,125,575    145,331,160    0.14%   4.21%
Investments   15,040,851    13,060,653    15,146,243    15.97%   0.70%
Other assets   36,911,252    38,074,816    36,264,595    -4.75%   -1.75%
Total assets   191,405,880    196,261,044    196,741,998    0.25%   2.79%
                          
LIABILITIES AND SHAREHOLDERS' EQUITY                         
Deposits   117,399,796    124,965,867    125,223,209    0.21%   6.66%
Other liabilities   54,221,863    48,818,197    49,468,420    1.33%   -8.77%
Total liabilities   171,621,659    173,784,064    174,691,629    0.52%   1.79%
Non-controlling interest   1,100,018    1,209,397    1,183,988    -2.10%   7.63%
Shareholders' equity   18,684,203    21,267,583    20,866,381    -1.89%   11.68%
Total liabilities and shareholders' equity   191,405,880    196,261,044    196,741,998    0.25%   2.79%
                          
Interest income   3,668,507    4,094,749    4,202,956    2.64%   14.57%
Interest expense   (1,369,008)   (1,631,492)   (1,581,650)   -3.05%   15.53%
Net interest income   2,299,499    2,463,257    2,621,306    6.42%   13.99%
Net provisions   (539,774)   (771,510)   (774,458)   0.38%   43.48%
Fees and income from service, net   565,430    590,991    624,838    5.73%   10.51%
Other operating income   363,765    473,105    353,401    -25.30%   -2.85%
Total Dividends received and equity method   63,840    16,165    32,418    100.54%   -49.22%
Total operating expense   (1,773,636)   (1,916,395)   (1,858,767)   -3.01%   4.80%
Profit before tax   979,124    855,613    998,738    16.73%   2.00%
Income tax   (550,848)   125,866    (366,685)   -391.33%   -33.43%
Net income before non-controlling interest   428,276    981,479    632,053    -35.60%   47.58%
Non-controlling interest   (35,555)   (6,304)   (23,299)   269.59%   -34.47%
Net income before Descontinued Operations   392,721    975,175    608,754    -37.57%   55.01%
Discontinued Operations Net Income   4,645    155,804    -    -100.00%   -100.00%
Net income   397,366    1,130,979    608,754    -46.17%   53.20%

 

       Quarter     
PRINCIPAL RATIOS  1Q16   4Q16   1Q17 
PROFITABILITY               
Net interest margin (1) from continuing operations   5.65%   5.98%   6.31%
Return on average total assets (2) from continuing operations   0.81%   2.34%   1.25%
Return on average shareholders´ equity (3)   8.10%   22.06%   11.44%
EFFICIENCY               
Operating expenses to net operating income   54.21%   54.08%   51.18%
Operating expenses to average total assets   3.72%   3.97%   3.80%
Operating expenses to productive assets   4.42%   4.65%   4.48%
CAPITAL ADEQUACY               
Shareholders' equity to total assets   9.76%   10.84%   10.61%
Technical capital to risk weighted assets   12.96%   13.26%   14.46%
KEY FINANCIAL HIGHLIGHTS               
Net income per ADS from continuing operations   0.54    1.57    0.88 
Net income per share $COP from continuing operations   408.31    1,175.87    632.91 
P/BV ADS (4)   1.32    1.24    1.33 
P/BV Local (5) (6)   1.27    1.14    1.21 
P/E (7) from continuing operations   15.39    5.59    10.84 
ADR price   34.18    36.68    39.87 
Common share price (8)   24,700    25,220    26,260 
Weighted average of Preferred Shares outstanding   961,827,000    961,827,000    961,827,000 
USD exchange rate (quarter end)   3,000.63    3,000.71    2,885.57 

 

(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) Defined as ADS price divided by ADS book value. (5) Defined as share price divided by share book value. (6) Share prices on the Colombian Stock Exchange. (7) Defined as market capitalization divided by annualized quarter results. (8) Prices at the end of the respective quarter.

 

  2

 

 

 

1.BALANCE SHEET

 

1.1.Assets

 

As of March 31, 2017, Bancolombia’s assets totaled COP 196,742 billion, which represents an increase of 0.3% compared to 4Q16 and of 3.0% compared to 1Q16.

 

During the quarter, the COP appreciated 3.84% versus the USD and appreciated 3.83% over the past 12 months.

 

The increase in total assets during the quarter is largely explained by the growth of the position of investment in associates and joint ventures, and Interbank Deposits.

 

1.2.Loan Portfolio

 

The following table shows the composition of Bancolombia’s investments and loans by type and currency:

 

(COP Million)  Amounts in COP   Amounts in USD converted to COP   Amounts in USD (thousands)   Total 
(1 USD = 2885.57 COP)  1Q17   1Q17/4Q16   1Q17   1Q17/4Q16   1Q17   1Q17/4Q16   1Q17   1Q17/4Q16 
Commercial loans   69,647,965    2.02%   37,750,742    -3.41%   13,082,594    0.45%   107,398,707    0.05%
Consumer loans   16,053,265    4.84%   8,518,190    -3.93%   2,951,995    -0.10%   24,571,455    1.62%
Mortgage loans   10,719,968    3.56%   8,610,965    -2.17%   2,984,147    1.74%   19,330,932    0.93%
Small business loans   648,621    -3.81%   391,468    0.46%   135,664    4.47%   1,040,089    -2.24%
Interests paid in advance   1,459    -1790.60%   (1,459)   100.00%   (506)   100.00%   -    -98.92%
Gross loans   97,071,278    2.61%   55,269,904    -3.28%   19,153,895    0.58%   152,341,183    0.39%

 

The quarter 1Q17 shows an increase in gross loans of 0.4%. The growth of peso-denominated loans was 10.4%, while the growth in dollar-denominated loans was 0.9%. In comparison with a year ago, total gross loans grew 5.2%.

 

As of March 31, 2017, our operations in Banco Agricola in El Salvador, Banistmo in Panama and BAM in Guatemala, represented 25% of total gross loans.

 

Gross loans denominated in currencies other than COP, originated by our operations in Central America and the offshore operation of Bancolombia Panama as well as the USD denominated loans in Colombia, accounted for 36% and increased 0.6% at the end of 1Q17.

 

Total reserves (allowances in the balance sheet) for loan losses increased by 6.0% during the quarter and totaled COP 7,010 billion, equivalent to 4.6% of gross loans at the end of the quarter.

 

For further explanation regarding coverage of the loan portfolio and credit quality trends, (see section 2.4. Asset Quality, Provision Charges and Balance Sheet Strength).

 

The following table summarizes Bancolombia’s total loan portfolio:

 

LOAN PORTFOLIO

(COP million)

  1Q16   4Q16   1Q17   1Q17/4Q16   1Q17/1Q16   % of total loans 
Commercial   104,222,799    107,350,204    107,398,707    0.05%   3.05%   70.5%
Consumer   21,204,782    24,179,711    24,571,455    1.62%   15.88%   16.1%
Mortgage   18,503,948    19,153,710    19,330,932    0.93%   4.47%   12.7%
Microcredit   925,065    1,063,947    1,040,089    -2.24%   12.43%   0.7%
Interests received in advance   (648)   (86)   -    -43.29%   -100.00%   0.0%
Total loan portfolio   144,855,946    151,747,486    152,341,183    0.39%   5.17%   100.0%
Allowance for loan losses   (5,402,169)   (6,621,911)   (7,010,023)   5.86%   29.76%     
Total loans, net   139,453,777    145,125,575    145,331,160    0.14%   4.21%     

 

  3

 

 

 

1.3.Investment Portfolio

 

As of March 31, 2017, Bancolombia’s net investment portfolio totaled COP 15,146 billion, increasing 16.0% compared to the figure reported in 4Q16 and 0.7% compared to 1Q16. The investment portfolio consists primarily of debt securities, which represent 69.6% of Bancolombia’s total investments and 5.4% of assets at the end of 1Q17.

 

At the end of 1Q17, the debt securities portfolio had a duration of 17.5 months and a yield to maturity of 5.88%.

 

1.4.Goodwill and intangibles

 

As of 1Q17, Bancolombia’s goodwill and intangibles totaled COP 6,423 billion, decreasing 4.1% compared to 4Q16. This variation is explained by the effect on USD-denominated goodwill of the appreciation of the COP against the USD during the quarter.

 

1.5.Funding

 

As of March 31, 2017, Bancolombia’s liabilities totaled COP 174,692 billion, increasing 0.5% with respect to 4Q16 and 1.8% compared to 1Q16.

 

Deposits by customers totaled COP 124,497 billion (or 71.3% of liabilities) at the end of 1Q17, decreasing 0.1% during the quarter and increasing 6.6% over the last 12 months. The net loans to deposits ratio (including borrowings from domestic development banks) was 112% at the end of 1Q17, which marks an increase in comparison to the 111% reported at the end 4Q16.

 

Bancolombia’s funding strategy during the last months has been to extend the average life of time deposits and promote saving accounts in the consumer segment in order to keep the funding cost at a minimum. The objective is to build and maintain ample liquidity and decrease the sensitivity of the balance sheet to changes in interest rates, which has been reflected in the stability of the loans net interest margin.

 

Funding mix  1Q16   4Q16   1Q17 
COP Million                    
Checking accounts   21,894,531    14%   21,443,002    13%   20,213,911    12%
Saving accounts   46,863,823    29%   48,693,702    30%   49,294,251    30%
Time deposits   46,788,999    29%   52,673,385    32%   53,584,352    33%
Other deposits   5,023,147    3%   3,737,932    2%   5,621,646    3%
Long term debt   18,586,652    12%   18,704,809    11%   18,098,431    11%
Loans with banks   20,441,690    13%   19,247,699    12%   17,212,856    10%
Total Funds   159,598,842    100%   164,500,529    100%   164,025,447    100%

 

1.6.Shareholders’ Equity and Regulatory Capital

 

Shareholders’ equity at the end of 1Q17 was COP 20,866 billion, decreasing 1.9% or COP 401 billion, compared to the COP 21,267 billion reported at the end of 4Q16.

 

Bancolombia’s capital adequacy ratio was 14.46% in 1Q17. This figure highlights the company’s solid capital position.

 

Bancolombia’s capital adequacy ratio was 546 basis points above the minimum 9% required by the Colombian regulator, while the basic capital ratio (Tier 1) to risk weighted assets was 10.53%, 603 basis points above the regulatory minimum of 4.5%. The tangible capital ratio, defined as shareholders’ equity minus goodwill and intangible assets divided by tangible assets, was 7.44% at the end of 1Q17.

 

  4

 

 

 

In the last months, Bancolombia has generated capital organically due to the appropriation of earnings and to the efficient allocation of capital in different products, at the same time Bancolombia has reduced the VaR consumption across several segments.

 

TECHNICAL CAPITAL RISK WEIGHTED ASSETS                        
Consolidated (COP millions)  1Q16   %   4Q16   %   1Q17   % 
Basic capital (Tier I)   13,741,047    8.20%   15,042,396    9.02%   17,798,470    10.53%
Additional capital (Tier II)   7,985,639    4.76%   7,069,448    4.24%   6,626,701    3.92%
Technical capital (1)   21,726,686         22,111,844         24,425,171      
Risk weighted assets including market risk   167,605,948         166,781,426         168,947,148      
CAPITAL ADEQUACY (2)        12.96%        13.26%        14.46%

 

(1) Technical capital is the sum of basic and additional capital.

(2) Capital adequacy is technical capital divided by risk-weighted assets.

 

  5

 

 

 

2.INCOME STATEMENT

 

Net income totaled COP 609 billion in 1Q17, or COP 632.91 per share - USD 0.88 per ADR (excluding discontinued operations). This net income represents a decrease of 46.2% compared to 4Q16 and an increase of 53.2% compared to 1Q16. Bancolombia’s annualized ROE for 1Q17 was 11.4%.

 

2.1.Net Interest Income

 

Net interest income totaled COP 2,621 billion in 1Q17, 6.4% more than that reported in 4Q16, and 14.0% higher than the figure for 1Q16. Higher volumes in peso-denominated loans and increases in loan margin drove the positive annual and quarterly performance of this line.

 

During 1Q17, the investment, interest rate derivatives and repos portfolio generated COP 200 billion.

 

Net Interest Margin

 

The annualized net interest margin increased to 6.3% in 1Q17. The annualized net interest margin for investments was 3.2%, and the annualized net interest margin of the loan portfolio was 6.6%.

 

The re-pricing of existing loans, the origination of new loans at higher rates and higher volumes in the peso-denominated loan portfolio were the factors that drove the net interest margin expansion of 30 basis points during the quarter and 60 basis points during the last twelve months.

 

Annualized Interest            
Margin  1Q16   4Q16   1Q17 
Loans' Interest margin   5.9%   6.5%   6.6%
Debt investments' margin   3.0%   -0.5%   3.2%
Net interest margin   5.7%   6.0%   6.3%

 

 

The funding cost was kept under control during 1Q17. Savings and checking accounts represented the same proportion of the total cost of funding as in 4Q16, and the annualized average weighted cost of deposits was 3.45% in 1Q17, decreasing by13 basis points compared to 4Q16.

 

Average weighted            
funding cost  1Q16   4Q16   1Q17 
Checking accounts   0.00%   0.00%   0.00%
Saving accounts   1.77%   2.36%   2.37%
Time deposits   5.13%   6.08%   5.79%
Total deposits   2.79%   3.58%   3.45%
Long term debt   7.18%   7.13%   6.66%
Loans with banks   2.54%   2.86%   2.98%
Total funding cost   3.27%   3.89%   3.72%

 

2.2.Fees and Income from Services

 

During 1Q17, net fees and income from services totaled COP 625 billion, increasing 5.7% compared to 4Q16, and 10.5% compared to 1Q16. The positive performance in fees is due to higher volumes of transactions and the good performance of credit and debit cards, and trust services.

 

  6

 

 

 

Fees from credit and debit cards increased 7.3% compared to 4Q16 and 8.7% compared to 1Q16. Fees from asset management and trust services increased 6.4% compared to 4Q16 and 16.5% compared to 1Q16. Fees from our bancassurance business decreased 21.0% compared to 4Q16, due to seasonal factors and increased 8.0% with respect to 1Q16, thanks to the continuation of cross-selling initiatives led by our sales teams.

 

The following table summarizes Bancolombia’s participation in the credit card business in Colombia:

 

ACCUMULATED CREDIT CARD BILLING          %   2017 
(COP millions)  Feb-16   Feb-17   Growth   Market Share 
Bancolombia VISA   715,795    959,268    34.01%   9.40%
Bancolombia Mastercard   745,327    910,613    22.18%   8.92%
Bancolombia American Express   612,141    623,578    1.87%   6.11%
Total Bancolombia   2,073,262    2,493,459    20.27%   24.43%
Colombian Credit Card Market   8,944,672    10,208,336    14.10%     

 

CREDIT CARD MARKET SHARE          %   2017 
(Outstanding credit cards)  Feb-16   Feb-17   Growth   Market Share 
Bancolombia VISA   612,061    723,174    18.15%   4.38%
Bancolombia Mastercard   759,726    837,751    10.27%   5.08%
Bancolombia American Express   637,661    603,724    -5.32%   3.66%
Total Bancolombia   2,009,448    2,164,649    7.72%   13.12%
Colombian Credit Card Market   15,492,341    16,501,933    6.52%     

 

Source: Superintendencia Financiera de Colombia

  

2.3.Other Operating Income

 

Total other operating income was COP 353 billion in 1Q17, decreasing by 25.3% compared to 4Q16, and by 2.9% with respect to 1Q16.

 

Revenues from the operating leases business line totaled COP 139 billion in 1Q17, decreasing by 0.3% compared to 4Q16 and increasing by 18.2% compared to those reported in 1Q16.

 

2.4.Asset Quality, Provision Charges and Balance Sheet Strength

 

The principal balance for past due loans (those that are overdue for more than 30 days) totaled COP 6,018 billion at the end of 1Q17 and represented 4.1% of total gross loans, increasing by 24.5% compared to 4Q16, when past due loans represented 3.3% of total gross loans. During 1Q17, Charge-offs totaled COP 381 billion.

 

The coverage, measured by the ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 106.6% at the end of 1Q17, decreasing compared to 125.9% at the end of 4Q16.The coverage measured by the ratio of allowances for loans losses to loans classified as C, D and E, was 84.2% at the end of 1Q17, increasing with respect to the 82.1% at the end of 4Q16.

 

The deterioration of the loan portfolio (new past due loans including charge-offs) was COP 1,564 billion in 1Q17. During the quarter, the deterioration of loans increased mainly in the commercial segment due to some corporate clients as well as some deterioration in SMEs. Provision charges (net of recoveries) totaled COP 774 billion in 1Q17. Provisions as a percentage of the average gross loans were 2.0% for 1Q17.

 

Bancolombia maintains a strong balance sheet supported by an adequate level of loan loss reserves. Allowances for loan losses totaled COP 6,414 billion, or 4.4% of total loans at the end of 1Q17. This proportion increased compared to the one presented at the end of 4Q16.

 

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The following tables present key metrics related to asset quality:

 

ASSET QUALITY  As of 
(COP millions)  1Q16   4Q16   1Q17 
Total 30-day past due loans   4,645,700    4,835,329    6,018,555 
Allowance for loan losses (1)   4,934,311    6,087,510    6,414,376 
Past due loans to total loans   3.33%   3.31%   4.10%
“C”, “D” and “E” loans as a percentage of total loans   4.11%   5.07%   5.19%
Allowances to past due loans   106.21%   125.90%   106.58%
Allowance for loan  losses as a percentage of “C”, “D” and “E” loans   85.95%   82.08%   84.16%
Allowance for loan losses as a percentage of total loans   3.54%   4.17%   4.37%

 

(1) Allowances are reserves for the principal of loans.

 

PDL Per Category          30 days 
   % Of loan Portfolio   1Q16   4Q16   1Q17 
Commercial loans   70.5%   2.39%   2.16%   3.12%
Consumer loans   16.1%   4.83%   5.23%   5.27%
Microcredit   12.7%   8.40%   10.46%   12.39%
Mortgage loans   0.7%   6.83%   6.73%   7.43%
PDL TOTAL        3.33%   3.31%   4.10%

 

PDL Per Category          90 days 
   % Of loan Portfolio   1Q16   4Q16   1Q17 
Commercial loans   70.5%   1.67%   1.69%   1.97%
Consumer loans   16.1%   3.07%   3.60%   3.43%
Microcredit   12.7%   5.18%   6.47%   7.48%
Mortgage loans*   0.7%   2.62%   2.81%   2.98%
PDL TOTAL        2.01%   2.18%   2.38%

 

* Mortgage loans that were overdue were calculated for past due loans for 120 days instead of 90 days.

 

LOANS AND FINANCIAL LEASES CLASSIFICATION  1Q16   4Q16   1Q17 
(COP millions)                        
¨A¨ Normal   125,295,403    89.8%   131,568,504    90.0%   130,937,321    89.2%
¨B¨ Subnormal   8,504,797    6.1%   7,163,549    4.9%   8,218,232    5.6%
¨C¨ Deficient   2,524,384    1.8%   3,460,961    2.4%   3,628,389    2.5%
¨D¨ Doubtful recovery   1,626,057    1.2%   2,338,717    1.6%   2,237,087    1.5%
¨E¨ Unrecoverable   1,590,147    1.1%   1,616,607    1.1%   1,755,981    1.2%
Total   139,540,789    100.0%   146,148,339    100.0%   146,777,010    100.0%
Loans and financial leases classified as C, D and E as a percentage of total loans and financial leases   4.11%        5.07%        5.19%     

 

2.5.Operating Expenses

 

During 1Q17, operating expenses totaled COP 1,859 billion, decreasing 3.0% with respect to 4Q16 and increasing 4.8% with respect to 1Q16.

 

Personnel expenses (salaries, bonus plan payments and compensation) totaled COP 790 billion in 1Q17, increasing 1.3% compared to 4Q16 and 13.1% compared to 1Q16. During the quarter, we had fewer charges for employee benefits and bonuses compared with 4Q16.

 

During 1Q17, administrative expenses totaled COP 615 billion, decreasing 20.0% compared to 4Q16 and increasing 7.6% as compared to 1Q16.

 

Depreciation and amortization expenses totaled COP 120 billion in 1Q17, increasing 2.0% compared to 4Q16 and decreasing 22.0% compared to 1Q16.

 

As of March 31, 2017, Bancolombia had 30,911 employees, owned 1,100 branches, 5,372 ATMs, 8,824 baking agents and served more than 11 million customers.

 

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2.6.Taxes

 

Income tax expense was COP 367 billion for 1Q17, decreasing 33.4% when compared to the income tax registered in 1Q16.

 

In 1Q16, the conversion of certain USD denominated liabilities to COP made the income tax base greater due to the appreciation of COP against USD. This conversion caused the effective tax rate to be around 56%. The tax regulations that have been in place since December 29, 2016, do not require USD denominated liabilities to be converted for tax purposes. Therefore, past fluctuations in the effective tax rate resulting from exchange rate movements will not recur.

 

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3.RECENT DEVELOPMENTS

 

·March 16, 2017, The General Shareholders Meeting approved the Board of Directors’ profit distribution proposal and declared a dividend equal to COP$950.40 per share to be paid as follows: COP $237.60 per share and per quarter, on the following dates: April 3, July 4, October 2 and December 27 of 2017.

 

 

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4.BANCOLOMBIA Company Description (NYSE: CIB)

 

GRUPO BANCOLOMBIA is a full service financial conglomerate incorporated in Colombia that offers a wide range of banking products and services to a diversified individual and corporate customer base of more than 11 million customers. GRUPO BANCOLOMBIA delivers its products and services via its regional network comprised of: Colombia’s largest non-government owned banking network, El Salvador’s leading financial conglomerate (Banagricola S.A.), off-shore and local (Banistmo S.A.) banking subsidiaries in Panama, Guatemala, Cayman and Puerto Rico. Together, BANCOLOMBIA and its subsidiaries provide stock brokerage, investment banking, leasing, factoring, consumer finance, fiduciary and trust services, asset management, among others.

 

Contact Information

 

Bancolombia’s Investor Relations

Phone: (574) 4041837 / (574) 4041838 / (574) 4043917.

E-mail: IR@bancolombia.com.co

Contacts: Alejandro Mejia (IR Manager) / Camilo Arbelaez (Analyst) / Juliana Álvarez (Analyst).

Website: http://www.grupobancolombia.com/wps/portal/about-us/corporate-information/investor-relations/

 

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BALANCE SHEET              Growth         
(COP million)  Mar-16   Dec-16   Mar-17   mar-17 /
dec-16		   mar-17 /
mar-16		   % of
Assets		   % of
Liabilities		 
ASSETS                                   
Cash and balances at central bank   14,577,824    16,216,907    15,047,380    -7.21%   3.22%   7.65%     
Interbank borrowings   1,504,929    1,606,506    2,403,587    49.62%   59.71%   1.22%     
Reverse repurchase agreements and other similar secured lend   1,148,346    2,636,832    933,844    -64.58%   -18.68%   0.47%     
Financial assets investment   15,040,851    13,060,653    15,146,243    15.97%   0.70%   7.70%     
Derivative financial instruments   2,350,871    1,677,970    1,629,255    -2.90%   -30.70%   0.83%     
Loans and advances to customers   144,855,946    151,747,486    152,341,183    0.39%   5.17%   77.43%     
Allowance for loan and lease losses   (5,402,169)   (6,621,911)   (7,010,023)   5.86%   29.76%   -3.56%     
Investment in associates and joint ventures   531,794    1,298,246    1,371,488    5.64%   157.90%   0.70%     
Goodwill and Intangible assets, net   6,676,098    6,694,037    6,422,749    -4.05%   -3.79%   3.26%     
Premises and equipment, net   3,151,168    3,115,697    3,019,732    -3.08%   -4.17%   1.53%     
Investment property   1,548,778    1,581,689    1,617,160    2.24%   4.42%   0.82%     
Prepayments   256,196    310,759    300,682    -3.24%   17.36%   0.15%     
Tax receivables   704,181    581,153    739,231    27.20%   4.98%   0.38%     
Deferred tax   648,981    222,862    727,225    226.31%   12.06%   0.37%     
Assets held for sale and inventories   2,144,757    273,187    251,814    -7.82%   -88.26%   0.13%     
Other assets   1,667,329    1,858,971    1,800,448    -3.15%   7.98%   0.92%     
Total assets   191,405,880    196,261,044    196,741,998    0.25%   2.79%   100.00%     
LIABILITIES AND SHAREHOLDERS' EQUITY                                   
LIABILITIES                                   
Deposit by customers   116,805,706    124,624,011    124,496,843    -0.10%   6.58%   63.28%   71.27%
Interbank Deposits   594,090    341,856    726,366    112.48%   22.27%   0.37%   0.42%
Derivative financial instrument   1,990,850    1,312,450    1,248,707    -4.86%   -37.28%   0.63%   0.71%
Borrowings from other financial institutions   19,847,600    18,905,843    16,486,490    -12.80%   -16.93%   8.38%   9.44%
Debt securities in issue   18,586,652    18,704,809    18,098,431    -3.24%   -2.63%   9.20%   10.36%
Preferred shares   538,348    581,972    539,361    -7.32%   0.19%   0.27%   0.31%
Repurchase agreements and other similar secured borrowing   3,764,794    1,924,010    4,217,317    119.19%   12.02%   2.14%   2.41%
Liabilities relating to assets held for sale   1,845,726    -    -    0.00%   -100.00%   0.00%   0.00%
Current tax   594,371    124,802    430,101    244.63%   -27.64%   0.22%   0.25%
Deferred tax   1,389,287    1,325,354    1,848,570    39.48%   33.06%   0.94%   1.06%
Employees benefit plans   130,643    650,802    449,189    -30.98%   243.83%   0.23%   0.26%
Other liabilities   5,533,592    5,288,155    6,150,254    16.30%   11.14%   3.13%   3.52%
Total liabilities   171,621,659    173,784,064    174,691,629    0.52%   1.79%   88.79%   100.00%
SHAREHOLDERS' EQUITY                                   
Share Capital   480,914    480,914    480,914    0.00%   0.00%   0.24%     
Additional paid-in-capital   4,857,454    4,857,454    4,857,454    0.00%   0.00%   2.47%     
Appropriate reserves   7,097,545    7,472,409    9,049,252    21.10%   27.50%   4.60%     
Retained earnings   4,231,281    6,380,657    4,134,418    -35.20%   -2.29%   2.10%     
Accumulated other comprehensive income (loss), net of tax   2,017,009    2,076,149    2,344,343    12.92%   16.23%   1.19%     
Stockholders’ equity attributable to the owners of the parent company   18,684,203    21,267,583    20,866,381    -1.89%   11.68%   10.61%     
Non-controlling interest   1,100,018    1,209,397    1,183,988    -2.10%   7.63%   0.60%     
Total liabilities and equity   191,405,880    196,261,044    196,741,998    0.25%   2.79%   100.00%     

 

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INCOME STATEMENT              Growth 
(COP million)  1Q 16   4Q 16   1Q 17   1Q 17 / 4Q 16   1Q 17 / 1Q 16 
Interest income and expenses                         
Interest on loans and financial leases                         
Commercial   1,824,372    2,130,624    2,029,581    -4.74%   11.25%
Consumer   664,403    856,279    872,418    1.88%   31.31%
Small business loans   54,921    64,765    60,550    -6.51%   10.25%
Mortgage   487,771    365,283    499,423    36.72%   2.39%
Leasing   446,753    534,417    535,607    0.22%   19.89%
Interest income on loans and financial leases   3,478,220    3,951,368    3,997,579    1.17%   14.93%
Interest income on overnight and market funds   5,942    4,027    5,015    24.53%   -15.60%
Interest and valuation on Investment                         
Debt investments, net   43,030    46,076    41,768    -9.35%   -2.93%
Net gains from investment activities at fair value through income statement                         
Debt investments   173,660    58,448    189,260    223.81%   8.98%
Derivatives   (37,394)   48,987    (5,033)   -110.27%   -86.54%
Repos   3,368    6,428    (22,642)   -452.24%   -772.27%
Others   1,681    (20,585)   (2,991)   -85.47%   -277.93%
Total Net gains from investment activities at fair value through profit and loss   141,315    93,278    158,594    70.02%   12.23%
Total interest on investment securities   184,345    139,354    200,362    43.78%   8.69%
Total interest and valuation   3,668,507    4,094,749    4,202,956    2.64%   14.57%
Interest expense                         
Borrowing costs   (167,241)   (180,307)   (179,317)   -0.55%   7.22%
Overnight funds   (1,423)   (1,186)   (3,866)   225.97%   171.68%
Debt securities in issue   (341,406)   (324,900)   (306,491)   -5.67%   -10.23%
Deposits   (837,077)   (1,087,747)   (1,072,879)   -1.37%   28.17%
Preferred Shares Dividends   (15,091)   (14,980)   (15,091)   0.74%   0.00%
Other interest (expense)   (6,770)   (22,372)   (4,006)   -82.09%   -40.83%
Total interest expense   (1,369,008)   (1,631,492)   (1,581,650)   -3.05%   15.53%
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments   2,299,499    2,463,257    2,621,306    6.42%   13.99%
Credit impairment charges on loans and advance and financial leases   (593,873)   (801,047)   (863,290)   7.77%   45.37%
Recovery of charged-off loans   61,820    37,530    72,155    92.26%   16.72%
Credit impairment charges on off balance sheet credit instruments   (7,721)   (7,993)   16,677    308.65%   316.00%
Total credit impairment charges, net   (539,774)   (771,510)   (774,458)   0.38%   43.48%
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments   1,759,725    1,691,747    1,846,848    9.17%   4.95%
Fees and comission income                         
Banking services   190,589    222,915    207,466    -6.93%   8.86%
Credit and debit card fees and commercial establishments   270,017    273,454    293,460    7.32%   8.68%
Brokerage   5,831    5,351    5,335    -0.30%   -8.51%
Acceptances, Guarantees and Standby letters of credits   12,474    17,103    14,025    -18.00%   12.43%
Trust   71,127    77,885    82,860    6.39%   16.50%
Bancassurance   72,093    98,048    77,861    -20.59%   8.00%
Payments and Collections   51,684    64,189    55,340    -13.79%   7.07%
Others   101,573    110,780    108,811    -1.78%   7.13%
Fees and comission income   775,388    869,725    845,158    -2.82%   9.00%
Fees and comission expenses                         
Banking services   (81,069)   (94,776)   (93,287)   -1.57%   15.07%
Others   (128,889)   (183,958)   (127,033)   -30.94%   -1.44%
Fees and comission expenses   (209,958)   (278,734)   (220,320)   -20.96%   4.94%
Total fees and comissions, net   565,430    590,991    624,838    5.73%   10.51%
Other operating income                         
Derivatives FX contracts   69,515    150,291    (14,623)   -109.73%   -121.04%
Net foreign exchange   26,837    (86,210)   97,211    212.76%   262.23%
Hedging   (13,985)   10,121    (27)   -100.27%   -99.81%
Operating leases   117,383    139,108    138,761    -0.25%   18.21%
Gains (or losses) on sale of assets   12,764    23,961    7,233    -69.81%   -43.33%
Other reversals   393    2,631    674    -75.65%   71.50%
Others   150,858    233,203    124,172    -46.72%   -17.69%
Total other operating income   363,765    473,105    353,401    -25.30%   -2.85%
Dividends received, and share of profits of equity method investees                         
Dividends   11,980    11,043    11,137    0.85%   -7.04%
Equity investments   41,019    (2,903)   2,006    169.10%   -95.11%
Equity method   10,841    8,025    19,275    140.19%   77.80%
Total dividends received, and share of profits of equity method investees   63,840    16,165    32,418    100.54%   -49.22%
Total operating income, net   2,752,760    2,772,008    2,857,505    3.08%   3.81%

 

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INCOME STATEMENT              Growth 
(COP million)  1Q 16   4Q 16   1Q 17   1Q 17 / 4Q 16   1Q 17 / 1Q 16 
Operating expenses                         
Salaries and employee benefits   (582,698)   (604,601)   (644,019)   6.52%   10.52%
Bonuses   (115,478)   (175,391)   (145,810)   -16.87%   26.27%
Other administrative and general expenses   (571,946)   (766,371)   (615,291)   -19.71%   7.58%
Wealth tax contributions and other tax burden   (144,549)   (177,032)   (216,085)   22.06%   49.49%
Impairment, depreciation and amortization   (152,266)   (117,526)   (119,533)   1.71%   -21.50%
Others expenses   (61,989)   (75,474)   (60,263)   -20.15%   -2.78%
Equity Tax   (144,710)   -    (57,766)   100.00%   -60.08%
Total operating expenses   (1,773,636)   (1,916,395)   (1,858,767)   -3.01%   4.80%
Profit before tax   979,124    855,613    998,738    16.73%   2.00%
Income tax   (550,848)   125,866    (366,685)   -391.33%   -33.43%
Profit for the year from continuing operations   428,276    981,479    632,053    -35.60%   47.58%
Non-controlling interest   (35,555)   (6,304)   (23,299)   269.59%   -34.47%
Net income attributable to equity holders of the Parent Company   392,721    975,175    608,754    -37.57%   55.01%
Net Income from discontinued operations   4,645    155,804    -    -100.00%   -100.00%
Net income   397,366    1,130,979    608,754    -46.17%   53.20%

 

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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 23, 2017 By: /s/ JAIME ALBERTO VELÁSQUEZ B.
    Name: Jaime Alberto Velásquez B.
    Title: Vice President of Strategy
      and Finance

 

 

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