Exhibit 12.1

Ratios in accordance with Colombian GAAP⁽¹⁾

1) Excluding interest on deposits

		Year Ended December 31,															June 30,						September 30,
		2006			2007			2008			2009			2010			2010			2011			2010			2011
Income before taxes	COP		930,761	COP		1,462,052	COP		1,783,210	COP		1,733,944	COP		1,958,128	COP		896,244	COP		991,583	COP		1,402,200	COP		1,505,434
Interest expense			1,246,229			2,002,090			2,753,341			2,625,416			1,571,581			792,236			872,185			1,179,360			1,415,154
Interest on deposits			756,570			1,317,201			1,885,717			1,870,643			1,054,266			540,834			527,955			797,501			851,127
Preferred share dividends	COP		116,041	COP		157,974	COP		173,548	COP		177,108	COP		185,964	COP		—	COP		—	COP		—	COP		—
Ratio			2.35			2.55			2.55			2.67			3.52			4.56			3.88			4.67			3.67
2) Including interest on deposits
		Year Ended December 31,															June 30,						September 30,
		2006			2007			2008			2009			2010			2010			2011			2010			2011
Income before taxes	COP		930,761	COP		1,462,052	COP		1,783,210	COP		1,733,944	COP		1,958,128	COP		896,244	COP		991,583	COP		1,402,200	COP		1,505,434
Interest expense			1,246,229			2,002,090			2,753,341			2,625,416			1,571,581			792,236			872,185			1,179,360			1,415,154
Preferred share dividends	COP		116,041	COP		157,974	COP		173,548	COP		177,108	COP		185,964	COP		—	COP		—	COP		—	COP		—
Ratio			1.60			1.60			1.55			1.56			2.01			2.13			2.14			2.19			2.06
Ratios in accordance with U.S. GAAP(1)
1) Excluding interest on deposits
		Year Ended December 31,															June 30,						September 30,
		2006			2007			2008			2009			2010			2010			2011			2010			2011
Income before taxes	COP		1,252,124	COP		1,613,024	COP		1,102,123	COP		1,571,503	COP		1,868,166	COP		865,135	COP		460,075	COP		N/A	COP		N/A
Interest expense			1,273,438			1,914,902			2,788,890			2,788,891			1,906,946			968,168			1,038,335			N/A			N/A
Interest on deposits			784,081			1,268,571			1,865,157			1,865,157			1,046,226			540,834			527,955			N/A			N/A
Preferred share dividends	COP		116,041	COP		157,974	COP		173,548	COP		177,108	COP		185,964	COP		—	COP		—	COP		N/A	COP		N/A
Ratio			2.88			2.81			1.85			2.27			2.61			3.02			1.90			N/A			N/A
2) Including interest on deposits
		Year Ended December 31,															June 30,						September 30,
		2006			2007			2008			2009			2010			2010			2011			2010			2011
Income before taxes	COP		1,252,124	COP		1,613,024	COP		1,102,123	COP		1,571,503	COP		1,868,166	COP		865,135	COP		460,075	COP		N/A	COP		N/A
Interest expense			1,273,438			1,986,746			2,788,890			2,944,740			1,906,946			968,168			1,038,335			N/A			N/A
Preferred share dividends	COP		116,041	COP		157,974	COP		173,548	COP		177,108	COP		185,964	COP		—	COP		—	COP		N/A	COP		N/A
Ratio			1.82			1.68			1.31			1.45			1.80			1.89			1.44			N/A			N/A

⁽¹⁾  For purposes of computing the consolidated ratio of earnings to fixed charges, earnings consist of income before minority interest and income taxes. Fixed charges consist of total interest expense