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 March, 2013

 

Comission 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 o

 

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 o                    No þ

 

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

 

 
 

 

 

  4Q12

 

BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS CONSOLIDATED NET INCOME OF COP 468 BILLION FOR THE FOURTH QUARTER OF 2012 (COP 549 PER SHARE - USD 1.24 PER ADR), WHICH REPRESENTS A DECREASE OF 7% COMPARED TO THE SAME QUARTER LAST YEAR.

 

·Net loans increased 8.2% compared to 3Q12 and 13.9% compared to 4Q11. This quarterly growth confirms an increase in credit demand in Colombia with respect to 3Q12.
·Net interest income increased 21.5% compared to 4Q11. Also, it grew 1% compared to 3Q12. These increases are the result of loan growth coupled with a good performance of the net interest margin during the year.
·Past due loans as a percentage of total loans declined in 4Q12. 30 days (or more) past due loans as a percentage of total gross loans was 2.6%. Loan deterioration during 4Q12 was COP 144 billion, and net provision charges for past due loans and foreclosed assets totaled COP 335 billion, which represents 2% of gross loans when annualized. Provision charges represented 1.7% of gross loans during 2012.
·The balance sheet remains strong. Loan loss reserves represented 4.6% of total gross loans and 177% of past due loans at the end of 4Q12. The capital adequacy ratio ended the quarter at 15.8% (Tier 1 of 10.4%).

 

March 4, 2013. Medellín, Colombia – Today, BANCOLOMBIA S.A. (“Bancolombia” or “the Bank”) announced its earnings results for the fourth quarter of 2012.

 

For the quarter ended on December 31, 2012 (“4Q12”), Bancolombia reported consolidated net income of COP 468 billion, or COP 549 per share - USD 1.24 per ADR, which represents a decrease of 7.2% as compared to the results for the quarter ended on December 31, 2011 (“4Q11”) and an increase of 7.7% as compared to the results for the quarter ended on September 30, 2012 (“3Q12”).

 

Bancolombia ended 4Q12 with COP 97,916 billion in assets, 5.1% higher than those at the end of 3Q12 and 14.6% greater than at the end of 4Q11. At the same time, liabilities totaled COP 86,309 billion, increasing 5.2% as compared to the figure presented in 3Q12 and increased 12.9% as compared to 4Q111.

 

 

1 This report corresponds to the consolidated financial statements of BANCOLOMBIA S.A. (“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 and the regulations of Superintendencia Financiera de Colombia, collectively COL GAAP. BANCOLOMBIA maintains accounting records in Colombian pesos, referred to herein as “Ps.” or “COP”. Certain monetary amounts, percentages and other figures included in this report have been subject to rounding adjustments. There have been no changes to the Bank's principal accounting policies in the quarter ended December 31, 2012. The statements of income for the quarter ended December 31, 2012 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 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 January 1, 2013 $1,768.23 = US$ 1

 

1
 

 

 

  4Q12

 

 

BANCOLOMBIA: Summary of consolidated financial quarterly results2

 

CONSOLIDATED BALANCE SHEET                  
AND INCOME STATEMENT   Quarter     Growth  
(COP millions)   4Q11     3Q12     4Q12     4Q12/3Q12     4Q12/4Q11  
ASSETS                              
Loans and financial leases, net     58,575,846       61,655,867       66,739,040       8.24 %     13.94 %
Investment securities, net     9,958,191       13,396,499       12,554,311       -6.29 %     26.07 %
Other assets     16,928,983       18,141,824       18,623,029       2.65 %     10.01 %
Total assets     85,463,020       93,194,190       97,916,380       5.07 %     14.57 %
                                         
LIABILITIES AND SHAREHOLDERS' EQUITY                                        
Deposits     52,434,492       56,138,482       64,158,720       14.29 %     22.36 %
Non-interest bearing     8,814,173       7,667,495       9,798,874       27.80 %     11.17 %
Interest bearing     43,620,319       48,470,987       54,359,846       12.15 %     24.62 %
Other liabilities     24,035,169       25,910,241       22,150,705       -14.51 %     -7.84 %
Total liabilities     76,469,661       82,048,723       86,309,425       5.19 %     12.87 %
Shareholders' equity     8,993,359       11,145,467       11,606,955       4.14 %     29.06 %
Total liabilities and shareholders' equity     85,463,020       93,194,190       97,916,380       5.07 %     14.57 %
                                         
Interest income     1,647,149       1,979,102       2,034,208       2.78 %     23.50 %
Interest expense     626,852       750,441       794,120       5.82 %     26.68 %
Net interest income     1,020,297       1,228,661       1,240,088       0.93 %     21.54 %
Net provisions     (328,408 )     (267,820 )     (334,677 )     24.96 %     1.91 %
Fees and income from service, net     466,994       449,099       494,479       10.10 %     5.89 %
Other operating income     341,557       248,585       196,251       -21.05 %     -42.54 %
Total operating expense     (903,694 )     (1,073,974 )     (1,054,978 )     -1.77 %     16.74 %
Goodwill amortization     (15,026 )     (11,488 )     (11,165 )     -2.81 %     -25.70 %
Non-operating income, net     55,476       (2,662 )     6,135       330.47 %     -88.94 %
Income tax expense     (133,354 )     (136,185 )     (68,371 )     -49.80 %     -48.73 %
Net income     503,842       434,216       467,762       7.73 %     -7.16 %
                                         
PRINCIPAL RATIOS     Quarter       As of  
      4T11       3T12       4T12       Dec-11       Dec-12  
PROFITABILITY                                        
Net interest margin (1)     5.89 %     6.64 %     6.28 %     6.17 %     6.49 %
Return on average total assets (2)     2.42 %     1.94 %     1.97 %     2.20 %     1.92 %
Return on average shareholders´ equity (3)     23.11 %     15.89 %     16.47 %     20.22 %     15.97 %
EFFICIENCY                                        
Operating expenses to net operating income     50.23 %     56.35 %     55.22 %     57.58 %     56.19 %
Operating expenses to average total assets     4.41 %     4.85 %     4.49 %     4.76 %     4.69 %
CAPITAL ADEQUACY                                        
Shareholders' equity to total assets     10.52 %     11.96 %     11.85 %     10.52 %     11.85 %
Technical capital to risk weighted assets     12.46 %     16.61 %     15.77 %     12.46 %     15.77 %
KEY FINANCIAL HIGHLIGHTS                                        
Net income per ADS (USD)     1.32       1.13       1.24                  
Net income per share $COP     639.53       509.75       549.13                  
P/BV ADS (4)     2.53       2.05       2.16                  
P/BV Local (5) (6)     2.49       2.02       2.20                  
P/E (7)     11.19       13.04       13.55                  
ADR price (8)     59.56       59.71       66.58                  
Common share price (8)     28,480       26,400       30,000                  
Shares outstanding (9)     787,827,003       851,827,000       851,827,000                  
USD exchange rate (quarter end)     1,942.70       1,800.52       1,768.23                  

 

(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. (9) Common and preferred.

 

2
 

 

 

  4Q12

 

1.BALANCE SHEET

 

1.1.Assets

 

As of December 31, 2012, Bancolombia’s assets totaled COP 97,916 billion, which represents an increase of 5.1% compared to 3Q12 and an increase of 14.6% compared to 4Q11.

 

The increase in assets presented for the quarter is mainly explained by the 8.2% increase in net loans and financial leases, which represented 68% of total assets at the end of 4Q12. On the other hand, investments decreased 6.3% during the quarter.

 

It is highlighted the growth of operating leases, which increased 9.2% during the quarter and 58.8% compared to 4Q11.

 

1.2.Loan Portfolio

 

The following table shows the composition of Bancololombia’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 = 1768.23 COP)      4Q12/3Q12   4Q12/4Q11       4Q12/3Q12   4Q12/4Q11       4Q12/3Q12   4Q12/4Q11       4Q12/3Q12   4Q12/4Q11 
Net investment securities   10,112,058    10.95%   27.01%   2,442,253    -42.97%   22.33%   1,381,185    -41.93%   34.40%   12,554,311    -6.29%   26.07%
Gross Loans   53,716,383    7.50%   20.95%   16,272,296    9.64%   -4.14%   9,202,590    11.65%   5.32%   69,988,679    7.99%   14.01%
Commercial loans   29,883,594    8.50%   20.33%   12,582,066    11.19%   -5.95%   7,115,627    13.22%   3.33%   42,465,660    9.29%   11.13%
Consumer loans   10,545,420    3.67%   19.42%   2,035,241    -0.16%   1.00%   1,151,005    1.67%   10.96%   12,580,661    3.04%   15.99%
Small business loans   303,744    3.17%   9.80%   30,847    -3.65%   -23.38%   17,445    -1.89%   -15.82%   334,591    2.50%   5.58%
Mortgage loans   5,200,713    9.75%   29.12%   757,111    0.01%   -6.87%   428,175    1.83%   2.32%   5,957,824    8.41%   23.08%
Finance lease   7,782,912    7.78%   20.81%   867,031    24.35%   18.84%   490,338    26.63%   30.56%   8,649,943    9.24%   20.61%
Allowance for loan losses   (2,927,987)   5.03%   21.40%   (321,652)   -11.66%   -19.73%   (181,906)   -10.05%   -11.81%   (3,249,639)   3.10%   15.54%
Net total loans and fin. leases   50,788,396    7.65%   20.92%   15,950,644    10.18%   -3.77%   9,020,684    12.19%   5.73%   66,739,040    8.24%   13.94%
Operating leases, net   2,090,226    9.37%   63.43%   101,702    5.41%   0.58%   57,516    7.34%   10.50%   2,191,928    9.18%   58.83%
Total assets   81,299,720    12.06%   33.00%   16,616,660    -19.50%   -31.72%   9,397,341    -18.03%   -24.98%   97,916,380    5.07%   14.57%
Total deposits   52,564,731    18.73%   26.48%   11,593,989    -2.29%   6.62%   6,556,833    -0.50%   17.14%   64,158,720    14.29%   22.36%
Total liabilities   70,999,781    13.79%   34.88%   15,309,644    -22.11%   -35.76%   8,658,175    -20.69%   -29.42%   86,309,425    5.19%   12.87%

 

The most relevant aspects regarding the evolution of the loan portfolio during 4Q12 were:

 

·                     The growth of consumer and commercial loans in Colombia during 4Q12 indicates a greater credit demand than the one presented during the first half of 2012.

 

Net loans in USD correspond to loans originated in Colombia (USD 5,119 million, 57%), El Salvador (USD 2,544 million, 28%) and other countries (USD 1,357 million, 15%). USD denominated loans represented 76% of total loans as of 4Q12.

 

·                     COP appreciated 1.8% versus USD during 4Q12 and appreciated 9.0% for the last 12 months.

 

·                     Mortgage loans denominated in COP presented a dynamic performance. The dynamism of mortgage lending in Colombia is explained by the optimism regarding the economy, lower long-term interest rates, as well as by the Colombian government’s interest rate subsidy programs. On the other hand, the outstanding mortgage balance denominated in USD from our operation in El Salvador grew 1.8% during the quarter, and 2.3% in the past 12 months.

 

·                     Financial leases, 90% of which are denominated in COP, increased 9.2% during the quarter and 20.6% as compared to 4Q11. Operating leases, net of depreciation, also increased and present a fast growth during the quarter and during the year. These two products are mainly used by enterprises in order to finance equipment, commercial real estate and commercial vehicles.

 

3
 

 

 

  4Q12

 

When analyzing the loan portfolio according to the customer categories established by Bancolombia in order to manage its commercial strategy, it becomes clear that corporate loans were key drivers of the growth during 4Q12, as they increased 9.7% with respect to 3Q12. This increase is explained by higher demand for working capital and investments by the corporate. Consumer and SMEs loans increased 5% compared to 3Q12, which indicates a sustained credit demand that Bancolombia has capitalized under strict credit origination criteria..

 

Total reserves (allowances in balance sheet) for loan losses increased 3.1% during 4Q12 and totaled COP 3,250 billion, or 4.6% of total 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      As of       Growth           % of Category 
(COP million)  Dec-11   Sep-12   Dec-12   4Q12/3Q12   4Q12/4Q11   % of Total loans   % of Category 
CORPORATE                            
Working capital loans   26,236,561    25,872,273    30,493,677    17.86%   16.23%   43.57%   92.10%
Funded by domestic development banks   263,995    249,920    261,701    4.71%   -0.87%   0.37%   0.79%
Trade Financing   4,228,396    3,860,333    2,215,613    -42.61%   -47.60%   3.17%   6.69%
Overdrafts   95,834    157,974    103,434    -34.52%   7.93%   0.15%   0.31%
Credit Cards   47,369    46,648    35,619    -23.64%   -24.81%   0.05%   0.11%
TOTAL CORPORATE   30,872,155    30,187,148    33,110,044    9.68%   7.25%   47.31%   100.00%
RETAIL AND SMEs                                   
Working capital loans   6,393,396    7,753,835    8,426,695    8.68%   31.80%   12.04%   37.84%
Personal loans   5,819,639    6,712,358    6,820,922    1.62%   17.21%   9.75%   30.63%
Loans funded by domestic development banks   693,703    832,491    863,025    3.67%   24.41%   1.23%   3.88%
Credit Cards   3,329,334    3,610,242    3,672,766    1.73%   10.32%   5.25%   16.49%
Overdrafts   187,113    296,761    223,550    -24.67%   19.47%   0.32%   1.00%
Automobile loans   1,993,814    1,897,105    2,155,547    13.62%   8.11%   3.08%   9.68%
Trade Financing   86,795    103,973    108,363    4.22%   24.85%   0.15%   0.49%
TOTAL RETAIL AND SMEs   18,503,794    21,206,765    22,270,868    5.02%   20.36%   31.82%   100.00%
MORTGAGE   4,840,668    5,495,774    5,957,824    8.41%   23.08%   8.51%   100.00%
FINANCIAL LEASES   7,171,811    7,918,069    8,649,943    9.24%   20.61%   12.36%   100.00%
Total loans and financial leases   61,388,428    64,807,756    69,988,679    7.99%   14.01%   100.00%   100.00%
Allowance for loan losses   (2,812,582)   (3,151,889)   (3,249,639)   3.10%   15.54%          
Total loans and financial leases, net   58,575,846    61,655,867    66,739,040    8.24%   13.94%          

  

1.3.Investment Portfolio

 

As of December 31, 2012, Bancolombia’s net investment portfolio totaled COP 12,554 billion, decreasing 6.3% compared to 3Q12 and increasing 26.1% compared to 4Q11. The investment portfolio is mainly composed of debt investment securities, which represented 91% of Bancolombia’s total investments and 12% of assets at the end of 4Q12. Investments denominated in USD totaled USD 1,381 million and represented 19% of the investment portfolio.

 

Additionally, the Bank has COP 1,427 billion in net mortgage backed securities, which represents 11% of the investment portfolio. At the end of 4Q12, the duration of the debt securities portfolio was 20.7 months and a yield to maturity of 4.2%.

 

 

4
 

 

 

 

  4Q12

 

1.4.Goodwill

 

As of 4Q12, Bancolombia’s goodwill totaled COP 571 billion, decreasing 3.6% compared to the amount reported in 3Q12 and 16% compared to 4Q11. This variation is explained by the amortization of goodwill reported during the past year (under COL GAAP, goodwill is amortized within a maximum period of 20 years), by the elimination of the goodwill related to Asesuisa (which was sold in September 2012) and by the appreciation of the Colombian peso versus the dollar. As of December 31, 2012, Bancolombia’s goodwill included USD 321 million related mostly to the acquisition of Banagrícola in 2007.

 

1.5.Funding

 

As of December 31, 2012, Bancolombia’s liabilities totaled COP 86.309 billion, increasing 5.2% compared to 3Q12 and 12.9% compared to 4Q11. The ratio of net loans to deposits (including borrowings from domestic development banks) was 99% at the end of 4Q12, decreasing compared to the 104% reported in 3Q12, and the 105% in 4Q11.

 

Deposits totaled COP 64,159 billion (or 74% of liabilities) at the end of 4Q12, increasing 14.3% during the quarter and 22.4% over the last 12 months. CDs represented 38.6% of deposits in 4Q12. Bancolombia´s funding strategy has meant to improve the liquidity position and to encourage savings accounts and term deposits while keeping costs at a reasonable level. This strategy permitted to reduce slightly the cost on deposits of the bank during the quarter. The ultimate goal is to defend the net interest margin.

 

DEPOSIT MIX   4Q11    3Q12    4Q12 
COP Million        %         %         % 
Checking accounts   10,293,894    19.63%   9,331,522    16.62%   11,298,901    17.61%
Saving accounts   23,263,051    44.37%   21,557,907    38.40%   27,113,914    42.26%
Time deposits   17,973,117    34.28%   24,518,283    43.67%   24,767,489    38.60%
Other   904,430    1.72%   730,770    1.30%   978,416    1.52%
Total deposits   52,434,492         56,138,482         64,158,720      

 

At the end of 4Q12, Bancolombia had outstanding bonds for USD 3,740 million in international markets and for COP 5,446 billion in local markets. The maturities of these bonds range from 2 to 10 years.

 

1.6.Shareholders’ Equity and Regulatory Capital

 

Shareholders’ equity at the end of 4Q12 was COP 11,607 billion, increasing 29% or COP 2,613 billion, with respect to the COP 8,993 billion reported at the end of 4Q11.

 

Bancolombia’s capital adequacy ratio was 15.77%, 84 basis points below the 16.61% for 3Q12 and 331 bps above the 12.46% at the end of 4Q11. This annual increase in the capital adequacy ratio is explained by the COP 1,680 billion stock issuance in February 2012 and by the USD 1,200 million subordinated bonds issuance in September 2012.

 

Bancolombia’s capital adequacy ratio was 677 basis points above the minimum level required by Colombia’s regulator, while the basic capital ratio (Tier 1) to risk weighted assets was 10.4% and the tangible capital ratio, defined as shareholders’ equity minus goodwill and intangible assets divided by tangible assets, was 10.6% at the end of 4Q12.

 

5
 

 

 

  4Q12

 

TECHNICAL CAPITAL RISK WEIGHTED ASSETS                 
Consolidated (COP millions)  4Q11   %   3Q12   %   4Q12   % 
Basic capital (Tier I)   6,979,026    8.99%   9,079,209    10.90%   9,070,487    10.39%
Additional capital (Tier II)   2,696,112    3.47%   4,759,609    5.71%   4,694,203    5.38%
Technical capital (1)   9,675,138         13,838,818         13,764,690      
Risk weighted assets included market risk   77,651,096         83,340,596         87,262,916      
CAPITAL ADEQUACY (2)   12.46%        16.61%        15.77%     

 

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

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

 

6
 

 

 

 

  4Q12

 

2.INCOME STATEMENT

 

Net income totaled COP 468 billion in 4Q12, or COP 549 per share - USD 1.24 per ADR, which represents an increase of 7.7% compared to 3Q12 and a decrease of 7.2% compared to 4Q11. Bancolombia’s annualized ROE was 16.5% for 4Q12, higher than the annualized ROE of 15.9% reported for 3Q12 and lower than the 23.1% of 4Q11.

 

2.1.Net Interest Income

 

Net interest income totaled COP 1,240 billion in 4Q12, 0.9% higher than that reported in 3Q12, and 21.5% higher than the figure for 4Q11. The increase of net interest income is explained by growth of the loan portfolio in the previous quarters and by better margins in 2012 compared to 2011.

 

During 4Q12, the income generated by the investment portfolio totaled COP 202 billion, a figure 3.7% lower than the COP 210 billion reported in 3Q12 and 67.9% higher than the COP 120 billion for 4Q11.

 

Net Interest Margin

 

In 4Q12, Bancolombia changed the method for calculating the Net Interest Margin and excluded from that calculation, the operating leases and net income attributable to those leases. The reason for changing the method was that the magnitude of those operating leases (2.24 of assets as of 4Q12) and the treatment of depreciation was causing a growing distortion in the margins of the financial intermediation or credit.

 

Under the old methodology, the net interest margin presented the trend indicated in the next table:

 

Annualized Interest                                
Margin  1Q11   2Q11   3Q11   4Q11   1Q12   2Q12   3Q12   4Q12 
Loans´ Interest margin   6.4%   6.3%   6.3%   6.3%   6.4%   6.5%   6.6%   6.4%
Debt investments´margin   3.0%   5.1%   4.3%   1.4%   4.3%   4.3%   4.2%   3.1%
Net interest margin   5.9%   6.2%   6.0%   5.6%   6.2%   6.2%   6.3%   5.9%

 

Under the new methodology, the net interest margin presents the trend indicated in the next table:

 

Annualized Interest                                
Margin  1Q11   2Q11   3Q11   4Q11   1Q12   2Q12   3Q12   4Q12 
Loans´ Interest margin   6.7%   6.7%   6.6%   6.7%   6.8%   7.0%   7.1%   6.9%
Debt investments´margin   2.9%   5.0%   4.2%   1.2%   4.1%   4.1%   4.0%   2.9%
Net interest margin   6.1%   6.4%   6.3%   5.9%   6.5%   6.6%   6.6%   6.3%

 

Annualized net interest margin ended 4Q12 at 6.3%. Annualized net interest margin for investments decreased to 2.9%, and annualized net interest margin for loans, financial leases and overnight funds was 6.9%. The rate cuts in the Colombian Central Bank rate at the end of the year put pressure on margins and caused them to decline.

 

 

The funding cost decreased during 4Q12 due to a change in the composition of deposits. Savings and checking accounts increased their share and time deposits decreased it. The cost of deposits started to reflect the cuts in rates of the Colombian Central Bank. The annualized weighted average cost of deposits was 3.3% in 4Q12, decreasing compared to the 3.4% for 3Q12 and increasing compared to the 2.8% for 4Q11.

 

7
 

 

 

  4Q12

 

Deposits' weighted            
average cost  4Q11   3Q12   4Q12 
Checking accounts   0.42%   0.25%   0.22%
Time deposits   4.46%   5.27%   5.27%
Saving accounts   2.72%   2.83%   2.79%
Total deposits   2.84%   3.39%   3.33%

 

2.2.Fees and Income from Services

 

During 4Q12, net fees and income from services totaled COP 494 billion, increasing 10% compared to those reported in 3Q12 and 5.9% higher than those reported in 3Q12. Fees from credit and debit cards decreased 2.9% with respect to 4Q11 due to a lower transactional volume. Fees from banking services increased 6% compared to 3Q12 and 20.7% with respect to 4Q11; this line includes fees from insurance distribution throughout the distribution networks in Colombia and in El Salvador. Fees from brokerage services increased 40.4% in 4Q12, however, decreased 46.8% as compared to those in 4Q11, when big transactions occurred in that period.

 

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

 

ACCUMULATED CREDIT CARD BILLING  As of       %   2012 
(COP millions)  Dec-11   Dec-12   Growth   Market Share 
Bancolombia VISA   2,247,042    2,537,429    12.92%   7.43%
Bancolombia Mastercard   2,675,815    2,995,373    11.94%   8.77%
Bancolombia American Express   2,992,160    3,724,676    24.48%   10.91%
Total Bancolombia   7,915,017    9,257,478    16.96%   27.12%
Colombian Credit Card Market   28,551,756    34,138,934    19.57%     
Source: Credibanco y Redeban multicolor                    
                     
CREDIT CARD MARKET SHARE             %    2012 
(Outstanding credit cards)   Dec-11    Dec-12    Growth    Market Share 
Bancolombia VISA   376,475    425,879    13.12%   5.60%
Bancolombia Mastercard   390,561    464,266    18.87%   6.11%
Bancolombia American Express   571,006    641,445    12.34%   8.44%
Total Bancolombia   1,338,042    1,531,590    14.47%   20.16%
Colombian Credit Card Market   6,623,548    7,598,760    14.72%     
Source: Credibanco y Redeban multicolor                    

 

2.3.Other Operating Income

 

Total other operating income was COP 196 billion in 4Q12, 21% lower than those in 3Q12, and 42.5% lower than in 4Q11. Income from foreign exchange gains and derivatives denominated in foreign currencies decreased 4.8% in the quarter, due to the net effect of the active and passive positions the bank had in foreign currency.

 

Revenues aggregated in the communication, rent and others totaled COP 113 billion in 4Q12, which is 28.5% higher as compared to 3Q12 and 70.4% higher as compared to those in 4Q11. This line includes revenues from commercial discounts and operating leases payments, which have grown as the value of assets rented under operating leasing contracts have increased.

 

8
 

 

 

  4Q12

 

2.4.Asset Quality, Provision Charges and Balance Sheet Strength

 

The deterioration of the loan portfolio (new past due loans including charge-offs) was COP 144 billion in 4Q12, decreasing with respect to the COP 237 billion in 3Q12. The vintages of consumer loans originated in 2011 were the leading contributors to this deterioration. However, this situation does not represent a threat to the balance sheet´s strength, since the provisions performed in 2010 and 2011 cover the potential loan portfolio deterioration. The largest part of the loan portfolio deterioration in 4Q12 occurred in the consumer loans and SMEs loans segments. This deterioration had been previously calculated and is the result of the growth strategy implemented by the bank since beginnings of 2010.

 

Past due loans (those that are overdue for more than 30 days) totaled COP 1,833 billion at the end of 4Q12, which represents 2.6 of total gross loans. The PDL ratio decreased from the 2.9% in 3Q12 and increased with respect to the 2.2% reported in 4Q11. Loan charge-offs totaled COP 209 billion in 4Q12.

 

Provision charges (net of recoveries) totaled COP 335 billion in 4Q12. The higher provision charges for the quarter are explained by the loan growth, which implies making counter cyclical provision when new loans are originated, in addition to provisions associated to loans that deteriorate during the quarter.

 

Bancolombia maintains a strong balance sheet supported on an adequate level of loan loss reserves. Allowances for loan losses totaled COP 3,250 billion, or 4.6% of total loans at the end of 4Q12. This proportion declined with respect to the one presented at the end of 3Q12, and remained stable with respect to the 4.6% for 4Q11. The coverage measured by the ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 177% at the end of 4Q12. Likewise, the coverage measured by the ratio of allowances for loans losses to loans classified as C, D and E, was 117% at the end of 4Q12, decreasing with respect to the 123% in 3Q12 and to the 120% in 4Q11.

 

The following tables present key metrics related to asset quality:

 

ASSET QUALITY      As of       Growth 
( COP millions)  Dec-11   Sep-12   Dec-12   4Q12/3Q12   4Q12/4Q11 
Total performing past due loans (1)   410,152    631,234    604,375    -4.25%   47.35%
Total non-performing past due loans   930,540    1,266,205    1,228,327    -2.99%   32.00%
Total past due loans   1,340,692    1,897,439    1,832,702    -3.41%   36.70%
Allowance for loans interest losses   2,812,582    3,151,889    3,249,639    3.10%   15.54%
Past due loans to total loans   2.18%   2.93%   2.62%          
Non-performing loans as a percentage of total loans   1.52%   1.95%   1.76%          
“C”, “D” and “E” loans as a percentage of total loans   3.82%   3.97%   3.96%          
Allowances to past due loans (2)   209.79%   166.11%   177.31%          
Allowance for loan losses as a percentage of “C”, “D” and “E” loans (2)    119.83%   122.64%   117.35%          
Allowance for loan losses as a percentage of non-performing loans (2)   302.25%   248.92%   264.56%          
Allowance for loan losses as a percentage of total loans   4.58%   4.86%   4.64%          
Percentage of performing loans to total loans   98.48%   98.05%   98.24%          

 

(1)       "Performing" past due loans are loans upon which Bancolombia continues to recognize income although interest in respect of such loans has not been received. Mortgage loans cease to accumulate interest on the statement of operations when they are more than 60 days past due. For all other loans and financial leasing operations of any type, interest is no longer accumulated after they are more than 30 days past due.

 

(2)       Under Colombian Bank regulations, a loan is past due when it is at least 31 days past the actual due date.

  

9
 

 

 

  4Q12

 

PDL Per Category (30 days)            
   % Of loan Portfolio   4Q11   3Q12   4Q12 
Commercial loans   60.68%   1.36%   1.61%   1.48%
Consumer loans   17.98%   3.25%   5.41%   4.80%
Microcredit   0.48%   8.62%   9.27%   9.32%
Mortgage loans   8.51%   6.55%   7.24%   6.86%
Finance lease   12.36%   1.74%   2.34%   1.84%
PDL TOTAL   100.00%   2.18%   2.93%   2.62%
                     
PDL Per Category (90 days)               
    % Of loan Portfolio    4Q11   3Q12   4Q12
Commercial loans   60.68%   0.96%   1.16%   1.03%
Consumer loans   17.98%   1.61%   2.55%   2.47%
Microcredit   0.48%   4.98%   5.81%   5.98%
Mortgage loans   8.51%   3.02%   2.97%   2.93%
Finance lease   12.36%   1.19%   1.36%   1.03%
TOTAL LOAN PORTFOLIO   100.00%   1.28%   1.62%   1.47%

 

LOANS AND FINANCIAL LEASES CLASSIFICATION  Dec-11   Sep-12   Dec-12 
( COP millions)                    
¨A¨ Normal   57,095,160    93.01%   60,081,279    92.70%   65,453,223    93.52%
¨B¨ Subnormal   1,946,067    3.17%   2,156,397    3.33%   1,766,262    2.52%
¨C¨ Deficient   913,893    1.49%   968,140    1.49%   1,179,600    1.69%
¨D¨ Doubtful recovery   848,682    1.38%   885,701    1.37%   948,051    1.35%
¨E¨ Unrecoverable   584,626    0.95%   716,239    1.11%   641,543    0.92%
Total  61,388,428   100.00%  64,807,756   100.00%  69,988,679   100.00%
                               
Loans and financial leases classified as C, D and E
as a percentage of total loans and financial leases		   3.82%        3.97%        3.96%     

 

 

2.5.Operating Expenses

 

During 4Q12, operating expenses totaled COP 1,055 billion, increasing 1.8% with respect to 3Q12 and also increasing 16.7% compared to 4Q11.

 

Personnel expenses (salaries, bonus plan payments and compensation) totaled COP 405 billion in 4Q12, decreasing 1.8% as compared to 3Q12 and increasing 4.1% as compared to 4Q11. The increase of salaries in the last 12 months is explained by the bank´s higher number of employees and the 2012 wage increases.

 

During 4Q12, administrative expenses totaled COP 528 billion, decreasing 2.9% as compared to 3Q12 and increased 25.5% as compared to 4Q11. This variation during the quarter is mainly explained by higher rent expenses, higher taxes (other than income tax) and higher expenses for maintenance of fixed assets.

 

Depreciation expenses totaled COP 90 billion in 4Q12, increasing 9.3% as compared to 3Q12 and 37.9% as compared to 4Q11. The increase in this type of expense is explained by the increase of operating leases from Leasing Bancolombia.

 

At the end of 4Q12, Bancolombia had 24,820 employees, 992 branches and 3,827 ATMs.

 

10
 

 

 

  4Q12

 

 

3.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 7 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 banking subsidiaries in Panama, Cayman and Puerto Rico, as well as an agency in Miami. 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

E-mail: investorrelations@bancolombia.com.co

Alejandro Mejia (IR Manager)

Website: http://www.grupobancolombia.com/investorRelations/

 

11
 

 

 

  4Q12

 

BALANCE SHEET                        
(COP million)  Dec-11   Sep-12   Dec-12   Last Quarter   Annual   % of Assets   % of Liabilities 
ASSETS                            
Cash and due from banks   6,818,307    6,225,344    7,144,015    14.76%   4.78%   7.30%     
Overnight funds and interbank loans   910,690    1,416,357    1,025,082    -27.63%   12.56%   1.05%     
Total cash and equivalents   7,728,997    7,641,701    8,169,097    6.90%   5.69%   8.34%     
Debt securities   9,201,210    12,277,437    11,432,214    -6.88%   24.25%   11.68%     
Trading   3,706,039    6,747,649    6,492,812    -3.78%   75.20%   6.63%     
Available for Sale   1,759,483    1,688,318    1,456,042    -13.76%   -17.25%   1.49%     
Held to Maturity   3,735,688    3,841,470    3,483,360    -9.32%   -6.75%   3.56%     
Equity securities   838,973    1,138,169    1,136,256    -0.17%   35.43%   1.16%     
Trading   305,764    346,982    327,091    -5.73%   6.97%   0.33%     
Available for Sale   533,209    791,187    809,165    2.27%   51.75%   0.83%     
Allowance for impairment   -81,992    -19,107    -14,159    -25.90%   -82.73%   -0.01%     
Net investment securities   9,958,191    13,396,499    12,554,311    -6.29%   26.07%   12.82%     
Commercial loans   38,212,997    38,857,418    42,465,660    9.29%   11.13%   43.37%     
Consumer loans   10,846,046    12,210,066    12,580,661    3.04%   15.99%   12.85%     
Small business loans   316,906    326,429    334,591    2.50%   5.58%   0.34%     
Mortgage loans   4,840,668    5,495,774    5,957,824    8.41%   23.08%   6.08%     
Financial leases   7,171,811    7,918,069    8,649,943    9.24%   20.61%   8.83%     
Allowance for loan and financial lease losses   -2,812,582    -3,151,889    -3,249,639    3.10%   15.54%   -3.32%     
Net total loans and financial leases   58,575,846    61,655,867    66,739,040    8.24%   13.94%   68.16%     
Accrued interest receivable on loans and financial leases   482,833    611,900    578,067    -5.53%   19.72%   0.59%     
Allowance for accrued interest losses   -43,644    -55,269    -54,026    -2.25%   23.79%   -0.06%     
Net total interest accrued   439,189    556,631    524,041    -5.85%   19.32%   0.54%     
Customers' acceptances and derivatives   741,296    701,983    783,014    11.54%   5.63%   0.80%     
Accounts receivable, net   1,016,985    1,118,616    1,243,263    11.14%   22.25%   1.27%     
Premises and equipment, net   1,622,311    1,471,153    1,341,698    -8.80%   -17.30%   1.37%     
Foreclosed assets, net   53,194    77,646    84,818    9.24%   59.45%   0.09%     
Prepaid expenses and deferred charges, net   785,456    738,995    772,930    4.59%   -1.59%   0.79%     
Goodwill   679,861    592,935    571,373    -3.64%   -15.96%   0.58%     
Premises and equipment under operating leases, net   1,380,057    2,007,676    2,191,928    9.18%   58.83%   2.24%     
Other assets   1,697,648    2,396,326    2,088,947    -12.83%   23.05%   2.13%     
Reappraisal of assets   783,989    838,162    851,920    1.64%   8.66%   0.87%     
Total assets   85,463,020    93,194,190    97,916,380    5.07%   14.57%   100.00%     
LIABILITIES AND SHAREHOLDERS' EQUITY                                   
LIABILITIES                                   
DEPOSITS                                   
Non-interest bearing   8,814,173    7,667,495    9,798,874    27.80%   11.17%   10.01%   11.35%
Checking accounts   7,909,743    6,936,725    8,820,458    27.16%   11.51%   9.01%   10.22%
Other   904,430    730,770    978,416    33.89%   8.18%   1.00%   1.13%
Interest bearing   43,620,319    48,470,987    54,359,846    12.15%   24.62%   55.52%   62.98%
Checking accounts   2,384,151    2,394,797    2,478,443    3.49%   3.95%   2.53%   2.87%
Time deposits   17,973,117    24,518,283    24,767,489    1.02%   37.80%   25.29%   28.70%
Savings deposits   23,263,051    21,557,907    27,113,914    25.77%   16.55%   27.69%   31.41%
Total deposits   52,434,492    56,138,482    64,158,720    14.29%   22.36%   65.52%   74.34%
Overnight funds and interbank borrowings   1,954,552    3,434,718    44,935    -98.69%   -97.70%   0.05%   0.05%
Bank acceptances outstanding and derivatives   513,975    502,487    625,632    24.51%   21.72%   0.64%   0.72%
Other interbank borrowings   4,130,915    2,070,347    1,803,665    -12.88%   -56.34%   1.84%   2.09%
Borrowings from development and other domestic banks   3,328,011    3,220,090    3,467,843    7.69%   4.20%   3.54%   4.02%
Accounts payable   2,173,253    2,141,548    2,311,221    7.92%   6.35%   2.36%   2.68%
Accrued interest payable   397,412    461,358    523,655    13.50%   31.77%   0.53%   0.61%
Other liabilities   874,330    681,712    888,190    30.29%   1.59%   0.91%   1.03%
Long-term debt   10,308,983    12,263,830    12,059,219    -1.67%   16.98%   12.32%   13.97%
Accrued expenses   280,282    1,053,613    344,951    -67.26%   23.07%   0.35%   0.40%
Minority interest   73,456    80,538    81,394    1.06%   10.81%   0.08%   0.09%
Total liabilities   76,469,661    82,048,723    86,309,425    5.19%   12.87%   88.15%   100.00%
SHAREHOLDERS' EQUITY                                   
Subscribed and paid in capital   393,914    425,914    425,914    0.00%   8.12%   0.43%     
Retained earnings   7,639,808    9,794,369    10,250,192    4.65%   34.17%   10.47%     
Appropiated   5,975,914    8,563,297    8,545,962    -0.20%   43.01%   8.73%     
Unappropiated   1,663,894    1,231,072    1,704,230    38.43%   2.42%   1.74%     
Reappraisal of assets   947,790    892,193    894,206    0.23%   -5.65%   0.91%     
Gross unrealized net gain on investments   11,847    32,991    36,643    11.07%   209.30%   0.04%     
Total shareholder's equity   8,993,359    11,145,467    11,606,955    4.14%   29.06%   11.85%     

 

12
 

 

 

  4Q12

 

INCOME STATEMENT  As of   Growth               Growth 
(COP million)  Dec-11   Dec-12   Dic-12/Dic-11   4Q11   3Q12   4Q12   4Q12/3Q12   4Q12/4Q11 
Interest income and expenses                                
Interest on loans   4,660,580    6,047,906    29.77%   1,339,611    1,558,293    1,603,351    2.89%   19.69%
Interest on investment securities   625,559    759,513    21.41%   120,278    209,796    202,004    -3.71%   67.95%
Overnight funds and interbank loans   18,820    24,178    28.47%   6,575    3,105    6,163    98.49%   -6.27%
Financial leases   640,635    830,286    29.60%   180,685    207,908    222,690    7.11%   23.25%
Total interest income   5,945,594    7,661,883    28.87%   1,647,149    1,979,102    2,034,208    2.78%   23.50%
Interest expense                                        
Checking accounts   39,926    24,931    -37.56%   11,248    6,149    6,244    1.54%   -44.49%
Time deposits   690,457    1,117,435    61.84%   199,273    304,428    324,736    6.67%   62.96%
Savings deposits   479,442    659,355    37.53%   148,177    157,713    169,576    7.52%   14.44%
Total interest on deposits   1,209,825    1,801,721    48.92%   358,698    468,290    500,556    6.89%   39.55%
Interbank borrowings   45,840    50,209    9.53%   21,900    10,932    9,025    -17.44%   -58.79%
Borrowings from development and other domestic banks   159,909    220,096    37.64%   45,689    55,342    58,658    5.99%   28.39%
Overnight funds   85,260    97,620    14.50%   27,682    34,347    28,592    -16.76%   3.29%
Long-term debt   541,172    725,214    34.01%   172,883    181,530    197,289    8.68%   14.12%
Total interest expense   2,042,006    2,894,860    41.77%   626,852    750,441    794,120    5.82%   26.68%
Net interest income   3,903,588    4,767,023    22.12%   1,020,297    1,228,661    1,240,088    0.93%   21.54%
Provisions for loans and accrued interest losses and other receivables , net   (840,558)   (1,240,339)   47.56%   (353,970)   (303,808)   (356,609)   17.38%   0.75%
Recovery of charged-off loans   244,141    167,819    -31.26%   57,586    43,938    44,195    0.58%   -23.25%
Provision for foreclosed assets and other assets   (123,994)   (118,961)   -4.06%   (46,467)   (29,666)   (42,862)   44.48%   -7.76%
Recovery of provisions for foreclosed assets and other assets   121,706    80,608    -33.77%   14,443    21,716    20,599    -5.14%   42.62%
Total net provisions   (598,705)   (1,110,873)   85.55%   (328,408)   (267,820)   (334,677)   24.96%   1.91%
Net interest income after provision for loans                                        
and accrued interest losses   3,304,883    3,656,150    10.63%   691,889    960,841    905,411    -5.77%   30.86%
Commissions from banking services   383,984    449,452    17.05%   103,001    117,282    124,317    6.00%   20.69%
Electronic services and ATM fees   67,267    73,887    9.84%   18,689    18,604    19,608    5.40%   4.92%
Branch network services   125,835    126,356    0.41%   34,356    31,422    34,098    8.52%   -0.75%
Collections and payments fees   224,878    256,503    14.06%   60,141    65,542    70,415    7.43%   17.08%
Credit card merchant fees   16,725    9,684    -42.10%   4,024    2,724    3,248    19.24%   -19.28%
Credit and debit card fees   617,526    654,900    6.05%   169,428    165,266    160,488    -2.89%   -5.28%
Checking fees   74,514    72,636    -2.52%   18,675    17,952    17,860    -0.51%   -4.36%
Trust activities   188,340    208,583    10.75%   46,283    53,595    54,859    2.36%   18.53%
Brokerage fees   65,943    63,631    -3.51%   34,104    12,927    18,148    40.39%   -46.79%
Check remittances   19,626    22,120    12.71%   5,431    5,407    5,766    6.64%   6.17%
International wire transfers   71,293    71,932    0.90%   20,188    17,688    24,109    36.30%   19.42%
Fees and other service income   1,855,931    2,009,684    8.28%   514,320    508,409    532,916    4.82%   3.62%
Fees and other service expenses   (187,347)   (202,644)   8.17%   (47,326)   (59,310)   (38,437)   -35.19%   -18.78%
Total fees and income from services, net   1,668,584    1,807,040    8.30%   466,994    449,099    494,479    10.10%   5.89%
Other operating income                                        
Foreign exchange gain (loss), net   111,774    103,953    -7.00%   61,695    35,682    24,578    -31.12%   -60.16%
Gains on forward contracts in foreign currency   11,034    58,902    433.82%   (13,990)   5,857    14,968    155.56%   206.99%
Gains on sales of investments in equity securities   121,166    82,187    -32.17%   139,049    83,018    (2,176)   -102.62%   -101.56%
Gains on sales of mortgage loans   48,714    43,146    -11.43%   15,358    7,515    7,691    2.34%   -49.92%
Dividend income   27,700    47,610    71.88%   908    3,073    1,750    -43.05%   92.73%
Income from non-financial subsidiaries   100,647    147,304    46.36%   26,623    44,929    36,598    -18.54%   37.47%
Insurance income   45,690    -    -100.00%   45,690    (19,290)   -    -100.00%   -100.00%
Communication, postage, rent and others   224,512    349,995    55.89%   66,224    87,801    112,842    28.52%   70.39%
Total other operating income   691,237    833,097    20.52%   341,557    248,585    196,251    -21.05%   -42.54%
Total income   5,664,704    6,296,287    11.15%   1,500,440    1,658,525    1,596,141    -3.76%   6.38%
Operating expenses                                        
Salaries and employee benefits   1,275,351    1,394,027    9.31%   343,624    343,230    360,405    5.00%   4.88%
Bonus plan payments   137,160    204,201    48.88%   40,292    56,639    34,549    -39.00%   -14.25%
Indemnities benefits   29,347    39,452    34.43%   4,782    12,302    9,827    -20.12%   105.50%
Administrative and other expenses   1,780,459    2,040,223    14.59%   420,984    544,041    528,454    -2.87%   25.53%
Insurance on deposits, net   90,769    105,675    16.42%   24,704    25,773    29,311    13.73%   18.65%
Donation expenses   19,020    13,512    -28.96%   4,032    9,616    2,433    -74.70%   -39.66%
Depreciation   223,003    319,602    43.32%   65,276    82,373    89,999    9.26%   37.87%
Total operating expenses   3,555,109    4,116,692    15.80%   903,694    1,073,974    1,054,978    -1.77%   16.74%
Net operating income   2,109,595    2,179,595    3.32%   596,746    584,551    541,163    -7.42%   -9.31%
Goodwill amortization (1)   51,239    45,690    -10.83%   15,026    11,488    11,165    -2.81%   -25.70%
Non-operating income (expense)                                        
Other income   200,098    148,751    -25.66%   78,261    28,640    42,892    49.76%   -45.19%
Minority interest   (11,351)   (5,723)   -49.58%   (3,132)   (1,098)   (701)   -36.16%   -77.62%
Other expense   (112,692)   (107,813)   -4.33%   (19,653)   (30,204)   (36,056)   19.37%   83.46%
Total non-operating income   76,055    35,215    -53.70%   55,476    (2,662)   6,135    330.47%   -88.94%
Income before income taxes   2,134,411    2,169,120    1.63%   637,196    570,401    536,133    -6.01%   -15.86%
Income tax expense   (470,517)   (467,074)   -0.73%   (133,354)   (136,185)   (68,371)   -49.80%   -48.73%
Net income   1,663,894    1,702,046    2.29%   503,842    434,216    467,762    7.73%   -7.16%

13
 

 

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: March 4, 2013  By:   /s/ JAIME ALBERTO VELÁSQUEZ B.  
    Name:   Jaime Alberto Velásquez B.  
    Title:   Vice President of Strategy and Finance