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 August, 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 ¨
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- .
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2Q13
BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS CONSOLIDATED NET INCOME OF COP 210 BILLION FOR THE SECOND QUARTER OF 2013 (COP 246 PER SHARE - USD 0.51 PER ADR), WHICH REPRESENTS A DECREASE OF 41% COMPARED TO THE SAME QUARTER LAST YEAR.
| · | Net loans increased 5.1% compared to 1Q13 and 22.2% compared to 2Q12. This quarterly growth confirms the sustained credit demand in Colombia during the last twelve months. |
| · | Past due loans as a percentage of total loans remain low in 2Q13. 30 days (or more) past due loans as a percentage of total gross loans was 2.8%. Loan deterioration during 2Q13 was COP 143 billion, and net provision charges for past due loans and foreclosed assets totaled COP 366 billion, which represents 2.0% of gross loans when annualized. |
| · | Net fees increased 13.3% compared to 1Q13 and 12.3% compared to 2Q12. This quarterly growth is due to the greater number of transactions through our channels and income from capital markets transactions. |
| · | Deposits increased 4.8% compared to 1Q13 and 29.2% compared to 2Q12. Net loans to deposits ratio ended the quarter at 97.6% and the weighted average cost of deposits was 2.9% lower than the 3.2% reported for 1Q13. |
| · | The balance sheet remains strong. Loan loss reserves represented 4.7% of total gross loans and 170% of past due loans at the end of 2Q13. The capital adequacy ratio ended the quarter at 17.2% (Tier 1 of 11.7%). |
August 5, 2013. Medellín, Colombia – Today, BANCOLOMBIA S.A. (“Bancolombia” or “the Bank”) announced its earnings results for the second quarter of 2013.
For the quarter ended on June 30, 2013 (“2Q13”), Bancolombia reported consolidated net income of COP 210 billion, or COP 246 per share - USD 0.51 per ADR, which represents a decrease of 57.4% as compared to the results for the quarter ended on March 31, 2013 (“1Q13”) and a decrease of 40.8% as compared to the results for the quarter ended on June 30, 2012 (“2Q12”). The net income for 2Q13 was impacted by the mark to market losses caused by the value loss in the securities portfolio of the bank.
Bancolombia ended 2Q13 with COP 109,153 billion in assets, 5.8% higher than those at the end of 1Q13 and 25.2% greater than at the end of 2Q12. At the same time, liabilities totaled COP 97,479 billion, increasing 6.3% as compared to the figure presented in 1Q13 and 27.4% as compared to 2Q121.
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 June 30, 2013. The statements of income for the quarter ended June 30, 2013 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 July 1, 2013 $1,929.00 = US$ 1
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2Q13
BANCOLOMBIA: Summary of consolidated financial quarterly results2
| CONSOLIDATED BALANCE SHEET | ||||||||||||||||||||
| AND INCOME STATEMENT | Quarter | Growth | ||||||||||||||||||
| (COP millions) | 2Q12 | 1Q13 | 2Q13 | 2Q13/1Q13 | 2Q13/2Q12 | |||||||||||||||
| ASSETS | ||||||||||||||||||||
| Loans and financial leases, net | 59,212,566 | 68,817,162 | 72,358,715 | 5.15 | % | 22.20 | % | |||||||||||||
| Investment securities, net | 10,468,940 | 14,233,292 | 14,046,375 | -1.31 | % | 34.17 | % | |||||||||||||
| Other assets | 17,533,567 | 20,097,854 | 22,748,146 | 13.19 | % | 29.74 | % | |||||||||||||
| Total assets | 87,215,073 | 103,148,308 | 109,153,236 | 5.82 | % | 25.15 | % | |||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||||||||
| Deposits | 54,475,937 | 67,146,387 | 70,378,379 | 4.81 | % | 29.19 | % | |||||||||||||
| Non-interest bearing | 7,545,059 | 8,584,903 | 9,510,749 | 10.78 | % | 26.05 | % | |||||||||||||
| Interest bearing | 46,930,878 | 58,561,484 | 60,867,630 | 3.94 | % | 29.70 | % | |||||||||||||
| Other liabilities | 22,022,593 | 24,564,684 | 27,100,198 | 10.32 | % | 23.06 | % | |||||||||||||
| Total liabilities | 76,498,530 | 91,711,071 | 97,478,577 | 6.29 | % | 27.43 | % | |||||||||||||
| Shareholders' equity | 10,716,543 | 11,437,237 | 11,674,659 | 2.08 | % | 8.94 | % | |||||||||||||
| Total liabilities and shareholders' equity | 87,215,073 | 103,148,308 | 109,153,236 | 5.82 | % | 25.15 | % | |||||||||||||
| Interest income | 1,863,237 | 2,196,919 | 1,802,954 | -17.93 | % | -3.24 | % | |||||||||||||
| Interest expense | 696,772 | 792,676 | 767,385 | -3.19 | % | 10.13 | % | |||||||||||||
| Net interest income | 1,166,465 | 1,404,243 | 1,035,569 | -26.25 | % | -11.22 | % | |||||||||||||
| Net provisions | (310,221 | ) | (302,868 | ) | (365,580 | ) | 20.71 | % | 17.85 | % | ||||||||||
| Fees and income from service, net | 440,498 | 436,328 | 494,470 | 13.33 | % | 12.25 | % | |||||||||||||
| Other operating income | 189,714 | 228,514 | 136,649 | -40.20 | % | -27.97 | % | |||||||||||||
| Total operating expense | (1,025,213 | ) | (1,091,382 | ) | (1,118,147 | ) | 2.45 | % | 9.06 | % | ||||||||||
| Goodwill amortization | (11,218 | ) | (15,348 | ) | (12,452 | ) | -18.87 | % | 11.00 | % | ||||||||||
| Non-operating income, net | 18,349 | 19,859 | 1,830 | -90.79 | % | -90.03 | % | |||||||||||||
| Income tax expense | (113,876 | ) | (186,610 | ) | 37,387 | -120.03 | % | -132.83 | % | |||||||||||
| Net income | 354,498 | 492,736 | 209,726 | -57.44 | % | -40.84 | % | |||||||||||||
| Quarter | As of | |||||||||||||||||||
| PRINCIPAL RATIOS | 2Q12 | 1Q13 | 2Q13 | Jun-12 | Jun-13 | |||||||||||||||
| PROFITABILITY | ||||||||||||||||||||
| Net interest margin (1) | 6.61 | % | 6.78 | % | 4.69 | % | 6.55 | % | 5.71 | % | ||||||||||
| Return on average total assets (2) | 1.65 | % | 1.99 | % | 0.79 | % | 1.88 | % | 1.37 | % | ||||||||||
| Return on average shareholders´ equity (3) | 13.40 | % | 16.83 | % | 7.24 | % | 15.73 | % | 12.03 | % | ||||||||||
| EFFICIENCY | ||||||||||||||||||||
| Operating expenses to net operating income | 57.69 | % | 53.49 | % | 67.84 | % | 56.64 | % | 59.89 | % | ||||||||||
| Operating expenses to average total assets | 4.83 | % | 4.47 | % | 4.26 | % | 4.73 | % | 4.36 | % | ||||||||||
| CAPITAL ADEQUACY | ||||||||||||||||||||
| Shareholders' equity to total assets | 12.29 | % | 11.09 | % | 10.70 | % | 12.29 | % | 10.70 | % | ||||||||||
| Technical capital to risk weighted assets | 14.89 | % | 16.96 | % | 17.21 | % | 14.89 | % | 17.21 | % | ||||||||||
| KEY FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
| Net income per ADS (USD) | 0.93 | 1.26 | 0.51 | |||||||||||||||||
| Net income per share $COP | 416.16 | 578.45 | 246.21 | |||||||||||||||||
| P/BV ADS (4) | 2.19 | 2.16 | 1.99 | |||||||||||||||||
| P/BV Local (5) (6) | 2.14 | 2.14 | 1.93 | |||||||||||||||||
| P/E (7) | 16.35 | 12.48 | 27.15 | |||||||||||||||||
| ADR price (8) | 61.84 | 63.25 | 56.50 | |||||||||||||||||
| Common share price (8) | 26,980 | 28,800 | 26,400 | |||||||||||||||||
| Shares outstanding (9) | 851,827,000 | 851,827,000 | 851,827,000 | |||||||||||||||||
| USD exchange rate (quarter end) | 1,784.60 | 1,832.20 | 1,929.00 | |||||||||||||||||
(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.
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2Q13
| 1. | BALANCE SHEET |
| 1.1. | Assets |
As of June 30, 2013, Bancolombia’s assets totaled COP 109,153 billion, which represents an increase of 5.8% compared to 1Q13 and an increase of 25.2% compared to 2Q12.
The increase in assets presented for the quarter is mainly explained by the increase in the loan and leasing portfolio, which represented 66% of total assets at the end of 2Q13.
It is highlighted the growth of operating leases, which increased 9.8% during the quarter compared to 1Q13 and 47.7% compared to 2Q12.
| 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 = 1929 COP) | 2Q13/1Q13 | 2Q13/2Q12 | 2Q13/1Q13 | 2Q13/2Q12 | 2Q13/1Q13 | 2Q13/2Q12 | 2Q13/1Q13 | 2Q13/2Q12 | ||||||||||||||||||||||||||||||||||||||||
| Net investment securities | 9,473,695 | -20.37 | % | 25.29 | % | 4,572,680 | 95.68 | % | 57.26 | % | 2,370,492 | 85.86 | % | 45.49 | % | 14,046,375 | -1.31 | % | 34.17 | % | ||||||||||||||||||||||||||||
| Gross Loans | 58,078,894 | 5.48 | % | 20.56 | % | 17,854,394 | 4.25 | % | 26.85 | % | 9,255,777 | -0.98 | % | 17.36 | % | 75,933,288 | 5.19 | % | 21.98 | % | ||||||||||||||||||||||||||||
| Commercial loans | 32,401,801 | 6.67 | % | 21.49 | % | 13,689,280 | 3.17 | % | 28.73 | % | 7,096,568 | -2.01 | % | 19.09 | % | 46,091,081 | 5.61 | % | 23.55 | % | ||||||||||||||||||||||||||||
| Consumer loans | 11,389,028 | 4.35 | % | 15.47 | % | 2,324,539 | 7.82 | % | 18.22 | % | 1,205,049 | 2.41 | % | 9.37 | % | 13,713,567 | 4.92 | % | 15.93 | % | ||||||||||||||||||||||||||||
| Small business loans | 355,438 | 7.64 | % | 23.45 | % | 30,235 | -1.35 | % | -9.61 | % | 15,674 | -6.30 | % | -16.38 | % | 385,673 | 6.88 | % | 20.00 | % | ||||||||||||||||||||||||||||
| Mortgage loans | 5,911,255 | 6.25 | % | 36.61 | % | 839,357 | 6.12 | % | 12.60 | % | 435,125 | 0.79 | % | 4.18 | % | 6,750,612 | 6.23 | % | 33.09 | % | ||||||||||||||||||||||||||||
| Finance lease | 8,021,372 | 1.79 | % | 14.16 | % | 970,983 | 10.43 | % | 39.56 | % | 503,361 | 4.89 | % | 29.11 | % | 8,992,355 | 2.7 | % | 16.4 | % | ||||||||||||||||||||||||||||
| Allowance for loan losses | (3,232,142 | ) | 6.28 | % | 20.61 | % | (342,431 | ) | 3.81 | % | -4.11 | % | (177,517 | ) | -1.40 | % | -11.29 | % | (3,574,573 | ) | 6.04 | % | 17.70 | % | ||||||||||||||||||||||||
| Net total loans and fin. leases | 54,846,752 | 5.43 | % | 20.56 | % | 17,511,963 | 4.26 | % | 27.66 | % | 9,078,260 | -0.97 | % | 18.10 | % | 72,358,715 | 5.15 | % | 22.20 | % | ||||||||||||||||||||||||||||
| Operating leases, net | 2,520,831 | 10.45 | % | 50.27 | % | 95,117 | -5.56 | % | 1.33 | % | 49,309 | -10.30 | % | -6.25 | % | 2,615,948 | 9.77 | % | 47.68 | % | ||||||||||||||||||||||||||||
| Total assets | 74,816,446 | -5.22 | % | 5.44 | % | 34,336,790 | 41.81 | % | 111.21 | % | 17,800,306 | 34.69 | % | 95.40 | % | 109,153,236 | 5.82 | % | 25.15 | % | ||||||||||||||||||||||||||||
| Total deposits | 56,529,150 | 2.27 | % | 31.92 | % | 13,849,229 | 16.67 | % | 19.12 | % | 7,179,486 | 10.81 | % | 10.20 | % | 70,378,379 | 4.81 | % | 29.19 | % | ||||||||||||||||||||||||||||
| Total liabilities | 64,018,722 | -6.95 | % | 4.84 | % | 33,459,855 | 46.05 | % | 116.77 | % | 17,345,700 | 38.72 | % | 100.54 | % | 97,478,577 | 6.29 | % | 27.43 | % | ||||||||||||||||||||||||||||
The most relevant aspects regarding the evolution of the loan portfolio during 2Q13 were:
· The growth of consumer and commercial loans in Colombia during 2Q13 indicate a sustained credit demand.
· Net loans in USD correspond to loans originated in Colombia (USD 5,026 million, 56%), El Salvador (USD 2,563 million, 28%) and other countries (USD 1,489 million, 16%). USD denominated loans represented 24% of total loans as of 2Q13.
· COP depreciated 5.3% versus USD during 2Q13 and depreciated 8.1% in the last twelve months.
· Mortgage loans denominated in COP presented a dynamic performance. The dynamism of mortgage lending in Colombia is explained by the lower long-term interest rates, as well as by the Colombian government’s interest rate subsidy programs. On the other hand, the mortgage balance denominated in USD from our operation in El Salvador grew 0.8% during the quarter, and 4.2% in the past 12 months.
· Financial leases, of which 89% are denominated in COP, increased 2.7% during the quarter and 16.4% as compared to 2Q12. Operating leases, net of depreciation, increased 9.8% during 2Q13 and 47.7 in the last 12 months. These two products are mainly used by enterprises in order to finance equipment, commercial real estate and commercial vehicles.
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2Q13
When analyzing the loan portfolio according to the customer categories established by Bancolombia in order to manage its commercial strategy (see table below), it becomes clear that consumer and SMEs loans lead the growth during 2Q13, as they increased 7.3% with respect to 1Q13. This increase is explained by higher demand for working capital and investments by the SMEs and an increase in personal loans. Corporate loans increased by 4.3% compared to 1Q13, indicating a sustained credit demand in order to finance their investment projects.
Total reserves (allowances in balance sheet) for loan losses increased by 6.0% during 2Q13 and totaled COP 3,575 billion, or 4.7% 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 | As of | Growth | % of Total | % of Category | ||||||||||||||||||||||||
| (COP million) | Jun-12 | Mar-13 | Jun-13 | 2Q13/1Q13 | 2Q13/2Q12 | loans | % of Category | |||||||||||||||||||||
| CORPORATE | ||||||||||||||||||||||||||||
| Working capital loans | 24,988,703 | 31,538,526 | 32,718,281 | 3.74 | % | 30.93 | % | 43.09 | % | 91.52 | % | |||||||||||||||||
| Funded by domestic development banks | 217,342 | 355,406 | 389,885 | 9.70 | % | 79.39 | % | 0.51 | % | 1.09 | % | |||||||||||||||||
| Trade Financing | 3,860,591 | 2,204,646 | 2,432,002 | 10.31 | % | -37.00 | % | 3.20 | % | 6.80 | % | |||||||||||||||||
| Overdrafts | 135,921 | 140,418 | 170,709 | 21.57 | % | 25.59 | % | 0.22 | % | 0.48 | % | |||||||||||||||||
| Credit Cards | 46,556 | 49,174 | 40,109 | -18.43 | % | -13.85 | % | 0.05 | % | 0.11 | % | |||||||||||||||||
| TOTAL CORPORATE | 29,249,113 | 34,288,170 | 35,750,986 | 4.27 | % | 22.23 | % | 47.08 | % | 100.00 | % | |||||||||||||||||
| RETAIL AND SMEs | ||||||||||||||||||||||||||||
| Working capital loans | 7,234,422 | 8,427,869 | 9,322,914 | 10.62 | % | 28.87 | % | 12.28 | % | 38.15 | % | |||||||||||||||||
| Personal loans | 6,470,386 | 7,111,898 | 7,666,519 | 7.80 | % | 18.49 | % | 10.10 | % | 31.37 | % | |||||||||||||||||
| Loans funded by domestic development banks | 759,471 | 858,872 | 929,072 | 8.17 | % | 22.33 | % | 1.22 | % | 3.80 | % | |||||||||||||||||
| Credit Cards | 3,539,529 | 3,791,335 | 3,895,562 | 2.75 | % | 10.06 | % | 5.13 | % | 15.94 | % | |||||||||||||||||
| Overdrafts | 291,629 | 307,704 | 308,903 | 0.39 | % | 5.92 | % | 0.41 | % | 1.26 | % | |||||||||||||||||
| Automobile loans | 1,817,377 | 2,187,397 | 2,209,482 | 1.01 | % | 21.58 | % | 2.91 | % | 9.04 | % | |||||||||||||||||
| Trade Financing | 92,933 | 100,879 | 106,883 | 5.95 | % | 15.01 | % | 0.14 | % | 0.44 | % | |||||||||||||||||
| TOTAL RETAIL AND SMEs | 20,205,747 | 22,785,954 | 24,439,335 | 7.26 | % | 20.95 | % | 32.19 | % | 100.00 | % | |||||||||||||||||
| MORTGAGE | 5,072,371 | 6,354,650 | 6,750,612 | 6.23 | % | 33.09 | % | 8.89 | % | 100.00 | % | |||||||||||||||||
| FINANCIAL LEASES | 7,722,242 | 8,759,368 | 8,992,355 | 2.66 | % | 16.45 | % | 11.84 | % | 100.00 | % | |||||||||||||||||
| Total loans and financial leases | 62,249,473 | 72,188,142 | 75,933,288 | 5.19 | % | 21.98 | % | 100.00 | % | 100.00 | % | |||||||||||||||||
| Allowance for loan losses | (3,036,907 | ) | (3,370,980 | ) | (3,574,573 | ) | 6.04 | % | 17.70 | % | ||||||||||||||||||
| Total loans and financial leases, net | 59,212,566 | 68,817,162 | 72,358,715 | 5.15 | % | 22.20 | % | |||||||||||||||||||||
| 1.3. | Investment Portfolio |
As of june 30, 2013, Bancolombia’s net investment portfolio totaled COP 14,046 billion, 1.3 % lower than that reported in 1Q13 and 34.2% higher compared to that reported in 2Q12. The investment portfolio consisted primarily of debt investment securities, which represented 91% of Bancolombia’s total investments and 12% of assets at the end of 2Q13. Investments denominated in USD totaled USD 2,370 million and represented 33% of the investment portfolio.
Additionally, the Bank had COP 1,208 billion in net mortgage backed securities, which represented 9% of the investment portfolio. At the end of 2Q13, the duration of the debt securities portfolio was 16.4 months and the yield to maturity was 3.4%.
| 1.4. | Goodwill |
As of 2Q13, Bancolombia’s goodwill totaled COP 593 billion, increasing 2.9% compared to the amount reported in 1Q13 and decreasing 1.5% compared to 2Q12. 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 June 30, 2013, Bancolombia’s goodwill included USD 288 million related mostly to the acquisition of Banagrícola in 2007.
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2Q13
| 1.5. | Funding |
As of June 30, 2013, Bancolombia’s liabilities totaled COP 97,479 billion, increasing 6.3% compared to 1Q13 and 27.4% compared to 2Q12. The ratio of net loans to deposits (including borrowings from domestic development banks) was 98% at the end of 2Q13, remaining stable compared to that reported in 1Q13, and decreasing compared to the 103% reported in 2Q12.
Deposits totaled COP 70,378 billion (or 72% of liabilities) at the end of 2Q13, increasing 4.8% during the quarter and 29.2% over the last 12 months. CDs represented 39.2% of deposits in 2Q13. Bancolombia´s funding strategy is meant to improve the liquidity position and to encourage checking accounts at no cost and term deposits while keeping costs at a reasonable level. This strategy allowed the bank to reduce the cost on deposits of the bank during the quarter. The ultimate goal is to defend the net interest margin.
| Funding mix | ||||||||||||||||||||||||
| COP Million | 2Q12 | 1Q13 | 2Q13 | |||||||||||||||||||||
| Checking accounts | 9,139,238 | 13 | % | 10,699,810 | 12 | % | 11,802,856 | 13 | % | |||||||||||||||
| Time deposits | 22,955,925 | 32 | % | 29,476,333 | 34 | % | 30,295,202 | 33 | % | |||||||||||||||
| Saving accounts | 21,692,273 | 30 | % | 26,235,282 | 31 | % | 27,609,690 | 30 | % | |||||||||||||||
| Other deposits | 688,501 | 1 | % | 734,962 | 1 | % | 670,631 | 1 | % | |||||||||||||||
| Long term debt | 10,239,977 | 14 | % | 12,489,392 | 15 | % | 12,777,016 | 14 | % | |||||||||||||||
| Loans with banks | 6,807,227 | 10 | % | 6,267,337 | 7 | % | 9,138,439 | 10 | % | |||||||||||||||
| Total Funds | 71,523,141 | 85,903,116 | 92,293,834 | |||||||||||||||||||||
At the end of 2Q13, Bancolombia had outstanding bonds for USD 3,740 million in international markets and for COP 5,563 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 2Q13 was COP 11,675 billion, increasing 8.9% or COP 958 billion, with respect to the 10,717 billion reported at the end of 2Q12.
Bancolombia’s capital adequacy ratio was 17.21%, 25 basis points above the 16.96% for 1Q13 and 232 basis points above the 14.89% at the end of 2Q12. This annual increase in the capital adequacy ratio is explained by a portion of the profits of 2012 that were reinvested and by the USD 1,200 million subordinated bonds issued in September 2012.
Bancolombia’s capital adequacy ratio was 821 basis points above the minimum level required by Colombia’s regulator, while the basic capital ratio (Tier 1) to risk weighted assets was 11.7% and the tangible capital ratio, defined as shareholders’ equity minus goodwill and intangible assets divided by tangible assets, was 9.7% at the end of 2Q13.
| TECHNICAL CAPITAL RISK WEIGHTED ASSETS | ||||||||||||||||||||||||
| Consolidated (COP millions) | 2Q12 | % | 1Q13 | % | 2Q13 | % | ||||||||||||||||||
| Basic capital (Tier I) | 9,109,292 | 11.59 | % | 10,425,945 | 11.55 | % | 10,705,116 | 11.73 | % | |||||||||||||||
| Additional capital (Tier II) | 2,593,604 | 3.30 | % | 4,876,112 | 5.41 | % | 5,006,810 | 5.48 | % | |||||||||||||||
| Technical capital (1) | 11,702,896 | 15,302,057 | 15,711,926 | |||||||||||||||||||||
| Risk weighted assets included market risk | 78,589,868 | 90,206,549 | 91,303,089 | |||||||||||||||||||||
| CAPITAL ADEQUACY (2) | 14.89 | % | 16.96 | % | 17.21 | % | ||||||||||||||||||
(1) Technical capital is the sum of basic and additional capital.
(2) Capital adequacy is technical capital divided by risk weighted assets.
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2Q13
| 2. | INCOME STATEMENT |
Net income totaled COP 210 billion in 2Q13, or COP 246 per share - USD 0.51 per ADR, which represents a decrease of 57.4% compared to 1Q13 and a decrease of 40.8% compared to 2Q12. Bancolombia’s annualized ROE was 7.2% for 2Q13, and 12% for the first half of 2013.
| 2.1. | Net Interest Income |
Net interest income totaled COP 1,036 billion in 2Q13, 26.3% lower than that reported in 1Q13, and 11.2% lower than the figure for 2Q12. The decrease of net interest income is mostly explained by the mark to market losses in the securities portfolio in 2Q13.
During 2Q13, the losses generated by the investment portfolio totaled COP 53 billion, due to the volatility in global markets and the depreciation in debt securities, especially those issued by the Colombian government.
Net Interest Margin
Annualized net interest margin ended 2Q13 at 4.7%. The annualized net interest margin for investments was -5.1% due to the depreciation of the Colombian public debt securities, and the annualized net interest margin for loans, financial leases and overnight funds was 6.4%.
The rate cuts in the Colombian Central Bank Rate in late 2012 and early 2013 put pressure on margins and led them to decrease.
| Annualized Interest | ||||||||||||||||||||||||||||||||
| Margin | 3Q11 | 4Q11 | 1Q12 | 2Q12 | 3Q12 | 4Q12 | 1Q13 | 2Q13 | ||||||||||||||||||||||||
| Loans' Interest margin | 6.6 | % | 6.7 | % | 6.8 | % | 7.0 | % | 7.1 | % | 6.9 | % | 6.6 | % | 6.4 | % | ||||||||||||||||
| Debt investments' margin | 4.2 | % | 1.2 | % | 4.1 | % | 4.1 | % | 4.0 | % | 2.9 | % | 8.0 | % | -5.1 | % | ||||||||||||||||
| Net interest margin | 6.3 | % | 5.9 | % | 6.5 | % | 6.6 | % | 6.6 | % | 6.3 | % | 6.8 | % | 4.7 | % | ||||||||||||||||
The funding cost decreased during 2Q13 due to the rate cuts and management of the liabilities structure. Checking accounts remained their share stable while savings accounts and time deposits slightly decreased it; however, the annualized average weighted cost of deposits was 2.9% in 2Q13, decreasing compared to the 3.2% for 1Q13 and increasing compared to the 3.3% for 2Q12.
| Average weighted | ||||||||||||
| funding cost | 2Q12 | 1Q13 | 2Q13 | |||||||||
| Checking accounts | 0.25 | % | 0.24 | % | 0.26 | % | ||||||
| Time deposits | 5.09 | % | 5.25 | % | 4.74 | % | ||||||
| Saving accounts | 2.97 | % | 2.59 | % | 2.22 | % | ||||||
| Total deposits | 3.28 | % | 3.20 | % | 2.87 | % | ||||||
| Long term debt | 7.08 | % | 6.06 | % | 6.06 | % | ||||||
| Loans with banks | 4.84 | % | 5.63 | % | 4.32 | % | ||||||
| Total funding cost | 3.98 | % | 3.79 | % | 3.45 | % | ||||||
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2Q13
| 2.2. | Fees and Income from Services |
During 2Q13, net fees and income from services totaled COP 494 billion, 13.3% higher than those reported in 1Q13 and 12.3% higher compared to those reported in 2Q12. Fees from credit and debit cards increased 2.3% with respect to 1Q13 due to higher volume in transactions. Fees from banking services increased 24.2% compared to 1Q13 and 27.6% with respect to 2Q12; this line includes fees from insurance distribution throughout the distribution networks in Colombia and in El Salvador and advisory services in structuring capital markets operations. Fees from brokerage services increased 44.6% in 2Q13 as compared to 1Q13 and 51.7% as compared to those in 2Q12 by the primary distribution of Colombian issuers' securities.
The following table summarizes Bancolombia’s participation in the credit card business in Colombia:
| ACCUMULATED CREDIT CARD BILLING | % | 2013 | ||||||||||||||
| (COP millions) | May-12 | May-13 | Growth | Market Share | ||||||||||||
| Bancolombia VISA | 994,723 | 1,116,053 | 12.20 | % | 6.58 | % | ||||||||||
| Bancolombia Mastercard | 1,187,318 | 1,350,629 | 13.75 | % | 7.96 | % | ||||||||||
| Bancolombia American Express | 1,480,964 | 1,597,762 | 7.89 | % | 9.42 | % | ||||||||||
| Total Bancolombia | 3,663,004 | 4,064,444 | 10.96 | % | 23.96 | % | ||||||||||
| Colombian Credit Card Market | 15,276,106 | 16,960,195 | 11.02 | % | ||||||||||||
| CREDIT CARD MARKET SHARE | % | 2013 | ||||||||||||||
| (Outstanding credit cards) | May-12 | May-13 | Growth | Market Share | ||||||||||||
| Bancolombia VISA | 393,808 | 443,349 | 12.58 | % | 5.73 | % | ||||||||||
| Bancolombia Mastercard | 403,325 | 526,029 | 30.42 | % | 6.80 | % | ||||||||||
| Bancolombia American Express | 603,706 | 659,660 | 9.27 | % | 8.52 | % | ||||||||||
| Total Bancolombia | 1,400,839 | 1,629,038 | 16.29 | % | 21.05 | % | ||||||||||
| Colombian Credit Card Market | 6,960,305 | 7,739,418 | 11.19 | % | ||||||||||||
| 2.3. | Other Operating Income |
Total other operating income was COP 137 billion in 2Q13, 40.2% lower than those in 1Q13, and 28% lower than in 2Q12. Income from foreign exchange gains and derivatives denominated in foreign currencies decreased in the quarter due to the net effect of the active and passive positions the bank had in foreign currency, especially, the increase in the exchange rate during the quarter impacted the value of long-term debt in U.S. dollars causing losses in this particular line.
During 2Q13 the bank received 15.2 billion in dividends from companies in which Bancolombia and its subsidiaries have interests, especially from Odinsa (COP 12.5 billion) and Bolsa de Valores de Colombia (COP 1.1 billion).
Revenues aggregated in the communication, rent and others line totaled COP 114.9 billion in 2Q13, which is 8.2% higher as compared to 1Q13 and 47.1% higher as compared to those in 2Q12. 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.
| 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 143 billion in 2Q13, which represents 0.2% of the loan portfolio at the beginning of the quarter, decreasing with respect to the COP 383 billion in 2Q12. Consumer and small and medium enterprises loans were the leading contributors to this deterioration.
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2Q13
Past due loans (those that are overdue for more than 30 days) totaled COP 2,098 billion at the end of 2Q13, representing 2.8% of total gross loans. The PDL ratio decreased from the 3.0 % in 1Q13 and the 3.0% reported for 2Q12. Loan charge-offs totaled COP 210 billion in 2Q13.
Provision charges (net of recoveries) totaled COP 366 billion in 2Q13. The higher provision charges for the quarter were impacted by the loan growth, which explains approximately 53% of the total charge. These contra cyclical provisions are associated to the origination of new loans. Provisions as a percentage of the average gross loans were 1.97% for 2Q13 and 1.84% for the first half of the year.
Bancolombia maintains a strong balance sheet supported on an adequate level of loan loss reserves. Allowances for loan losses totaled COP 3,575 billion, or 4.71% of total loans at the end of 2Q13. This proportion increased with respect to the 4.67% presented at the end of 1Q13, and decreased with respect to the 4.88% for 2Q12. The coverage measured by the ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 170% at the end of 2Q13. Likewise, the coverage measured by the ratio of allowances for loans losses to loans classified as C, D and E, was 118.3% at the end of 2Q13, increasing with respect to the 117.4% reported in 1Q13 and decreasing compared to the 119% in 2Q12.
The following tables present key metrics related to asset quality:
| ASSET QUALITY | As of | Growth | ||||||||||||||||||
| ( COP millions) | Jun-12 | Mar-13 | Jun-13 | 2Q13/1Q13 | 2Q13/2Q12 | |||||||||||||||
| Total performing past due loans (1) | 685,728 | 844,165 | 737,978 | -12.58 | % | 7.62 | % | |||||||||||||
| Total non-performing past due loans | 1,172,633 | 1,319,536 | 1,359,555 | 3.03 | % | 15.94 | % | |||||||||||||
| Total past due loans | 1,858,361 | 2,163,701 | 2,097,533 | -3.06 | % | 12.87 | % | |||||||||||||
| Allowance for loans interest losses | 3,036,907 | 3,370,980 | 3,574,573 | 6.04 | % | 17.70 | % | |||||||||||||
| Past due loans to total loans | 2.99 | % | 3.00 | % | 2.76 | % | ||||||||||||||
| Non-performing loans as a percentage of total loans | 1.88 | % | 1.83 | % | 1.79 | % | ||||||||||||||
| “C”, “D” and “E” loans as a percentage of total loans | 4.10 | % | 3.98 | % | 3.98 | % | ||||||||||||||
| Allowances to past due loans (2) | 163.42 | % | 155.80 | % | 170.42 | % | ||||||||||||||
| Allowance for loan losses as a percentage of “C”, “D” and “E” loans (2) | 118.99 | % | 117.45 | % | 118.29 | % | ||||||||||||||
| Allowance for loan losses as a percentage of non-performing loans (2) | 258.98 | % | 255.47 | % | 262.92 | % | ||||||||||||||
| Allowance for loan losses as a percentage of total loans | 4.88 | % | 4.67 | % | 4.71 | % | ||||||||||||||
| Percentage of performing loans to total loans | 98.12 | % | 98.17 | % | 98.21 | % | ||||||||||||||
(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. |
| PDL Per Category (30 days) | ||||||||||||||||
| % Of loan Portfolio | 2Q12 | 1Q13 | 2Q13 | |||||||||||||
| Commercial loans | 60.70 | % | 1.85 | % | 1.72 | % | 1.51 | % | ||||||||
| Consumer loans | 18.06 | % | 5.09 | % | 5.40 | % | 4.92 | % | ||||||||
| Microcredit | 0.51 | % | 8.87 | % | 10.55 | % | 10.08 | % | ||||||||
| Mortgage loans | 8.89 | % | 7.46 | % | 7.29 | % | 6.58 | % | ||||||||
| Finance lease | 11.84 | % | 2.06 | % | 2.34 | % | 2.69 | % | ||||||||
| PDL TOTAL | 100.00 | % | 2.99 | % | 3.00 | % | 2.76 | % | ||||||||
| PDL Per Category (90 days) | ||||||||||||||||
| % Of loan Portfolio | 2Q12 | 1Q13 | 2Q13 | |||||||||||||
| Commercial loans | 60.70 | % | 1.16 | % | 1.08 | % | 1.03 | % | ||||||||
| Consumer loans | 18.06 | % | 2.01 | % | 2.35 | % | 2.50 | % | ||||||||
| Microcredit | 0.51 | % | 5.34 | % | 6.44 | % | 6.88 | % | ||||||||
| Mortgage loans | 8.89 | % | 3.02 | % | 2.95 | % | 2.92 | % | ||||||||
| Finance lease | 11.84 | % | 1.35 | % | 1.19 | % | 1.25 | % | ||||||||
| TOTAL LOAN PORTFOLIO | 100.00 | % | 1.52 | % | 1.51 | % | 1.52 | % | ||||||||
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2Q13
| LOANS AND FINANCIAL LEASES CLASSIFICATION | Jun-12 | Mar-13 | Jun-13 | |||||||||||||||||||||
| ( COP millions) | ||||||||||||||||||||||||
| ¨A¨ Normal | 57,436,865 | 92.27 | % | 67,282,593 | 93.20 | % | 70,294,732 | 92.57 | % | |||||||||||||||
| ¨B¨ Subnormal | 2,260,310 | 3.63 | % | 2,035,475 | 2.82 | % | 2,616,759 | 3.45 | % | |||||||||||||||
| ¨C¨ Deficient | 1,014,117 | 1.63 | % | 1,201,500 | 1.67 | % | 1,222,720 | 1.61 | % | |||||||||||||||
| ¨D¨ Doubtful recovery | 886,303 | 1.42 | % | 933,184 | 1.29 | % | 1,113,603 | 1.47 | % | |||||||||||||||
| ¨E¨ Unrecoverable | 651,878 | 1.05 | % | 735,390 | 1.02 | % | 685,474 | 0.90 | % | |||||||||||||||
| Total | 62,249,473 | 100.00 | % | 72,188,142 | 100.00 | % | 75,933,288 | 100.00 | % | |||||||||||||||
| 62249473 | 1 | 72188142 | 1 | 75933288 | 100.01 | % | ||||||||||||||||||
| Loans and financial leases classified as C, D and E as a percentage of total loans and financial leases | 4.10 | % | 3.98 | % | 3.98 | % | ||||||||||||||||||
| 2.5. | Operating Expenses |
During 2Q13, operating expenses totaled COP 1,118 billion, increasing 2.5% with respect to 1Q13 and 9.1% with respect to 2Q12.
Personnel expenses (salaries, bonus plan payments and compensation) totaled COP 435 billion in 2Q13, increasing 2.3% as compared to 1Q13 and 1.4% as compared to 2Q12. The increase of salaries in the last 12 months is explained by the bank´s higher number of employees and the 2013 wage increases.
During 2Q13, administrative expenses totaled COP 557 billion, increasing 4.3% as compared to 1Q13 and 12.8% as compared to 2Q12. This variation during the year is mainly explained by higher rent expenses, higher taxes (other than income tax), higher amortization of capitalized expenses and higher expenses for maintenance of fixed assets.
Depreciation expenses totaled COP 103 billion in 2Q13, increasing 7.6% as compared to 1Q13 and 33.4% as compared to 2Q12. The increase in this type of expense is explained by the increase of operating leases from Leasing Bancolombia whose assets given on lease are depreciated.
At the end of 2Q13, Bancolombia had 25,577 employees, 1,002 branches and 3,943 ATMs.
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2Q13
| 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. 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) / Simon Botero (Analyst)
Website: http://www.grupobancolombia.com/investorRelations/
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2Q13
| BALANCE SHEET | ||||||||||||||||||||||||||||
| (COP million) | Jun-12 | Mar-13 | Jun-13 | Last Quarter | Annual | % of Assets | % of Liabilities | |||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||
| Cash and due from banks | 5,998,131 | 7,365,762 | 8,630,601 | 17.17 | % | 43.89 | % | 7.91 | % | |||||||||||||||||||
| Overnight funds and interbank loans | 1,376,514 | 2,044,687 | 2,972,713 | 45.39 | % | 115.96 | % | 2.72 | % | |||||||||||||||||||
| Total cash and equivalents | 7,374,645 | 9,410,449 | 11,603,314 | 23.30 | % | 57.34 | % | 10.63 | % | |||||||||||||||||||
| Debt securities | 9,419,617 | 13,066,955 | 12,839,215 | -1.74 | % | 36.30 | % | 11.76 | % | |||||||||||||||||||
| Trading | 3,892,496 | 8,237,060 | 7,053,628 | -14.37 | % | 81.21 | % | 6.46 | % | |||||||||||||||||||
| Available for Sale | 1,661,507 | 1,395,419 | 1,740,869 | 24.76 | % | 4.78 | % | 1.59 | % | |||||||||||||||||||
| Held to Maturity | 3,865,614 | 3,434,476 | 4,044,718 | 17.77 | % | 4.63 | % | 3.71 | % | |||||||||||||||||||
| Equity securities | 1,124,168 | 1,177,893 | 1,215,697 | 3.21 | % | 8.14 | % | 1.11 | % | |||||||||||||||||||
| Trading | 321,409 | 360,786 | 383,499 | 6.30 | % | 19.32 | % | 0.35 | % | |||||||||||||||||||
| Available for Sale | 802,759 | 817,107 | 832,198 | 1.85 | % | 3.67 | % | 0.76 | % | |||||||||||||||||||
| Allowance for impairment | -74,845 | -11,556 | -8,537 | -26.12 | % | -88.59 | % | -0.01 | % | |||||||||||||||||||
| Net investment securities | 10,468,940 | 14,233,292 | 14,046,375 | -1.31 | % | 34.17 | % | 12.87 | % | |||||||||||||||||||
| Commercial loans | 37,304,275 | 43,643,362 | 46,091,081 | 5.61 | % | 23.55 | % | 42.23 | % | |||||||||||||||||||
| Consumer loans | 11,829,203 | 13,069,900 | 13,713,567 | 4.92 | % | 15.93 | % | 12.56 | % | |||||||||||||||||||
| Small business loans | 321,382 | 360,862 | 385,673 | 6.88 | % | 20.00 | % | 0.35 | % | |||||||||||||||||||
| Mortgage loans | 5,072,371 | 6,354,650 | 6,750,612 | 6.23 | % | 33.09 | % | 6.18 | % | |||||||||||||||||||
| Financial leases | 7,722,242 | 8,759,368 | 8,992,355 | 2.66 | % | 16.45 | % | 8.24 | % | |||||||||||||||||||
| Allowance for loan and financial lease losses | -3,036,907 | -3,370,980 | -3,574,573 | 6.04 | % | 17.70 | % | -3.27 | % | |||||||||||||||||||
| Net total loans and financial leases | 59,212,566 | 68,817,162 | 72,358,715 | 5.15 | % | 22.20 | % | 66.29 | % | |||||||||||||||||||
| Accrued interest receivable on loans and financial leases | 526,661 | 669,373 | 582,416 | -12.99 | % | 10.59 | % | 0.53 | % | |||||||||||||||||||
| Allowance for accrued interest losses | -51,823 | -62,165 | -61,426 | -1.19 | % | 18.53 | % | -0.06 | % | |||||||||||||||||||
| Net total interest accrued | 474,838 | 607,208 | 520,990 | -14.20 | % | 9.72 | % | 0.48 | % | |||||||||||||||||||
| Customers' acceptances and derivatives | 796,502 | 665,813 | 702,833 | 5.56 | % | -11.76 | % | 0.64 | % | |||||||||||||||||||
| Accounts receivable, net | 1,135,844 | 1,182,277 | 1,159,338 | -1.94 | % | 2.07 | % | 1.06 | % | |||||||||||||||||||
| Premises and equipment, net | 1,455,856 | 1,424,313 | 1,496,494 | 5.07 | % | 2.79 | % | 1.37 | % | |||||||||||||||||||
| Foreclosed assets, net | 63,829 | 88,505 | 90,379 | 2.12 | % | 41.60 | % | 0.08 | % | |||||||||||||||||||
| Prepaid expenses and deferred charges, net | 740,611 | 575,434 | 615,468 | 6.96 | % | -16.90 | % | 0.56 | % | |||||||||||||||||||
| Goodwill | 601,935 | 576,239 | 592,667 | 2.85 | % | -1.54 | % | 0.54 | % | |||||||||||||||||||
| Premises and equipment under operating leases, net | 1,771,363 | 2,383,135 | 2,615,948 | 9.77 | % | 47.68 | % | 2.40 | % | |||||||||||||||||||
| Other assets | 2,284,468 | 2,220,954 | 2,399,332 | 8.03 | % | 5.03 | % | 2.20 | % | |||||||||||||||||||
| Reappraisal of assets | 833,676 | 963,527 | 951,383 | -1.26 | % | 14.12 | % | 0.87 | % | |||||||||||||||||||
| Total assets | 87,215,073 | 103,148,308 | 109,153,236 | 5.82 | % | 25.15 | % | 100.00 | % | |||||||||||||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | 6,004,928 | |||||||||||||||||||||||||||
| LIABILITIES | 3,812,063 | 2,192,865 | ||||||||||||||||||||||||||
| DEPOSITS | ||||||||||||||||||||||||||||
| Non-interest bearing | 7,545,059 | 8,584,903 | 9,510,749 | 10.78 | % | 26.05 | % | 8.71 | % | 9.76 | % | |||||||||||||||||
| Checking accounts | 6,856,558 | 7,849,941 | 8,840,118 | 12.61 | % | 28.93 | % | 8.10 | % | 9.07 | % | |||||||||||||||||
| Other | 688,501 | 734,962 | 670,631 | -8.75 | % | -2.60 | % | 0.61 | % | 0.69 | % | |||||||||||||||||
| Interest bearing | 46,930,878 | 58,561,484 | 60,867,630 | 3.94 | % | 29.70 | % | 55.76 | % | 62.44 | % | |||||||||||||||||
| Checking accounts | 2,282,680 | 2,849,869 | 2,962,738 | 3.96 | % | 29.79 | % | 2.71 | % | 3.04 | % | |||||||||||||||||
| Time deposits | 21,692,273 | 26,235,282 | 27,609,690 | 5.24 | % | 27.28 | % | 25.29 | % | 28.32 | % | |||||||||||||||||
| Savings deposits | 22,955,925 | 29,476,333 | 30,295,202 | 2.78 | % | 31.97 | % | 27.75 | % | 31.08 | % | |||||||||||||||||
| Total deposits | 54,475,937 | 67,146,387 | 70,378,379 | 4.81 | % | 29.19 | % | 64.48 | % | 72.20 | % | |||||||||||||||||
| Overnight funds and interbank borrowings | 2,050,665 | 631,092 | 686,903 | 8.84 | % | -66.50 | % | 0.63 | % | 0.70 | % | |||||||||||||||||
| Bank acceptances outstanding and derivatives | 549,681 | 521,919 | 565,049 | 8.26 | % | 2.80 | % | 0.52 | % | 0.58 | % | |||||||||||||||||
| Other interbank borrowings | 1,771,380 | 2,206,315 | 4,673,159 | 111.81 | % | 163.81 | % | 4.28 | % | 4.79 | % | |||||||||||||||||
| Borrowings from development and other domestic banks | 2,985,182 | 3,429,930 | 3,778,377 | 10.16 | % | 26.57 | % | 3.46 | % | 3.88 | % | |||||||||||||||||
| Accounts payable | 2,385,816 | 3,084,310 | 2,393,235 | -22.41 | % | 0.31 | % | 2.19 | % | 2.46 | % | |||||||||||||||||
| Accrued interest payable | 409,637 | 483,213 | 515,749 | 6.73 | % | 25.90 | % | 0.47 | % | 0.53 | % | |||||||||||||||||
| Other liabilities | 756,651 | 741,411 | 779,438 | 5.13 | % | 3.01 | % | 0.71 | % | 0.80 | % | |||||||||||||||||
| Long-term debt | 10,239,977 | 12,489,392 | 12,777,016 | 2.30 | % | 24.78 | % | 11.71 | % | 13.11 | % | |||||||||||||||||
| Accrued expenses | 791,697 | 902,588 | 854,505 | -5.33 | % | 7.93 | % | 0.78 | % | 0.88 | % | |||||||||||||||||
| Minority interest | 81,907 | 74,514 | 76,767 | 3.02 | % | -6.28 | % | 0.07 | % | 0.08 | % | |||||||||||||||||
| Total liabilities | 76,498,530 | 91,711,071 | 97,478,577 | 6.29 | % | 27.43 | % | 89.30 | % | 100.00 | % | |||||||||||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||||||||||||||||||
| Subscribed and paid in capital | 425,914 | 425,914 | 425,914 | 0.00 | % | 0.00 | % | 0.39 | % | |||||||||||||||||||
| Retained earnings | 9,339,075 | 10,151,937 | 10,443,879 | 2.88 | % | 11.83 | % | 9.57 | % | |||||||||||||||||||
| Appropiated | 8,539,007 | 9,659,201 | 9,741,417 | 0.85 | % | 14.08 | % | 8.92 | % | |||||||||||||||||||
| Unappropiated | 800,068 | 492,736 | 702,462 | 42.56 | % | -12.20 | % | 0.64 | % | |||||||||||||||||||
| Reappraisal of assets | 936,134 | 826,161 | 807,509 | -2.26 | % | -13.74 | % | 0.74 | % | |||||||||||||||||||
| Gross unrealized net gain on investments | 15,420 | 33,225 | -2,643 | -107.95 | % | -117.14 | % | 0.00 | % | |||||||||||||||||||
| Total shareholder's equity | 10,716,543 | 11,437,237 | 11,674,659 | 2.08 | % | 8.94 | % | 10.70 | % | |||||||||||||||||||
| 11 |
|
|
2Q13
| INCOME STATEMENT | As of | Growth | Growth | |||||||||||||||||||||||||||||
| (COP million) | Jun-12 | Jun-13 | Jun-13/Jun-12 | 2Q12 | 1Q13 | 2Q13 | 2Q13/1Q13 | 2Q13/2Q12 | ||||||||||||||||||||||||
| Interest income and expenses | ||||||||||||||||||||||||||||||||
| Interest on loans | 2,886,262 | 3,247,566 | 12.52 | % | 1,474,044 | 1,616,159 | 1,631,407 | 0.94 | % | 10.68 | % | |||||||||||||||||||||
| Interest on investment securities | 347,713 | 295,102 | -15.13 | % | 175,450 | 347,817 | (52,715 | ) | -115.16 | % | -130.05 | % | ||||||||||||||||||||
| Overnight funds and interbank loans | 14,910 | 11,555 | -22.50 | % | 8,932 | 7,180 | 4,375 | -39.07 | % | -51.02 | % | |||||||||||||||||||||
| Financial leases | 399,688 | 445,650 | 11.50 | % | 204,811 | 225,763 | 219,887 | -2.60 | % | 7.36 | % | |||||||||||||||||||||
| Total interest income | 3,648,573 | 3,999,873 | 9.63 | % | 1,863,237 | 2,196,919 | 1,802,954 | -17.93 | % | -3.24 | % | |||||||||||||||||||||
| Interest expense | ||||||||||||||||||||||||||||||||
| Checking accounts | 12,538 | 14,907 | 18.89 | % | 6,097 | 7,058 | 7,849 | 11.21 | % | 28.74 | % | |||||||||||||||||||||
| Time deposits | 488,271 | 654,063 | 33.95 | % | 261,259 | 334,900 | 319,163 | -4.70 | % | 22.16 | % | |||||||||||||||||||||
| Savings deposits | 332,066 | 348,947 | 5.08 | % | 169,085 | 183,291 | 165,656 | -9.62 | % | -2.03 | % | |||||||||||||||||||||
| Total interest on deposits | 832,875 | 1,017,917 | 22.22 | % | 436,441 | 525,249 | 492,668 | -6.20 | % | 12.88 | % | |||||||||||||||||||||
| Interbank borrowings | 30,252 | 23,614 | -21.94 | % | 12,679 | 9,950 | 13,664 | 37.33 | % | 7.77 | % | |||||||||||||||||||||
| Borrowings from development and other domestic banks | 106,096 | 109,039 | 2.77 | % | 51,971 | 57,630 | 51,409 | -10.79 | % | -1.08 | % | |||||||||||||||||||||
| Overnight funds | 34,681 | 32,026 | -7.66 | % | 18,436 | 13,928 | 18,098 | 29.94 | % | -1.83 | % | |||||||||||||||||||||
| Long-term debt | 346,395 | 377,465 | 8.97 | % | 177,245 | 185,919 | 191,546 | 3.03 | % | 8.07 | % | |||||||||||||||||||||
| Total interest expense | 1,350,299 | 1,560,061 | 15.53 | % | 696,772 | 792,676 | 767,385 | -3.19 | % | 10.13 | % | |||||||||||||||||||||
| Net interest income | 2,298,274 | 2,439,812 | 6.16 | % | 1,166,465 | 1,404,243 | 1,035,569 | -26.25 | % | -11.22 | % | |||||||||||||||||||||
| Provisions for loans and accrued interest losses and other receivables , net | (579,922 | ) | (739,338 | ) | 27.49 | % | (350,437 | ) | (337,033 | ) | (402,305 | ) | 19.37 | % | 14.80 | % | ||||||||||||||||
| Recovery of charged-off loans | 79,686 | 109,705 | 37.67 | % | 38,024 | 52,322 | 57,383 | 9.67 | % | 50.91 | % | |||||||||||||||||||||
| Provision for foreclosed assets and other assets | (46,433 | ) | (83,174 | ) | 79.13 | % | (15,280 | ) | (46,547 | ) | (36,627 | ) | -21.31 | % | 139.71 | % | ||||||||||||||||
| Recovery of provisions for foreclosed assets and other assets | 38,293 | 44,359 | 15.84 | % | 17,472 | 28,390 | 15,969 | -43.75 | % | -8.60 | % | |||||||||||||||||||||
| Total net provisions | (508,376 | ) | (668,448 | ) | 31.49 | % | (310,221 | ) | (302,868 | ) | (365,580 | ) | 20.71 | % | 17.85 | % | ||||||||||||||||
| Net interest income after provision for loans and accrued interest losses | 1,789,898 | 1,771,364 | -1.04 | % | 856,244 | 1,101,375 | 669,989 | -39.17 | % | -21.75 | % | |||||||||||||||||||||
| Commissions from banking services | 207,853 | 241,567 | 16.22 | % | 104,849 | 107,772 | 133,795 | 24.15 | % | 27.61 | % | |||||||||||||||||||||
| Electronic services and ATM fees | 35,675 | 38,702 | 8.48 | % | 18,265 | 19,557 | 19,145 | -2.11 | % | 4.82 | % | |||||||||||||||||||||
| Branch network services | 60,836 | 62,150 | 2.16 | % | 30,743 | 29,288 | 32,862 | 12.20 | % | 6.89 | % | |||||||||||||||||||||
| Collections and payments fees | 120,546 | 134,772 | 11.80 | % | 61,027 | 62,177 | 72,595 | 16.76 | % | 18.96 | % | |||||||||||||||||||||
| Credit card merchant fees | 3,712 | 3,108 | -16.27 | % | 2,419 | (112 | ) | 3,220 | 2975.00 | % | 33.11 | % | ||||||||||||||||||||
| Credit and debit card fees | 329,146 | 334,439 | 1.61 | % | 171,735 | 165,354 | 169,085 | 2.26 | % | -1.54 | % | |||||||||||||||||||||
| Checking fees | 36,824 | 35,031 | -4.87 | % | 18,300 | 16,804 | 18,227 | 8.47 | % | -0.40 | % | |||||||||||||||||||||
| Trust activities | 100,129 | 112,218 | 12.07 | % | 49,109 | 56,397 | 55,821 | -1.02 | % | 13.67 | % | |||||||||||||||||||||
| Brokerage fees | 32,556 | 38,086 | 16.99 | % | 14,848 | 15,567 | 22,519 | 44.66 | % | 51.66 | % | |||||||||||||||||||||
| Check remittances | 10,947 | 10,409 | -4.91 | % | 5,541 | 4,980 | 5,429 | 9.02 | % | -2.02 | % | |||||||||||||||||||||
| International wire transfers | 30,135 | 25,767 | -14.49 | % | 15,013 | 14,842 | 10,925 | -26.39 | % | -27.23 | % | |||||||||||||||||||||
| Fees and other service income | 968,359 | 1,036,249 | 7.01 | % | 491,849 | 492,626 | 543,623 | 10.35 | % | 10.53 | % | |||||||||||||||||||||
| Fees and other service expenses | (104,897 | ) | (105,451 | ) | 0.53 | % | (51,351 | ) | (56,298 | ) | (49,153 | ) | -12.69 | % | -4.28 | % | ||||||||||||||||
| Total fees and income from services, net | 863,462 | 930,798 | 7.80 | % | 440,498 | 436,328 | 494,470 | 13.33 | % | 12.25 | % | |||||||||||||||||||||
| Other operating income | ||||||||||||||||||||||||||||||||
| Foreign exchange gain (loss), net | 43,693 | 5,717 | -86.92 | % | 59,486 | 45,446 | (39,729 | ) | -187.42 | % | -166.79 | % | ||||||||||||||||||||
| Gains on forward contracts in foreign currency | 38,077 | (4,095 | ) | -110.75 | % | (7,281 | ) | (1,769 | ) | (2,326 | ) | 31.49 | % | -68.05 | % | |||||||||||||||||
| Gains on sales of investments in equity securities | 1,345 | 2,069 | 53.83 | % | 1,634 | 75 | 1,994 | 2558.67 | % | 22.03 | % | |||||||||||||||||||||
| Gains on sales of mortgage loans | 27,940 | 20,132 | -27.95 | % | 14,705 | 8,018 | 12,114 | 51.09 | % | -17.62 | % | |||||||||||||||||||||
| Dividend income | 42,787 | 47,302 | 10.55 | % | 2,106 | 32,118 | 15,184 | -52.72 | % | 620.99 | % | |||||||||||||||||||||
| Income from non-financial subsidiaries | 65,777 | 72,939 | 10.89 | % | 33,677 | 38,456 | 34,483 | -10.33 | % | 2.39 | % | |||||||||||||||||||||
| Insurance income | 19,290 | - | -100.00 | % | 7,272 | - | - | 0.00 | % | -100.00 | % | |||||||||||||||||||||
| Communication, postage, rent and others | 149,352 | 221,099 | 48.04 | % | 78,115 | 106,170 | 114,929 | 8.25 | % | 47.13 | % | |||||||||||||||||||||
| Total other operating income | 388,261 | 365,163 | -5.95 | % | 189,714 | 228,514 | 136,649 | -40.20 | % | -27.97 | % | |||||||||||||||||||||
| Total income | 3,041,621 | 3,067,325 | 0.85 | % | 1,486,456 | 1,766,217 | 1,301,108 | -26.33 | % | -12.47 | % | |||||||||||||||||||||
| Operating expenses | ||||||||||||||||||||||||||||||||
| Salaries and employee benefits | 690,392 | 729,298 | 5.64 | % | 343,479 | 359,392 | 369,906 | 2.93 | % | 7.69 | % | |||||||||||||||||||||
| Bonus plan payments | 113,013 | 114,943 | 1.71 | % | 72,618 | 57,299 | 57,644 | 0.60 | % | -20.62 | % | |||||||||||||||||||||
| Indemnities benefits | 17,323 | 16,320 | -5.79 | % | 12,832 | 8,743 | 7,577 | -13.34 | % | -40.95 | % | |||||||||||||||||||||
| Administrative and other expenses | 967,728 | 1,090,990 | 12.74 | % | 493,899 | 534,072 | 556,918 | 4.28 | % | 12.76 | % | |||||||||||||||||||||
| Insurance on deposits, net | 50,591 | 52,908 | 4.58 | % | 24,451 | 34,117 | 18,791 | -44.92 | % | -23.15 | % | |||||||||||||||||||||
| Donation expenses | 1,463 | 6,173 | 321.94 | % | 683 | 1,948 | 4,225 | 116.89 | % | 518.59 | % | |||||||||||||||||||||
| Depreciation | 147,230 | 198,897 | 35.09 | % | 77,251 | 95,811 | 103,086 | 7.59 | % | 33.44 | % | |||||||||||||||||||||
| Total operating expenses | 1,987,740 | 2,209,529 | 11.16 | % | 1,025,213 | 1,091,382 | 1,118,147 | 2.45 | % | 9.06 | % | |||||||||||||||||||||
| Net operating income | 1,053,881 | 857,796 | -18.61 | % | 461,243 | 674,835 | 182,961 | -72.89 | % | -60.33 | % | |||||||||||||||||||||
| Goodwill amortization (1) | 23,037 | 27,800 | 20.68 | % | 11,218 | 15,348 | 12,452 | -18.87 | % | 11.00 | % | |||||||||||||||||||||
| Non-operating income (expense) | ||||||||||||||||||||||||||||||||
| Other income | 77,219 | 85,131 | 10.25 | % | 40,265 | 51,141 | 33,990 | -33.54 | % | -15.58 | % | |||||||||||||||||||||
| Minority interest | (3,924 | ) | (2,482 | ) | -36.75 | % | (2,920 | ) | (1,216 | ) | (1,266 | ) | 4.11 | % | -56.64 | % | ||||||||||||||||
| Other expense | (41,553 | ) | (60,960 | ) | 46.70 | % | (18,996 | ) | (30,066 | ) | (30,894 | ) | 2.75 | % | 62.63 | % | ||||||||||||||||
| Total non-operating income | 31,742 | 21,689 | -31.67 | % | 18,349 | 19,859 | 1,830 | -90.79 | % | -90.03 | % | |||||||||||||||||||||
| Income before income taxes | 1,062,586 | 851,685 | -19.85 | % | 468,374 | 679,346 | 172,339 | -74.63 | % | -63.20 | % | |||||||||||||||||||||
| Income tax expense | (262,518 | ) | (149,223 | ) | -43.16 | % | (113,876 | ) | (186,610 | ) | 37,387 | -120.03 | % | -132.83 | % | |||||||||||||||||
| Net income | 800,068 | 702,462 | -12.20 | % | 354,498 | 492,736 | 209,726 | -57.44 | % | -40.84 | % | |||||||||||||||||||||
| 12 |
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: August 5, 2013 | By: | /s/ JAIME ALBERTO VELÁSQUEZ B. | ||
| Name: | Jaime Alberto Velásquez B. | |||
| Title: | Vice President of Strategy and Finance | |||