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 October, 2017

 

Commission File Number 001-32535

 

Bancolombia S.A.

(Translation of registrant’s name into English)

 

Cra. 48 # 26-85
Medellín, Colombia
(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ                    Form 40-F 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-                    .

 

 

 

  

 

 

 

 

BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS CONSOLIDATED NET INCOME OF COP 451 BILLION FOR THE THIRD QUARTER OF 2017 WHICH REPRESENTS A DECREASE OF 31% COMPARED TO 2Q17 AND A DECREASE OF 25% COMPARED TO 3Q16.

 

·Net interest income was COP 2.55 trillion for 3Q17, growing 2.1% when compared to 3Q16. This growth is explained by higher volumes of peso-denominated loans and the year-on-year increase in net interest margin. Net interest income decreased 3.1% during the quarter.

 

·Net fees were COP 607 billion and increased by 2.7% compared to 3Q16. This growth was mainly driven by an increase in fees related to credit and debit cards, banking services, as well as trust services. Net fees decreased by 1.4% during the quarter.

 

·The annualized net interest margin for the quarter was 5.8%. The margin decreased 33 basis point when compared to 3Q16 and decreased 31 basis points compared with the margin for 2Q17. The cuts in the reference rate by the Central Bank as well as a lower yield on portfolio investments pressured the net interest margin during the quarter.

 

·Gross loans grew 6.5% when compared to 3Q16 and 0.1% during the quarter. This growth shows moderation in the credit demand in Colombia. Peso-denominated loans grew 10.2% when compared to 3Q16.

 

·Provision charges for the quarter were COP 967 billion and the coverage ratio for 90-day past due loans was 161%. These provisions aim to maintain a solid coverage ratio amid a challenging environment, as new past due loans totaled COP 912 billion for the quarter.

 

·Tier 1 ratio was 10.3% at September 30, 2017 and increased 123 basis points when compared to September 30, 2016. The capital adequacy ratio was 13.4%.

 

October 26, 2017. Medellin, Colombia – Today, BANCOLOMBIA S.A. (“Bancolombia” or “the Bank”) announced its earnings results for the third quarter of 20171. For the quarter ended on September 30, 2017 (“3Q17”), Bancolombia reported consolidated net income of COP 451 billion, or COP 468.70 per share - USD 0.64 per ADR. This net income represents a 31% decrease compared to the quarter ended on June 30, 2017 (“2Q17”) and a decrease of 25% compared to the quarter ended on September 30, 2016 (“3Q16”).

 

 

1. This report corresponds to the interim unaudited consolidated financial information of BANCOLOMBIA S.A. and its subsidiaries (“BANCOLOMBIA” or “The Bank”) which Bancolombia controls, amongst others, by owning directly or indirectly, more than 50% of the voting capital stock. This financial information has been prepared based on financial records generated in accordance with International Financial Reporting Standards – IFRS. BANCOLOMBIA maintains accounting records in Colombian pesos, referred to herein as “Ps.” or “COP”. The financial information for the quarter ended September 30, 2017 is 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.

. BANCOLOMBIA’s first IFRS financial statements will cover the year ending in 2015. CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties; consequently, there are or will be factors, including, among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products by other companies, lack of acceptances of new products or services by our targeted customers, changes in business strategy and various others factors, that could cause actual results to differ materially from those indicated in such statements. We do not intend, and do not assume any obligation, to update these forward-looking statements. Certain monetary amounts, percentages and other figures included in this report have been subject to rounding adjustments. Any reference to BANCOLOMBIA means the Bank together with its affiliates, unless otherwise specified. Representative Market Rate, October 1, 2017 $2,936.67 = US$ 1

 

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BANCOLOMBIA: Summary of consolidated financial quarterly results

 

CONSOLIDATED BALANCE SHEET      
AND INCOME STATEMENT Quarter Growth
(COP million) 3Q16 2Q17 3Q17 3Q17/2Q17 3Q17/3Q16
ASSETS          
Net Loans 142,554,723 150,747,014 150,576,426 -0.11% 5.63%
Investments 13,123,822 15,273,122 16,664,585 9.11% 26.98%
Other assets 35,467,695 37,684,231 36,851,865 -2.21% 3.90%
Total assets 191,146,240 203,704,367 204,092,876 0.19% 6.77%
           
LIABILITIES AND SHAREHOLDERS' EQUITY          
Deposits 118,173,035 128,476,933 127,891,132 -0.46% 8.22%
Other liabilities 51,943,819 52,144,322 52,840,013 1.33% 1.73%
Total liabilities 170,116,854 180,621,255 180,731,145 0.06% 6.24%
Non-controlling interest 1,134,566 1,252,130 1,244,883 -0.58% 9.72%
Shareholders' equity 19,894,820 21,830,982 22,116,848 1.31% 11.17%
Total liabilities and shareholders' equity 191,146,240 203,704,367 204,092,876 0.19% 6.77%
           
Interest income 4,093,446 4,227,227 4,103,889 -2.92% 0.26%
Interest expense (1,592,914) (1,593,836) (1,551,894) -2.63% -2.58%
Net interest income 2,500,532 2,633,391 2,551,995 -3.09% 2.06%
Net provisions (791,399) (789,735) (967,284) 22.48% 22.22%
Fees and income from service, net 590,871 615,215 606,512 -1.41% 2.65%
Other operating income 311,190 367,191 353,391 -3.76% 13.56%
Total Dividends received and equity method 62,854 21,105 36,916 74.92% -41.27%
Total operating expense (1,647,567) (1,880,723) (1,868,169) -0.67% 13.39%
Profit before tax 1,026,481 966,444 713,361 -26.19% -30.50%
Income tax (388,950) (281,050) (245,307) -12.72% -36.93%
Net income before non-controlling interest 637,531 685,394 468,054 -31.71% -26.58%
Non-controlling interest (26,349) (31,855) (17,248) -45.85% -34.54%
Net income before Descontinued Operations 611,182 653,539 450,806 -31.02% -26.24%
Discontinued Operations Net Income (7,258) - - 0.00% -100.00%
Net income 603,924 653,539 450,806 -31.02% -25.35%
           
PRINCIPAL RATIOS   Quarter   As of
  3Q16 2Q17 3Q17 3Q16 3Q17
PROFITABILITY          
Net interest margin (1) from continuing operations 6.18% 6.16% 5.84% 5.96% 6.10%
Return on average total assets (2) from continuing operations 1.29% 1.31% 0.89% 1.21% 1.15%
Return on average shareholders´ equity (3) 12.43% 12.29% 8.22% 11.85% 10.61%
EFFICIENCY          
Operating expenses to net operating income 47.54% 51.71% 52.64% 49.95% 51.84%
Operating expenses to average total assets 3.48% 3.77% 3.67% 3.54% 3.75%
Operating expenses to productive assets 4.07% 4.40% 4.28% 4.17% 4.39%
CAPITAL ADEQUACY          
Shareholders' equity to total assets 10.41% 10.72% 10.84% 10.41% 10.84%
Technical capital to risk weighted assets 13.47% 14.34% 13.42% 13.47% 13.42%
KEY FINANCIAL HIGHLIGHTS          
Net income per ADS from continuing operations 0.88 0.89 0.64 2.49 2.43
Net income per share $COP from continuing operations 635.44 679.48 468.70 1,795.19 1,781.09
P/BV ADS (4) 1.36 1.50 1.46 1.36 1.46
P/BV Local (5) (6) 1.26 1.40 1.42 1.26 1.42
P/E (7) from continuing operations 10.64 12.07 17.68 11.30 13.96
ADR price 39.04 44.55 45.79 39.04 45.79
Common share price (8) 26,100 31,780 32,740 26,100 32,740
Weighted average of Preferred Shares outstanding 961,827,000 961,827,000 961,827,000 961,827,000 961,827,000
USD exchange rate (quarter end) 2,880.08 3,050.43 2,936.67 2,880.08 2,936.67

 

(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.

 

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1.BALANCE SHEET

 

1.1.Assets

 

As of September 30, 2017, Bancolombia’s assets totaled COP 204,093 billion, which represents an increase of 0.2% compared to 2Q17 and of 6.8% compared to 3Q16.

 

During the quarter, the COP appreciated 3.73% versus the USD and over the past 12 months, it depreciated 1.96%.

 

The increase in total assets during the quarter is largely explained by the growth in the loan portfolio and interbank borrowings.

 

1.2.Loan Portfolio

 

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

 

(COP Million) Amounts in COP Amounts in USD converted to COP Amounts in USD (thousands) Total
(1 USD = 2936,67 COP) 3Q17 3Q17/2Q17 3Q17 3Q17/2Q17 3Q17 3Q17/2Q17 3Q17 3Q17/2Q17
Commercial loans 72,804,138 1.77% 37,733,800 -4.43% 12,849,180 -0.73% 110,537,937 -0.43%
Consumer loans 17,715,542 5.62% 8,789,804 -3.20% 2,993,119 0.55% 26,505,346 2.52%
Mortgage loans 11,393,974 2.86% 8,893,570 -3.30% 3,028,454 0.44% 20,287,544 0.07%
Small business loans 653,370 0.28% 425,066 -2.86% 144,744 0.90% 1,078,436 -0.98%
Gross loans 102,567,024 2.53% 55,842,239 -4.04% 19,015,497 -0.33% 158,409,263 0.11%

  

The quarter 3Q17 shows an increase in gross loans of 0.11% when compared to 2Q17. Peso-denominated loans grew 10.2% and the dollar-denominated loans decreased 1.5%, compared to 3Q16. In comparison with 3Q16, total gross loans grew 6.5%.

 

As of September 30, 2017, our operations in Banco Agricola in El Salvador, Banistmo in Panama and BAM in Guatemala, represented 25% of total gross loans.

 

Gross loans denominated in currencies other than COP, originated by our operations in Central America and the offshore operation of Bancolombia Panama as well as the USD denominated loans in Colombia, accounted for 35% and decreased 4.0% during 3Q17 (when expressed in COP), explained mainly by the reduction of the loan portfolio in dollars.

 

Total reserves (allowances in the balance sheet) for loan losses increased by 4.6% during the quarter and totaled COP 7,833 billion, equivalent to 4.9% 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           % of total loans
(COP million) 3Q16 2Q17 3Q17 3Q17/2Q17 3Q17/3Q16
Commercial 105,552,675 111,015,493 110,537,937 -0.43% 4.72% 69.78%
Consumer 22,576,659 25,853,481 26,505,346 2.52% 17.40% 16.73%
Mortgage 19,548,639 20,274,141 20,287,544 0.07% 3.78% 12.81%
Microcredit 1,043,099 1,089,093 1,078,436 -0.98% 3.39% 0.68%
Interests received in advance (21,560) - - 0.00% -100.00% 0.00%
Total loan portfolio 148,699,512 158,232,208 158,409,263 0.11% 6.53% 100.00%
Allowance for loan losses (6,144,789) (7,485,194) (7,832,837) 4.64% 27.47%  
Total loans, net 142,554,723 150,747,014 150,576,426 -0.11% 5.63%  

 

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1.3.Investment Portfolio

 

As of September 30, 2017, Bancolombia’s net investment portfolio totaled COP 16,665 billion, increasing 9.1% from the end of 2Q17 and 27.0% from the end of 3Q16. The investment portfolio consists primarily of debt securities, which represent 70.7% of Bancolombia’s total investments and 5.8% of assets at the end of 3Q17.

 

At the end of 3Q17, the debt securities portfolio had a duration of 20.1 months and a weighted average yield to maturity of 5.78%.

 

1.4.Goodwill and intangibles

 

As of 3Q17, Bancolombia’s goodwill and intangibles totaled COP 6,526 billion, decreasing 3.7% compared to 2Q17. This variation is explained by the appreciation of the COP against the USD during the quarter.

 

1.5.Funding

 

As of September 30, 2017, Bancolombia’s liabilities totaled COP 180,731 billion, increasing 0.1% from the end of 2Q17 and 6.2% compared to 3Q16.

 

Deposits by customers totaled COP 127,891 billion (or 70.8% of liabilities) at the end of 3Q17, decreasing 0.5% during the quarter and increasing 8.2% over the last 12 months. The net loans to deposits ratio was 118% at the end of 3Q17.

 

Bancolombia’s funding strategy during the last months has been to reduce the average life of time deposits and promote saving and checking accounts in the consumer segment in order to keep the funding cost at a minimum. The objective is to build and maintain ample liquidity and reduce the sensitivity of the balance sheet to cuts in interest rates.

 

Funding mix 3Q16 2Q17 3Q17
COP Million          
Checking accounts 19,931,491 13% 20,212,416 12% 20,232,549 12%
Saving accounts 44,887,650 28% 50,142,758 30% 51,418,374 30%
Time deposits 52,178,341 33% 56,974,773 34% 55,100,729 33%
Other deposits 3,053,935 2% 5,664,360 3% 5,358,634 3%
Long term debt 17,732,263 11% 18,298,359 11% 19,365,423 11%
Loans with banks 20,220,384 13% 18,523,104 11% 17,935,827 11%
Total Funds 158,004,064 100% 169,815,770 100% 169,411,536 100%

 

 

1.6.Shareholders’ Equity and Regulatory Capital

 

Shareholders’ equity at the end of 3Q17 was COP 22,117 billion, increasing 1.3% or COP 286 billion, compared to the value reported at the end of 2Q17. This increase is explained by the earnings generated during the quarter.

 

Bancolombia’s capital adequacy ratio was 13.42% in 3Q17.

 

Bancolombia’s capital adequacy ratio was 442 basis points above the minimum 9% required by the Colombian regulator, while the basic capital ratio (Tier 1) to risk weighted assets was 10.28%, 578 basis points above the regulatory minimum of 4.5%. The tangible capital ratio, defined as shareholders’ equity minus goodwill and intangible assets divided by tangible assets, was 7.72% at the end of 3Q17.

 

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In the last months, Bancolombia has generated capital organically due to the appropriation of earnings in March 2017 and to the efficient allocation of capital in different products, at the same time Bancolombia has reduced the VaR consumption across several segments. The annual increase in the RWA is mainly explained by the growth in the loan portfolio.

 

TECHNICAL CAPITAL RISK WEIGHTED ASSETS            
Consolidated (COP millions) 3Q16 % 2Q17 % 3Q17 %
Basic capital (Tier I) 15,007,177 9.05% 18,110,213 10.40% 17,897,207 10.28%
Additional capital (Tier II) 7,331,326 4.42% 6,864,575 3.94% 5,474,092 3.14%
Technical capital (1) 22,338,504   24,974,788   23,371,299  
Risk weighted assets including market risk 165,869,856   174,199,865   174,129,964  
CAPITAL ADEQUACY (2)   13.47%   14.34%   13.42%

(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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2.INCOME STATEMENT

Net income totaled COP 451 billion in 3Q17, or COP 468.7 per share - USD 0.64 per ADR. This net income represents a decrease of 31% compared to 2Q17 and a decrease of 25% compared to 3Q16. Bancolombia’s annualized ROE for 3Q17 was 8.2%.

 

2.1.Net Interest Income

 

Net interest income totaled COP 2,552 billion in 3Q17, 3.1% less than that reported in 2Q17, and 2.1% higher than the figure for 3Q16. During the quarter, the Net Interest Income dropped as a consequence of the re-pricing on loans, explained by the cuts in the reference rate of 50 basis points by the Central Bank during the quarter that pressured the Net interest Margin and offset the impact of loan growth on our net interest income.

 

During 3Q17, the investment, interest rate derivatives and repos portfolio generated COP 140 billion, lower by 18.8% from 2Q17.

 

Net Interest Margin

 

The annualized net interest margin decreased to 5.8% in 3Q17. The annualized net interest margin for investments was 0.9%, and the annualized net interest margin of the loan portfolio was 6.3%, decreasing as compared to 2Q17.

 

Despite higher volumes in the peso-denominated loan portfolio, the cuts in the reference rate by the Central Bank pressured the loans interest margin, generating a contraction of 20 basis points, during the quarter.

 

Annualized Interest      
Margin 3Q16 2Q17 3Q17
Loans' Interest margin 6.4% 6.5% 6.3%
Debt investments' margin 3.2% 2.3% 0.9%
Net interest margin 6.2% 6.2% 5.8%

 

Total funding cost decreased during 3Q17, due to the reduction of long-term debt. Savings and checking accounts represented the same proportion of the total cost of funding as in 2Q17, and the annualized average weighted cost of deposits was 3.32% in 3Q17, decreasing 18 basis point compared to 2Q17 and 13 basis points compared to 3Q16.

 

Average weighted      
funding cost 3Q16 2Q17 3Q17
Checking accounts 0.00% 0.00% 0.00%
Saving accounts 1.80% 2.46% 2.28%
Time deposits 6.31% 5.71% 5.46%
Total deposits 3.45% 3.50% 3.32%
Long term debt 7.56% 6.43% 6.11%
Loans with banks 2.71% 2.53% 2.52%
Total funding cost 3.84% 3.65% 3.49%

  

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2.2.Fees and Income from Services

 

During 3Q17, net fees and income from services totaled COP 607 billion, decreasing 1.4% compared to 2Q17, and increasing 2.7% compared to 3Q16. The positive annual performance in fees compared with 3Q16 is due to higher volumes of transactions and the good performance of credit and debit cards, banking services and trust services.

 

Fees from asset management and trust services increased 3.0% compared to 2Q17 and 24.8% compared to 3Q16, due to an increase in the assets under management. Fees from credit and debit cards increased 1.1% compared to 2Q17 and increased 3.6% compared to 3Q16. Fees from our bancassurance business increased 13.5% compared to 2Q17 and 40.8% with respect to 3Q16, thanks to the continuation of cross-selling initiatives led by our sales teams.

 

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

 

ACCUMULATED CREDIT CARD BILLING % 2017
(COP millions) Aug-16 Aug-17 Growth Market Share
Bancolombia VISA 3,217,106 4,432,063 37.77% 10.14%
Bancolombia Mastercard 3,258,830 3,804,571 16.75% 8.70%
Bancolombia American Express 2,569,386 2,536,429 -1.28% 5.80%
Total Bancolombia 9,045,323 10,773,063 19.10% 24.64%
Colombian Credit Card Market 39,350,107 43,729,060 11.13%  
         
CREDIT CARD MARKET SHARE % 2017
(Outstanding credit cards) Aug-16 Aug-17 Growth Market Share
Bancolombia VISA 638,957 788,606 23.42% 4.72%
Bancolombia Mastercard 763,981 889,464 16.42% 5.33%
Bancolombia American Express 604,350 582,623 -3.60% 3.49%
Total Bancolombia 2,007,288 2,260,693 12.62% 13.53%
Colombian Credit Card Market 16,000,217 16,703,188 4.39%  

Source: Superintendencia Financiera de Colombia

 

2.3.Other Operating Income

 

Total other operating income was COP 354 billion in 3Q17, decreasing by 3.8% compared to 2Q17, and increasing by 13.6% compared to 3Q16.

 

Revenues from the operating leases totaled COP 142 billion in 3Q17, increasing by 4.8% compared to 2Q17 and by 19.1% compared to those reported in 3Q16. Such increase is due to higher volumes of operations and delivered assets under leasing.

 

2.4.Asset Quality, Provision Charges and Balance Sheet Strength

 

The principal balance for past due loans (those that are overdue for more than 30 days) totaled COP 6,873 billion at the end of 3Q17 and represented 4.5% of total gross loans, increasing by 5.4% compared to 2Q17, when past due loans represented 4.3% of total gross loans. During 3Q17, Charge-offs totaled COP 560 billion.

 

The coverage, measured by the ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 103.5% at the end of 3Q17, decreasing compared to 104.6% at the end of 2Q17.The coverage measured by the ratio of allowances for loans losses to loans classified as C, D and E, was 81.3% at the end of 3Q17, decreasing slightly from 84.3% at the end of 2Q17.

 

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The deterioration of the loan portfolio (new past due loans including charge-offs) was COP 912 billion in 3Q17. During the quarter, the deterioration of loans increased mainly in the commercial segment as well as some deterioration in SMEs. Provision charges (net of recoveries) totaled COP 967 billion in 3Q17. Provisions as a percentage of the average gross loans were 2.4% for 3Q17.

 

Bancolombia maintains a strong balance sheet supported by an adequate level of loan loss reserves. Allowances for loan losses totaled COP 7.111 billion, or 4.7% of total loans at the end of 3Q17, increasing as compared to 2Q17.

 

The following tables present key metrics related to asset quality:

 

ASSET QUALITY As of
(COP millions) 3Q16 2Q17 3Q17
Total 30-day past due loans 4,846,737 6,520,508 6,873,306
Allowance for loan losses (1) 5,618,658 6,818,600 7,111,020
Past due loans to total loans 3.38% 4.27% 4.50%
“C”, “D” and “E” loans as a percentage of total loans 4.45% 5.29% 5.72%
Allowances to past due loans 115.93% 104.57% 103.46%
Allowance for loan  losses as a percentage of “C”, “D” and “E” loans 87.95% 84.26% 81.29%
Allowance for loan losses as a percentage of total loans 3.92% 4.46% 4.65%

 

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

 

PDL Per Category     30 days
  % Of loan Portfolio 3Q16 2Q17 3Q17
Commercial loans 69.8% 2.28% 3.19% 3.42%
Consumer loans 16.7% 5.24% 5.72% 5.81%
Microcredit 0.7% 8.61% 13.47% 13.38%
Mortgage loans 12.8% 7.05% 7.69% 8.01%
PDL TOTAL   3.38% 4.27% 4.50%
         
PDL Per Category     90 days
  % Of loan Portfolio 3Q16 2Q17 3Q17
Commercial loans 69.8% 1.69% 2.40% 2.69%
Consumer loans 16.7% 2.59% 2.81% 3.02%
Microcredit 0.7% 5.75% 8.65% 9.39%
Mortgage loans* 12.8% 2.70% 3.10% 3.37%
PDL TOTAL   1.99% 2.60% 2.88%

 

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

 

LOANS AND FINANCIAL LEASES CLASSIFICATION 3Q16 2Q17 3Q17
(COP millions)            
¨A¨ Normal 133,139,404 89.5% 140,153,577 88.6% 139,689,925 88.2%
¨B¨ Subnormal 8,695,735 5.9% 9,287,343 5.9% 9,219,150 5.8%
¨C¨ Deficient 2,945,129 2.0% 3,816,028 2.4% 4,206,473 2.7%
¨D¨ Doubtful recovery 2,212,325 1.5% 2,831,080 1.8% 2,954,610 1.9%
¨E¨ Unrecoverable 1,706,919 1.2% 2,144,180 1.4% 2,339,105 1.5%
Total 148,699,512 100.0% 158,232,208 100.0% 158,409,263 100.0%
Loans and financial leases classified as C, D and E            
as a percentage of total loans and financial leases 4.62%   5.56%   6.00%  

 

2.5.Operating Expenses

 

During 3Q17, operating expenses totaled COP 1,868 billion, decreasing 0.7% with respect to 2Q17 and increasing 13.4% with respect to 3Q16.

 

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Personnel expenses (salaries, bonus plan payments and compensation) totaled COP 740 billion in 3Q17, decreasing 3.5% compared to 2Q17 and increasing 14.1% compared to 3Q16.

 

During 3Q17, administrative expenses totaled COP 745 billion, increasing 3.8% compared to 2Q17, explained by seasonal factors and accelerated payments of contracts in progress during 2017. The growth in administrative expenses was 12.4% as compared to 3Q16.

 

Depreciation and amortization expenses totaled COP 120 billion in 3Q17, increasing 2.9% compared to 2Q17 and decreasing 7.6% compared to 3Q16.

 

As of September 30, 2017, Bancolombia had 30,609 employees, owned 1,082 branches, 5,504 ATMs, 9,707 banking agents and served more than 11 million customers.

 

2.6.Taxes

 

Income tax expense was COP 245 billion for 3Q17, decreasing 12.7% when compared to the income tax registered in 2Q17 and 36.9% compared to 3Q16.

 

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3.BREAK DOWN OF OPERATIONS

 

The following table summarizes the financial statements of our operations in each country.

 

BANCOLOMBIA S.A. (STAND ALONE) - COLOMBIA  

CONSOLIDATED BALANCE SHEET        
AND INCOME STATEMENT Quarter Growth
(COP million) 3Q16 2Q17 3Q17 3Q17/2Q17 3Q17/3Q16
ASSETS          
Net Loans 81,879,503 103,629,651 104,896,381 1.22% 28.11%
Investments 17,456,040 17,713,990 18,625,027 5.14% 6.70%
Other assets 15,001,468 18,027,600 16,749,333 -7.09% 11.65%
Total assets 114,337,011 139,371,241 140,270,741 0.65% 22.68%
           
LIABILITIES AND SHAREHOLDERS' EQUITY          
Deposits 65,657,300 81,440,484 82,093,223 0.80% 25.03%
Other liabilities 34,493,181 42,193,749 41,925,678 -0.64% 21.55%
Total liabilities 100,150,481 123,634,233 124,018,901 0.31% 23.83%
Shareholders' equity 14,186,530 15,737,008 16,251,839 3.27% 14.56%
Total liabilities and shareholders' equity 114,337,011 139,371,241 140,270,741 0.65% 22.68%
           
Interest income 2,709,815 3,400,130 3,236,032 -4.83% 19.42%
Interest expense (1,037,606) (1,324,747) (1,257,962) -5.04% 21.24%
Net interest income 1,672,209 2,075,383 1,978,069 -4.69% 18.29%
Net provisions (596,696) (792,724) (869,353) 9.67% 45.69%
Fees and income from service, net 377,025 384,870 387,612 0.71% 2.81%
Other operating income 115,800 151,498 201,592 33.07% 74.09%
Total operating expense (1,047,279) (1,335,779) (1,276,077) -4.47% 21.85%
Profit before tax 521,059 483,249 421,844 -12.71% -19.04%
Income tax (171,184) (193,595) (169,069) -12.67% -1.24%
Net income 349,875 289,654 252,775 -12.73% -27.75%

 

BANISTMO- PANAMA  

CONSOLIDATED BALANCE SHEET        
AND INCOME STATEMENT Quarter Growth
(COP million) 3Q16 2Q17 3Q17 3Q17/2Q17 3Q17/3Q16
ASSETS          
Net Loans 20,381,955 22,455,631 21,915,572 -2.41% 7.52%
Investments 1,995,872 2,319,278 2,737,570 18.04% 37.16%
Other assets 3,584,680 3,559,302 4,296,165 20.70% 19.85%
Total assets 25,962,506 28,334,211 28,949,307 2.17% 11.50%
           
LIABILITIES AND SHAREHOLDERS' EQUITY          
Deposits 17,760,021 19,889,085 18,810,084 -5.43% 5.91%
Other liabilities 5,624,070 5,471,294 7,231,648 32.17% 28.58%
Total liabilities 23,384,092 25,360,379 26,041,732 2.69% 11.37%
Shareholders' equity 2,578,414 2,973,832 2,907,575 -2.23% 12.77%
Total liabilities and shareholders' equity 25,962,506 28,334,211 28,949,307 2.17% 11.50%
           
Interest income 367,838 375,474 376,618 0.30% 2.39%
Interest expense (117,671) (132,208) (144,872) 9.58% 23.12%
Net interest income 250,167 243,265 231,746 -4.74% -7.36%
Net provisions (73,483) 53,089 (69,109) -230.17% -5.95%
Fees and income from service, net 55,052 53,577 47,669 -11.03% -13.41%
Other operating income 9,093 3,216 4,625 43.82% -49.13%
Total operating expense (161,043) (122,426) (154,744) 26.40% -3.91%
Profit before tax 79,786 230,722 60,188 -73.91% -24.56%
Income tax (8,229) (56,574) (22,617) -60.02% 174.84%
Net income 71,557 174,149 37,571 -78.43% -47.49%

 

  10

 

 

 

BANCO AGRÍCOLA- EL SALVADOR

CONSOLIDATED BALANCE SHEET        
AND INCOME STATEMENT Quarter Growth
(COP million) 3Q16 2Q17 3Q17 3Q17/2Q17 3Q17/3Q16
ASSETS          
Net Loans 8,316,054 8,979,136 8,688,285 -3.24% 4.48%
Investments 701,080 486,303 478,909 -1.52% -31.69%
Other assets 3,177,267 3,711,472 3,420,320 -7.84% 7.65%
Total assets 12,194,401 13,176,911 12,587,515 -4.47% 3.22%
           
LIABILITIES AND SHAREHOLDERS' EQUITY          
Deposits 7,994,087 8,989,096 8,689,015 -3.34% 8.69%
Other liabilities 2,664,975 2,621,702 2,342,984 -10.63% -12.08%
Total liabilities 10,659,062 11,610,798 11,031,999 -4.99% 3.50%
Shareholders' equity 1,535,340 1,566,114 1,555,516 -0.68% 1.31%
Total liabilities and shareholders' equity 12,194,401 13,176,911 12,587,515 -4.47% 3.22%
           
Interest income 225,796 192,260 228,409 18.80% 1.16%
Interest expense (62,059) (61,145) (67,324) 10.11% 8.48%
Net interest income 163,737 131,115 161,085 22.86% -1.62%
Net provisions (12,929) (34,619) (28,304) -18.24% 118.91%
Fees and income from service, net 38,719 44,153 43,033 -2.54% 11.14%
Other operating income 628 1,689 (8,025) -575.23% -1377.18%
Total operating expense (95,250) (105,827) (98,675) -6.76% 3.60%
Profit before tax 94,904 36,510 69,114 89.30% -27.18%
Income tax (21,592) (10,475) (20,880) 99.33% -3.30%
Net income 73,313 26,035 48,234 85.27% -34.21%

 

GRUPO AGROMERCANTIL HOLDING – GUATEMALA

CONSOLIDATED BALANCE SHEET        
AND INCOME STATEMENT Quarter Growth
(COP million) 3Q16 2Q17 3Q17 3Q17/2Q17 3Q17/3Q16
ASSETS          
Net Loans 7,692,154 8,608,671 8,355,405 -2.94% 8.62%
Investments 1,629,882 1,858,021 1,721,330 -7.36% 5.61%
Other assets 1,785,950 1,967,098 1,864,607 -5.21% 4.40%
Total assets 11,107,986 12,433,791 11,941,343 -3.96% 7.50%
           
LIABILITIES AND SHAREHOLDERS' EQUITY          
Deposits 7,726,230 8,465,417 8,261,134 -2.41% 6.92%
Other liabilities 2,102,789 2,624,674 2,371,227 -9.66% 12.77%
Total liabilities 9,829,019 11,090,090 10,632,361 -4.13% 8.17%
Non-controlling interest 20,060 19,714 20,261 2.78% 1.01%
Shareholders' equity 1,258,907 1,323,987 1,288,720 -2.66% 2.37%
Total liabilities and shareholders' equity 11,107,986 12,433,791 11,941,343 -3.96% 7.50%
           
Interest income 255,693 211,071 212,929 0.88% -16.72%
Interest expense (85,067) (87,241) (89,680) 2.80% 5.42%
Net interest income 170,626 123,830 123,248 -0.47% -27.77%
Net provisions (52,912) (31,313) (24,915) -20.43% -52.91%
Fees and income from service, net 16,390 24,394 25,263 3.56% 54.14%
Other operating income 13,681 12,751 12,496 -2.00% -8.66%
Total operating expense (111,850) (105,685) (110,422) 4.48% -1.28%
Profit before tax 35,935 23,977 25,670 7.06% -28.56%
Income tax (10,392) (8,096) (8,441) 4.26% -18.77%
Net income before non-controlling interest 25,542 15,881 17,229 8.49% -32.55%
Non-controlling interest (919) (919) (853) -7.21% -7.24%
Net income 24,623 14,962 16,376 9.45% -33.49%
  11

 

 

 

4.RECENT DEVELOPMENTS

 

·October 11, 2017. Bancolombia S.A. announced the price of the public offering of USD 750,000,000 of its subordinated notes due October 18, 2027. The bonds have a 10 year maturity, an optional redemption right on the fifth year and a coupon of 4.875% payable semi-annually on April 18 and October 18, 2017, commencing on April 18.

 

  12

 

 

 

5.BANCOLOMBIA Company Description (NYSE: CIB)

 

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

 

Contact Information

 

Bancolombia’s Investor Relations

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

E-mail: IR@bancolombia.com.co

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

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

 

  13

 

 

 

BALANCE SHEET       Growth    
(COP million) Sep-16 Jun-17 Sep-17 sep-17 /
jun-17		 sep-17 /
sep-16		 % of
Assets		 % of
Liabilities
ASSETS              
Cash and balances at central bank 13,087,952 14,771,666 14,945,466 1.18% 14.19% 7.32%  
Interbank borrowings 2,212,050 2,159,604 2,810,198 30.13% 27.04% 1.38%  
Reverse repurchase agreements and other similar secured lend 914,849 2,134,230 810,128 -62.04% -11.45% 0.40%  
Financial assets investments 13,123,822 15,273,122 16,664,585 9.11% 26.98% 8.17%  
Derivative financial instruments 1,933,884 1,678,633 1,316,828 -21.55% -31.91% 0.65%  
Loans and advances to customers 148,699,512 158,232,208 158,409,263 0.11% 6.53% 77.62%  
Allowance for loan and lease losses (6,144,789) (7,485,194) (7,832,837) 4.64% 27.47% -3.84%  
Investment in associates and joint ventures 548,942 1,445,207 1,595,238 10.38% 190.60% 0.78%  
Goodwill and Intangible assets, net 6,440,741 6,778,314 6,526,087 -3.72% 1.33% 3.20%  
Premises and equipment, net 3,225,383 3,092,817 3,150,714 1.87% -2.32% 1.54%  
Investment property 1,560,880 1,649,433 1,690,594 2.50% 8.31% 0.83%  
Prepayments 299,532 269,678 357,337 32.51% 19.30% 0.18%  
Tax receivables 1,002,199 699,825 871,142 24.48% -13.08% 0.43%  
Deferred tax 633,097 723,770 711,680 -1.67% 12.41% 0.35%  
Assets held for sale and inventories 2,365,713 288,732 302,437 4.75% -87.22% 0.15%  
Other assets 1,242,473 1,992,322 1,764,016 -11.46% 41.98% 0.86%  
Total assets 191,146,240 203,704,367 204,092,876 0.19% 6.77% 100.00%  
LIABILITIES AND SHAREHOLDERS' EQUITY              
LIABILITIES              
Deposit by customers 118,173,035 128,476,933 127,891,132 -0.46% 8.22% 62.66% 70.76%
Interbank Deposits 503,273 997,415 1,087,444 9.03% 116.07% 0.53% 0.60%
Derivative financial instrument 1,569,061 1,203,097 966,207 -19.69% -38.42% 0.47% 0.53%
Borrowings from other financial institutions 19,717,111 17,525,689 16,848,383 -3.86% -14.55% 8.26% 9.32%
Debt securities in issue 17,732,263 18,298,359 19,365,423 5.83% 9.21% 9.49% 10.72%
Preferred shares 566,992 553,426 568,005 2.63% 0.18% 0.28% 0.31%
Repurchase agreements and other similar secured borrowing 1,878,382 4,517,374 4,219,154 -6.60% 124.62% 2.07% 2.33%
Liabilities relating to assets held for sale 1,989,799 - - 0.00% -100.00% 0.00% 0.00%
Current tax 984,342 650,930 857,168 31.68% -12.92% 0.42% 0.47%
Deferred tax 1,554,015 1,877,018 1,885,322 0.44% 21.32% 0.92% 1.04%
Employees benefit plans 133,042 714,583 127,867 -82.11% -3.89% 0.06% 0.07%
Other liabilities 5,315,539 5,806,431 6,915,040 19.09% 30.09% 3.39% 3.83%
Total liabilities 170,116,854 180,621,255 180,731,145 0.06% 6.24% 88.55% 100.00%
SHAREHOLDERS' EQUITY              
Share Capital 480,914 480,914 480,914 0.00% 0.00% 0.24%  
Additional paid-in-capital 4,857,454 4,857,454 4,857,454 0.00% 0.00% 2.38%  
Appropriated reserves 7,144,904 9,065,570 9,061,138 -0.05% 26.82% 4.44%  
Retained earnings 5,520,896 4,771,639 5,226,878 9.54% -5.33% 2.56%  
Accumulated other comprehensive income (loss), net of tax 1,890,652 2,655,405 2,490,464 -6.21% 31.73% 1.22%  
Stockholders’ equity attributable to the owners of the parent company 19,894,820 21,830,982 22,116,848 1.31% 11.17% 10.84%  
Non-controlling interest 1,134,566 1,252,130 1,244,883 -0.58% 9.72% 0.61%  
Total liabilities and equity 191,146,240 203,704,367 204,092,876 0.19% 6.77% 100.00%  

 

  14

 

 

 

INCOME STATEMENT As of Growth       Growth
(COP million) Sep-16 Sep-17 sep-17 / sep-16 3Q 16 2Q 17 3Q 17 3Q 17 / 2Q 17 3Q 17 / 3Q 16
Interest income and expenses                
Interest on loans and financial leases                
Commercial 5,822,003 6,043,797 3.81% 2,072,964 2,045,582 1,968,634 -3.76% -5.03%
Consumer 2,212,845 2,800,098 26.54% 812,667 937,371 990,309 5.65% 21.86%
Small business loans 172,214 178,411 3.60% 59,712 57,195 60,666 6.07% 1.60%
Mortgage 1,402,478 1,419,479 1.21% 418,798 485,827 434,229 -10.62% 3.68%
Leasing 1,459,434 1,559,348 6.85% 522,558 522,382 501,359 -4.02% -4.06%
Interest income on loans and financial leases 11,068,974 12,001,133 8.42% 3,886,699 4,048,357 3,955,197 -2.30% 1.76%
Interest income on overnight and market funds 16,941 20,256 19.57% 5,279 6,544 8,697 32.90% 64.75%
Interest and valuation on Investment                
Debt investments, net 117,235 120,110 2.45% 30,236 39,721 38,621 -2.77% 27.73%
Net gains from investment activities at fair value through income statement                
Debt investments 520,955 500,080 -4.01% 182,155 177,715 133,105 -25.10% -26.93%
Derivatives (53,737) (34,234) -36.29% (2,976) (22,063) (7,138) -67.65% 139.85%
Repos (14,064) (79,787) 467.31% (5,188) (28,913) (28,232) -2.36% 444.18%
Others (2,248) 6,514 389.77% (2,759) 5,866 3,639 -37.96% 231.90%
Total Net gains from investment activities at fair value through profit and loss 450,906 392,573 -12.94% 171,232 132,605 101,374 -23.55% -40.80%
Total Interest and valuation on investments   568,141 512,683 -9.76% 201,468 172,326 139,995 -18.76% -30.51%
Total interest and valuation 11,654,056 12,534,072 7.55% 4,093,446 4,227,227 4,103,889 -2.92% 0.26%
Interest expense                
Borrowing costs (543,078) (524,306) -3.46% (194,319) (171,289) (173,700) 1.41% -10.61%
Overnight funds (5,159) (13,376) 159.28% (2,337) (4,610) (4,900) 6.29% 109.67%
Debt securities in issue (1,010,292) (886,522) -12.25% (338,786) (292,438) (287,593) -1.66% -15.11%
Deposits (2,790,781) (3,247,786) 16.38% (1,036,291) (1,107,963) (1,066,944) -3.70% 2.96%
Preferred Shares Dividends (43,734) (43,734) 0.00% (14,578) (14,065) (14,578) 3.65% 0.00%
Other interest (expense) (28,564) (11,656) -59.19% (6,603) (3,471) (4,179) 20.40% -36.71%
Total interest expense (4,421,608) (4,727,380) 6.92% (1,592,914) (1,593,836) (1,551,894) -2.63% -2.58%
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments 7,232,448 7,806,692 7.94% 2,500,532 2,633,391 2,551,995 -3.09% 2.06%
Credit impairment charges on loans and advance and financial leases (2,129,192) (2,807,138) 31.84% (849,654) (890,739) (1,053,109) 18.23% 23.95%
Recovery of charged-off loans 248,999 251,232 0.90% 111,191 95,211 83,866 -11.92% -24.57%
Credit impairment charges on off balance sheet credit instruments (79,449) 24,429 130.75% (52,936) 5,793 1,959 -66.18% 103.70%
Total credit impairment charges, net (1,959,642) (2,531,477) 29.18% (791,399) (789,735) (967,284) 22.48% 22.22%
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments 5,272,806 5,275,215 0.05% 1,709,133 1,843,656 1,584,711 -14.05% -7.28%
Fees and commissions income                
Banking services 593,924 651,681 9.72% 203,029 224,483 219,732 -2.12% 8.23%
Credit and debit card fees and commercial establishments 819,465 867,316 5.84% 278,299 285,422 288,434 1.06% 3.64%
Brokerage 18,080 15,753 -12.87% 5,445 6,095 4,323 -29.07% -20.61%
Acceptances, Guarantees and Standby letters of credits 38,621 42,658 10.45% 13,443 12,804 15,829 23.63% 17.75%
Trust 216,614 263,931 21.84% 73,610 89,180 91,891 3.04% 24.83%
Bancassurance 238,644 278,082 16.53% 75,577 93,777 106,444 13.51% 40.84%
Payments and Collections 165,751 166,097 0.21% 57,036 48,934 61,823 26.34% 8.39%
Others 324,411 320,564 -1.19% 119,068 116,782 94,971 -18.68% -20.24%
Fees and commission income 2,415,510 2,606,082 7.89% 825,507 877,477 883,447 0.68% 7.02%
Fees and commission expenses                
Banking services (259,864) (288,482) 11.01% (86,123) (96,464) (98,731) 2.35% 14.64%
Others (427,673) (471,035) 10.14% (148,513) (165,798) (178,204) 7.48% 19.99%
Fees and commission expenses (687,537) (759,517) 10.47% (234,636) (262,262) (276,935) 5.59% 18.03%
Total fees and comissions, net 1,727,973 1,846,565 6.86% 590,871 615,215 606,512 -1.41% 2.65%
Other operating income                
Derivatives FX contracts 13,881 (12,474) -189.86% (32,235) (2,787) 4,936 277.11% 115.31%
Net foreign exchange 218,502 251,382 15.05% 85,011 105,401 48,770 -53.73% -42.63%
Hedging (16,106) (2,900) -81.99% 2,095 (2,785) (88) -96.84% -104.20%
Operating leases 354,378 416,597 17.56% 119,324 135,688 142,148 4.76% 19.13%
Gains (or losses) on sale of assets 36,321 13,448 -62.97% 11,714 4,244 1,971 -53.56% -83.17%
Other reversals 1,547 1,628 5.24% 876 590 364 -38.31% -58.45%
Others 405,495 406,302 0.20% 124,405 126,840 155,290 22.43% 24.83%
Total other operating income 1,014,018 1,073,983 5.91% 311,190 367,191 353,391 -3.76% 13.56%
Dividends received, and share of profits of equity method investees                
Dividends 28,742 21,096 -26.60% 6,456 5,608 4,351 -22.41% -32.61%
Equity investments 80,702 (35,150) -143.56% 28,687 (41,916) 4,760 111.36% -83.41%
Equity method 52,229 104,493 100.07% 28,857 57,413 27,805 -51.57% -3.65%
Gains (Losses) on sale of Discontinued Operations (1,146) - -100.00% (1,146) - - 0.00% -100.00%
Total dividends received, and share of profits of equity method investees 160,527 90,439 -43.66% 62,854 21,105 36,916 74.92% -41.27%
Total operating income, net 8,175,324 8,286,202 1.36% 2,674,048 2,847,167 2,581,530 -9.33% -3.46%

 

  15

 

 

 

INCOME STATEMENT As of Growth       Growth
(COP million) Sep-16 Sep-17 sep-17 / sep-16 3Q 16 2Q 17 3Q 17 3Q 17 / 2Q 17 3Q 17 / 3Q 16
Operating expenses                
Salaries and employee benefits (1,751,911) (1,862,659) 6.32% (559,567) (610,943) (607,697) -0.53% 8.60%
Bonuses (277,028) (434,478) 56.84% (89,293) (156,328) (132,340) -15.34% 48.21%
Other administrative and general expenses (1,884,963) (2,078,597) 10.27% (662,856) (718,000) (745,306) 3.80% 12.44%
Tax contributions and other tax burden (419,442) (643,969) 53.53% (139,204) (224,158) (203,726) -9.11% 46.35%
Impairment, depreciation and amortization (400,283) (356,395) -10.96% (130,012) (116,718) (120,144) 2.94% -7.59%
Other expenses (184,318) (180,341) -2.16% (66,635) (61,122) (58,956) -3.54% -11.52%
Equity Tax (144,710) (51,220) -64.61% - 6,546 - -100.00% 0.00%
Total operating expenses (5,062,655) (5,607,659) 10.77% (1,647,567) (1,880,723) (1,868,169) -0.67% 13.39%
Profit before tax 3,112,669 2,678,543 -13.95% 1,026,481 966,444 713,361 -26.19% -30.50%
Income tax (1,302,698) (893,042) -31.45% (388,950) (281,050) (245,307) -12.72% -36.93%
Profit for the year from continuing operations 1,809,971 1,785,501 -1.35% 637,531 685,394 468,054 -31.71% -26.58%
Non-controlling interest (83,315) (72,402) -13.10% (26,349) (31,855) (17,248) -45.85% -34.54%
Net income attributable to equity holders of the Parent Company 1,726,656 1,713,099 -0.79% 611,182 653,539 450,806 -31.02% -26.24%
Net Income from discontinued operations 7,693 - -100.00% (7,258) - - 0.00% -100.00%
Net income 1,734,349 1,713,099 -1.23% 603,924 653,539 450,806 -31.02% -25.35%

 

  16

 

 

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: October 26th 2017 By:

/s/ JAIME ALBERTO VELÁSQUEZ B. 

  
    Name: Jaime Alberto Velásquez B.  
    Title: Vice President of Strategy and Finance