CONFORMED COPY
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 1933
For the month of March 2005
BANCOLOMBIA S.A.
----------------------------------------------
(Translation of Registrant's name into English)
Calle 50 No. 51-66
Medellin, Colombia
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(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 [X] Form 40-F
(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 [X]
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-__________________.)
This Report on Form 6-K shall be incorporated by reference into the
registrant's registration statement on Form F-3 (File No. 333-12658).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BANCOLOMBIA S.A.
(Registrant)
Date: March 3, 2005 By /s/ JAIME ALBERTO VELASQUEZ B.
-------------------------------------
Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
CIB
[BANCOLOMBIA LOGO] LISTED
NYSE
CONSOLIDATED FINANCIAL RESULTS
FOR THE QUARTER ENDED DECEMBER 31, 2004
Table of 1. HIGHLIGHTS 4. SUBSIDIARIES
Contents 2. CONSOLIDATED BALANCE SHEET 5. RATINGS
3. INCOME STATEMENT
MARCH 3, 2005. Medellin, Colombia - BANCOLOMBIA S.A. (NYSE: CIB) announced today
the financial results for the quarter ended December 31, 2004.(1)
CONSOLIDATED BALANCE SHEET
AND INCOME STATEMENT QUARTER GROWTH
(PS MILLIONS) 3Q 04 4Q 04 4Q 04/3Q 04
---------- ---------- -----------
ASSETS
Loans and financial leases, net 9,332,414 9,600,861 2.88%
Investment securities, net 4,781,795 5,250,211 9.80%
Other assets 2,162,461 2,628,057 21.53%
---------- ---------- -----------
TOTAL ASSETS 16,276,670 17,479,129 7.39%
---------- ---------- -----------
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits 10,491,351 11,862,116 13.07%
Other liabilities 3,863,023 3,526,290 -8.72%
TOTAL LIABILITIES 14,354,374 15,388,406 7.20%
Shareholders' equity 1,922,296 2,090,723 8.76%
---------- ---------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 16,276,670 17,479,129 7.39%
---------- ---------- -----------
Interest income 497,925 478,069 -3.99%
Interest expense 150,858 164,636 9.13%
NET INTEREST INCOME 347,067 313,433 -9.69%
Net provisions (32,261) 4,201 113.02%
Other operating income 159,948 152,872 -4.42%
Other operating expense (230,146) (254,294) 10.49%
Non-operating income, net 3,899 (892) -122.88%
Income tax expense (61,216) (64,564) 5.47%
---------- ---------- -----------
NET INCOME 187,291 150,756 -19.51%
---------- ---------- -----------
---------------------
(1) This report corresponds to the consolidated financial statements of
BANCOLOMBIA and its affiliates of which it owns, directly or indirectly, 50% or
more of the voting capital stock. For this reason, the financial information
contained herein is not comparable to BANCOLOMBIA's consolidated results
(including the results of its financial subsidiaries) released prior to March
2003. This information has been prepared in accordance with generally accepted
accounting principles in Colombia, is stated in nominal terms and has not been
audited. All growth rates mentioned herein are not adjusted for inflation.
ANY REFERENCE TO BANCOLOMBIA MUST BE UNDERSTOOD AS TO THE BANK TOGETHER WITH ITS
AFFILIATES, UNLESS OTHERWISE SPECIFIED.
Exchange rate: December 31, 2004 Ps 2,389.75 = 1 US$ Average exchange rate
December 2004
Ps 2,626.22 = 1 US$
CONTACTS
JAIME A.VELASQUEZ MAURICIO BOTERO FAX: (574) 2317208
FINANCIAL VP IR MANAGER www.bancolombia.com
TEL.: (574)5108666 TEL.: (574)5108866 investorrelations@bancolombia.co
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1. HIGHLIGHTS:
- Net income for the year totaled Ps 578.7 billion, increasing 23.3%
as compared to Ps 469.4 billion for the year ended December 31,
2003. Nonetheless, the Bank's income before income taxes increased
53.7% amounting to Ps 817.5 billion. The difference between these
figures is explained by the tax credit reduction mentioned in
previous releases.
- As of December 31, 2004 BANCOLOMBIA's gross loans amounted to Ps
10,035 billion, increasing 2.7% as compared to Ps 9,768 billion from
the previous quarter. In a year over year basis, this represents an
increase of 17.1%, from Ps 8,567 billion. On the other hand,
investment debt securities amounted to Ps 4,923 billion, increasing
7.4% over the quarter, but increasing 18.0% as compared to the end
of the fourth quarter of 2003.
- During the fourth quarter of 2004, interest on loans were stable
amounting to Ps 303.2 billion and interest on investment securities
decreased 13.3% as compared to the previous quarter. At the same
time, unrealized gains on available for sale investments amounted to
Ps 104.2 billion which represents an increase of 31.1% in a quarter
over quarter basis.
- Total net fees and income from services were stable over the
quarter. They amounted to Ps 426.1 billion during 2004, up 17.2%
from fiscal year 2003.
- BANCOLOMBIA's ratio of past due loans to total loans at the end of
the quarter ended December 31, 2004 was 1.45% and the ratio of
allowances for past due loans was 302%.
QUARTERS AS OF
STOCK INDICATORS 4Q 03 3Q 04 4Q 04 DEC-03 DEC-04
---------------------------- ----------- ----------- ----------- ------- -------
Net Income (Ps millions) 146,348 187,291 150,756 469,384 578,678
USD Earnings per ADS 0.362 0.498 0.438 1.160 1.680
ROAA 4.24% 4.90% 3.78% 3.40% 3.62%
ROAE 38.83% 43.87% 33.50% 31.14% 32.14%
P/BV ADS(1) 1.28 1.58 2.33
P/BV Local (2)(3) 1.38 1.65 2.21
P/E(4) 3.90 4.18 7.78
Shares Outstanding 576.695.395 576.695.395 576.695.395
(1) Defined as ADS price divided by ADS book value.
(2) Defined as Share price divided by share book value.
(3) Share prices on the Colombian Stock Exchange
(4) Defined as market capitalization divided by annualized quarter results
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.
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2. CONSOLIDATED BALANCE SHEET
2.1 ASSETS
BANCOLOMBIA's total assets increased 7.4% over the quarter to Ps 17,479
billion as of December 31, 2004 from Ps 16,277 billion as of September 30,
2004 and 15.2% from Ps 15,176 billion as of December 31, 2003. The
increase in total assets was due to a larger loan portfolio as well as an
increase of the investment debt securities portfolio.
2.1.1 LOAN PORTFOLIO
Total corporate loans decreased 2.9% over the quarter from Ps 5,577
billion to Ps 5,414 billion. Nevertheless, total corporate loans increased
as compared to the same period in fiscal year 2003, rising 2.7%.
LOAN PORTFOLIO AS OF GROWTH
(PS MILLIONS) 31-DEC-03 30-SEP-04 31-DEC-04 4Q 04/3Q04 4Q04/4Q03
--------------------------------- --------- --------- ---------- ---------- ---------
CORPORATE
Working capital loans 4,687,153 4,372,394 4,298,354 -1.69% -8.29%
Loans funded by
domestic development banks 394,947 841,871 770,331 -8.50% 95.05%
Trade Financing 149,582 282,660 253,632 -10.27% 69.56%
Overdrafts 32,371 58,611 67,018 14.34% 107.03%
Credit Cards 8,237 21,639 24,621 13.78% 198.91%
--------- --------- ---------- ---------- ---------
TOTAL CORPORATE 5,272,290 5,577,175 5,413,956 -2.93% 2.69%
RETAIL AND SMEs
Working capital loans 898,239 1,189,002 1,295,643 8.97% 44.24%
Personal loans 814,884 967,245 1,111,250 14.89% 36.37%
Loans funded by
domestic development banks 330,246 357,994 359,494 0.42% 8.86%
Credit Cards 335,172 342,004 392,900 14.88% 17.22%
Overdrafts 81,294 119,855 89,867 -25.02% 10.55%
Automobile loans 229,737 331,715 381,723 15.08% 66.16%
Trade Financing 19,644 42,608 54,189 27.18% 175.86%
--------- --------- ---------- ---------- ---------
TOTAL RETAIL AND SMEs 2,709,216 3,350,423 3,685,066 9.99% 36.02%
MORTGAGE 48,162 53,887 56,107 4.12% 16.50%
FINANCIAL LEASES(1) 536,985 786,457 880,110 11.91% 63.90%
TOTAL LOANS AND FINANCIAL LEASES 8,566,653 9,767,942 10,035,239 2.74% 17.14%
ALLOWANCE FOR LOAN LOSSES AND
FINANCIAL LEASES (1) (401,730) (435,528) (434,378) -0.26% 8.13%
--------- --------- ---------- ---------- ---------
TOTAL LOANS AND FINANCIAL LEASES,
NET 8,164,923 9,332,414 9,600,861 2.88% 17.59%
(1) These items include information of financial lease contracts for effects of
comparison with subsequent periods.
The retail and SMEs (small and medium-sized enterprises) loan portfolio
maintains robust growth rates. It amounted to Ps 3,685 billion, increasing 10.0%
over the quarter and 36.0% over the year. Even though all types of retail and
SMEs loans showed positive trends, the most significant changes during the
quarter were seen in working capital loans, which primarily benefit SMEs, and in
personal loans, showing annual increases of 44.2% and 36.4%, respectively.
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Financial leases for both corporate and SMEs clients increased 11.9% over
the quarter and 63.9% over the year. These positive figures are explained
by the recovery of corporate investment budgets and more beneficial tax
legislation.
2.1.2 INVESTMENTS PORTFOLIO
BANCOLOMBIA's investments in debt securities amounted to Ps 4,923 billion,
increasing 7.4% over the quarter and 18% over the year. The quarterly
increment in trading debt securities is mainly explained by the seasonal
excess of liquidity during the last quarter of the year.
2.1.3 ASSET QUALITY
As of December 31, 2004, the Bank's past due loans, as a percentage of
total loans reached 1.45%. Loans classified as C, D and E accounted for
3.9% of total loans, continuing their decline. Furthermore, the ratio of
allowances for past due loans for the quarter was 302%.
LOAN CLASSIFICATION
( PS MILLIONS) AS OF 31-DEC-03 AS OF 30-SEP-04 AS OF 31-DEC-04
------------------------------ ------------------ ---------------- -----------------
"A" Normal 7,734,964 90.3% 8,990,520 92.0% 9,327,398 93.0%
"B" Subnormal 405,462 4.7% 394,013 4.0% 320,959 3.2%
"C" Deficient 125,894 1.5% 105,341 1.1% 93,175 0.9%
"D" Doubtful recovery 203,764 2.4% 190,657 2.0% 204,344 2.0%
"E" Unrecoverable 96,569 1.1% 87,411 0.9% 89,363 0.9%
TOTAL 8,566,653 100% 9,767,942 100% 10,035,239 100%
LOANS CLASSIFIED AS C, D AND E
AS A PERCENTAGE OF TOTAL LOANS 5.0% 3.9% 3.9%
ASSET QUALITY AS OF GROWTH
( PS MILLIONS) 31-DEC-03 30-SEP-04 31-DEC-04 4Q 04/3Q 04 4Q 04/4Q 03
----------------------------------------------- --------- --------- ---------- ----------- -----------
Total performing past due loans 54,907 58,435 56,822 -2.76% 3.49%
Total non-performing past due loans (1) 82,136 88,664 88,452 -0.24% 7.69%
Total past due loans 137,043 147,099 145,274 -1.24% 6.01%
Allowance for loans and accrued interest losses 406,900 440,282 438,981 -0.30% 7.88%
Past due loans to total loans 1.60% 1.51% 1.45%
Non-performing loans to total loans 0.96% 0.91% 0.88%
C, D, and E loans to total loans 4.98% 3.93% 3.86%
Allowances to past due loans (2) 296.91% 299.31% 302.17%
Allowances to C, D, and E loans (2) 95.47% 114.83% 113.47%
Allowances to non-performing loans (2) 495.40% 496.57% 496.29%
Allowances to total loans 4.75% 4.51% 4.37%
Performing loans to total loans 99.04% 99.09% 99.12%
(1) Non-performing loans comprise consumer loans that are past due 60 days or
more, commercial loans that are past due 90 days or more, and mortgage loans
that are past due 120 days or more.
(2) Allowance means allowance for loan and accrued interest losses.
2.2 LIABILITIES
Total deposits were up 13.1% over the quarter and 15.9% over the year to
Ps 11,862 billion as of December 31, 2004. In a year over year basis,
interest-bearing deposits increased 15.9%, while non-interest bearing
deposits increased 16.0%. This reflects stability in the funding mix
composition, taking into account that time deposits only increased 2.9%.
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AS OF
DEPOSIT MIX COMPOSITION DEC -03 SEP-04 DEC-04
----------------------- -------- ------- -------
Checking accounts 34.66% 27.83% 32.03%
Savings deposits 22.69% 28.41% 29.80%
Time deposits 41.41% 42.39% 36.77%
Other 1.24% 1.37% 1.41%
-------- ------- -------
TOTAL DEPOSITS 100.00% 100.00% 100.00%
2.3 SHAREHOLDERS' EQUITY
BANCOLOMBIA's shareholders' equity totaled Ps 2,091 billion at the end of
the fourth quarter of 2004. It increased 8.8% compared to the previous
quarter and 23.8%, compared to the fourth quarter of 2003. Unrealized
gains on investment debt securities totaled Ps 104 billion as of December
31, 2004, which represents an increase of 31.1% compared to the previous
quarter.
At the end of the fourth quarter, the Bank's consolidated ratio of
technical capital to risk weighted assets was 13.4%.
TECHNICAL CAPITAL RISK WEIGHTED ASSETS AS OF
CONSOLIDATED (PS MILLIONS) 31-DEC-03 30-SEP-04 31-DEC-04
----------------------------------------- ---------- ---------- ---------
Basic capital (Tier I) 1,167,427 1,394,699 1,499,474
Additional capital (Tier II) 260,454 264,969 279,548
Technical capital(1) 1,427,881 1,659,668 1,779,022
Risk weighted assets included market risk 10,920,514 12,764,018 13,240,657
CAPITAL ADEQUACY(2) 13.08% 13.00% 13.44%
(1) Technical capital is the sum of basic capital and additional capital.
(2) Capital Adequacy is Technical capital divided by Risk weighted assets
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3. INCOME STATEMENT
BANCOLOMBIA's net income amounted to Ps 150.8 billion during the quarter
and Ps 578.7 billion during the year ended December 31, 2004, as compared
to Ps 146.3 billion and Ps 469.4 billion for the same periods of 2003,
respectively.
3.1 NET INTEREST INCOME
Net interest income decreased to Ps 313.4 billion for the quarter ended
December 31, 2004, as compared to Ps 347.1 billion for the previous
quarter, but it increased 14.5% during fiscal year 2004 amounting to Ps
1.217 billion, as compared to Ps 1.063 billion for fiscal year 2003.
The resulting figures for interest on loans during the fourth quarter of
2004 are not comparable with those from the same period of 2003, due to
the acquisition of Sufinanciamiento on December 30, 2003. This transaction
required the Bank to include Sufinanciamiento's interest on loans for the
year 2003, which totaled Ps 54.653 billion, in its financial results for
the quarter ended December 31, 2003.
3.2 PROVISIONS
Provisions for loan and interest losses amounted to Ps 29.7 billion,
decreasing 18.4% as compared to the previous quarter. Additionally, total
net recoveries increased 291.6% over the quarter to Ps 41.6 billion.
3.3 FEES AND INCOME FROM SERVICES
The different sources of fee generation continued their positive trend,
increasing not only on a quarter over quarter basis, but also when
comparing their results of fiscal year 2004 with those of 2003.
Due to a change in the classification of expenses, Ps 10.0 billion was
reclassified from administrative expenses to fee expenses. This resulted
in figures that are more appropriate for comparison purposes in the
category of gross fees and income from services.
Total fees and income from services amounted to Ps 148.5 billion for the
fourth quarter of 2004, increasing 11.5%. They totaled Ps 539.0 billion
during fiscal year 2004, which represents an increase of 20.1% as
compared to Ps 448.9 billion for fiscal year 2003.
3.4 OPERATING EXPENSES
Donations expenses amounted to Ps 10.9 billion during the quarter ended
December 31, 2004. These donations are regularly made at the end of the
year to take advantage of fiscal benefits. This explains why total
operating expenses increased 10.8% over the quarter, amounting to Ps 248.6
billion.
BANCOLOMBIA's efficiency ratio reached 54.5% during the fourth quarter and
51.1% during the twelve-month period ended December 31, 2004.
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PRINCIPAL RATIOS QUARTERS AS OF
PROFITABILITY 4Q 03 3Q 04 4Q 04 DEC-03 DEC-04
---------------------------------------------- ----- -------- ----- ------ ------
Net interest margin (1) 11.12% 10.34% 9.02% 9.25% 8.75%
Return on average total assets (2) 4.24% 4.90% 3.78% 3.40% 3.62%
Return on average shareholders' equity (3) 38.83% 43.87% 33.50% 31.14% 32.14%
EFFICIENCY
Operating expenses to net operating income (4) 58.16% 45.39% 54.53% 54.27% 51.12%
Operating expenses to average total assets (4) 7.77% 6.02% 6.37% 6.21% 5.84%
CAPITAL ADEQUACY
Shareholders' equity to total assets 11.13% 11.81% 11.96% 11.13% 11.96%
Technical capital to risk weighted assets 13.08% 13.00% 13.44% 13.08% 13.44%
(1) Defined as Net Interest Income divided by monthly average
interest-earning assets.
(2) Net income divided by monthly average total assets.
(3) Net income divided by monthly average shareholders' equity.
(4) Operating income includes net interest income, total fees and income
from services, and total other operating income.
The efficiency ratios contained herein are not comparable to those
previously released by BANCOLOMBIA because merger expenses have been
included as operating expenses.
3.5 OTHER OPERATING INCOME
Other operating income decreased 10.1% during the quarter, amounting to Ps
45.3 billion. This decrease resulted from the dividend payments from
Conavi that were recorded during the third quarter of 2004.
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4. SUBSIDIARIES
BANCOLOMBIA PANAMA AND ITS SUBSIDIARIES
The following table is expressed in US dollars.
BANCOLOMBIA PANAMA AND ITS SUBSIDIARIES
BALANCE SHEET
AND INCOME STATEMENT QUARTER GROWTH
(US$) 3Q 04 4Q 04 4Q 04/3Q 04
--------------------------------------- ------------- ------------- -----------
ASSETS
Loans and financial leases, net 628,519,327 655,467,480 4.29%
Investment securities, net 248,557,106 269,610,675 8.47%
Overnight funds sold 184,374,508 315,135,186 70.92%
Other assets 54,119,698 37,135,164 -31.38%
------------- ------------- -----------
TOTAL ASSETS 1.115.570.639 1,277,348,505 14.50%
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits 941,648,544 1,091,142,768 15.88%
Other liabilities 5,891,056 6,217,713 5.54%
TOTAL LIABILITIES 947,539,600 1,097,360,481 15.81%
Shareholders' equity 168,031,039 179,988,024 7.12%
------------- ------------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY 1,115,570,639 1,277,348,505 14.50%
Interest income 20,099,845 16,967,202 -15.59%
Interest expense (4,392,505) (5,072,605) 15.48%
NET INTEREST INCOME 15,707,340 11,894,597 -24.27%
Net provisions (1,150,379) (1,757,208) 52.75%
Other operating income 1,325,675 2,340,533 76.55%
Other operating expense (1,188,316) (2,080,912) 75.11%
------------- ------------- -----------
NET INCOME 14,694,320 10,397,010 -29.24%
Total assets increased 14.5% over the fourth quarter of 2004 to US$1,277 million
as of December 31, 2004, as compared to US$1,116 million as of September 30,
2004. Additionally, shareholders' equity increased 7.1% over the quarter from
US$168 million as of September 30, 2004 to US$180 million as of December 31,
2004. Unrealized gains on investment securities totaled US$2.5 million as of
December 31, 2004.
BANCOLOMBIA Panama reported net income of US$10.4 million during the fourth
quarter and US$47.1 million during fiscal year 2004, which was very stable
compared to fiscal year 2003, when net income amounted to US$46.5 million.
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5. RATINGS
Fitch Ratings assigned the following ratings to Bancolombia and its
subsidiaries: Long-term foreign currency 'BB', Short-term foreign currency
'B', Long-term local currency 'BBB-' Short-term local currency 'F3' and
Individual 'C'. The Outlook on the Long-term debt ratings is stable. At
the same time, the bank's support rating was affirmed at '3'.
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CONSOLIDATED BALANCE SHEET AS OF GROWTH
(PS MILLIONS) DEC-03 SEP-04 DEC-04 4Q 04/3Q 04 4Q 04/4Q 03
----------------------------------------------- ---------- ---------- ---------- ----------- -----------
ASSETS
Cash and due from banks 848,052 649,069 768,514 18.40% -9.38%
Overnight funds sold 598,409 117,053 480,846 310.79% -19.65%
TOTAL CASH AND EQUIVALENTS 1,446,461 766,122 1,249,360 63,08% -13,63%
---------- ---------- ---------- ----------- -----------
DEBT SECURITIES 4,171,591 4,582,180 4,922,792 7.43% 18.01%
Trading 1,644,068 1,952,078 2,245,756 15.04% 36.60%
Available for Sale 1,805,230 1,892,205 1,943,685 2.72% 7.67%
Held to Maturity 722,293 737,897 733,351 -0.62% 1.53%
EQUITY SECURITIES 246,172 274,709 393,044 43.08% 59.66%
Trading 17,667 16,028 129,964 710.86% 635.63%
Available for Sale 228,505 258,681 263,080 1.70% 15.13%
Market value allowance (81,039) (75,094) (65,625) -12.61% -19.02%
NET INVESTMENT SECURITIES 4,336,724 4,781,795 5,250,211 9,80% 21,06%
---------- ---------- ---------- ----------- -----------
Commercial loans 6,624,494 7,364,877 7,353,956 -0.15% 11.01%
Consumer loans 1,273,160 1,479,878 1,655,066 11.84% 30.00%
Small business loans 83,852 82,843 90,000 8.64% 7.33%
Mortgage loans 48,162 53,887 56,107 4.12% 16.50%
Finance lease 536,985 786,457 880,110 11.91% 63.90%
Allowance for loans and financial leases losses (401,730) (435,528) (434,378) -0.26% 8.13%
NET TOTAL LOANS AND FINANCIAL LEASES 8,164,923 9,332,414 9,600,861 2,88% 17.59%
---------- ---------- ---------- ----------- -----------
Accrued interest receivable on loans 117,880 111,004 125,879 13.40% 6.79%
Allowance for accrued interest losses (5,170) (4,754) (4,603) -3.18% -10.97%
NET TOTAL INTEREST ACCRUED 112,710 106,250 121,276 14.14% 7.60%
---------- ---------- ---------- ----------- -----------
Customers' acceptances and derivatives 1,539 78,444 43,894 -44.04% 2752.11%
Net accounts receivable 163,310 173,078 173,875 0.46% 6.47%
Net premises and equipment 337,964 373,075 346,243 -7.19% 2.45%
Foreclosed assets 27,676 20,013 12,206 -39.01% -55.90%
Prepaid expenses and deferred charges 27,831 22,672 15,950 -29.65% -42.69%
Good will 99,910 80,756 73,607 -8.85% -26.33%
Operating lease, net 5,188 9,146 8,311 -9.13% 60.20%
Other 198,480 266,716 315,394 18.25% 58.90%
Reappraisal of assets 253,413 266,189 267,941 0.66% 5.73%
---------- ---------- ---------- ----------- -----------
TOTAL ASSETS 15,176,129 16,276,670 17,479,129 7.39% 15.18%
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 2,319,787 2,039,707 2,690,679 31.91% 15.99%
Checking accounts 2,193,069 1,895,729 2,523,505 33.12% 15.07%
Other 126,718 143,978 167,174 16.11% 31.93%
---------- ---------- ---------- ----------- -----------
INTEREST BEARING 7,912,210 8,451,644 9,171,437 8.52% 15.91%
Checking accounts 1,353,123 1,023,922 1,275,618 24.58% -5.73%
Time deposits 4,237,345 4,447,256 4,361,206 -1.93% 2.92%
Savings deposits 2,321,742 2,980,466 3,534,613 18.59% 52.24%
---------- ---------- ---------- ----------- -----------
TOTAL DEPOSITS 10,231,997 10,491,351 11,862,116 13.07% 15.93%
Overnight funds 1,118,139 1,051,779 616,494 -41.39% -44.86%
Bank acceptances outstanding 35,833 55,236 66,593 20.56% 85.84%
Interbank borrowings 456,059 239,357 246,282 2.89% -46.00%
Borrowings from domestic development banks 755,536 797,985 857,919 7.51% 13.55%
Accounts payable 451,501 545,414 729,448 33.74% 61.56%
Accrued interest payable 93,818 101,041 109,164 8.04% 16.36%
Other liabilities 174,317 170,033 232,932 36.99% 33.63%
Bonds 71,818 525,347 552,531 5.17% 669.35%
Accrued expenses 56,173 335,294 71,649 -78.63% 27.55%
Minority interest in consolidated subsidiaries 41,559 41,537 43,278 4.19% 4.14%
---------- ---------- ---------- ----------- -----------
TOTAL LIABILITIES 13,486,750 14,354,374 15,388,406 7.20% 14.10%
SHAREHOLDER'S EQUITY
SUBSCRIBED AND PAID IN CAPITAL 288,348 288,348 288,348 0.00% 0.00%
Non Voting Preference Shares 89,218 89,218 89,218 0.00% 0.00%
Common Shares 199,130 199,130 199,130 0.00% 0.00%
---------- ---------- ---------- ----------- -----------
RETAINED EARNINGS 1,040,188 1,275,260 1,419,697 11.33% 36.48%
Appropiated 570,804 847,338 841,019 -0.75% 47.34%
Unappropiated 469,384 427,922 578,678 35.23% 23.28%
---------- ---------- ---------- ----------- -----------
REAPPRAISAL 266,407 279,169 278,470 -0.25% 4.53%
Gross unrealized gain or loss on investments 94,436 79,519 104,208 31.05% 10.35%
---------- ---------- ---------- ----------- -----------
TOTAL SHAREHOLDER'S EQUITY 1,689,379 1,922,296 2,090,723 8.76% 23.76%
10
[BANCOLOMBIA LOGO]
4Q04
CONSOLIDATED INCOME STATEMENT AS OF GROWTH QUARTER GROWTH
(PS MILLIONS) DEC-03 DEC-04 DEC-04/DEC-03 4Q 03 3Q 04 4Q 04 4Q 04/3Q 04 4Q 04/4Q 03
--------------------------------- --------- --------- ------------- ------- ------- ------- ----------- -----------
INTEREST INCOME AND EXPENSES
Interest on loans 919,703 1,140,955 24.06% 302,763 303,293 303,220 -0.02% 0.15%
Interest on investment securities 552,167 549,225 -0.53% 133,567 164,156 142,327 -13.30% 6.56%
Overnight funds 13,133 18,375 39.91% 2,119 3,774 6,848 81.45% 223.17%
Leasing 58,774 94,450 60.70% 18,703 26,702 25,674 -3.85% 37.27%
TOTAL INTEREST INCOME 1,543,777 1,803,005 16.79% 457,152 497,925 478,069 -3.99% 4.58%
--------- --------- ------------- ------- ------- ------- ----------- ----------
Interest expense
Checking accounts 11,622 13,505 16.20% 3,115 3,176 4,091 28.81% 31.33%
Time deposits 249,911 267,558 7.06% 78,144 67,230 75,061 11.65% -3.95%
Savings deposits 113,968 141,288 23.97% 28,558 35,912 37,633 4.79% 31.78%
TOTAL INTEREST ON DEPOSITS 375,501 422,351 12.48% 109,817 106,318 116,785 9.84% 6.35%
--------- --------- ------------- ------- ------- ------- ----------- ----------
Interbank borrowings 5,293 7,389 39.60% 1,743 2,473 2,514 1.66% 44.23%
Borrowings from domestic
development banks 58,456 73,549 25.82% 16,155 18,616 19,287 3.60% 19.39%
Overnight funds 38,423 41,215 7.27% 11,386 11,654 13,895 19.23% 22.04%
Bonds 2,840 41,239 1352.08% 780 11,797 12,155 3.03% 1458.33%
TOTAL INTEREST EXPENSE 480,513 585,743 21.90% 139,881 150,858 164,636 9.13% 17.70%
--------- --------- ------------- ------- ------- ------- ----------- ----------
NET INTEREST INCOME 1,063,264 1,217,262 14.48% 317,271 347,067 313,433 -9.69% -1.21%
Provision for loan and accrued
interest losses, net (162,057) (110,455) -31.84% (39,775) (36,379) (29,677) -18.42% -25.39%
Recovery of charged-off loans 31,701 49,032 54.67% 8,027 9,542 25,421 166.41% 216.69%
Provision for foreclosed assets
and other assets (68,892) (33,127) -51.91% 3,551 (6,506) (7,728) 18.78% -317.63%
Recovery of provisions for
foreclosed assets and other
assets 16,949 27,926 64.76% 10,394 1,082 16,185 1395.84% 55.71%
--------- --------- ------------- ------- ------- ------- ----------- ----------
TOTAL NET PROVISIONS (182,299) (66,624) -63.45% (17,803) (32,261) 4,201 113.02% 123.60%
NET INTEREST INCOME AFTER
PROVISION FOR LOANS AND ACCRUED
INTEREST LOSSES 880,965 1,150,638 30.61% 299,468 314,806 317,634 0.90% 6.07%
--------- --------- ------------- ------- ------- ------- ----------- ----------
Commissions from banking services
and other services 60,041 75,687 26.06% 32,744 16,160 26,620 64.73% -18.70%
Electronic services and ATM's
fees 48,751 60,507 24.11% 13,617 16,532 15,501 -6.24% 13.84%
Branch network services 28,594 37,929 32.65% 7,672 9,585 10,239 6.82% 33.46%
Collections and payments fees 30,691 43,838 42.84% 8,723 11,491 12,212 6.27% 40.00%
Credit card merchant fees 59,922 73,369 22.44% 19,208 16,914 20,146 19.11% 4.88%
Credit and debit card annual fees 56,459 66,668 18.08% 15,223 16,574 16,865 1.76% 10.79%
Checking fees 46,910 49,391 5.29% 11,960 12,501 12,790 2.31% 6.94%
Warehouse services 42,705 49,072 14.91% 10,796 12,879 13,091 1.65% 21.26%
Fiduciary activities 39,469 50,425 27.76% 11,498 12,220 12,379 1.30% 7.66%
Check remittance 12,877 10,850 -15.74% 3,200 2,584 2,705 4.68% -15.47%
International operations 22,477 21,294 -5.26% 5,434 5,693 5,911 3.83% 8.78%
FEES AND OTHER SERVICE INCOME 448,896 539,030 20.08% 140,075 133,133 148,459 11.51% 5.99%
--------- --------- ------------- ------- ------- ------- ----------- ----------
Fees and other service expenses (85,203) (112,890) 32.50% (36,065) (23,584) (40,878) 73.33% 13.35%
TOTAL FEES AND INCOME FROM
SERVICES, NET 363,693 426,140 17.17% 104,010 109,549 107,581 -1.80% 3.43%
--------- --------- ------------- ------- ------- ------- ----------- ----------
OTHER OPERATING INCOME
Net foreign exchange gains 39,262 (90,706) -331.03% 27,454 (17,733) (25,077) 41.41% -191.34%
Forward contracts in foreign
currency 9,588 149,457 1458.79% (9,458) 34,368 39,391 14.62% 516.48%
Dividend income 30,734 30,546 -0.61% 479 14,258 379 -97.34% -20.88%
Revenues from commercial
subsidiaries 76,446 78,973 3.31% 23,387 16,858 23,186 37.54% -0.86%
Communication, postage and others 7,101 12,570 77.02% 3,219 2,648 7,412 179.91% 130.26%
TOTAL OTHER OPERATING INCOME 163,131 180,840 10.86% 45,081 50,399 45,291 -10.14% 0.47%
--------- --------- ------------- ------- ------- ------- ----------- ----------
TOTAL INCOME 1,407,789 1,757,618 24.85% 448,559 474,754 470,506 -0.89% 4.89%
OPERATING EXPENSES
Salaries and employee benefits 320,885 363,557 13.30% 94,733 90,261 98,587 9.22% 4.07%
Bonus plan payments 22,423 32,923 46.83% 3,952 5,649 12,900 128.36% 226.42%
Compensation 22,959 15,169 -33.93% 3,746 3,326 2,300 -30.85% -38.60%
Administrative and other expenses 365,579 417,425 14.18% 105,770 110,092 102,690 -6.72% -2.91%
Deposit security, net 31,877 22,945 -28.02% 9,707 2,957 7,849 165.44% -19.14%
Donation expenses 1,708 11,060 547.54% 1,192 59 10,908 18388.14% 815.10%
Depreciation 40,625 46,872 15.38% 12,280 12,140 13,398 10.36% 9.10%
TOTAL OPERATING EXPENSES 806,056 909,951 12.89% 231,380 224,484 248,632 10.76% 7.46%
--------- --------- ------------- ------- ------- ------- ----------- ----------
NET OPERATING INCOME 601,733 847,667 40.87% 217,179 250,270 221,874 -11.35% 2.16%
Merger expenses 22,648 22,648 0.00% 5,662 5,662 5,662 0.00% 0.00%
Goodwill amortization 36,347 - -100.00% 36,347 - - 0.00% -100.00%
NON-OPERATING INCOME (EXPENSE)
Other income 34,059 51,898 52.38% 8,625 11,900 17,086 43.58% 98.10%
Minority interest 330 (2,425) -834.85% (208) (1,298) 465 135.82% 323.56%
Other expense (45,108) (57,004) 26.37% (18,131) (6,703) (18,443) 175.15% 1.72%
TOTAL NON-OPERATING INCOME (10,719) (7,531) -29.74% (9,714) 3,899 (892) -122.88% -90.82%
INCOME BEFORE INCOME TAXES 532,019 817,488 53.66% 165,456 248,507 215,320 -13.35% 30.14%
Income tax expense (62,635) (238,810) 281.27% (19,108) (61,216) (64,564) 5.47% 237.89%
--------- --------- ------------- ------- ------- ------- ----------- ----------
NET INCOME 469,384 578,678 23.28% 146,348 187,291 150,756 - 19.51% 3.01%
11