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 1934
For the month of February 2004
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).
[BANCOLOMBIA LOGO] [THE BANKER LOGO]
CONSOLIDATED FINANCIAL RESULTS
FOR THE QUARTER ENDED DECEMBER 31, 2003
FEBRUARY 25, 2004. Medellin, Colombia - BANCOLOMBIA S.A. (NYSE: CIB) announced
today the financial results for the quarter ended December 31, 2003.(1)
CONSOLIDATED INCOME STATEMENT
AND BALANCE SHEET QUARTER GROWTH
(Ps millions) 3Q 03 4Q 03 4Q 03/3Q 03
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ASSETS
Loans, net 7,062,705 7,642,405 8.21%
Investment Securities, net 4,316,902 4,336,724 0.46%
Other assets 2,570,614 3,197,000 24.37%
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TOTAL ASSETS 13,950,221 15,176,129 8.79%
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits 9,461,540 10,231,997 8.14%
Other liabilities 2,938,474 3,254,753 10.76%
TOTAL LIABILITIES 12,400,014 13,486,750 8.76%
Shareholders' equity 1,550,207 1,689,379 8.98%
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 13,950,221 15,176,129 8.79%
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Interest income 352,351 458,649 30.17%
Interest expense 118,619 139,880 17.92%
NET INTEREST INCOME 233,732 318,769 36.38%
Net provisions (45,693) (25,531) -44.12%
Other operating income 136,891 142,383 4.01%
Other operating expense (200,970) (268,226) 33.47%
Non-operating income, net 8,319 (1,939) -123.31%
Income tax expense (13,875) (19,108) 37.72%
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NET INCOME 118,404 146,348 23.60%
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--------------------------
(1) This report corresponds to the consolidated financial statements of
BANCOLOMBIA and its affiliated companies, where 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 (with its financial subsidiaries) released prior to May 2003. This
information has been prepared in accordance with generally accepted accounting
principles in Colombia, and 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 AND ITS
AFFILIATES, UNLESS OTHERWISE SPECIFIED.
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.
Exchange rate: December 31, 2003 TRM 2,778.21 COP /USD
Average exchange rate December 2003 2,807.20
Contacts
JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER www.bancolombia.com
TEL.: (574) 5108666 TEL.: (574) 5108866
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[BANCOLOMBIA LOGO]
1. HIGHLIGHTS:
- BANCOLOMBIA's net income amounted to Ps 146.3 billion, or US$ 0.362 per
ADS, during the quarter ended December 31, 2003, as compared to a net
income of Ps 118.4 billion, or US$ 0.289 per ADS, for the quarter ended
September 30, 2003.
- Net income for the year ended December 31, 2003 totaled Ps 469.4
billion, as compared to Ps 210.4 billion for the year ended December
31, 2002, mainly as a result of a better composition of the Bank's
assets and an improvement in the funding mix and efficiency levels of
the Bank.
- Net interest margin for the year ended December 31, 2003 increased to
9.3% as compared to 7.3% for the same period in 2002. Net interest
margin increased during the fourth quarter of 2003 to 11.1% as compared
to 8.2% during the third quarter of 2003 and as compared to 9.3% during
the fourth quarter of 2002.
- BANCOLOMBIA's total net provisions decreased from Ps 45.7 billion to Ps
25.5 billion quarter over quarter.
- The Bank's gross loans increased 8.3% quarter over quarter and 29.6%
year over year.
- BANCOLOMBIA's ratio of past due loans to total loans for the quarter
ended December 31, 2003 remained stable at 1.5% and allowances for past
due loans for the quarter ended December 31, 2003 had a slight increase
to 328% compared to 324.6% for the previous quarter.
- BANCOLOMBIA's shareholders' equity increased 9.0% during the quarter
ended December 31, 2003 as compared to the previous quarter and 31.5%
as compared to the quarter ended December 31, 2002.
- The annualized ROAE (Return on average shareholders' equity) and ROAA
(Return on average total assets) for the year ended December 31, 2003
were 31.1% and 3.4%, respectively, while for the fourth quarter of 2003
were 38.8% and 4.2%, respectively.
- On December 24, 2003, BANCOLOMBIA obtained the approval of the
Superintendency of Banking for to purchase the shares of
Sufinanciamiento, a consumer finance company. As a result, the
financial results for the quarter ended December 31, 2003 are affected
by that acquisition. At the end of this report you will find
Sufinanciamiento's Balance Sheet and Income Statement.
Sufinanciamiento's main unconsolidated figures as of December 31, 2003,
are as follows:
- Total Assets: Ps 314.9 billion
- Total Gross loans: Ps 279.4 billion
- Total Deposits: Ps 230.4 billion
- Total Liabilities: Ps 270.1 billion
- Total Shareholders' equity: Ps 44.8 billion
Contacts
JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER www.bancolombia.com
TEL.: (574) 5108666 TEL.: (574) 5108866
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[BANCOLOMBIA LOGO]
2. CONSOLIDATED BALANCE SHEET
2.1 ASSETS
BANCOLOMBIA's total assets increased 8.8% over the quarter to Ps 15,176
billion as of December 31, 2003 from Ps 13,950 billion as of September
30, 2003, and 20.4% from Ps 12,600 billion as of December 31, 2002. The
increase in total assets during the quarter was primarily due to a
larger loan portfolio.
2.1.1 LOAN PORTFOLIO
The Colombian economic recovery is confirmed by an increased demand for
corporate and retail loans. As a result, the Bank's loan portfolio
continues to show a positive performance. BANCOLOMBIA's gross loans
totaled Ps 8,030 billion as of December 31, 2003, an increase of 8.3%
from Ps 7,415 billion as of September 30, 2003 and 29.6% from Ps 6,197
billion as of December 31, 2002. During the quarter, BANCOLOMBIA
acquired Sufinanciamiento which resulted in a significant increase of
retail loans.
Total corporate loans increased 3.9% during the fourth quarter of 2003
from Ps 5,072 billion as of September 30, 2003, to Ps 5,272 billion as
of December 31, 2003. This increase resulted from growth in working
capital loans, which increased 5.3%. Total retail loans increased 17.9%
from Ps 2,297 billion as of September 30, 2003 to Ps 2,709 billion as
of December 31, 2003, of which Sufinanciamiento explains Ps 278,677
million.
In addition, net leases continues to show a strong performance
increasing 14.4% from Ps 470 billion to Ps 537 billion quarter over
quarter.
LOAN PORTFOLIO AS OF GROWTH
(Ps millions) 31-DEC-02 30-SEP-03 31-DEC-03 4Q 03/3Q 03 4Q 03/4Q 02
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CORPORATE
Working capital loans 3,650,585 4,453,082 4,687,153 5.26% 28.39%
Loans funded by
domestic development banks 376,378 427,178 394,947 -7.55% 4.93%
Trade Financing 166,620 151,043 149,582 -0.97% -10.23%
Overdrafts 48,591 33,826 32,371 -4.30% -33.38%
Credit Cards 5,218 7,343 8,237 12.17% 57.86%
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TOTAL CORPORATE 4,247,392 5,072,472 5,272,290 3.94% 24.13%
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RETAIL
Working capital loans 698,160 842,020 898,239 6.68% 28.66%
Personal loans 561,558 687,207 814,885 18.58% 45.11%
Loans funded by
domestic development banks 276,157 333,839 330,246 -1.08% 19.59%
Credit Cards 254,876 281,585 335,172 19.03% 31.50%
Overdrafts 68,490 102,801 81,294 -20.92% 18.69%
Automobile loans 24,476 28,915 229,737 694.53% 838.62%
Trade Financing 28,112 20,911 19,644 -6.06% -30.12%
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TOTAL RETAIL 1,911,829 2,297,278 2,709,217 17.93% 41.71%
MORTGAGE 38,094 45,002 48,161 7.02% 26.43%
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TOTAL LOANS 6,197,315 7,414,752 8,029,668 8.29% 29.57%
ALLOWANCE FOR LOAN LOSSES (332,324) (352,047) (387,263) 10.00% 16.53%
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TOTAL LOANS, NET 5,864,991 7,062,705 7,642,405 8.21% 30.31%
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Contacts
JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER www.bancolombia.com
TEL.: (574) 5108666 TEL.: (574) 5108866
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[BANCOLOMBIA LOGO]
2.1.2 ASSET QUALITY
As of December 31, 2003 the Bank's past due loans as a percentage of
total loans were stable at 1.5%, as compared to the same figure as of
September 30, 2003. During the fourth quarter, BANCOLOMBIA had loan
charge offs of Ps 8,493 million. During the year ended December 31,
2003, the Bank's charge offs totaled Ps 112,393 million as compared to
Ps 71,592 million during the year ended December 31, 2002.
LOAN CLASSIFICATION
(Ps millions) AS OF 31-DEC-02 AS OF 30-SEP-03 AS OF 31-DEC-03
-----------------------------------------------------------------------------------------------
"A" Normal 5,115,889 82.6% 6,579,476 88.7% 7,288,273 90.8%
"B" Subnormal 479,429 7.7% 446,586 6.0% 345,297 4.3%
"C" Deficient 142,782 2.3% 68,630 0.9% 109,615 1.4%
"D" Doubtful recovery 180,630 2.9% 226,277 3.1% 196,075 2.4%
"E" Unrecoverable 278,585 4.5% 93,783 1.3% 90,408 1.1%
TOTAL 6,197,315 100% 7,414,752 100% 8,029,668 100%
LOANS CLASSIFIED AS C, D AND E
AS A PERCENTAGE OF TOTAL LOANS 9.7% 5.2% 4.9%
ASSET QUALITY AS OF GROWTH
(Ps millions) 31-DEC-02 30-SEP-03 31-DEC-03 4Q 03/3Q 03 4Q 03/4Q 02
------------------------------------------------------------------------------------------------------------------------
Total performing past due loans 45,485 25,711 43,471 69.08% -4.43%
Total non-performing past due loans (1) 109,659 84,304 76,182 -9.63% -30.53%
Total past due loans 155,144 110,015 119,653 8.76% -22.88%
Allowance for loans and accrued interest losses 347,398 357,154 392,433 9.88% 12.96%
Past due loans to total loans 2.50% 1.48% 1.49%
Non-performing loans to total loans 1.77% 1.14% 0.95%
C, D, and E loans to total loans 9.71% 5.24% 4.93%
Allowances to past due loans (2) 223.92% 324.64% 327.98%
Allowances to C, D, and E loans (2) 57.71% 91.89% 99.07%
Allowances to non-performing loans (2) 316.80% 423.65% 515.13%
Allowances to total loans 5.61% 4.82% 4.89%
Performing loans to total loans 98.23% 98.86% 99.05%
(1) Before January 1, 2002, non-performing loans included commercial and
consumer loans that were past due 90 days or more, and mortgage loans that
were past due 120 days or more. Since January 1, 2002, 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 = allowance for loan and accrued interest losses.
2.2 LIABILITIES
Total deposits increased 8.1% over the quarter, from Ps 9,461.5 billion
as of September 30, 2003, to Ps 10,232 billion as of December 31, 2003.
During the fourth quarter of 2003, BANCOLOMBIA's funding mix improved
as a result of a 25.8% increase in non-interest bearing deposits over
the quarter while interest-bearing deposits increased 3.9% over the
quarter. The growth in non-interest bearing
Contacts
JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER www.bancolombia.com
TEL.: (574) 5108666 TEL.: (574) 5108866
- 4 -
[BANCOLOMBIA LOGO]
checking accounts was the result of seasonality, which usually reaches
its highest level at the end of the year.
AS OF
FUNDING MIX COMPOSITION 31-DEC-02 30-SEP-03 31-DEC-03
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NON-INTEREST BEARING 22.42% 19.50% 22.67%
Checking accounts 21.35% 17.85% 21.43%
Other 1.08% 1.64% 1.24%
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INTEREST BEARING 77.58% 80.50% 77.33%
Checking accounts 9.28% 10.63% 13.22%
Time deposits 41.00% 44.00% 41.41%
Savings deposits 27.29% 25.87% 22.69%
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TOTAL DEPOSITS 100.00% 100.00% 100.00%
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2.3 SHAREHOLDERS' EQUITY
BANCOLOMBIA's shareholders' equity totaled Ps 1,689 billion during the
fourth quarter. As of December 31, 2003, the Bank's consolidated ratio
of technical capital to risk-weighted assets was 13.1%. Unrealized
gains on investment debt securities totaled Ps 89.4 billion as of
December 31, 2003.
TECHNICAL EQUITY RISK WEIGHTED ASSETS AS OF
Consolidated (Ps millions) 31-DEC-02 30-SEP-03 31-DEC-03
-----------------------------------------------------------------------------------------
Basic capital 795,739 1,079,512 1,167,427
Additional capital 242,776 255,796 260,454
Technical capital (1) 1,038,515 1,335,308 1,427,881
Risk weighted assets 8,942,207 9,796,546 10,920,514
CAPITAL ADEQUACY (2) 11.61% 13.63% 13.08%
(1) Technical capital is the sum of basic capital and additional capital.
(2) Capital Adequacy = Technical capital / risk weighted assets
3. INCOME STATEMENT
BANCOLOMBIA's net income amounted to Ps 146.3 billion during the
quarter ended December 31, 2003, as compared to net income of Ps 118.4
billion for the quarter ended September 30, 2003. This increase during
the fourth quarter of 2003 was mainly due to higher net interest income
and lower net provisions.
3.1 NET INTEREST INCOME
Net interest income increased 36.4% to Ps 318.8 billion for the quarter
ended December 31, 2003, compared to Ps 233.7 billion for the quarter
ended September 30, 2003. Additionally, net interest income as of
December 31, 2003 increased 57.6% to Ps 1,060.1 billion from Ps 672.6
billion as of December 31, 2002. This increment in 2003 is explained as
follows: Ps 208.2 billion resulted from an
Contacts
JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER www.bancolombia.com
TEL.: (574) 5108666 TEL.: (574) 5108866
- 5 -
[BANCOLOMBIA LOGO]
increase in the volume of interest earning assets and Ps 179.3 billion
resulted from a better average interest rate.
3.2 PROVISIONS
Total net provisions for the fourth quarter of 2003 amounted to Ps 25.5
billion, decreasing 44.1% as compared to the previous quarter.
Provisions for other assets were recovered due to the payment of
Departamento del Valle's bonds which had been 100% provisioned.
3.3 FEES AND INCOME FROM SERVICES
Total fees and other service income increased 8.7% to Ps 127.3 billion
during the fourth quarter of 2003, as compared to Ps 117.1 billion for
the previous quarter, with commissions from banking services and credit
card merchant fees increasing the most. However, fees and other service
expenses increased 39.3% during the fourth quarter as a result of
higher credit card merchant fees during the Christmas season, and that
Sufinanciamiento's expenses for the complete year 2003 were recognized
in the fourth quarter. In consequence, net fees and other service
income showed a slight increase of 1.2% to Ps 96 billion during the
quarter.
BANCOLOMBIA's accumulated unconsolidated credit card billing increased
33.3% over the twelve-months ended December 31, 2003, resulting in a
17.3% market share of the Colombian credit card business. In addition,
the Bank's unconsolidated number of outstanding credit cards increased
16.0% year over year, resulting in a 13.3% market share. BC American
Express credit card showed an excellent performance during 2003,
increasing its accumulated billing to Ps 241 billion as of December and
the number of outstanding credit cards to more than 60,000 cards,
reaching a market share of 2.9% and 2.4%, respectively. (Source:
Credibanco, American Express and Red Multicolor).
ACCUMULATED CREDIT CARD BILLING % 2003
(As of December 31, in Ps million) 2002 2003 Growth Mkt. Share
----------------------------------------------------------------------------------------
Bancolombia Mastercard 717,438 787,331 9.7% 9.5%
Bancolombia VISA 341,758 406,802 19.0% 4.9%
Bancolombia American Express 17,322 240,872 1290.5% 2.9%
TOTAL BANCOLOMBIA 1,076,518 1,435,005 33.3% 17.3%
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Colombian credit card industry 6,751,628 8,295,597 22.9%
--------------------------------------------------------------------------------------
Source: Credibanco, American Express and Red Multicolor
CREDIT CARD MARKET SHARE % 2003
Number of credit cards as of December 31, 2002 2003 Growth Mkt. Share
---------------------------------------------------------------------------------------------------
Bancolombia Mastercard 158,969 160,113 0.7% 6.5%
Bancolombia VISA 100,069 109,182 9.1% 4.4%
Bancolombia American Express 25,093 60,319 140.4% 2.4%
TOTAL BANCOLOMBIA 284,131 329,614 16.0% 13.3%
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Colombian credit card industry 2,216,322 2,479,554 11.9%
-----------------------------------------------------------------------------------------------
Source: Credibanco, American Express and Red Multicolor.
Contacts
JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER www.bancolombia.com
TEL.: (574) 5108666 TEL.: (574) 5108866
- 6 -
[BANCOLOMBIA LOGO]
3.4 OPERATING EXPENSES
Operating expenses increased 15.8% quarter over quarter totaling Ps 226
billion during the quarter ended December 31, 2003. This increase in
operating expenses is mainly explained by Sufinanciamiento's expenses
for the complete year 2003 (Ps 22 billion), the increment in salaries
effective in November 2003 (Ps 7 billion) and the amortization of the
remaining part of employee benefit plans (Ps 6 billion). As a
consequence, BANCOLOMBIA's efficiency ratio reached 58.2% for the
quarter ended December 31, 2003.
3.5 OTHER OPERATING INCOME
Total Other operating income totaled Ps 47.4 billion during the fourth
quarter increasing 10.3% from Ps 43.0 billion during the previous
quarter, mainly due to higher income from the foreign exchange business
(spot and forward contracts) and revenues from commercial subsidiaries.
4. SUBSIDIARIES
BANCOLOMBIA PANAMA AND ITS SUBSIDIARIES
The following table is expressed in US dollars.
BANCOLOMBIA PANAMA
BALANCE SHEET
AND INCOME STATEMENT QUARTER GROWTH
(US$) 3Q 03 4Q 03 4Q 03/3Q 03
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ASSETS
Loans, net 558,218,195 503,797,770 -9.75%
Investment securities, net 450,850,332 428,185,477 -5.03%
Overnight funds sold 79,269,989 203,722,770 157.00%
Leases, net 44,749,940 40,033,293 -10.54%
Other assets 33,426,209 41,625,456 24.53%
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TOTAL ASSETS 1,166,514,665 1,217,364,766 4.36%
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits 979,666,689 1,056,979,257 7.89%
Other liabilities 48,363,507 9,885,773 -79.56%
TOTAL LIABILITIES 1,028,030,196 1,066,865,030 3.78%
Shareholders' equity 138,484,469 150,499,736 8.68%
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1,166,514,665 1,217,364,766 4.36%
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Interest income 18,617,466 21,070,917 13.18%
Interest expense (4,837,249) (4,585,345) -5.21%
NET INTEREST INCOME 13,780,217 16,485,572 19.63%
Net provisions (3,295,903) (291,335) -91.16%
Other operating income 911,076 135,917 -85.08%
Other operating expense (665,732) (998,099) 49.93%
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NET INCOME 10,729,658 15,332,055 42.89%
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Contacts
JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER www.bancolombia.com
TEL.: (574) 5108666 TEL.: (574) 5108866
- 7 -
[BANCOLOMBIA LOGO]
BANCOLOMBIA Panama's total assets increased 4.4% over the quarter to
US$1,217 million as of December 31, 2003, as compared to US$1,167
million as of September 30, 2003. The increase in total assets was
driven by an increase in overnight funds sold as a result of higher
short-term deposits.
BANCOLOMBIA Panama's shareholders' equity increased 8.7% over the
quarter from US$138 million as of September 30, 2003, to US$150 million
as of December 31, 2003. Unrealized gains on investment securities
totaled US$21 million as of December 31, 2003, down 16.4% from US$25
million as of September 30, 2003.
BANCOLOMBIA Panama reported net income of US$15.3 million during the
quarter ended December 31, 2003, as compared to net income of US$10.7
million for the quarter ended September 30, 2003, mainly due to higher
net interest income.
5. RATINGS AND RECOGNITIONS
- The risk-rating firm Duff & Phelps de Colombia ratified the Bank's
Triple A rating for long term debt and BP1+ for short-term
obligations. These ratings are the highest given in the national
financial sector.
- BANCOLOMBIA was ranked first in credit card satisfaction by the
INDICA survey. This survey is performed by the firm Tecnologia y
Gerencia. Its main purpose is to evaluate the client's satisfaction
level with products and services offered by the financial system.
Among the credit card business rank (which includes all the credit
cards offered by all the financial system), the Bank was ranked
first with its BANCOLOMBIA American Express card, third with its
BANCOLOMBIA MasterCard and fourth with its BANCOLOMBIA VISA card.
Contacts
JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER WWW.BANCOLOMBIA.COM
TEL.: (574) 5108666 TEL.: (574) 5108866
- 8 -
[BANCOLOMBIA LOGO]
PRINCIPAL RATIOS AS OF QUARTERS
PROFITABILITY 31-DEC-02 31-DEC-03 4Q 02 3Q 03 4Q 03
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Net interest margin (1) 7.33% 9.25% 9.28% 8.19% 11.12%
Return on average total assets (2) 1.88% 3.40% 3.24% 3.60% 4.24%
Return on average shareholders' equity (3) 20.42% 31.14% 35.17% 33.80% 38.83%
EFFICIENCY
-------------------------------------------------------------------------------------------------------------
Operating expenses to net operating income (4) 65.69% 54.27% 60.87% 54.22% 58.16%
Operating expenses to average total assets (4) 6.49% 6.21% 6.96% 6.11% 7.77%
CAPITAL ADEQUACY
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Shareholders' equity to total assets 10.19% 11.13% 10.19% 11.11% 11.13%
Technical capital to risk weighted assets 11.61% 13.08% 11.61% 13.63% 13.08%
-------------------------------------------------------------------------------------------------------------
(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.
QUARTERS
STOCK INDICATORS 4Q 02 3Q 03 4Q 03
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Net Income (Ps millions) 90,599 118,404 146,348
USD Earnings per ADS 0.223 0.289 0.362
ROAA 3.24% 3.60% 4.24%
ROAE 35.17% 33.80% 38.83%
P/BV ADS (1) 0.74 1.28 1.28
P/BV Local (2) (3) 1.08 1.35 1.38
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
Contact
JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER www.bancolombia.com
TEL.: (574) 5108666 TEL.: (574) 5108866
- 9 -
[BANCOLOMBIA LOGO]
CONSOLIDATED BALANCE SHEET AS OF GROWTH
(Ps millions) 31-DEC-02 30-SEP-03 31-DEC-03 4Q 03/3Q 03 4Q 03/4Q 02
-------------------------------------------------------------------------------------------------------------------------
ASSETS
Cash and due from banks 643,405 647,289 848,052 31.02% 31.81%
Overnight funds sold 207,684 237,090 598,409 152.40% 188.13%
TOTAL CASH AND EQUIVALENTS 851,089 884,379 1,446,461 63.56% 69.95%
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DEBT SECURITIES 4,099,997 4,172,574 4,171,591 -0.02% 1.75%
Trading 1,602,514 1,632,419 1,644,068 0.71% 2.59%
Available for Sale 1,887,514 1,809,865 1,805,230 -0.26% -4.36%
Held to Maturity 609,969 730,290 722,293 -1.10% 18.41%
EQUITY SECURITIES 314,353 241,050 246,172 2.12% -21.69%
Trading 92,839 12,033 17,667 46.82% -80.97%
Available for Sale 221,514 229,017 228,505 -0.22% 3.16%
Market value allowance (70,892) (96,722) (81,039) -16.21% 14.31%
NET INVESTMENT SECURITIES 4,343,458 4,316,902 4,336,724 0.46% -0.16%
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Gross Loans 6,197,315 7,414,752 8,029,668 8.29% 29.57%
Allowance for loan losses (332,324) (352,047) (387,263) 10.00% 16.53%
NET TOTAL LOANS 5,864,991 7,062,705 7,642,405 8.21% 30.31%
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Accrued interest receivable on loans 98,533 85,383 108,379 26.93% 9.99%
Allowance for accrued interest losses (15,074) (5,107) (5,170) 1.23% -65.70%
NET TOTAL INTEREST ACCRUED 83,459 80,276 103,209 28.57% 23.66%
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Customers' acceptances and derivatives (15,662) 23,332 1,539 -93.40% -109.83%
Net accounts receivable 146,451 187,061 162,399 -13.18% 10.89%
Net premises and equipment 317,724 332,810 337,964 1.55% 6.37%
Foreclosed assets 45,911 32,305 27,645 -14.43% -39.79%
Prepaid expenses and deferred charges 58,403 36,922 27,831 -24.62% -52.35%
Good will 118,904 101,918 99,910 -1.97% -15.97%
Net lease 376,175 469,522 537,207 14.42% 42.81%
Other 148,868 165,060 199,422 20.82% 33.96%
Reappraisal of assets 259,811 257,029 253,413 -1.41% -2.46%
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TOTAL ASSETS 12,599,582 13,950,221 15,176,129 8.79% 20.45%
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LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 1,970,599 1,844,726 2,319,787 25.75% 17.72%
Checking accounts 1,876,026 1,689,342 2,193,069 29.82% 16.90%
Other 94,573 155,384 126,718 -18.45% 33.99%
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INTEREST BEARING 6,817,559 7,616,814 7,912,210 3.88% 16.06%
Checking accounts 815,367 1,005,903 1,353,123 34.52% 65.95%
Time deposits 3,603,466 4,163,304 4,237,345 1.78% 17.59%
Savings deposits 2,398,726 2,447,607 2,321,742 -5.14% -3.21%
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TOTAL DEPOSITS 8,788,158 9,461,540 10,231,997 8.14% 16.43%
Overnight funds 610,158 932,108 1,118,139 19.96% 83.25%
Bank acceptances outstanding 31,050 28,383 35,833 26.25% 15.40%
Interbank borrowings 403,962 380,167 456,059 19.96% 12.90%
Borrowings from domestic development banks 713,053 686,452 755,536 10.06% 5.96%
Accounts payable 429,259 503,837 545,319 8.23% 27.04%
Other liabilities 170,572 133,571 174,317 30.51% 2.20%
Bonds 62,782 64,785 71,818 10.86% 14.39%
Accrued expenses 55,104 168,752 56,173 -66.71% 1.94%
Minority interest in consolidated subsidiaries 51,136 40,419 41,559 2.82% -18.73%
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TOTAL LIABILITIES 11,315,234 12,400,014 13,486,750 8.76% 19.19%
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Shareholders' equity 1,284,348 1,550,207 1,689,379 8.98% 31.54%
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 12,599,582 13,950,221 15,176,129 8.79% 20.45%
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Contact
JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER www.bancolombia.com
TEL.: (574) 5108666 TEL.: (574) 5108866
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[BANCOLOMBIA LOGO]
CONSOLIDATED INCOME STATEMENT AS OF QUARTER GROWTH
(Ps Millions) DEC-02 DEC-03 4Q 02 3Q 03 4Q 03 4Q 03/3Q 03 4Q 03/4Q 02
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INTEREST INCOME AND EXPENSES
Interest on loans 716,160 910,768 166,082 213,604 298,906 39.93% 79.97%
Interest on investment 373,040 551,267 140,400 118,098 135,635 14.85% -3.39%
securities
Overnight funds 10,019 19,838 4,635 5,725 5,405 -5.59% 16.61%
Leasing 39,596 58,774 10,943 14,924 18,703 25.32% 70.91%
TOTAL INTEREST INCOME 1,138,815 1,540,647 322,060 352,351 458,649 30.17% 42.41%
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Interest expense
Checking accounts 12,975 11,622 4,468 2,487 3,115 25.25% -30.28%
Time deposits 260,278 249,911 53,407 59,173 78,144 32.06% 46.32%
Savings deposits 106,825 113,968 26,733 28,211 28,558 1.23% 6.83%
TOTAL INTEREST ON DEPOSITS 380,078 375,501 84,608 89,871 109,817 22.19% 29.80%
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Interbank borrowings 9,404 5,293 995 1,175 1,743 48.34% 75.18%
Borrowings from domestic development banks 49,316 58,455 14,112 14,816 16,154 9.03% 14.47%
Overnight funds 27,423 41,263 8,527 12,757 12,166 -4.63% 42.68%
TOTAL INTEREST EXPENSE 466,221 480,512 108,242 118,619 139,880 17.92% 29.23%
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NET INTEREST INCOME 672,594 1,060,135 213,818 233,732 318,769 36.38% 49.08%
Provision for loan and accrued interest losses, net (115,155) (162,058) (24,738) (36,784) (39,776) 8.13% 60.79%
Recovery of charged-off loans 25,609 28,688 5,377 6,737 5,540 -17.77% 3.03%
Provision for foreclosed assets and other assets (71,213) (68,891) (13,923) (17,381) 3,552 -120.44% -125.51%
Recovery of provisions for foreclosed assets and
other assets 32,886 10,212 8,540 1,735 5,153 197.00% -39.66%
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TOTAL NET PROVISIONS (127,873) (192,049) (24,744) (45,693) (25,531) -44.12% 3.18%
NET INTEREST INCOME AFTER PROVISION FOR LOANS
AND ACCRUED INTEREST LOSSES 544,721 868,086 189,074 188,039 293,238 55.95% 55.09%
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Commissions from banking services 112,616 143,343 31,113 40,848 41,454 1.48% 33.24%
Credit card merchant fees 44,117 63,688 13,078 15,536 22,469 44.63% 71.81%
Credit and debit card annual fees 48,991 59,041 12,569 14,926 15,915 6.63% 26.62%
Checking fees 40,972 50,514 10,415 12,903 12,885 -0.14% 23.72%
Warehouse services 38,873 42,705 9,910 10,832 10,796 -0.33% 8.94%
Commissions-fees from fiduciary activities 35,281 39,469 9,700 9,643 11,498 19.24% 18.54%
Check remittance 20,473 20,834 5,350 5,208 5,167 -0.79% -3.42%
International operations 22,401 26,858 6,462 7,260 7,190 -0.96% 11.27%
TOTAL FEES AND OTHER SERVICE INCOME 363,724 446,452 98,597 117,156 127,374 8.72% 29.19%
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Fees and other service expenses (55,973) (95,930) (15,359) (23,255) (32,395) 39.30% 110.92%
TOTAL FEES AND INCOME FROM SERVICES 307,751 350,522 83,238 93,901 94,979 1.15% 14.11%
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OTHER OPERATING INCOME
Net foreign exchange gains 93,372 39,262 20,641 39,210 27,454 -29.98% 33.01%
Dividend income 19,491 30,733 3,722 19,466 478 -97.54% -87.16%
Forward contracts in foreign currency (62,612) 10,488 (21,867) (32,816) (11,526) -6488% -47.29%
Revenues from commercial subsidiaries 64,699 76,446 15,951 16,956 23,387 37.93% 46.62%
Communication, postage and others 9,957 12,828 4,228 174 7,611 4274.14% 80.01%
TOTAL OTHER OPERATING INCOME 124,907 169,757 22,675 42,990 47,404 10.27% 109.06%
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TOTAL INCOME 977,379 1,388,365 294,987 324,930 435,621 34.07% 47.67%
OPERATING EXPENSES
Salaries and employee benefits 291,368 343,308 76,285 82,510 98,685 19.60% 29.36%
Compensation 24,514 22,959 6,019 5,151 3,746 -27.28% -37.76%
Administrative and other expenses 333,263 390,243 88,624 96,978 110,411 13.85% 24.58%
Donation expenses 9,411 1,557 9,003 437 1,095 150.57% -87.84%
Depreciation 34,444 40,625 9,038 10,232 12,280 20.02% 35.87%
TOTAL OPERATING EXPENSES 693,000 798,692 188,969 195,308 226,217 15.83% 19.71%
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NET OPERATING INCOME 284,379 589,673 106,018 129,622 209,404 61.55% 97.52%
Merger expenses 33,028 22,648 5,662 5,662 5,662 0.00% 0.00%
Goodwill amortization - 36,347 - - 36,347 100.00% 100.00%
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NON-OPERATING INCOME (EXPENSE)
Other income 25,311 43,810 15,727 10,198 16,356 60.38% 4.00%
Minority interest 15,132 - (315) 1,271 (538) -142.33% 70.79%
Recovery of deposit security 2,421 1,912 - - - 0.00% 0.00%
Other expense (41,217) (44,381) (12,835) (3,150) (17,757) 463.71% 38.35%
TOTAL NON-OPERATING INCOME 1,647 1,341 2,577 8,319 (1,939) -123.31% -175.24%
INCOME BEFORE INCOME TAXES 252,998 532,019 102,933 132,279 165,456 25.08% 60.74%
Income tax expense (42,618) (62,635) (12,334) (13,875) (19,108) 37.72% 54.92%
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NET INCOME 210,380 469,384 90,599 118,404 146,348 23.60% 61.53%
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Contact
JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER www.bancolombia.com
TEL.: (574) 5108666 TEL.: (574) 5108866
- 11 -
[BANCOLOMBIA LOGO]
AS OF DECEMBER 31, 2003
CONSOLIDATED BALANCE SHEET CONSOLIDATED
AND INCOME STATEMENT WITHOUT
(Ps millions) SUFINANCIAMIENTO SUFINANCIAMIENTO CONSOLIDATED
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ASSETS
Loans, net 7,399,278 262,127 7,642,405
Investment Securities, net 4,380,200 7,442 4,336,724
Other assets 3,152,556 45,291 3,197,000
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TOTAL ASSETS 14,932,034 314,860 15,176,129
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LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits 10,009,204 230,447 10,231,997
Other liabilities 3,233,440 39,647 3,254,753
TOTAL LIABILITIES 13,242,644 270,094 13,486,750
Shareholders' equity 1,689,390 44,766 1,689,379
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 14,932,034 314,860 15,176,129
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Interest income 1,482,990 58,236 1,540,647
Interest expense 461,065 20,026 480,512
NET INTEREST INCOME 1,021,925 38,210 1,060,135
Net provisions (182,985) (5,533) (192,049)
Other operating income 519,093 1,207 520,279
Other operating expense (835,243) (22,586) (857,687)
Non-operating income, net 4,334 925 1,341
Income tax expense (57,729) (4,906) (62,635)
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NET INCOME 469,395 7,317 469,384
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Contact
JAIME A. VELASQUEZ MARIA A. VILLA FAX: (574) 2317208
FINANCIAL VP IR MANAGER www.bancolombia.com
TEL.: (574) 5108666 TEL.: (574) 5108866
- 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: February 26, 2004 By /s/ JAIME ALBERTO VELASQUEZ B.
Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance