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 2007
BANCOLOMBIA S.A.
(Translation of Registrant's name into English)
Calle 50 No. 51-66
Medellin, 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 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. 001-32535).
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 1, 2007 By /s/ JAIME ALBERTO VELASQUEZ B.
-------------------------------------
Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
CIB
LISTED
(BANCOLOMBIA LOGO) NYSE
CONSOLIDATED FINANCIAL RESULTS
FOR THE QUARTER ENDED DECEMBER 31, 2006
MARCH 1, 2007. Medellin, Colombia - Today, BANCOLOMBIA S.A. ("BANCOLOMBIA" or
the "Bank") (NYSE: CIB) announced its financial results for the fourth quarter
of fiscal year 2006, ended December 31, 2006. (1)
CONSOLIDATED BALANCE SHEET
AND INCOME STATEMENT
QUARTER GROWTH
----------------------- 4Q 06/
(Ps millions) 3Q 06 4Q 06 3Q 06
---------- ---------- ------
ASSETS
Loans and financial leases, net 23,009,881 23,811,391 3.48%
Investment securities, net 5,319,196 5,677,761 6.74%
Other assets 4,785,233 4,999,544 4.48%
---------- ---------- ------
TOTAL ASSETS 33,114,310 34,488,696 4.15%
========== ========== ======
LIABILITIES AND SHAREHOLDERS' EQUITY
DEPOSITS 20,829,673 23,216,467 11.46%
Non-interest bearing 3,309,870 4,580,649 38.39%
Interest bearing 17,519,803 18,635,818 6.37%
OTHER LIABILITIES 8,853,878 7,625,617 -13.87%
TOTAL LIABILITIES 29,683,551 30,842,084 3.90%
Shareholders' equity 3,430,759 3,646,612 6.29%
---------- ---------- ------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 33,114,310 34,488,696 4.15%
========== ========== ======
Interest income 888,288 893,050 0.54%
Interest expense 323,489 331,220 2.39%
NET INTEREST INCOME 564,799 561,830 -0.53%
Net provisions (85,803) (6,147) -92.84%
Fees and income from service, net 219,206 232,001 5.84%
Other operating income 14,336 84,482 489.30%
Operating expense (469,535) (555,953) 18.41%
Non-operating income, net (21,628) 2,838 113.12%
Income tax expense (39,889) (34,158) -14.37%
---------- ---------- ------
NET INCOME 181,486 284,893 56.98%
========== ========== ======
----------
(1) This report corresponds to the consolidated financial statements of
BANCOLOMBIA and its affiliates of which it owns, directly or indirectly
more than 50% of the voting capital stock. These financial statements have
been prepared in accordance with generally accepted accounting principles
in Colombia (COLGAAP), are stated in nominal terms and have not been
audited. BANCOLOMBIA maintains accounting records in Colombian pesos,
referred to herein as "Ps."
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
ANY REFERENCE TO BANCOLOMBIA MUST BE UNDERSTOOD AS REFERRING TO THE BANK
TOGETHER WITH ITS AFFILIATES, UNLESS OTHERWISE SPECIFIED.
Exchange rate: December 31, 2006 Ps 2,238.79 = US$ 1 Average exchange rate December 2006 Ps 2,357.98 = US$ 1
CONTACTS
SERGIO RESTREPO JAIME A. VELASQUEZ MAURICIO BOTERO
EXECUTIVE VP FINANCIAL VP IR MANAGER
TEL.: (574)5108668 TEL.: (574)5108666 TEL.: (574)5108866
1
CIB
LISTED
(BANCOLOMBIA LOGO) NYSE
4Q06
1. HIGHLIGHTS:
- Net income for the year ended December 31, 2006 totaled Ps 749.5
billion, decreasing 20.8% as compared to Ps 946.9 billion for the year
ended December 31, 2005. For the fourth quarter of 2006, net income
amounted to Ps 284.9 billion, which represents an 11.0% increase as
compared to the fourth quarter of 2005.
- As of December 31, 2006, BANCOLOMBIA's net loans totaled Ps 23,811
billion, increasing 3.5% as compared to Ps 23,010 billion in the
previous quarter. On a year-to-year basis, this represents an increase
of 32.9% from Ps 17,920 billion as of December 31, 2005. On the other
hand, investment debt securities amounted to Ps 5,531 billion,
increasing 7.6% as compared to the previous quarter and decreasing
33.1% over the year.
- For the year ended December 31, 2006, net interest income amounted to
Ps 1,767.5 billion, decreasing 13.8% as compared to the year ended
December 31, 2005 due to the decline of bond prices that took place
during the second quarter. However, net interest income for the fourth
quarter of 2006 increased 10.8% as compared to the fourth quarter of
2005.
- Net fees and income from services totaled Ps 867.7 billion for the
year ended December 31, 2006, which represents an increase of 12.9% as
compared to the year ended December 31, 2005. During the fourth
quarter of 2006, net fees and income from services amounted to Ps
232.0 billion, a 9.0% increase as compared to the fourth quarter of
2005.
- BANCOLOMBIA's ratio of past due loans to total loans as of December
31, 2006 was 2.3%, and the ratio of allowances to past due loans was
148.6%.
STOCK INDICATORS
QUARTER AS OF
---------------------------------------- -----------------
4Q 05 3Q 06 4Q 06 DEC-05 DEC-06
----------- ----------- ------------ ------- -------
Net Income (Ps millions) 256,578 181,486 284,893 946,881 749,529
USD Earnings per ADS 0.617 0.417 0.699 2.278 1.840
ROAA 3.50% 2.20% 3.35% 3.23% 2.30%
ROAE 31.76% 21.54% 32.04% 29.30% 22.09%
P/BV ADS (1) 3.55 3.63 3.48
P/BV Local (2)(3) 3.31 3.35 3.47
P/E (4) 11.12 16.24 11.11
Shares Outstanding 727,827,005 727,827,005 727,827,005
(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
2
CIB
LISTED
(BANCOLOMBIA LOGO) NYSE
4Q06
2. CONSOLIDATED BALANCE SHEET
2.1. ASSETS
BANCOLOMBIA's total assets amounted to Ps 34,489 billion as of December 31,
2006, an increase of 4.1% as compared to Ps 33,114 billion as of September
30, 2006. This represents an 11.9% increase as compared to Ps 30,804
billion as of December 31, 2005.
2.1.1. LOAN PORTFOLIO
The loan portfolio presented very positive figures amounting to Ps 23,811
billion as of December 31, 2006, increasing 3.5% as compared to the
previous quarter and 32.9% as compared to the fourth quarter of 2005.
Corporate loans amounted to Ps 12,758 billion as of December 31, 2006,
increasing 3.8% as compared to the previous quarter. This represents an
increase of 33.7% as compared to Ps 9,539 billion at December 31, 2005.
The retail and small and medium-sized enterprise ("SME") loans amounted to
Ps 6,949 billion as of December 31, 2006. They increased 11.5% as compared
to the previous quarter and 40.0% over the year, from Ps 4,963 billion as
of December 31, 2005.
Financial leases maintained their positive trend amounting to Ps 3,553
billion, increasing 6.5% as compared to the previous quarter and 33.6% over
the year.
During the fourth quarter of 2006, BANCOLOMBIA securitized approximately Ps
900 billion of mortgage loans. In normalized figures, mortgage loans
increased 15% as compared to the previous quarter and 56% over the year.
LOAN PORTFOLIO
AS OF GROWTH
------------------------------------ -------------------------
(Ps millions) 31-DEC-05 30-SEP-06 31-DEC-06 4Q 06/3Q 06 4Q 06/4Q 05
---------- ---------- ---------- ----------- -----------
CORPORATE
Working capital loans 7,702,420 11,173,199 11,534,148 3.23% 49.75%
Loans funded by
domestic development banks 948,659 382,448 321,263 -16.00% -66.14%
Trade Financing 783,894 574,632 777,417 35.29% -0.83%
Overdrafts 62,041 102,168 74,218 -27.36% 19.63%
Credit Cards 42,293 54,641 50,803 -7.02% 20.12%
---------- ---------- ---------- ------ ------
TOTAL CORPORATE 9,539,307 12,287,088 12,757,849 3.83% 33.74%
---------- ---------- ---------- ------ ------
RETAIL AND SMES
Working capital loans 1,612,650 2,021,631 2,331,999 15.35% 44.61%
Personal loans 1,556,429 1,991,947 2,281,177 14.52% 46.56%
Loans funded by
domestic development banks 403,414 383,444 386,283 0.74% -4.25%
Credit Cards 582,533 766,744 796,175 3.84% 36.67%
Overdrafts 101,957 143,390 119,882 -16.39% 17.58%
Automobile loans 629,326 849,855 963,072 13.32% 53.03%
Trade Financing 76,643 74,488 70,406 -5.48% -8.14%
---------- ---------- ---------- ------ ------
TOTAL RETAIL AND SMES 4,962,952 6,231,499 6,948,994 11.51% 40.02%
---------- ---------- ---------- ------ ------
MORTGAGE 1,463,437 1,980,240 1,385,445 -30.04% -5.33%
FINANCIAL LEASES 2,660,556 3,335,723 3,553,286 6.52% 33.55%
---------- ---------- ---------- ------ ------
TOTAL LOANS AND FINANCIAL LEASES 18,626,252 23,834,550 24,645,574 3.40% 32.32%
ALLOWANCE FOR LOAN LOSSES AND
FINANCIAL LEASES (705,882) (824,669) (834,183) 1.15% 18.18%
---------- ---------- ---------- ------ ------
TOTAL LOANS AND FINANCIAL LEASES, NET 17,920,370 23,009,881 23,811,391 3.48% 32.87%
========== ========== ========== ====== ======
3
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LISTED
(BANCOLOMBIA LOGO) NYSE
4Q06
2.1.2. INVESTMENT PORTFOLIO
BANCOLOMBIA's investments in debt securities amounted to Ps 5,531 billion
(16% of total assets), increasing 7.6% over the quarter. This increase was
mainly due to the purchase of approximately Ps 710 billion in
mortgage-backed securities "TIPs". On a year-to-year basis, debt
investments decreased 33.1% from Ps 8,265 billion (27% of total assets) at
December 31, 2005.
2.1.3. ASSET QUALITY
As of December 31, 2006, the Bank's past due loans accounted for 2.3% of
total loans. Loans classified as C, D and E comprised 2.5% of total loans.
In addition, the ratio of allowances to past due loans at the end of the
quarter was 148.6%, while the ratio of allowances to loans classified as C,
D and E at the end of the quarter was 135.1%.
LOANS AND FINANCIAL LEASES CLASSIFICATION
(Ps millions) AS OF 31-DEC-05 AS OF 30-SEP-06 AS OF 31-DEC-06
----------------- ------------------ ------------------
"A" Normal 17,359,081 93.2% 22,482,115 94.4% 23,310,545 94.6%
"B" Subnormal 638,131 3.4% 748,580 3.1% 708,774 2.9%
"C" Deficient 202,934 1.1% 194,418 0.8% 209,386 0.8%
"D" Doubtful recovery 252,635 1.4% 254,530 1.1% 242,763 1.0%
"E" Unrecoverable 173,471 0.9% 154,907 0.6% 174,106 0.7%
---------- ---- ---------- ---- ---------- ----
TOTAL 18,626,252 100% 23,834,550 100% 24,645,574 100%
========== ==== ========== ==== ========== ====
LOANS AND FINANCIAL LEASES CLASSIFIED AS
C, D AND E AS A PERCENTAGE OF TOTAL
LOANS AND FINANCIAL LEASES 3.4% 2.5% 2.5%
ASSET QUALITY
AS OF GROWTH
--------------------------------- -------------------------
(Ps millions) 31-DEC-05 30-SEP-06 31-DEC-06 4Q 06/3Q 06 4Q 06/4Q 05
--------- --------- --------- ----------- -----------
Total performing past due loans 175,572 256,995 234,847 -8.62% 33.76%
Total non-performing past due loans (1) 275,864 321,038 334,488 4.19% 21.25%
Total past due loans 451,436 578,033 569,335 -1.50% 26.12%
Allowance for loans and accrued interest
losses 714,537 834,934 845,827 1.30% 18.37%
Past due loans to total loans 2.42% 2.43% 2.31%
Non-performing loans to total loans 1.48% 1.35% 1.36%
C, D, and E loans to total loans 3.38% 2.53% 2.54%
Allowances to past due loans (2) 158.28% 144.44% 148.56%
Allowances to C, D, and E loans (2) 113.59% 138.27% 135.06%
Allowances to non-performing loans (2) 259.02% 260.07% 252.87%
Allowances to total loans 3.84% 3.50% 3.43%
Performing loans to total loans 98.52% 98.65% 98.64%
(1) Non-performing loans comprised of consumer loans that are past due 60 days
or more, commercial loans that are past due 90 days or more, small business
loans that are past due 30 days or more and mortgage loans that are past
due 60 days or more.
(2) Allowance means allowance for loan and accrued interest losses.
2.2. LIABILITIES
Total deposits increased 11.5% as compared to the previous quarter and
26.3% over the year, amounting to Ps 23,216 billion as of December 31,
2006. The funding mix improved over the year. Savings deposits increased
33.0% and checking accounts increased 26.6%, whereas time deposits
increased 17.86%, compared to figures at the end of 2005.
4
CIB
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(BANCOLOMBIA LOGO) NYSE
4Q06
2.3. SHAREHOLDERS' EQUITY
BANCOLOMBIA's shareholders' equity amounted to Ps 3,647 billion at the end
of the fourth quarter of 2006, which represents an increase of 6.3% as
compared to the previous quarter and 8.0% as compared to the fourth quarter
of 2005. Unrealized gains on available-for-sale debt securities amounted to
Ps 10.7 billion as of December 31, 2006.
At the end of the fourth quarter of 2006, the Bank's consolidated ratio of
technical capital to risk-weighted assets was 11.05%, a slight decrease as
compared to 11.2% from the previous quarter.
TECHNICAL CAPITAL RISK WEIGHTED ASSETS
Consolidated (Ps millions) 30-DEC-05 30-SEP-06 30-DEC-06
---------- ---------- ----------
Basic capital (Tier I) 2,169,481 2,883,305 2,986,091
Additional capital (Tier II) 393,822 430,877 428,221
Technical capital (1) 2,563,303 3,314,182 3,414,312
Risk weighted assets included market risk 23,457,768 29,582,049 30,885,195
CAPITAL ADEQUACY (2) 10.93% 11.20% 11.05%
(1) Technical capital is the sum of basic capital and additional capital.
(2) Capital Adequacy is Technical capital divided by Risk weighted assets
5
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4Q06
3. INCOME STATEMENT
BANCOLOMBIA's net income amounted to Ps 284,893 million for the fourth
quarter of 2006 and Ps 749,529 million for the year ended December 31,
2006, as compared to Ps 256,578 million for the fourth quarter of 2005 and
Ps 946,881 million for the year ended December 31, 2005, respectively.
3.1. NET INTEREST INCOME
Interest on loans amounted to Ps 647,302 million, increasing 7.5% as
compared to the previous quarter. On a year-to-year basis, this represents
an increase of 21.3% as compared to the Ps 533,504 million at December 31,
2005. On the other hand, interests on investment securities reached Ps
122,448 million for the fourth quarter of 2006, decreasing 29.5% as
compared to the previous quarter and 27.7% as compared to the fourth
quarter of 2005. This decrease was mainly due to the poor performance of
the Colombian bond prices over the quarter, and the rapid volume decrease
of the investment portfolio. In sum, net interest income totaled Ps 1,768
billion at the year ended December 31, 2006, decreasing 13.8% as compared
to the previous year.
The most representative bond in the market is the COLOMBIA TES 20, which
matures in July 2020. As illustrated below, this bond started 2006 trading
at 9.0%, then after reaching the lowest yield of 7.1%, it increased to a
yield of 11.7% in June 28, 2006 and by December 31, 2006 it was trading at
8.8%.
[PERFORMANCE GRAPH]
TES JULY 24 / 2020
Yield
-----
Mar 01 7.11%
Jun 28 11.7%
Sept 30 9.56%
Dec 31 8.80%
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4Q06
3.2. PROVISIONS
For the year ended December 31, 2006, provisions for loan and interest
losses amounted to Ps 266,107 million, increasing 43.5% as compared to the
year 2005. Approximately Ps 105,000 million from these provisions
correspond to adjustments made by the new provisioning regulation.
During the fourth quarter of 2006, provisions for loans and interest losses
amounted to Ps 30,630 million, decreasing 70.6% as compared to the previous
quarter. This decrease was mainly due to the recoveries of the quarter
which amounted to more than Ps 50,000 million. These recoveries took place
while the coverage ratio increased to 148.6% as disclosed in section 2.1.3.
Additionally, recoveries of provisions for foreclosed assets increased
strongly as compared to the previous quarter amounting to Ps 24,222
million, due mainly to the recovery effect of approximately Ps 18,000
million after the Bank made donations of assets as announced in December
28, 2006.
3.3. FEES AND INCOME FROM SERVICES
Net fees and income from services amounted to Ps 867,661 million during the
year, increasing 12.9% as compared to 2005. During the fourth quarter, net
fees and income from services amounted to Ps 232,001 million, increasing
5.8% as compared to the previous quarter and 9.0% as compared to Ps 212,777
million for the fourth quarter of 2005.
BANCOLOMBIA's accumulated unconsolidated credit card billing increased
17.5% during 2006, resulting in a 20.6% market share of the Colombian
credit card business. In addition, the Bank's number of outstanding credit
cards increased 20.9%, resulting in a 14.8% market share.
ACCUMULATED CREDIT CARD BILLING
2006
% Market
Millions of pesos as od December 31, 2006 Dec-05 Dec-06 Growth Share
---------- ---------- ------ ------
Bancolombia VISA 879,463 1,062,085 20.77% 6.68%
Bancolombia Mastercard 1,391,485 1,565,211 12.48% 9.84%
Bancolombia American Express 517,310 649,902 25.63% 4.09%
---------- ---------- -----
TOTAL BANCOLOMBIA 2,788,258 3,277,198 17.54% 20.60%
========== ========== =====
Colombian credit card market 12,514,862 15,905,538 27.09%
Source: Credibanco, American Express and Red Multicolor
CREDIT CARD MARKET SHARE
2006
% Market
Outstanding credit cards as of December 31, 2006 Dec-05 Dec-06 Growth Share
--------- --------- ------ ------
Bancolombia VISA 191,821 234,066 22.02% 5.15%
Bancolombia Mastercard 258,518 288,068 11.43% 6.34%
Bancolombia American Express 105,003 149,388 42.27% 3.29%
--------- --------- -----
TOTAL BANCOLOMBIA 555,342 671,522 20.92% 14.78%
========= ========= =====
Colombian credit card market 3,454,971 4,542,816 31.49%
Source: Credibanco, American Express and Red Multicolor
7
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(BANCOLOMBIA LOGO) NYSE
4Q06
3.4. OPERATING EXPENSES
Operating expenses increased 14.0% in the year ended December 31, 2006 as
compared to the previous year. Excluding the effect of the non-recurrent
donations, operating expenses increased 12.8% during 2006, as compared to
the year ended December 31, 2005.
BANCOLOMBIA's operating expenses to net operating income efficiency ratio
was 63.3% during the quarter and 64.4% during the year 2006.
The Bank's efficiency measured as operating expenses over average total
assets was 6.54% during the fourth quarter and 5.74% for the year 2006.
PRINCIPAL RATIOS
QUARTER AS OF
--------------------- ---------------
PROFITABILITY 4Q 05 3Q 06 4Q 06 DEC-05 DEC-06
----- ----- ----- ------ ------
Net interest margin (1) 7.80% 7.58% 7.29% 7.89% 6.00%
Return on average total assets (2) 3.50% 2.20% 3.35% 3.23% 2.30%
Return on average shareholders equity (3) 31.76% 21.54% 32.04% 29.30% 22.09%
EFFICIENCY
Operating expenses to net operating income (4) 51.62% 58.81% 63.30% 54.94% 64.37%
Operating expenses to average total assets (4) 5.12% 5.68% 6.54% 5.64% 5.74%
CAPITAL ADEQUACY
Shareholders' equity to total assets 10.96% 10.36% 10.57%
Technical capital to risk weighted assets 10.93% 11.20% 11.05%
(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) Operating income includes net interest income, total net fees and income
from services, and total other operating income. Operating expenses include
merger expenses and good will amortization.
8
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CONSOLIDATED BALANCE SHEET
GROWTH
AS OF ----------------
------------------------------------ LAST
(Ps millions) DEC-05 SEP-06 DEC-06 QUARTER ANNUAL
---------- ---------- ---------- ------- ------
ASSETS
Cash and due from banks 1.241.435 1.603.443 1.548.752 -3,41% 24,75%
Overnight funds sold 488.587 340.346 457.614 34,46% -6,34%
TOTAL CASH AND EQUIVALENTS 1.730.022 1.943.789 2.006.366 3,22% 15,97%
---------- ---------- ---------- ------ ------
DEBT SECURITIES 8.264.885 5.141.219 5.530.559 7,57% -33,08%
Trading 5.400.950 2.567.227 2.605.852 1,50% -51,75%
Available for Sale 1.842.556 1.793.975 1.810.584 0,93% -1,74%
Held to Maturity 1.021.379 780.017 1.114.123 42,83% 9,08%
EQUITY SECURITIES 268.286 248.696 224.787 -9,61% -16,21%
Trading 50.805 54.005 61.640 14,14% 21,33%
Available for Sale 217.481 194.691 163.147 -16,20% -24,98%
Market value allowance (73.468) (70.719) (77.585) 9,71% 5,60%
NET INVESTMENT SECURITIES 8.459.703 5.319.196 5.677.761 6,74% -32,88%
---------- ---------- ---------- ------ ------
Commercial loans 11.949.501 15.204.992 16.028.505 5,42% 34,14%
Consumer loans 2.437.727 3.219.063 3.587.260 11,44% 47,16%
Small business loans 115.031 94.532 91.078 -3,65% -20,82%
Mortgage loans 1.463.437 1.980.240 1.385.445 -30,04% -5,33%
Finance lease 2.660.556 3.335.723 3.553.286 6,52% 33,55%
Allowance for loan losses (705.882) (824.669) (834.183) 1,15% 18,18%
NET TOTAL LOANS AND FINANCIAL LEASES 17.920.370 23.009.881 23.811.391 3,48% 32,87%
---------- ---------- ---------- ------ ------
Accrued interest receivable on loans 206.921 248.006 266.934 7,63% 29,00%
Allowance for accrued interest losses (8.655) (10.265) (11.644) 13,43% 34,53%
NET TOTAL INTEREST ACCRUED 198.266 237.741 255.290 7,38% 28,76%
---------- ---------- ---------- ------ ------
Customers' acceptances and derivatives 133.420 127.704 166.395 30,30% 24,72%
Net accounts receivable 590.313 404.822 562.598 38,97% -4,69%
Net premises and equipment 623.729 690.489 712.722 3,22% 14,27%
Foreclosed assets, net 31.360 24.338 18.611 -23,53% -40,65%
Prepaid expenses and deferred charges 26.898 54.475 46.462 -14,71% 72,73%
Goodwill 50.959 47.077 40.164 -14,68% -21,18%
Operating leases, net 143.974 159.050 167.307 5,19% 16,21%
Other 563.588 714.787 675.265 -5,53% 19,82%
Reappraisal of assets 330.915 380.961 348.364 -8,56% 5,27%
---------- ---------- ---------- ------ ------
TOTAL ASSETS 30.803.517 33.114.310 34.488.696 4,15% 11,96%
========== ========== ========== ====== ======
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 3.530.279 3.309.870 4.580.649 38,39% 29,75%
Checking accounts 3.171.182 2.994.107 4.121.506 37,65% 29,97%
Other 359.097 315.763 459.143 45,41% 27,86%
---------- ---------- ---------- ------ ------
INTEREST BEARING 14.854.703 17.519.803 18.635.818 6,37% 25,45%
Checking accounts 1.068.409 1.229.213 1.244.348 1,23% 16,47%
Time deposits 6.259.800 7.530.088 7.377.586 -2,03% 17,86%
Savings deposits 7.526.494 8.760.502 10.013.884 14,31% 33,05%
---------- ---------- ---------- ------ ------
TOTAL DEPOSITS 18.384.982 20.829.673 23.216.467 11,46% 26,28%
Overnight funds 1.329.913 1.672.061 1.007.045 -39,77% -24,28%
Bank acceptances outstanding 63.126 78.987 64.030 -18,94% 1,43%
Interbank borrowings 1.705.468 1.257.125 1.066.845 -15,14% -37,45%
Borrowings from domestic development banks 2.222.083 2.387.699 2.449.581 2,59% 10,24%
Accounts payable 1.250.084 919.267 988.723 7,56% -20,91%
Accrued interest payable 182.292 220.120 190.121 -13,63% 4,29%
Other liabilities 459.968 374.707 387.697 3,47% -15,71%
Bonds 1.648.312 1.475.909 1.302.702 -11,74% -20,97%
Accrued expenses 130.859 417.107 119.984 -71,23% -8,31%
Minority interest in consolidated subsidiaries 49.140 50.896 48.889 -3,94% -0,51%
---------- ---------- ---------- ------ ------
TOTAL LIABILITIES 27.426.227 29.683.551 30.842.084 3,90% 12,45%
========== ========== ========== ====== ======
SHAREHOLDERS' EQUITY
SUBSCRIBED AND PAID IN CAPITAL 363.914 363.914 363.914 0,00% 0,00%
RETAINED EARNINGS 2.362.711 2.466.967 2.711.927 9,93% 14,78%
Appropiated 1.415.830 2.002.331 1.962.398 -1,99% 38,60%
Unappropiated 946.881 464.636 749.529 61,32% -20,84%
---------- ---------- ---------- ------ ------
REAPPRAISAL AND OTHERS 592.083 596.537 560.111 -6,11% -5,40%
GROSS UNREALIZED GAIN OR LOSS ON DEBT
SECURITIES 58.582 3.341 10.660 219,07% -81,80%
---------- ---------- ---------- ------ ------
TOTAL SHAREHOLDER'S EQUITY 3.377.290 3.430.759 3.646.612 6,29% 7,97%
========== ========== ========== ====== ======
9
CIB
LISTED
(BANCOLOMBIA LOGO) NYSE
4Q06
CONSOLIDATED INCOME STATEMENT
GROWTH
AS OF ------------------
-------------------- DEC-06/ QUARTER 4Q 06/ 4Q 06/
(Ps Millions) DEC-05 DEC-06 DEC-05 4Q 05 3Q 06 4Q 06 3Q 06 4Q 05
--------- --------- ------- ------- -------- ------- -------- --------
INTEREST INCOME AND EXPENSES
Interest on loans 2.050.274 2.312.525 12,79% 533.504 602.301 647.302 7,47% 21,33%
Interest on investment securities 824.709 273.197 -66,87% 169.396 173.771 122.448 -29,53% -27,71%
Overnight funds 33.629 43.863 30,43% 8.845 13.444 12.784 -4,91% 44,53%
Leasing 291.472 384.147 31,80% 82.223 98.772 110.516 11,89% 34,41%
TOTAL INTEREST INCOME 3.200.084 3.013.732 -5,82% 793.968 888.288 893.050 0,54% 12,48%
--------- --------- ------- ------- -------- ------- -------- --------
Interest expense
Checking accounts 20.311 32.676 60,88% 6.153 8.805 8.641 -1,86% 40,44%
Time deposits 449.367 459.513 2,26% 103.521 117.626 123.335 4,85% 19,14%
Savings deposits 241.889 264.381 9,30% 62.606 72.154 80.106 11,02% 27,95%
TOTAL INTEREST ON DEPOSITS 711.567 756.570 6,32% 172.280 198.585 212.082 6,80% 23,10%
--------- --------- ------- ------- -------- ------- -------- --------
Interbank borrowings 54.630 94.872 73,66% 21.103 23.964 15.239 -36,41% -27,79%
Borrowings from domestic
development banks 156.509 180.507 15,33% 38.810 46.664 50.660 8,56% 30,53%
Overnight funds 73.910 100.876 36,48% 18.673 27.851 25.910 -6,97% 38,76%
Bonds 153.658 113.404 -26,20% 36.128 26.425 27.329 3,42% -24,36%
TOTAL INTEREST EXPENSE 1.150.274 1.246.229 8,34% 286.994 323.489 331.220 2,39% 15,41%
--------- --------- ------- ------- -------- ------- -------- --------
NET INTEREST INCOME 2.049.810 1.767.503 -13,77% 506.974 564.799 561.830 -0,53% 10,82%
Provision for loan and accrued
interest losses, net (185.404) (266.107) 43,53% (43.848) (104.044) (30.630) -70,56% -30,15%
Recovery of charged-off loans 61.829 70.746 14,42% 15.226 18.160 20.512 12,95% 34,72%
Provision for foreclosed assets
and other assets (63.969) (44.353) -30,66% (19.733) (3.970) (20.251) 410,10% 2,63%
Recovery of provisions for foreclosed
assets and other assets 56.504 89.532 58,45% 25.949 4.051 24.222 497,93% -6,66%
--------- --------- ------- ------- -------- ------- -------- --------
TOTAL NET PROVISIONS (131.040) (150.182) 14,61% (22.406) (85.803) (6.147) -92,84% -72,57%
NET INTEREST INCOME AFTER PROVISION
FOR LOANS
AND ACCRUED INTEREST LOSSES 1.918.770 1.617.321 -15,71% 484.568 478.996 555.683 16,01% 14,68%
--------- --------- ------- ------- -------- ------- -------- --------
Commissions from banking services
and other services 101.355 162.273 60,10% 39.692 44.245 48.708 10,09% 22,71%
Electronic services and ATM fees 101.299 85.049 -16,04% 22.528 22.289 20.210 -9,33% -10,29%
Branch network services 48.984 62.403 27,39% 13.341 14.145 22.107 56,29% 65,71%
Collections and payments fees 56.670 74.708 31,83% 14.987 17.722 23.142 30,58% 54,41%
Credit card merchant fees 10.076 8.150 -19,11% 2.689 1.680 2.156 28,33% -19,82%
Credit and debit card annual fees 205.606 238.898 16,19% 52.639 61.933 58.714 -5,20% 11,54%
Checking fees 54.846 60.083 9,55% 13.960 15.370 15.725 2,31% 12,64%
Warehouse services 62.155 72.494 16,63% 20.449 18.719 19.763 5,58% -3,35%
Fiduciary activities 60.131 62.114 3,30% 14.803 14.829 18.415 24,18% 24,40%
Brokerage fees 68.231 67.034 -1,75% 15.478 15.463 15.460 -0,02% -0,12%
Check remittance 10.579 11.040 4,36% 2.856 2.748 2.703 -1,64% -5,36%
International operations 36.484 34.281 -6,04% 8.844 9.374 9.233 -1,50% 4,40%
FEES AND OTHER SERVICE INCOME 816.416 938.527 14,96% 222.266 238.517 256.336 7,47% 15,33%
--------- --------- ------- ------- -------- ------- -------- --------
Fees and other service expenses (48.087) (70.866) 47,37% (9.489) (19.311) (24.335) 26,02% 156,45%
TOTAL FEES AND INCOME FROM SERVICES, NET 768.329 867.661 12,93% 212.777 219.206 232.001 5,84% 9,03%
--------- --------- ------- ------- -------- ------- -------- --------
OTHER OPERATING INCOME
Net foreign exchange gains (53.361) 58.008 208,71% 24.303 (39.049) (46.406) 18,84% -290,95%
Forward contracts in foreign currency 141.055 45.073 -68,05% 4.442 32.742 75.801 131,51% 1606,46%
Gains on sales of investments on
equity securities 8.097 75.697 834,88% 7.698 5.933 26.749 350,85% 247,48%
Gains on sale of mortgage loan -- 14.371 * -- -- 14.371 * *
Dividend income 42.731 21.199 -50,39% 1.536 1.596 (115) -107,21% -107,49%
Revenues from commercial subsidiaries 45.020 40.323 -10,43% (31.853) 9.272 9.100 -1,86% 128,57%
Communication, postage, rent and others 10.406 16.762 61,08% 1.757 3.842 4.982 29,67% 183,55%
TOTAL OTHER OPERATING INCOME 193.948 271.433 39,95% 7.883 14.336 84.482 489,30% 971,70%
--------- --------- ------- ------- -------- ------- -------- --------
TOTAL INCOME 2.881.047 2.756.415 -4,33% 705.228 712.538 872.166 22,40% 23,67%
OPERATING EXPENSES
Salaries and employee benefits 615.121 690.117 12,19% 155.125 169.504 184.966 9,12% 19,24%
Bonus plan payments 26.826 35.771 33,34% 5.572 8.882 18.601 109,42% 233,83%
Compensation 8.030 6.375 -20,61% 1.157 1.624 3.153 94,15% 172,52%
Administrative and other expenses 793.179 882.182 11,22% 165.083 221.737 262.433 18,35% 58,97%
Deposit security, net 55.050 67.813 23,18% 13.042 20.085 18.395 -8,41% 41,04%
Donation expenses 615 22.596 3574,15% 82 114 22.347 19502,63% 27152,44%
Depreciation 87.633 104.553 19,31% 22.401 26.851 29.668 10,49% 32,44%
TOTAL OPERATING EXPENSES 1.586.454 1.809.407 14,05% 362.462 448.797 539.563 20,22% 48,86%
--------- --------- ------- ------- -------- ------- -------- --------
NET OPERATING INCOME 1.294.593 947.008 -26,85% 342.766 263.741 332.603 26,11% -2,96%
Merger expenses 45.703 35.779 -21,71% 7.467 13.825 9.476 -31,46% 26,91%
Goodwill amortization (1) 22.648 25.814 13,98% 5.662 6.913 6.914 0,01% 22,11%
NON-OPERATING INCOME (EXPENSE)
Other income 109.770 194.589 77,27% 59.448 16.375 36.469 122,71% -38,65%
Minority interest (6.496) (6.352) -2,22% (1.978) (1.434) (612) -57,32% -69,06%
Other expense (105.120) (149.243) 41,97% (37.464) (36.569) (33.019) -9,71% -11,86%
TOTAL NON-OPERATING INCOME (1.846) 38.994 2212,35% 20.006 (21.628) 2.838 113,12% -85,81%
INCOME BEFORE INCOME TAXES 1.224.396 924.409 -24,50% 349.643 221.375 319.051 44,12% -8,75%
Income tax expense (277.515) (174.880) -36,98% (93.065) (39.889) (34.158) -14,37% -63,30%
--------- --------- ------- ------- -------- ------- -------- --------
NET INCOME 946.881 749.529 -20,84% 256.578 181.486 284.893 56,98% 11,04%
========= ========= ======= ======= ======== ======= ======== ========
(1) Includes Banco de Colombia and Comercia S.A.
10