| Net interest income, including investment securities, totaled Ps. 220.7 billion in
October 2008. For the ten month period ended October 31, 2008, net interest income totaled
Ps. 2,101.4 billion, increasing 35.5% as compared to the same period last year. |
| Net fees and income from services in October 2008 totaled Ps. 68.5 billion. For the ten
month period ended October 31, 2008, net fees and income from services totaled Ps. 653.1
billion, which represents an increase of 21.3% as compared to the same period of 2007. |
| Other operating income totaled Ps. 31.6 billion in October 2008. For the ten month
period ended October 31, 2008, other operating income totaled Ps. 465.6 billion increasing
75.9% as compared to the same period last year. Bancolombia notes that a considerable part
of this revenue comes from dividend income received from subsidiaries, which is eliminated
in the consolidated results as it is an intercompany transaction. As a result, this
dividend income is only recorded in Bancolombias unconsolidated results. |
| Net provisions totaled Ps. 87.2 billion in October 2008. Net provisions totaled Ps.
491.1 billion for the ten month period ended October 31, 2008, which represents an increase
of 105.8% as compared to the same period of 2007. |
| Operating expenses totaled Ps. 150.9 billion in October 2008. For the ten month period
ended October 31, 2008, operating expenses totaled Ps. 1,448.0 billion, increasing 13.6% as
compared to the same period of 2007. |
BANCOLOMBIA S.A. | Growth | |||||||||||||||||||||||
BALANCE SHEET | As of | Oct-08 / Sep-08 | Annual | |||||||||||||||||||||
(Ps. Million) | Oct-07 | Sep-08 | Oct-08 | $ | % | % | ||||||||||||||||||
ASSETS |
||||||||||||||||||||||||
Cash and due from banks |
1,665,391 | 2,696,510 | 2,546,690 | -149,820 | -5.56 | % | 52.92 | % | ||||||||||||||||
Overnight funds sold |
1,148,607 | 460,254 | 466,174 | 5,920 | 1.29 | % | -59.41 | % | ||||||||||||||||
Total cash and equivalents |
2,813,998 | 3,156,764 | 3,012,864 | -143,900 | -4.56 | % | 7.07 | % | ||||||||||||||||
Debt securities |
3,497,446 | 4,109,883 | 3,898,265 | -211,618 | -5.15 | % | 11.46 | % | ||||||||||||||||
Trading |
1,452,416 | 1,566,787 | 1,299,267 | -267,520 | -17.07 | % | -10.54 | % | ||||||||||||||||
Available for Sale |
1,020,022 | 1,158,997 | 1,147,287 | -11,710 | -1.01 | % | 12.48 | % | ||||||||||||||||
Held to Maturity |
1,025,008 | 1,384,099 | 1,451,711 | 67,612 | 4.88 | % | 41.63 | % | ||||||||||||||||
Equity securities |
989,794 | 1,178,037 | 1,095,868 | -82,169 | -6.98 | % | 10.72 | % | ||||||||||||||||
Trading |
6,513 | 92,078 | 4,866 | -87,212 | -94.72 | % | -25.29 | % | ||||||||||||||||
Available for Sale |
983,281 | 1,085,959 | 1,091,002 | 5,043 | 0.46 | % | 10.96 | % | ||||||||||||||||
Market value allowance |
-29,866 | -18,504 | -18,506 | -2 | 0.01 | % | -38.04 | % | ||||||||||||||||
Net investment securities |
4,457,374 | 5,269,416 | 4,975,627 | -293,789 | -5.58 | % | 11.63 | % | ||||||||||||||||
Commercial loans |
16,972,398 | 19,207,315 | 20,239,922 | 1,032,607 | 5.38 | % | 19.25 | % | ||||||||||||||||
Consumer loans |
3,533,380 | 3,871,034 | 3,893,335 | 22,301 | 0.58 | % | 10.19 | % | ||||||||||||||||
Small business loans |
107,528 | 124,195 | 125,969 | 1,774 | 1.43 | % | 17.15 | % | ||||||||||||||||
Mortgage loans |
2,165,068 | 2,335,638 | 2,426,333 | 90,695 | 3.88 | % | 12.07 | % | ||||||||||||||||
Allowance for loans and financial leases losses |
-831,787 | -1,136,348 | -1,164,849 | -28,501 | 2.51 | % | 40.04 | % | ||||||||||||||||
Net total loans and financial leases |
21,946,587 | 24,401,834 | 25,520,710 | 1,118,876 | 4.59 | % | 16.29 | % | ||||||||||||||||
Accrued interest receivable on loans |
290,578 | 358,584 | 373,115 | 14,531 | 4.05 | % | 28.40 | % | ||||||||||||||||
Allowance for accrued interest losses |
-20,098 | -25,934 | -25,364 | 570 | -2.20 | % | 26.20 | % | ||||||||||||||||
Net total interest accrued |
270,480 | 332,650 | 347,751 | 15,101 | 4.54 | % | 28.57 | % | ||||||||||||||||
Customers acceptances and derivatives |
167,943 | 233,929 | 286,726 | 52,797 | 22.57 | % | 70.73 | % | ||||||||||||||||
Net accounts receivable |
357,562 | 503,994 | 425,943 | -78,051 | -15.49 | % | 19.12 | % | ||||||||||||||||
Net premises and equipment |
421,951 | 597,477 | 616,490 | 19,013 | 3.18 | % | 46.10 | % | ||||||||||||||||
Foreclosed assets |
8,188 | 3,335 | 3,227 | -108 | -3.24 | % | -60.59 | % | ||||||||||||||||
Prepaid expenses and deferred charges |
55,543 | 70,430 | 78,064 | 7,634 | 10.84 | % | 40.55 | % | ||||||||||||||||
Goodwill |
17,118 | 3,092 | 2,675 | -417 | -13.49 | % | -84.37 | % | ||||||||||||||||
Other |
241,148 | 318,100 | 388,231 | 70,131 | 22.05 | % | 60.99 | % | ||||||||||||||||
Reappraisal of assets |
1,022,278 | 1,175,456 | 1,276,161 | 100,705 | 8.57 | % | 24.84 | % | ||||||||||||||||
Total assets |
31,780,170 | 36,066,477 | 36,934,469 | 867,992 | 2.41 | % | 16.22 | % | ||||||||||||||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||||||||||||||||||
LIABILITIES |
||||||||||||||||||||||||
DEPOSITS |
||||||||||||||||||||||||
Non-interest bearing |
4,086,179 | 4,039,705 | 4,176,051 | 136,346 | 3.38 | % | 2.20 | % | ||||||||||||||||
Checking accounts |
3,791,158 | 3,711,935 | 3,955,012 | 243,077 | 6.55 | % | 4.32 | % | ||||||||||||||||
Other |
295,021 | 327,770 | 221,039 | -106,731 | -32.56 | % | -25.08 | % | ||||||||||||||||
Interest bearing |
15,951,060 | 18,652,653 | 19,184,907 | 532,254 | 2.85 | % | 20.27 | % | ||||||||||||||||
Checking accounts |
429,665 | 550,080 | 499,486 | -50,594 | -9.20 | % | 16.25 | % | ||||||||||||||||
Time deposits |
4,658,132 | 6,785,611 | 6,858,824 | 73,213 | 1.08 | % | 47.24 | % | ||||||||||||||||
Savings deposits |
10,863,263 | 11,316,962 | 11,826,597 | 509,635 | 4.50 | % | 8.87 | % | ||||||||||||||||
Total deposits |
20,037,239 | 22,692,358 | 23,360,958 | 668,600 | 2.95 | % | 16.59 | % | ||||||||||||||||
Overnight funds |
1,406,115 | 602,982 | 646,013 | 43,031 | 7.14 | % | -54.06 | % | ||||||||||||||||
Bank acceptances outstanding |
46,576 | 48,502 | 81,902 | 33,400 | 68.86 | % | 75.85 | % | ||||||||||||||||
Interbank borrowings |
519,830 | 721,389 | 913,830 | 192,441 | 26.68 | % | 75.79 | % | ||||||||||||||||
Borrowings from domestic development banks |
1,458,624 | 1,737,907 | 1,771,688 | 33,781 | 1.94 | % | 21.46 | % | ||||||||||||||||
Accounts payable |
963,224 | 1,350,907 | 973,354 | -377,553 | -27.95 | % | 1.05 | % | ||||||||||||||||
Accrued interest payable |
161,866 | 216,579 | 239,195 | 22,616 | 10.44 | % | 47.77 | % | ||||||||||||||||
Other liabilities |
259,714 | 366,428 | 365,795 | -633 | -0.17 | % | 40.85 | % | ||||||||||||||||
Bonds |
1,639,039 | 2,147,654 | 2,230,593 | 82,939 | 3.86 | % | 36.09 | % | ||||||||||||||||
Accrued expenses |
485,488 | 709,095 | 713,041 | 3,946 | 0.56 | % | 46.87 | % | ||||||||||||||||
Total liabilities |
26,977,715 | 30,593,801 | 31,296,369 | 702,568 | 2.30 | % | 16.01 | % | ||||||||||||||||
SHAREHOLDERS EQUITY |
||||||||||||||||||||||||
Subscribed and paid in capital |
393,914 | 393,914 | 393,914 | | 0.00 | % | 0.00 | % | ||||||||||||||||
Retained earnings |
2,956,411 | 3,486,856 | 3,556,995 | 70,139 | 2.01 | % | 20.31 | % | ||||||||||||||||
Appropiated |
2,305,756 | 2,662,531 | 2,662,531 | | 0.00 | % | 15.47 | % | ||||||||||||||||
Unappropiated |
650,655 | 824,325 | 894,464 | 70,139 | 8.51 | % | 37.47 | % | ||||||||||||||||
Reappraisal and others |
1,481,273 | 1,634,778 | 1,735,384 | 100,606 | 6.15 | % | 17.15 | % | ||||||||||||||||
Gross unrealized gain or loss on debt securities |
(29,143 | ) | (42,872 | ) | (48,193 | ) | -5,321 | 12.41 | % | 65.37 | % | |||||||||||||
Total shareholders equity |
4,802,455 | 5,472,676 | 5,638,100 | 165,424 | 3.02 | % | 17.40 | % | ||||||||||||||||
Total liabilities and shareholders equity |
31,780,170 | 36,066,477 | 36,934,469 | 867,992 | 2.41 | % | 16.22 | % | ||||||||||||||||
BANCOLOMBIA S.A. | Growth | Growth | ||||||||||||||||||||||
INCOME STATEMENT | Accumulated | Annual | Month | Month | ||||||||||||||||||||
(Ps. Million) | Oct-07 | Oct-08 | % | Sep-08 | Oct-08 | % | ||||||||||||||||||
Interest income and expenses |
||||||||||||||||||||||||
Interest on loans |
2,172,256 | 3,047,165 | 40.28 | % | 326,683 | 346,705 | 6.13 | % | ||||||||||||||||
Interest on investment securities |
213,177 | 243,112 | 14.04 | % | 18,506 | 16,175 | -12.60 | % | ||||||||||||||||
Overnight funds |
45,977 | 44,941 | -2.25 | % | 7,249 | 6,091 | -15.97 | % | ||||||||||||||||
Total interest income |
2,431,410 | 3,335,218 | 37.17 | % | 352,438 | 368,971 | 4.69 | % | ||||||||||||||||
Interest expense |
||||||||||||||||||||||||
Checking accounts |
13,733 | 13,214 | -3.78 | % | 1,452 | 1,620 | 11.57 | % | ||||||||||||||||
Time deposits |
241,103 | 451,131 | 87.11 | % | 54,451 | 57,126 | 4.91 | % | ||||||||||||||||
Savings deposits |
370,896 | 460,087 | 24.05 | % | 49,077 | 51,857 | 5.66 | % | ||||||||||||||||
Total interest on deposits |
625,732 | 924,432 | 47.74 | % | 104,980 | 110,603 | 5.36 | % | ||||||||||||||||
Interbank borrowings |
55,554 | 23,848 | -57.07 | % | 2,359 | 3,795 | 60.87 | % | ||||||||||||||||
Borrowings from domestic development banks |
54,083 | 90,315 | 66.99 | % | 9,357 | 9,548 | 2.04 | % | ||||||||||||||||
Overnight funds |
76,700 | 66,733 | -12.99 | % | 4,018 | 5,712 | 42.16 | % | ||||||||||||||||
Bonds |
68,608 | 128,480 | 87.27 | % | 17,648 | 18,588 | 5.33 | % | ||||||||||||||||
Total interest expense |
880,677 | 1,233,808 | 40.10 | % | 138,362 | 148,246 | 7.14 | % | ||||||||||||||||
Net interest income |
1,550,733 | 2,101,410 | 35.51 | % | 214,076 | 220,725 | 3.11 | % | ||||||||||||||||
Provision for loan and accrued interest losses, net |
(318,893 | ) | (572,605 | ) | 79.56 | % | (46,163 | ) | (93,259 | ) | 102.02 | % | ||||||||||||
Recovery of charged-off loans |
52,254 | 50,439 | -3.47 | % | 4,554 | 5,656 | 24.20 | % | ||||||||||||||||
Provision for foreclosed assets and other assets |
(19,784 | ) | (13,588 | ) | -31.32 | % | 978 | (176 | ) | -118.00 | % | |||||||||||||
Recovery of provisions for foreclosed assets and other assets |
47,832 | 44,674 | -6.60 | % | 12,322 | 550 | -95.54 | % | ||||||||||||||||
Total net provisions |
(238,591 | ) | (491,080 | ) | 105.83 | % | (28,309 | ) | (87,229 | ) | 208.13 | % | ||||||||||||
Net interest income after provision for loans
and accrued interest losses |
1,312,142 | 1,610,330 | 22.73 | % | 185,767 | 133,496 | -28.14 | % | ||||||||||||||||
Commissions from banking services and other services |
74,580 | 95,724 | 28.35 | % | 10,688 | 8,236 | -22.94 | % | ||||||||||||||||
Electronic services and ATMs fees, net |
59,789 | 64,790 | 8.36 | % | 6,335 | 6,581 | 3.88 | % | ||||||||||||||||
Branch network services, net |
81,128 | 80,393 | -0.91 | % | 8,480 | 8,714 | 2.76 | % | ||||||||||||||||
Collections and payments fees, net |
91,025 | 114,653 | 25.96 | % | 11,557 | 12,030 | 4.09 | % | ||||||||||||||||
Credit card merchant fees, net |
14,616 | 9,039 | -38.16 | % | 1,365 | 1,312 | -3.88 | % | ||||||||||||||||
Credit and debit card fees, net |
208,752 | 268,668 | 28.70 | % | 31,014 | 26,680 | -13.97 | % | ||||||||||||||||
Checking fees, net |
55,190 | 56,122 | 1.69 | % | 6,596 | 5,612 | -14.92 | % | ||||||||||||||||
Check remittance, net |
8,506 | 10,119 | 18.96 | % | 1,048 | 989 | -5.63 | % | ||||||||||||||||
International operations, net |
27,519 | 30,612 | 11.24 | % | 3,992 | 5,346 | 33.92 | % | ||||||||||||||||
Total fees and other service income |
621,105 | 730,120 | 17.55 | % | 81,075 | 75,500 | -6.88 | % | ||||||||||||||||
Other fees and service expenses |
(82,785 | ) | (77,046 | ) | -6.93 | % | (6,907 | ) | (6,980 | ) | 1.06 | % | ||||||||||||
Total fees and income from services, net |
538,320 | 653,074 | 21.32 | % | 74,168 | 68,520 | -7.62 | % | ||||||||||||||||
Other operating income |
||||||||||||||||||||||||
Net foreign exchange gains |
5,661 | 92,382 | 1531.90 | % | 92,834 | 81,475 | -12.24 | % | ||||||||||||||||
Forward contracts in foreign currency |
112,700 | 107,193 | -4.89 | % | (111,640 | ) | (52,740 | ) | -52.76 | % | ||||||||||||||
Gains(Loss) on sales of investments on equity securities |
(13,254 | ) | 35,683 | 369.22 | % | | | 0.00 | % | |||||||||||||||
Securitization income |
36,307 | 34,348 | -5.39 | % | 2,351 | 2,791 | 18.72 | % | ||||||||||||||||
Dividend income |
122,128 | 194,815 | 59.52 | % | | | 0.00 | % | ||||||||||||||||
Communication, rent payments and others |
1,168 | 1,131 | -3.17 | % | 114 | 116 | 1.75 | % | ||||||||||||||||
Total other operating income |
264,710 | 465,552 | 75.87 | % | (16,341 | ) | 31,642 | 293.64 | % | |||||||||||||||
Total income |
2,115,172 | 2,728,956 | 29.02 | % | 243,594 | 233,658 | -4.08 | % | ||||||||||||||||
Operating expenses |
||||||||||||||||||||||||
Salaries and employee benefits |
501,124 | 539,729 | 7.70 | % | 56,551 | 54,329 | -3.93 | % | ||||||||||||||||
Bonus plan payments |
36,166 | 91,024 | 151.68 | % | 14,506 | 8,162 | -43.73 | % | ||||||||||||||||
Compensation |
18,550 | 19,332 | 4.22 | % | 613 | 1,280 | 108.81 | % | ||||||||||||||||
Administrative and other expenses |
621,286 | 700,005 | 12.67 | % | 67,605 | 76,407 | 13.02 | % | ||||||||||||||||
Deposit security, net |
34,170 | 35,293 | 3.29 | % | 4,139 | 4,512 | 9.01 | % | ||||||||||||||||
Donation expenses |
371 | 3,200 | 762.53 | % | 59 | 43 | -27.12 | % | ||||||||||||||||
Depreciation |
63,077 | 59,426 | -5.79 | % | 6,055 | 6,212 | 2.59 | % | ||||||||||||||||
Total operating expenses |
1,274,744 | 1,448,009 | 13.59 | % | 149,528 | 150,945 | 0.95 | % | ||||||||||||||||
Net operating income |
840,428 | 1,280,947 | 52.42 | % | 94,066 | 82,713 | -12.07 | % | ||||||||||||||||
Merger expenses |
| | 0.00 | % | | | 0.00 | % | ||||||||||||||||
Goodwill amortization |
23,044 | 9,834 | -57.33 | % | 417 | 417 | 0.00 | % | ||||||||||||||||
Non-operating income (expense) |
||||||||||||||||||||||||
Other income |
44,967 | 54,768 | 21.80 | % | 3,111 | 2,577 | -17.16 | % | ||||||||||||||||
Other expense |
(48,477 | ) | (101,081 | ) | 108.51 | % | (7,695 | ) | (3,665 | ) | -52.37 | % | ||||||||||||
Total non-operating income |
(3,510 | ) | (46,313 | ) | 1219.46 | % | (4,584 | ) | (1,088 | ) | -76.27 | % | ||||||||||||
Income before income taxes |
813,874 | 1,224,800 | 50.49 | % | 89,065 | 81,208 | -8.82 | % | ||||||||||||||||
Income tax expense |
(163,219 | ) | (330,336 | ) | 102.39 | % | (28,797 | ) | (11,069 | ) | -61.56 | % | ||||||||||||
Net income |
650,655 | 894,464 | 37.47 | % | 60,268 | 70,139 | 16.38 | % | ||||||||||||||||
BANCOLOMBIA S.A. (Registrant) |
||||
Date: November 12, 2008 | By: | /s/ JAIME ALBERTO VELÁSQUEZ B. | ||
Name: | Jaime Alberto Velásquez B. | |||
Title: | Vice President of Finance | |||