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 May 2005
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. 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: May 3, 2005 By /s/ JAIME ALBERTO VELASQUEZ B.
------------------------------------
Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
[BANCOLOMBIA LOGO] [CIB LISTED NYSE LOGO]
CONSOLIDATED FINANCIAL RESULTS
FOR THE QUARTER ENDED MARCH 31, 2005
Table of Contents
1. HIGHLIGHTS
2. CONSOLIDATED BALANCE SHEET
3. INCOME STATEMENT
4. SUBSIDIARIES
MAY 3, 2005. Medellin, Colombia - BANCOLOMBIA S.A. (NYSE: CIB) announced today
the financial results for the quarter ended March 31, 2005.(1)
CONSOLIDATED BALANCE SHEET
AND INCOME STATEMENT
QUARTER GROWTH
----------------------- -----------
(Ps millions) 4Q 04 1Q 05 1Q 05/4Q 04
------------------------------------------ ---------- ---------- -----------
ASSETS
Loans and financial leases, net 9,600,861 10,159,139 5.81%
Investment securities, net 5,250,211 5,313,772 1.21%
Other assets 2,628,057 2,745,231 4.46%
---------- ---------- -------
TOTAL ASSETS 17,479,129 18,218,142 4.23%
---------- ---------- -------
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits 11,862,116 12,111,704 2.10%
Other liabilities 3,526,290 4,123,444 16.93%
TOTAL LIABILITIES 15,388,406 16,235,148 5.50%
Shareholders' equity 2,090,723 1,982,994 -5.15%
---------- ---------- -------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 17,479,129 18,218,142 4.23%
---------- ---------- -------
Interest income 478,069 464,374 -2.86%
Interest expense 164,636 169,808 3.14%
NET INTEREST INCOME 313,433 294,566 -6.02%
Net provisions 4,201 (26,131) -722.02%
Other operating income 152,872 175,494 14.80%
Other operating expense (254,294) (253,465) -0.33%
Non-operating income, net (892) 944 205.83%
Income tax expense (64,564) (63,684) -1.36%
---------- ---------- -------
NET INCOME 150,756 127,724 -15.28%
---------- ---------- -------
-----------------------------
(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: March 31, 2005 Ps 2,363.23 = US$ 1 Average exchange rate March
2005 Ps 2,352.39 = US$ 1
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
1
[BANCOLOMBIA LOGO]
1Q05
1. HIGHLIGHTS:
- Net income amounted to Ps 127.7 billion, or US$ 0.375 per ADS, during the
quarter ended March 31, 2005 as compared to a net income of Ps 150.8
billion, or US$ 0.438 per ADS, for the quarter ended December 31, 2004 and
Ps 124.0 billion, or US$ 0.321 per ADS, during the first quarter of 2004.
- As of March 31, 2004 BANCOLOMBIA's net loans totaled Ps 10,159 billion,
increasing 5.8% as compared to Ps 9,601 billion in the previous quarter.
On a year over year basis, this represents an increase of 27.8% from Ps
7,949 billion, well above our expectations. On the other hand, investment
debt securities amounted to Ps 5,024 billion, increasing 2.1% over the
quarter and 2.3% over the year.
- During the first quarter of 2005, interest on loans amounted to Ps 315.6
billion, an increase of 4.1% as compared to the previous quarter and 22.5%
on a year over year basis.
- Interest on investment securities dropped 21.8% compared to the previous
quarter and 34.5%, compared to the first quarter of 2004, due to the
decrease in Colombian bond prices during March, which resulted in
decreases in income of Ps 31.0 billion compared to the previous quarter
and Ps 58.6 billion compared to the first quarter of 2004.
- Total net fees and income from services were up 5.0% over the quarter,
reaching a total of Ps 112.9 billion, which represents an increase of
14.3% compared to the first quarter of 2004.
- BANCOLOMBIA's ratio of past due loans to total loans at March 31, 2005 was
1.66% and the ratio of allowances for past due loans was 255%.
QUARTERS
STOCK INDICATORS 1Q 04 4Q 04 1Q 05
------------------------ ----------- ----------- -----------
Net Income (Ps millions) 124,048 150,756 127,724
USD Earnings per ADS 0.321 0.438 0.375
ROAA 3.52% 3.78% 3.07%
ROAE 31.88% 33.50% 26.85%
P/BV ADS (1) 1.73 2.33 2.30
P/BV Local (2)(3) 1.84 2.21 2.36
P/E (4) 6.16 7.78 9.07
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.
2
[BANCOLOMBIA LOGO]
1Q05
2. CONSOLIDATED BALANCE SHEET
2.1 ASSETS
BANCOLOMBIA's total assets increased 4.2% over the quarter to Ps 18,218
billion as of March 31, 2005 from Ps 17,479 billion as of December 31,
2004, achieving an 18.0% increase over the year from Ps 15,442 billion as
of March 31, 2004. The increase in total assets is explained by the loan
portfolio growth.
2.1.1 LOAN PORTFOLIO
Total corporate loans increased 6.2% over the quarter from Ps 5,414
billion to Ps 5,748 billion, which represents an increase of 17.4%
compared to Ps 4,895 billions as of March 31, 2004. All types of corporate
loans presented positive results.
LOAN PORTFOLIO AS OF GROWTH
(Ps millions) 31-MAR-04 31-DEC-04 31-MAR-05 1Q 05/4Q 04 1Q 05/1Q 04
------------------------------------------ --------- ---------- ---------- ----------- -----------
CORPORATE
Working capital loans 4,264,301 4,298,354 4,605,565 7.15% 8.00%
Loans funded by domestic development banks 410,068 770,331 754,871 -2.01% 84.08%
Trade Financing 151,378 253,632 293,966 15.90% 94.19%
Overdrafts 48,481 67,018 69,267 3.36% 42.87%
Credit Cards 20,891 24,621 24,625 0.02% 17.87%
--------- --------- ---------- ----- ------
TOTAL CORPORATE 4,895,119 5,413,956 5,748,294 6.18% 17.43%
--------- --------- ---------- ----- ------
RETAIL AND SMEs
Working capital loans 951,858 1,295,643 1,353,731 4.48% 42.22%
Personal loans 846,659 1,111,250 1,118,309 0.64% 32.08%
Loans funded by domestic development banks 340,278 359,494 360,343 0.24% 5.90%
Credit Cards 323,239 392,900 376,067 -4.28% 16.34%
Overdrafts 110,288 89,867 130,062 44.73% 17.93%
Automobile loans 255,289 381,723 421,232 10.35% 65.00%
Trade Financing 17,976 54,189 60,668 11.96% 237.49%
--------- --------- ---------- ----- ------
TOTAL RETAIL AND SMEs 2,845,587 3,685,066 3,820,412 3.67% 34.26%
MORTGAGE 49,740 56,107 83,989 49.69% 68.86%
FINANCIAL LEASES 582,780 880,110 949,275 7.86% 62.89%
--------- --------- ---------- ----- ------
TOTAL LOANS AND FINANCIAL LEASES 8,373,226 10,035,239 10,601,970 5.65% 26.62%
ALLOWANCE FOR LOAN LOSSES AND FINANCIAL
LEASES (423,974) (434,378) (442,831) 1.95% 4.45%
--------- --------- ---------- ----- ------
TOTAL LOANS AND FINANCIAL LEASES, NET 7,949,252 9,600,861 10,159,139 5.81% 27.80%
--------- --------- ---------- ----- ------
The retail and small and medium-sized enterprise ("SME") loan portfolio
maintained robust growth rates. It totaled Ps 3,820 billion at March 31, 2005,
increasing 3.7% over the quarter and 34.3% over the year. Even though all types
of retail and SME loans showed positive trends, the most significant changes
during the year were seen in working capital loans, which primarily benefit SME,
and in personal loans.
3
[BANCOLOMBIA LOGO]
1Q05
Financial leases for both corporate and SME clients increased 7.9% over
the quarter and 62.9% over the year. These positive figures are explained
by the recovery of corporate investment budgets and more beneficial tax
legislation.
2.1.2 INVESTMENT PORTFOLIO
BANCOLOMBIA's investments in debt securities amounted to Ps 5,024 billion,
increasing 2.1% over the quarter and 2.3% over the year. The composition
of the investment portfolio in terms of the classification of bonds was
very stable compared to the previous quarter.
2.1.3 ASSET QUALITY
As of March 31, 2005, the Bank's past due loans accounted for 1.66% of
total loans. Charged-off loans for the quarter amounted to Ps 19.4
billion. Loans classified as C, D and E accounted for 3.7% of total loans,
continuing their decline in proportion to total loans and demonstrating
the improved asset quality of the Bank's loan portfolio. Furthermore, the
ratio of allowances for past due loans at the end of the quarter was 255%.
LOANS AND FINANCIAL LEASES CLASSIFICATION
(Ps millions) AS OF 31-MAR-04 AS OF 31-DEC-04 AS OF 31-MAR-05
----------------------------------------- ---------------- ----------------- -----------------
"A" Normal 7,547,168 90.1% 9,327,398 93.0% 9,877,011 93.2%
"B" Subnormal 404,427 4.8% 320,959 3.2% 334,330 3.2%
"C" Deficient 118,601 1.4% 93,175 0.9% 97,658 0.9%
"D" Doubtful recovery 199,400 2.4% 204,344 2.0% 205,593 1.9%
"E" Unrecoverable 103,630 1.3% 89,363 0.9% 87,378 0.8%
TOTAL 8,373,226 100% 10,035,239 100% 10,601,970 100%
--------- ---------- ----------
LOANS AND FINANCIAL LEASES CLASSIFIED
AS C, D AND E AS A PERCENTAGE OF TOTAL
LOANS AND FINANCIAL LEASES 5.0% 3.9% 3.7%
--------- ---------- ----------
ASSET QUALITY AS OF GROWTH
(Ps millions) 31-MAR-04 31-DEC-04 31-MAR-05 1Q 05/4Q 04 1Q 05/1Q 04
----------------------------------------------- --------- --------- --------- ----------- -----------
Total performing past due loans 52,484 56,822 78,651 38.42% 49.86%
Total non-performing past due loans (1) 95,066 88,452 96,987 9.65% 2.02%
Total past due loans 147,550 145,274 175,638 20.90% 19.04%
Allowance for loans and accrued interest losses 430,048 438,981 447,400 1.92% 4.03%
Past due loans to total loans 1.76% 1.45% 1.66%
Non-performing loans to total loans 1.14% 0.88% 0.91%
C, D, and E loans to total loans 5.04% 3.86% 3.68%
Allowances to past due loans (2) 291.46% 302.17% 254.73%
Allowances to C, D, and E loans (2) 102.00% 113.47% 114.53%
Allowances to non-performing loans (2) 452.37% 496.29% 461.30%
Allowances to total loans 5.14% 4.37% 4.22%
Performing loans to total loans 98.86% 99.12% 99.09%
(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 2.1% over the quarter and 17.5% over the year to Ps
12,112 billion as of March 31, 2005. On a year over year basis,
interest-bearing deposits increased 18.4%, while non-interest bearing
deposits increased 14.0%.
4
[BANCOLOMBIA LOGO]
1Q05
2.3 SHAREHOLDERS' EQUITY
BANCOLOMBIA's shareholders' equity totaled Ps 1,983 billion at the end of
the first quarter of 2005. It decreased 5.2% compared to the previous
quarter, due to the distribution of profits. Nevertheless, this represents
an increase of 17.2%, compared to the first quarter of 2004. Unrealized
gains on available for sale investments totaled Ps 90 billion as of Mach
31, 2005, which represents a decrease of 13.2% compared to the previous
quarter, due to the reasons set forth in section 3.1 "Net Interest
Income".
At the end of the first quarter, the Bank's consolidated ratio of
technical capital to risk weighted assets was 13.1%.
TECHNICAL CAPITAL / RISK WEIGHTED ASSETS AS OF
Consolidated (Ps millions) 31-MAR-04 31-DEC-04 31-MAR-05
------------------------------------------- ---------- ---------- ----------
Basic capital (Tier I) 1,179,601 1,499,474 1,531,183
Additional capital (Tier II) 282,589 279,548 274,906
Technical capital (1) 1,462,190 1,779,022 1,806,089
Risk weighted assets including market risk 11,553,069 13,240,657 13,799,147
---------- ---------- ----------
CAPITAL ADEQUACY (2) 12.66% 13.44% 13.09%
---------- ---------- ----------
(1) Technical capital is the sum of basic capital and additional capital.
(2) Capital Adequacy is Technical capital divided by Risk weighted assets
5
[BANCOLOMBIA LOGO]
1Q05
3. INCOME STATEMENT
BANCOLOMBIA's net income amounted to Ps 127.7 billion during the quarter
ended March 31, 2005, as compared to net income of Ps 150.8 billion for
the previous quarter and Ps 124.0 billion for the first quarter last year.
3.1 NET INTEREST INCOME
Net interest income decreased to Ps 294.6 billion for the quarter ended
March 31, 2005, as compared to Ps 313.4 billion for the previous quarter
and Ps 318.5 billion for the first quarter of 2004. Even though interest
on loans increased to Ps 315.6 billion, interest on investment securities
only reached Ps 111.3 billion due to the mark to market impact on
Colombian bond price declined at the end of the first quarter when
domestic rates incorporated the expectations of accelerated rate increases
by the U.S. Federal Reserve.
[LINE GRAPH]
TES April 26/2012
DATE TES-10 Anos
Jan 2004 14,00%
Jan 2004 13,96%
Jan 2004 13,80%
Jan 2004 13,86%
Jan 2004 13,70%
Jan 2004 13,79%
Jan 2004 13,75%
Jan 2004 13,65%
Jan 2004 13,61%
Jan 2004 13,77%
Jan 2004 13,99%
Jan 2004 13,80%
Jan 2004 13,84%
Jan 2004 13,89%
Jan 2004 13,96%
Jan 2004 14,05%
Jan 2004 13,83%
Jan 2004 13,77%
Jan 2004 13,92%
Jan 2004 13,91%
Feb 2004 13,92%
Feb 2004 13,90%
Feb 2004 13,83%
Feb 2004 13,79%
Feb 2004 13,84%
Feb 2004 13,76%
Feb 2004 13,78%
Feb 2004 13,80%
Feb 2004 13,70%
Feb 2004 13,68%
Feb 2004 13,69%
Feb 2004 13,67%
Feb 2004 13,60%
Feb 2004 13,50%
Feb 2004 13,48%
Feb 2004 13,28%
Feb 2004 13,17%
Feb 2004 13,24%
Feb 2004 13,13%
Feb 2004 13,01%
Mar 2004 13,09%
Mar 2004 13,07%
Mar 2004 12,94%
Mar 2004 12,91%
Mar 2004 12,74%
Mar 2004 12,65%
Mar 2004 12,62%
Mar 2004 12,85%
Mar 2004 12,71%
Mar 2004 12,72%
Mar 2004 12,63%
Mar 2004 12,56%
Mar 2004 12,41%
Mar 2004 12,42%
Mar 2004 12,40%
Mar 2004 12,56%
Mar 2004 12,30%
Mar 2004 12,29%
Mar 2004 12,19%
Mar 2004 12,25%
Mar 2004 12,24%
Mar 2004 12,21%
Apr 2004 12,07%
Apr 2004 12,06%
Apr 2004 12,11%
Apr 2004 12,10%
Apr 2004 12,03%
Apr 2004 11,98%
Apr 2004 11,98%
Apr 2004 11,48%
Apr 2004 12,17%
Apr 2004 12,54%
Apr 2004 12,45%
Apr 2004 12,89%
Apr 2004 12,92%
Apr 2004 12,66%
Apr 2004 12,66%
Apr 2004 12,49%
Apr 2004 12,53%
Apr 2004 12,79%
Apr 2004 13,06%
Apr 2004 13,24%
May 2004 13,47%
May 2004 13,54%
May 2004 13,41%
May 2004 14,32%
May 2004 14,40%
May 2004 14,64%
May 2004 14,36%
May 2004 14,27%
May 2004 14,46%
May 2004 14,12%
May 2004 13,88%
May 2004 13,93%
May 2004 14,19%
May 2004 14,31%
May 2004 14,39%
May 2004 14,31%
May 2004 14,20%
May 2004 14,04%
May 2004 13,91%
May 2004 13,95%
Jun 2004 14,08%
Jun 2004 14,02%
Jun 2004 13,87%
Jun 2004 13,75%
Jun 2004 13,61%
Jun 2004 13,57%
Jun 2004 14,03%
Jun 2004 14,30%
Jun 2004 14,35%
Jun 2004 14,29%
Jun 2004 14,12%
Jun 2004 14,05%
Jun 2004 14,06%
Jun 2004 14,16%
Jun 2004 14,20%
Jun 2004 14,12%
Jun 2004 14,12%
Jun 2004 14,16%
Jun 2004 14,20%
Jun 2004 14,09%
Jul 2004 13,91%
Jul 2004 13,84%
Jul 2004 14,06%
Jul 2004 14,18%
Jul 2004 14,17%
Jul 2004 14,16%
Jul 2004 14,17%
Jul 2004 14,19%
Jul 2004 14,13%
Jul 2004 14,05%
Jul 2004 13,96%
Jul 2004 14,01%
Jul 2004 14,13%
Jul 2004 14,10%
Jul 2004 14,22%
Jul 2004 14,29%
Jul 2004 14,36%
Jul 2004 14,35%
Jul 2004 14,30%
Jul 2004 14,31%
Aug 2004 14,35%
Aug 2004 14,33%
Aug 2004 14,32%
Aug 2004 14,28%
Aug 2004 14,20%
Aug 2004 14,15%
Aug 2004 14,10%
Aug 2004 14,13%
Aug 2004 14,25%
Aug 2004 14,18%
Aug 2004 14,11%
Aug 2004 14,11%
Aug 2004 14,13%
Aug 2004 14,06%
Aug 2004 13,90%
Aug 2004 13,50%
Aug 2004 13,67%
Aug 2004 13,76%
Aug 2004 13,88%
Aug 2004 13,66%
Aug 2004 13,61%
Sep 2004 13,61%
Sep 2004 13,77%
Sep 2004 13,84%
Sep 2004 13,80%
Sep 2004 13,73%
Sep 2004 13,63%
Sep 2004 13,38%
Sep 2004 13,42%
Sep 2004 13,20%
Sep 2004 13,13%
Sep 2004 13,28%
Sep 2004 13,21%
Sep 2004 13,08%
Sep 2004 13,25%
Sep 2004 13,36%
Sep 2004 13,34%
Sep 2004 13,34%
Sep 2004 13,59%
Sep 2004 13,54%
Sep 2004 13,50%
Sep 2004 13,45%
Sep 2004 13,50%
Oct 2004 13,57%
Oct 2004 13,53%
Oct 2004 13,43%
Oct 2004 13,29%
Oct 2004 13,27%
Oct 2004 13,19%
Oct 2004 13,21%
Oct 2004 13,23%
Oct 2004 13,19%
Oct 2004 13,14%
Oct 2004 13,20%
Oct 2004 13,19%
Oct 2004 13,21%
Oct 2004 13,16%
Oct 2004 13,13%
Oct 2004 13,12%
Oct 2004 13,18%
Oct 2004 13,14%
Oct 2004 13,25%
Oct 2004 13,25%
Nov 2004 13,15%
Nov 2004 13,12%
Nov 2004 13,06%
Nov 2004 13,05%
Nov 2004 13,05%
Nov 2004 13,02%
Nov 2004 12,98%
Nov 2004 12,96%
Nov 2004 12,84%
Nov 2004 12,86%
Nov 2004 12,78%
Nov 2004 12,71%
Nov 2004 12,75%
Nov 2004 12,85%
Nov 2004 12,71%
Nov 2004 12,63%
Nov 2004 12,62%
Nov 2004 12,51%
Nov 2004 12,66%
Nov 2004 12,76%
Dec 2004 12,77%
Dec 2004 13,00%
Dec 2004 12,90%
Dec 2004 12,98%
Dec 2004 13,11%
Dec 2004 13,17%
Dec 2004 12,99%
Dec 2004 12,89%
Dec 2004 12,88%
Dec 2004 12,91%
Dec 2004 12,80%
Dec 2004 12,75%
Dec 2004 12,56%
Dec 2004 12,53%
Dec 2004 12,45%
Dec 2004 12,74%
Dec 2004 12,39%
Dec 2004 12,33%
Dec 2004 12,28%
Jan 2005 12,01%
Jan 2005 11,90%
Jan 2005 12,00%
Jan 2005 12,23%
Jan 2005 12,21%
Jan 2005 12,29%
Jan 2005 11,99%
Jan 2005 11,97%
Jan 2005 12,15%
Jan 2005 12,46%
Jan 2005 12,19%
Jan 2005 12,22%
Jan 2005 12,27%
Jan 2005 12,25%
Jan 2005 12,24%
Jan 2005 12,15%
Jan 2005 12,12%
Jan 2005 12,14%
Jan 2005 12,12%
Jan 2005 12,07%
Feb 2005 12,08%
Feb 2005 12,00%
Feb 2005 12,09%
Feb 2005 12,01%
Feb 2005 12,05%
Feb 2005 12,00%
Feb 2005 11,95%
Feb 2005 11,86%
Feb 2005 11,89%
Feb 2005 11,82%
Feb 2005 11,84%
Feb 2005 11,83%
Feb 2005 11,71%
Feb 2005 11,75%
Feb 2005 11,77%
Feb 2005 11,73%
Feb 2005 11,81%
Feb 2005 11,84%
Feb 2005 11,87%
Feb 2005 11,83%
Mar 2005 11,85%
Mar 2005 11,90%
Mar 2005 11,92%
Mar 2005 11,83%
Mar 2005 11,78%
Mar 2005 11,85%
Mar 2005 11,81%
Mar 2005 11,95%
Mar 2005 11,96%
Mar 2005 12,14%
Mar 2005 12,28%
Mar 2005 12,32%
Mar 2005 12,31%
Mar 2005 12,29%
Mar 2005 12,19%
Mar 2005 12,51%
Mar 2005 12,82%
Mar 2005 12,64%
Mar 2005 12,42%
Mar 2005 12,40%
Apr 2005 12,33%
Apr 2005 12,32%
Apr 2005 12,31%
Apr 2005 12,24%
Apr 2005 12,28%
Apr 2005 12,28%
Apr 2005 12,26%
Apr 2005 12,19%
Apr 2005 12,10%
Apr 2005 12,15%
Apr 2005 12,20%
Apr 2005 12,22%
Apr 2005 12,15%
Apr 2005 12,15%
Apr 2005 12,11%
Apr 2005 12,07%
Apr 2005 12,01%
Apr 2005 12,03%
Apr 2005 12,03%
Apr 2005 12,00%
Apr 2005 11,99%
May 2005 11,92%
The most widely used representative bond in the market with maturity in
April, 2012 was traded at 12.28% at the end of the fourth quarter 2004. As
of March 31, 2005, its market yield was 12.40%. The difference between
these two figures helps to explain the negative impact mentioned above.
However, as of April 30, 2005, its market yield was 11.99%
3.2 PROVISIONS
Provisions for loan and interest losses amounted to Ps 32.2 billion,
increasing 8.6% as compared to the previous quarter, while total net
provisions amounted to Ps 26.1 billion. The quarterly decrease in
recoveries is explained mainly by nonrecurring events during the fourth
quarter of 2004 that accounted for Ps 25.0 billion.
6
[BANCOLOMBIA LOGO]
1Q05
3.3 FEES AND INCOME FROM SERVICES
The different sources of fee generation continued their positive trend.
Total net fees and income from services increased to Ps 112.9 billion
during the first quarter of 2005. This represents an increase of 5.0% as
compared to Ps 107.6 billion for the previous quarter and a 14.3% increase
as compared to Ps 98.8 billion for the first quarter of 2004.
ACUMMULATED CREDIT CARD BILLING % 2005
(Million pesos as of March 31, 2005) 2004 2005 Growth Market Share
------------------------------------ --------- --------- ------ ------------
Bancolombia VISA 113,493 138,731 22.40% 5.29%
Bancolombia Mastercard 205,414 222,772 8.45% 7.84%
Bancolombia American Express 82,611 112,758 36.49% 4.30%
TOTAL BANCOLOMBIA 401,518 474,262 18.12% 18.09%
--------- --------- -----
Colombian credit card market 2,204,160 2,621,675 18.94%
--------- --------- -----
Source: Credibanco, American Express y Red Multicolor
BANCOLOMBIA's accumulated unconsolidated credit card billing increased
18.1% during the first quarter of 2005, resulting in an 18.1% market share
of the Colombian credit card business. In addition, the Bank's number of
outstanding credit cards increased 16.3%, resulting in a 13.6% market
share. BC American Express credit card showed excellent performance,
increasing its billing to Ps 113 billion and the number of outstanding
credit cards to almost 90,000 cards, as of March 31, 2005, reaching a
market share of 4.3% of total billing and 3.1% of outstanding credit
cards.
CREDIT CARD MARKET SHARE % 2005
Outstanding credit cards as of March 31,2005 2004 2005 Growth Market Share
-------------------------------------------- --------- --------- ------ ------------
Bancolombia VISA 110,334 129,301 17.19% 4.46%
Bancolombia Mastercard 162,089 174,085 7.40% 6.01%
Bancolombia American Express 65,257 89,218 36.72% 3.08%
TOTAL BANCOLOMBIA 337,680 392,604 16.27% 13.55%
--------- --------- -----
Colombian credit card market 2,497,370 2,897,413 16.02%
--------- --------- -----
Source: Credibanco, American Express y Red Multicolor.
3.4 OPERATING EXPENSES
Total operating expenses were stable quarter over quarter amounting to Ps
244.9 billion, which represents an increase of 10.6% compared to Ps 221.4
billion for the first quarter of 2004. Nevertheless, due to the decrease
in net interest income explained in section 3.1, BANCOLOMBIA's operating
expenses to net interest income efficiency ratio reached 53.9%, while
operating expenses to average total assets dropped to 6.10%.
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1Q05
QUARTERS
PRINCIPAL RATIOS 1Q 04 4Q 04 1Q 05
---------------------------------------------- ----- -------- -----
PROFITABILITY
Net interest margin (1) 10.38% 9.02% 8.06%
Return on average total assets (2) 3.52% 3.78% 3.07%
Return on average shareholders equity (3) 31.88% 33.50% 26.85%
EFFICIENCY
Operating expenses to net operating income (4) 48.37% 54.53% 53.92%
Operating expenses to average total assets (4) 6.49% 6.37% 6.10%
CAPITAL ADEQUACY
Shareholders' equity to total assets 10.96% 11.96% 10.88%
Technical capital to risk weighted assets 12.66% 13.44% 13.09%
(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 totaled Ps 62.6 billion during the first quarter of
2005, a 38.2% increase from Ps 45.3 billion during the previous quarter.
The increase resulted from higher dividend income, mainly dividend
payments from Conavi.
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1Q05
4. SUBSIDIARIES
BANCOLOMBIA PANAMA AND ITS SUBSIDIARIES
The following table is expressed in US dollars.
BANCOLOMBIA PANAMA AND ITS SUBSIDIARIES QUARTER GROWTH
BALANCE SHEET AND INCOME STATEMENT (US $) 1Q 04 4Q 04 1Q 05 1Q 05/4Q 04 1Q 05/1Q 04
------------------------------------------ ------------- ------------- ------------- ----------- -----------
ASSETS
Loans and financial leases, net 529,520,180 655,467,480 526,841,306 -19.62% -0.51%
Investment securities, net 501,426,570 269,610,675 372,797,891 38.27% -25.65%
Overnight funds sold 131,350,618 315,135,186 258,850,700 -17.86% 97.07%
Other assets 47,695,944 37,135,164 49,768,563 34.02% 4.35%
------------- ------------- ------------- ------ ------
TOTAL ASSETS 1,209,993,312 1,277,348,505 1,208,258,460 -5.41% -0.14%
------------- ------------- ------------- ------ ------
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits 1,039,175,184 1,091,142,768 1,020,806,955 -6.45% -1.77%
Other liabilities 8,971,956 6,217,713 5,233,240 -15.83% -41.67%
TOTAL LIABILITIES 1,048,147,140 1,097,360,481 1,026,040,195 -6.50% -2.11%
Shareholders' equity 161,846,172 179,988,024 182,218,265 1.24% 12.59%
------------- ------------- ------------- ------ ------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1,209,993,312 1,277,348,505 1,208,258,460 -5.41% -0.14%
------------- ------------- ------------- ------ ------
Interest income 20,834,651 16,967,202 13,362,278 -21.25% -35.87%
Interest expense (4,409,984) (5,072,605) (5,892,404) 16.16% 33.62%
NET INTEREST INCOME 16,424,667 11,894,597 7,469,874 -37.20% -54.52%
Net provisions (6,839,658) (1,757,208) (1,404,904) -20.05% -79.46%
Other operating income 1,526,947 2,340,533 1,538,268 -34.28% 0.74%
Other operating expense (974,209) (2,080,912) (1,484,540) -28.66% 52.38%
------------- ------------- ------------- ------ ------
NET INCOME 10,137,747 10,397,010 6,118,698 -41.15% -39.64%
------------- ------------- ------------- ------ ------
Total assets decreased 5.4% over the first quarter of 2005 to US$1,208
million as of March 31, 2005, as compared to US$1,277 million as of
December 31, 2004. Additionally, shareholders' equity increased 1.2% over
the quarter from US$180 million as of December 31, 2004 to US$182 million
as of March 31, 2005.
BANCOLOMBIA Panama reported net income of US$6.1 million during the first
quarter, decreasing 41.1% as compared to the previous quarter, explained
partially by the fact that gains of sales of investments amounted to US$
6.1 million during the first quarter of 2004 and US$ 2.6 million during
the fourth quarter of 2004, while they only totaled US$ 0.5 million during
the quarter ended March 31, 2005(2).
-------------
(2) Bancolombia Panama records most of its investments as available for sale.
Under this classification, changes in market values are registered in the
Shareholders' Equity as unrealized gains or losses. Only when investments are
sold will gains or losses be accounted for in the Income Statement.
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1Q05
CONSOLIDATED BALANCE SHEET
AS OF GROWTH
(Ps millions) MAR-04 DEC-04 MAR-05 1Q 05/4Q 04 1Q 05/1Q 04
----------------------------------------------- ---------- ---------- ---------- ----------- -----------
ASSETS
Cash and due from banks 716,943 768,514 852,551 10.93% 18.91%
Overnight funds sold 379,588 480,846 525,528 9.29% 38.45%
TOTAL CASH AND EQUIVALENTS 1,096,531 1,249,360 1,378,079 10.30% 25.68%
---------- ---------- ---------- ------ ------
DEBT SECURITIES 4,912,921 4,922,792 5,023,808 2.05% 2.26%
Trading 2,055,356 2,245,756 2,295,496 2.21% 11.68%
Available for Sale 2,133,985 1,943,685 2,006,927 3.25% -5.95%
Held to Maturity 723,580 733,351 721,385 -1.63% -0.30%
EQUITY SECURITIES 260,606 393,044 355,450 -9.56% 36.39%
Trading 15,255 129,964 83,950 -35.41% 450.31%
Available for Sale 245,351 263,080 271,500 3.20% 10.66%
Market value allowance (91,883) (65,625) (65,486) -0.21% -28.73%
NET INVESTMENT SECURITIES 5,081,644 5,250,211 5,313,772 1.21% 4.57%
---------- ---------- ---------- ------ ------
Commercial loans 6,344,294 7,353,956 7,812,253 6.23% 23.14%
Consumer loans 1,313,595 1,655,066 1,692,363 2.25% 28.83%
Small business loans 82,817 90,000 91,321 1.47% 10.27%
Mortgage loans 49,740 56,107 56,758 1.16% 14.11%
Finance lease 582,780 880,110 949,275 7.86% 62.89%
Allowance for loans and financial leases losses (423,974) (434,378) (442,831) 1.95% 4.45%
NET TOTAL LOANS AND FINANCIAL LEASES 7,949,252 9,600,861 10,159,139 5.81% 27.80%
---------- ---------- ---------- ------ ------
Accrued interest receivable on loans 96,549 125,879 114,720 -8.86% 18.82%
Allowance for accrued interest losses (6,074) (4,603) (4,569) -0.74% -24.78%
NET TOTAL INTEREST ACCRUED 90,475 121,276 110,151 -9.17% 21.75%
---------- ---------- ---------- ------ ------
Customers' acceptances and derivatives 61,730 43,894 18,020 -58.95% -70.81%
Net accounts receivable 143,127 173,875 190,403 9.51% 33.03%
Net premises and equipment 354,412 346,243 348,801 0.74% -1.58%
Foreclosed assets 24,392 12,206 12,779 4.69% -47.61%
Prepaid expenses and deferred charges 26,002 15,950 17,414 9.18% -33.03%
Good will 94,062 73,607 67,945 -7.69% -27.77%
Operating lease, net 10,544 8,311 7,826 -5.84% -25.78%
Other 250,777 315,394 331,942 5.25% 32.37%
Reappraisal of assets 258,590 267,941 261,871 -2.27% 1.27%
---------- ---------- ---------- ------ ------
TOTAL ASSETS 15,441,538 17,479,129 18,218,142 4.23% 17.98%
---------- ---------- ---------- ------ ------
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
NON-INTEREST BEARING 2,093,667 2,690,679 2,387,663 -11.26% 14.04%
Checking accounts 1,823,222 2,523,505 2,232,125 -11.55% 22.43%
Other 270,445 167,174 155,538 -6.96% -42.49%
---------- ---------- ---------- ------ ------
INTEREST BEARING 8,210,779 9,171,437 9,724,041 6.03% 18.43%
Checking accounts 1,075,653 1,275,618 937,442 -26.51% -12.85%
Time deposits 4,281,006 4,361,206 4,671,305 7.11% 9.12%
Savings deposits 2,854,120 3,534,613 4,115,294 16.43% 44.19%
---------- ---------- ---------- ------ ------
TOTAL DEPOSITS 10,304,446 11,862,116 12,111,704 2.10% 17.54%
Overnight funds 714,712 616,494 509,366 -17.38% -28.73%
Bank acceptances outstanding 37,139 66,593 49,894 -25.08% 34.34%
Interbank borrowings 379,845 246,282 669,331 171.77% 76.21%
Borrowings from domestic development banks 768,977 857,919 848,751 -1.07% 10.37%
Accounts payable 567,790 729,448 908,101 24.49% 59.94%
Accrued interest payable 92,271 109,164 111,027 1.71% 20.33%
Other liabilities 170,518 232,932 214,765 -7.80% 25.95%
Bonds 475,520 552,531 569,718 3.11% 19.81%
Accrued expenses 198,642 71,649 198,932 177.65% 0.15%
Minority interest in consolidated subsidiaries 39,880 43,278 43,559 0.65% 9.23%
---------- ---------- ---------- ------ ------
TOTAL LIABILITIES 13,749,740 15,388,406 16,235,148 5.50% 18.08%
---------- ---------- ---------- ------ ------
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 993,385 1,419,697 1,331,838 -6.19% 34.07%
Appropiated 869,337 841,019 1,204,114 43.17% 38.51%
Unappropiated 124,048 578,678 127,724 -77.93% 2.96%
---------- ---------- ---------- ------ ------
REAPPRAISAL 271,393 278,470 272,342 -2.20% 0.35%
GROSS UNREALIZED GAIN OR LOSS ON INVESTMENTS 138,672 104,208 90,466 -13.19% -34.76%
---------- ---------- ---------- ------ ------
TOTAL SHAREHOLDER'S EQUITY 1,691,798 2,090,723 1,982,994 -5.15% 17.21%
---------- ---------- ---------- ------ ------
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1Q05
CONSOLIDATED INCOME STATEMENT
QUARTER GROWTH
(Ps Millions) 1Q 04 4Q 04 1Q 05 1Q 05/4Q 04 1Q 05/1Q 04
---------------------------------------------------- ------- ------- ------- ----------- -----------
INTEREST INCOME AND EXPENSES
Interest on loans 257,652 303,220 315,622 4.09% 22.50%
Interest on investment securities 169,865 142,327 111,312 -21.79% -34.47%
Overnight funds 3,832 6,848 5,580 -18.52% 45.62%
Leasing 18,428 25,674 31,860 24.09% 72.89%
TOTAL INTEREST INCOME 449,777 478,069 464,374 -2.86% 3.25%
------- ------- ------- ------- -------
Interest expense
Checking accounts 3,163 4,091 4,614 12.78% 45.87%
Time deposits 62,452 75,061 74,675 -0.51% 19.57%
Savings deposits 30,063 37,633 42,654 13.34% 41.88%
TOTAL INTEREST ON DEPOSITS 95,678 116,785 121,943 4.42% 27.45%
------- ------- ------- ------- -------
Interbank borrowings 1,502 2,514 6,643 164.24% 342.28%
Borrowings from domestic development banks 17,776 19,287 20,490 6.24% 15.27%
Overnight funds 10,022 13,895 7,373 -46.94% -26.43%
Bonds 6,266 12,155 13,359 9.91% 113.20%
TOTAL INTEREST EXPENSE 131,244 164,636 169,808 3.14% 29.38%
------- ------- ------- ------- -------
NET INTEREST INCOME 318,533 313,433 294,566 -6.02% -7.52%
Provision for loan and accrued interest losses, net (22,033) (29,677) (32,228) 8.60% 46.27%
Recovery of charged-off loans 6,233 25,421 6,800 -73.25% 9.10%
Provision for foreclosed assets and other assets (20,048) (7,728) (1,890) -75.54% -90.57%
Recovery of provisions for foreclosed assets and
other assets 1,045 16,185 1,187 -92.67% 13.59%
------- ------- ------- ------- -------
TOTAL NET PROVISIONS (34,803) 4,201 (26,131) -722.02% -24.92%
NET INTEREST INCOME AFTER PROVISION FOR LOANS
AND ACCRUED INTEREST LOSSES 283,730 317,634 268,435 -15.49% -5.39%
------- ------- ------- ------- -------
Commissions from banking services and other services 14,299 26,620 16,247 -38.97% 13.62%
Electronic services and ATM's fees 13,807 15,501 17,046 9.97% 23.46%
Branch network services 8,689 10,239 9,749 -4.79% 12.20%
Collections and payments fees 9,372 12,212 12,207 -0.04% 30.25%
Credit card merchant fees 17,614 20,146 19,599 -2.72% 11.27%
Credit and debit card annual fees 16,249 16,865 18,867 11.87% 16.11%
Checking fees 12,019 12,790 12,370 -3.28% 2.92%
Warehouse services 11,313 13,091 14,749 12.67% 30.37%
Fiduciary activities 12,754 12,379 13,495 9.02% 5.81%
Check remittance 2,833 2,705 2,426 -10.31% -14.37%
International operations 5,170 5,911 5,122 -13.35% -0.93%
FEES AND OTHER SERVICE INCOME 124,119 148,459 141,877 -4.43% 14.31%
------- ------- ------- ------- -------
Fees and other service expenses (25,303) (40,878) (28,958) -29.16% 14.44%
TOTAL FEES AND INCOME FROM SERVICES, NET 98,816 107,581 112,919 4.96% 14.27%
------- ------- ------- ------- -------
OTHER OPERATING INCOME
Net foreign exchange gains (58,726) (25,077) (17,177) -31.50% -70.75%
Forward contracts in foreign currency 72,443 39,391 28,302 -28.15% -60.93%
Dividend income 14,918 379 30,890 8050.40% 107.07%
Revenues from commercial subsidiaries 22,081 23,186 14,763 -36.33% -33.14%
Communications, rent payments and others 3,794 7,412 5,797 -21.79% 52.79%
TOTAL OTHER OPERATING INCOME 54,510 45,291 62,575 38.16% 14.80%
------- ------- ------- ------- -------
TOTAL INCOME 437,056 470,506 443,929 -5.65% 1.57%
OPERATING EXPENSES
Salaries and employee benefits 86,382 98,587 99,434 0.86% 15.11%
Bonus plan payments 9,265 12,900 6,197 -51.96% -33.11%
Compensation 4,865 2,300 2,083 -9.43% -57.18%
Administrative and other expenses 101,343 102,690 116,736 13.68% 15.19%
Deposit security, net 9,196 7,361 7,667 4.16% -16.63%
Donation expenses 48 10,908 43 -99.61% -10.42%
Depreciation 10,288 13,398 12,738 -4.93% 23.81%
TOTAL OPERATING EXPENSES 221,387 248,144 244,898 -1.31% 10.62%
------- ------- ------- ------- -------
NET OPERATING INCOME 215,669 222,362 199,031 -10.49% -7.71%
Merger expenses - - 2,905 0.00% 0.00%
Goodwill amortization Banco de Colombia 5,662 5,662 5,662 0.00% 0.00%
NON-OPERATING INCOME (EXPENSE)
Other income 14,636 16,598 7,006 -57.79% -52.13%
Minority interest (188) 465 (999) -314.84% 431.38%
Other expense (24,304) (18,443) (5,063) -72.55% -79.17%
TOTAL NON-OPERATING INCOME (9,856) (1,380) 944 -168.41% -109.58%
INCOME BEFORE INCOME TAXES 200,151 215,320 191,408 -11.11% -4.37%
Income tax expense (76,103) (64,564) (63,684) -1.36% -16.32%
------- ------- ------- ------- -------
NET INCOME 124,048 150,756 127,724 -15.28% 2.96%
------- ------- ------- ------- -------
11