Bancolombia 6K Current report

UNITED STATES

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, 2020

Comission File Number 001-32535

Bancolombia S.A.

(Translation of registrant’s name into English)

Cra. 48 # 26-85
Medellín, 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-Fþ Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(2): ¨

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 ¨ Noþ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .

BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS CONSOLIDATED NET INCOME OF COP 3.12 TRILLION FOR 2019 WHICH REPRESENTS AN INCREASE OF 17% COMPARED TO 2018 AND COP 469 BILLION FOR THE FOURTH QUARTER OF 2019, WHICH REPRESENTS A DECREASE OF 47% COMPARED TO THE PREVIOUS QUARTER.

·	Gross loans grew 4.9% when compared to 4Q18.Peso-denominated loans grew 8.7% when compared to 4Q18. Gross loans decreased by 1% during the quarter.

·	Net interest income was COP 2.84 trillion for 4Q19, increasing by 0.8% when compared to 4Q18.Net interest income increased by 2.2% during the quarter.

·	The annualized net interest margin for the quarter was 5.6%.The margin increased by 10 basis points during the quarter and decreased by 40 basis points when compared to 4Q18.

·	Provision charges for the quarter were COP 1.13 trillion and the coverage ratio for 90-day past due loans was 194.3%.Provision charges increased by 14.4% when compared to 4Q18 and by 56.3% compared to 3Q19. New past due loans totaled COP 730 billion for the quarter.

Efficiency was 51.1% during the last twelve months.Operating expenses increased by 16.2% when compared to 4Q18 and 10.7% when compared to 3Q19. The increase in operating expenses was mainly explained by the depreciation of the peso versus the dollar over the last twelve months and higher expenses related to foreclosed assets.

·	Tier 1 ratio was 9.6% on December 31, 2019 and decreased by 50 basis points when compared to December 31, 2018.The capital adequacy ratio was 12.8%.

February 20, 2020. Medellin, Colombia – Today, BANCOLOMBIA S.A. (“Bancolombia” or “the Bank”) announced its earnings results for the fourth quarter of 2019¹. For the quarter ended on December 31, 2019 (“4Q19”), Bancolombia reported consolidated net income of COP 469 billion, or COP 487.88 per share - USD 0.60 per ADR. This net income represents a decrease of 46.6% compared to the quarter ended on September 30, 2019 (“3Q19”) and of 53.2% compared to the quarter ended on December 31, 2018 (“4Q18”).

1. This report corresponds to the interim unaudited consolidated financial information of BANCOLOMBIA S.A. and its subsidiaries (“BANCOLOMBIA” or “The Bank”) which Bancolombia controls, amongst others, by owning directly or indirectly, more than 50% of the voting capital stock. This financial information has been prepared based on financial records generated in accordance with International Financial Reporting Standards – IFRS. BANCOLOMBIA maintains accounting records in Colombian pesos, referred to herein as “Ps.” or “COP”. The financial information for the quarter ended December 31, 2019 is not necessarily indicative of the results for any other future interim period. For more information, please refer to the Bank's filings with the Securities and Exchange Commission, which are available on the Commission's website at www.sec.gov.

. BANCOLOMBIA’s first IFRS financial statements will cover the year ending in 2015. 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. Certain monetary amounts, percentages and other figures included in this report have been subject to rounding adjustments. Any reference to BANCOLOMBIA means the Bank together with its affiliates, unless otherwise specified.

Representative Market Rate, January 1, 2020 $3,277.14 = US$ 1

BANCOLOMBIA: Summary of consolidated financial quarterly results

CONSOLIDATED BALANCE SHEET
AND INCOME STATEMENT	Quarter									Growth
(COP million)	4Q18			3Q19			4Q19			4Q19/3Q19			4Q19/4Q18
ASSETS
Net Loans		163,583,285			173,408,287			171,353,348			-1.19	%		4.75	%
Investments		17,361,475			19,947,001			16,822,754			-15.66	%		-3.10	%
Other assets		39,131,722			43,499,938			47,912,011			10.14	%		22.44	%
Total assets		220,076,482			236,855,226			236,088,113			-0.32	%		7.28	%

LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits		142,128,471			150,044,204			157,205,312			4.77	%		10.61	%
Other liabilities		51,292,786			57,868,509			50,077,182			-13.46	%		-2.37	%
Total liabilities		193,421,257			207,912,713			207,282,494			-0.30	%		7.17	%
Non-controlling interest		1,806,305			1,952,162			1,921,700			-1.56	%		6.39	%
Shareholders' equity		24,848,920			26,990,351			26,883,919			-0.39	%		8.19	%
Total liabilities and shareholders' equity		220,076,482			236,855,226			236,088,113			-0.32	%		7.28	%

Interest income		4,258,465			4,353,470			4,414,591			1.40	%		3.67	%
Interest expense		(1,439,205	)		(1,571,540	)		(1,572,261	)		0.05	%		9.25	%
Net interest income		2,819,260			2,781,930			2,842,330			2.17	%		0.82	%
Net provisions		(987,295	)		(722,832	)		(1,129,679	)		56.29	%		14.42	%
Fees and income from service, net		734,973			781,350			776,707			-0.59	%		5.68	%
Other operating income		298,632			333,216			453,522			36.10	%		51.87	%
Total Dividends received and equity method		221,568			67,372			40,899			-39.29	%		-81.54	%
Total operating expense		(1,943,894	)		(2,040,809	)		(2,258,651	)		10.67	%		16.19	%
Profit before tax		1,143,244			1,200,227			725,128			-39.58	%		-36.57	%
Income tax		(109,853	)		(304,210	)		(244,495	)		-19.63	%		122.57	%
Net income before non-controlling interest		1,033,391			896,017			480,633			-46.36	%		-53.49	%
Non-controlling interest		(31,222	)		(17,436	)		(11,380	)		-34.73	%		-63.55	%
Net income		1,002,169			878,581			469,253			-46.59	%		-53.18	%

	Quarter									As of
PRINCIPAL RATIOS	4Q18			3Q19			4Q19			4Q18			4Q19
PROFITABILITY
Net interest margin (1) from continuing operations		6.04	%		5.54	%		5.59	%		5.80	%		5.67	%
Return on average total assets (2) from continuing operations		1.87	%		1.49	%		0.79	%		1.28	%		1.35	%
Return on average shareholders´ equity (3)		16.72	%		13.41	%		6.93	%		11.50	%		12.09	%
EFFICIENCY
Operating expenses to net operating income		47.71	%		51.49	%		54.91	%		50.08	%		51.13	%
Operating expenses to average total assets		3.62	%		3.47	%		3.79	%		3.62	%		3.57	%
Operating expenses to productive assets		4.17	%		4.07	%		4.45	%		4.16	%		4.18	%
CAPITAL ADEQUACY
Shareholders' equity to total assets		11.29	%		11.33	%		11.39	%		11.29	%		11.39	%
Technical capital to risk weighted assets		13.47	%		12.71	%		12.82	%		13.47	%		12.82	%
KEY FINANCIAL HIGHLIGHTS
Net income per ADS from continuing operations		1.28			1.05			0.60			3.40			3.96
Net income per share $COP from continuing operations		1,041.94			913.45			487.88			2,764.39			3,241.07
P/BV ADS (4)		1.20			1.53			1.61			1.20			1.61
P/BV Local (5) (6)		1.18			1.41			1.57			1.18			1.57
P/E (7) from continuing operations		7.36			11.26			22.76			11.09			13.70
ADR price		38.10			49.45			54.79			38.10			54.79
Common share price (8)		30,400			39,500			44,000			30,400			44,000
Weighted average of Preferred Shares outstanding		961,827,000			961,827,000			961,827,000			961,827,000			961,827,000
USD exchange rate (quarter end)		3,249.75			3,477.45			3,277.14			3,249.75			3,277.14

(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) Defined as ADS price divided by ADS book value. (5) Defined as share price divided by share book value. (6) Share prices on the Colombian Stock Exchange. (7) Defined as market capitalization divided by annualized quarter results. (8) Prices at the end of the respective quarter.

1.	BALANCE SHEET

1.1.

Assets

As of December 31, 2019, Bancolombia’s assets totaled COP 236,088 billion, which represents a decrease of 0.3% compared to 3Q19 and an increase of 7.3% compared to 4Q18.

During the quarter, the COP appreciated 5.8% versus the USD and over the past 12 months, it depreciated 0.8%. The average exchange rate for 4Q19 was 1.3% higher than the one in 3Q19 and 11.0% higher in 2019 when compared to 2018.

The increase in total assets during the year is largely explained by the growth in the loan book and cash.

1.2.

Loan Portfolio

The following table shows the composition of Bancolombia’s loans by type and currency:

(COP Million)	Amounts in COP						Amounts in USD converted to COP					Amounts in USD (thousands)					Total
(1 USD = 3277,14 COP)	4Q19			4Q19/3Q19			4Q19		4Q19/3Q19			4Q19		4Q19/3Q19			4Q19			4Q19/3Q19
Commercial loans		79,795,435			1.30	%		37,474,580		-8.50	%		11,435,148		-2.91	%		117,270,014			-2.05	%
Consumer loans		28,649,496			4.70	%		11,105,113		-2.86	%		3,388,660		3.08	%		39,754,610			2.47	%
Mortgage loans		13,277,772			1.72	%		10,705,511		-4.38	%		3,266,724		1.46	%		23,983,283			-1.10	%
Small business loans		769,780			5.02	%		510,593		-5.74	%		155,804		0.02	%		1,280,373			0.45	%
Interests paid in advance		(5,537	)		-72.73	%		-		0.00	%		-		0.00	%		(5,537	)		-72.73	%
Gross loans		122,486,946			2.15	%		59,795,797		-6.75	%		18,246,336		-1.05	%		182,282,743			-0.95	%

In 4Q19, gross loans decreased by 0.9% when compared to 3Q19 and grew 4.9% when compared to 4Q18. Peso-denominated loans grew 8.7% and the dollar-denominated loans (expressed in USD) decreased by 3.0% when compared to 4Q18.

As of December 31, 2019, the operations in Banco Agricola in El Salvador, Banistmo in Panama and BAM in Guatemala, represented 26% of total gross loans.

Gross loans denominated in currencies other than COP, originated by the operations in Central America, the offshore operation of Bancolombia Panama, Puerto Rico and the USD denominated loans in Colombia, accounted for 32.8% and decreased by 6.8% during 4Q19 (when expressed in COP), explained mainly by the appreciation of the COP against the USD during the quarter.

Total reserves (allowances in the balance sheet) for loan losses increased by 2.9% during the quarter and totaled COP 10,929 billion, equivalent to 6.0% of gross loans at the end of the quarter.

For further explanation regarding coverage of the loan portfolio and credit quality trends, (see section 2.4. Asset Quality, Provision Charges and Balance Sheet Strength).

The following table summarizes Bancolombia’s total loan portfolio:

LOAN PORTFOLIO
(COP million)	4Q18			3Q19			4Q19			4Q19/3Q19			4Q19/4Q18			% of total loans
Commercial		117,704,281			119,729,639			117,270,014			-2.05	%		-0.37	%		64.3	%
Consumer		32,092,322			38,796,350			39,754,610			2.47	%		23.88	%		21.8	%
Mortgage		22,870,685			24,249,961			23,983,283			-1.10	%		4.86	%		13.2	%
Microcredit		1,157,377			1,274,638			1,280,373			0.45	%		10.63	%		0.7	%
Interests received in advance		(5,549	)		(20,307	)		(5,537	)		-72.73	%		-0.21	%		0.0	%
Total loan portfolio		173,819,116			184,030,281			182,282,743			-0.95	%		4.87	%		100.0	%
Allowance for loan losses		(10,235,831	)		(10,621,994	)		(10,929,395	)		2.89	%		6.78	%
Total loans, net		163,583,285			173,408,287			171,353,348			-1.19	%		4.75	%

1.3.

Investment Portfolio

As of December 31, 2019, Bancolombia’s net investment portfolio totaled COP 16,823 billion, decreasing by 15.7% from the end of 3Q19 and by 3.1% from the end of 4Q18.

At the end of 4Q19, the debt securities portfolio had a duration of 20.4 months and a weighted average yield to maturity of 4.7%.

1.4.

Goodwill and intangibles

As of 4Q19, Bancolombia’s goodwill and intangibles totaled COP 7,233 billion, decreasing by 5.4% compared to 3Q19. This variation is explained by the appreciation of the COP against the USD during the quarter.

1.5.

Funding

As of December 31, 2019, Bancolombia’s liabilities totaled COP 207,282 billion, decreasing by 0.3% from the end of 3Q19 and increasing by 7.2% compared to 4Q18.

Deposits by customers totaled COP 157,205 billion (or 75.8% of liabilities) at the end of 4Q19, increasing by 4.8% when compared to 3Q19 and by 10.6% over the last 12 months. The net loans to deposits ratio was 109.0% at the end of 4Q19 decreasing when compared to 115.6% at the end of 3Q19.

Bancolombia’s funding strategy during the last months has been to reduce the average life and cost of time deposits and promote saving and checking accounts in the consumer segment in order to keep the funding cost at a minimum. The objective is to build and maintain ample liquidity and stable margins.

Funding mix COP Million	4Q18			3Q19			4Q19
Checking accounts	24,098,073	13	%	22,656,648	12	%	25,159,676	13	%
Saving accounts	59,635,379	33	%	61,053,267	31	%	66,914,834	35	%
Time deposits	56,853,141	31	%	65,403,609	34	%	63,635,078	33	%
Other deposits	3,857,433	2	%	6,008,975	3	%	2,809,461	1	%
Long term debt	20,287,233	11	%	21,129,087	11	%	19,921,515	10	%
Loans with banks	17,712,186	10	%	17,574,077	9	%	15,323,022	8	%
Total Funds	182,443,445	100	%	193,825,663	100	%	193,763,586	100	%

1.6.

Shareholders’ Equity and Regulatory Capital

Shareholders’ equity at the end of 4Q19 was COP 26,884 billion, decreasing by 0.4% compared to 3Q19 and increasing by 8.2% when compared to 4Q18.

Bancolombia’s capital adequacy ratio was 12.82% in 4Q19, 382 basis points above the minimum 9% required by the Colombian regulator, while the basic capital ratio (Tier 1) to risk weighted assets was 9.57%, 507 basis points above the regulatory minimum of 4.5%.

The tangible capital ratio, defined as shareholders’ equity minus goodwill and intangible assets divided by tangible assets, was 8.4% at the end of 4Q19.

During 2019, Bancolombia has generated capital organically due to the appropriation of earnings in March 2019. The annual increase in the RWA is mainly explained by the growth in the loan book and the depreciation of the COP against the USD.

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TECHNICAL CAPITAL RISK WEIGHTED ASSETS
Consolidated (COP millions)	4Q18		%			3Q19		%			4Q19		%
Basic capital (Tier I)		19,714,724		10.05	%		20,517,980		9.72	%		20,023,333		9.57	%
Additional capital (Tier II)		6,704,143		3.42	%		6,321,398		2.99	%		6,800,436		3.25	%
Technical capital⁽¹⁾		26,418,868					26,839,378					26,823,769
Risk weighted assets including market risk		196,109,276					211,126,069					209,182,274
CAPITAL ADEQUACY⁽²⁾				13.47	%				12.71	%				12.82	%

(1)

Technical capital is the sum of basic and additional capital.

(2)

Capital adequacy is technical capital divided by risk-weighted assets.

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INCOME STATEMENT

Net income totaled COP 469 billion in 4Q19, or COP 487.88 per share - USD 0.60 per ADR. This net income represents a decrease of 46.6% compared to 3Q19 and of 53.2% compared to 4Q18. Bancolombia’s annualized ROE for 4Q19 was 6.9% and 12.1% for the last twelve months.

2.1.

Net Interest Income

Net interest income totaled COP 2,842 billion in 4Q19, 2.2% more than the one reported in 3Q19, and 0.8% more than the figure for 4Q18.

During 4Q19, the investment, interest rate derivatives and repos portfolio generated COP 132 billion, down by 44.1% from 3Q19.

Net Interest Margin

The annualized net interest margin increased to 5.6% in 4Q19. The annualized net interest margin for investments was 0.7%, and the annualized net interest margin of the loan portfolio was 6.2%, increasing compared to the one reported in 3Q19.

Annualized Interest
Margin	4Q18			3Q19			4Q19
Loans' Interest margin		6.3	%		5.8	%		6.2	%
Debt investments' margin		3.5	%		3.1	%		0.7	%
Net interest margin		6.0	%		5.5	%		5.6	%

Total funding cost decreased slightly during 4Q19. Savings and checking accounts represented the same proportion of the total funding as in 3Q19, and the annualized average weighted cost of deposits was 2.79% in 4Q19, decreasing when compared to 3Q19 and the same figure when compared to 4Q18.

Average weighted
funding cost	4Q18			3Q19			4Q19
Checking accounts		0.00	%		0.00	%		0.00	%
Saving accounts		1.79	%		1.70	%		1.72	%
Time deposits		4.93	%		4.94	%		4.88	%
Total deposits		2.79	%		2.85	%		2.79	%
Long term debt		5.98	%		5.93	%		5.86	%
Loans with banks		2.52	%		2.41	%		2.52	%
Total funding cost		3.10	%		3.10	%		3.08	%

2.2.

Fees and Income from Services

During 4Q19, net fees and income from services totaled COP 777 billion, decreasing by 0.6% compared to 3Q19, and increasing by 5.7% compared to 4Q18. The positive annual performance in fees is due to higher volumes of transactions and the good performance of credit and debit cards, trust services, brokerage and bancassurance.

Fees from credit and debit cards increased by 1.8% compared to 3Q19 and by 7.7% compared to 4Q18. Fees from asset management and trust services increased by 0.5% compared to 3Q19 and by 8.1% compared to 4Q18, due to an increase in the assets under management. Fees from our bancassurance business increased by 17.5% compared to 3Q19 and by 20.7% with respect to 4Q18.

The following table summarizes Bancolombia’s market share in the credit card business in Colombia:

ACCUMULATED CREDIT CARD BILLING					%			2019
(COP millions)	Oct-18		Oct-19		Growth			Market Share
Bancolombia VISA		6,866,021		7,965,761		16.02	%		11.47	%
Bancolombia Mastercard		5,393,327		6,992,687		29.65	%		10.07	%
Bancolombia American Express		2,963,010		3,109,825		4.95	%		4.48	%
Total Bancolombia		15,222,358		18,068,273		18.70	%		26.02	%
Colombian Credit Card Market		60,458,933		69,440,243		14.86	%

CREDIT CARD MARKET SHARE			%		2019
(Outstanding credit cards)	Oct-18	Oct-19	Growth		Market Share
Bancolombia VISA	887,105	967,429	9.05	%	5.51	%
Bancolombia Mastercard	993,550	1,057,695	6.46	%	6.02	%
Bancolombia American Express	583,367	586,149	0.48	%	3.34	%
Total Bancolombia	2,464,022	2,611,273	5.98	%	14.87	%
Colombian Credit Card Market	16,915,696	17,561,608	3.82	%

Source: Superintendencia Financiera de Colombia

2.3.

Other Operating Income

Total other operating income was COP 454 billion in 4Q19, increasing by 36.1% compared to 3Q19 and by 51.9% compared to 4Q18, thanks to a better performance of FX Derivatives.

Revenues from operating leases totaled COP 195 billion in 4Q19, increasing by 21.0% compared to 3Q19 and by 18.9% compared to those reported in 4Q18. The annual increase is due to higher volumes of operations and delivered assets under leasing.

2.4.

Asset Quality, Provision Charges and Balance Sheet Strength

The principal balance for past due loans (those that are overdue for more than 30 days) totaled COP 7,530 billion at the end of 4Q19 and represented 4.3% of total gross loans, increasing when compared to 3Q19, when past due loans represented 4.2% of total gross loans. During 4Q19, Charge-offs totaled COP 763 billion.

The coverage, measured by the ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 133.9% at the end of 4Q19, increasing compared to 129.6% at the end of 3Q19.

The deterioration of the loan portfolio (new past due loans including charge-offs) was COP 730 billion in 4Q19. Provision charges (net of recoveries) totaled COP 1.1 trillion in 4Q19, mainly explained by some deterioration in the corporate portfolio in Central America. Also, there was an expected deterioration in the consumer portfolio in line with the growth of this segment.

Provisions as a percentage of the average gross loans were 2.5% for 4Q19 and 1.9% for the last 12 months.

Bancolombia maintains a strong balance sheet supported by an adequate level of loan loss reserves. Allowances (for the principal) for loan losses totaled COP 10,086 billion, or 5.7% of total loans at the end of 4Q19, increasing when compared to 3Q19.

The following tables present key metrics related to asset quality:

ASSET QUALITY	As of
(COP millions)	4Q18			3Q19			4Q19
Total 30-day past due loans		7,304,798			7,563,180			7,530,472
Allowance for loan losses (1)		9,365,541			9,805,577			10,086,202
Past due loans to total loans		4.33	%		4.24	%		4.27	%
Allowances to past due loans		128.21	%		129.65	%		133.94	%
Allowance for loan losses as a percentage of total loans		5.55	%		5.49	%		5.71	%

(1)

Allowances are reserves for the principal of loans.

							30 days
PDL Per Category	% Of loan Portfolio			4Q18			3Q19			4Q19
Commercial loans		64.3	%		3.56	%		3.38	%		3.49	%
Consumer loans		21.8	%		4.93	%		4.74	%		4.80	%
Mortgage loans		13.2	%		6.95	%		7.18	%		6.69	%
Microcredit		0.7	%		12.01	%		11.45	%		11.30	%
PDL TOTAL					4.33	%		4.24	%		4.27	%

							90 days
PDL Per Category	% Of loan Portfolio			4Q18			3Q19			4Q19
Commercial loans		64.3	%		3.00	%		2.80	%		2.88	%
Consumer loans		21.8	%		2.79	%		2.57	%		2.66	%
Mortgage loans*		13.2	%		3.65	%		3.43	%		3.45	%
Microcredit		0.7	%		7.83	%		7.88	%		7.39	%
PDL TOTAL					3.08	%		2.88	%		2.94	%

Mortgage loans that were overdue were calculated for past due loans for 120 days instead of 90 days.

2.5.

Operating Expenses

During 4Q19, operating expenses totaled COP 2,259 billion, increasing by 10.7% with respect to 3Q19 and by 16.2% with respect to 4Q18.

Personnel expenses (salaries, bonus plan payments and compensation) totaled COP 878 billion in 4Q19, increasing by 2.7% compared to 3Q19 and by 18.4% compared to 4Q18.

During 4Q19, administrative expenses totaled COP 865 billion, increasing by 19.8% compared to 3Q19 and by 1.4% as compared to 4Q18.

Depreciation and amortization expenses totaled COP 243 billion in 4Q19, increasing by 9.5% compared to 3Q19 and by 86.3% compared to 4Q18, explained by the implementation of IFRS 16, as well as, higher expenses related to foreclosures.

As of December 31, 2019, Bancolombia had 31,075 employees, owned 975 branches, 6,169 ATMs, 16,740 banking agents and served more than 15 million customers.

2.6.

Taxes

Income tax expense was COP 244 billion for 4Q19, decreasing by 19.6% when compared to the income tax registered in 3Q19, and increasing by 122.6% compared to 4Q18.

The income tax expense for 2019 was COP 1.3 trillion, increasing by 52.3% when compared to 2018. This annual variation is explained by a recovery of income taxes from prior periods that was registered in 4Q18 and it is not in 4Q19.

BREAK DOWN OF OPERATIONS

The following table summarizes the financial statements of our operations in each country.

BANCOLOMBIA S.A. (STAND ALONE) - COLOMBIA

CONSOLIDATED BALANCE SHEET
AND INCOME STATEMENT	Quarter									Growth
(COP million)	4Q18			3Q19			4Q19			4Q19/3Q19			4Q19/4Q18
ASSETS
Gross loans		121,355,864			127,784,162			129,564,592			1.39	%		6.76	%
Allowances for loans		(8,390,551	)		(8,445,981	)		(8,658,314	)		2.51	%		3.19	%
Investments		18,696,622			20,379,708			17,328,031			-14.97	%		-7.32	%
Other assets		17,523,403			21,097,278			24,296,776			15.17	%		38.65	%
Total assets		149,185,338			160,815,167			162,531,085			1.07	%		8.95	%

LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits		91,701,091			95,515,990			102,751,326			7.58	%		12.05	%
Other liabilities		41,021,545			48,460,652			42,262,264			-12.79	%		3.02	%
Total liabilities		132,722,635			143,976,642			145,013,590			0.72	%		9.26	%
Shareholders' equity		16,462,702			16,838,525			17,517,495			4.03	%		6.41	%
Total liabilities and shareholders' equity		149,185,338			160,815,167			162,531,085			1.07	%		8.95	%

Interest income		3,307,739			3,344,106			3,305,608			-1.15	%		-0.06	%
Interest expense		(1,175,618	)		(1,251,848	)		(1,168,187	)		-6.68	%		-0.63	%
Net interest income		2,132,121			2,092,258			2,137,421			2.16	%		0.25	%
Net provisions		(837,226	)		(533,955	)		(717,018	)		34.28	%		-14.36	%
Fees and income from service, net		480,731			509,829			492,920			-3.32	%		2.54	%
Other operating income		73,569			121,803			229,282			88.24	%		211.65	%
Total operating expense		(1,320,213	)		(1,382,773	)		(1,561,229	)		12.91	%		18.26	%
Profit before tax		528,983			807,162			581,375			-27.97	%		9.90	%
Income tax		20,614			(232,846	)		(183,969	)		-20.99	%		-992.46	%
Net income		549,597			574,317			397,406			-30.80	%		-27.69	%

BANISTMO- PANAMA

CONSOLIDATED BALANCE SHEET
AND INCOME STATEMENT	Quarter									Growth
(COP million)	4Q18			3Q19			4Q19			4Q19/3Q19			4Q19/4Q18
ASSETS
Gross loans		24,504,433			26,762,497			25,254,355			-5.64	%		3.06	%
Allowances for loans		(796,874	)		(921,459	)		(1,005,345	)		9.10	%		26.16	%
Investments		3,330,799			4,013,750			4,258,122			6.09	%		27.84	%
Other assets		4,078,442			4,388,165			4,689,864			6.88	%		14.99	%
Total assets		31,116,800			34,242,953			33,196,996			-3.05	%		6.69	%

LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits		20,613,125			22,547,100			22,113,871			-1.92	%		7.28	%
Other liabilities		7,148,355			7,871,105			7,518,241			-4.48	%		5.17	%
Total liabilities		27,761,479			30,418,205			29,632,112			-2.58	%		6.74	%
Shareholders' equity		3,355,320			3,824,748			3,564,884			-6.79	%		6.25	%
Total liabilities and shareholders' equity		31,116,800			34,242,953			33,196,996			-3.05	%		6.69	%

Interest income		434,627			473,744			487,571			2.92	%		12.18	%
Interest expense		(165,620	)		(193,517	)		(203,752	)		5.29	%		23.02	%
Net interest income		269,006			280,227			283,819			1.28	%		5.51	%
Net provisions		(99,557	)		(100,655	)		(214,615	)		113.22	%		115.57	%
Fees and income from service, net		52,691			55,934			54,958			-1.75	%		4.30	%
Other operating income		15,783			15,260			14,662			-3.91	%		-7.10	%
Total operating expense		(165,779	)		(179,766	)		(176,817	)		-1.64	%		6.66	%
Profit before tax		72,144			71,000			(37,994	)		-153.51	%		-152.66	%
Income tax		(15,492	)		(10,537	)		(2,555	)		-75.76	%		-83.51	%
Net income		56,653			60,463			(40,548	)		-167.06	%		-171.57	%

BANCO AGRÍCOLA- EL SALVADOR

CONSOLIDATED BALANCE SHEET
AND INCOME STATEMENT	Quarter									Growth
(COP million)	4Q18			3Q19			4Q19			4Q19/3Q19			4Q19/4Q18
ASSETS
Gross loans		10,582,502			11,977,433			11,446,896			-4.43	%		8.17	%
Allowances for loans		(463,651	)		(500,786	)		(443,923	)		-11.35	%		-4.25	%
Investments		669,032			878,444			996,712			13.46	%		48.98	%
Other assets		3,884,908			4,140,328			4,004,610			-3.28	%		3.08	%
Total assets		14,672,792			16,495,420			16,004,294			-2.98	%		9.07	%

LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits		10,318,187			11,734,209			11,719,716			-0.12	%		13.58	%
Other liabilities		2,631,684			2,865,595			2,422,837			-15.45	%		-7.94	%
Total liabilities		12,949,871			14,599,804			14,142,553			-3.13	%		9.21	%
Shareholders' equity		1,722,920			1,895,616			1,861,741			-1.79	%		8.06	%
Total liabilities and shareholders' equity		14,672,792			16,495,420			16,004,294			-2.98	%		9.07	%

Interest income		263,451			276,568			297,667			7.63	%		12.99	%
Interest expense		(68,631	)		(77,027	)		(79,091	)		2.68	%		15.24	%
Net interest income		194,820			199,540			218,576			9.54	%		12.19	%
Net provisions		(21,889	)		(41,005	)		(8,110	)		-80.22	%		-62.95	%
Fees and income from service, net		50,702			53,304			54,047			1.39	%		6.60	%
Other operating income		1,591			3,093			573			-81.46	%		-63.97	%
Total operating expense		(117,655	)		(127,844	)		(142,453	)		11.43	%		21.08	%
Profit before tax		107,569			87,088			122,634			40.82	%		14.00	%
Income tax		(31,325	)		(26,886	)		(44,772	)		66.53	%		42.93	%
Net income		76,244			60,203			77,862			29.33	%		2.12	%

GRUPO AGROMERCANTIL HOLDING – GUATEMALA

CONSOLIDATED BALANCE SHEET
AND INCOME STATEMENT	Quarter									Growth
(COP million)	4Q18			3Q19			4Q19			4Q19/3Q19			4Q19/4Q18
ASSETS
Gross loans		10,352,272			11,641,601			11,385,421			-2.20	%		9.98	%
Allowances for loans		(427,747	)		(605,911	)		(689,839	)		13.85	%		61.27	%
Investments		1,497,059			1,497,191			1,213,475			-18.95	%		-18.94	%
Other assets		2,134,666			2,211,021			2,424,575			9.66	%		13.58	%
Total assets		13,556,250			14,743,901			14,333,631			-2.78	%		5.73	%

LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits		9,522,702			10,437,476			10,184,939			-2.42	%		6.95	%
Other liabilities		2,687,282			2,933,909			2,909,043			-0.85	%		8.25	%
Total liabilities		12,209,984			13,371,385			13,093,982			-2.07	%		7.24	%
Non-controlling interest		20,644			20,036			20,680			3.21	%		0.18	%
Shareholders' equity		1,325,623			1,352,480			1,218,970			-9.87	%		-8.05	%
Total liabilities and shareholders' equity		13,556,250			14,743,901			14,333,631			-2.78	%		5.73	%

Interest income		238,537			249,461			271,395			8.79	%		13.77	%
Interest expense		(102,345	)		(109,194	)		(111,158	)		1.80	%		8.61	%
Net interest income		136,193			140,266			160,238			14.24	%		17.66	%
Net provisions		(10,541	)		(53,567	)		(151,967	)		183.69	%		1341.73	%
Fees and income from service, net		29,463			32,827			35,658			8.62	%		21.03	%
Other operating income		17,793			14,121			23,412			65.79	%		31.58	%
Total operating expense		(125,236	)		(122,393	)		(121,387	)		-0.82	%		-3.07	%
Profit before tax		47,672			11,254			(54,046	)		-580.22	%		-213.37	%
Income tax		(10,343	)		(1,624	)		11,705			-820.52	%		-213.16	%
Net income before non-controlling interest		37,329			9,630			(42,342	)		-539.69	%		-213.43	%
Non-controlling interest		(1,060	)		(566	)		(1,112	)		96.47	%		4.90	%
Net income		36,269			9,064			(43,454	)		-579.42	%		-219.81	%

BANCOLOMBIA Company Description (NYSE: CIB)

GRUPO BANCOLOMBIA is a full service financial conglomerate incorporated in Colombia that offers a wide range of banking products and services to a diversified individual and corporate customer base of more than 15 million customers. GRUPO BANCOLOMBIA delivers its products and services via its regional network comprised of: Colombia’s largest non-government owned banking network, El Salvador’s leading financial conglomerate (Banagricola S.A.), off-shore and local (Banistmo S.A.) banking subsidiaries in Panama, Guatemala, Cayman and Puerto Rico. Together, BANCOLOMBIA and its subsidiaries provide stock brokerage, investment banking, leasing, factoring, consumer finance, fiduciary and trust services, asset management, among others.

										Growth
BALANCE SHEET (COP million)	Dec-18			Sep-19			Dec-19			dec-19 / sep-19			dec-19 / dec-18			% of Assets			% of Liabilities
ASSETS
Cash and balances at central bank		15,833,017			16,538,443			18,256,065			10.39	%		15.30	%		7.73	%
Interbank borrowings		1,965,973			1,747,137			2,465,913			41.14	%		25.43	%		1.04	%
Reverse repurchase agreements and other similar secured lend		931,820			401,167			3,016,064			651.82	%		223.67	%		1.28	%
Financial assets investments		17,361,475			19,947,001			16,822,754			-15.66	%		-3.10	%		7.13	%
Derivative financial instruments		1,843,708			2,292,926			1,902,955			-17.01	%		3.21	%		0.81	%
Loans and advances to customers		173,819,116			184,030,281			182,282,743			-0.95	%		4.87	%		77.21	%
Allowance for loan and lease losses		(10,235,831	)		(10,621,994	)		(10,929,395	)		2.89	%		6.78	%		-4.63	%
Investment in associates and joint ventures		2,149,579			2,283,729			2,367,757			3.68	%		10.15	%		1.00	%
Goodwill and Intangible assets, net		7,201,855			7,647,515			7,233,312			-5.42	%		0.44	%		3.06	%
Premises and equipment, net		3,368,647			3,367,311			3,827,865			13.68	%		13.63	%		1.62	%
Investment property		1,732,873			1,922,097			1,992,964			3.69	%		15.01	%		0.84	%
Right of use assets		-			1,752,734			1,692,116			-3.46	%		100.00	%		0.72	%
Prepayments		346,012			549,433			365,143			-33.54	%		5.53	%		0.15	%
Tax receivables		634,855			1,260,434			802,074			-36.37	%		26.34	%		0.34	%
Deferred tax		271,177			359,727			401,002			11.47	%		47.87	%		0.17	%
Assets held for sale and inventories		636,028			522,145			518,749			-0.65	%		-18.44	%		0.22	%
Other assets		2,216,178			2,855,140			3,070,032			7.53	%		38.53	%		1.30	%
Total assets		220,076,482			236,855,226			236,088,113			-0.32	%		7.28	%		100.00	%
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposit by customers		142,128,471			150,044,204			157,205,312			4.77	%		10.61	%		66.59	%		75.84	%
Interbank Deposits		1,374,222			1,920,483			1,363,679			-28.99	%		-0.77	%		0.58	%		0.66	%
Derivative financial instrument		1,295,070			1,752,774			1,860,812			6.16	%		43.68	%		0.79	%		0.90	%
Borrowings from other financial institutions		16,337,964			15,653,594			13,959,343			-10.82	%		-14.56	%		5.91	%		6.73	%
Debt securities in issue		20,287,233			21,129,087			19,921,515			-5.72	%		-1.80	%		8.44	%		9.61	%
Lease liability		-			1,901,466			1,831,585			-3.68	%		100.00	%		0.78	%		0.88	%
Preferred shares		583,997			569,477			584,204			2.59	%		0.04	%		0.25	%		0.28	%
Repurchase agreements and other similar secured borrowing		2,315,555			5,078,295			1,313,737			-74.13	%		-43.26	%		0.56	%		0.63	%
Liabilities relating to assets held for sale		163,596			-			-			0.00	%		-100.00	%		0.00	%		0.00	%
Current tax		166,472			760,470			195,757			-74.26	%		17.59	%		0.08	%		0.09	%
Deferred tax		1,318,295			1,247,699			1,521,958			21.98	%		15.45	%		0.64	%		0.73	%
Employees benefit plans		682,129			743,891			768,947			3.37	%		12.73	%		0.33	%		0.37	%
Other liabilities		6,768,253			7,111,273			6,755,645			-5.00	%		-0.19	%		2.86	%		3.26	%
Total liabilities		193,421,257			207,912,713			207,282,494			-0.30	%		7.17	%		87.80	%		100.00	%
SHAREHOLDERS' EQUITY
Share Capital		480,914			480,914			480,914			0.00	%		0.00	%		0.20	%
Additional paid-in-capital		4,857,454			4,857,454			4,857,454			0.00	%		0.00	%		2.06	%
Appropriated reserves		9,741,774			10,412,822			10,413,092			0.00	%		6.89	%		4.41	%
Retained earnings		6,565,809			7,354,354			7,812,361			6.23	%		18.99	%		3.31	%
Accumulated other comprehensive income (loss), net of tax		3,202,969			3,884,807			3,320,098			-14.54	%		3.66	%		1.41	%
Stockholders’ equity attributable to the owners of the parent company		24,848,920			26,990,351			26,883,919			-0.39	%		8.19	%		11.39	%
Non-controlling interest		1,806,305			1,952,162			1,921,700			-1.56	%		6.39	%		0.81	%
Total liabilities and equity		220,076,482			236,855,226			236,088,113			-0.32	%		7.28	%		100.00	%

INCOME STATEMENT	As of					Growth									Growth
(COP million)		Dec-18		Dec-19			dec-19 / dec-18		4Q 18		3Q 19		4Q 19			4Q 19 / 3Q 19		4Q 19 / 4Q 18
Interest income and expenses
Interest on loans and financial leases
Commercial		7,322,453		7,319,318			-0.04	%	1,936,522		1,793,689		1,818,842			1.40	%	-6.08	%
Consumer		4,220,032		5,273,101			24.95	%	1,152,526		1,334,151		1,439,661			7.91	%	24.91	%
Small business loans		229,446		144,585			-36.99	%	63,587		34,478		36,741			6.56	%	-42.22	%
Mortgage		1,881,297		1,972,661			4.86	%	465,532		468,146		484,835			3.56	%	4.15	%
Leasing		1,913,196		1,918,655			0.29	%	489,195		470,750		487,800			3.62	%	-0.29	%
Interest income on loans and financial leases		15,566,424		16,628,320			6.82	%	4,107,362		4,101,214		4,267,879			4.06	%	3.91	%
Interest income on overnight and market funds		36,449		67,724			85.80	%	11,126		15,830		14,635			-7.55	%	31.54	%
Interest and valuation on Investments at amortized cost
Debt investments, net		129,017		160,200			24.17	%	37,348		41,001		43,423			5.91	%	16.27	%
Net gains from investment activities at fair value through income statement
Debt investments		472,357		881,985			86.72	%	152,703		298,168		75,043			-74.83	%	-50.86	%
Derivatives		(22,575	)	(182,769	)		709.61	%	(33,971	)	(34,115	)	26,570			177.88	%	178.21	%
Repos		(51,388	)	(174,632	)		239.83	%	(10,805	)	(66,598	)	(18,846	)		-71.70	%	74.42	%
Other		(13,784	)	(144	)		-98.96	%	(5,298	)	(2,030	)	5,887			390.00	%	211.12	%
Total Net gains from investment activities at fair value through profit and loss		384,610		524,440			36.36	%	102,629		195,425		88,654			-54.64	%	-13.62	%
Total Interest and valuation on investments		513,627		684,640			33.30	%	139,977		236,426		132,077			-44.14	%	-5.64	%
Total interest and valuation		16,116,500		17,380,684			7.84	%	4,258,465		4,353,470		4,414,591			1.40	%	3.67	%
Interest expense
Borrowing costs		(583,321	)	(627,058	)		7.50	%	(162,526	)	(159,035	)	(142,643	)		-10.31	%	-12.23	%
Overnight funds		(18,134	)	(21,663	)		19.46	%	(6,017	)	(6,464	)	(4,808	)		-25.62	%	-20.09	%
Debt securities in issue		(1,139,456	)	(1,164,808	)		2.22	%	(295,066	)	(297,248	)	(300,715	)		1.17	%	1.91	%
Deposits		(3,852,061	)	(4,164,798	)		8.12	%	(955,307	)	(1,061,769	)	(1,077,907	)		1.52	%	12.83	%
Preferred Shares Dividends		(58,714	)	(57,908	)		-1.37	%	(14,980	)	(14,325	)	(14,727	)		2.81	%	-1.69	%
Interest right of use assets		-		(121,946	)		100.00	%	-		(27,602	)	(25,666	)		-7.01	%	100.00	%
Other interest (expense)		(18,530	)	(21,613	)		16.64	%	(5,309	)	(5,097	)	(5,795	)		13.69	%	9.15	%
Total interest expenses		(5,670,216	)	(6,179,794	)		8.99	%	(1,439,205	)	(1,571,540	)	(1,572,261	)		0.05	%	9.25	%
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments		10,446,284		11,200,890			7.22	%	2,819,260		2,781,930		2,842,330			2.17	%	0.82	%
Credit impairment charges on loans and advance and financial leases		(4,311,485	)	(3,936,831	)		-8.69	%	(1,089,891	)	(866,843	)	(1,239,786	)		43.02	%	13.75	%
Recovery of charged-off loans		459,860		551,650			19.96	%	130,602		160,192		128,903			-19.53	%	-1.30	%
Credit impairment charges on/recoveries on off balance sheet credit instruments		5,668		(26,195	)		-562.16	%	(20,222	)	(19,096	)	(14,326	)		-24.98	%	-29.16	%
Credit impairment charges/recoveries on investments		2,885		255			-91.16	%	(7,784	)	2,915		(4,470	)		-253.34	%	-42.57	%
Total credit impairment charges, net		(3,843,072	)	(3,411,121	)		-11.24	%	(987,295	)	(722,832	)	(1,129,679	)		56.29	%	14.42	%
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments		6,603,212		7,789,769			17.97	%	1,831,965		2,059,098		1,712,651			-16.83	%	-6.51	%
Fees and comissions income
Banking services		575,248		668,451			16.20	%	155,653		173,773		173,821			0.03	%	11.67	%
Credit and debit card fees and commercial establishments		1,611,114		1,821,945			13.09	%	446,227		471,856		480,452			1.82	%	7.67	%
Brokerage		27,074		26,534			-1.99	%	5,804		6,171		7,117			15.33	%	22.62	%
Acceptances and Guarantees		57,366		56,023			-2.34	%	14,916		13,793		14,175			2.77	%	-4.97	%
Trust and Securities		405,769		445,804			9.87	%	106,904		114,950		115,568			0.54	%	8.10	%
Investment banking		32,204		38,991			21.07	%	9,140		10,097		16,860			66.98	%	84.45	%
Bancassurance		523,810		643,026			22.76	%	159,443		163,884		192,513			17.47	%	20.74	%
Payments and Collections		563,223		623,758			10.75	%	145,901		156,782		169,310			7.99	%	16.04	%
Other		198,451		254,439			28.21	%	65,894		65,221		73,549			12.77	%	11.62	%
Fees and comission income		3,994,259		4,578,972			14.64	%	1,109,882		1,176,526		1,243,366			5.68	%	12.03	%
Fees and comission expenses
Banking services		(542,628	)	(630,583	)		16.21	%	(146,193	)	(162,176	)	(162,761	)		0.36	%	11.33	%
Other		(670,428	)	(922,656	)		37.62	%	(228,716	)	(233,000	)	(303,898	)		30.43	%	32.87	%
Fees and comission expenses		(1,213,056	)	(1,553,239	)		28.04	%	(374,909	)	(395,176	)	(466,659	)		18.09	%	24.47	%
Total fees and comissions, net		2,781,203		3,025,733			8.79	%	734,973		781,350		776,707			-0.59	%	5.68	%
Other operating income
Derivatives FX contracts		267,189		(102,451	)		-138.34	%	249,947		384,803		(397,351	)		-203.26	%	-258.97	%
Net foreign exchange		(205,798	)	322,286			256.60	%	(278,040	)	(393,537	)	483,983			222.98	%	274.07	%
Hedging		14,158		663			-95.32	%	3,914		6,251		(104	)		-101.66	%	-102.66	%
Operating leases		624,062		682,525			9.37	%	164,150		161,254		195,119			21.00	%	18.87	%
Gains (or losses) on sale of assets		75,975		93,548			23.13	%	37,821		23,031		34,227			48.61	%	-9.50	%
Other reversals		3,570		5,419			51.79	%	990		3,235		747			-76.91	%	-24.55	%
Other		472,411		533,257			12.88	%	119,851		148,179		136,901			-7.61	%	14.23	%
Total other operating income		1,251,567		1,535,247			22.67	%	298,632		333,216		453,522			36.10	%	51.87	%
Dividends received, and share of profits of equity method investees
Dividends		67,582		84,183			24.56	%	23,107		21,411		27,613			28.97	%	19.50	%
Equity investments		86,399		71,207			-17.58	%	61,197		5,160		46,679			804.63	%	-23.72	%
Equity method		187,814		249,231			32.70	%	16,273		41,403		63,118			52.45	%	287.87	%
Others		120,991		(24,022	)		-119.85	%	120,991		(602	)	(96,511	)		15931.73	%	-179.77	%
Total dividends received, and share of profits of equity method investees		462,786		380,599			-17.76	%	221,568		67,372		40,899			-39.29	%	-81.54	%
Total operating income, net		11,098,768		12,731,348			14.71	%	3,087,138		3,241,036		2,983,779			-7.94	%	-3.35	%
Operating expenses
Salaries and employee benefits		(2,563,561	)	(2,806,675	)		9.48	%	(617,023	)	(704,950	)	(712,612	)		1.09	%	15.49	%
Bonuses		(440,493	)	(560,149	)		27.16	%	(124,600	)	(150,047	)	(165,614	)		10.37	%	32.92	%
Other administrative and general expenses		(3,024,769	)	(3,069,058	)		1.46	%	(853,579	)	(722,237	)	(865,220	)		19.80	%	1.36	%
Tax contributions and other tax burden		(692,666	)	(757,820	)		9.41	%	(142,849	)	(183,039	)	(205,444	)		12.24	%	43.82	%
Impairment, depreciation and amortization		(493,902	)	(824,590	)		66.95	%	(130,691	)	(222,289	)	(243,454	)		9.52	%	86.28	%
Other expenses		(267,507	)	(235,525	)		-11.96	%	(75,152	)	(58,247	)	(66,307	)		13.84	%	-11.77	%
Total operating expenses		(7,482,898	)	(8,253,817	)		10.30	%	(1,943,894	)	(2,040,809	)	(2,258,651	)		10.67	%	16.19	%
Profit before tax		3,615,870		4,477,531			23.83	%	1,143,244		1,200,227		725,128			-39.58	%	-36.57	%
Income tax		(829,435	)	(1,262,964	)		52.27	%	(109,853	)	(304,210	)	(244,495	)		-19.63	%	122.57	%
Profit for the year from continuing operations		2,786,435		3,214,567			15.36	%	1,033,391		896,017		480,633			-46.36	%	-53.49	%
Non-controlling interest		(127,571	)	(97,216	)		-23.79	%	(31,222	)	(17,436	)	(11,380	)		-34.73	%	-63.55	%
Net income attributable to equity holders of the Parent Company		2,658,864		3,117,351			17.24	%	1,002,169		878,581		469,253			-46.59	%	-53.18	%

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 20, 2020	By:	/s/ JOSE HUMBERTO ACOSTA MARTIN.
		Name:	Jose Humberto Acosta Martin.
		Title:	Vice President of Finance

Bancolombia (CIB) 6-KCurrent report (foreign)