Bancolombia (CIB) 20-F 27 Apr 20 2019 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2019shares
Document and Entity Information [Abstract]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	BANCOLOMBIA SA
Entity Central Index Key	0001071371
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Large Accelerated Filer
Trading Symbol	CIB
Entity Common Stock, Shares Outstanding	509,704,584
Entity Shell Company	false
Entity Emerging Growth Company	false

CONSOLIDATED STATEMENT OF FINAN

CONSOLIDATED STATEMENT OF FINANCIAL POSITION $ in Millions		Dec. 31, 2019COP ($)		Dec. 31, 2018COP ($)
ASSETS
Cash and cash equivalents		$ 23,738,042		$ 18,730,810
Financial assets Investments		16,822,754		17,361,475
Derivative financial assets		1,902,955		1,843,708
Financial assets investments and derivative financial instruments		18,725,709		19,205,183
Loans and advances to customers and financial institutions		182,282,743		173,819,116
Allowance for loans, advances and lease losses		(10,929,395)		(10,235,831)
Loans and advances to customers and financial institutions, net		171,353,348		163,583,285
Assets held for sale and inventories, net		518,749		636,028
Investment in associates and joint ventures		2,367,757	[1]	2,149,579	[2]
Investment properties		1,992,964		1,732,873
Premises and equipment, net		3,827,865		3,368,647
Right of use assets, lease		1,692,116
Goodwill and intangible assets, net		7,233,312		7,201,855
Deferred tax, net		401,002		271,177
Other assets, net		4,237,249		3,197,045
TOTAL ASSETS		236,088,113		220,076,482
LIABILITIES
Deposits by customers		157,205,312		142,128,471
Interbank deposits		1,363,679		1,374,222
Repurchase agreements and other similar secured borrowing	[3]	1,313,737		2,315,555
Liabilities relating to assets held for sale		0		163,596
Derivative financial liabilities		1,860,812		1,295,070
Borrowings from other financial institutions		13,959,343		16,337,964
Debt instruments in issue		19,921,515		20,287,233
Lease liabilities		1,831,585
Preferred shares		584,204		583,997
Current tax		195,757		166,472
Deferred tax, net		1,521,958		1,318,295
Employees benefit plans		768,947		682,129
Other liabilities		6,755,645		6,768,253
TOTAL LIABILITIES		207,282,494		193,421,257
EQUITY
Share capital		480,914		480,914
Additional paid-in-capital		4,857,454		4,857,454
Appropriated reserves		10,413,092		9,741,774
Retained earnings		4,695,010		3,906,945
Net income attributable to equity holders of the Parent Company		3,117,351		2,658,864
Accumulated other comprehensive income, net of tax		3,320,098		3,202,969
STOCKHOLDERS' EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT COMPANY		26,883,919		24,848,920
Non-controlling interest		1,921,700		1,806,305
TOTAL EQUITY		28,805,619		26,655,225
TOTAL LIABILITIES AND EQUITY		$ 236,088,113		$ 220,076,482
[1]	As of December 31, 2019, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures.
[2]	As of December 31, 2018, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures.
[3]	Total repo liabilities have maturities of less than 30 days.

CONSOLIDATED STATEMENT OF INCOM

CONSOLIDATED STATEMENT OF INCOME - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Interest on loans and financial leases
Commercial		$ 7,319,318	$ 7,322,453	$ 8,027,598
Consumer		5,273,101	4,220,032	3,822,743
Small business loans		144,585	229,446	237,266
Mortgage		1,972,661	1,881,297	1,831,716
Financial leases		1,918,655	1,913,196	2,064,978
Interest income on loans and financial leases		16,628,320	15,566,424	15,984,301	[1]
Interest on debt instruments using the effective interest method		160,200	129,017	159,890
Total Interest of debt instruments using the effective interest method		16,788,520	15,695,441	16,144,191
Interest income on overnight and market funds		67,724	36,449	26,779
Interest and valuation on financial instruments		524,440	384,610	525,423
Total interest and valuation on financial instruments		17,380,684	16,116,500	16,696,393	[1]
Interest expenses		(6,179,794)	(5,670,216)	(6,232,986)	[1]
Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments		11,200,890	10,446,284	10,463,407	[1]
Credit impairment charges on loans, advances and financial leases, net		(3,385,181)	(3,851,625)	(3,468,699)
Credit recovery (impairment) for other financial instruments		(25,940)	8,553	7,082
Total credit impairment charges, net		(3,411,121)	(3,843,072)	(3,461,617)	[1]
Net interest margin and valuation on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments and other financial instruments		7,789,769	6,603,212	7,001,790	[1]
Fees and commissions income	[2]	4,578,972	3,994,259	3,621,114	[1]
Fees and commissions expenses		(1,553,239)	(1,213,056)	(1,075,115)	[1]
Total fees and commissions, net		3,025,733	2,781,203	2,545,999	[1]
Other operating income		1,535,247	1,251,567	1,553,737	[1]
Dividends and net income on equity investments		380,599	294,030	290,642	[1]
Recovery (Impairment) charges on cash-generating unit		0	168,756	(173,339)
Total operating income, net		12,731,348	11,098,768	11,218,829	[1]
Operating expenses
Salaries and employee benefits		(3,366,824)	(3,004,054)	(2,792,379)
Other administrative and general expenses		(3,069,058)	(3,024,769)	(2,977,884)
Wealth tax, contributions and other tax burden	[3]	(757,820)	(692,666)	(727,661)
Impairment, depreciation and amortization		(824,590)	(493,902)	(479,111)	[1]
Other operating expenses		(235,525)	(267,507)	(249,023)
Total operating expenses		(8,253,817)	(7,482,898)	(7,226,058)	[1]
Profit before tax		4,477,531	3,615,870	3,992,771	[1]
Income tax		(1,262,964)	(829,435)	(1,238,598)
Net income		3,214,567	2,786,435	2,754,173
Net income attributable to equity holders of the Parent Company		3,117,351	2,658,864	2,615,000
Non-controlling interest		$ 97,216	$ 127,571	$ 139,173
Basic and Diluted earnings per share to common shareholders, stated in units of pesos		$ 3,301	$ 2,825	$ 2,780
From continuing operations		$ 3,301	$ 2,825	$ 2,780
[1]	Some figures in the performance by operating segment disclosure for the year ended as of December 31, 2017 disclosed in the Bank’s annual report in 2017 have been changed due to an impact at the disaggregation level in the process of adopting IFRS 15. See adoption of new accounting standards in Note 32 Impacts on application of new standards.
[2]	For the year ended December 31, 2019BankingBankingBanking ElBankingInvestmentAll otherTotal beforeAdjustments forTotal after  Colombia  Panama  Salvador  Guatemala  Trust  banking  Brokerage  Off shore  segments  eliminations  consolidation  eliminationsIn millions of COPTotal interest and valuation 12,970,741 1,876,925 1,094,422 977,980 152 8 5,018 614,073 12,160 17,551,479 (170,795) 17,380,684Interest income on loans and financial leases 12,592,221 1,654,600 1,052,680 905,016 132 — 96 411,504 11,804 16,628,053 267 16,628,320Total debt investments 716,032 172,610 40,915 73,152 20 8 14,757 24,682 9 1,042,185 — 1,042,185Derivatives (172,399)1,625 — — — — (10,416)169,483 — (11,707) (171,062) (182,769)Total liquidity operations (165,113)48,090827 (188) — —5818,404347 (107,052) — (107,052)Interest expenses (4,408,233) (720,587) (295,433) (388,571) (138) (4) (26) (304,519) (62,283) (6,179,794) — (6,179,794)Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 8,562,508 1,156,338 798,989 589,409 14 4 4,992 309,554 (50,123) 11,371,685 (170,795) 11,200,890Total credit impairment charges, net (2,564,417) (408,132) (83,110) (333,699) (716) (251) (4,363) 19,169 (6,943) (3,382,462) (28,659) (3,411,121)Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments 5,998,091 748,206 715,879 255,710 (702) (247) 629 328,723 (57,066) 7,989,223 (199,454) 7,789,769Revenues (Expenses) from transactions with other operating segments of the Bank (19,212) (36,107) (2,154) (36,255) (25,529) 31,585 62,628 167,419 (142,375) — — —Fees and commission income (1) 3,269,747 350,055 268,309 170,854 349,438 30,829 113,364 25,800 588 4,578,984 (12) 4,578,972Fees and commission expenses (1,297,186) (143,616) (60,673) (38,006) (2,942) (154) (3,229) (3,922) (3,511) (1,553,239) — (1,553,239)Total fees and commission income, net 1,972,561 206,439 207,636 132,848 346,496 30,675 110,135 21,878 (2,923) 3,025,745 (12) 3,025,733Other operating income 433,887 29,704 6,158 68,288 13,341 5,830 (9,392) 7,067 986,126 1,541,009 (5,762) 1,535,247Dividends and net income on equity investments 131,029 5,562 211 668 43,498 24,810 16,514 27 269,736 492,055 (111,456) 380,599Total operating income, net 8,516,356 953,804 927,730 421,259 377,104 92,653 180,514 525,114 1,053,498 13,048,032 (316,684) 12,731,348Operating expenses (2) (5,203,354) (573,042) (444,933) (358,923) (121,259) (32,558) (112,204) (61,087) (522,103) (7,429,463) 236 (7,429,227)Impairment, depreciation and amortization (407,102) (105,232) (46,381) (120,130) (1,031) (187) (1,738) (2,746) (138,738) (823,285) (1,305) (824,590)Total operating expenses (5,610,456) (678,274) (491,314) (479,053) (122,290) (32,745) (113,942) (63,833) (660,841) (8,252,748) (1,069) (8,253,817)Profit before tax 2,905,900 275,530 436,416 (57,794) 254,814 59,908 66,572 461,281 392,657 4,795,284 (317,753) 4,477,531For further information about income from contracts with customers, see Note 25.3 Fees and commissions.
[3]	See Note 12 Income tax.

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of comprehensive income
Net income	$ 3,214,567	$ 2,786,435	$ 2,754,173
Other comprehensive income/(loss) that will not be reclassified to net income
Remeasurement income related to defined benefit liability	(38,451)	37,325	3,753
Income tax	14,835	(7,663)	(3,725)
Net of tax amount	(23,616)	29,662	28
Transfer within equity upon merger of equity investments	0	0	(38,420)
Unrealized gain	56,496	23,648	67,515
Income tax	(12,607)	10,190	9,789
Net of tax amount	43,889	33,838	38,884
Total other comprehensive income that will not be reclassified to net income, net of tax	20,273	63,500	38,912
Investments in debt instruments measured at fair value through other comprehensive income (FVTOCI)
Gain on investments recycled to profit or loss upon disposal	(1,533)	1,965	0
Unrealized gain/(loss)	28,884	(24,286)	0
Changes in loss allowance for credit losses	324	2,444	0
Net of tax amount	27,675	(19,877)	0
Foreign currency translation adjustments:
Exchange differences arising on translating the foreign operations	104,955	1,043,593	412,878
Gain/(loss) on net investment hedge in foreign operations	(60,258)	(584,650)	36,762
Income tax	20,213	172,870	(6,895)
Net of tax amount	64,910	631,813	442,745
Unrealized gain/(loss) on investments in associates and joint ventures using equity method	8,151	2,581	(11,547)
Income tax	(32)	(663)	0
Net of tax amount	8,119	1,918	(11,547)
Total comprehensive income/(loss) that may be reclassified to net income, net of tax	100,704	613,854	431,198
Comprehensive income/(loss), net of tax	120,977	677,354	470,110
Other comprehensive income, attributable to the Non-controlling interest	6,056	25,911	0
Total comprehensive income attributable to:	3,341,600	3,489,700	3,224,283
Equity holders of the Parent Company	3,238,328	3,336,218	3,085,110
Non-controlling interests	$ 103,272	$ 153,482	$ 139,173

CONSOLIDATED STATEMENT OF COM_2

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2018COP ($)
Ifrs Statement [Line Items]
Amounts removed from equity and adjusted against fair value of financial assets on reclassification out of fair value through other comprehensive income measurement category, before tax	$ 0
Merger [Member]
Ifrs Statement [Line Items]
Amounts removed from equity and adjusted against fair value of financial assets on reclassification out of fair value through other comprehensive income measurement category, before tax	$ 38,420

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - COP ($) $ in Millions		Restatement Adjusted [Member]Share Capital [Member]	Restatement Adjusted [Member]Additional Paid-in Capital [Member]	Restatement Adjusted [Member]Appropiated Reserves [Member]	Restatement Adjusted [Member]Translation adjustment [Member]	Restatement Adjusted [Member]Equity securities through OCI [Member]	Restatement Adjusted [Member]Debt instruments at fair value though OCI [Member]	Restatement Adjusted [Member]Associates [Member]	Restatement Adjusted [Member]Employee Benefits [Member]	Restatement Adjusted [Member]Retained Earnings [Member]	Restatement Adjusted [Member]Net income [Member]	Restatement Adjusted [Member]Attributable to owners of parent company [Member]	Restatement Adjusted [Member]Non-controlling interests [member]	Restatement Adjusted [Member]	Share Capital [Member]	Additional Paid-in Capital [Member]	Appropiated Reserves [Member]	Translation adjustment [Member]	Equity securities through OCI [Member]	Debt instruments at fair value though OCI [Member]	Associates [Member]	Employee Benefits [Member]	Retained Earnings [Member]	Net income [Member]	Attributable to owners of parent company [Member]	Non-controlling interests [member]	Total
Balance at Dec. 31, 2016															$ 480,914	$ 4,857,454	$ 7,472,409	$ 1,807,644	$ 340,629		$ 8,522	$ (80,646)	$ 3,515,329	$ 2,865,328	$ 21,267,583	$ 1,209,397	$ 22,476,980
Transfer to profit from previous years															0	0	0	0	0		0	0	2,865,328	(2,865,328)	0	0	0
Dividend payment corresponding to 509,704,584 common shares and 452,122,416 preferred shares without voting rights, subscribed and paid															0	0	0	0	0		0	0	(856,419)	0	(856,419)	0	(856,419)
Legal reserve movements															0	0	1,914,464	0	0		0	0	(1,914,464)	0	0	0	0
Release of reserves by law															0	0	(421,730)	0	0		0	0	0	0	(421,730)	0	(421,730)
Increase of reserves by law															0	0	77,398	0	0		0	0	(77,398)	0	0	0	0
Sale of financial instruments															0	0	0	0	(38,420)		0	0	38,420	0	0	0	0
Non-controlling interest															0	0	0	0	0		0	0	0	0	0	(31,984)	(31,984)
Other reserves	[1]														0	0	2,614	0	0		0	0	(2,614)	0	0	0	0
Net income															0	0	0	0	0		0	0	0	2,615,000	2,615,000	139,173	2,754,173
Other comprehensive income															0	0	0	442,745	77,304		(11,547)	28	0	0	508,530	0	508,530
Balance at Dec. 31, 2017		$ 480,914	$ 4,857,454	$ 9,045,155	$ 2,250,389	$ 379,513		$ (3,025)	$ (80,618)	$ 2,836,542	$ 2,615,000	$ 22,381,324	$ 1,298,445	$ 23,679,769	480,914	4,857,454	9,045,155	2,250,389	379,513		(3,025)	(80,618)	3,568,182	2,615,000	23,112,964	1,316,586	24,429,550
Effect of adoption of new accounting standards (Note 32 Impacts on application of new standards)															0	0	0	0	0		0	0	(731,640)	0	(731,640)	(18,141)	(749,781)
Transfer to profit from previous years															0	0	0	0	0		0	0	2,615,000	(2,615,000)	0	0	0
Dividend payment corresponding to 509,704,584 common shares and 452,122,416 preferred shares without voting rights, subscribed and paid															0	0	0	0	0		0	0	(923,362)	0	(923,362)	0	(923,362)
Legal reserve movements															0	0	579,254	0	0		0	0	(579,254)	0	0	0	0
Disposal of debt/equity instruments															0	0	0	0	(20,644)		0	0	20,644	0	0	0	0
Subsidiaries' liquidation															0	0	0	0	0		0	0	512	0	512	0	512
Realization of retained earnings															0	0	0	0	0		0	0	1,090	0	1,090	0	1,090
Non-controlling interest															0	0	0	0	0		0	0	0	0	0	354,378	354,378
Other reserves	[1]														0	0	117,365	0	0		0	0	(117,365)	0	0	0	0
Changes in shareholdings subsidiaries															0	0	0	0	0		0	0	53,138	0	53,138	0	53,138
Net income															0	0	0	0	0		0	0	0	2,658,864	2,658,864	127,571	2,786,435
Other comprehensive income															0	0	0	631,813	33,838	$ (19,877)	1,918	29,662	0	0	677,354	25,911	683,410
Balance at Dec. 31, 2018		$ 480,914	$ 4,857,454	$ 9,741,774	$ 2,882,202	$ 392,707	$ (19,877)	$ (1,107)	$ (50,956)	$ 3,725,845	$ 2,658,864	$ 24,667,820	$ 1,803,157	$ 26,470,977	480,914	4,857,454	9,741,774	2,882,202	392,707	(19,877)	(1,107)	(50,956)	3,906,945	2,658,864	24,848,920	1,806,305	26,655,225
Effect of adoption of new accounting standards (Note 32 Impacts on application of new standards)															0	0	0	0	0	0	0	0	(181,100)	0	(181,100)	(3,148)	(184,248)
Transfer to profit from previous years															0	0	0	0	0	0	0	0	2,658,864	(2,658,864)	0	0	0
Dividend payment corresponding to 509,704,584 common shares and 452,122,416 preferred shares without voting rights, subscribed and paid															0	0	0	0	0	0	0	0	(992,613)	0	(992,613)	0	(992,613)
Release of reserves by law															0	0	(6,561)	0	0	0	0	0	6,561	0	0	0	0
Realization of retained earnings															0	0	0	0	(3,848)	0	0	0	3,848	0	0	0	0
Others															0	0	0	0	0	0	0	0	(12,547)	0	(12,547)	0	(12,547)
Non-controlling interest															0	0	0	0	0	0	0	0	0	0	0	15,271	15,271
Other reserves															0	0	677,879	0	0	0	0	0	(694,948)	0	(17,069)	0	(17,069)
Net income															0	0	0	0	0	0	0	0	0	3,117,351	3,117,351	97,216	3,214,567
Other comprehensive income															0	0	0	64,910	43,889	27,675	8,119	(23,616)	0	0	120,977	6,056	127,033
Balance at Dec. 31, 2019															$ 480,914	$ 4,857,454	$ 10,413,092	$ 2,947,112	$ 432,748	$ 7,798	$ 7,012	$ (74,572)	$ 4,695,010	$ 3,117,351	$ 26,883,919	$ 1,921,700	$ 28,805,619
[1]	This item corresponds mainly to the dynamic reserves of Banistmo S.A., which correspond to an additional provision recognized on its low credit risk loan portfolio.

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Preference shares [member]
Number of shares outstanding	452,122,416	452,122,416	452,122,416
Dividends paid, ordinary shares per share	$ 1,092	$ 1,020	$ 950
Revaluation surplus [member]
Number of shares outstanding	509,704,584	509,704,584	509,704,584

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOW - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Cash Flows [Abstract]
Net income	$ 3,214,567	$ 2,786,435	$ 2,754,173
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	677,253	467,777	433,033
Other assets impairment (Reversal)	147,337	(141,011)	219,189
Equity method	(249,231)	(187,814)	(253,602)
Deferred tax expense	215,992	223,544	193,568
Credit impairment charges on loans and advances and financial leases	3,385,181	3,851,625	3,468,699
Credit impairment (recovery) charges on off balance sheet credit and other financial instruments	25,940	(8,553)	(6,854)
Gain on sales on assets held for sale and inventories	(93,548)	(75,976)	(40,600)
Valuation gain on investment securities	(1,113,392)	(630,904)	(736,075)
Gains on sale of loan portfolio	0	(12,556)	0
(Gain) loss upon disposal of investment in subsidiary and associates	(77,916)	510	2,700
Valuation (losses) on derivative financial instruments	285,220	(244,613)	39,750
Wealth tax	0	0	51,220
Income tax	1,046,972	605,891	1,045,030
Other non-cash items	70,833	90,251	(16,360)
Net interest	(10,448,526)	(10,371,051)	(9,919,699)
Change in operating assets and liabilities:
Decrease (Increase) in derivative financial instruments	219,259	(132,684)	135,595
(increase) Decrease in accounts receivable	(185,220)	(423,960)	338,211
Increase in loans and advances to customers	(12,140,001)	(12,952,529)	(11,266,789)
Increase in other assets	(986,022)	(282,703)	(23,083)
Decrease in accounts payable	(977,266)	(273,855)	(629,990)
(Decrease) Increase in other liabilities	41,234	189,868	189,655
Increase in deposits by customers	14,317,297	6,188,577	8,456,681
Increase (Decrease) in estimated liabilities and provisions	(3,378)	(12,919)	(16,608)
Net changes in investment securities recognized at fair value through profit or loss	2,626,620	615,093	(1,599,641)
Proceeds from sales of assets held for sale	429,906	363,407	331,645
Proceeds from sale of loan portfolio	0	511,864	0
Wealth tax paid	0	0	(51,220)
Recovery of charged-off loans	551,650	459,860	410,860
Income tax paid	(251,712)	(167,856)	(199,127)
Dividend received	195,046	124,754	80,651
Interest received	17,387,534	15,585,632	15,347,265
Interest paid	(5,996,017)	(5,103,246)	(5,798,689)
Net cash provided by operating activities	12,315,612	1,042,858	2,939,588
Cash flows from investment activities:
Purchases of debt instruments at amortized cost	(2,800,997)	(2,380,202)	(3,122,872)
Proceeds from maturities of debt instruments at amortized cost	2,405,509	2,214,457	2,167,450
Purchases of debt instruments at fair value through OCI (2017: debt instruments at amortized cost and fair value through profit or loss)	(5,945,285)	(1,652,050)	0
Proceeds from debt instruments at fair value through OCI (2017: debt instruments at amortized cost and fair value through profit or loss)	5,426,410	1,525,435	0
Purchases of equity instruments and interests in associates and joint ventures	(40,712)	(289,361)	(305,650)
Proceeds from equity instruments and interests in associates and joint ventures	131,173	29,752	7,479
Restitution of associates' capital contributions	0	0	2,495
Purchases of premises and equipment and investment properties	(1,555,453)	(1,014,093)	(1,132,015)
Proceeds from sales of premises and equipment and investment properties	232,438	311,430	568,744
Net cash outflow (inflow) from liquidation of investments in subsidiaries	70,306	26	(1,534)
Purchase of other long-term assets	(114,221)	(127,236)	(92,177)
Net cash (used in) provided by investing activities	(2,190,832)	(1,381,842)	(1,908,080)
Cash flows from financing activities:
(Decrease) Increase in repurchase agreements and other similar secured borrowing	(1,002,196)	(922,840)	1,313,442
Proceeds from borrowings from other financial institutions	11,741,311	15,774,251	12,190,496
Repayment of borrowings from other financial institutions	(14,365,716)	(14,472,128)	(17,042,665)
Payment of lease liability	(124,817)	0	0
Placement of debt instruments in issue	2,084,743	1,150,485	3,013,426
Payment of debt instruments in issue	(2,561,525)	(1,886,850)	(1,969,399)
Dividends paid	(1,032,492)	(735,798)	(1,126,209)
Transactions with non-controlling interests	0	360,169	0
Net cash used in financing activities	(5,260,692)	(732,711)	(3,620,909)
Effect of exchange rate changes on cash and cash equivalents	143,144	1,636,861	294,800
Increase (Decrease) in cash and cash equivalents	4,864,088	(1,071,695)	(2,589,401)
Cash and cash equivalents at beginning of year	18,730,810	18,165,644	20,460,245
Cash and cash equivalents at end of year	$ 23,738,042	$ 18,730,810	$ 18,165,644

CONSOLIDATED STATEMENT OF CAS_2

CONSOLIDATED STATEMENT OF CASH FLOW (Parenthetical) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Statement of cash flows [line items]
Cash and cash equivalents	$ 18,165,644	$ 23,738,042	$ 18,730,810
Compania de financiamiento Tuya S.A
Statement of cash flows [line items]
Cash flows from losing control of subsidiaries or other businesses, classified as investing activities	$ 16,838
Cash and cash equivalents			3,757
Leasing Peru S.A. [Member]
Statement of cash flows [line items]
Cash and cash equivalents		$ 17,903	$ 4,226

REPORTING ENTITY

REPORTING ENTITY	12 Months Ended
	Dec. 31, 2019
REPORTING ENTITY
REPORTING ENTITY	NOTE 1. REPORTING ENTITY Bancolombia S.A., hereinafter the Parent Company or the Group, is a credit establishment, listed on the Colombia Stock Exchange (BVC) and, as well as on the New York Stock Exchange (NYSE), since 1981 and 1995, respectively. The Parent Company's main location is in Medellin (Colombia), main address Carrera 48 # 26‑85, Avenida Los Industriales, was originally constituted under the name Colombian Industrial Bank (BIC) according to public deed number 388, date January 24, 1945, from the First Notary's Office of Medellin, authorized by the Superintendence of Finance of Colombia (“SFC”). On April 3, 1998, by means of public deed No. 633, BIC merged with Bank of Colombia S.A., and the resulting organization of that merger was named Bancolombia S.A. Bancolombia S.A.’s business purpose is to carry out all operations, transactions, acts and services inherent to the Banking business through banking establishments that carry its name and according to all applicable legislation. The Parent Company may own interests in other corporations, wherever authorized by law, according to all terms and requirements, limits or conditions established therein. The Parent Company and its subsidiaries (on consolidated basis referred to as the “Bank”) include the following operating segments: Banking Colombia, Banking Panama, Banking El Salvador, Banking Guatemala, Trust, Investment banking, Brokerage, Off Shore and Others. The activities carried out by each operating segment of the Bank are described in Note 3 Operating segments. The duration of the Parent Company contemplated in the bylaws is until December 8, 2044, but it can be dissolved or renewed before the conclusion of that period. The operating license was authorized definitively by the SFC according to Resolution number 3140 on September 24, 1993. Through public deed number 1,124 of September 30, 2016, from the fourthteenth Notary’s Office of Medellin, duly registered in the Camara de Comercio de Medellín, a merger was completed between the Parent Company (absorbing entity) and Leasing Bancolombia S.A. (absorbed entity). As a result of the merger, the Parent Company became the holder of all the rights and obligations of Leasing Bancolombia S.A. and continues to offer its clients the portfolio of leasing products and services under the brand "Leasing Bancolombia, una marca Bancolombia". The Bank has 31,075 employees, and operates through 975 offices, 16,740 banking correspondents and 6,169 ATMs. In March 2019 the subsidiaries Renting Colombia S.A.S and Inversiones CFNS S.A.S, closed the sale to Arval Relsa of 100% of the shares of Arrendamiento Operativo CIB S.A.C. - Renting Perú, an operational leasing company incorporated and with operations in Peru, and then, in July 2019 the Bank's subsidiaries Fiduciaria Bancolombia and Banca de Inversion Bancolombia, closed the sale to TMF Group Americas B.V. of 100% of the shares of FiduPeru S.A, a trust services company incorporated and with operations in Peru. The Bank through its subsidiaries has banking, operational and international presence in Puerto Rico, Panama, Guatemala, Cayman, Barbados and El Salvador.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SIGNIFICANT ACCOUNTING POLICIES A. Basis for preparation The consolidated financial statements of the Bank are prepared in accordance with the International Financial Reporting Standards (hereinafter, IFRS) issued by the International Accounting Standards Board (hereinafter, IASB), as well as the interpretations issued by the International Financial Reporting Interpretations Committee (hereinafter, IFRS-IC). The preparation of financial statements in conformity with IFRS requires the use of accounting estimates which, by definition, will seldom equal the actual results. Therefore, the estimates and assumptions are constantly reviewed. Any revision is recognized in the same period if it affects the reviewed period; or in the reviewed period and future periods if it affects all the current and future periods. Assets and liabilities are measured at cost or amortized cost, except for some financial assets and liabilities and investment properties that are measured at fair value. Financial assets and liabilities measured at fair value comprise those classified as assets and liabilities at fair value through profit or loss, debt instruments and equity securities measured at fair value through other comprehensive income (“OCI”) and derivative instruments. Likewise, the carrying value of assets and liabilities recognized as a fair value hedge are adjusted for changes in fair value attributable to the hedged risk. The consolidated financial statements are stated in Colombian pesos and its figures are stated in millions, except earnings per share, diluted earnings per share and the market exchange rate, which are stated in Colombian pesos, while other currencies (dollars, euro, pounds, etc.) are stated in thousands. The Parent Company’s financial statements, which have been prepared in accordance with “Normas de Contabilidad e Información Financiera” (NCIF) applicable to separate financial statements, are those that serve as the basis for the distribution of dividends and other appropriations by the stockholders. The separate financial statements are those presented by the Parent Company in which the entity elected to account for its investments in joint ventures and associates at cost, and the recognition and measurement of credit risk reserves are accounted for as required by the Superintendency of Finance of Colombia. B. Presentation of financial statements The Bank presents the consolidated statement of financial position ordered by liquidity and the consolidated statement of income is prepared based on the nature of expenses. Revenues and expenses are not offset, unless such compensation is permitted or required by any accounting standard or interpretation and are described in the Bank’s policies. The statement of comprehensive income presents net income and items of other comprehensive income classified by nature and grouped into those that will not be reclassified subsequently to profit or loss and those that will be reclassified when specific conditions are met. The Bank discloses the amount of income tax relating to each item of OCI. The consolidated statement of cash flows was prepared using the indirect method, whereby net income is adjusted for the effects of transactions of a non-cash nature, changes during the period in operating assets and liabilities, and items of income or expense associated with investing or financing cash flows. C. Consolidation 1. Subsidiaries The consolidated financial statements include the financial statements of Bancolombia S.A. and its subsidiaries as of December 31, 2019 and 2018. The Parent Company consolidates the financial results of the entities on which it exerts control. In accordance with IFRS 10, a subsidiary is an entity controlled by any of the entities that comprise The Bank, as long as the controlling entity has: · Power over the investee that give it the ability to direct their relevant activities that significantly affect the investee’s returns. · Exposure or rights to variable returns for its involvement with the investee. · Ability to use its power over the investee to affect the investor’s returns. The Parent Company has the following subsidiaries making up the Bank´s organizational structure, which is currently registered as a corporate group: PROPORTION OF PROPORTION OF PROPORTION OF JURISDICTION OWNERSHIP OWNERSHIP OWNERSHIP ENTITY OF BUSINESS INTEREST AND INTEREST AND INTEREST AND INCORPORATION VOTING POWER VOTING POWER VOTING POWER HELD BY THE HELD BY THE HELD BY THE BANK 2019 BANK 2018 BANK 2017 Fiduciaria Bancolombia S.A. Sociedad Fiduciaria Colombia Trust 98.81 % 98.81 % 98.81 % Banca de Inversión Bancolombia S.A. Corporación Financiera Colombia Investment banking 100.00 % 100.00 % 100.00 % Valores Bancolombia S.A. Comisionista de Bolsa Colombia Securities brokerage 100.00 % 100.00 % 100.00 % Renting Colombia S.A.S. Colombia Operating leasing 100.00 % 100.00 % 100.00 % Transportempo S.A.S. Colombia Transportation 100.00 % 100.00 % 100.00 % Valores Simesa S.A. (1) Colombia Investments 67.11 % 67.73 % 68.57 % Inversiones CFNS S.A.S. Colombia Investments 99.94 % 99.94 % 99.94 % Pasarela Colombia S.A.S (before BIBA Inmobiliaria S.A.S.) Colombia Real estate broker 100.00 % 100.00 % 100.00 % Fondo de Capital Privado Fondo Inmobiliario Colombia (2) Colombia Real estate broker 49.96 % 51.29 % 63.47 % Fideicomiso "Lote Abelardo Castro" Colombia Mercantil trust 66.77 % 67.39 % 68.23 % Fideicomiso Lote Distrito Vera B1B2 (3) Colombia Mercantil trust 66.77 % - - Fideicomiso Lote Distrito Vera B3B4 (3) Colombia Mercantil trust 66.77 % - - Bancolombia Panamá S.A. Panama Banking 100.00 % 100.00 % 100.00 % Sistemas de Inversiones y Negocios S.A. Sinesa Panama Investments 100.00 % 100.00 % 100.00 % Banagrícola S.A. Panama Investments 99.17 % 99.16 % 99.16 % Banistmo S.A. Panama Banking 100.00 % 100.00 % 100.00 % Banistmo Investment Corporation S.A. Panama Trust 100.00 % 100.00 % 100.00 % Financomer S.A. Panama Financial services 100.00 % 100.00 % 100.00 % Leasing Banistmo S.A. Panama Leasing 100.00 % 100.00 % 100.00 % Valores Banistmo S.A. Panama Purchase and sale of securities 100.00 % 100.00 % 100.00 % Banistmo Panama Fondo de Inversión S.A. (Before Suvalor Panamá Fondos de Inversión S.A.) Panama Holding 100.00 % 100.00 % 100.00 % PROPORTION OF PROPORTION OF PROPORTION OF JURISDICTION OWNERSHIP OWNERSHIP OWNERSHIP ENTITY OF BUSINESS INTEREST AND INTEREST AND INTEREST AND INCORPORATION VOTING POWER VOTING POWER VOTING POWER HELD BY THE HELD BY THE HELD BY THE BANK 2019 BANK 2018 BANK 2017 Fondo Renta Fija Valor, S.A. (before Suvalor Renta Fija Internacional Largo Plazo S.A.) (4) Panama Collective investment fund - 100.00 % 100.00 % Suvalor Renta Fija Internacional Corto Plazo S.A. Panama Collective investment fund 100.00 % 100.00 % 100.00 % Suvalor Renta Variable Colombia, S.A. (5) Panama Collective investment fund 100.00 % - - Banistmo Capital Markets Group Inc. (6) Panama Purchase and sale of securities 100.00 % 100.00 % 100.00 % Anavi Investment Corporation S.A. (6) Panama Real estate broker 100.00 % 100.00 % 100.00 % Desarrollo de Oriente S.A. (6) Panama Real estate broker 100.00 % 100.00 % 100.00 % Steens Enterpresies S.A. (6) Panama Portfolio holder 100.00 % 100.00 % 100.00 % Ordway Holdings S.A. (6) Panama Real estate broker 100.00 % 100.00 % 100.00 % Van Dyke Overseas Corp. (7) Panama Real estate broker - - 100.00 % Inmobiliaria Bickford S.A. (7) Panama Real estate broker - - 100.00 % Williamsburg International Corp. (7) Panama Real estate broker - - 100.00 % Grupo Agromercantil Holding S.A. Panama Holding 60.00 % 60.00 % 60.00 % Banco Agrícola S.A. El Salvador Banking 97.36 % 97.36 % 97.36 % Arrendadora Financiera S.A. Arfinsa El Salvador Leasing 97.37 % 97.37 % 97.37 % Credibac S.A. de C.V. El Salvador Credit card services 97.36 % 97.36 % 97.36 % Valores Banagrícola S.A. de C.V. El Salvador Securities brokerage 98.89 % 98.89 % 98.89 % Inversiones Financieras Banco Agrícola S.A IFBA El Salvador Investments 98.89 % 98.89 % 98.89 % Gestora de Fondos de Inversión Banagricola S.A. El Salvador Administers investment funds 98.89 % 98.89 % 98.89 % Arrendamiento Operativo CIB S.A.C. (8) Peru Operating leasing - 100.00 % 100.00 % FiduPerú S.A. Sociedad Fiduciaria (8) Peru Trust - 98.81 % 98.81 % Fondo de Inversión en Arrendamiento Operativo - Renting Perú (7) Peru Car Rental - - 100.00 % Capital Investments SAFI S.A. (7) Peru Trust - - 100.00 % Leasing Perú S.A. (7) Peru Leasing - - 100.00 % Banagrícola Guatemala S.A. (7) Guatemala Outsourcing - - 99.16 % Banco Agromercantil de Guatemala S.A. Guatemala Banking 60.00 % 60.00 % 60.00 % Seguros Agromercantil de Guatemala S.A. Guatemala Insurance company 59.17 % 59.17 % 59.17 % Financiera Agromercantil S.A. Guatemala Financial services 60.00 % 60.00 % 60.00 % Agrovalores S.A. Guatemala Securities brokerage 60.00 % 60.00 % 60.00 % Tarjeta Agromercantil S.A. (7) Guatemala Credit Card - - 60.00 % Arrendadora Agromercantil S.A. Guatemala Operating Leasing 60.00 % 60.00 % 60.00 % Agencia de Seguros y Fianzas Agromercantil S.A. Guatemala Insurance company 60.00 % 60.00 % 60.00 % Asistencia y Ajustes S.A. Guatemala Services 60.00 % 60.00 % 60.00 % Serproba S.A. Guatemala Maintenance and remodelling services 60.00 % 60.00 % 60.00 % Servicios de Formalización S.A. Guatemala Loans formalization 60.00 % 60.00 % 60.00 % PROPORTION OF PROPORTION OF PROPORTION OF JURISDICTION OWNERSHIP OWNERSHIP OWNERSHIP ENTITY OF BUSINESS INTEREST AND INTEREST AND INTEREST AND INCORPORATION VOTING POWER VOTING POWER VOTING POWER HELD BY THE HELD BY THE HELD BY THE BANK 2019 BANK 2018 BANK 2017 Conserjeria, Mantenimiento y Mensajería S.A. Guatemala Maintenance services 60.00 % 60.00 % 60.00 % Media Plus S.A. (7) Guatemala Advertising and marketing - - 60.00 % Mercom Bank Ltd. Barbados Banking 60.00 % 60.00 % 60.00 % New Alma Enterprises Ltd. Bahamas Investments 60.00 % 60.00 % 60.00 % Bancolombia Puerto Rico Internacional Inc. Puerto Rico Banking 100.00 % 100.00 % 100.00 % Bancolombia Caymán S.A. Cayman Islands Banking 100.00 % 100.00 % 100.00 % Bagrícola Costa Rica S.A. Costa Rica Outsourcing 99.17 % 99.16 % 99.16 % (1) The decrease in the shareholding is due to the repurchase outstanding stock carried out by the subsidiary during 2018 and 2019. (2) The Bank's shareholding decreased during 2018 and 2019. However, It is defined as a Subsidiary, given the significant control and influence over the PA. Management Board responsible for appointing the management staff and the employees of the PA. (3) Investments effected in 2019. (4) Investment not consolidated during 2019 because it does not meet control requirements. (5) Investment consolidated by Banistmo during 2019. (6) Investments in non-operational stage. (7) Investment liquidated during 2018. (8) Companies sold during 2019. For more information see Note 1. Reporting Entity When necessary, adjustments are made to the accounting principles in the financial statements of subsidiaries to bring their accounting policies into line with the Bank’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Bank are eliminated in full on consolidation. Non-controlling interests in controlled entities are presented in profit or loss and equity separately from the Parent Company stockholders´ equity and profit or loss. When the Bank loses control over a subsidiary, any residual interest remaining on the Bank’s balances is measured at fair value; gains or losses arising from this measurement are recognized in net income. There are restrictions on the ability of the Parent Company to obtain distributions of capital, due to the regulatory requirements of its subsidiaries in Panama. Banistmo and Bancolombia Panama have net assets before intercompany eliminations amounting to COP 9,487,725 and COP 8,186,449 as of December 31, 2019 and 2018, respectively. The loans and financial leases granted by those subsidiaries are subject to prudential regulation in Panama issued by the Panamanian Superintendency of Banks including a requirement to maintain minimum reserves as a countercyclical capital buffer. For the years ended as of December 31, 2019 and 2018, the reserves recognized amounted to COP 684,698 and COP 670,169. These requirements restrict the ability of the aforementioned subsidiaries to make remittances of dividends to Bancolombia S.A., the ultimate parent, except in the event of liquidation. 2. Transactions between entities under common control Combination of entities under common control, i.e. transactions in which all the combining entities are under the control of the Bank both before and after the combination, and that control is not transitory, are outside the scope of the IFRS 3‑ Business combinations. Currently, there is no specific guidance for these transactions under IFRS, therefore, as permitted by IAS 8, the Bank has developed an accounting policy considering the pronouncements of other standard-setting bodies. The assets and liabilities recognized as a result of transactions between entities under common control are recognized at the carrying value of the acquirer’s financial statements. The Bank presents the net assets received prospectively from the date of the transfer. 3. Investments in associates and joint ventures An associate is an entity over which the Bank has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. A joint venture is an entity that the Bank controls jointly with other participants, where the parties maintain a contractual agreement that establishes joint control over the relevant activities of the entity (which only exists when decisions about those activities require unanimous consent of the parties sharing control) and the parties have rights to the net assets of the joint arrangement. At the acquisition date, the excess of the acquisition cost of the associate or joint venture shares exceeding the Bank´s share of the net fair value of identifiable assets and liabilities of the investee is recognized as goodwill and it is included in the carrying amount of the investment and it is not amortized. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment a single asset in accordance with IAS 36 Impairment of Assets Impairment losses are recognized in net income and are calculated as the difference between the recoverable amount of the associate or joint venture, using the higher of its value in use and its fair value less costs of disposal, and its carrying value. The results and assets and liabilities of associates or joint ventures are incorporated in the consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5. When an investment in an associate or joint venture is held by, or is held indirectly through, an entity that is a venture capital organization, or a mutual fund, unit trust or similar entities, and such investment is measured at fair value through profit or loss in that entity, the Bank may elect to measure investments in those associates and joint ventures at fair value through profit or loss in the consolidated financial statements. This election is applied on an investment by investment basis. Under the equity method, the investment is initially recorded at cost and adjusted thereafter to recognize the Bank’s share of the profits or loss and other comprehensive income of the associate or join venture. When the Bank’s share of losses of an associate or joint venture exceeds the Bank’s interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Bank’s net investment in the associate or joint venture), the Bank discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Bank has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. When the equity method is applicable, adjustments are considered in order to adopt uniform accounting policies of the associate or joint venture with the Bank. The portion that corresponds to the Bank for changes in the investee´s other comprehensive income items is recognized in the consolidated statement of comprehensive income as “Unrealized gain/ (loss) on investments in associates and joint ventures using equity method” and gains or losses of the associate or joint venture are recognized in the consolidated statement of income as “Dividends received and share of profits of equity method investees”, in accordance with the Bank’s participation. Gains and losses resulting from transactions between the Bank and its associate or joint venture are recognized in the Bank´s consolidated financial statements only to the extent of the unrelated investor´s interest in the associate or joint venture. The equity method is applied from the acquisition date until the significant influence or joint control over the entity is lost. The unrealized gain or loss of an associate or joint venture is presented in the consolidated statement of comprehensive income, net of tax. Changes in the investment´s participation that arise from changes in other comprehensive income of an associate or joint venture are recognized directly in the investor’s statement of other comprehensive income. The dividends received from the associate or joint venture reduce the investment carrying value. When the significant influence on the associate or the joint venture is lost, the Bank measures and recognizes any residual investment that remained at its fair value. The difference between the associate or joint venture carrying value (taking into account the relevant items of other comprehensive income), the fair value of the retained residual investment and any proceeds from disposing of a part interest in the associate or joint venture, is recognized in the Statement of income. The currency translation adjustments recognized in equity are reclassified to net income at the moment of disposal. For further information please see Note 8 Investments in associates and joint ventures. 4. Joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The Bank recognizes and measures assets, liabilities, revenues and expenses in relation to its interest in joint operations in accordance with the applicable IFRS for the particular assets, liabilities, revenues and expenses. If the Bank acquires an interest in a joint operation in which the activity constitutes a business, as defined in IFRS 3 Business Combinations or when an existing business is contributed to the joint operation on its formation by one of the parties that participate in the joint operation, the Bank will apply all of the principles of IFRS 3 Business Combinations. In this case the Bank recognizes goodwill in the event that consideration transferred exceeds the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at least annually. When the Bank transacts with a joint operation in which the Parent Company or its subsidiaries is a joint operator (such as a sale or contribution of assets), the Bank is considered to be conducting the transaction with the other parties to the joint operation, and gains and losses resulting from the transactions are recognized in the Bank’s consolidated financial statements only to the extent of other parties’ interests in the joint operation. When the Bank transacts with a joint operation in which the Parent Company or its subsidiaries is a joint operator (such as a purchase of assets), the Bank does not recognize its share of the gains and losses until it resells those assets to a third party. 5. Funds administration The Bank manages assets held in mutual funds and other forms of investment. Assets managed by the Bank’s subsidiaries and owned by third parties are not included in the consolidated financial statements unless control exists as structured entities. The Bank consolidates the following funds: % of ownership % of ownership % of ownership Assets managed Name Country interest held by interest held by interest held by December 31, December 31, the Bank, 2019 the Bank, 2018 the Bank, 2017 2019 2018 Fondo de Capital Privado Fondo Inmobiliario Colombia Colombia 49.96 % 51.29 % 63.47 % 3,751,981 3,205,133 Fideicomiso “Lote Abelardo Castro” Colombia 66.77 % 67.39 % 68.23 % 12,900 11,616 Fideicomiso Lote Distrito Vera B1B2 Colombia 66.77 % — — 63,010 — Fideicomiso Lote Distrito Vera B3B4 Colombia 66.77 % — — 60,684 — Banistmo Panama Fondo de Inversión S.A. (Before Suvalor Panamá Fondos de Inversión S.A.) Panamá 100.00 % 100.00 % 100.00 % 246 244 For all the aforementioned funds, the Bank has participated in the design of the structured entity, establishes operating and financial decisions of the funds and it is exposed to variable returns such as dividends or returns paid in quarterly installments. The commissions earned by the management of funds that are not consolidated are included in the statement of income as “Fees and commissions income”. 6. Non-controlling interest Non-controlling interests in the net assets of consolidated subsidiaries are presented separately within the Bank’s equity. Similarly, net income and other comprehensive income are also attributed to non-controlling interest and equity holders of the Parent Company. The amount of non-controlling interest may be initially measured either at fair value or at the non-controlling interest’s proportionate share of the acquirer’s identifiable net assets. The option for recognition is made on an investment by investment basis. Any purchase or sale of shares in subsidiaries that does not imply a loss or gain of control is directly recognized in equity. 6.1. Significant non-controlling interest FCP Fondo Inmobiliario Colombia As of December 31, 2019, and 2018, the portion of non-controlling interest in the FCP Fondo Inmobiliario Colombia was 50.04% and 48.71%, respectively, which is considered as a significant non-controlling interest for the Bank and its subsidiaries. The principal place of business of FCP Fondo Inmobiliario Colombia is Bogotá (Colombia). As of December 31, 2019, and 2018, there were no dividends declared by this subsidiary. In contrast, there were returns paid in quarterly installments due to the nature of its business, which mainly comprises long- term investment in real state which is considered a low-risk portfolio. The following table summarizes the assets, liabilities, net assets, net income and cash flows as of December 31, 2019, 2018 and 2017, related to the FCP Fondo Inmobiliario Colombia: As of December 31, 2019 As of December 31, 2018 In millions of COP Assets 3,751,981 3,205,133 Liabilities 1,254,123 963,841 Net assets 2,497,858 2,241,292 Year-Ended 2019 Year-Ended 2018 Year-Ended 2017 In millions of COP Condensed statement of income Income Valuation of investment properties 77,527 70,933 81,816 Valuation of trust rights 52,215 29,161 53,143 Rents 161,263 147,324 135,135 Profits of equity method investees 138,100 96,201 144,146 Other income 2,034 6,940 4,493 Total Income 431,139 350,559 418,733 Expenses Interest on loans (73,088) (67,593) (68,900) Trust fees (999) (554) (322) Other expenses (169,375) (121,162) (86,270) Total Expenses (243,462) (189,309) (155,492) Net Income 187,677 161,250 263,241 Condensed cash flow Net cash used in operating activities (258) (351) (394) Net cash provided by financing activities 257 334 409 Cash and cash equivalents at beginning of year 1 18 3 Cash and cash equivalents at end of year - 1 18 The information above are the amounts before inter-company eliminations. As of December 31, 2019, 2018 and 2017, the profit allocated to non-controlling interest amounted to COP 93,946, COP 78,570 and COP 96,179, respectively. As of December 31, 2019, 2018 and 2017, the accumulated non-controlling interest of the FCP Fondo Inmobiliario Colombia amounted to COP 1,250,131, COP 1,091,802 and COP 602,548, respectively. Grupo Agromercantil Holding S.A. As of December 31, 2019, the portion of ownership in Grupo Agromercantil Holding by the non-controlling interest was 40.00%, which is considered as a significant non-controlling interest for the Bank and its subsidiaries. Guatemala is the principal place of business of GAH and its subsidiaries. The following table summarizes the assets, liabilities, net assets, net income and cash flows as of December 31, 2019, 2018 and 2017 of GAH: As of December 31, 2019 As of December 31, 2018 In millions of COP Assets 14,333,631 13,556,250 Liabilities 13,093,981 12,209,984 Equity 1,239,650 1,346,266 Year-Ended 2019 Year-Ended 2018 Year-Ended 2017 In millions of COP Condensed statement of income Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off-balance sheet credit instruments 218,536 388,932 389,463 Total fees and commission, net 132,845 111,932 101,565 Other operating income 68,288 52,286 54,246 Dividends received and equity method 668 579 608 Total operating income, net 420,337 553,729 545,882 Operating expenses (478,133) (458,277) (445,038) Income tax 19,367 (15,910) (21,546) Net income (38,429) 79,542 79,298 Condensed cash flow Net cash used in operating activities (62,327) (66,235) 192,850 Net cash provided by investing activities 273,604 244,949 (1,427) Net cash (used in) financing activities (26,926) (2,983) (87,103) Cash and cash equivalents at beginning of year 1,513,295 1,324,893 1,098,861 Cash and cash equivalents at end of year 1,697,646 1,500,624 1,203,181 Other comprehensive income Investments at fair value through OCI (3,362) (6,598) 2,241 Translation adjustment 9,281 43,803 15,758 Others (8,093) (3,922) (3,042) Total other comprehensive income (2,174) 33,283 14,957 For the year 2019, 2018 and 2017, the dividends received from Grupo Agromercantil amounted to COP 31,936, COP 50,341 and COP 39,482, respectively. D. Significant Accounting Policies The significant accounting policies that the Bank uses in preparing its consolidated financial statements are detailed below: 1. Functional and presentation currency Items included in the financial statements of each of the Bank’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Colombian pesos, which is the functional currency for the Parent Company, and the presentation currency for the consolidated financial statements. All transactions and balances in other currency than pesos are considered as foreign currency. 2. Transactions and balances in foreign currency Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at period end exchange rates are generally recognized in net income. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Non-monetary items that are measured at cost are held at the exchange rate at the transaction date, while those which are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. When a gain or loss on a non-monetary item is recognized in Statement of other comprehensive income, any exchange component of that gain or loss is recognized in other comprehensive income. Conversely, when a gain or loss on a non-monetary item is recognized in net income, any exchange component of that gain or loss shall be recognized in net income. 3. Foreign subsidiaries The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the Bank´s presentation currency is translated into the presentation currency as follows: · Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position. · Income and expenses for each statement of income and statement of other comprehensive income are translated at average exchange rates, and · All resulting exchange differences are recognized in other comprehensive income in Translation adjustment reserve. As part of the consolidation process, exchange differences arising from debt securities in issue and the portion of other financial securities designated as hedges of foreign operations that are determined to be an effective hedge, are recognized in other comprehensive income in Translation adjustment reserve. When a foreign operation is sold or any debt securities in issue forming part of the net investment are repaid, the associated exchange differences are reclassified to net income, as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing exchange rate. The table below sets forth the exchange rate used by the Bank and its subsidiaries to convert statement of financial position accounts and transactions in U.S. dollar into Colombian pesos: December 31, 2019 December 31, 2018 December 31, 2017 Year end exchange rate 3,277.14 3,249.75 2,984.00 Average rate for the period ended at 3,282.39 2,956.55 2,951.21 4. Cash and cash equivalents The Bank considers cash and cash equivalents to include cash and balances at banks and central bank, interbank assets and reverse repurchase agreements and other similar secured lending that have original maturities up to 90 days, as shown in Note 4 Cash and cash equivalents. 5. Security deposits Security deposits are assets pledged as collateral that correspond to cash guarantees made by the Bank to other financial institutions. The carrying amount is increased when a margin call is issued or when it is necessary to increase the trading quota; conversely, it is decreased when the aim is to lower that quota. The security deposits are recognized as other assets in the consolidated statement of financial position at the amount paid in favor of the counterpart and these assets are not subject to interest recognition. 6. Business combinations and goodwill Business combinations are those transactions where an acquirer obtains control of a business (e.g. an acquisition or merger). Business combinations are accounted for using the acquisition method as follows: a) Identifiable acquired assets, liabilities and contingent liabilities assumed in the acquisition are recognized at fair value at the date of acquisition; b) Acquisition costs are recognized in the consolidated statement of income as expenses in the periods in which the costs are incurred and the services are received; c) and goodwill is recognized as an asset in the consolidated statement of financial position or a gain from a bargain purchase. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Bank (If any). Goodwill is measured as the excess of the sum of the consideration transferred, the value of any non-controlled interest and, when applicable, the fair value of any previous equity interest in the acquired entity, over the net fair value of the acquired assets, liabilities or contingent liabilities assumed at the date of acquisition. For each business combination, at the date of acquisition, the Bank measures the non-controlling interest by the proportional share of the identifiable assets acquired, as well as liabilities and contingent liabilities assumed by the acquired company, or by their fair value. Any contingent consideration in a business combination is classified as a liability or as equity and is recognized at fair value at the date of acquisition, the liabilit

OPERATING SEGMENTS

OPERATING SEGMENTS	12 Months Ended
	Dec. 31, 2019
OPERATING SEGMENTS
OPERATING SEGMENTS	NOTE 3. OPERATING SEGMENTS Operating segments are defined as components of an entity about which separate financial information is available and that is evaluated regularly by the chief operating decision maker (CODM) in deciding how to allocate resources and assessing performance; the CODM is constituted by the Bank’s President (CEO) and Financial Vicepresident (CFO). The segment information has been prepared following the Bank’s accounting policies as described in the summary of significant accounting policies in Note 2 Significant accounting policies and has been presented consistently with the internal reports provided to the CODM. The CODM uses a variety of information and key financial data on a segment basis to assess the performance and make decision regarding the investment and allocation of resources, such as: · Net interest margin (Net margin on financial instruments divided by average interest-earning assets). · Return on average total assets (Net income divided by average total assets). · Return on average stockholders’ equity. · Efficiency ratio (Operating expenses as a percentage of interest, fees, services and other operating income). · Asset Quality and loans coverage ratios. The Bank includes the following segments: Banking Colombia, Banking Panama, Banking El Salvador, Banking Guatemala, Trust, Investment Banking, Brokerage, Off Shore and All other segments. The factors used to identify the Bank’s reportable segments are the nature of the products and services provided by the subsidiaries and the geographical locations where the subsidiaries are domiciled, in line with the CODM’s operating decisions related to the results of each segment. The Bank’s operating segments are comprised as follows:  Banking Colombia This segment provides retail and corporate banking products and services to individuals, companies and national and local governments in Colombia. The Bank’s strategy in Colombia is to grow with these clients based on value added and long-term relationships. In order to offer specialized services to individuals, small and medium size enterprises (SMEs) and big size enterprises, the Bank´s retail sales force targets the clients classified as: Personal, plus and Entrepreneurs. The Bank´s corporate and government sales force targets and specializes in companies with more than COP 100,000 million in revenue in twelve economic sectors: Agribusiness, Commerce, Manufacturing of Supplies and Materials, Consumer goods, Financial Services, Health, Education, Construction, Government, Infrastructure, Real state, and Natural Resources This segment is also responsible for the management of the Bank’s proprietary trading activities, liquidity and distribution of treasury products and services to its client base in Colombia.  Banking Panama This segment provides retail and commercial banking products and services to individuals and companies in Panama through the Banistmo operation. This segment includes all the operations of Banistmo and its subsidiaries, which are managed and monitored by the CODM on a consolidated basis. This segment is also responsible for the management of the Banistmo’s proprietary trading activities, liquidity and distribution of treasury products and services to its client base in Panama.  Banking El Salvador This segment provides retail and commercial banking products and services to individuals, companies and national and local governments in El Salvador through Banco Agrícola S.A. Banking El Salvador also includes operations of the following subsidiaries: Arrendadora Financiera S.A., Credibac S.A. de CV, Valores Banagricola S.A. de C.V. This segment is also responsible for the management of Banco Agrícola’s proprietary trading activities, liquidity and distribution of treasury products and services to its client base in El Salvador.  Banking Guatemala This segment provides retail and commercial banking and insurance products and services to individuals, companies and national and local governments in Guatemala through Banco Agromercantil de Guatemala S.A.. Banking Guatemala also includes operations of the following subsidiaries: Mercom Bank Ltd., Seguros Agromercantil S.A., Financiera Agromercantil S.A., Agrovalores S.A., Arrendadora Agromercantil S.A., Agencia de Seguros y Fianzas Agromercantil S.A., Asistencia y Ajustes S.A., Serproba S.A., Servicios de Formalización S.A., Conserjería, Mantenimiento y Mensajería S.A. and New Alma Enterprises LTD. This segment is also responsible for the management of Banco Agromercantil’s proprietary trading activities, liquidity and distribution of treasury products and services to its client base in Guatemala.  Trust This segment provides trust and asset management services to clients in Colombia through Fiduciaria Bancolombia S.A. Sociedad Fiduciaria . As of December 31, 2018, this segment includes FiduPerú S.A. Sociedad Fiduciaria's results. This entity was sold in July 2019. For further information, see Note 1 Reporting Entity. The main products offered by this segment include money market accounts, mutual and pension funds, private equity funds, payment trust, custody services, and corporate trust.  Investment banking This segment provides corporate and project finance advisory, underwriting, capital markets services and private equity management through Banca de Inversión Bancolombia S.A. Corporación Financiera. Its customers include private and publicly-held corporations as well as government institutions.  Brokerage This segment provides brokerage, investment advisory and private banking services to individuals and institutions through Valores Bancolombia S.A. Comisionista de Bolsa. It sells and distributes equities, futures, foreign currencies, fixed income securities, mutual funds and structured products.  Off Shore This segment provides a complete line of offshore banking services to Colombian and foreign customers through Bancolombia Panamá S.A., Bancolombia Cayman S.A., and Bancolombia Puerto Rico International, Inc. It offers loans to private sector companies, trade financing, leases financing and financing for industrial projects, as well as a complete portfolio of cash management products, such as checking accounts, international collections and payments. Through these subsidiaries, the Bank also offers investment opportunities in U.S. dollars, savings and checking accounts, time deposits, and investment funds to its high net worth clients and private banking customers.  All other segments This segment provides financial and operating leases activities, including cross-border and international leasing services to clients in Colombia, Central America and Mexico. Bancolombia offers these services mainly through the following Subsidiaries: Renting Colombia S.A.S. and Transportempo S.A.S. This segment also includes results from the operations of investment vehicles of the Bank: Valores Simesa S.A., Pasarela Colombia S.A.S. (before BIBA Inmobiliaria S.A.S ,), Inversiones CFNS S.A.S., Sistema de Inversiones y Negocios S.A. Sinesa, Banagrícola S.A., Inversiones Financieras Banco Agrícola and others. As of December 31, 2018, this segment includes Arrendamiento Operativo CIB S.A.C - Renting Perú's results. This entity was sold in March 2019. For further information, see Note 1 Reporting Entity. According to the quantitative threshold test required by IFRS 8 Operating Segments, the revenue reported by “all other segments” is less than 10 per cent of the combined revenue of all operating segments and its assets represent less than 10 per cent of all operating segments combined assets of the Bank. Financial performance by operating segment: The CODM reviews the performance of the Bank using the following financial information by operating segment: For the year ended December 31, 2019 Banking Banking Banking El Banking Investment All other Total before Adjustments for Total after Colombia Panama Salvador Guatemala Trust banking Brokerage Off shore segments eliminations consolidation eliminations In millions of COP Total interest and valuation 12,970,741 1,876,925 1,094,422 977,980 152 8 5,018 614,073 12,160 17,551,479 (170,795) 17,380,684 Interest income on loans and financial leases 12,592,221 1,654,600 1,052,680 905,016 132 — 96 411,504 11,804 16,628,053 267 16,628,320 Total debt investments 716,032 172,610 40,915 73,152 20 8 14,757 24,682 9 1,042,185 — 1,042,185 Derivatives (172,399) — — — — (10,416) — (11,707) (171,062) (182,769) Total liquidity operations (165,113) (188) — — (107,052) — (107,052) Interest expenses (4,408,233) (720,587) (295,433) (388,571) (138) (4) (26) (304,519) (62,283) (6,179,794) — (6,179,794) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 8,562,508 1,156,338 798,989 589,409 14 4 4,992 309,554 (50,123) 11,371,685 (170,795) 11,200,890 Total credit impairment charges, net (2,564,417) (408,132) (83,110) (333,699) (716) (251) (4,363) 19,169 (6,943) (3,382,462) (28,659) (3,411,121) Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments 5,998,091 748,206 715,879 255,710 (702) (247) 629 328,723 (57,066) 7,989,223 (199,454) 7,789,769 Revenues (Expenses) from transactions with other operating segments of the Bank (19,212) (36,107) (2,154) (36,255) (25,529) 31,585 62,628 167,419 (142,375) — — — Fees and commission income (1) 3,269,747 350,055 268,309 170,854 349,438 30,829 113,364 25,800 588 4,578,984 (12) 4,578,972 Fees and commission expenses (1,297,186) (143,616) (60,673) (38,006) (2,942) (154) (3,229) (3,922) (3,511) (1,553,239) — (1,553,239) Total fees and commission income, net 1,972,561 206,439 207,636 132,848 346,496 30,675 110,135 21,878 (2,923) 3,025,745 (12) 3,025,733 Other operating income 433,887 29,704 6,158 68,288 13,341 5,830 (9,392) 7,067 986,126 1,541,009 (5,762) 1,535,247 Dividends and net income on equity investments 131,029 5,562 211 668 43,498 24,810 16,514 27 269,736 492,055 (111,456) 380,599 Total operating income, net 8,516,356 953,804 927,730 421,259 377,104 92,653 180,514 525,114 1,053,498 13,048,032 (316,684) 12,731,348 Operating expenses (2) (5,203,354) (573,042) (444,933) (358,923) (121,259) (32,558) (112,204) (61,087) (522,103) (7,429,463) 236 (7,429,227) Impairment, depreciation and amortization (407,102) (105,232) (46,381) (120,130) (1,031) (187) (1,738) (2,746) (138,738) (823,285) (1,305) (824,590) Total operating expenses (5,610,456) (678,274) (491,314) (479,053) (122,290) (32,745) (113,942) (63,833) (660,841) (8,252,748) (1,069) (8,253,817) Profit before tax 2,905,900 275,530 436,416 (57,794) 254,814 59,908 66,572 461,281 392,657 4,795,284 (317,753) 4,477,531 (1) For further information about income from contracts with customers, see Note 25.3 Fees and commissions. (2) Includes staff costs, other administration and general expenses, contributions and other tax burdens and others. For the year ended December 31, 2018 Banking Banking Banking El Banking Investment All other Total before Adjustments for Total after Colombia Panama Salvador Guatemala Trust banking Brokerage Off shore segments eliminations consolidation eliminations In millions of COP Total interest and valuation 12,215,644 1,573,928 931,405 894,934 404 22 24,273 547,878 14,737 16,203,225 (86,725) 16,116,500 Interest income on loans and financial leases 11,990,678 1,449,441 861,174 821,276 — — — 434,754 9,049 15,566,372 52 15,566,424 Total Debt investments 366,354 101,599 25,081 72,896 105 22 14,728 20,559 32 601,376 (2) 601,374 Derivatives (17,023) (13,250) — — — — 7,694 86,779 — 64,200 (86,775) (22,575) Total liquidity operations (124,365) 36,138 45,150 762 299 — 1,851 5,786 5,656 (28,723) — (28,723) Interest expenses (4,194,772) (558,126) (252,351) (360,988) (39) — (15) (247,666) (56,259) (5,670,216) — (5,670,216) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 8,020,872 1,015,802 679,054 533,946 365 22 24,258 300,212 (41,522) 10,533,009 (86,725) 10,446,284 Total credit impairment charges, net (3,354,330) (269,164) (94,301) (136,289) (826) (135) 155 19,039 (7,221) (3,843,072) — (3,843,072) Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments 4,666,542 746,638 584,753 397,657 (461) (113) 24,413 319,251 (48,743) 6,689,937 (86,725) 6,603,212 Revenues (Expenses) from transactions with other operating segments of the Bank (6,986) (30,634) (2,029) (7,574) (32,509) 20,187 55,843 98,987 (95,285) — — — Fees and commission income (1) 2,841,302 312,762 227,114 141,253 313,908 20,271 113,970 20,840 2,988 3,994,408 (149) 3,994,259 Fees and commission expenses (1,009,573) (120,520) (43,216) (29,320) (2,380) (46) (2,734) (3,408) (1,859) (1,213,056) — (1,213,056) Total fees and commission income, net 1,831,729 192,242 183,898 111,933 311,528 20,225 111,236 17,432 1,129 2,781,352 (149) 2,781,203 Other operating income 250,598 39,781 4,842 52,287 19,826 965 (10,468) 15,668 912,738 1,286,237 (34,670) 1,251,567 Dividends and net income on equity investments (49,316) 4,240 1,894 580 18,572 (67,990) (12,416) (270,523) (34,485) (409,444) 703,474 294,030 Recovery (Impairment) charges on cash-generating unit — — — — — 173,339 (2) — — (4,583) 168,756 — 168,756 Total operating income, net 6,692,567 952,267 773,358 554,883 316,956 146,613 168,608 180,815 730,771 10,516,838 581,930 11,098,768 Operating expenses (3) (4,902,500) (554,890) (402,831) (373,279) (111,614) (24,110) (98,687) (53,313) (467,770) (6,988,994) (2) (6,988,996) Impairment, depreciation and amortization (177,779) (55,127) (26,122) (84,996) (588) (131) (1,402) (2,072) (144,722) (492,939) (963) (493,902) Total operating expenses (5,080,279) (610,017) (428,953) (458,275) (112,202) (24,241) (100,089) (55,385) (612,492) (7,481,933) (965) (7,482,898) Profit before tax 1,612,288 342,250 344,405 96,608 204,754 122,372 68,519 125,430 118,279 3,034,905 580,965 3,615,870 (1) For further information about income from contracts with customers, see Note 25.3 Fees and commissions. (2) Includes imparment recovery in joint venture Compañía de Financiamiento Tuya S.A. For more information see Note 8 Investments in associates and joint ventures. (3) Includes staff costs, other administration and general expenses, contributions and other tax burdens and others. For the year ended December 31, 2017 (1) Banking Banking Banking El Banking Investment All other Total before Adjustments for Total after Colombia Panama Salvador Guatemala Trust Banking Brokerage Off shore segments eliminations consolidation eliminations In millions of COP Total interest and valuation 12,995,017 1,495,446 882,806 865,038 794 94 8,916 444,649 10,201 16,702,961 (6,568) 16,696,393 Interest income on loans and financial leases 12,586,875 1,374,398 830,050 767,986 - - - 412,418 13,000 15,984,727 (426) 15,984,301 Total Debt investments 602,304 93,154 31,582 100,193 193 94 15,147 16,329 735 859,731 - 859,731 Derivatives (54,156) 438 - - - - (7,661) 6,085 (289) (55,583) (6,084) (61,667) Total liquidity operations (140,006) 27,456 21,174 (3,141) 601 - 1,430 9,817 (3,245) (85,914) (58) (85,972) Interest expenses (4,791,976) (523,312) (256,994) (348,726) (102) - (72) (226,304) (85,928) (6,233,414) 428 (6,232,986) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 8,203,041 972,134 625,812 516,312 692 94 8,844 218,345 (75,727) 10,469,547 (6,140) 10,463,407 Total credit impairment charges, net (3,195,837) (46,468) (110,018) (125,877) (549) 466 (147) 6,541 1,696 (3,470,193) 8,576 (3,461,617) Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments 5,007,204 925,666 515,794 390,435 143 560 8,697 224,886 (74,031) 6,999,354 2,436 7,001,790 Revenues (Expenses) from transactions with other operating segments of the Bank (59,884) (26,837) (963) (972) (33,024) 16,209 53,075 101,327 (48,931) - - - Fees and commission income (2) 2,531,221 317,753 211,159 126,022 285,648 28,747 97,185 19,390 3,989 3,621,114 - 3,621,114 Fees and commission expenses (889,481) (112,986) (40,325) (24,457) (1,982) (52) (482) (2,874) (2,476) (1,075,115) - (1,075,115) Total fees and commission income, net 1,641,740 204,767 170,834 101,565 283,666 28,695 96,703 16,516 1,513 2,545,999 - 2,545,999 Other operating income 608,025 8,662 (7,799) 54,246 13,560 1,886 (11,647) 6,428 885,182 1,558,543 (4,806) 1,553,737 Dividends and net income on equity investments (53,141) 7,038 324 608 18,249 (70,114) 12,278 (239,328) (61,156) (385,242) 675,884 290,642 Recovery (Impairment) charges on cash-generating unit - - - - - (173,339) (3) - - - (173,339) - (173,339) Total operating income, net 7,143,944 1,119,296 678,190 545,882 282,594 (196,103) 159,106 109,829 702,577 10,545,315 673,514 11,218,829 Operating expenses (4) (4,715,976) (569,219) (383,002) (343,646) (113,482) (34,100) (101,255) (56,593) (430,212) (6,747,485) 538 (6,746,947) Impairment, depreciation and amortization (147,262) (55,197) (34,671) (101,392) (540) (133) (1,398) (967) (137,377) (478,937) (174) (479,111) Total operating expenses (4,863,238) (624,416) (417,673) (445,038) (114,022) (34,233) (102,653) (57,560) (567,589) (7,226,422) 364 (7,226,058) Profit before tax 2,280,706 494,880 260,517 100,844 168,572 (230,336) 56,453 52,269 134,988 3,318,893 673,878 3,992,771 (1) Some figures in the performance by operating segment disclosure for the year ended as of December 31, 2017 disclosed in the Bank’s annual report in 2017 have been reclassified in the process of adopting IFRS 15. (2) For further information about income from contracts with customers, see Note 25.3 Fees and commissions. (3) Includes imparment recognition in joint venture Compañía de Financiamiento Tuya S.A. For more information see Note 8 Investments in associates and joint ventures. (4) Includes staff costs, other administration and general expenses, contributions and other tax burdens and others. The following table presents financial information of the total assets and liabilities by operating segment: As of December 31, 2019 In millions of COP Adjustments Banking Banking Banking El Banking Investment All other Total before for Total after Colombia Panama Salvador Guatemala Trust banking Brokerage Off shore segments eliminations consolidation eliminations Total assets 162,531,140 33,196,996 16,035,662 14,333,631 638,147 1,763,260 304,211 18,283,107 9,923,085 257,009,239 (20,921,126) 236,088,113 Total liabilities (145,013,642) (29,632,112) (14,154,533) (13,093,982) (99,867) (43,700) (56,583) (11,833,818) (2,738,052) (216,666,289) 9,383,795 (207,282,494) As of December 31, 2018 In millions of COP Adjustments Banking Banking Banking El Banking Investment All other Total before for Total after Colombia Panama Salvador Guatemala Trust banking Brokerage Off shore segments eliminations consolidation eliminations Total assets 149,185,338 31,116,800 14,704,427 13,556,250 580,205 1,779,618 301,851 17,963,675 9,638,514 238,826,678 (18,750,196) 220,076,482 Total liabilities (132,722,635) (27,761,479) (12,963,237) (12,209,984) (86,524) (40,741) (57,765) (12,640,349) (2,336,273) (200,818,987) 7,397,730 (193,421,257) The following table presents financial information of the investments in associates and joint ventures by operating segment: As of December 31, 2019 (1) Banking Banking El Investment All other Colombia Salvador Trust banking segments Total In millions of COP Investments in associates and joint ventures 358,822 13,859 262,958 481,801 1,250,317 2,367,757 Equity method 59,998 201 43,707 3,067 142,258 249,231 (1) As of December 31, 2019, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. As of December 31, 2018 (1) Banking Banking El Investment All other Colombia Salvador Trust banking segments Total In millions of COP Investments in associates and joint ventures 313,081 13,544 230,211 451,113 1,141,630 2,149,579 Equity method 32,859 1,887 20,235 27,909 104,924 187,814 (1) As of December 31, 2018, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. For additional information related to investment in associates and joint ventures, see Note 8 Investments in associates and joint ventures. The following table presents material non-cash items other than depreciation and amortization by segment: For the year ended December 31, 2019 Banking Banking Banking El Banking Investment Off All other Colombia Panamá Salvador Guatemala Trust Banking Brokerage shore segments Total In millions of COP Foreclosed assets received from impaired loans 267,989 59,096 17,566 13,882 - - - 1,057 - 359,590 Provisions 2,566,925 415,339 80,758 330,161 205 251 4,363 (20,356) 7,535 3,385,181 For the year ended December 31, 2018 Banking Banking Banking El Banking Investment Off All other Colombia Panamá Salvador Guatemala Trust Banking Brokerage shore segments Total In millions of COP Foreclosed assets received from impaired loans 271,695 84,390 15,782 9,377 - - - 6,376 12,373 399,993 Provisions 3,368,901 258,983 97,182 136,923 826 135 (155) (18,300) 7,130 3,851,625 For the year ended December 31, 2017 Banking Banking Banking El Banking Investment Off All other Colombia Panamá Salvador Guatemala Trust Banking Brokerage shore segments Total In millions of COP Foreclosed assets received from impaired loans 163,274 39,486 16,191 7,157 - - - - 24,030 250,138 Provisions 3,182,198 62,502 109,846 124,978 548 (467) 147 (5,477) (5,576) 3,468,699 Information about products and services The Bank does not report revenues from external customers for each product and service or each group of similar products and services, because the information is not available and the cost to develop it is excessive. Geographic information The following summarizes the Bank’s total interest and valuation and long-lived assets attributable to Colombia and other foreign countries based on the country where the interest and valuation was originated: 2019 2018 2017 Geographic information Interest and Long-lived Interest and Long-lived Interest and Long-lived valuation assets (1) valuation assets (1) valuation assets (1) In millions of COP Colombia 13,129,674 7,095,848 12,379,140 4,788,744 13,111,518 4,353,782 Panama 2,592,875 792,841 2,166,482 378,021 1,986,741 297,832 Puerto Rico 83,303 1,586 77,917 321 68,556 388 Peru (2) - - 253 165,076 658 115,840 El Salvador 1,097,976 373,378 932,444 296,040 883,538 280,562 Costa Rica - 107 - 131 - 80 Guatemala 978,101 288,794 895,693 170,078 866,049 166,662 Total 17,881,929 8,552,554 16,451,929 5,798,411 16,917,060 5,215,146 Eliminations and translation adjustment (501,245) 6,173,494 (335,429) 6,533,616 (220,667) 5,999,471 Total, net 17,380,684 14,726,048 16,116,500 12,332,027 16,696,393 11,214,617 (1) Included assets held for sale, premises and equipment, investment property and goodwill. (2) Investments in FiduPerú S.A. and Arrendamiento Operativo CIB S.A.C were sold in 2019 and classified as Assets held for sale in the Consolidated Statement of Financial Position as of December 31, 2018. For Further information, see Note 13 Assets held for sale and inventories.

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	12 Months Ended
	Dec. 31, 2019
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS	NOTE 4. CASH AND CASH EQUIVALENTS For purposes of the consolidated statement of cash flow and the consolidated statement of financial position, the following assets are considered as cash and cash equivalents: December 31, 2019 December 31, 2018 In millions of COP Cash and balances at central bank Cash 6,658,688 5,192,182 Due from central banks (1) 8,299,656 6,603,500 Due from other private financial entities 3,033,898 3,713,481 Checks on hold 154,985 216,323 Remittances of domestic negotiated checks in transit 108,838 107,531 Total cash and due from banks 18,256,065 15,833,017 Money market transactions Interbank borrowings 2,465,913 1,965,973 Reverse repurchase agreements and other similar secured loans 3,016,064 931,820 Total money market transactions 5,481,977 2,897,793 Total cash and cash equivalents 23,738,042 18,730,810 (1) According to External Resolution Number 005 of 2008 issued by the Colombian Central Bank, the Parent Company must maintain the equivalent of 4.50% of its customer’s deposits with a maturity term less than 18 months as a legal banking reserve, represented in deposits at the Central Bank or as cash in hand. In addition, according to Resolution Number 177 of 2002 issued by the Guatemalian Monetary Board, Grupo Agromercantil Holding through its subsidiary Banco Agromercantil de Guatemala must maintain the equivalent of 14.60% of its customer’s deposits daily balances as a legal banking reserve, represented in unrestricted deposits at the Bank of Guatemala. For its part, according to the norm of the banks Number 3‑06 of 2000 issued by the Financial System Superintendency of El Salvador, Banco Agrícola must mantain an equivalent amount between 1.00% and 25.00% of its average daily balance of deposits and debt securities in issue as a liquidity reserve, represented in unrestricted deposits or debt securities issued by El Salvador Central Bank. Finally, in accordance with the Agreement 004 of 2008 issued by the Superintendency of Banks of Panama, all Panamanian banks must maintain a minimum legal liquidity rate established at 30.00%. As of December 31, 2019 and 2018, there is restricted cash amounting to COP 334,190 and COP 248,662, respectively, included in other assets on the statement of financial position. For further information see Note 14 Other assets , net. Which represents margin deposits pledged as collateral for derivative contracts traded through clearing houses. As of December 31, 2018, cash and cash equivalents held by FiduPerú S.A. Sociedad Fiduciaria COP 5,830 and Arrendamiento Operativo CIB S.A.C COP 6,646, were classified as assets held for sale in 2018, these entities were sold in 2019. For further information see Note 13 Assets held for sale and inventories , net.

FINANCIAL ASSETS INVESTMENTS AN

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES	12 Months Ended
	Dec. 31, 2019
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES	NOTE 5. FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES 5. 1 Financial assets investments The Bank’s securities portfolios at fair value through profit or loss, other comprehensive income and at amortized cost are listed below, as of December 31, 2019 and 2018: As of December 31, 2019 Measurement methodology Financial assets investments Fair value through Fair value through other Total carrying profit or loss comprehensive income Amortized cost value In millions of COP Securities issued by the Colombian Government 5,688,942 - 91,230 5,780,172 Securities issued by foreign governments 1,076,231 3,595,773 309,603 4,981,607 Securities issued by government entities 71,792 - 1,827,127 1,898,919 Securities issued by other financial institutions (1) 724,880 254,025 205,203 1,184,108 Corporate bonds 108,904 55,059 1,585,561 1,749,524 Total debt instruments 7,670,749 3,904,857 4,018,724 15,594,330 Total equity securities 718,270 510,154 1,228,424 Total financial assets investments 16,822,754 (1) Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 198,115. For further information on TIPS’ fair value measurement see Note 30 fair value of assets and liabilities. As of December 31, 2018 Measurement methodology Financial assets investments Fair value through Fair value through other Total carrying profit or loss comprehensive income Amortized cost value In millions of COP Securities issued by the Colombian Government 7,242,168 - 50,243 7,292,411 Securities issued by foreign governments 817,639 3,143,488 272,073 4,233,200 Securities issued by government entities 43,846 - 1,875,260 1,919,106 Securities issued by other financial institutions (1) 661,176 186,250 143,750 991,176 Corporate bonds 145,032 - 1,140,602 1,285,634 Total debt instruments 8,909,861 3,329,738 3,481,928 15,721,527 Total equity securities 1,101,461 538,487 - 1,639,948 Total financial assets investments 17,361,475 (1) Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 196,920 and amortized cost amounting to COP 7. For further information on TIPS' fair value measurement see Note 30 fair value of assets and liabilities. The following tables set forth the debt instruments portfolio by maturity: As of December 31, 2019 Less than 1 Between 1 and 3 Between 3 and 5 Greater than 5 year years years years Total In millions of COP Securities at fair value through profit or loss Securities issued by the Colombian Government 1,527,763 3,379,950 125,094 656,135 5,688,942 Securities issued by foreign governments 827,285 17,009 13,600 218,337 1,076,231 Securities issued by government entities 1,533 61,776 368 8,115 71,792 Securities issued by other financial institutions 157,976 281,681 60,699 224,524 724,880 Corporate bonds 10,003 34,468 24,998 39,435 108,904 Subtotal 2,524,560 3,774,884 224,759 1,146,546 7,670,749 Fair value through other comprehensive income Securities issued by foreign governments 1,664,182 1,119,316 414,961 397,314 3,595,773 Securities issued by other financial institutions 105,894 - - 148,131 254,025 Corporate bond 9,453 - - 45,606 55,059 Subtotal 1,779,529 1,119,316 414,961 591,051 3,904,857 Securities at amortized cost Securities issued by the Colombian Government - 13,635 77,595 - 91,230 Securities issued by foreign governments 6,304 19,963 1,285 282,051 309,603 Securities issued by government entities 1,827,127 - - - 1,827,127 Securities issued by other financial institutions 77,264 127,939 - - 205,203 Corporate bonds - 244,498 361,111 979,952 1,585,561 Subtotal 1,910,695 406,035 439,991 1,262,003 4,018,724 Total debt instruments 6,214,784 5,300,235 1,079,711 2,999,600 15,594,330 For further information related to disclosures of the fair value of securities, please see Note 30 Fair value of assets and liabilities. As of December 31, 2018 Less than 1 Between 1 and 3 Between 3 and 5 Greater than 5 year years years years Total In millions of COP Securities at fair value through profit or loss Securities issued by the Colombian Government 2,376,212 2,142,086 884,248 1,839,622 7,242,168 Securities issued by foreign governments 511,149 25,165 55,041 226,284 817,639 Securities issued by government entities 27,905 10,488 109 5,344 43,846 Securities issued by other financial institutions 169,615 164,208 105,231 222,122 661,176 Corporate bonds 28,539 20,739 47,415 48,339 145,032 Subtotal 3,113,420 2,362,686 1,092,044 2,341,711 8,909,861 Fair value through other comprehensive income Securities issued by foreign governments 1,334,351 1,018,119 593,346 197,672 3,143,488 Securities issued by other financial institutions 5,807 - - 180,443 186,250 Subtotal 1,340,158 1,018,119 593,346 378,115 3,329,738 Securities at amortized cost Securities issued by the Colombian Government 50,243 - - - 50,243 Securities issued by foreign governments 12,534 9,897 2,661 246,981 272,073 Securities issued by government entities 1,875,260 - - - 1,875,260 Securities issued by other financial institutions 85,366 23,650 34,734 - 143,750 Corporate bonds - 56,546 265,853 818,203 1,140,602 Subtotal 2,023,403 90,093 303,248 1,065,184 3,481,928 Total debt instruments 6,476,981 3,470,898 1,988,638 3,785,010 15,721,527 For further information related to disclosures of the fair value of securities, please see Note 30 Fair value of assets and liabilities. The following table shows the fair value of equity securities: Carrying amount Equity securities December 31, 2019 December 31, 2018 In millions of COP Total of securities at fair value through profit or loss (1) 718,270 1,101,461 Total of securities at fair value through OCI 510,154 538,487 Total equity securities 1,228,424 1,639,948 (1) Most of the decrease is due to the sale of Sura Asset Management by (USD 135,173) COP 423,996 in April 15, 2019 to Caisse de Dépôt et Placement du Québec (CDPQ). The Bank has recognized in the consolidated statement of comprehensive income COP 43,889 in 2019, COP 33,838 in 2018 and COP 38,884 in 2017 related to equity securities and trust funds at fair value through OCI. See Consolidated Statement of Comprehensive Income. Equity securities that have been designated to be measured at fair value through OCI are considered strategic for the Bank and, thus, there is no intention to sell them in the foreseeable future and that is the main reason for using this presentation alternative. The following table details the equity instruments designated at fair value through other comprehensive income analyzed by listing status: Carrying amount Equity securities December 31, 2019 December 31, 2018 In millions of COP Securities at fair value through OCI : Equity securities listed in Colombia 69,279 71,626 Equity securities listed in foreign countries 6,352 5,319 Equity securities unlisted: TELERED 114,906 100,126 Asociación Gremial de Instituciones Financieras Credibanco S.A. 96,539 84,807 CIFI - 23,663 Compañía De Procesamiento de Medios de Pago Guatemala (Bahamas), S. A. 19,012 17,408 Transacciones y Transferencias, S. A. 4,557 6,424 CADENALCO 3,163 2,964 Others 196,346 226,150 Total equity securities at fair value through OCI 510,154 538,487 (1) During 2019 CIFI was totally sold for USD 6,122. This transaction transferred from OCI to retained earnings the amount of COP 3,685. During 2019, 2018 and 2017 no impairment loss was recognized on equity securities. Dividends received from equity investments at fair value through OCI held as of December 31, 2019, 2018 and 2017 amounted to COP 10,498, COP 13,105 and COP 11,951, respectively. See Note 25.5 Dividends and net income on equity investments. Equity investments do not have a specific maturity date; therefore, they are not included in the maturity detail. The detail of the securities pledged as collateral as of December 31, 2019 and 2018 is as follows: As of December 31, 2019 Pledged financial assets Term Security pledged Carrying amount In millions of COP Investments pledged as collateral in money market Securities issued by the Colombian Government Less than 3 months TES-Treasury instruments 49,591 Securities issued by the Colombian Government Greater than 12 months TES-Treasury instruments 709,439 Securities issued by foreign governments Greater than 12 months Bonds 131,086 Subtotal investments pledged as collateral in money market 890,116 Investments pledged as collateral in derivative operations Securities issued by the Colombian Government Less than 3 months TES - Treasury instruments 114,060 Securities issued by the Colombian Government Between 6 and 12 months TES - Treasury instruments 8,150 Securities issued by the Colombian Government Greater than 12 months TES - Treasury instruments 101,229 Equity securities listed in stock market Permanent Stocks 7,664 Subtotal investments pledged as collateral in derivative operations 231,103 Total securities pledged as collateral 1,121,219 As of December 31, 2018 Pledged financial assets Term Security pledged Carrying amount In millions of COP Investments pledged as collateral in money market Equity securities listed in stock market Less than 3 months Stocks 2,855 Securities issued by the Colombian Government Less than 3 months TES-Treasury instruments 264,292 Securities issued by the Colombian Government Between 3 and 6 months TES-Treasury instruments 67,658 Securities issued by the Colombian Government Between 6 and 12 months TES-Treasury instruments 713,974 Securities issued by the Colombian Government Greater than 12 months TES-Treasury instruments 1,131,623 Securities issued by foreign governments Greater than 12 months Bonds 285,463 Securities issued by other financial institutions Greater than 12 months CDT 181,951 Subtotal investments pledged as collateral in money market 2,647,816 Investments pledged as collateral in derivative operations Equity securities listed in stock market Less than 3 months Stocks 91 Securities issued by the Colombian Government Between 3 and 6 months TES - Treasury instruments 1,353 Securities issued by the Colombian Government Between 6 and 12 months TES - Treasury instruments 168,375 Securities issued by the Colombian Government Greater than 12 months TES - Treasury instruments 10,182 Subtotal investments pledged as collateral in derivative operations 180,001 Total securities pledged as collateral 2,827,817 The following table shows the breakdown of the changes in the gross carrying amount of the debt securities at Fair value through other comprehensive income and Amortized cost, in order to explain their significance to the changes in the loss allowance for the same portfolio as discussed above: As of December 31, 2019 Debt instruments portfolio Stage 1 Stage 2 Total In millions of COP Gross carrying amount as at 1 January 2019 6,785,507 26,159 6,811,666 Change in measurement (1) 12,645 - 12,645 Financial assets derecognized during the period other than write-offs (3,596,773) (393) (3,597,166) New financial assets purchased 4,670,615 69,592 4,740,207 Valuation on investments and Write-offs (71,124) 260 (70,864) Foreign exchange 26,876 217 27,093 Gross carrying amount as at 31 December 2019 7,827,746 95,835 7,923,581 (1) Change in measurement took place on a corporate bond of Banco Agrícola S.A. debt instruments portfolio from fair value through profit or loss to amortized cost. As of December 31, 2018 Debt instruments portfolio measure at fair value through OCI and amortized cost Stage 1 Stage 2 Total In millions of COP Gross carrying amount as at 1 January 2018 5,673,059 440,273 6,113,332 Transfers: Transfer from Stage 2 to Stage 1 153,447 (153,447) - Change in measurement (1) 130,671 - 130,671 Financial assets derecognized during the period other than write-offs (3,124,605) (279,488) (3,404,093) New financial assets purchased 3,859,206 393 3,859,599 Valuation on investments and Write-offs (133,232) 4,109 (129,123) Foreign exchange 226,961 14,319 241,280 Gross carrying amount as at 31 December 2018 6,785,507 26,159 6,811,666 (1) Changes in measurement correspond to transfer a certain debt instruments of Grupo Agromercantil Holding from fair value through profit or loss to amortized cost. The following shows provisions detail for the debt instruments portfolio using the expected credit losses model: As of December 31, 2019 Concept Stage 1 Stage 2 Total In millions of COP Securities at amortized cost 3,922,889 95,835 4,018,724 Carrying amount 3,933,039 97,423 4,030,462 Loss allowance (10,150) (1,588) (11,738) Securities at fair value through other comprehensive income 3,904,857 - 3,904,857 Carrying amount 3,907,720 - 3,907,720 Loss allowance (2,863) - (2,863) As of December 31, 2018 Concept Stage 1 Stage 2 Total In millions of COP Securities at amortized cost 3,456,164 25,764 3,481,928 Carrying amount 3,467,285 26,373 3,493,658 Loss allowance (11,121) (609) (11,730) Securities at fair value through other comprehensive income 3,329,345 393 3,329,738 Carrying amount 3,332,398 393 3,332,791 Loss allowance (3,053) - (3,053) The changes in the allowance are mainly due to the application of the expected credit losses model to debt instruments measured at amortized cost. The following table sets forth the changes in the allowance for debt instruments measured at amortized cost and fair value through other comprehensive income: As of December 31, 2019 Concept Stage 1 Stage 2 Total In millions of COP Balance of January 1, 2019 14,174 609 14,783 Net effect of loss allowance changes (38) - (38) New debt instruments purchased 5,512 975 6,487 Debt instruments that have been derecognized (6,704) - (6,704) Translation adjustment 69 4 73 Balance of December 31, 2019 13,013 1,588 14,601 The increase in stage 2 is due to purchases of Securities issued by the Guatemalan government. As of December 31, 2018 Concept Stage 1 Stage 2 Total In millions of COP Balance of January 1, 2018 8,932 6,797 15,729 Net effect in loss allowance changes 4,730 (1,956) 2,774 Transfer to stage 1 488 (488) - New debt instruments purchased 6,693 - 6,693 Debt instruments that have been derecognized (6,673) (3,750) (10,423) Translation adjustment 4 6 10 Balance of December 31, 2018 14,174 609 14,783 The decrease in stage 2 is due to changes in debt instruments to stage 1 due to improvements in portfolio’s credit risk and a better performance of the Salvadorian economy due to an increase of the received remittances. 5. 2 Derivative financial instruments The Bank derivative activities do not give rise to significant open positions in portfolios of derivatives. The Bank enters into derivative transactions to facilitate customer business, for hedging purposes and arbitrage activities, such as forwards, options or swaps where the underlying are exchange rates, interest rates and securities. A swap agreement is a contract between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. Financial futures and forward settlement contracts are agreements to buy or sell a quantity of a financial instrument (including another derivative financial instrument), index, currency or commodity at a predetermined rate or price during a period or at a date in the future. Futures and option contracts are standardized agreements for future delivery, traded on exchanges that typically act as a platform. For further information related to the objectives, policies and processes for managing the Bank’s risk, please see Note 31 Risk management. The following table sets forth the carrying values of the Bank’s derivatives by type of risk as of December 31, 2019 and 2018: Derivatives December 31, 2019 December 31, 2018 In millions of COP Forwards Assets Foreign exchange contracts 715,365 294,345 Equity contracts 2,143 981 Subtotal assets 717,508 295,326 Liabilities Foreign exchange contracts (768,015) (299,015) Equity contracts (4,346) (7,585) Subtotal liabilities (772,361) (306,600) Total forwards (54,853) (11,274) Swaps Assets Foreign exchange contracts 757,296 1,199,236 Interest rate contracts 372,553 252,928 Subtotal assets 1,129,849 1,452,164 Liabilities Foreign exchange contracts (652,610) (700,903) Interest rate contracts (377,341) (257,978) Subtotal liabilities (1,029,951) (958,881) Total swaps 99,898 493,283 Options Assets Foreign exchange contracts 55,598 96,218 Subtotal assets 55,598 96,218 Liabilities Foreign exchange contracts (58,500) (29,589) Subtotal liabilities (58,500) (29,589) Total options (2,902) 66,629 Derivative assets 1,902,955 1,843,708 Derivative liabilities (1,860,812) (1,295,070) The table below present the notional amounts of the derivatives contracts as of December 31, 2019 and 2018: Derivatives December 31, 2019 December 31, 2018 In millions of COP Forwards Assets Foreign exchange contracts 14,682,330 10,968,445 Equity contracts 790,715 495,124 Subtotal assets 15,473,045 11,463,569 Liabilities Foreign exchange contracts (16,753,243) (11,482,549) Equity contracts (1,781,398) (2,278,708) Subtotal liabilities (18,534,641) (13,761,257) Total forwards (3,061,596) (2,297,688) Swaps Assets Foreign exchange contracts 8,974,412 10,504,017 Interest rate contracts 27,128,780 21,281,866 Subtotal assets 36,103,192 31,785,883 Liabilities Foreign exchange contracts (8,322,241) (4,962,024) Interest rate contracts (17,995,622) (16,997,169) Subtotal liabilities (26,317,863) (21,959,193) Total swaps 9,785,329 9,826,690 Options Assets Foreign exchange contracts 2,445,445 1,797,496 Subtotal assets 2,445,445 1,797,496 Liabilities Foreign exchange contracts (2,412,778) (1,638,795) Subtotal liabilities (2,412,778) (1,638,795) Total options 32,667 158,701 Futures Assets Foreign exchange contracts 5,826,363 1,426,478 Equity contracts 4 54,002 Subtotal assets 5,826,367 1,480,480 Liabilities Foreign exchange contracts (492) (1,434,115) Equity contracts (4) (3,000) Subtotal liabilities (496) (1,437,115) Total futures 5,825,871 43,365 Derivative assets 59,848,049 46,527,428 Derivative liabilities (47,265,778) (38,796,360) The following table sets forth the remaining contractual life of the derivatives portfolio: As of December 31, 2019 Forwards Swaps Options Total In millions of COP Assets 717,508 1,129,849 55,598 1,902,955 Less than 1 year 712,990 281,412 51,475 1,045,877 Between 1 and 3 years 4,518 364,797 4,123 373,438 Greater than 3 years - 483,640 - 483,640 Liabilities (772,361) (1,029,951) (58,500) (1,860,812) Less than 1 year (757,560) (259,645) (51,686) (1,068,891) Between 1 and 3 years (14,801) (311,324) (6,814) (332,939) Greater than 3 years - (458,982) - (458,982) Total (54,853) 99,898 (2,902) 42,143 As of December 31, 2018 Forwards Swaps Options Total In millions of COP Assets 295,326 1,452,164 96,218 1,843,708 Less than 1 year 277,578 645,735 69,292 992,605 Between 1 and 3 years 17,741 345,321 26,926 389,988 Greater than 3 years 7 461,108 - 461,115 Liabilities (306,600) (958,881) (29,589) (1,295,070) Less than 1 year (292,585) (270,900) (17,305) (580,790) Between 1 and 3 years (14,015) (262,848) (12,284) (289,147) Greater than 3 years - (425,133) - (425,133) Total (11,274) 493,283 66,629 548,638 Collateral for derivatives The table below presents the cash collateral amounts posted under derivatives contracts as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 In millions of COP Collateral paid 291,150 213,677 Collateral received (324,768) (471,340) Hedge accounting The Bank, through Banistmo, has entered into derivatives to manage its interest risk. Those derivatives are designated as hedging instruments to protect the Bank against changes in the fair value of Banistmo´s position in debt instruments issued by the Panamanian Government (fair value hedge). The hedge effectiveness assessment is performed on a monthly basis consistently throughout the hedging relationship. For fair value hedges, the changes in value of the hedging derivative, as well as the changes in value of the related hedged item concerning to the risk hedged, are reflected in the statement of income in the line “Interest and valuation on investments”. Fair value hedging As of December 31, 2019 and 2018, Banistmo has designated 8 derivative contracts (Interest rate swaps), as fair value hedging instruments with maturity dates ranging from July 2022. The following table contains details of the hedged expresures covered by the Group’s hedging strategies: December 31, 2019 In millions of COP Carrying amount of hedged Accumulated amount of fair value item adjustments on the hedged item Balance sheet line item Assets Liabilities Fair value hedges Interest rate - Fixed rate 287,670 (4,955) Financial assets investments December 31, 2019 In thousands of USD Carrying amount of hedged Accumulated amount of fair value item adjustments on the hedged item Balance sheet line item Assets Liabilities Fair value hedges Interest rate - Fixed rate 87,781 (1,512) Financial assets investments December 31, 2018 In millions of COP Carrying amount of hedged Accumulated amount of fair value item adjustments on the hedged item Balance sheet line item Assets Assets Fair value hedges Interest rate - Fixed rate 285,463 1,829 Financial assets investments December 31, 2018 In thousands of USD Carrying amount of hedged Accumulated amount of fair value item adjustments on the hedged item Balance sheet line item Assets Assets Fair value hedges Interest rate - Fixed rate 87,841 563 Financial assets investments The following table sets forth the notional amount and fair value of the hedged item recognized in the statement of financial position as ‘Financial assets investments’, as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 In millions of COP Notional amount 260,696 258,518 Fair value 287,670 285,463 December 31, 2019 December 31, 2018 In thousands of USD Notional amount 79,550 79,550 Fair value 87,781 87,841 The following table contains information regarding the effectiveness of the hedging relationships designated by the Group, as well as the impacts on profit or loss and other comprehensive income: December 31, 2019 In millions of COP Gains / (loss) recognized in Hedge Ineffectiveness recognized in P&L line item that includes hedge OCI P&L ineffectiveness Fair value hedges Interest rate - Fixed rate - 663 Other operating income December 31, 2018 In millions of COP Gains / (loss) recognized in Hedge Ineffectiveness recognized in P&L line item that includes hedge OCI P&L ineffectiveness Fair value hedges Interest rate - Fixed rate - 14,158 Other operating income December 31, 2017 In millions of COP Gains / (loss) recognized in Hedge Ineffectiveness recognized in P&L line item that includes hedge OCI P&L ineffectiveness Fair value hedges Interest rate - Fixed rate - (3,678) Other operating income Net foreign investment The Bank has designated debt securities in issue for USD 2,200,000 as a hedged instrument for hedging a portion of the net assets of Banistmo S.A.. Consequently, the exchange difference relating to the translation of the net assets of Banistmo from its functional currency (dollar) to the Bank’s presentation currency (Colombian pesos) are recognized directly in other comprehensive income by the Parent Company. The adjustment recognized in other comprehensive income amounted to COP (60,258), COP (584,650) and COP 36,762, for the years ended at December 31, 2019, 2018 and 2017, respectively. For further information see note 18 Debt instruments in issue. Offsetting of derivatives The Bank enters into International Swaps and Derivatives Association (ISDA) master netting agreements or similar agreements with substantially all of the Bank’s derivative counterparties. Where legally enforceable, and depending on the Bank’s intention, these master netting agreements give the Bank, in the event of default by the counterparty, the right to liquidate securities and cash equivalents held as collateral and to offset receivables and payables with the same counterparty. The table below presents derivative instruments subject to enforceable master netting agreements and other similar agreements but not offset in the statement of financial position as of December 31, 2019 and 2018 by derivative and by risk: As of December 31, 2019 Derivatives Assets Derivatives Liabilities In millions of COP Over-the-counter Foreign exchange contracts Swaps 757,296 (652,610) Forwards 715,365 (768,015) Options 55,598 (58,500) Interest rate contracts Swaps 372,553 (377,341) Equity contracts Forwards 2,143 (4,346) Gross derivative assets/liabilities 1,902,955 (1,860,812) Offseting of derivates - - Derivative financial instruments in statement of financial position 1,902,955 (1,860,812) Master netting agreements (1,803,407) 1,787,511 Cash collateral received/paid (99,548) 73,301 Total derivative financial instruments assetss/ liabilities before collateral and Master netting agreements - - As of December 31, 2018 Derivatives Assets Derivatives Liabilities In millions of COP Over-the-counter Foreign exchange contracts Swaps 1,199,236 (700,903) Forwards 294,345 (299,015) Options 96,218 (29,589) Interest rate contracts Swaps 252,928 (257,978) Equity contracts Forwards 981 (7,585) Gross derivative assets/liabilities 1,843,708 (1,295,070) Offseting of derivates - - Derivative financial instruments in statement of financial position 1,843,708 (1,295,070) Master netting agreements (1,179,503) 1,295,070 Cash collateral received/paid (471,340) - Total derivative financial instruments assetss/ liabilities before collateral and Master netting agreements 192,865 - For further information about offsetting of other financial assets and liabilities see Note 16 Interbank deposits and repurchase agreements and other similar secured borrowing.

LOANS AND ADVANCES TO CUSTOMERS

LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET	12 Months Ended
	Dec. 31, 2019
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET	NOTE 6. LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET Loans and financial leasing operating portfolio The following is the composition of the loans and financial leasing operations portfolio, net as of December 31, 2019 and 2018: Composition December 31, 2019 December 31, 2018 In millions of COP Commercial (1) 92,768,553 94,600,648 Consumer 39,700,670 31,993,381 Mortgage 23,983,283 22,870,685 Financial Leases (2) 24,550,829 23,198,204 Small Business Loans 1,279,408 1,156,198 Total gross loans and advances to customers and financial institutions 182,282,743 173,819,116 Total allowance (10,929,395) (10,235,831) Total Net loans and advances to customers and financial institutions 171,353,348 163,583,285 (1) Includes loans to financial institutions amounting to COP 9,686,637 and COP 8,154,507 as of December 31, 2019 and 2018, respectively. (2) See note 7.1 Lessor. The following table shows the breakdown of loans to financial institutions by stage: As of December 31, 2019 Stage 1 Stage 2 Stage 3 TOTAL Total loans to Financial institutions 9,685,938 38 661 9,686,637 Allowance (23,820) (9) (328) (24,157) Total Net Loans with financial institutions 9,662,118 29 333 9,662,480 As of December 31, 2018 Stage 1 Stage 2 Stage 3 TOTAL Total loans to Financial institutions 8,140,354 13,812 341 8,154,507 Allowance (15,048) (1,123) (267) (16,438) Total Net Loans with financial institutions 8,125,306 12,689 74 8,138,069 For more details on the composition of the loans and financial leasing operations portfolio, see Note 31 Risk Management. Allowance for loans losses The following table sets forth the changes in the allowance for loans and advances and lease losses as of December 31, 2019, 2018 and 2017: As of December 31, 2019 Small Concept Commercial Consumer Mortgage Financial business Total Leases loans In millions of COP +Balance at beginning of period January 1, 2019 5,360,833 2,892,891 853,764 990,970 137,373 10,235,831 +/- Loan purchases / Loan sales (1) (4,332) - - (1,557) - (5,889) + Recovery of charged - off loans 139,268 317,722 33,869 57,057 3,734 551,650 + Credit impairment charges on loans, advances and financial leases, net 1,299,379 1,971,037 33,808 25,130 55,827 3,385,181 + Adjusted stage 3 223,824 148,001 42,495 50,119 9,277 473,716 - Charges-off (1,572,113) (1,890,490) (104,720) (97,148) (65,909) (3,730,380) +/- Translation adjustment 10,134 6,657 1,449 832 214 19,286 Balance at December 31, 2019 5,456,993 3,445,818 860,665 1,025,403 140,516 10,929,395 (1) This item includes portfolio purchase/sales operation held between Bancolombia S.A. and Titularizadora Colombiana. As of December 31, 2018 Small Concept Commercial Consumer Mortgage Financial business Total Leases loans In millions of COP Balance of period December 31, 2017 4,514,180 2,291,829 645,101 631,402 140,591 8,223,103 + Effect of adoption of IFRS 9 512,959 237,515 106,692 176,521 1,374 1,035,061 +Balance at beginning of period January 1, 2018 5,027,139 2,529,344 751,793 807,923 141,965 9,258,164 +/- Loan purchases / Loan sales (1) (2,020) - - (377) - (2,397) + Recovery of charged - off loans 124,865 251,632 22,373 51,808 9,182 459,860 + Credit impairment charges on loans, advances and financial leases, net 1,463,097 1,943,323 150,873 231,668 62,664 3,851,625 Adjusted stage 3 158,396 71,157 26,502 22,230 7,127 285,412 - Charges-off (1,468,704) (2,012,315) (112,417) (135,674) (86,802) (3,815,912) +/- Translation adjustment 58,060 109,750 14,640 13,392 3,237 199,079 Balance at December 31, 2018 5,360,833 2,892,891 853,764 990,970 137,373 10,235,831 (1) This item includes portfolio purchase/sales operation held between Bancolombia S.A. and Titularizadora Colombiana. As of December 31, 2017 (under IAS 39) Small Concept Commercial Consumer Mortgage Financial business Total Leases loans In millions of COP +Balance at beginning of period 3,499,791 1,791,123 653,936 567,046 110,015 6,621,911 + Recovery of charged - off loans 144,852 197,971 13,933 45,434 8,670 410,860 + Credit impairment charges on loans, advances and financial leases, net 1,665,809 1,601,863 16,881 97,267 86,879 3,468,699 - Charges-off (792,145) (1,302,630) (37,677) (77,762) (65,086) (2,275,300) +/- Translation adjustment (4,127) 3,502 (1,972) (583) 113 (3,067) = Balance at end of year 4,514,180 2,291,829 645,101 631,402 140,591 8,223,103 The following explains the significant changes in the loans and the allowance for loans losses by category during the periods ended at December 31, 2019 and 2018 as a result of applying the expected credit loss model according to IFRS 9: As of December 31, 2019 Commercial Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance Balance at January 1, 2019 83,632,770 (522,230) 3,214,860 (358,473) 7,753,018 (4,480,130) 94,600,648 (5,360,833) Transfers of financial instruments: (3,379,040) (59,345) 1,490,896 (16,514) 1,888,144 75,859 — — Transfers from stage 1 to stage 2 (2,346,307) 20,143 2,346,307 (20,143) — — — — Transfers from stage 1 to stage 3 (1,639,408) 25,881 — — 1,639,408 (25,881) — — Transfers from stage 2 to stage 1 567,870 (90,503) (567,870) 90,503 — — — — Transfers from stage 2 to stage 3 — — (531,867) 49,065 531,867 (49,065) — — Transfers from stage 3 to stage 1 38,805 (14,866) — — (38,805) 14,866 — — Transfers from stage 3 to stage 2 — — 244,326 (135,939) (244,326) 135,939 — — Remeasurement arising from transfer of stage (69,103) 73,117 (180,970) (35,733) (79,264) (975,050) (329,337) (937,666) Remeasurement from remaining in the stage (6,053,045) 51,741 (107,835) 28,901 (329,883) (394,399) (6,490,763) (313,757) Remeasurement due to changes in economics factors — (10,026) — (22,778) — 1,184 — (31,620) Remeasurement due to changes in model inputs — (3,710) — 17,351 — (9,551) — 4,090 Remeasurement due to methodological changes — 39,705 — (25,887) — (4,023) — 9,795 New financial assets purchased/originated 45,168,819 (288,705) 1,158,765 (183,524) 1,801,096 (1,110,945) 48,128,680 (1,583,174) Financial assets that have been derecognized (39,407,782) 178,138 (788,746) 71,301 (1,636,411) 944,754 (41,832,939) 1,194,193 Charges-off (63,585) 1,946 (37,362) 11,779 (1,471,166) 1,558,388 (1,572,113) 1,572,113 Foreign Exchange and other movements 239,722 (5,627) 13,415 (653) 11,240 (3,854) 264,377 (10,134) Balance at December 31, 2019 80,068,756 (544,996) 4,763,023 (514,230) 7,936,774 (4,397,767) 92,768,553 (5,456,993) Consumer Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance Balance at January 1, 2019 28,666,461 (980,423) 1,758,162 (520,976) 1,568,758 (1,391,492) 31,993,381 (2,892,891) Transfers of financial instruments: (1,019,225) (80,128) 283,945 43,795 735,280 36,333 — — Transfers from stage 1 to stage 2 (795,809) 50,864 795,809 (50,864) — — — — Transfers from stage 1 to stage 3 (739,010) 54,799 — — 739,010 (54,799) — — Transfers from stage 2 to stage 1 436,178 (115,024) (436,178) 115,024 — — — — Transfers from stage 2 to stage 3 — — (167,143) 56,945 167,143 (56,945) — — Transfers from stage 3 to stage 1 79,416 (70,767) — — (79,416) 70,767 — — Transfers from stage 3 to stage 2 — — 91,457 (77,310) (91,457) 77,310 — — Remeasurement arising from transfer of stage (98,739) 133,169 (102,200) (121,934) 253,224 (1,695,509) 52,285 (1,684,274) Remeasurement from remaining in the stage (2,511,256) 1,038 (70,576) 35,413 (32,301) 10,533 (2,614,133) 46,984 Remeasurement due to changes in economics factors — (9,591) — 3,802 — 735 — (5,054) Remeasurement due to changes in model inputs — 126,465 — (47,491) — 4,103 — 83,077 Remeasurement due to methodological changes — (32,531) — 2,937 — (7,881) — (37,475) New financial assets purchased/originated 19,784,995 (664,927) 764,355 (258,400) 497,769 (434,371) 21,047,119 (1,357,698) Financial assets that have been derecognized (8,422,375) 253,971 (355,731) 99,012 (189,520) 164,697 (8,967,626) 517,680 Charges-off (511,958) 48,659 (315,056) 111,948 (1,063,476) 1,729,883 (1,890,490) 1,890,490 Foreign Exchange and other movements 69,728 (2,393) 6,390 (1,532) 4,016 (2,732) 80,134 (6,657) Balance at December 31, 2019 35,957,631 (1,206,691) 1,969,289 (653,426) 1,773,750 (1,585,701) 39,700,670 (3,445,818) Financial Leases Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance Balance at January 1, 2019 20,355,961 (104,429) 1,145,165 (179,668) 1,697,078 (706,873) 23,198,204 (990,970) Transfers of financial instruments: (1,061,321) (22,213) 731,304 42,010 330,017 (19,797) — — Transfers from stage 1 to stage 2 (1,048,366) 7,688 1,048,366 (7,688) — — — — Transfers from stage 1 to stage 3 (264,298) 4,497 — — 264,298 (4,497) — — Transfers from stage 2 to stage 1 233,500 (26,504) (233,500) 26,504 — — — — Transfers from stage 2 to stage 3 — — (186,146) 46,019 186,146 (46,019) — — Transfers from stage 3 to stage 1 17,843 (7,894) — — (17,843) 7,894 — — Transfers from stage 3 to stage 2 — — 102,584 (22,825) (102,584) 22,825 — — Remeasurement arising from transfer of stage (28,895) 22,751 (63,900) (58,729) (31,375) (143,003) (124,170) (178,981) Remeasurement from remaining in the stage (1,524,336) 7,477 (72,455) 32,405 (10,924) (41,790) (1,607,715) (1,908) Remeasurement due to changes in economics factors — (1,822) — (3,044) — (42) — (4,908) Remeasurement due to changes in model inputs — 2,083 — 661 — (22,147) — (19,403) Remeasurement due to methodological changes — 13,701 — (23,672) — (8,793) — (18,764) New financial assets purchased/originated 4,760,874 (30,539) 262,832 (4,919) 23,518 (10,862) 5,047,224 (46,320) Financial assets that have been derecognized (1,481,828) 9,126 (143,203) 21,104 (291,926) 109,305 (1,916,957) 139,535 Charges-off (713) 7 (2,974) 580 (93,461) 96,561 (97,148) 97,148 Foreign Exchange and other movements 50,142 (104) 658 (240) 591 (488) 51,391 (832) Balance at December 31, 2019 21,069,884 (103,962) 1,857,427 (173,512) 1,623,518 (747,929) 24,550,829 (1,025,403) Mortgage Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance Balance at January 1, 2019 20,280,416 (110,722) 1,513,063 (157,016) 1,077,206 (586,026) 22,870,685 (853,764) Transfers of financial instruments: (78,120) (75,570) (20,302) 6,849 98,422 68,721 — — Transfers from stage 1 to stage 2 (609,598) 9,392 609,598 (9,392) — — — — Transfers from stage 1 to stage 3 (177,154) 4,876 — — 177,154 (4,876) — — Transfers from stage 2 to stage 1 631,692 (57,920) (631,692) 57,920 — — — — Transfers from stage 2 to stage 3 — — (167,345) 24,239 167,345 (24,239) — — Transfers from stage 3 to stage 1 76,940 (31,918) — — (76,940) 31,918 — — Transfers from stage 3 to stage 2 — — 169,137 (65,918) (169,137) 65,918 — — Remeasurement arising from transfer of stage (50,316) 54,296 (35,924) (15,576) 38,394 (154,824) (47,846) (116,104) Remeasurement from remaining in the stage (1,116,457) (22) (28,542) 2,899 36,226 (86,293) (1,108,773) (83,416) Remeasurement due to changes in economics factors — 2,356 — 5,127 — 7,967 — 15,450 Remeasurement due to changes in model inputs — 11,908 — (19,835) — 13,992 — 6,065 Remeasurement due to methodological changes — 14,185 — 5,684 — (737) — 19,132 New financial assets purchased/originated 4,076,279 (22,365) 32,271 (5,581) 12,444 (5,631) 4,120,994 (33,577) Financial assets that have been derecognized (1,598,993) 10,316 (123,901) 11,462 (110,191) 60,500 (1,833,085) 82,278 Charges-off (6,645) 56 (1,330) 117 (96,745) 104,547 (104,720) 104,720 Foreign Exchange and other movements 78,510 (255) 5,045 (385) 2,473 (809) 86,028 (1,449) Balance at December 31, 2019 21,584,674 (115,817) 1,340,380 (166,255) 1,058,229 (578,593) 23,983,283 (860,665) Small business loans Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance Balance at January 1, 2019 958,491 (41,971) 80,805 (15,421) 116,902 (79,981) 1,156,198 (137,373) Transfers of financial instruments: (67,212) 3,457 203 364 67,009 (3,821) — — Transfers from stage 1 to stage 2 (37,819) 2,575 37,819 (2,575) — — — — Transfers from stage 1 to stage 3 (61,169) 5,299 — — 61,169 (5,299) — — Transfers from stage 2 to stage 1 30,270 (3,779) (30,270) 3,779 — — — — Transfers from stage 2 to stage 3 — — (17,119) 3,920 17,119 (3,920) — — Transfers from stage 3 to stage 1 1,506 (638) — — (1,506) 638 — — Transfers from stage 3 to stage 2 — — 9,773 (4,760) (9,773) 4,760 — — Remeasurement arising from transfer of stage (7,671) 2,635 (9,868) (1,008) (29,962) (46,609) (47,501) (44,982) Remeasurement from remaining in the stage (145,152) 5,502 (2,408) 697 (941) (4,000) (148,501) 2,199 Remeasurement due to changes in economics factors — 51 — 15 — 55 — 121 Remeasurement due to changes in model inputs — 5,476 — 757 — 1,940 — 8,173 Remeasurement due to methodological changes — 1,407 — 349 — (160) — 1,596 New financial assets purchased/originated 620,375 (25,971) 24,173 (7,891) 25,901 (22,041) 670,449 (55,903) Financial assets that have been derecognized (260,493) 8,775 (11,664) 2,339 (17,402) 8,844 (289,559) 19,958 Charges-off (13,142) 1,250 (11,400) 3,214 (41,367) 61,445 (65,909) 65,909 Foreign Exchange and other movements 3,460 (67) 378 (30) 393 (117) 4,231 (214) Balance at December 31, 2019 1,088,656 (39,456) 70,219 (16,615) 120,533 (84,445) 1,279,408 (140,516) As of December 31, 2018 Commercial Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance Balance at January 1, 2018 77,206,675 (547,510) 4,417,841 (365,329) 7,455,598 (4,114,300) 89,080,114 (5,027,139) Transfers of financial instruments: (170,929) (79,849) (1,165,507) 61,654 1,336,436 18,195 — — Transfers from stage 1 to stage 2 (1,092,962) 17,502 1,092,962 (17,502) — — — — Transfers from stage 1 to stage 3 (1,011,851) 29,190 — — 1,011,851 (29,190) — — Transfers from stage 2 to stage 1 1,779,812 (93,242) (1,779,812) 93,242 — — — — Transfers from stage 2 to stage 3 — — (704,844) 71,608 704,844 (71,608) — — Transfers from stage 3 to stage 1 154,072 (33,299) — — (154,072) 33,299 — — Transfers from stage 3 to stage 2 — — 226,187 (85,694) (226,187) 85,694 — — Remeasurement arising from transfer of stage (238,688) 99,339 (175,846) 1,682 (161,112) (842,752) (575,646) (741,731) Remeasurement from remaining in the stage (5,814,291) 74,226 (79,870) 16,984 (68,573) (726,064) (5,962,734) (634,854) Remeasurement due to changes in economics factors — 2,414 — 10,787 — (614) — 12,587 Remeasurement due to changes in model inputs — 22,329 — (21,882) — 5,611 — 6,058 Remeasurement due to methodological changes — — — — — (50,109) — (50,109) New financial assets purchased/originated 46,523,819 (259,527) 1,223,859 (139,665) 1,601,125 (758,851) 49,348,803 (1,158,043) Financial assets that have been derecognized (36,023,150) 174,914 (1,143,923) 55,118 (1,123,364) 591,722 (38,290,437) 821,754 Charges-off (33,044) 1,663 (83,195) 25,496 (1,352,465) 1,441,545 (1,468,704) 1,468,704 Foreign Exchange and other movements 2,182,378 (10,229) 221,501 (3,318) 65,373 (44,513) 2,469,252 (58,060) Balance at December 31, 2018 83,632,770 (522,230) 3,214,860 (358,473) 7,753,018 (4,480,130) 94,600,648 (5,360,833) Consumer Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance Balance at January 1, 2018 24,374,639 (794,615) 1,618,496 (451,838) 1,461,976 (1,282,891) 27,455,111 (2,529,344) Transfers of financial instruments: (1,146,891) (27,935) 306,465 55,361 840,426 (27,426) — — Transfers from stage 1 to stage 2 (798,766) 44,260 798,766 (44,260) — — — — Transfers from stage 1 to stage 3 (764,505) 56,905 — — 764,505 (56,905) — — Transfers from stage 2 to stage 1 361,202 (84,650) (361,202) 84,650 — — — — Transfers from stage 2 to stage 3 — — (185,178) 55,859 185,178 (55,859) — — Transfers from stage 3 to stage 1 55,178 (44,450) — — (55,178) 44,450 — — Transfers from stage 3 to stage 2 — — 54,079 (40,888) (54,079) 40,888 — — Remeasurement arising from transfer of stage (76,599) 88,547 (99,563) (118,750) 186,827 (1,691,495) 10,665 (1,721,698) Remeasurement from remaining in the stage (2,232,650) 1,889 (66,101) 22,297 (33,036) 2,528 (2,331,787) 26,714 Remeasurement due to changes in economics factors — 4,788 — (1,311) — — — 3,477 Remeasurement due to changes in model inputs — (27,434) — (29,817) — 1,363 — (55,888) Remeasurement due to methodological changes — — — — — — — — New financial assets purchased/originated 13,904,647 (418,266) 613,209 (178,986) 319,557 (271,327) 14,837,413 (868,579) Financial assets that have been derecognized (6,277,295) 167,811 (285,672) 66,802 (140,490) 115,249 (6,703,457) 349,862 Charges-off (523,623) 48,290 (388,119) 133,313 (1,100,573) 1,830,712 (2,012,315) 2,012,315 Foreign Exchange and other movements 644,233 (23,498) 59,447 (18,047) 34,071 (68,205) 737,751 (109,750) Balance at December 31, 2018 28,666,461 (980,423) 1,758,162 (520,976) 1,568,758 (1,391,492) 31,993,381 (2,892,891) Financial leases Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance Balance at January 1, 2018 19,219,292 (134,349) 1,230,431 (89,988) 1,662,653 (583,586) 22,112,376 (807,923) Transfers of financial instruments: (374,358) (14,466) 23,228 (546) 351,130 15,012 — — Transfers from stage 1 to stage 2 (678,005) 9,194 678,005 (9,194) — — — — Transfers from stage 1 to stage 3 (398,842) 6,978 — — 398,842 (6,978) — — Transfers from stage 2 to stage 1 678,497 (24,103) (678,497) 24,103 — — — — Transfers from stage 2 to stage 3 — — (111,253) 20,270 111,253 (20,270) — — Transfers from stage 3 to stage 1 23,992 (6,535) — — (23,992) 6,535 — — Transfers from stage 3 to stage 2 — — 134,973 (35,725) (134,973) 35,725 — — Remeasurement arising from transfer of stage (48,145) 18,824 (45,780) (56,854) (68,422) (137,850) (162,347) (175,880) Remeasurement from remaining in the stage (1,423,679) 25,665 (18,183) (11,927) (17,047) (65,577) (1,458,909) (51,839) Remeasurement due to changes in economics factors — (166) — 5,826 — (362) — 5,298 Remeasurement due to changes in model inputs — 15,975 — (31,606) — (11,963) — (27,594) Remeasurement due to methodological changes — — — — — (64,497) — (64,497) New financial assets purchased/originated 4,294,172 (24,463) 90,609 (9,411) 80,951 (31,035) 4,465,732 (64,909) Financial assets that have been derecognized (1,422,584) 9,297 (169,079) 16,974 (206,794) 47,821 (1,798,457) 74,092 Charges-off (14,014) 158 (276) 29 (121,384) 135,487 (135,674) 135,674 Foreign Exchange and other movements 125,277 (904) 34,215 (2,165) 15,991 (10,323) 175,483 (13,392) Balance at December 31, 2018 20,355,961 (104,429) 1,145,165 (179,668) 1,697,078 (706,873) 23,198,204 (990,970) Mortgage Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance Balance at January 1, 2018 18,351,658 (92,885) 1,454,894 (147,874) 950,961 (511,034) 20,757,513 (751,793) Transfers of financial instruments: (345,042) (57,398) 136,231 14,747 208,811 42,651 — — Transfers from stage 1 to stage 2 (749,203) 10,312 749,203 (10,312) — — — — Transfers from stage 1 to stage 3 (207,887) 5,056 — — 207,887 (5,056) — — Transfers from stage 2 to stage 1 552,708 (49,312) (552,708) 49,312 — — — — Transfers from stage 2 to stage 3 — — (200,281) 27,034 200,281 (27,034) — — Transfers from stage 3 to stage 1 59,340 (23,454) — — (59,340) 23,454 — — Transfers from stage 3 to stage 2 — — 140,017 (51,287) (140,017) 51,287 — — Remeasurement arising from transfer of stage (46,059) 51,842 (43,554) (30,301) 65,548 (178,864) (24,065) (157,323) Remeasurement from remaining in the stage (1,057,494) 771 (34,744) (7,423) 31,643 (71,719) (1,060,595) (78,371) Remeasurement due to changes in economics factors — 1,132 — 19,196 — (2,753) — 17,575 Remeasurement due to changes in model inputs — 4,289 — (2,185) — (4,589) — (2,485) Remeasurement due to methodological changes — — — — — (5,242) — (5,242) New financial assets purchased/originated 3,976,575 (25,673) 46,565 (8,806) 12,512 (6,192) 4,035,652 (40,671) Financial assets that have been derecognized (1,353,978) 8,575 (100,322) 9,063 (101,239) 49,131 (1,555,539) 66,769 Charges-off (996) 25 (336) 24 (111,085) 112,368 (112,417) 112,417 Foreign Exchange and other movements 755,752 (1,400) 54,329 (3,457) 20,055 (9,783) 830,136 (14,640) Balance at December 31, 2018 20,280,416 (110,722) 1,513,063 (157,016) 1,077,206 (586,026) 22,870,685 (853,764) Small business loans Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance Balance at January 1, 2018 868,593 (31,773) 70,082 (12,775) 124,305 (97,417) 1,062,980 (141,965) Transfers of financial instruments: (102,128) 3,994 24,315 1,086 77,813 (5,080) — — Transfers from stage 1 to stage 2 (53,513) 2,328 53,513 (2,328) — — — — Transfers from stage 1 to stage 3 (64,371) 4,163 — — 64,371 (4,163) — — Transfers from stage 2 to stage 1 14,771 (1,842) (14,771) 1,842 — — — — Transfers from stage 2 to stage 3 — — (18,593) 3,599 18,593 (3,599) — — Transfers from stage 3 to stage 1 985 (655) — — (985) 655 — — Transfers from stage 3 to stage 2 — — 4,166 (2,027) (4,166) 2,027 — — Remeasurement arising from transfer of stage (3,674) 2,024 (13,083) (1,493) (35,259) (44,344) (52,016) (43,813) Remeasurement from remaining in the stage (134,481) 8,292 (3,527) 868 (2,329) (924) (140,337) 8,236 Remeasurement due to changes in economics factors — (99) — (593) — — — (692) Remeasurement due to changes in model inputs — (1,899) — (560) — 298 — (2,161) Remeasurement due to methodological changes — — — — — — — — New financial assets purchased/originated 556,933 (29,753) 25,216 (6,441) 27,945 (21,347) 610,094 (57,541) Financial assets that have been derecognized (243,809) 6,903 (15,087) 2,064 (15,489) 8,031 (274,385) 16,998 Charges-off (13,882) 926 (10,096) 2,690 (62,824) 83,186 (86,802) 86,802 Foreign Exchange and other movements 30,939 (586) 2,985 (267) 2,740 (2,384) 36,664 (3,237) Balance at December 31, 2018 958,491 (41,971) 80,805 (15,421) 116,902 (79,981) 1,156,198 (137,373) Impact of movements in loans and provision for Stage Stage 1 (12 months expected credit losses): the exposure in stage 1 increased by COP 5,875,502 and the allowance increased by COP 251,147. The growth of the portfolio at this stage is mainly due to the new disbursement of 2019, mostly in consumer and mortgage portfolio. The variation in the allowance is consistent with the growth on the portfolio. Stage 2: (Lifetime expected credit losses): the exposure in stage 2 increased by COP 2,288,283, and the allowance increased by COP 292,484. The increase in the exposure is explained by the migration of clients the commercial portfolio from stage 1 to stage 2, mainly to clients in the natural resource sector. Regarding the allowance, the increase is concentrated in the provision of the clients of the commercial portfolio that migrated to stage 2 and consumer portfolio with more than 30 past due days. Stage 3 (Lifetime expected credit losses): the exposure in stage 3 increased by COP 299,842, and the allowance increased by COP 149,933, the increase in the exposure is explained by the migration of clients of the consumer portfolio with more than 90 past due days and the commercial portfolio in default, the increase is due mainly to clients in the natural resource and non-financial service sectors. Regarding the allowance, the increase is due mainly to clients in the infrastructure, transport and commercial sectors that increased the provision level, arrival of new clients of commercial portfolio in default and consumer portfolio with more than 90 past due days. Charges-off As of December 31, 2019 and 2018 the write off loans amounted to COP 3,730,380 and COP 3,815,912, respectively.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2019
LEASES
LEASES	NOTE 7. LEASES 7.1. Lessor Finance leases The Bank has subscribed lease agreements as the lessor. These leases arrangements involve machinery and equipment, computer equipment, automobile and furniture and fixtures and their terms range between one and ten years, as follows: As of December 31, 2019 Period Gross investment in finance Present value of minimum In millions of COP Less than 1 year 872,949 375,999 Between 1 and 5 years 11,156,112 8,725,805 Greater than 5 years 22,112,482 15,449,025 Total gross investment in finance lease receivable/ present value of minimum payments 34,141,543 24,550,829 Less: Future financial income (1) (9,590,714) - Present value of payments receivable (2) 24,550,829 24,550,829 Minimum non-collectable payments impairment (1,025,403) (1,025,403) Total 23,525,426 23,525,426 (1) Future financial income: Total Gross Investment - Total Present Value of minimum payments (2) See note 6 loans and advances to customers and financials institutions, net As of December 31, 2018 Period Gross investment in finance Present value of minimum In millions of COP Less than 1 year 735,187 526,581 Between 1 and 5 years 8,194,658 6,677,063 Greater than 5 years 22,738,577 15,994,560 Total gross investment in finance lease receivable/ present value of minimum payments 31,668,422 23,198,204 Less: Future financial income (1) (8,470,218) - Present value of payments receivable 23,198,204 23,198,204 Minimum non-collectable payments impairment (990,970) (990,970) Total 22,207,234 22,207,234 (1) Future financial income: Total Gross Investment - Total Present Value of minimum payments Unsecured residual value (*) The following table sets the unsecured residual values by type of asset as of December 31, 2019 and 2018: Type of asset December 31, 2019 December 31, 2018 In millions of COP Technological equipment 27,769 25,229 Vehicles 19,330 22,680 Machinery and equipment 10,743 11,300 Furniture and fixtures 209 189 Total 58,051 59,398 (*) The unsecured residual value is the part of the residual value of the leased asset, whose realization is not secured or is secured by a third party related to the lessor. Contingent income The following table presents the income relating to variable lease payments not included in the measurement of the net investment in the lease: Type of asset December 31, 2019 December 31, 2018 In millions of COP Technological equipment 16,727 9,586 Vehicles 1,542 967 Buildings 1,484 44 Machinery and equipment 1,435 637 Furniture and fixtures 1 - Total 21,189 11,234 As of December 31, 2019 and 2018 the financial leases amounted to COP 1,918,655 and COP 1,913,196. Operating leases – lessor Certain of the Bank’s subsidiaries lease assets to third parties under non-cancelable operating leases arrangements. Assets provided through operating leases are recorded as premises and equipment. The terms established for these agreements range from one to ten years. The following table presents the information of minimum payments by lease to be received: December 31, 2019 December 31, 2018 In millions of COP Less than 1 year 357,541 216,039 Between 1 and 5 years 753,653 934,816 Greater than 5 years 65,545 139,493 Total 1,176,739 1,290,348 As of December 31, 2019 and 2018 the operating leases income amounted to COP 682,525 and COP 624,062. Risk management associated with leases The Bank, acting as a lessor of operating leases, has a comprehensive asset management model for those assets classified as property, plant and equipment. This model includes the impairment test evaluating indicators that impact the assets, which is carried out annually. The test evaluates both external indicators (economic, environmental and legal), and internal ones (insurance, maintenance and used market sales). Moreover, the Bank performs a detailed review process at the time of return of the asset by the lessees in order to guarantee its operating conditions. Additionally, it has the participation of experts apart from the sales force, who constantly monitor the conditions of the second-hand market, and carry out back-testing in order to determine the consistency of the residual value model, and periodically review the results together with key managers. All of the above is complemented by agreements with suppliers, which allow the exchange of information, knowledge and in some cases, the structuring of residual risk mitigation mechanisms. In order to manage the risks associated with the assets, the Bank also employs an insurance department, and engages an international broker and insurance companies. They all serve as support to design and define the strategies for the different types of protection that cover the lessor's risks, assets and customers. Additionally, in Renting Colombia's vehicle rental business, assets are managed seeking the preservation of commercial value through the necessary maintenance, which avoids deterioration beyond that generated by regular use. Service indicators with suppliers are periodically reviewed in order to ensure their quality and compliance with the expected levels. Safe mobility strategies are also defined based on the permanent analysis of the road safety indicators. These strategies aim at ensuring the status and useful life of the asset. 7.2. Lessee As of January 01, 2019 the Bank adopted IFRS 16, this standard establishes the principles of recognition, measurement, presentation and disclosure of leases and requires lessees to account for all their leases under the same balance sheet model similar to the accounting under IAS 17 of the Finance leases. The standard includes two recognition exemptions for lessees: leasing of low-value assets (for example, personal computers) and short-term leases (that is, leases with a term of less than 12 months and without a bargain purchase option). At the beginning of the lease, the lessee recognizes a liability for lease payments (liability for lease) and an asset that represent the right to use the underlying asset during the term of the lease (right to use the asset). The Bank used the modified retrospective adoption method, where the right-of-use assets are measured as if IFRS 16 had always been applied, using the lessee's incremental borrowing rate known at the date of transition. The change in accounting policy affected the following items in the consolidate statement of financial position as of January 01, 2019: Concepts January 01, 2019 Increase in right of use assets (1) 1,543,427 Net of deferred tax assets (119,173) Increase in lease liabilities 1,848,833 Net of effect of changes in foreign exchange rate (9,560) Decrease in retained earnings 184,248 (1) The increase in right of use assets for COP 1,543,427 differs from the COP 1,572,446 presented in the right of use assets at January 01, 2019, in the amount of COP 29,019 due the financial leases recognized by Transportempo S.A.S. under IAS 17 at December 31, 2018. The Bank has subscribed lease agreements as a lessee. These arrangements involve offices, branches and administrative offices as well as some technological equipment. As of December 31, 2019, the rollforward of right of use assets was as follows: Roll - forward Right of use assets Balance at Acquisitions Additions Expenses (1) Disposals Revaluation Effect of changes Balance at In millions of COP Buildings Cost 1,487,175 125,882 179,045 (2) - (40,432) (3,029) 5,425 1,754,066 Accumulated depreciation - - - (155,246) 20,769 - 171 (134,306) Furniture and fixtures Cost 579 3,781 - - (153) (362) (3) 3,842 Accumulated depreciation - - - (985) 78 - 1 (906) Technological equipment Cost 49,736 11,210 - - (305) (3,663) 138 57,116 Accumulated depreciation - - - (16,833) 34 - 4 (16,795) Vehicles Cost 34,956 8,355 2,572 - (11,492) (1,283) (5) 33,103 Accumulated depreciation - - (737) (4,645) 1,376 - 2 (4,004) Total right of use assets – cost 1,572,446 149,228 181,617 - (52,382) (8,337) 5,555 1,848,127 Total right of use assets - accumulated depreciation - - (737) (177,709) 22,257 - 178 (156,011) Total right of use assets, net 1,572,446 149,228 180,880 (177,709) (30,125) (8,337) 5,733 1,692,116 (1) See Note 26.3 Impairment, depreciation and amortization. (2) Reclassification from Leasehold improvements which are an integral part of the asset by right of use during the year 2019. See Note 10 Premises and equipment, net The following table sets forth the changes in lease liabilities as of December 31, 2019 according to IFRS 16: Concept Total In millions of COP Balance at January 01, 2019 1,848,833 (+) New contracts 135,633 (+/-) Reassessment of the lease liability (34,755) (-) Payments (252,432) (+) Accrued Interest 127,558 (+/-) Effect of changes in foreign exchange rate 6,748 Balance at December 31, 2019 1,831,585 The following table shows maturity analysis of lease liabilities as of December 31, 2019: Type of assets Maturity less than 1 year Maturity between 1 and 3 years Maturity between 3 and 5 years Maturity more than 5 years Total lease liabilities In millions of COP Buildings 6,255 22,036 73,252 1,685,676 1,787,219 Vehicles - 986 158 - 1,144 Technological equipment 6,510 3,956 15,343 14,692 40,501 Furniture and fixtures - 1,323 1,398 - 2,721 Total lease liabilities 12,765 28,301 90,151 1,700,368 1,831,585 The weighted average rates and average useful life of right of use assets are as follows: As of December 31, 2019 Right of use assets Weighted average life Weighted average lease terms Weighted average discount Buildings 273 148 5.78 % Technological equipment 83 54 3.99 % Furniture and fixtures 45 36 6.56 % Vehicles 40 34 5.65 % As of December 31, 2019, the lease payments associated with those assets amounted to COP 252,432. The future cash outflows of variable lease payments that are not reflected in the measurement of lease liabilities amount to COP 2,388 as of December 31, 2019. The following table shows the detail of leases in the Consolidated Statement of Income as of December 31, 2019: Right of use assets Financial interest (1) Expenses (2) Payments of penalties Effect of changes in foreign exchange rate Short-term leases (3) Leases for which the underlying asset is of low value (3) In millions of COP Buildings 119,951 155,246 363 207 1,729 2,287 Vehicles 63 4,645 - - 89 34 Technological equipment 1,766 16,833 - - 10 1,282 Furniture and fixtures 166 985 - - - 3,240 Total 121,946 (4) 177,709 363 207 1,828 6,843 (1) See Note 25.2 Interest expenses. (2) See Note 26.3 Impairment, depreciation and amortization. (3) See Note 26.2 Other administrative and general expenses (4) The amount includes the expense generated by the difference between the carrying amount of the asset for the right to use and the liability for leasing at the time of the early termination of lease contracts by COP 5,612.

INVESTMENTS IN ASSOCIATES AND J

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES	12 Months Ended
	Dec. 31, 2019
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES	NOTE 8. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES The following table presents information regarding the Bank’s investments in associates and joint ventures: Composition December 31, 2019 December 31, 2018 In millions of COP Investments in associates (1) 1,894,024 1,710,969 Investments in Joint ventures 473,733 438,610 Total 2,367,757 2,149,579 (1) As of December 31, 2019 and 2018, the amount includes investments in associates at fair value for COP 1,249,818 and COP 1,119,973, respectively and investments in associates at equity method value for COP 644,206 COP 590,996 respectively. See Note 30 Fair value of assets and liabilities. The following are the investments in associates that the Bank holds as of December 31, 2019 and 2018: As of December 31, 2019 Investments in Associates % of Company name Main activity Country Ownership Included in Total OCI (2) OCI (Equity OCI (CTA) (4) OCI (Deferred Carrying interest earnings (1) method) (3) tax) (5) amount In millions of COP Investments in associates PA Viva Malls Development and operation of commercial spaces Colombia 49.00 % 138,100 - - - - 1,249,818 Protección S.A. Administration of pension funds and severances Colombia 20.58 % 90,844 15,264 (159) - (81) 546,545 Titularizadora Colombiana S.A. Hitos* Mortgage portfolio securities Colombia 26.98 % 3,383 (1,569) (86) - 1 37,048 Redeban Multicolor S.A.* Network data transmission services Colombia 20.36 % 3,305 (651) - - 2 21,440 Internacional Ejecutiva de Aviación S.A.S. Aircraft and aircraft travel Colombia 33.33 % (100) 350 354 - (12) 12,758 ACH Colombia S.A. * Electronic transfer services Colombia 19.94 % 6,252 (952) - - 3 10,187 Servicio Salvadoreño de Protección, S. A. de C.V. * Custodial services and transfer of monetary types El Salvador 25.00 % 311 (727) - (1) 50 9,252 Servicios Financieros, S.A. de C.V. * Processing of financial transactions and electronic payment methods El Salvador 47.86 % (276) 9 - (1) - 3,173 Servicios de Identidad Digital S.A.S. (6) Provide digital citizens services Colombia 33.00 % - - - - - 2,369 ACH de El Salvador, S. A. de C.V. * Electronic transfer services El Salvador 25.00 % 166 6 - (6) - 1,434 Reintegra S.A.S.* (7) Collections and recovery of portfolio Colombia 46.00 % 2,099 1,742 - - 26 - Concesiones CCFC S.A. (8) Construction of public works through an awarding system Colombia 25.50 % 2,069 - 757 - (34) - Net investments in associates 246,153 13,472 866 (9) (8) (45) (9) 1,894,024 (1) Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2019. See Note 25.5 Dividends and net income on equity investments. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2019. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2019. (4) Corresponds to the other comprehensive income recognized as Cumulative Translation Adjustment of Foreign Currency (CTA) for the year ended December 31, 2019. (5) Corresponds to the other comprehensive income recognized as deferred tax for the year ended December 31, 2019. (6) In December 2019, Bancolombia S.A signed an agreement with Banco de Bogota and Davivienda to formed the associate Servicios de identidad digital S.A.S with purpose of providing digital citizens services. (7) In 2019, the Bank increased its capital contribution in Reintegra S.A.S by COP 3,775. The carrying amount at the end of the year is zero, because the amount of downstream transactions between Bancolombia S.A. and Reintegra made during 2019, exceeds the net investment on the entity. (8) In April, 2019, The Bank sold Concesiones CCFC S.A. See Note 25.5 Dividends and net income on equity investments. (9) See Consolidated Statement of Comprehensive Income. (*) For the purposes of applying the equity method of accounting, financial statements as of November 30, 2019 have been used. However, the Bank does not consider that any adjustments have to be made since no significant transactions took place between that date and December 31, 2019. As of December 31, 2018 % of Company name Main activity Country Ownership Included in Total OCI (2) OCI (Equity OCI (CTA) (4) OCI (Deferred Carrying interest earnings (1) method) (3) tax) (5) amount In millions of COP Investments in associates PA Viva Malls (6) Development and operation of commercial spaces Colombia 49.00 % 96,201 - - - - 1,119,973 Protección S.A. Administration of pension funds and severances Colombia 20.58 % 42,057 15,423 2,958 - (819) 478,482 Titularizadora Colombiana S.A. Hitos* Mortgage portfolio securities Colombia 26.98 % 4,962 (1,483) (94) - 40 37,391 Redeban Multicolor S.A.* Network data transmission services Colombia 20.36 % 2,203 (651) - - 45 19,105 Concesiones CCFC S.A.* Construction of public works through an awarding system Colombia 25.50 % 6,794 (757) (1) - 34 13,063 Internacional Ejecutiva de Aviación S.A.S. Aircraft and aircraft travel Colombia 33.33 % 2,008 (4) (213) - - 12,503 Servicio Salvadoreño de Protección, S. A. de C.V. * Custodial services and transfer of monetary types El Salvador 25.00 % 1,905 (727) - (30) (16) 8,867 Reintegra S.A.S.* (7) Collections and recovery of portfolio Colombia 46.00 % 1,939 1,742 - - (26) 8,594 ACH Colombia S.A. * Electronic transfer services Colombia 19.94 % 3,871 (952) - - 79 8,313 Servicios Financieros, S.A. de C.V. * Processing of financial transactions and electronic payment methods El Salvador 47.86 % (160) 9 - (7) - 3,420 ACH de El Salvador, S. A. de C.V. * Electronic transfer services El Salvador 25.00 % 143 6 - (64) - 1,258 Investments in associates classified as assets held for sale (8) Panamerican Pharmaceutical Holding Inc. Advisory services, consultation, representation, agent for individuals or company Panama 21.00 % - (1,486) (69) (785) - - Avefarma S.A.S. Manufacture and distribution of glass packing for pharmaceutical products Colombia 21.00 % - (11,704) - - - - Glassfarma Tech S.A.S. Manufacturing, elaboration and commercialization of packages and pharmaceutical products Colombia 21.00 % - 127 - - - - Net investments in associates 161,923 (457) 2,581 (9) (886) (663) (9) 1,710,969 (1) Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2018. See Note 25.5 Dividends and net income on equity investments. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2018. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2018. (4) Corresponds to the other comprehensive income recognized as Cumulative Translation Adjustment of Foreign Currency (CTA) for the year ended December 31, 2018. (5) Corresponds to the other comprehensive income as deferred tax for the year ended December 31, 2018. (6) During 2018, the Bank increases its capital contribution in P.A Viva Malls by COP 274,951. (7) During 2018, the Bank increases its capital contribution in Reintegra S.A.S by COP 1,152. (8) As of December 31, 2018 the investment in Avefarma S.A.S., Glassfarma Tech S.A.S and Panamerican Pharmaceutical Holding inc. are still classified as "assets held for sale". See Note 1l3 Assets held for sale and inventories, net. (9) See Consolidated Statement of Comprehensive Income. (*) For the purposes of applying the equity method of accounting, financial statements as of November 30, 2018 have been used. However, the Bank does not consider that any adjustments have to be made since no significant transactions took place between that date and December 31, 2018. The following is additional information regarding the Bank’s most significant associates as of December 31, 2019 and 2018: As of December 31, 2019 Income from Company name Assets Liabilities ordinary activities Profits Dividends In millions of COP PA Viva Malls 2,563,824 13,176 568,971 393,292 71,212 Protección S.A. (1) 2,632,761 804,911 1,422,061 442,789 22,622 Titularizadora Colombiana S.A. Hitos 149,737 16,471 36,193 12,472 3,639 (1) The difference between the net assets of Protección S.A. multiplied by the Bank's percentage of ownership, which amounted to COP 376,111 for the year ended December 31, 2019, and the carrying amount of the Bank's interest in the associate, represents the goodwill recognized by the Bank amounting to COP 170,434. As of December 31, 2018 Income from Company name Assets Liabilities ordinary activities Profits Dividends In millions of COP PA Viva Malls 2,301,567 11,304 417,942 271,648 9,064 Protección S.A. (1) 2,172,208 675,135 1,387,294 205,134 37,861 Titularizadora Colombiana S.A. Hitos 151,447 16,911 50,213 14,923 2,824 (1) The difference between the net assets of Protección S.A. multiplied by the Bank’s percentage of ownership, which amounted to COP 308,048 for the year ended December 31, 2018, and the carrying amount of the Bank’s interest in the associate, represents the goodwill recognized by the Bank amounting to COP 170,434. As of December 31, 2019 and 2018, there are no restrictions on the ability of the associates to transfer funds to the Bank in the form of cash dividends. The following are the Joint ventures that the Bank holds as of December 31, 2019 and 2018: As of December 31, 2019 % of OCI Company name Main activity Country Ownership Included in Total (Deferred Carrying interest earnings (1) OCI (2) tax) (3 ) amount Compañía de financiamiento Tuya S.A (4) Financing company Colombia 50 % 8,630 - 13 466,456 Vlipco S.A.S (5) Technology services provider Colombia 49 % (79) - - 4,190 Puntos Colombia S.A.S Administration of the customers loyalty Colombia 50 % (4,228) - - 1,373 P.A Proyecto CRECE (6) Non-financial products and services platform Colombia 50 % (1,191) - - 1,009 P.A Proyecto Dinamarca (7) Sustainable mobility services Colombia 33 % - - - 500 P.A Servicios Tecnológicos Arus- Bancolombia Technology services provider Colombia 50 % (45) - - 205 Fideicomiso Ruta del Sol - compartimento A Investment in infrastructure projects Colombia 50 % (9) 13 - - Servicios de Aceptación S.A.S. (8) Network data transmission services Colombia - - - - - Net investments in joint ventures 3,078 13 13 473,733 (1) Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2019. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2019. (3) Corresponds to the other comprehensive income as deferred tax for the year ended December 31, 2019. (4) During 2019, The Bank increases its capital contribution in Compañia de Financiamiento TUYA S.A for COP 26,317. (5) In July, 2019, the Bank acquired a 48.91% interest in Vlipco S.A.S. The objective is have joint control to the net assets of Vlipco S.A.S. The purpose of the entity is to provide technology services. (6) In October 2019, Banca de Inversión Bancolombia, a Bank's subsidiary, entered into an agreement with Grupo Sura whereby both parties have joint control over the net assets of PA Project CRECE. The purpose of the entity is to provide a non- financial products and services platform. (7) In November 2019, Inversiones CFNS S.A.S., a Bank's subsidiary, entered into an agreement with Grupo Sura and CELSIA S.A whereby both parties have joint control over the net assets of PA Project Dinamarca. The purpose of the entity is to provide sustainable mobility services. (8) The liquidation process was ended in April 2019, see Note 25.5 Dividends and net income on equity investments. As of December 31, 2018 % of OCI Company name Main activity Country Ownership Included in Total (Equity Carrying interest earnings (1) OCI (2) method) (3) amount Compañía de financiamiento Tuya S.A (4)(5) Financing company Colombia 50.00 % 27,623 - - 431,510 Puntos Colombia S.A.S Administration of the customers loyalty Colombia 50.00 % (1,613) - - 5,600 P.A Servicios Tecnológicos Arus- Bancolombia (6) Technology services provider Colombia 50.00 % - - - 1,500 Servicios de Aceptación S.A.S (in liquidation) (7) Network data transmission services Colombia 50.00 % (110) - - - Fideicomiso Ruta del Sol - compartimento A Investment in infrastructure projects Colombia 50.00 % (9) 13 - - Net investments in joint ventures 25,891 13 - 438,610 (1) Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2018. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2018. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2018. (4) The revaluation of the consumer loan portfolio in Colombia increased significantly during 2018, and there was an improvement in loan coverage rates due to the economic cycle in the country and the current payment behavior in the consumer segment. As a result, management measured the recoverable amount of Tuya's Cash Generation Unit (CGU). The measurement was estimated by determining the fair value of the asset which implies the professional services of a business valuation specialist; as a result of the valuation the Bank recognized a recovery of the impairment loss of COP 173,339. For more information about the applied valuation technique, see Note 30 Fair value of assets and liabilities. (5) In March 2018, The Bank increases its capital contribution in Compañia de Financiamiento TUYA S.A. for COP 5,000. (6) In December 2018, Banca de Inversión Bancolombia, a Bank's subsidiary, entered into an agreement with ARUS whereby both parties have joint control to the net assets of P.A Servicios Tecnológicos Arus- Bancolombia. The purpose of the entity is to provide technology services. (7) The joint venture of Servicios de Aceptación S.A.S. was derived from the alliance between Bancolombia and First Data for improving the development of the credit card business for individuals, however the strategy was refocused in 2018. Consequently, both parties agreed to advance in the development of this business considering First Data as the Bank's service provider of processing data and to dissolve the joint venture. The following is additional information regarding the Bank’s most significant joint ventures as of December 31, 2019 and 2018: As of December 31, 2019 Income from Company name Assets Liabilities ordinary activities (loss) Dividends In millons of COP Compañía de financiamiento TUYA S.A. 3,289,299 2,876,294 1,700,009 (19,345) - As of December 31, 2018 Income from Company name Assets Liabilities ordinary activities Profits Dividends In millons of COP Compañía de financiamiento TUYA S.A. 2,790,596 2,447,483 1,450,242 55,258 - As of December 31, 2019 there are no contingent liabilities incurred by the Bank regarding its interests in the joint ventures and associates aforementioned. As of December 31, 2017 the Bank has recognized COP 253,602 as equity method in the statement of income, COP (11,547) as other comprehensive income from equity method and COP 80 as other comprehensive income from currency translation adjustment. Additionally, during 2017, the Bank received dividends amounting to COP 75,224 from its significant associates.

GOODWILL AND INTANGIBLE ASSETS,

GOODWILL AND INTANGIBLE ASSETS, NET	12 Months Ended
	Dec. 31, 2019
GOODWILL AND INTANGIBLE ASSETS, NET
GOODWILL AND INTANGIBLE ASSETS, NET	NOTE 9. GOODWILL AND INTANGIBLE ASSETS, NET Intangibles assets and goodwill net are as follows: December 31, 2019 December 31, 2018 In millions of COP Intangible assets 538,958 563,452 Goodwill 6,694,354 6,638,403 Total 7,233,312 7,201,855 9.1. Intangible assets The following table sets forth the Bank’s intangible assets as of December 31, 2019 and 2018, including the reconciliation of initial and final balances of the cost and accrued amortization: As of December 31, 2019 Licenses, software Cost Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2019 19,213 654,394 374,658 1,048,265 Acquisitions - 114,230 - 114,230 Write off - (2,121) - (2,121) Foreign currency translation adjustment 162 2,420 3,157 5,739 Balance at December 31, 2019 19,375 768,923 377,815 1,166,113 Licenses, software Amortization Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2019 (8,234) (256,694) (219,885) (484,813) Write off - 2,085 - 2,085 Amortization expense (2,772) (86,132) (52,200) (141,104) Foreign currency translation adjustment (65) (1,488) (1,770) (3,323) Balance at December 31, 2019 (11,071) (342,229) (273,855) (627,155) Intangible assets at December 31, 2019, net 8,304 426,694 103,960 538,958 As of December 31, 2018 Licenses, software Cost Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2018 17,642 526,923 344,020 888,585 Acquisitions - 133,376 - 133,376 Write off - (29,663) - (29,663) Foreign currency translation adjustment 1,571 23,758 30,638 55,967 Balance at December 31, 2018 19,213 654,394 374,658 1,048,265 Licenses, software Amortization Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2018 (203,554) (144,526) (353,120) Write off - 25,929 - 25,929 Amortization expense (2,497) (64,204) (56,850) (123,551) Foreign currency translation adjustment (18,509) (34,071) Balance at December 31, 2018 (219,885) (484,813) Intangible assets at December 31, 2018, net 10,979 397,700 154,773 563,452 As of December 31, 2019 and 2018, the assessment made by the Bank indicates there is no evidence of impairment of intangible assets. As of December 31, 2019, and 2018, the Bank does not have intangible assets with restricted ownership, intangible assets pledged as collateral or contractual agreements for the acquisition of this class of assets. Research and development costs related to software development During the period ending at December 31, 2019, 2018 and 2017, the Bank incurred costs that are directly related to software development amounted to COP 85,532, COP 78,222 and COP 105,145. These costs were the result of the analysis and design and implementation of the transformation projects, the most representative of which are: change in core collections, transactional switch and technology modernization project. The expenses were recorded mainly as fees paid in the line ‘Other administrative and general expenses’ of the consolidated statement of income. Intangibles which did not meet the criteria to be recognized as assets During the period ended December 31, 2019, 2018 and 2017, the Bank has recognized in the statement of income the amount of COP 48,584, COP 41,690 and 23,180, related to expenditures which were not recognized as intangible assets. These expenses were not recorded as assets due to the lack of characterists to be reliably identifiable, and those assets do not support critical processes to be recognized as intangible assets. 9. 2 Goodwill The following table sets forth an analysis of the activity in the goodwill account: December 31, 2019 December 31, 2018 In millions of COP Balance at beginning of the year, net 6,638,403 6,095,959 Effect of change in foreign exchange rate 55,951 542,444 Balance at end of the year, net 6,694,354 6,638,403 The Bank tests goodwill recognized as a result of business combinations for impairment at least annually using a process that begins with an estimation of the recoverable amount of a group of cash-generation units equal to the operating segment. Recoverable amount is determined by management by reference to market value, if available, by pricing models, or with the assistance of a valuation specialist. Determination of recoverable amount requires management to make assumptions and use estimates to forecast cash flow for periods that are beyond the normal requirements of management reporting; the assessment of the appropriate discount rate; estimation of the recoverable amount of cash-generation units; and the valuation of the separable assets of each business whose goodwill is being reviewed. The key assumptions used by management in determining the recoverable amount are: Discount Rate Growth rate Operating segment Goodwill 2019 Valuation Methodology Key Assumptions (real) (real) In millions of COP Banking El Salvador 924,399 Discounted Cash flow 5 years plan 12.00 % 4.10 % Banking Panama 5,005,084 Discounted Cash flow 5 years plan 8.40 % 6.70 % Banking Guatemala 764,871 Discounted Cash flow 5 years plan 10.40 % 5.20 % In 2019 and 2018, the Bank tested the aforementioned goodwill for impairment purposes at operating segment levels: Banking Panama, Banking El Salvador and Banking Guatemala. Each operating segment represent a group of cash generating units. Evaluating the goodwill impairment at an operating segment level ensure the alignment with the approach used by the CODM to make decisions about resources to be allocated to the segments and assess its performance. Sensitivity analysis: In order to assess the impact of changes in certain significant inputs as the discount rate and the growth rate in the operating segments’ recoverable amount, the Bank made a sensitivity analysis of these inputs through the definition of alternative scenarios with their future evolution. The tables below present the estimated recoverable amount of each operating segment obtained as a result of sensitivity analysis: As of December 31, 2019 Banking Panama Discount rate Growth rate 6.70% COP 9,801,900 COP 12,864,721 COP 18,487,028 Growth rate Discount rate 8.40% COP 10,827,366 COP 12,864,721 COP 16,599,874 Banking El Salvador Discount rate Growth rate 4.10% COP 3,110,435 COP 3,310,969 COP 3,538,828 Growth rate Discount rate 12.00% COP 3,232,992 COP 3,310,969 COP 3,399,482 Banking Guatemala Discount rate Growth rate 5.20% COP 2,099,213 COP 2,325,334 COP 2,600,045 Growth rate Discount rate 10.40% COP 2,196,032 COP 2,325,334 COP 2,482,145 As of December 31, 2018 Banking Panama Discount rate Growth rate 6.70% COP 10,044,682 COP 11,157,929 COP 12,531,296 Growth rate Discount rate 9.10% COP 10,458,284 COP 11,157,929 COP 12,020,283 Banking El Salvador Discount rate Growth rate 3.90% COP 2,893,147 COP 2,975,432 COP 3,062,694 Growth rate Discount rate 12.40% COP 2,945,601 COP 2,975,432 COP 3,007,065 Banking Guatemala Discount rate Growth rate 5.20% COP 1,649,883 COP 1,719,017 COP 1,793,745 Growth rate Discount rate 11.70% COP 1,684,998 COP 1,719,017 COP 1,755,758 The Bank considers goodwill as an asset with indefinite useful life.

PREMISES AND EQUIPMENT, NET

PREMISES AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2019
PREMISES AND EQUIPMENT, NET
PREMISES AND EQUIPMENT, NET	NOTE 10. PREMISES AND EQUIPMENT, NET As of December 31, 2019 and 2018 the premises and equipment consisted of the following: As of December 31, 2019 Roll - forward Balance at Effect of Balance at Premises and equipment January 1, Expenses Assets changes in December 31, 2019 Acquisitions depreciation (1) Disposals classified foreign 2019 as held for exchange sale rate In millions of COP Land Cost 361,732 127,302 (2) - (3,662) - 1,543 486,915 Construction in progress Cost 2,453 34,457 - (6,011) - (1) 30,898 Buildings Cost 1,344,517 264,031 (2) - (6,840) - 4,712 1,606,420 Accumulated depreciation (330,991) - (32,415) 4,794 - (2,309) (360,921) Furniture and fixtures Cost 629,428 66,746 - (50,879) - 2,086 647,381 Accumulated depreciation (358,934) - (40,593) 28,687 - (1,716) (372,556) Computer equipment Cost 896,811 148,244 - (92,273) (3,668) 3,021 952,135 Accumulated depreciation (567,726) - (100,653) 82,777 3,796 (2,297) (584,103) Vehicles Cost 1,671,850 736,568 - (199,566) (271,827) 111 1,937,136 Accumulated depreciation (444,027) (6,347) (179,643) 14,562 91,603 (59) (523,911) Ongoing Imports Cost 1,267 - - (1,267) - - - Leasehold improvements Cost 314,412 30,915 - (338,115) (3) - 2,290 9,502 Accumulated depreciation (152,145) - (146) 152,298 (3) - (1,038) (1,031) Total premises and equipment - cost 5,222,470 1,408,263 - (698,613) (275,495) 13,762 5,670,387 Total premises and equipment - accumulated depreciation (1,853,823) (6,347) (353,450) 283,118 95,399 (7,419) (1,842,522) Total premises and equipment, net 3,368,647 1,401,916 (353,450) (415,495) (180,096) 6,343 3,827,865 (1) See Note 26.3 Impairment, depreciation and amortization. (2) Corresponds to the acquisition of a new headquarters in Bogotá. (3) It mainly corresponds to the reclassification to Assets by right of use as an integral part of the leased assets during the year 2019. See note 7.2 Lessee. For 2019 there are no premises and equipment related to investments held for sale. As of December 31, 2018 Roll - forward Balance at Effect of Balance at Premises and equipment January 1, Expenses Assets changes in December 31, 2018 Acquisitions depreciation (1) Disposals classified foreign 2018 as held for exchange sale rate In millions of COP Land Cost 337,362 20,924 - (6,079) - 9,525 361,732 Construction in progress Cost 5,129 6,485 - (8,448) - (713) 2,453 Buildings Cost 1,304,539 21,817 - (34,850) (5,916) 58,927 1,344,517 Accumulated depreciation (285,118) - (29,199) 2,913 - (19,587) (330,991) Furniture and fixtures Cost 601,275 28,221 - (24,861) - 24,793 629,428 Accumulated depreciation (334,054) - (36,073) 18,695 - (7,502) (358,934) Computer equipment Cost 782,476 142,451 - (50,282) (4,708) 26,874 896,811 Accumulated depreciation (497,976) - (80,980) 47,345 4,578 (40,693) (567,726) Vehicles Cost 1,410,709 679,356 - (249,771) (170,145) 1,701 1,671,850 Accumulated depreciation (371,276) (231) (145,529) 11,673 61,988 (652) (444,027) Ongoing Imports Cost 3,502 3,053 - (5,288) - - 1,267 Leasehold improvements Cost 297,500 19,180 - (7,737) - 5,469 314,412 Accumulated depreciation (126,663) - (25,970) 7,188 - (6,700) (152,145) Total premises and equipment - cost 4,742,492 921,487 - (387,316) (180,769) 126,576 5,222,470 Total premises and equipment - accumulated depreciation (1,615,087) (231) (317,751) 87,814 66,566 (75,134) (1,853,823) Total premises and equipment, net 3,127,405 921,256 (317,751) (299,502) (114,203) 51,442 3,368,647 (1) See Note 26.3 Impairment, depreciation and amortization. As of December 31, 2018 the premises and equipment of Assets held for sale consist of: Roll - forward Balance at Effect of Balance at Premises and equipment January 1, Expenses Assets changes in December 31, 2018 Acquisitions depreciation Disposals classified foreign 2018 as held for exchange sale rate In millions of COP Furniture and Fixtures Cost 111 - - - - (1) 110 Accumulated depreciation (95) - (9) - - 2 (102) Computer equipment Cost 113 - - - - 7 120 Accumulated depreciation (86) - (12) - - (14) (112) Vehicles Cost 142,647 84,344 - (1,850) (26,913) 12,453 210,681 Accumulated depreciation (33,221) (54) (24,833) 365 13,446 (2,044) (46,341) Total premises and equipment - cost 142,871 84,344 - (1,850) (26,913) 12,459 210,911 Total premises and equipment - accumulated depreciation (33,402) (54) (24,854) 365 13,446 (2,056) (46,555) Total premises and equipment, net 109,469 84,290 (24,854) (1,485) (13,467) 10,403 164,356 As of December 31, 2019 and 2018, there were no contractual commitments for the purchase of premises and equipment, or premises and equipment pledged as collateral. As of December 31, 2019 and 2018, the assessment made by the Bank indicates there is no evidence of impairment of its premises and equipment. As of December 31, 2019, the amount of fully depreciated property and equipment that is still in use is COP 384,847, mainly comprised of computer equipment, office equipment and Furniture and fixtures.

INVESTMENT PROPERTIES

INVESTMENT PROPERTIES	12 Months Ended
	Dec. 31, 2019
INVESTMENT PROPERTIES
INVESTMENT PROPERTIES	NOTE 11. INVESTMENT PROPERTIES The table below sets forth the reconciliation between the initial balance account and the balance at the end of the period, at fair value: December 31, 2019 December 31, 2018 In millions of COP Balance at the beginning of the year 1,732,873 1,657,409 Acquisitions 116,503 8,536 Sales/Write-offs (17,667) (10,422) Amount reclassified from inventories (1) 68,058 - Gains on valuation (2) 93,197 77,350 Balance at the end of the period (3) 1,992,964 1,732,873 (1) In 2019, returned goods from financial leasing operations were reclassified from inventories to investment property, because they are held for obtaining profits and capital appreciation. (2) See Note 25.4 Other operating income, net. (3) Between December 31, 2019 and 2018, there were no transfers in and out of Level 3 fair value hierarchy related with investment properties. See Note 30 Fair value of assets and liabilities. The valuation adjustments recorded by the Bank’s related to its investment properties are detailed below: As of December 31, 2019 Balance at the Type of asset beginning of the Appraisals Net increase (decrease) in Amount reclassified Adjusted fair value at the year investment properties from inventories (1) end of the year In millions of COP Buildings 1,483,594 74,210 98,857 68,058 1,724,719 Lands 249,279 18,987 (21) - 268,245 Total 1,732,873 93,197 98,836 68,058 1,992,964 (1) In 2019, returned goods from financial leasing operations were reclassified from inventories to investment property, because they are held for obtaining profits and capital appreciation As of December 31, 2018 Balance at the Type of asset beginning of the Appraisals (1) Net increase (decrease) in Adjusted fair value at the year investment properties end of the year In millions of COP Buildings 1,425,585 59,895 (1,886) 1,483,594 Lands 231,824 17,455 - 249,279 Total 1,657,409 77,350 (1,886) 1,732,873 (1) Corresponds to the change in the commercial estimate of real estate due to the change in the consumer price index (IPC). Amounts recognized in the statement of income for the period. The table sets forth the main income recorded by the Bank related to its investment properties: December 31, 2019 December 31, 2018 December 31, 2017 In millions of COP Income from rentals 85,507 79,756 77,964 Operating expenses due to: Investment properties that generated income through rentals (15,669) (16,531) (21,012) Investment properties that did not generate income through rentals (2,183) (1,630) (2,295) Currently, there are no restrictions on the use or income derived from the buildings or lands that the Bank has as investment property. The fair value of the Bank’s investment properties for the year ending at December 31, 2019 and 2018, has been recorded according to the assessment made by independent external consulting companies that have the appropriate capacity and experience in performing those assessments. The appraisers are either approved by the Property Market Auctions of Colombia or foreign appraisers, who are required to provide a second signature by a Colombia appraiser accredited by the Property Market Auctions. Fair value appraisals are carried out in accordance with IFRS 13. The reports made by the external consulting company contain the description of the valuation methodologies used, and key assumptions such as: discount rates, calculation of applied expenses and income approach, among others. The fair value of the investment properties is based on the comparative market approach, which reflects the prices of recent transactions with similar characteristics. Upon determining the fair value of these investment properties, the greater and best use of these investment properties is their present use. For further information about measurements techniques and inputs used by consulting companies, see Note 30 Fair Value of assets and liabilities. As of December 31, 2019 and 2018, the Bank does not have investment properties held under financial leases.

INCOME TAX

INCOME TAX	12 Months Ended
	Dec. 31, 2019
INCOME TAX
INCOME TAX	NOTE 12. INCOME TAX The income tax is recognized in each of the countries where the Bancolombia Group has operations, in accordance with the tax regulations in force in each of the jurisdictions. 12.1. Components recognized in the income statement of the period: December 31, December 31, December 31, 2019 2018 2017 In millions of Colombian pesos Current tax Fiscal term 1,040,558 752,728 1,041,454 Prior fiscal terms (1) 7,908 (146,837) 3,967 Total current tax 1,048,466 605,891 1,045,421 Deferred tax Fiscal term 214,498 223,544 193,177 Total deferred tax 214,498 223,544 193,177 Total income tax 1,262,964 829,435 1,238,598 ( 1 ) The recoveries of previous periods for $85,921 was recognized in 2017 in Bancolombia as income. 12.2. Components recognized in Other Comprehensive Income (OCI) December 31, 2019 In millions of Colombian pesos Amounts before taxes Deferred tax Net taxes Losses related to the defined benefit liability (38,451) 14,835 (23,616) Net income from financial instruments measured at fair value 84,171 (12,607) 71,564 Unrealized gains on investments in associates and joint ventures using equity method. 8,151 (32) 8,119 Loss net investment coverage in operations abroad (60,258) 20,213 (40,045) Exchange differences arising on translating the foreign operations 104,955 - 104,955 Net 98,568 22,409 120,977 See status of Other Comprehensive Income December 31, 2018 In millions of Colombian pesos Amounts before taxes Deferred tax Net taxes Revaluation related to the defined benefit liability 37,325 (7,663) 29,662 Net incomefrom financial instruments measured at fair value 3,771 10,190 13,961 Unrealized gains on investments in associates and joint ventures using equity method. 2,581 (663) 1,918 Loss net investment coverage in operations abroad (584,650) 172,870 (411,780) Exchange differences arising on translating the foreign operations 1,043,593 - 1,043,593 Net 502,620 174,734 677,354 See status of Other Comprehensive Income December 31, 2017 In millions of Colombian pesos Amounts before taxes Deferred tax Net taxes Revaluation related to the defined benefit liability 3,753 (3,725) 28 Net income from financial instruments measured at fair value 17,548 9,789 27,337 Net profit investment coverage in operations abroad 36,762 (6,895) 29,867 Exchange differences arising on translating the foreign operations 412,878 - 412,878 Net 470,941 (831) 470,110 See status of Other Comprehensive Income 12.3. Other disclosures 12.3.1. Explanation of applicable fees The following are the nominal rates of the current tax in each of the countries where Grupo Bancolombia has operations subject to income tax: Companies domiciled in Colombia The tax provisions in force in Colombia in relation to the current income tax applicable for taxable years 2019, 2018 and 2017, establish the following: 2019 2018 2017 Income tax 33 % 33 % 34 % Additional points 0 %* 4 % 6 % Total 33 % 37 % 40 % * For 2019, Law 1943 of 2018 established for the financial institutions, a surcharge of 4 additional points on the general income tax. However, Decision C-510 of 2019 of the constitutional count declared this surcharge to be unenforceable. The deferred tax as of December 31, 2019 was calculated based on the temporary differences, taking into account the applicable rates for 2020 and following years, as follows: 2020 2021 2022 2023 onwards Income tax 32 % 31 % 30 % 30 % Additional points 4 % 3 % 3 % 0 % Total 36 % 34 % 33 % 30 % * Law 2010 of 2019 (Law on economic growth) established for financial institutions, certain additional points on the general income tax. This surcharge is subject to an advance payment of 100%. Domiciled companies in other countries The tax rates used for the calculation of income tax, for the taxable periods 2018 and 2019 was: 2018 2019 2020 onwards Companies in Peru Income tax 29.5 % 29.5 % - Companies in Panama Income tax 25 % 25 % 25 % Companies in El Salvador Income tax 30 % 30 % 30 % Companies in Guatemala Income tax 25 % 25 % 25 % 12.3.2. Amount of temporary differences in subsidiaries, branches, associates over which deferred tax was not recognized is: December 31, 2019 December 31, 2018 In millions of Colombian pesos Temporary differences Local Subsidiaries (1,159,387) (442,739) Foreign Subsidiaries (4,547,635) (4,547,635) In accordance with IAS 12 no deferred tax credit was recorded with respect to the amounts shown in the table above, because the administration can control the future time in which such differences are reversed and this is not expected to occur in the foreseeable future. 12.3.3. Temporary differences as of December 31, 2019 - Net effect of deferred tax assets and liabilities by company disclosed in the Financial Position Statement: December 31, December 31, December 31, December 31, 2019 2019 2018 2018 In millions of Colombian pesos Deferred Tax Deferred Tax Deferred Tax Deferred Tax Company Asset Liability Asset Liability Arrendadora Financiera S.A. (53) 94 Bagrícola Costa Rica S.A. 102 74 Grupo Agromercantil Holding 50,063 (13,566) Banca de Inversión Bancolombia S.A. (20,567) (20,300) Banco Agrícola S.A. 72,436 67,527 Bancolombia S.A. (1,452,087) (1,245,807) Banistmo SA and Subsidiaries 271,057 198,958 Pasarela Colombia S.A.S (1) . 118 (19) Fideicomiso "Lote Abelardo Castro" - (123) Fiduciaria Bancolombia S.A. (5,918) (4,265) Gestora de Fondo de Inversión S.A 21 Inversiones CFNS S.A.S. (452) (1,011) Renting Colombia S.A. (30,656) (22,450) Transportempo S.A.S 1,238 163 Valores Banagrícola S.A. 8 19 Valores Bancolombia S.A. 5,959 4,342 Valores Simesa S.A. (12,225) (10,754) Net Deferred Tax by Company 401,002 (1,521,958) 271,177 (1,318,295) Net Deferred Tax (1,120,956) (1,047,118) (1) Before Biba Colombia Inmobiliaria S.A.S This section shows the net deferred tax resulting from each company and differs from the information in section 12.3.4, because there the deferred tax is disclosed according to its nature. 12.3.4. Asset and liability deferred tax detail without netting by company This section shows the deferred tax according to its nature and differs from the information in section 12.3.3, because there the deferred tax is shown net by company. Assets deferred tax with effect on Income Statement, OCI and Equity Deferred tax summary in December 31, With effects With effects on OCI December 31, balance sheet accounts 2018 on Results and Retained Profits Eliminations Reclassifications 2019 In millions of Colombian pesos Assets deferred tax Results 704,801 (79,475) (14,192) 8,979 620,113 Assets deferred tax OCI and Equity 477,876 153,409 1,062 3 Net Deferred Tax 1,182,677 (79,475) 153,409 (14,192) 10,041 1,252,460 December 31, 2018 Implementation Increase December 31, 2019 In millions of Colombian pesos Asset Deferred Tax with effect on Income Statement: Property and equipment 18,117 11,232 453 7,338 Employee Benefits 172,327 1,083 21,387 192,631 Deterioration assessment 56,920 37,894 99,869 118,895 Tax credits settlement 74,189 3,513 - 70,676 Financial Obligations 291,865 200,450 135 91,550 Investments evaluation 73,863 1,452 14,026 86,437 Other deductions 17,520 1,467 36,533 52,586 Total Asset Deferred Tax with effect on Income Statement 704,801 257,091 172,403 620,113 December 31, 2018 Implementation Increase December 31, 2019 In millions of Colombian pesos Asset Deferred Tax with effect on OCI and Equity: Net investment coverage in operations abroad 179,765 - 20,213 199,978 Employee Benefits 28,603 - 10,919 39,522 Investments evaluation - 70,034 75,005 4,971 implementation adjustment (1) 269,508 - 118,368 387,876 Total Asset Deferred Tax with effect on OCI and Equity 477,876 70,034 224,505 632,347 (1) Value recorded against retained earnings, not other comprehensive income (OCI). The increase is due to the adoption of IFRS 16. In accordance with the financial projections, it is expected in the future to generate sufficient liquid income to offset the items recorded as deductible deferred tax. These estimates start from the financial projections that were prepared taking into account information from the Bancolombia Group’s economic research records, the expected economic environment for the next five years. The main indicators on which the models are based are GDP growth, loans growth and interest rates. In addition to these elements, the long-term Group's strategy is taken into account. Liability deferred tax with effect on Income Statement, OCI and Equity Deferred tax summary in December 31, With effects With effects on OCI December 31, balance sheet accounts 2018 on Results and Retained Profits Eliminations Reclassifications 2019 In millions of Colombian pesos Liability deferred tax Results (2,122,001) (219,631) - 44,897 44,901 (2,251,834) Liability deferred tax OCI and Equity (107,794) - (14,354) - 566 (121,582) Net Deferred Tax (2,229,795) (219,631) (14,354) 44,897 45,467 (2,373,416) December 31, 2018 Implementation Increase December 31, 2019 In millions of Colombian pesos Liability Deferred Tax with effect on Income Statement: Property and equipment (243,330) 36,002 7,220 (214,548) Lease restatement (213,359) - 42,072 (255,431) Deterioration assessment (375,178) 33,716 11,374 (352,836) Participatory titles evaluation (139,963) 84,335 68,136 (123,764) Derivatives' evaluation (178,470) 178,466 - (4) Goodwill (858,849) 16,252 177,373 (1,019,970) Properties received in payment (77,043) 41 15,711 (92,713) Other deductions (35,809) 1,203 157,962 (192,568) Total Liability Deferred Tax with effect on Income Statement: (2,122,001) 350,015 479,848 (2,251,834) December 31, 2018 Implementation Increase December 31, 2019 In millions of Colombian pesos Liability Deferred Tax with effect on OCI and Equity Employee Benefits (3,917) 3,950 33 - Investments evaluation (95,283) 70,051 87,629 (112,861) Investments in associates. Adjustment for equity method (663) 663 695 (695) IFRS 9 implementation adjustment (1)(2) (7,931) - 95 (8,026) Total Liability Deferred Tax with effect on OCI and Equity: (107,794) 74,664 88,452 (121,582) (1) Value recorded against retained earnings, not other comprehensive income (OCI) (2) Effect on Grupo Agromercantil Holding due to an increase in the investments Total deferred tax With effects on Deferred tax summary in December 31, With effects OCI and Retained Eliminations Reclassifications December 31, balance sheet accounts 2018 on Results Profits 2019 In millions of Colombian pesos Asset Deferred Tax 1,182,677 (79,475) 153,409 (14,192) 10,041 1,252,460 Liability Deferred Tax (2,229,795) (219,631) (14,354) 44,897 45,467 (2,373,416) Net Deferred Tax (1,047,118) (299,106) 139,055 30,705 55,508 (1,120,956) The deferred tax disclosed in section 12.1, corresponds to assets and liabilities deferred tax without eliminations amounting to COP 299,106 million, less eliminations and reclassifications amounting to COP 84,585 million. 12.3.5. Reconciliation of the effective tax rate December 31, December 31, December 31, Reconciliation of the tax rate 2019 2018 2017 In millions of Colombian pesos Accounting profit 4,477,531 3,615,870 3,992,771 Applicable tax with nominal rate 1,477,585 1,337,872 1,597,108 Non-deductible expenses to determine taxable profit (loss) 281,633 266,246 356,350 Accounting and non-tax expense (income) to determine of taxable profit (loss) (822,683) (168,134) (179,605) Base Differences 304,871 486,193 341,828 Fiscal and non-accounting expense (income) to determine of taxable profit (loss) (1) 434,929 (579,660) (23,844) Ordinary activities income exempt from taxation (258,622) (235,560) (181,406) Ordinary activities income not constituting income or occasional tax gain (173,791) (133,211) (130,272) Tax deductions (128,211) (25,398) (184,620) Goodwill Depreciation (194,679) (218,277) (233,004) Tax depreciation surplus (100,286) (118,046) (177,936) Tax rate effect in other countries (2) 27,038 (92,125) (218,785) Prior fiscal terms 7,908 (146,837) 3,967 Other effects of the tax rate by reconciliation between accounting profit and tax expense (income) 407,272 456,372 268,817 Total income tax 1,262,964 829,435 1,238,598 (1) The variation originates mainly from the Participation Method (current tax) and the treatment of derivatives (2) The variation originates in adjustments for eliminations in the consolidated financial statements. 12.4. Dividends 12.4. 1. Dividend Payment If the parent company or any of its subsidiaries were to distribute dividends, they would be subject to the tax regulations of each of the countries where they are decreed. 12.4. 2. Dividends received from Colombian Subsidiary Companies In accordance with the past practice the Bank as Parent of its national subsidiaries which are part of the Business Group expects to receive dividends not subject to the income tax from these subsidiaries, and will not be subject to withholding tax, in accordance with Law 2010 of 2019. 12. 5. Tax contingent Liabilities and assets In the determination of the effective current and deferred taxes subject to review by the tax authority, the relevant regulations have been applied and interpretations have been made to take positions on those positions for which different interpretations may arise against those made by the entity. Due to the complexity of the tax system, ongoing amendments to the tax regulations, accounting changes with implications on tax bases and in general the legal instability of the country, the tax authority may at any time have different criteria to that of the Bancolombia Group. Consequently, a dispute or inspection by the tax authority on a particular tax treatment may affect the Bancolombia Group accounting of assets or liabilities for deferred or current taxes, in accordance with the requirements of IAS 12. In 2019, the Bancolombia Group reversed and updated the uncertain positions in accordance with the administrative acts received during the year: Balance December Balance December 2018 Update Payments Reversal 2019 114,968 12,700 6,085 19,031 102,552 12. 6. Tax credits The following is the detail of the fiscal losses and presumptive income excesses over net income in the Group’s entities, which have not been used, as of December 31, 2019. Deferred tax recognized Base asset In millions of Colombian pesos 235,585 70,676 In the implementation of the provisions of IAS 12 “Income Tax”, a deferred tax asset is recognized, since the group companies are expected to have future taxable profits with which to charge this temporary difference. 12. 7. Tax regulation applicable to current and deferred tax corresponding to fiscal periods 2018 and 2019. 12.7. 1. Domiciled companies in Colombia Current tax a) The tax regulations applicable to the 2018 and 2019 terms were those established by Law 1819 of 2016 and Law 1943 of 2018, as well as by their Regulatory Decrees and other prevailing regulations established in the Tax Code. b) Windfalls are taxed separately from ordinary income and are taxed at the 10% rate. c) Income tax is determined through the higher value between the taxable net income calculated by the ordinary system and the presumptive income determined on 3.5% of the previous year net assets for 2018 and 1.5% of the previous year net assets for 2019. Deferred tax The assets and liabilities deferred tax as of December 2018 was measured taking into account the rates for the income tax established by Act 1943 of 2018. As of December 31, 2019, the measurement of the deferred tax was determined with the income tax, indicated in Act 2010 of 2019; taking into account the future periods in which the temporary differences are expected to be reverted. 12.7. 2. Domiciled companies outside of Colombia The current tax is calculated based on the accounting information expressed under the accounting technical frameworks in force in each one of the jurisdictions where the Bancolombia Group has operations. The deferred tax as of December 31, 2019, was determined taking into account the fiscal regulations in force and applicable in each of the countries where the financial operations are carried out, using the tax rates applicable in the taxable years in which the Company expects to execute the assets or settle the liabilities. 12.7. 3. Future tax impacts from regulatory changes Companies domiciled in Colombia Law 1943 of 2018 was declared unenforceable by the Constitutional Court as of January 01, 2020 (Decision C-481 of 2019). Later on December 27, 2019 the National Government issued Law 2010 (Law on economic growth) for the purpose of providing continuity to many matters relating to taxation that were imposed in the previous Law and introducing certain changes into the tax system which shall be effective as of January 01, 2020: a) For financial institutions, the income and supplementary tax rates were amended and certain points were added to the general income tax, provided that the taxable income is equal to or greater than 120,000 TVUs (Tax Value Unit), thus: Income and supplementary taxes 2020 2021 2022 2023 onwards Income tax 32 % 31 % 30 % 30 % Additional points 4 % 3 % 3 % 0 % Total income tax 36 % 34 % 33 % 30 % b) The presumptive income rate on net assets is gradually reduced, thus: 0.5% for the 2020 tax year and 0% from the 2021 tax year. c) The thin capitalization rules are amended, which shall apply to interest from domestic or foreign third party debt. The thin capitalization rule does not apply to taxpayers subject to the oversight of the Financial Superintendency. d) The list of income that is not considered as a national source is amended as follows: Credit for the importation of goods, services, and in banking overdrafts the term of which is greater than 6 months are considered as national source income. e) In private equity funds, income shall be distributed between subscribers or shareholders to the same instrument received by the fund, under the same tax conditions that they would have as if directly received by the subscriber or shareholder, with the following rules being met : i. Where the fund’s shares are traded on a stock exchange that is subject to the inspection and oversight of Financial Superintendency of Colombia, or ii. Where the fund meets the following requirements: ü Not being more than directly or indirectly 50% or more owned by a single effective beneficiary, or related investor group or by members of a single family within the 4th degree of consanguinity or affinity, that are income tax taxpayers and; ü Where none of the effective beneficiaries of the fund or related investor group or family group, individually or jointly, have control or discretion over its distributions. Without compliance to these requirements, the shareholder income shall be incurred in the same fiscal year in which it is received by the private equity fund. The definition of what should be understood as an effective beneficiary is incorporated and the single registry of effective, final or real beneficiaries is created. a) The deduction to income tax of 100% of the taxes, rates and contributions effectively paid during the tax year or period, which have a causal relationship, is established as a general rule, and it is not possible for tax deductions such as: income, equity and tax normalizations. b) Tax on industries and businesses and notices and bulletin boards may be taken as a tax discount on income tax, up to 50% of tax, for the years 2020 and 2021. From 2022, 100% may be discounted. c) The tax discount is created for sales tax paid in the acquisition, construction, or formation and importation of productive real fixed assets, including those associated with necessary services for bringing them into good working order. d) The minimum sales price rules are amended to include services and to establish that it may not be less than 85% of its commercial value. For shares that are not listed on stock exchanges, the sale price may not be less than the intrinsic value by more than 30%. e) A first employment deduction is created equivalent to 120% of salary payments made to persons under the age 28. f) The 2% excise tax is eliminated for real estate sales with a value greater than 26,800 Tax Value Unit - TVUs. g) Changes in Dividends Withholding at source for dividends shall have the treatment as summarized below, according to the dividend status and the dividend’s beneficial taxpayer rate, thus: 1. For dividends from profits that have paid the tax in the company, i.e. not taxable, the following rules shall be followed: i. Dividends received by natural persons residing in Colombia: If the dividends are distributed to natural persons residing in Colombia, they shall be taxable at a marginal rate of 0% to 10%. ii. Dividends received by domestic legal persons: The withholding rate at source shall be 7.5% iii. Dividends received by non-resident natural persons, foreign corporations and permanent establishments: The withholding rate at source shall be 10% 2. For dividends from profits that have NOT paid tax in the company, i.e. taxable, the following rule shall be followed: These shall be taxed at the general income tax rate according to the year in which they are paid or offset (32% for 2020, 31% for 2021 and 30% from 2022). Once this withholding is discounted, the withholding rate mentioned in numeral 1 shall be applied. Dividends distributed within companies of a Corporate Group or within societies in control situation duly registered with the Chamber of Commerce are not subject to withholding. 3. Foreign capital investment. For the determination of income tax related to profits obtained from capital investments external to the portfolio, irrespective of the mode or vehicle used to make the investment by the investor, the following rules shall apply: i. Dividends from profits that have paid tax in the company, i.e. non-taxable, the rate shall be 10%. ii. For dividends from profits that did NOT pay tax in the company, i.e. taxable, the following rule shall be followed: The dividends shall be taxable at a rate of 25% and the remainder shall be applied a withholding rate of 10%. m) Colombian Holding Company regime A new Colombian Holding Company regime has been created, for companies whose principal activity is holding securities, investments or shareholdings in Colombian and/or foreign corporations and the administration of such investments. To become a beneficiary of this regime, they must guarantee a minimum direct or indirect shareholding of 10% in the capital of two or more of the corporations described above, for a minimum period of 12 months. In addition, they must employ at least 3 people, have their own management and make strategic decisions in Colombia related to their investments and assets. Among its main benefits, it is noted that dividends received from entities not resident in Colombia shall be in turn exempt from income tax in Colombia and shall not be subject to tax on industries and Businesses. Dividends distributed by CHCs (Colombian Holding Companies) to residents, are taxable with a right to discount for taxes paid abroad on foreign source income, those distributed to non-residents shall be understood as foreign source income. When the CHC (Colombian Holding Companies) transfers its shares in a foreign entity, it shall be exempt from income tax and its supplementary tax. Domiciled companies outside of Colombia For the term of December 2019, there were no changes in the countries where Grupo Bancolombia has operations.

ASSETS HELD FOR SALE AND INVENT

ASSETS HELD FOR SALE AND INVENTORIES, NET	12 Months Ended
	Dec. 31, 2019
ASSETS HELD FOR SALE AND INVENTORIES, NET
ASSETS HELD FOR SALE AND INVENTORIES, NET	NOTE 13. ASSETS HELD FOR SALE AND INVENTORIES, NET The breakdown of inventories and assets held for sale, net of the Bank is as follows: Assets held for sale and inventories December 31, 2019 December 31, 2018 In millions of COP Inventories, net 394,354 290,605 Assets held for sale 124,395 345,423 Total assets held for sale and inventories, net 518,749 636,028 13. 1. Inventories Due to the nature of the financial services provided by some subsidiaries of the Bank, when assets provided through operating or financial leases to third parties that do not exercise the purchase option or do not have a purchase option, once the agreement expires those assets are recorded as inventories, considering that in the course of the ordinary activities performed by such subsidiaries, those assets are routinely sold. The Bank’s inventories at December 31, 2019 and 2018, are summarized as follows: Inventories December 31, 2019 December 31, 2018 In millions of COP Lands and buildings 356,480 250,543 Vehicles 49,951 41,853 Machinery 31,307 20,527 Total inventory cost 437,738 312,923 Impairment (43,384) (22,318) Total inventories, net 394,354 290,605 Impairment is recognized based on market price fluctuation due to the fact that the fair value is determined by the offering price less cost to sell. There are no inventories pledged as collateral for liabilities as of December 31, 2019 and 2018. 13. 2. Assets held for sale The assets recognized by the Bank as assets held for sale correspond to machinery, equipment, motor vehicles, technology, and investment property, among others that have been received as foreclosed assets. The Bank’s assets are subject to a current plan for their sale, which contains the details of the selling price allocation and the advertising and marketing plan. Furthermore, the plan specifies the conditions to proceed with the selling process. The total balance of assets held for sale, by operating segment, are detailed below: As of December 31, 2019 Banking Banking Banking Banking Others Assets held for sale Colombia Panama El Salvador Guatemala Segment Total In millions of COP Machinery and equipment 2,554 2,245 - - - 4,799 Cost 2,622 2,648 - - - 5,270 Impairment (68) (403) - - - (471) Real estate for residential purposes 61,973 43,940 5,301 1,575 - 112,789 Cost 63,417 45,068 5,424 1,709 - 115,618 Impairment (1,444) (1,128) (123) (134) - (2,829) Real estate different from residential properties - 5,918 889 - - 6,807 Cost - 5,964 909 - - 6,873 Impairment - (46) (20) - - (66) Total assets held for sale - cost 66,039 53,680 6,333 1,709 - 127,761 Total assets held for sale - impairment (1,512) (1,577) (143) (134) - (3,366) Total assets held for sale 64,527 52,103 6,190 1,575 - 124,395 (1) For 2019 there are no assets related to investments held for sale. In October 2019, the sale of Avefarma S.A.S, Glassfarma Tech S.A.S. y Panamerican Pharmaceutical Holding Inc., was perfected, generating a net profit of COP 7,068. These investments were classified as investments held for sale since december 2017. In March 2019 Arrendamiento Operativo CIB S.A.C. was sold, generating a net profit of COP 36,338 and in July 2019 FiduPerú S.A. Sociedad Fiduciaria was sold generating a loss of COP 602. These investments were classified as investments held for sale since december 2017. The breakdown of the major classes of assets and liabilities classified as held for sale as of December 31, 2018 is as follows: December 31, 2018 Assets Cash and cash equivalents 12,476 Financial assets investment - Premises and equipment, net 164,356 Prepaid expenses 412 Tax receivables 7,093 Deferred tax 1,551 Assets held for sale 721 Other assets 22,393 Total assets 209,002 Liabilities Borrowings from other financial institutions 150,254 Tax liabilities 1,054 Deferred tax liabilities 4,832 Other liabilities 7,456 Total liabilities 163,596 As of December 31, 2018 Banking Banking Banking Banking Others Assets held for sale Colombia Panama El Salvador Guatemala Segment Total In millions of COP Machinery and equipment 2,696 2,860 - - - 5,556 Cost 3,065 3,090 - - - 6,155 Impairment (369) (230) - - - (599) Real estate for residential purposes 29,562 59,241 1,762 1,487 - 92,052 Cost 30,472 61,286 1,800 1,487 - 95,045 Impairment (910) (2,045) (38) - - (2,993) Real estate different from residential properties 452 23,624 - - - 24,076 Cost 998 23,822 - - - 24,820 Impairment (546) (198) - - - (744) Investments held for sale - - - - 19,128 19,128 Cost - - - - 19,128 19,128 Impairment - - - - - - Assets related to Investments held for sale - - - - 204,611 204,611 Cost - - - - 209,002 209,002 Impairment - - - - (4,391) (4,391) Total assets held for sale - cost 34,535 88,198 1,800 1,487 228,130 354,150 Total assets held for sale - impairment (1,825) (2,473) (38) - (4,391) (8,727) Total assets held for sale 32,710 85,725 1,762 1,487 223,739 345,423 Assets held for sale had an impairment amounting to COP 3,366 and COP 8,727 as of December 31, 2019 and 2018, respectively. Impairment losses are recognized for the difference between the carrying and recoverable amount of the asset.

OTHER ASSETS, NET

OTHER ASSETS, NET	12 Months Ended
	Dec. 31, 2019
OTHER ASSETS, NET
OTHER ASSETS, NET	NOTE 14. OTHER ASSETS, NET As of December 31, 2019 and 2018 the Bank’s other assets, net consist of: Other Assets December 31, 2019 December 31, 2018 In millions of COP Tax advance 838,721 867,120 Marketable and non-marketable for sale assets, net 828,382 654,207 Other receivables (1) 766,251 286,583 Prepaid expenses 365,143 346,012 Assets pledged as colateral 334,190 248,662 Receivables related to abandoned accounts (2) 206,027 172,671 Accounts receivable from contracts with customers (3) 169,109 86,759 Receivable Sales of goods and service 136,139 141,098 Commission receivables 123,306 99,185 Balance in credit card clearning house 111,905 61,539 Operating leases 74,938 55,450 Interbank Borrowings not classified as cash equivalents 51,701 55,690 Taxes receivable 38,001 4,882 Commission for letters of credit 25,607 25,399 Debtors 19,348 22,054 Others 273,253 133,873 Total other assets 4,362,021 3,261,184 Allowance others (124,772) (64,139) Total other assets, net 4,237,249 3,197,045 (1) As of December 31, 2019, corresponds to receivables from importations product, bank acceptances, reconciling entries from correspondent banks, tax receivables from DIAN, derivative receivables, debt securities and spot transactions, TIP interests, and others. (2) Corresponds to receivables related to the application of the Colombian Law 1777 of February 1, 2016, which establishes that entities holding accounts deemed abandoned must transfer the related amounts to a fund constituted and regulated by the Icetex (Governmental entity responsible for promoting high quality education in Colombia). (3) See Note 25.3 Fees and commissions.

DEPOSITS BY CUSTOMERS

DEPOSITS BY CUSTOMERS	12 Months Ended
	Dec. 31, 2019
DEPOSITS BY CUSTOMERS
DEPOSITS BY CUSTOMERS	NOTE 15. DEPOSITS BY CUSTOMERS The detail of the deposits as of December 31, 2019 and 2018 is as follows: Deposits December 31, 2019 December 31, 2018 In millions of COP Saving accounts 66,914,834 59,635,379 Time deposits 63,635,078 56,853,141 Checking accounts 25,159,676 24,098,073 Other deposits 1,495,724 1,541,878 Total 157,205,312 142,128,471 The following table details the time deposits issued by the Bank: Time deposits Effective interest rate December 31, 2019 Modality Minimum Maximum Carrying Value Fair value (1) In millions of COP Less than 6 months 0.10 % 6.60 % 8,611,317 8,608,691 Between 6 months and 12 months 0.10 % 7.25 % 8,267,750 8,287,504 Between 12 months and 18 months 0.25 % 6.75 % 9,458,863 9,534,399 Greater than 18 months 0.01 % 13.50 % 37,297,148 38,235,068 Total 63,635,078 64,665,662 (1) See Note 30 Fair value of assets and liabilities. Time deposits Effective interest rate December 31, 2018 Modality Minimum Maximum Carrying Value Fair value (1) In millions of COP Less than 6 months 0.10 % 6.75 % 9,549,206 9,554,429 Between 6 months and 12 months 0.25 % 7.50 % 5,572,051 5,577,962 Between 12 months and 18 months 0.25 % 7.25 % 7,323,840 7,368,860 Greater than 18 months 0.01 % 13.50 % 34,408,044 35,084,415 Total 56,853,141 57,585,666 (1) See Note 30 Fair value of assets and liabilities. The detail of Time deposits issued by the Bank by maturity is as follows: December 31, 2019 Period Carrying value Fair value (1) In millions of COP Less than 1 year 44,458,114 44,993,854 Between 1 and 3 years 13,543,877 13,790,539 Between 3 and 5 years 3,578,910 3,669,471 Greater than 5 years 2,054,177 2,211,798 Total 63,635,078 64,665,662 (1) See Note 30 Fair value of assets and liabilities. December 31, 2018 Period Carrying value Fair value (1) In millions of COP Less than 1 year 37,911,658 38,216,970 Between 1 and 3 years 12,753,264 12,965,241 Between 3 and 5 years 4,559,122 4,663,087 Greater than 5 years 1,629,097 1,740,368 Total 56,853,141 57,585,666 (1) See Note 30 Fair value of assets and liabilities.

INTERBANK DEPOSITS AND REPURCHA

INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING	12 Months Ended
	Dec. 31, 2019
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING	NOTE 16. INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING The following table sets forth information regarding the money market operations recognized as liabilities in the statement of financial position: Interbank and repurchase agreements and other similar secured borrowing December 31, 2019 December 31, 2018 In millions of COP Interbank Deposits Interbank liabilities 1,363,679 1,374,222 Total interbank 1,363,679 1,374,222 Repurchase agreements and other similar secured borrowing Short selling operations 555,337 136,786 Temporary transfer of securities 758,400 2,178,769 Total Repurchase agreements and other similar secured borrowing (1) 1,313,737 2,315,555 Total money market transactions 2,677,416 3,689,777 (1) Total repo liabilities have maturities of less than 30 days. Offsetting of Repurchase and Resale Agreements The Bank's assets are subject to a current plan for their sale, which contains the details of the selling price allocation and the advertising and marketing plan. Furthermore, the plan specifies the conditions to proceed with the selling process. The Bank does not offset repurchase and resale transactions with the same counterparty in the consolidated statement of financial position. The table below presents repurchases and resale transactions included in the consolidated statement of financial position at December 31, 2019 and 2018: As of December 31, 2019 Net balance Assets / Amounts offset in presented in the Financial Assets / liabilities gross the statement of statement of financial instruments as liabilities financial position position collaterals net In millions of COP Securities purchased under resale agreements 3,016,064 - 3,016,064 (3,016,064) - Securities sold under repurchase agreements (1,313,737) - (1,313,737) 1,313,737 - Total repurchase and resale agreements 1,702,327 - 1,702,327 (1,702,327) - As of December 31, 2018 Net balance Assets / Amounts offset in presented in the Financial Assets / liabilities gross the statement of statement of financial instruments as liabilities financial position position collaterals net In millions of COP Securities purchased under resale agreements 931,820 - 931,820 (931,820) - Securities sold under repurchase agreements (2,315,555) - (2,315,555) 2,315,555 - Total repurchase and resale agreements (1,383,735) - (1,383,735) 1,383,735 - For further information about offsetting of other financial assets and liabilities see Note 5 Financial assets investments and derivatives.

BORROWINGS FROM OTHER FINANCIAL

BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS	12 Months Ended
	Dec. 31, 2019
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS	NOTE 17. BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS As of December 31, 2019 and 2018, the composition of the borrowings from other financial institutions measured at amortized cost is the following: Borrowings from other financial institutions December 31, 2019 December 31, 2018 In millions of COP Obligations granted by foreign banks (1) 9,200,571 11,217,308 Obligations granted by domestic banks 4,758,772 5,120,656 Total 13,959,343 16,337,964 (1) The Bank has recognized a financial liability with BAM Financial Corporation (BFC) amounting to USD 290, 4 millions as of December 31, 2019 and USD 259.4 million as of December 31, 2018, due to its obligation to pay cash in future to purchase the non-controlling shares of Grupo Agromercantil Holding pursuant to an outstanding put option expiring in 2024. The Bank will reclassify the liability to equity if the put expires unexercised. Obligations granted by domestic banks As of December 31, 2019 Rate Rate Financial entity Maximum Minimum December 31, 2019 In millions of COP Financiera de desarrollo territorial (Findeter) 10.02 % 0.21 % 2,527,879 Banco de comercio exterior de Colombia (Bancoldex) 16.66 % 2.13 % 846,874 Fondo para el financiamiento del sector agropecuario (Finagro) 14.40 % 0.63 % 578,665 Other private financial entities 8.51 % 6.08 % 805,354 Total 4,758,772 As of December 31, 2018 Rate Rate Financial entity Maximum Minimum December 31, 2018 In millions of COP Financiera de desarrollo territorial (Findeter) 10.19 % 0.24 % 2,591,423 Banco de comercio exterior de Colombia (Bancoldex) 15.46 % 2.17 % 1,205,958 Fondo para el financiamiento del sector agropecuario (Finagro) 14.54 % 0.85 % 634,048 Other private financial entities 7.92 % 5.82 % 689,227 Total 5,120,656 The maturities of financial obligations with domestic banks as of December 31, 2019 and 2018, are the following: Domestic December 31, 2019 December 31, 2018 In millions of COP Amount expected to be settled: More than twelve months after the reporting period 4,411,393 4,894,259 No more than twelve months after the reporting period 347,379 226,397 Total 4,758,772 5,120,656 Obligations granted by foreign banks As of December 31, 2019 Financial entity Rate Maximum Rate Minimum December 31, 2019 In millions of COP Financing with correspondent banks 4.81 % 2.05 % 8,340,378 Corporación Andina de Fomento (CAF) 4.33 % 2.29 % 333,095 Banco Latinoamericano de Comercio Exterior (Bladex) 4.75 % 2.71 % 457,228 Banco Interamericano de Desarrollo (BID) 4.91 % 3.28 % 69,870 Total 9,200,571 As of December 31, 2018 Financial entity Rate Maximum Rate Minimum December 31, 2018 In millions of COP Financing with correspondent banks 5.66 % 2.81 % 10,140,356 Corporación Andina de Fomento (CAF) 5.01 % 2.93 % 529,464 Banco Latinoamericano de Comercio Exterior (Bladex) 4.89 % 3.15 % 473,549 Banco Interamericano de Desarrollo (BID) 5.64 % 4.32 % 73,939 Total 11,217,308 The maturities of the financial obligations with foreign entities as of December 31, 2019 and 2018 are the following: Foreign December 31, 2019 December 31, 2018 In millions of COP Amount expected to be settled: No more than twelve months after the reporting period 6,286,622 9,743,905 More than twelve months after the reporting period 2,913,949 1,473,403 Total 9,200,571 11,217,308

DEBT INSTRUMENTS IN ISSUE

DEBT INSTRUMENTS IN ISSUE	12 Months Ended
	Dec. 31, 2019
DEBT INSTRUMENTS IN ISSUE
DEBT INSTRUMENTS IN ISSUE	NOTE 18. DEBT INSTRUMENTS IN ISSUE Duly authorized by the authority in each country bonds have been issued as follows: As of December 31, 2019 Issuer Currency Face value (1) Balance Rate Range Bancolombia S.A. Local COP 4,571,386 4,614,044 5.86%-10.27 % Bancolombia S.A. Foreign USD 3,311,481 10,668,375 2.15%-6.22 % Banco Agrícola S.A. Foreign USD 514,000 1,676,517 5.27%-7.17 % Bancolombia Panamá S.A. Foreign USD 140,351 467,837 2.25%-3.70 % Grupo Agromercantil Holding S.A. Foreign USD 915 3,000 0.25%-7.25 % Banistmo S.A. y filiales Foreign USD 749,363 2,473,666 2.65%-5.00 % Bancolombia Puerto Rico Internacional Inc. Foreign USD 5,471 18,076 2.65%-2.95 % Total 19,921,515 (1) Face value is in US dollar for foreign currency bonds. As of December 31, 2018 Issuer Currency Face value (1) Balance Rate Range Bancolombia S.A. Local COP 4,533,392 4,607,153 5.91%-10.89 % Bancolombia S.A. Foreign USD 3,237,466 10,452,432 2.60%-6.22 % Banco Agrícola S.A. Foreign USD 549,000 1,774,852 5.27%-7.17 % Bancolombia Panamá S.A. Foreign USD 139,280 457,495 2.60%-3.50 % Grupo Agromercantil Holding S.A. Foreign USD 300,939 986,476 0.25%-7.25 % Banistmo S.A. y filiales Foreign USD 606,635 1,980,824 2.65%-5.00 % Bancolombia Puerto Rico Internacional Inc. Foreign USD 8,499 28,001 2.70%-3.00 % Total 20,287,233 (1) Face value is in US dollar for foreign currency bonds. The breakdown of the Bank securities in issue by term is as follows: As of December 31, 2019 Less than Between Between Issuer 1 year 1 and 3 years 3 and 5 years Greater than 5 years Total amortized cost In millions of COP Local currency Subordinated bonds (1) - - - 1,216,533 1,216,533 Ordinary bonds - - 155,102 3,242,409 3,397,511 Foreign currency Subordinated bonds (1) - - - 6,925,854 6,925,854 Ordinary bonds 259,503 879,255 261,020 6,981,839 8,381,617 Total 259,503 879,255 416,122 18,366,635 19,921,515 (1) The subordinated bonds, in the event of default of the Bank, will be subordinated to the claims of depositors and all other creditors of the issuer, other than creditors whose claims rank equally with, or are junior to, the claims of the holders of the subordinated liabilities. Green Bonds Offering On June 25, 2019 Bancolombia S.A. completed the offering of ordinary bonds in an aggregate principal amount of COP 657,000. The bonds will mature 5 years from the date of issue. This issuance was allocated through a public offering aimed at institutional investors authorized to operate in the second market exchange, including multilateral organizations. Subordinated Notes Offering On December 18, 2019, the Bank priced the public offering of USD 550,000 in aggregate principal amount of its Subordinated Notes due December 18, 2029. The Notes have a 10-year maturity, an optional redemption right on the fifth year and a coupon of 4.625%, payable semi-annually on December 18 and June 18 of each year, beginning on June 18, 2020. In relation to the Bond offer made, the bank acquired a portion of its Bonds maturing in 2020 and 2022, issued on July 26, 2010 and September 4, 2012 respectively, through a private bond exchange agreement followed by a “Tender Offer” intermediary bond public offering. In connection with the Notes Offering, the Bank acquired a portion of its Bonds maturing in 2020 and 2022, issued on July 26, 2010 and September 4, 2012, respectively, through a private exchange followed by a Dealer Intermediated Tender Offer. During the transaction, the Bank maintained a third party financial entity as a principal, which was responsible for the execution of the transfer and the exchange. In this regard the Bank has recognized as non-extinguishment the modification of the debt instruments in issue corresponding to a portion of the Notes due 2020 and Notes due 2022. therefore, the modified debt instruments are adjusted with effect in the result of the period to the present value of the new terms, discounted at the original effective interest rate and the costs associated with the transaction will be amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instruments using the interest method. Giving application to IFRS 9 financial instruments and IFRIC 16 hedges of a net investment in a business abroad, the Bank arranged to cover the exchange rate risk that arises from the date of acquisition of its investment in the subordinate Banistmo S.A, designating bonds issued in foreign currency for USD 2.2 billion, as hedging instruments. For information related with the disclosures of fair value of the debt securities in issued, see Note 30 Fair value of assets and liabilities. As of December 31, 2018 Issuer Less than Between Between 1 year 1 to 3 years 3 to 5 years Greater than 5 years Total amortized cost In millions of COP Local currency Subordinated bonds (1) - - - 1,425,034 1,425,034 Ordinary bonds - - 154,813 3,027,306 3,182,119 Foreign currency Subordinated bonds (1) - - - 6,790,506 6,790,506 Ordinary bonds 652,579 339,419 159,721 7,737,855 8,889,574 Total 652,579 339,419 314,534 18,980,701 20,287,233 (1) The subordinated bonds, in the event of default of the Bank, will be subordinated to the claims of depositors and all other creditors of the issuer, other than creditors whose claims rank equally with, or are junior to, the claims of the holders of the subordinated liabilities. Sustainable Bonds Offering In July 19, 2019 the Bank announced that it completed the issuance and placement of an offering of sustainable bonds (Bonos sostenibles) in an aggregate principal amount of COP 657,000 in the Segundo Mercado exchange, with a term of 5 years and an interest rate of IBR + 1.60%. The proceeds from the offering will be used to finance sustainability projects including renewable energy, energetic efficiency, cleaner production, social infrastructure, and access to housing, among others, in accordance with international standards contemplated by the Sustainability Bond Guidelines. The IIC (Interamerican Investment Corporation) and the IDB (Interamerican Development Bank), acquired all the bonds in the offering. The following is a schedule of the debt instruments in issue by maturity: Issuer December 31, 2019 December 31, 2018 In millions of COP Amount expected to be settled: No more than twelve months after the reporting period 3,228,110 2,854,161 More than twelve months after the reporting period 16,693,405 17,433,072 Total 19,921,515 20,287,233 As of December 31, 2019 and 2018, there were no covenants linked to the aforementioned securities in issue, nor were any of these instruments past due by the Bank in relation to its financial obligations.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2019
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	NOTE 19. EMPLOYEE BENEFIT PLANS The following table shows liabilities relating to post-employment benefit and long-term benefit plans: December 31, December 31, Post-employment and long-term benefit plans 2019 2018 In millions of COP 19.1 Defined benefit pension plan 163,152 155,075 19.2 Severance obligation 26,547 30,732 19.3 Retirement Pension Premium Plan and Senior Management Pension Plan Premium 198,260 170,596 19.4 Other long term benefits 416,969 362,862 Total Post-employment and long-term benefit plans 804,928 719,265 Fair value Plan assets 35,981 37,136 Total Unfunded Post-employment and long-term benefit plans 768,947 682,129 These benefits include all types of payments that the Bank provides to its employees. The recognition of liabilities related to post-employment and long-term employee benefit plans is based on actuarial computations which involve judgments and assumptions made by management (with the assistance of external actuaries) related to the future macroeconomic and employee demographic factors, among others, which will not necessarily coincide with the future outcome of such factors. Short-term employment benefit plans recognized in the statement of financial position in the line “other liabilities” consist of the following: December 31, December 31, Other employment benefit plans 2019 2018 In millions of COP Current severance obligation (1) 125,255 113,654 Bonuses and short-term benefits 403,872 351,697 Other employment benefit plans 529,127 465,351 (1) See 19.2 Severance obligation. As of December 31, 2017, the amount recognized through profit or loss, due to benefit employee plans’ current service cost and interest cost, was COP 109,126; on the other hand, COP 1,007 was recognized through other comprehensive income as a result of the net actuarial gain or loss due to change in assumptions, demographic experience and foreign currency translation effect. Bonuses and short-term benefits As of December 31, 2019, and 2018, the amounts of COP 403,872 and COP 351,697, respectively, were recognized by the Bank as bonuses related to private agreements in connection with the employees’ variable compensation. Post-employment benefits 19.1 Defined benefit pension plan Colombia Under Colombian law, employee pension obligations are managed as a defined contribution plan since 1990. The Bank’s legal retirement benefit obligation as of December 31, 2019 and 2018 relates to retired employees who rendered services to the Bank before the current regulations took effect. Under this unfunded plan, benefits are based on length of service and level of compensation. As of December 2019, 623 participants were covered by this plan, and as of December 2018, 644 participants. For purposes of the projected assessment of the pension plan obligation, in the absence of a deep market of high-quality corporate debt, the sovereign bond curve of the Colombian Government is used, with maturity similar to the residual life of the obligation of the projected benefit. The net cost of pensions is accounted for in the statement of income as “salaries and employee benefits”, and includes the interest costs and cost of current service. Defined benefit pension plan 2019 2018 In millions of COP Present value of the obligation as of January 1 122,383 125,480 Interest cost 7,880 7,547 Benefits paid (11,857) (11,795) Net actuarial loss / (gain) due to changes in demographic assumptions 10,518 (2,220) Net actuarial loss due to plan experience 104 3,371 Defined obligation, unfunded as of December 31 129,028 122,383 Panama The pension plan for Banistmo and its subsidiaries provides defined benefits based on average salary paid during the most recent 120 months before retirement and years of service of certain employees entitled to receive the benefits. The pension benefit vests after 10 years of service. As of December 31, 2019, and 2018, there were 58 participants (28 participants with deferred benefits and 30 participants receiving benefits), and 60 participants (30 participants with deferred benefits and 30 participants receiving benefits), respectively. Defined benefit pension plan 2019 2018 In millions of COP Present value of the obligation as of January 1 5,863 6,109 Interest cost 229 177 Actuarial loss / (gain) – experience 620 (536) Actuarial (gain)/loss - financial assumptions (610) 46 Benefits paid from plan assets (782) (405) Foreign currency translation effect 51 472 Defined obligation, funded as of December 31 5,371 5,863 Guatemala Grupo Agromercantil Holding has established a retirement pension plan for its employees. Under this plan, the employees are entitled to receive a lifetime payment of 50% of their monthly nominal wage, if they are 70 years old and have 30 years of service, or if they are 65 years old and have 40 years of service. On the other hand, the employees are entitled to receive a lifetime payment of 70% of their monthly nominal wage, if they are 70 years old and have 40 years of service, or they are 65 years old and have 45 years of service. Defined benefit pension plan 2019 2018 In millions of COP Present value of the obligation as of January 1 26,829 18,279 Current cost of service 1,219 878 Interest cost 2,215 1,410 Benefits paid (1,097) (401) Actuarial (gain)/loss - financial assumptions (770) 5,384 Foreign currency translation effect 357 1,279 Defined obligation, funded as of December 31 28,753 26,829 19.2 Severance obligation Colombia Under Colombian labor regulations, employees hired before 1990 are entitled to receive one month’s salary for each year of service. This benefit accumulates and is paid to the employees upon their termination or retirement from the Bank, calculated based on the employees’ last salary base; however, employees may request advances against this benefit at any time. In 1990, the Colombian government revised its labor regulations for new employees to permit companies, subject to the approval of the employees, to transfer this severance obligation annually to private pension funds (this scheme of employee benefits is known as the current severance obligation). The Bank’s severance obligations relate to employees hired before 1990. As of December 2019, and 2018, 353 and 453 participants respectively, were covered by this plan. The balances recognized in the statement of financial position are listed below: Defined benefit severance obligation plan 2019 2018 In millions of COP Present value of the obligation as of January 1 30,732 38,041 Current cost of service 862 1,598 Interest cost 1,952 2,333 Benefits paid (8,414) (11,586) Net actuarial loss due to assumption changes and plan experience 1,415 346 Defined obligation, unfunded as of December 31 26,547 30,732 Current severance regimen (1) 125,255 113,654 Total 151,802 144,386 (1) Corresponds to the amounts pending to transfer to private funds. See Note 20 Other liabilities 19.3 Retirement Pension Premium Plan and Senior Management Pension Plan Premium Colombia Under Colombian labor regulations, employers and employees are entitled to negotiate compensation, other than the retirement benefit prescribed by law, by means of private agreements. The Bank’s employees participating in defined contribution plans are entitled to receive, on their retirement date, a one-time payment at the time based on the salary of the employee at their retirement date. On the other hand, the Bank has established a retirement benefit plan for its senior management executives. Under this plan, the executives are entitled to receive a one-off payment on their retirement date based on the number of years of service to the organization. El Salvador By means of Decree 592 of 2013, under Salvadorian labor regulations, employees are entitled to receive 15 days of salary for each year of service. This benefit is payable upon retirement, resignation, unjustified dismissal, death and disability. As of December 31, 2019, and 2018, there were 2,850 and 2,837 participants respectively, covered by the plan. Since 2018, Banagrícola S.A established a retirement benefit plan for its senior management executives. Under this plan, the executives are entitled to receive a one-off payment on their retirement date, death or disability based on the number of years of service to the organization. As of December 31, 2019, there was 1 participant covered by the plan. Guatemala Grupo Agromercantil Holding has established a defined benefit plan for its employees. Under this plan, the employees are entitled to receive a one-off payment based on the number of years of service to the organization in the event of waiver before retirement. As of December 31, 2019, and 2018, there were 3,075 and 3,577 participants respectively, covered by the plan. Panama Since 2018, Banistmo S.A established a retirement benefit plan for its senior management executives. Under this plan, the executives are entitled to receive a one-off payment on their retirement date, death or disability based on the number of years of service to the organization. As of December 31, 2019, there was 1 participant covered by the plan. The annual change of the present value of the obligations of defined benefit plans is as follows: Retirement Pension Premium Plan and Senior Management Pension Plan Premium 2019 2018 In millions of COP Present value of the obligation as of January 1 170,596 167,646 Current service cost 16,687 14,546 Interest cost 11,161 10,535 Benefits paid (31,784) (18,829) Past service cost 75 - First time application effect of IAS 19 to new defined benefit obligation of Banistmo at December 31, 2018 (1) - 2,479 First time application effect of IAS 19 to new defined benefit obligation of Banagrícola at Decembre 31, 2018 (2) - 821 Net actuarial (gain) / loss due to assumption changes and plan experience (3) 30,875 (9,059) Foreign currency translation effect 650 2,457 Defined obligation, unfunded as of December 31 198,260 170,596 (1) Banistmo S.A has decided to recognize a new employee benefit plan for its senior management executives based on the number of years of service to the organization. (2) Banagrícola S.A has decided to recognize a new employee benefit plan for its senior management executives based on the number of years of service to the organization. (3) The increase in actuarial losses from experience adjustment is mainly due to a reduction of the discount rate used in actuarial valuation of 2019 against 2018. 19.4 Other long term benefits In addition to legal benefits and the aforementioned post-employment benefits, the Bank grants to its employees other benefits based on the employees’ seniority. For the periods ended December 31, 2019 and December 31, 2018, the reconciliation of the other long term benefits is set below: Other long term benefits 2019 2018 In millions of COP Present value of the obligation as of January 1 362,862 341,846 Current service cost 33,944 34,382 Interest cost 24,122 21,598 Benefits paid (36,884) (32,464) Net actuarial loss / (gain) due to assumption changes and plan experience (1) 32,850 (3,237) Foreign currency translation effect 75 737 Defined obligation, unfunded as of December 31 416,969 362,862 (1) The increase in actuarial losses from experience adjustment, is mainly due to a reduction of the discount rate used in actuarial valuation of 2019 against 2018. 19.5 Plan Assets Bancolombia As of December 2018, the Bank established an asset plan to secure the benefits promised in the Senior Management Pension Plan Premium. The assets plan is managed by a Private Pension Fund. The plan assets’ fair value as of December 31, 2019 and 2018 is as follow: Bancolombia’s Plan assets 2019 2018 In millions of COP Fair value of assets as of January 1 32,252 - Employer contributions - 32,252 Interest income on plan assets 2,118 - Return on plan assets greater/(less) than discount rate 2,038 - Benefits paid (4,647) - Fair value assets at the end of the year 31,761 32,252 Banistmo The Bank, through its subsidiary Banistmo, has established a plan with assets to secure benefits promised by Banistmo to the employees entitled to receive the Pension Plan under the terms described above and to comply with Panama labor code, which specify the terms for securing the payments to be made in the event of an employee’s termination (voluntary or involuntary) or upon retirement (termination indemnity plan). Banistmo’s pension and post-retirement plan assets consider investments in fixed-term deposits and cash and due from banks, in order to reduce the investment risk. The plan assets are managed by a trustee (third party). Likewise, the assets allocation is periodically reviewed by Banistmo and, when necessary, adjusted according to the investment strategy. The plan’s investment assets are measured at fair value using significant, unobservable market data and, therefore, are classified as Level 3. The expected return on assets assumption represents the long term rate of return based on analysis of historical returns, historical asset class volatilities and the fund’s past experience. The components of the periodic net cost of the plans previously mentioned and the total of charges (credits) recognized in the consolidated statement of income are as follows: The following table details the change in plan assets: Banistmo’s Plan assets 2019 2018 In millions of COP Fair value of assets as of January 1 4,884 4,765 Interest income on plan assets 101 161 Return on plan assets less than discount rate (25) (33) Benefits paid (782) (405) Foreign currency translation effect 42 396 Fair value assets as of December 31 4,220 4,884 Defined contribution plans The expense recognized in the line “Salaries and employee benefits” of the consolidated statement of income for defined contribution plans, for current severance regimen and pension benefits, is as follows: Defined contribution plans 2019 2018 In millions of COP Pension 200,615 182,991 Current severance regimen 60,777 57,130 Total 261,392 240,121 The economic assumptions used in the determination of the present value of the defined benefit plans, in nominal terms, are as follows: Colombia Main projected assumptions December 31, 2019 December 31, 2018 Discount rate 5.70 % 6.90 % Rate of wage increase 5.95 % 5.70 % Projected inflation 3.45 % 3.40 % Rate of pension increase 3.45 % 3.40 % Bancolombia Panama Main projected assumptions December 31, 2019 December 31, 2018 Discount rate 2.80 % 4.00 % Rate of wage increase 2.00 % 2.00 % Projected inflation 1.00 % 1.00 % Banistmo Main projected assumptions December 31, 2019 December 31, 2018 Discount rate 4.00 % 4.00 % Expected long-term rate of return on plan assets 3.40 % 2.30 % Rate of wage increase 3.00 % 3.00 % El Salvador Main projected assumptions December 31, 2019 December 31, 2018 Discount rate 3.00 % 4.10 % Rate of wage increase 2.00 % 2.50 % Projected inflation 1.00 % 1.50 % Guatemala Main projected assumptions December 31, 2019 December 31, 2018 Discount rate 8.20 % 8.20 % Rate of wage increase 5.00 % 5.00 % Projected inflation 4.00 % 4.00 % In 2019, the assumption of mortality used in the preparation of the assessment of the estimated liabilities is based on tables RP‑2000, CSO‑80 and RV‑08, which reflect average ages of mortality from 32‑75 years. The rate used to discount the obligation of the defined benefit plan to reflect the duration of the labor liabilities as of December 2019 corresponds to the yield of sovereign bonds of each country where the plan is established, either Colombia, Panama, Guatemala and El Salvador, as applicable, since the market transactions of these countries involving corporate bonds of high quality have no high levels of activity. The assumption of the rate of inflation is based on the long term projection of the Central Bank of Colombia, Panama, Guatemala and El Salvador. The nature of the risks related to the obligations aforementioned are summarized below: Investment risk The present value of the obligation for the defined benefits plan is calculated using a discount rate determined with reference to high quality sovereign yields of each country. Currently, the plan includes investment in financial instruments that are not vulnerable to market risks Interest rate risks A reduction of the bond interest rates will increase the obligation of the plan Longevity risk The present value of the obligation of the defined benefit plan is calculated with reference to the highest estimate of the mortality of participants during their time of employment. An increase in the life expectancy of the participants will increase the plan obligation Salary risk The present value of the obligation of the benefit plan is calculated with reference to the future salaries of the participants. As such, an increase in the participants’ wages will increase the obligation of the plan Estimated payment of future benefits The payments of benefits, which reflect future service rendered, are considered to be paid as follows: Years Pension Benefits Other benefits In millions of COP 2020 12,710 59,755 2021 12,725 59,913 2022 12,639 60,557 2023 12,477 68,510 2024 12,241 65,555 2025 a 2029 55,563 320,739 Sensitivity analysis Defined Benefit Obligations (DBO) was calculated using the Projected Unit Credit method. Obligations and expenses will change in the future as a result of future changes in the methods of projection and assumption, participant information, plan provisions and regulations, or as resulting from future gains and losses. Colombia Pension plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 6.20 % 0.50% increase (4,798) Discount rate 5.20 % 0.50% decrease 5,153 Salary increases 3.95 % 0.50% increase 5,540 Salary increases 2.95 % 0.50% decrease (5,197) Mortality Table RV-08 ("Rentistas Validos") One year increase in life expectancy 5,764 Retirement Pension Premium Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 6.20 % 0.50% increase (6,349) Discount rate 5.20 % 0.50% decrease 7,013 Salary increases 6.45 % 0.50% increase 6,998 Salary increases 5.45 % 0.50% decrease (6,396) Severance obligation Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 6.20 % 0.50% increase (626) Discount rate 5.20 % 0.50% decrease 652 Salary increases 6.45 % 0.50% increase 1,465 Salary increases 5.45 % 0.50% decrease (1,424) Senior Management Pension Plan Premium Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 6.20 % 0.50% increase (997) Discount rate 5.20 % 0.50% decrease 1,046 Salary increases 6.45 % 0.50% increase 1,033 Salary increases 5.45 % 0.50% decrease (994) Panama Pension Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 4.50 % 0.50% increase (257) Discount rate 3.50 % 0.50% decrease 279 Mortality Table RP-2000 One year increase in life expectancy 187 Guatemala Pension Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 8.70 % 0.50% increase (2,324) Discount rate 7.70 % 0.50% decrease 2,645 Salary increases 5.50 % 0.50% increase 1,645 Salary increases 4.50 % 0.50% decrease (1,490) Mortality Table RP-2000 One year increase in life expectancy 817 Retirement Pension Premium Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 8.70 % 0.50% increase (883) Discount rate 7.70 % 0.50% decrease 929 Salary increases 5.50 % 0.50% increase 953 Salary increases 4.50 % 0.50% decrease (913) El Salvador Retirement Pension Premium Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 3.50 % 0.50% increase (744) Discount rate 2.50 % 0.50% decrease 808 Salary increases 2.50 % 0.50% increase 113 Salary increases 1.50 % 0.50% decrease (146) Other long term benefits Colombia Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 6.20 % 0.50% increase (14,685) Discount rate 5.20 % 0.50% decrease 15,743 Salary increases 6.45 % 0.50% increase 15,612 Salary increases 5.45 % 0.50% decrease (14,708) El Salvador Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 3.50 % 0.50% increase (183) Discount rate 2.50 % 0.50% decrease 196

OTHER LIABILITIES

OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2019
OTHER LIABILITIES
OTHER LIABILITIES	NOTE 20. OTHER LIABILITIES Other liabilities consist of the following: Other liabilities December 31, 2019 December 31, 2018 In millions of COP Payables 1,927,945 1,638,010 Suppliers 1,495,415 1,386,809 Advances (1) 946,488 1,043,611 Collection services 438,490 884,805 Bonuses and short-term benefits (2) 403,872 351,697 Security contributions 363,802 341,872 Salaries and other labor obligations 292,570 265,337 Dividends (3) 279,125 267,468 Advances in leasing operations and loans 207,045 133,377 Provisions (4) 190,690 168,033 Liabilities from contracts with customers (5) 60,791 75,845 Deferred interests 34,290 44,598 Other 115,122 166,791 Total 6,755,645 6,768,253 (1) For the year 2019 and 2018 advances includes the amount received by the Bank in balances related to insurance operations amounting to COP 78,203 and COP 67,136, respectively, balances held by court order amounting to COP 60,584 and COP 62,861, respectively, gain on derivatives first day valuation amounting to COP 50,317 and COP 55,573, respectively, excess cash amounting to COP 6,518 and COP 5,161, respectively and balances of credit cards charges pending to be applied amounting to COP 4,869 and COP 7,214. Additionally, for the years 2019 and 2018, the line includes guaranteed deposits for capital market transactions in foreign currency for COP 324,768 and COP 459,966, respectively. (2) For further information , see Note 19 Employee benefit plans (Bonuses and short-term benefits). (3) The increase is due to the last installement payment effective for the dividends approved by the annual shareholders’ meeting that took place in 2019 and 2018, respectively. (4) See Note 21 Provisions and contingent’s liabilities. (5) See Note 25.3 Fees and commissions.

PROVISIONS AND CONTINGENT LIABI

PROVISIONS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2019
PROVISIONS AND CONTINGENT LIABILITIES
PROVISIONS AND CONTINGENT LIABILITIES	NOTE 21. PROVISIONS AND CONTINGENT LIABILITIES 21. 1. Provisions The following tables show the detail of the provisions: As of December 31, 2019 Judicial Administrative Financial Loan Onerous proceedings proceedings guarantees (1) commitments (1) contracts (2) Total In millions of COP Balance at January 1, 2019 36,873 468 23,100 104,559 3,033 168,033 Additions recognized in the year 7,272 6,139 16,210 73,101 - 102,722 Provisions used during the period (3,122) - - - (2,796) (5,918) Provisions reversed during the period (5,729) - (22,365) (46,835) (267) (75,196) Foreign currency translation adjustment 395 - - 561 - 956 Effect of discounted cash flows 63 - - - 30 93 Final balance at December 31, 2019 35,752 6,607 16,945 131,386 - 190,690 (1) The provisions for financial guarantees and loan commitments as of December 31, 2019 were estimated according to the expected credit losses methodology required by IFRS 9. (2) During 2019, the onerous contracts were finished. As of December 31, 2018 Judicial Administrative Financial Loan Onerous proceedings proceedings guarantees (1) commitments (1) contracts Total In millions of COP Balance at December 31, 2017 30,412 1,592 52,290 99,500 - 183,794 Effect of adoption of IFRS 9 - - (3,215) (8,574) - (11,789) Balance at January 1, 2018 30,412 1,592 49,075 90,926 - 172,005 Additions recognized in the year 22,281 7,272 7,708 21,922 2,759 61,942 Provisions used during the period (6,489) - (5) - - (6,494) Provisions reversed during the period (10,176) (8,396) (33,686) (13,713) - (65,971) Foreign currency translation adjustment 606 - 8 5,424 274 6,312 Effect of discounted cash flows 239 - - - - 239 Final balance at December 31, 2018 36,873 468 23,100 104,559 3,033 168,033 (1) The provisions for financial guarantees and loan commitments as of December 31, 2018 were estimated according to the expected credit losses methodology required by IFRS 9. The following explains the significant changes in the provisions of financial guarantees and loan commitments during period at December 31, 2019 and 2018 with the expected credit loss model: Stage 1 Stage 2 Stage 3 TOTAL Balance at January 1, 2019 112,754 14,890 15 127,659 Net remeasurement of loss allowance 10,530 15,810 28 26,368 Transfer 12-month ECL 44,126 (35,204) - 8,922 Transfer Lifetime ECL not credit-impaired (28,589) 70,573 (3) 41,981 Transfer Lifetime ECL credit-impaired (5,007) (19,559) 31 (24,535) Provisions used during the period 57,377 5,564 2 62,943 Provisions reversed during the period (61,265) (7,923) (12) (69,200) Translation adjustment 469 92 - 561 Balance at December 31, 2019 119,865 28,433 33 148,331 Stage 1 Stage 2 Stage 3 TOTAL Balance at January 1, 2018 125,189 14,502 310 140,001 Net remeasurement of loss allowance (24,851) 3,239 17,602 (4,010) Transfer 12-month ECL (16,727) (20,644) (3,528) (40,899) Transfer Lifetime ECL not credit-impaired (5,216) 33,702 (7,769) 20,717 Transfer Lifetime ECL credit-impaired (2,908) (9,819) 28,899 16,172 Provisions used during the period 28,360 988 6,741 36,089 Provisions reversed during the period (20,459) (4,757) (24,637) (49,853) Translation adjustment 4,515 918 (1) 5,432 Balance at December 31, 2018 112,754 14,890 15 127,659 Judicial proceedings The judicial provisions refer to pending legal proceedings on employment matters, ordinary lawsuits, class actions suits, civil actions within criminal prosecutions and executive proceedings against the Bank. In the opinion of management, after receiving pertinent legal advice, the payments that will be made by these processes will not generate significant losses in addition to the provisions recognized as of December 31, 2019 and 2018, the Bank does not expect to obtain any kind of reimbursement from judicial proceedings raised against it and, therefore, has not recognized any assets for that purpose, see Note 21.2 Contingent liabilities. Administrative proceedings It corresponds mainly to COP 5,467 as a result through government channels about discussion by difference of criteria in ICA tax. Loan commitments In order to meet the needs of its customers, the Bank issues loan commitments, letters of credit and bank guarantees. Loan commitments are those approved irrevocable loans, in which, despite having acquired a commitment to grant them, due to the contract or agreement or for any other reason they are still pending disbursement. Financial guarantees The Bank grants bank guarantees on behalf of its customers. A bank guarantee represents an irrevocable commitment where the Bank will monetarily cover up to the maximum amount guaranteed, the breach of the client's contractual obligations to third parties for a certain period of time. These are commitments issued by the Bank to guarantee the performance of a customer to a third party and are mainly issued to guarantee agreements established between parties from the energy sector, hydrocarbons sector, private sector and public procurement contracts. The Bank expects most of those guarantees provided to expire before they are used. The events or circumstances that would require the Bank to perform under a guarantee are determined by the type of guarantee: Guarantees for the energy sector The Bank shall be responsible before the guarantee’s beneficiary in the following situations: · Lack of energy supply due to a low availability from the generating company (the guaranteed entity). · Non-compliance with the contract signed by the guaranteed entity. · Non-compliance with the payment of energy supply. · Non-compliance with the construction and operating of power plants. · Non-compliance with the construction and operating of transmission lines. Guarantees for the hydrocarbons sector The Bank shall be responsible before the guarantee’s beneficiary in the following situations: · Non-compliance with the contractual obligations in the Minimum Exploration Program. · Non-compliance with the contractual obligations in the Additional Exploratory Program · Non-compliance with the contractual obligations in the Post Exploratory Program. · Non-compliance with the comply with the Technical Evaluation obligations. Guarantees for public procurement The amount guaranteed should be reimbursed by the Bank to the beneficiary of the guarantee which is a Government entity, in case the contractor breaches the agreed terms or its legal obligations. Commitment issued by the Bank to guarantee the performance of a customer from the private sector The amount guaranteed should be reimbursed to the beneficiary of the guarantee in case of breach of agreed covenants by the customer guaranteed or upon its financial insolvency. As of December 31, 2019 Maturity Financial Guarantees In millions of COP Guarantees under 1 month 320,004 Guarantees greater than 1 month and up to 3 months 486,485 Guarantees greater than 3 months and up to 1 year 2,579,639 Guarantees greater than 1 year and up to 3 years 696,768 Guarantees greater than 3 year and up to 5 years 68,150 Guarantees greater than 5 years 144,904 Total 4,295,950 As of December 31, 2018 Maturity Financial Guarantees In millions of COP Guarantees under 1 month 303,308 Guarantees greater than 1 month and up to 3 months 780,103 Guarantees greater than 3 months and up to 1 year 2,287,434 Guarantees greater than 1 year and up to 3 years 1,426,992 Guarantees greater than 3 year and up to 5 years 277,710 Guarantees greater than 5 years 177,828 Total 5,253,375 The total amount outstanding is the maximum potential payments which represent a “worse-case scenario”, and do not reflect expected results. Onerous contracts For the Bank an onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. 21. 2. Contingent liabilities The contingencies with a claimed amount higher than USD 5,000 by claimed amount against the Bank, with significant importance to be disclosed in notes to the financial statements as of December 31, 2019 are presented below: BANCOLOMBIA Constitutional Public Interest Action (“Acción Popular”) of Carlos Julio Aguilar, et al. This constitutional public interest action (“Acción Popular”) was filed by the plaintiff arguing that the restructuring of the Departamento del Valle’s financial obligations and the performance plan executed, allegedly violates the collective rights of the public administration’s morality and of the public funds of the Departamento del Valle. This action was on hold due to its consolidation with the constitutional public interest action filed by Carlos Aponte against various financial institutions. As of December 31, 2019, such proceeding is in the evidentiary stage, specifically in the practice of the expert opinion and no provisions have been made. Fiscal Responsibility Lawsuit (“Proceso de responsabilidad fiscal”) between Contraloría Departamental de Cundinamarca vs. GEHS, Bancolombia, et al. The Wastewater Treatments Plant Chía I Delicias Sur of the Municipality of Chía’s development was defined through a leasing agreement entered on September 28, 2015 by and between the Municipality of Chia (tenant) and Bancolombia S.A., valued at USD 5,846. The object of such agreement was into the financing of the project, optimization, design and construction of the wastewater treatment plant PTAR Chía I Delicias Sur; as of December 31, 2018, the agreement was in the stage of advances (with payment of interest on the disbursements made to the supplier), which refers to the contractual stage in which the resources are delivered for the execution of the project in advance of the final payment. The current Mayor of the Municipality of Chía has conveyed anomalies he has found in the execution of the aforementioned project and, as a consequence of the aforementioned anomalies, the Contraloría de Cundinamarca initiated a fiscal responsibility lawsuit for an alleged patrimonial detriment in public funds of the amount of USD 5,846 against GEHS Global Environment and Health Solutions of Colombia (provider), Guillermo Varela Romero, Rafael Antonio Ballesteros Gómez, Luis Alejandro Prieto González and Bancolombia S.A. As of December 31, 2019, the fiscal responsibility lawsuit is in the evidentiary stage and has a provision of USD 1,126. Bancolombia´s Judicial Litigations concluded during 2019 The following contingencies listed below are contingencies reported as of December 31, 2018 that were concluded in the Bank’s favor as of December 31, 2019: Case/Procedure Amount Termination/Decision Miles of USD Colombian National Tax Office (DIAN) Resolution 04 of 2017 6,101 Favorable BANITSMO Ordinary claim filed by Melenao Mora and Said Diaz: The plaintiffs claim the payment of the costs of the material and moral damages resulting from a criminal proceeding filed by Banistmo (28‑10‑2004) against them for alleged criminal acts that caused damage to the bank because of the issuance of credit lines to enterprises where they figured as legal representatives. The plaintiffs seek the payment of material and moral damages which according to their valuation amounts to USD 20,000. By means of the judgement made by the first instance, the bank should repair the material damages, product of the criminal process imposed against the plaintiffs, as well as to pay the sum of USD 2,300 to each of the plaintiffs for moral damages. The Bank filed an appeal against the judgement made by the first instance, motivated by the errors made in the admission of the evidence and legal grounds in which the decision was based on. The external counsel has labeled this contingency as possible. Ordinary claim filed by Deniss Rafael Perez Perozo, Carlos Pérez Leal and others. Promotora Terramar (a HSBC client) received USD 299 in payments through Visa Gift Cards issued by U.S Bank, as partial payment for two apartments in Panama City. The Credit Card Securities and Fraud Prevention department of the HSBC bank detected an irregular activity promoted by Promotora Terramar, when a deposit monitoring alert was activated due to the high number of cards with the same BIN and Bank. Therefore, pursuant to the Business Establishments Affiliate Agreement, HSBC held USD 287 from Promotora Terramar´s accounts; nevertheless, after further investigations the money was refunded. The plaintiffs’ claim a compensation of the material and moral damages caused, which according to their valuation amounts to USD 5,252. As of December 31, 2019, the process is suspended and pending the initiation of the evidentiary stage. The external counsel has labeled this contingency as remote. BANCO AGRÍCOLA The authority on taxes of El Salvador, in accordance with the resolution of October 2018, determined that Banco Agrícola failed to pay and declare income taxes related to fiscal year 2014 for a total of USD 11,116 and the corresponding fine of USD 5.5. The Bank filed an appeal. In the Bank´s opinion, the General Directorate of Internal Tax made some law and fact errors. The attorneys have labeled this contingency as remote. ARRENDADORA FINANCIERA S.A. ARFINSA SUBSIDIARY OF BANCO AGRÍCOLA Corporación de Alimentos S.A. de CV The plaintiffs filed a claim for alleged damages derived from funds wrongfully delivered to third parties that were not entitled to receiving said funds. The claim seeks USD 6,454. As of December 31, 2019, the process is the evidentiary stage. The external counsel has labeled this contingency as remote. BANCO AGROMERCANTIL Superintendencia de Administración Tributaria The Superintendence of Tax Administration of Guatemala (STA) contested the income tax return corresponding to the year 2014 and demanded an adjustment from the Bank valued in USD 13,617 (USD 6,808 tax plus a fine of USD 6,808 ). The Bank disagrees with the STA´s adjustment and initiated a judicial proceeding against the STA asking the court to declare the illegality of the adjustment. As of December 31, 2019, the claim is currently in the evidentiary stage. The external counsel has labeled this contingency as remote. Delicarnes, Sociedad Anónima Delicarnes, Sociedad Anónima, acquired a mortgage loan in BAM and failed its obligation to pay it on the agreed date, so BAM filed a collection action against it. Delicarnes, opposed the collection action, and filed against BAM, an ordinary claim for damages because it argues considers that did not breach the contract and therefore, should not have been sued, Delicarnes claims compensation from BAM of USD 70,379. The Bank opposed to Delicarne´s claim and as of December 31, 2019, this process is in the evidentiary stage. The external counsel has labeled this contingency as remote. Dany Ward Mcnab Valladares North Shore Development Company, S.A (NSDC) acquired several credits with BAM and Mercom Bank Ltd. (BAM 'subsidiary company) that did not pay in the agreed upon terms, so to pay the debts, NSDC gave BAM and Mercom Bank Ltd., with the express authorization of its shareholders (including the shareholder Dany Ward Mcnab Valladares), some properties for the sum of USD 23,800. After giving the assets in payment, Dany Ward Mcnab Valladares, a shareholder of North Shore Development Company, S.A (NSDC), filed a claim for the annulment of non- recourse debts in favor of BAM and Mercom Bank, that were made by North Shore Development Company, S.A. and the recognition of damages. His claim was based on the fact that, when North Shore Development Company, S.A, paid with its goods to BAM and Mercom Bank it was left without sufficient assets to pay him a debt for USD 18,200. As of December 31, 2019, the process is in the notification stage of the claim response. This legal procedure is carried out in the Courts of the Island of Roatan, Republic of Honduras and in the opinion of the external counsel; the probability of this contingency is remote.

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2019
SHARE CAPITAL
SHARE CAPITAL	NOTE 22. SHARE CAPITAL The subscribed and paid-in capital is the following: Share capital December 31, 2019 December 31, 2018 Authorized shares 1,400,000,000 1,400,000,000 Subscribed and paid-in shares: Ordinary shares with a nominal value of COP 500 pesos 509,704,584 509,704,584 Preferred shares with dividend without voting rights with nominal value of COP 500 pesos 452,122,416 452,122,416 Total shares 961,827,000 961,827,000 Subscribed and paid capital (nominal value) 480,914 480,914 Dividends declared The declaration, amount and payment of dividends are based on Bancolombia S.A.’s unconsolidated net income. Dividends must be approved at the ordinary annual shareholders’ meeting upon the recommendation of the Board of Directors. Under the Colombian Commercial Code, after payment of income taxes and appropriation of legal and other reserves, and after setting off losses from prior fiscal years, Bancolombia must distribute to its stockholders at least 50.00% of its annual net income or 70.00% of its annual net income if the total amount of reserves exceeds its outstanding capital, unless such minimum percentages are waived by an affirmative vote of the holders of 78.00% of the shares present at the stockholders’ meeting. Such dividend distribution must be made to all stockholders, in cash or in issued stock of Bancolombia, as may be determined by the stockholders, and within a year from the date of the ordinary annual stockholders’ meeting in which the dividend was declared. The payment of dividends must be made in cash during the next year since the date when the Annual Meeting takes place and for all the stockholders. If the payment is made in the Bank’s own equity securities instead of cash, that situation has to be approved by the 80.00% of the subscribed common shareholders and the 80.00% of the subscribed preferred shares. The annual net profits of Bancolombia must be applied as follows: (i) first, an amount equal to 10.00% of Bancolombia’s net profits to a legal reserve until such reserve is equal to at least 50.00% of the Bank’s paid-in capital; (ii) second, to the payment of the minimum dividend on the preferred shares; and (iii) third, as may be determined in the ordinary annual stockholders’ meeting by the vote of the holders of a majority of the shares entitled to vote. Dividends declared with respect to Cash dividends per share net income earned in: (Stated in COP) 2019 1,638 2018 1,092 2017 1,020 2016 950 2015 888 2014 830 Preferred shares Holders of preferred shares are entitled to receive dividends based on the profits of the preceding fiscal year, after deducting losses affecting the capital and once the amount that shall be legally set apart for the legal reserve has been deducted, but before creating or accruing for any other reserve, of a minimum preferred dividend equal to one per cent (1.00%) yearly of the subscription price of the preferred share, provided this dividend is higher than the dividend assigned to common shares. If this is not the case, the dividend shall be increased to an amount that is equal to the per share dividend on the common shares. The dividend received by holders of common shares may not be higher than the dividend assigned to preferred shares. Payment of the preferred dividend shall be made at the time and in the manner established in the general shareholders’ meeting and with the priority indicated by Colombian law. Any stock dividend payable in common shares requires the approval of 80.00% or more of the shares present at a shareholders’ meeting, which will include 80.00% or more of the outstanding preferred shares. In the event that none of the holders of preferred shares is present at such meeting, a stock dividend may only be paid to the holders of common shares that approve such a payment.

APPROPRIATED RESERVES

APPROPRIATED RESERVES	12 Months Ended
	Dec. 31, 2019
APPROPRIATED RESERVES
APPROPRIATED RESERVES	NOTE 23. APPROPRIATED RESERVES As of December 31, 2019 and December 31, 2018 the appropriated retained earnings consist of the following: Concept December 31, 2019 December 31, 2018 In millions of COP Appropriation of net income (1) 9,406,792 9,312,009 For Fiscal provisions (2) 262,673 276,640 Others 743,627 153,125 Total Appropiated reserves 10,413,092 9,741,774 (1) The legal reserve fulfills two objetives: to increase and maintain the company’s capital and to absorb economic losses. Based on the aforementioned, this amount shall not be distributed in dividends to the stockholders. (2) Pursuant to Article 130 of Tax Statute, a non-distributable reserve to the shareholders was established for the 70% of the excess of the tax depreciation over accounting depreciation. The article 130 of Tax Statute was abolished by Law 1819 of 2016.

UNCONSOLIDATED STRUCTURED ENTIT

UNCONSOLIDATED STRUCTURED ENTITIES	12 Months Ended
	Dec. 31, 2019
UNCONSOLIDATED STRUCTURED ENTITIES
UNCONSOLIDATED STRUCTURED ENTITIES	NOTE 24. UNCONSOLIDATED STRUCTURED ENTITIES Nature and risks associated with the Bank’s interests in unconsolidated structured entities The term "unconsolidated structured entities" refers to all structured entities that are not controlled by the Bank. The Bank manages transactions with unconsolidated structured entities in the normal course of business to facilitate customer transactions and for specific investment opportunities. The table below shows the total assets of unconsolidated structured entities in which the Bank had an interest at the reporting date and its maximum exposure to loss in relation to those interests. As of December 31, 2019 Securitisations The Bank’s managed funds Total In millions of COP Total assets of the entities 2,842,268 148,307,065 151,149,333 The Bank’s interest-assets Investments at fair value through profit or loss 198,115 - 198,115 Investments at fair value through other comprehensive income 179,405 - 179,405 Loans and advances to customers - 4,748,233 4,748,233 Total assets in relation to The Bank’s interests in the unconsolidated structured entities 377,520 4,748,233 5,125,753 The Bank’s maximum exposure 377,520 4,748,233 5,125,753 As of December 31, 2018 Securitisations The Bank’s managed funds Total In millions of COP Total assets of the entities 1,969,887 128,257,719 130,227,606 The Bank’s interest-assets Investments at fair value through profit or loss 196,927 - 196,927 Investments at fair value through other comprehensive income 209,164 - 209,164 Loans and advances to customers - 5,417,235 5,417,235 Total assets in relation to The Bank’s interests in the unconsolidated structured entities 406,091 5,417,235 5,823,326 The Bank’s maximum exposure 406,091 5,417,235 5,823,326 The Bank invests in asset-backed securities issued by securitization entities for which underlying assets are mortgages originated by financial institutions. The Bank does not have a significant exposure to sub-prime securities. The asset-backed securities are denominated in local market TIPS and accounted for as investment at fair value through profit or loss. These asset-backed securities have different maturities and are generally classified by credit ratings. The Bank does not expect significant changes in those ratings. Also, the Bank retain beneficial interests in the form of servicing fees on the securitized mortgages. Revenues generated by the Bank´s asset management, are derived from the following type of business lines: related trusts, mutual funds sold to individuals, corporate trusts, escrow accounts, private equity funds, and delegated tailor-made mandates from third parties. Generally, the revenues correspond to the fees received from the management of resources that are invested in several instruments and management of properties and premises related to real estate projects in progress. Likewise, the Bank receive fees for management assets pledged as collateral for clients’ commitments and obligations, and fees from management of resources of government agencies and entities. On the other hand, there is not an additional exposure to loss, such as funding commitments with regards to the Bank’s involvement with those entities.

OPERATING INCOME

OPERATING INCOME	12 Months Ended
	Dec. 31, 2019
OPERATING INCOME
OPERATING INCOME	NOTE 25. OPERATING INCOME 25. 1. Interest and valuation on financial instruments The following table sets forth the detail of interest and valuation on financial asset instruments for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 In millions of COP Interest on debt instruments using the effective interest method 160,200 129,017 159,890 Interest and valuation on financial instruments Debt investments 881,985 472,357 699,841 Derivatives (182,769) (22,575) (61,667) Spot transactions 483 (13,734) 3,517 Repos (175,259) (51,438) (116,268) Total Interest and valuation on financial instruments 524,440 384,610 525,423 25.2. Interest expenses The following table sets forth the detail of interest on financial liability instruments for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 In millions of COP Deposits (4,164,798) (3,852,061) (4,279,316) Debt instruments in issue (1,164,808) (1,139,456) (1,191,000) Borrowing costs (627,058) (1) (583,321) (672,472) Interest right of use assets (2) (121,946) - - Preferred shares (57,908) (58,714) (58,714) Borrowings from other financial institutions (21,663) (18,134) (15,860) Other interest (21,613) (18,530) (15,624) Interest expenses (6,179,794) (5,670,216) (6,232,986) (1) Includes the expense recognized for borrowing cost of the subsidiaries sold during 2019 for COP 1,224. (2) For more information refer to Note 7 Leases and Note 32 Impacts on application of new standars. Net interest income includes interest earned on loans, "reverse repos" and investments less interest expense of deposits by customers, debt securities in issued, borrowing from other financial institutions and ‘repos’. At December 31, 2019, 2018 and 2017, net interest income amounted to COP 11,538,582, COP 10,541,522 and COP 10,584,976, respectively. 25. 3. Fees and commissions The Bank has elected to present the income from contracts with costumes as an element in a line named “Fees and commissions income” in the consolidated statement of income separated from the other income sources. The information contained in this section about the fees and commission’s income presents information on the nature, amount, timing and uncertainty of the income from ordinary activities which arise from a contract with a customer under the regulatory framework of IFRS 15 Revenue from Ordinary activities from Contracts with Customers. In the following table, the description of the principle activities through which the Bank generates revenue from contracts with customers is presented: Fees and Commissions Description Banking services Banking Services are related to commissions from the use of digital physical channels or once the customer makes a transaction. The performance obligation is fulfilled once the payment is delivered to its beneficiary and the proof of receipt of the payment is sent, in that moment, the collection of the commission charged to the customer is generated, which is a fixed amount. The commitment is satisfied during the entire validity of the contract with the customer. The Bank acts as principal. Credit and debit card fees In debit card product contracts, it is identified that the price assigned to the services promised by the Bank to the customers is fixed. Given that no financing component exists, it is established on the basis of the national and international interbank rate. Additionally, the product charges to the customers commissions for handling fees, at a determined time and with a fixed rate. For Credit Cards, the commissions are the handling fees and depend on the card franchise. The commitment is satisfied in so far that the customer has capacity available on the card. Other revenue received by the (issuer) credit card product, is advance commission; this revenue is the charge generated each time the customer makes a national or international advance, at owned or non-owned ATMs, or through a physical branch. The exchange bank fee is a revenue for the Issuing Bank of the credit card for the services provided to the business for the transaction effected at the point of sale. The commission is accrued and collected immediately at the establishment and has a fixed amount. In the credit cards product there is a customer loyalty program, in which points are awarded for each transaction made by the customer in a retail establishment. The program is administrated by a third party who assumes the inventory and claims risks, for which it acts as agent. The Bank, recognized it as a lower value of the revenue from the exchange bank fee. The rights and obligations of each party in respect of the goods and services for transfer are clearly identified, the payment terms are explicit, and it is probable, that is it takes into consideration the capacity of the customer and the intention of having to pay the consideration at termination to those entitled to change the transferred goods or services. The revenue is recognized at a point in time: the Bank satisfies the performance obligation when the “control” of the goods or services was transferred to the customers. Deposits Deposits are related to the services generated from the offices network of the Bank once a customer makes a transaction. The Bank generally commits to maintain active channels for the products that the customer has with the Bank, with the purpose of making payments and transfers, sending statements and making transactions in general. The commissions are deducted from the deposit account, and they are incurred at a point in time. The Bank acts as principal. Electronic services and ATMs Revenue received from electronic services and ATMs arises through the provision of services so that the customers may make required transactions, and which are enabled by the Bank. These include online and real-time payments by the customers of the Bank holding a checking or savings accounts, with a debit or credit card for the products and services that the customer offers. Each transaction has a single price, for a single service. The provision of collection services or other different services provided by the Bank, through electronic equipment, generates consideration chargeable to the customer established contractually by the Bank as a fee. The Bank acts as principal and the revenue is recognized at a point in time. Brokerage Brokerage is a group of services for the negotiation and administration of operations for purchasing fixed revenue securities, equities and operations with derivatives in its own name, but on the account of others. The performance obligations are fulfilled at a point in time when the commission agent in making its best effort can execute the business entrusted by the customer in the best conditions. The performance obligations are considered satisfied once the service stipulated in the contract is fulfilled, as consideration fixed, or variable payments are agreed, depending on the service. The Bank acts generally as principle and in some special cases as agent. Remittance Revenue for remittance is received as consideration for the commitment established by the Bank to pay remittances sent by the remitting companies to the beneficiaries of the same. The commitment is satisfied at a point in time to the extent that the remittance is paid to the beneficiary. The price is fixed, but may vary in accordance to the transferred amount, due to the operation being dependent on the volume of operations generated and the transaction type. There is no component of financing, nor the right to receive consideration dependent on the occurrence or not of a future event. Acceptances, Guarantees and Standby Letters of Credit Banking Service from acceptances, guarantees and standby letters of credit which are not part of the portfolio of the Bank. There exist different performance obligations; the satisfaction of performance obligations occurs when the service is given to the customer. The consideration in these types of contracts may include fixed amounts, variable amounts, or both, and the Bank acts as principal. The revenue is recognized at a point in time. Trust Revenue related to Trust are received from the administration of the customer resources in the business of investment trusts, property trusts, management trusts, guarantee trusts, for the resources of the general social security system, Collective portfolios and Private Equity Funds (PEF). The commitments are established in contracts independently and in an explicit manner, and the services provided by the Bank are not inter-related between the contracts. The performance obligation corresponds to performing the best management in terms of the services to be provided in relation to trust characteristics, thus fixed and variable prices are established depending on the complexity of the business, similarly, revenues are recognized throughout or at a determined time. In all the established businesses it acts as principal. Securities brokerage Valores Bancolombia makes available its commercial strength for the deposit, reinvestment of resources through financial instruments to the issuing company. It receives a payment for deposits made. The commitment of the contract is satisfied to the extent that the resources requested by the issuer are obtained through the distribution desks of Valores Bancolombia. The collection is made monthly. It is established that Valores Bancolombia may undertake collection of these commissions at the end of the month through a collection account charged to the issuer, acting as principal. Bancassurance The Bank receives a commission for collecting insurance premiums at a determined time and for permitting the use of its network to sell the insurances of different insurance companies over a period of time. The Bank in these bancassurance contracts acts as agent (intermediary between the customer and the insurance company), since it is the insurance company which assumes the risks, and which handles the complaints and claims of the customers inherent in each insurance. Therefore, the insurance company acts as principal before the customer. The prices agreed in bancassurance are defined as a percentage on the value of the policy premiums. The payment shall be tied to the premiums collected, sold or taken for the case of employees’ insurance. The aforementioned then means that the price is variable, since, the revenue will depend on the quantity of policies or calculations made by the insurance companies. Collections The Bank acting as principal, commits to collect outstanding invoices receivable by the collecting customers through the different channels offered by the bank, send the information of the collections made and credit the money to the savings or checking account defined by the collecting customer. The commitment is satisfied at a point in time to the extent that the money is collected by the different channels, the information of the said collections is delivered appropriately, and the resources are credited in real-time to the account agreed with the customer. For the service, the Bank receives a fixed payment, which is received for each transaction once the contract is in effect. Services These are the maintenance services performed on the fleet owned by the customers, these services are performed on demand, and the value of the service cost is invoiced plus an intermediation margin. The collection is made by the amount of expense invoiced by the provider plus an intermediation percentage, which ranges between 4% and 12% depending on the customer. The contract is written, is based on a framework contract which is held between the customers which contains the general terms of negotiation and the payment terms are generally 30 days after generating the invoice. The revenue is recognized when the service is provided. There is no financing nor sanctions for early cancellations. In logistic operation services the contract is written, with a defined duration, and details the rights and obligations of the parties. In general terms, the Bank commits to provide to customers merchandise transport services, which includes the driver, fuel, maintenance, tolls and other elements required to carry out the routes requested by the customer. Once the trip is finished, the price is variable and is determined by the average cost per route, which is updated at the start of the year. At the end of the month an adjustment is made to this price, with the actual costs incurred in the operation, such as the fuel, tolls, handling, maintenance, administrative expenses, among others. To view the details of the balance, refer to line ‘Services’ in Note 25.4 Other operational Income. Gains on sale of assets These are the revenue from the sale of assets, where the sale value is higher than the book value recorded in the accounts, the difference representing the gains. The recognition of the revenue is at a point in time once the sale is realized. The Bank acts as principal in this type of transactions and the transaction price is determined by the market value of the asset being sold. To view the details of the balance, refer to line ‘Gain on sale of assets’ in Note 25.4 Other operational Income. Investment Banking Investment Banking offers to customer’s financial advisory services in the structuring of businesses in accordance to the needs of each one of them. The advisory services consist in realizing a financial structuring of a credit or bond in which the Investment Bank offers the elements so that the company decides the best option for structuring the instrument. In the financial advisory contract, a best efforts clause is included. The promises given to the customers are established in the contracts independently and explicitly. The services provided by the Invesment Bank are not interrelated between the contracts, correspond to the independent advice agreed and do not include additional services in the commission agreed with the customer. The advisory services offered in each one of the contracts are identifiable separately from the other performance commitments that the Investment Bank may have with the customers. The Investment Bank does not have a standard contract for the provision of advisory services, given than each contract is tailored to the customer’s needs. The transaction price is defined at the start of the contract and is assigned to each service provided independently. The price contains a fixed and a variable portion which is provided in the contracts. The variation depends on the placement amount for the case of a financial structuring contract and coordination of the issuance and conditions of the same. In these operations Banca de Inversion Bancolombia provides advice to the customers and the price shall depend at times on the success and amount of the operation. In the contracts subject to evaluation there are no incremental costs associated with the satisfaction of the commitments of the Bank with the customers provided for. In the contracts signed with the customers, a penalty clause is established in case of a customer withdrawing from continuing with the provision of the services established in the commercial offer. The penalty shall be recognized in the financial statements once the Investment Bank is notified on the withdrawal under the concept of charges for early termination of the contract. In accordance with IFRS 15, the tables below disaggregate in more detail than disclosed in the Bank’s annual report in 2017, revenue from contracts with customers, considering the nature of the services offered by the Bank and the information regularly reviewed by the chief operating decision maker. The Bank presents the information on revenue from contracts with customers in accordance with its operating segments defined earlier in Note 3 Operating Segments for each of the principal services offered. The following table shows the balances categorized by nature and by segment of revenue from ordinary activities from contracts w370,671ith customers as at December 31, 2019, 2018 and 2017: As of December 31, 2019 Adjustments Banking Banking Banking El Banking Investment All Other Total before for Total after Colombia Panama Salvador Guatemala Trust Banking Brokerage Off Shore Segments eliminations consolidation eliminations purposes (1) Revenue from contracts with customers In millions of COP Fees and Commissions Banking services 422,943 77,976 99,222 52,627 - - - 15,683 - 668,451 - 668,451 Credit and debit card fees and commercial estabilshments 1,421,039 200,372 117,541 78,764 - - - 4,230 - 1,821,946 - 1,821,946 Brokerage - 7,893 - 24 - - 18,617 - - 26,534 - 26,534 Acceptances, Guarantees and Standby Letters of Credit 32,829 14,369 5,541 2,440 - - - 844 - 56,023 - 56,023 Trust - 13,033 1,713 572 349,402 - 80,534 41 509 445,804 - 445,804 Securities brokerage - 391 1,496 - - 30,142 6,961 - - 38,990 - 38,990 Bancassurance 607,758 35,014 160 - 36 7 51 - - 643,026 - 643,026 Payment and collections 623,758 - - - - - - - - 623,758 - 623,758 Others 161,420 1,007 42,636 36,427 - 680 7,201 5,002 79 254,452 (12) 254,440 Total revenue from contracts with customers (1) 3,269,747 350,055 268,309 170,854 349,438 30,829 113,364 25,800 588 4,578,984 (12) 4,578,972 (1) For further information about composition of Bank’ segments see Note 3 Operating segments. As of December 31, 2018 Adjustments Banking Banking Banking El Banking Investment All Other Total before for Total after Colombia Panama Salvador Guatemala Trust Banking Brokerage Off Shore Segments eliminations consolidation eliminations purposes (1) Revenue from contracts with customers In millions of COP Fees and Commissions Banking services 370,671 66,569 85,615 39,610 - - - 12,783 - 575,248 - 575,248 Credit and debit card fees and commercial estabilshments 1,258,047 185,466 97,163 66,731 - - - 3,707 - 1,611,114 - 1,611,114 Brokerage - 7,033 - 29 - - 20,012 - - 27,074 - 27,074 Acceptances, Guarantees and Standby Letters of Credit 33,313 15,352 4,749 3,055 - - - 897 - 57,366 - 57,366 Trust - 8,184 1,411 645 313,886 - 81,502 37 104 405,769 - 405,769 Securities brokerage - 1,200 1,212 - - 20,262 9,530 - - 32,204 - 32,204 Bancassurance 495,232 28,466 112 - - - - - - 523,810 - 523,810 Payment and collections 559,139 - - 4,084 - - - - - 563,223 - 563,223 Others 124,900 492 36,852 27,099 22 9 2,926 3,416 2,884 198,600 (149) 198,451 Total revenue from contracts with customers (1) 2,841,302 312,762 227,114 141,253 313,908 20,271 113,970 20,840 2,988 3,994,408 (149) 3,994,259 (1) For further information about composition of Bank’ segments see Note 3 Operating segments. As of December 31, 2017 Adjustments Banking Banking Banking El Banking Investment All Other Total before for Total after Colombia Panama Salvador Guatemala Trust Banking Brokerage Off Shore Segments eliminations consolidation eliminations purposes Revenue from contracts with customers (1) In millions of COP Fees and Commissions Banking services 335,101 177,930 80,672 38,643 - - - 15,821 - 648,167 - 648,167 Credit and debit card fees and comercial 1,080,814 80,348 89,330 51,175 - - - 2,876 - 1,304,543 - 1,304,543 Brokerage - 2,302 - 35 - - 20,593 - - 22,930 - 22,930 Acceptances, Guarantees and Standby Letters of Credit 41,077 15,699 4,080 2,210 - - - 404 - 63,470 - 63,470 Trust - 4,510 1,335 713 285,648 - 68,180 36 (58) 360,364 - 360,364 Securities brokerage - 2,702 - - - 28,747 6,778 - 843 39,070 - 39,070 Bancassurance 427,190 23,847 - - - - - - 85 451,122 - 451,122 Payments and collections 531,567 - - 4,369 - - - - - 535,936 - 535,936 Others 115,472 10,415 35,742 28,877 - - 1,634 253 3,119 195,512 - 195,512 Total revenue from contracts with customers (1) 2,531,221 317,753 211,159 126,022 285,648 28,747 97,185 19,390 3,989 3,621,114 - 3,621,114 (1) For further information about composition of Bank’ segments see Note 3 Operating segments. For the determination of the transaction price, the Bank assigns to each one of the services the amount which represents the value expected to be received as consideration for each independent commitment, which is based on the relative price of independent sale. The price that the Bank determines for each performance obligation is done by defining the cost of each service, related tax and associated risks to the operation and inherent to the transaction plus the margin expected to be received in each one of the services, taking as references the market prices and conditions, as well as the segmentation of the customer. In the transactions evaluated in the contracts, changes in the price of the transaction are not identified. Contract Assets The Bank receives payments from customers based on the provision of the service, in accordance to that established in the contracts. When the Bank incurs costs for providing the service prior to the invoicing, and if these are directly related with a contract, they improve the resources of the entity and are expected to recuperate, these costs correspond to a contract asset. Currently, the Group does not have assets related to contracts with customers. As a practical expedient, the Bank recognizes the incremental costs of obtaining a contract as an expense when the amortisation period of the asset is one year or less. Contract Liabilities The contract liabilities constitute the obligation of the Bank to transfer the services to a customer, for which the Group has received a payment on the part of the final customer or if the amount is due before the execution of the contract. They also include deferred income related to services that shall be delivered or provided in the future, which will be invoiced to the customer in advance, but which are still not due. The contract liabilities decreased COP 15,054 in 2019.The changes in contract liabilities are due to performance circumscribed in the contract. The following table shows the detail of accounts receivable, and contract liabilities balances as at December 31, 2019, 2018 and 2017: 2019 2018 2017 In millions of COP Accounts receivable from contracts with customers, net (1) 169,109 86,759 90,590 Contract liabilities 60,791 75,845 118,857 (1) The impairment corresponding to the receivable accounts from contracts from customers is COP 9,769, COP 11,975 and COP 9,639 for the year 2019, 2018 and 2017, respectively. Fees and Commissions Expenses Fees and Commissions Expenses 2019 2018 2017 In millions of COP Banking services (630,583) (542,628) (508,462) Call center and web page (423,630) (309,403) (291,602) Others (499,026) (361,025) (275,051) Expenses for commissions (1,553,239) (1,213,056) (1,075,115) 25. 4. Other operating income The following table sets forth the detail of other operating income net for the years ended December 31, 2019, 2018 and 2017: Other operating income 2019 2018 2017 In millions of COP Leases 682,525 624,062 563,861 Net foreign exchange and Derivatives Foreign exchange contracts (1) 219,835 61,391 315,985 Services 170,494 170,459 164,150 Gains on sale of assets 93,548 75,976 40,600 Investment property valuation (2) 93,197 77,350 55,573 Insurance (3) 60,452 54,679 49,640 Other reversals 49,079 47,657 140,012 Penalties for failure to contracts 28,554 16,302 19,881 Hedging 663 14,158 (3,678) Others 136,900 109,533 207,713 Total Other operating income 1,535,247 1,251,567 1,553,737 (1) Corresponds to the management of assets and liabilities in foreign currency. (2) See Note 11 Investment properties. (3) Corresponds to income from Seguros Agromercantil Guatemala insurance operations. See Note 9 Goodwill and intangible assets, net. 25. 5. Dividends and net income on equity investments The following table sets forth the detail of dividends received, and share of profits of equity method investees for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 In millions of COP Dividends (1) 84,183 67,582 32,248 Equity investments (2) 71,207 86,399 (19,680) Equity method (3) 249,231 187,814 253,602 Gains on sale of investments is subsidiarys and associates (3) (4) 77,916 - - Others (5) (101,938) (47,765) 24,472 Total dividends received, and share of profits of equity method investees 380,599 294,030 290,642 (1) Dividends received from equity investments at fair value through profit or loss as of December 31, 2019, 2018 and 2017 amount COP 73,685, COP 54,477 and COP 20,297, respectively. Dividends from equity investments at fair value through OCI amount COP 10,498, COP 13,105 and COP 11,951, respectively. As of December 31, 2019, 2018 and 2017, the amount includes dividends of investments derecognised for COP 4,100, COP 950 and COP 1,556, respectively. (2) As of December 31, 2018, there is a profit on capital investments due to the increase in fair value in the portfolio measured at fair value through the profit or loss held by Banagricola S.A. (3) For further information, see Note 8 investments in associates and joint ventures. (4) Corresponds to gains on sale of investments in associates Concesiones CCFC, Avefarma S.A.S, Glashfarma Tech S.A.S and Panamerican Pharmaceutical Holding Inc. for COP 33,253, the winding up of joint venture Servicios de Aceptación S.A.S for COP 8,927 and the sale of subsidiaries Arrendamiento Operativo CIB and Fiduperú S.A, for COP 35,736. (5) For further information see Note 17 Borrowings from other financial institutions.

OPERATING EXPENSES

OPERATING EXPENSES	12 Months Ended
	Dec. 31, 2019
OPERATING EXPENSES
OPERATING EXPENSES	NOTE 26. OPERATING EXPENSES 26.1. Salaries and employee benefit The detail for salaries and employee benefits for the years ended December 31, 2019, 2018 and 2017 is as follows: Salaries and employee benefit 2019 2018 2017 In millions of COP Salaries 1,449,765 1,350,956 1,253,787 Bonuses 560,149 440,493 374,056 Private premium 378,979 322,420 315,983 Social security contributions 319,424 308,116 287,693 Indemnization payment 140,633 107,992 129,849 Other benefits 517,874 474,077 431,011 Total Salaries and employee benefit 3,366,824 3,004,054 2,792,379 26.2. Other administrative and general expenses The detail for administrative and general expenses for the years ended December 31, 2019, 2018 and 2017 is as follows: Other administrative and general expenses 2019 2018 2017 In millions of COP Maintenance and repairs 599,519 585,377 530,284 Others Fees 470,457 429,121 427,517 Insurance 423,785 331,430 303,501 Data processing 214,307 147,294 130,125 Transport 212,582 183,857 158,561 Advertising 151,246 144,900 127,142 Public services 116,837 108,420 107,727 Cleaning and security services 100,593 97,848 92,359 Useful and stationery 83,891 63,321 58,145 Communications 77,375 73,072 67,201 Contributions and affiliations 73,689 66,636 60,320 Frauds and claims 65,589 117,032 134,087 Trust 59,334 31,100 25,901 Properties improvements and installation 51,187 52,937 59,121 Travel expenses 42,973 37,006 38,037 Legal and financial consultant 38,972 31,072 25,855 Real estate management. 25,012 23,694 21,817 Board of directors and audit fee 22,240 21,733 20,450 Disputes, fines and sanctions 18,077 63,685 139,146 Storage services 17,135 15,664 16,162 Leasing (1) 8,671 256,872 244,956 Activities joint operations 8,142 8,719 9,650 Legal expenses 7,165 3,570 4,112 Donations 4,781 17,402 17,048 Temporary services 3,544 3,724 3,907 Public relations 2,895 2,899 5,912 Others 169,060 106,384 148,841 Total other administrative and general expenses 3,069,058 3,024,769 2,977,884 Wealth tax, contributions and other tax burden (2) 757,820 692,666 727,661 (1) The decrease corresponds to the accounting of the leasing contracts under IFRS 16 Leases. See Note 7.1 Lessor and Note 32 Impacts on application of new standards. (2) See Note 12 Income tax. 26.3. Impairment, depreciation and amortization The detail for Impairment, depreciation and amortization for the years ended December 31, 2019, 2018 and 2017 is as follows: Impairment, depreciation and amortization 2019 2018 2017 In millions of COP Depreciation of premises and equipment (1) 358,439 342,605 316,281 Depreciation of right-of-use assets (2) 177,709 - - Amortization of intangible assets (3) 141,104 123,551 116,752 Impairment of other assets, net (4) 147,338 27,746 46,078 Total impairment, depreciation and amortization 824,590 493,902 479,111 (1) Includes the expense recognized for depreciation premises and equipment of the subsidiaries sold during 2019 and classified as held for sale in 2018 for COP 4,898 and COP 24,854, respectively (2) Adoption of IFRS 16 Leases. See Note 7.1 Lessor and Note 32 Impacts on application of new standards. (3) See Note 9 Goodwill and intangibles assets, net (4) The detail of the impairment of other assets net by operating segments for the years ended December 31, 2019, 2018 and 2017 is presented in the table below: Impairment of other assets, net 2019 2018 2017 In millions of COP Banking Colombia (1) 108,861 20,036 33,889 Banking Guatemala 29,930 2,672 1,939 Banking Panamá 17,869 6,523 5,495 Off Shore 933 (173) (126) All other segments 792 812 1,418 Brokerage 1 13 - Banking El Salvador (11,048) (2,137) 3,363 Total 147,338 27,746 46,078 (1) Corresponds to impairment of foreclosed assets. During 2019, 2018 and 2017 there were no significant cybersecurity breaches according to the data security policies established by the management.

EARNING PER SHARE ('EPS')

EARNING PER SHARE ('EPS')	12 Months Ended
	Dec. 31, 2019
EARNING PER SHARE ('EPS')
EARNING PER SHARE ('EPS')	NOTE 27. EARNING PER SHARE (‘EPS’) Basic EPS is calculated by reducing the income from continuing operations by the amount of dividends declared in the current period for each class of stock and by the contractual amount of dividends that must be paid for the current period, considering the allocation of remaining earnings to common stock and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. EPS is determined by dividing the total earnings allocated to each security by the weighted average number of common shares outstanding. Diluted EPS assumes the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. The Bank has no dilutive potential common shares as of December 31, 2019, 2018 and 2017. The following table summarizes information related to the computation of basic EPS for the years ended December 31, 2019, 2018 and 2017 (in millions of pesos, except per share data): 2019 2018 2017 Income from continuing operations before attribution of non-controlling interests 3,214,567 2,786,435 2,754,173 Less: Non-controlling interests from continuing operations 97,216 127,571 139,173 Net income from continuing operations 3,117,351 2,658,864 2,615,000 Less: Preferred dividends declared 435,810 402,451 370,983 Less: Allocation of undistributed earnings to preferred stockholders 998,864 816,277 827,126 Continuing operations 998,864 816,277 827,126 Net income allocated to common shareholders for basic and diluted EPS 1,682,677 1,440,136 1,416,891 Weighted average number of common shares outstanding used in basic EPS calculation (In millions) 510 510 510 Basic and Diluted earnings per share to common shareholders 3,301 2,825 2,780 From continuing operations 3,301 2,825 2,780

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2019
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 28. RELATED PARTY TRANSACTIONS IAS 24 Related Party Disclosures requires that an entity discloses: (a) Transactions with its related parties; and (b) Relationships between a parent and its subsidiaries irrespective of whether there have been transactions between them. Under IAS 24, an entity must disclose transactions with its related parties, outstanding balances, including commitments, recognized in the consolidated and separate financial statements of a parent or investors with joint control or significant influence over, an investee presented in accordance with IFRS 10. Under this standard parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions, or one other party controls both. This definition applies to the Bank in the cases below: · Stockholders with ownership interest higher than 20% of the Bank’s capital: - Grupo de Inversiones Suramericana S.A. - Fondo Bancolombia ADR Program. · Members of Board of Directors and Senior Management, understood as the president and corporate Vice-presidents, as well as their close relatives (spouse and children) and the companies in which they have a participation of 10% or more of the Bank's capital. · Associates and joint ventures for which the Bank provides commercial banking services and deposits. For these purposes all companies in which the Bank has significant influence (in all cases, the Bank has between 20% and 50% share of capital), have been included. The Parent Company provides banking and financial services to its related parties in order to satisfy their liquidity needs, and except for the intercompany merger agreement described below, these transactions are conducted on similar terms to third-party transactions and are not individually material. Between the Parent Company and its related parties, during the periods ending at December 31, 2019, 2018 and 2017, there were no: - Loans that for its contractual terms do not represent a lending transaction. - Loans with interest rates different to those that are ordinarily paid or charged to third parties in similar conditions of term, risk, etc. - No guarantees, pledges or commitments have been given or received in respect of the aforementioned transactions. As of December 31, 2019 Stockholders with an interest equal or Directors and Associates and higher than 20% of senior joint ventures the Bank's capital management In millions of COP Assets Investments - 235 2,374,338 Loans and advances to customers and financial entities, net 419,630 21,426 140,352 Other assets - 182 43,488 Total assets 419,630 21,843 2,558,178 Liabilities Deposits 522,986 4,345 156,516 Other liabilities - - 33,705 Total liabilities 522,986 4,345 190,221 Income Interest and other operating income 6,505 231 10,830 Dividends - - 110,863 Others - 19 350,004 Net income 6,505 250 471,697 Expenses Interests and other operating expenses 5,368 160 6,893 Fees - 1,236 15,366 Others - 130 6,837 Total expenses 5,368 1,526 29,096 As of December 31, 2018 Stockholders with an interest equal or Directors and Associates and higher than 20% of senior joint ventures the Bank’s capital management In millions of COP Assets Investments - 11 2,450,467 Loans and advances to customers and financial entities, net 642,319 21,331 108,833 Assets held for sale and inventories, net - - 19,128 (1) Other assets - - 177,537 (2) Total assets 642,319 21,342 2,755,965 Liabilities Deposits 386,467 5,028 190,046 Other liabilities - - 35,581 Total liabilities 386,467 5,028 225,627 Income Interest and other operating income 29,998 558 11,214 Dividends - - 101,091 (3) Others - - 41,985 Net income 29,998 558 154,290 Expenses Interests and other operating expenses 10,844 239 5,790 Fees - 1,145 3 Others - 54 80,312 Total expenses 10,844 1,438 86,105 (1) Investment classified as held for sale. See Note 12. Assets held for sale and Inventories. (2) This item includes portfolio purchase operation held between Bancolombia S.A. and Titularizadora Colombiana and the outstanding dividend on the preferred shares of the Compañía de Financiamiento TUYA S.A. (3) Includes dividend received for preferred shares in Compañía de Financiamiento TUYA S.A. As of December 31, 2017 Stockholders with an interest equal or Directors and Associates and higher than 20% of senior joint ventures the Bank’s capital management In millions of COP Assets Investments - - 1,855,511 Loans and advances to customers and financial entities, net 423,706 17,342 124,592 Assets held for sale and inventories - - 18,413 (1) Other assets - 2 127,022 (2) Total assets 423,706 17,344 2,125,538 Liabilities Deposits 363,335 4,363 163,932 Other liabilities - 3 92 Total liabilities 363,335 4,366 164,024 Income Interest and other operating income 6,989 419 11,224 Dividends - - 48,403 Others - - 51,613 Net income 6,989 419 111,240 Expenses Interest and other operating expenses 5,603 269 20,139 Fees - 1,109 19 Others - 53 29,431 Total expenses 5,603 1,431 49,589 (1) Investment classified as held for sale. See Note 12. Assets held for sale and Inventories (2) This ítem includes portfolio purchase operation held between Bancolombia S.A. and Titularizadora Colombiana During the years ending December 31, 2019, 2018 and 2017, the Bank paid fees to the directors COP 1,236, COP 1,145 and COP 1,109, respectively, as compensation for attending meetings of Board and Support Committees (Audit Committee, etc.). The Payments to senior management in the same periods were COP 16,488, COP 17,245, and COP 14,320 for short-term benefits, COP 439, COP 427 and COP 922 for long-term benefits COP 2,112, COP 590 and COP 460 for other payments for post – employemnet benefits, respectively. The Parent company, which is also the ultimate parent company, is Bancolombia S.A. Transactions between companies included in consolidation Note 2.C.1 and the Parent company meet the definition of related party transactions and were eliminated from the consolidated financial statements. Financial Conglomerate Operations The following table shows the operations carried out in 2018 and 2017 on the related party chart of the Grupo Sura conglomerate: December December December 31, 2019 31, 2018 31, 2017 In millions of COP Assets Investments(1) 14,369 440,294 376,171 Loans and advances to customers and financial entities, net 741,539 455,675 191,278 Other assets 6,538 2 8 Total assets 762,446 895,971 567,457 Liabilities Deposits 1,238,376 1,347,005 1,015,523 Other liabilities 1,379 5,818 1,882 Total liabilities 1,239,755 1,352,823 1,017,405 Income Interest and other operating income 732,089 602,831 488,190 Dividends 33 14,909 15,021 Net income 732,122 617,740 503,211 Expenses Interests and other operating expenses 60,918 54,758 32,568 Fees 540 2 4 Others 35,636 3,025 4,788 Total expenses 97,094 57,785 37,360 (1) The variation compared to 2018 is mainly due to the sale of the investment in Sura Asset Management during 2019.

LIABILITIES FROM FINANCING ACTI

LIABILITIES FROM FINANCING ACTIVITIES	12 Months Ended
	Dec. 31, 2019
LIABILITIES FROM FINANCING ACTIVITIES
LIABILITIES FROM FINANCING ACTIVITIES	NOTE 29. LIABILITIES FROM FINANCING ACTIVITIES The following table presents the reconciliation of the balances of liabilities from financing activities as of December 31, 2019 and 2018: Non-cash changes Balance as of Foreign January 1, 2019 Cash flows currency Interests Other Balance as of translation accrued movements December 31, 2019 adjustment In millions of COP Liabilities from financing activities Repurchase agreements and other similar secured borrowing 2,315,555 (1,002,196) 378 - - 1,313,737 Borrowings from other financial institutions (1) 16,337,964 (3,219,257) 132,959 625,834 81,843 13,959,343 Debt instruments in issue (1) 20,287,233 (1,657,913) 127,387 1,164,808 - 19,921,515 Preferred shares (2) 583,997 (57,701) - - 57,908 584,204 Total liabilities from financing activities 39,524,749 (5,937,067) 260,724 1,790,642 139,751 35,778,799 (1) The cash flows disclosed in this table related with Borrowings from other financial institutions and Debt securities in issue include the interests paid during the year amounting to COP 594,851 and COP 1,181,131, respectively, which are classified as cash flows from operating activities in the consolidated statement of cash flow. (2) The cash flow amounting to COP 57,701 corresponds to the fixed minimum dividend paid to the preferred shares’ holders and is included in the line "dividends paid" of the consolidated statement of cash flow, which includes the divideds paid during the year to both preferred and common shares holders. Non-cash changes Balance as of Foreign January 1, 2018 Cash flows currency Interests Other Balance as of translation accrued movements December 31, 2018 adjustment In millions of COP Liabilities from financing activities Repurchase agreements and other similar secured borrowing 3,236,128 (922,840) 2,267 - - 2,315,555 Borrowings from other financial institutions (1) 13,822,152 513,244 1,297,690 783,349 (78,471) (2) 16,337,964 Debt instruments in issue (1) 19,648,714 (1,697,698) 1,255,806 961,903 118,508 20,287,233 Preferred shares (3) 582,985 (57,701) - - 58,713 583,997 Total liabilities from financing activities 37,289,979 (2,164,995) 2,555,763 1,745,252 98,750 39,524,749 (1) The cash flows disclosed in this table related with Borrowings from other financial institutions and Debt securities in issue include the interests paid during the year amounting to COP 788,879 and COP 961,333, respectively, which are classified as cash flows from operating activities in the consolidated statement of cash flow. (2) The amount of COP (78,471) is mainly comprised by the decrease of the liabilities related to assets held for sale. (3) The cash flow amounting to COP 57,701 corresponds to the fixed minimum dividend paid to the preferred shares’ holders and is included in the line "dividends paid" of the consolidated statement of cash flow, which includes the divideds paid during the year to both preferred and common shares holders.

FAIR VALUE OF ASSETS AND LIABIL

FAIR VALUE OF ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2019
FAIR VALUE OF ASSETS AND LIABILITIES
FAIR VALUE OF ASSETS AND LIABILITIES	NOTE 30. FAIR VALUE OF ASSETS AND LIABILITIES The following table presents the carrying amount and the fair value of the assets and liabilities as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Carrying Fair Carrying Fair amount Value amount Value In millions of COP Assets Debt instruments at fair value through profit or loss 7,670,749 7,670,749 8,909,861 8,909,861 Debt instruments at fair value through OCI 3,904,857 3,904,857 3,329,738 3,329,738 Debt instruments at amortized cost 4,018,724 4,011,398 3,481,928 3,461,616 Derivative financial instruments 1,902,955 1,902,955 1,843,708 1,843,708 Equity securities at fair value 1,228,424 1,228,424 1,639,948 1,639,948 Loans and advances to customers and financial institutions, net 171,353,348 174,326,657 163,583,285 167,551,429 Investment property 1,992,964 1,992,964 1,732,873 1,732,873 Investments in associates (1) 1,249,818 1,249,818 1,119,973 1,119,973 Total 193,321,839 196,287,822 185,641,314 189,589,146 Liabilities Deposits by customers 157,205,312 158,235,896 142,128,471 142,860,996 Interbank deposits 1,363,679 1,363,679 1,374,222 1,374,222 Repurchase agreements and other similar secured borrowing 1,313,737 1,313,737 2,315,555 2,315,555 Derivative financial instruments 1,860,812 1,860,812 1,295,070 1,295,070 Borrowings from other financial institutions 13,959,343 13,959,343 16,337,964 16,337,964 Preferred shares 584,204 673,564 583,997 602,597 Debt instruments in issue 19,921,515 20,966,755 20,287,233 20,759,456 Total 196,208,602 198,373,786 184,322,512 185,545,860 (1) It corresponds investments in associates P.A Viva Malls. See Note 8 Investments in associates and joint ventures  Fair value hierarchy IFRS 13 establishes a fair value hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable, that reflects the significance of inputs adopted in the measurement process. In accordance with IFRS the financial instruments are classified as follows: Level 1: Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities. An active market is a market in which transactions for the asset or liability being measured take place with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Level 2 generally includes: (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability. Level 3 : Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain retained residual interests in securitizations, asset-backed securities (ABS) and highly structured or long-term derivative contracts where independent pricing information was not able to be obtained for a significant portion of the underlying assets.  Valuation process for fair value measurements The valuation to fair value prices is performed using prices, methodologies and inputs provided by the official pricing services provider (Precia) to the Bank. All methodologies and procedures developed by the pricing services provider are supervised by the Financial Superintendence of Colombia, which has not objected to them. On a daily basis, the back-office Service Valuation Officer (SVO) verifies the valuation of investments, and the Credit and Financial Risk Manager area reports the results of the portfolio’s valuation. Fair value measurement Assets and liabilities a. Debt instruments The Bank assigns prices to those debt investments, using the prices provided by the official pricing services provider (Precia) and assigns the appropriate level according to the procedure described above. For securities not traded or over-the-counter such as certain bonds issued by other financial institutions, the Bank generally determines fair value utilizing internal valuation and standard techniques. These techniques include determination of expected future cash flows which are discounted using curves of the applicable currencies and the Colombian consumer price index (interest rate in this case), modified by the credit risk and liquidity risk. The interest rate is generally computed using observable market data and reference yield curves derived from quoted interest in appropriate time bandings, which match the timings of the cash flows and maturities of the instruments. b. Equity securities The Bank performs the market price valuation of its investments in variable income using the prices provided by the official pricing services provider (Precia) and classifies those investments according to the procedure described above (Hierarchy of fair value section). Likewise, the fair value of unlisted equity securities is based on an assessment of each individual investment using methodologies that include publicly-traded comparables derived by multiplying a key performance metric (e.g., earnings before interest, taxes, depreciation and amortization) of the portfolio company by the relevant valuation multiple observed for comparable companies, acquisition comparables, and if necessary considered, are subject to appropriate discounts for lack of liquidity or marketability. Interests in investment funds, trusts and collective portfolios are valued using the investment unit value determined by the fund management company. For investment funds where the underlying assets are investment properties, the investment unit value depends on the investment properties value, determined as described below in “i. Investment property”. c. Derivative financial instruments The Bank holds positions in standardized derivatives, such as futures over local stocks, and over the representative exchange rate (TRM). These instruments are evaluated according to the information provided by Precia, which perfectly matches the information provided by the Central Counterparty Clearing House – CCP. Additionally, the Bank holds positions in OTC derivatives, which in the absence of prices, are valued using the inputs and methodologies provided by the pricing services provider. The key inputs depend upon the type of derivative and the nature of the underlying instrument and include interest rate yield curves, foreign exchange rates, the spot price of the underlying volatility, credit curves and correlation of such inputs. d. Credit valuation adjustment The Bank measures the effects of the credit risk of its counterparties and its own creditworthiness in determining fair value of the swap, option and forward derivatives. Counterparty credit-risk adjustments are applied to derivatives when the Bank’s position is a derivative asset and the Bank’s credit risk is incorporated when the position is a derivative liability. The Bank attempts to mitigate credit risk to third parties which are international banks by entering into master netting agreements. The agreements allow to offset or bring net amounts that are liabilities, derivates from transactions carried out by the different agreements. Master netting agreements take different forms and may allow payments to be made under a variety of other master agreements or other negotiation agreements between the same parties; some may have a monthly basis and others only apply at the time the agreements are terminated. When assessing the impact of credit exposure, only the net counterparty exposure is considered at risk, due to the offsetting of certain same-counterparty positions and the application of cash and other collateral. The Bank generally calculates the asset’s credit risk adjustment for derivatives transacted with international financial institutions by incorporating indicative credit related pricing that is generally observable in the market (“CDS”). The credit-risk adjustment for derivatives transacted with non-public counterparties is calculated by incorporating unobservable credit data derived from internal credit qualifications to the financial institutions and corporate companies located in Colombia. The Bank also considers its own creditworthiness when determining the fair value of an instrument, including OTC derivative instruments if the Bank believes market participants would take that into account when transacting the respective instrument. The approach to measuring the impact of the Bank’s credit risk on an instrument transacted with international financial institutions is done using the asset swap curve calculated for subordinated bonds issued by the Bank in foreign currency. For derivatives transacted with local financial institutions, the Bank calculates the credit risk adjustment by incorporating credit risk data provided by rating agencies and released in the Colombian financial market. e. Impaired loans measured at fair value The Bank measured certain impaired loans based on the fair value of the associated collateral less costs to sell. The fair values were determined as follows using external and internal valuation techniques or third party experts, depending on the type of underlying asset. For vehicles under leasing arrangements, the Bank uses an internal valuation model based on price curves for each type of vehicle. Such curves show the expected price of the vehicle at different points in time based on the initial price and projection of economic variables such as inflation, devaluation and customs. The prices modelled in the curves are compared every six months with market information for the same or similar vehicles and in the case of significant deviation; the curve is adjusted to reflect the market conditions. Other vehicles are measured using matrix pricing from a third party. This matrix is used by most of the market participants and is updated monthly. The matrix is developed from values provided by several price providers for identical or similar vehicles and considers brand, characteristics of the vehicles, and manufacturing date among other variables to determine the prices. For real estate assets, a third-party qualified appraiser is used. The methodologies vary depending on the date of the last appraisal available for the property (the appraisal is estimated based on either of three approaches: cost, sales comparison and income approach, and is required every three years). When the property has been valued in the last 12 months and the market conditions have not shown significant changes, the most recent valuation is considered the fair value of the property. For all other cases (for example, appraisals older than 12 months) the value of the property is updated by adjusting the value in the last appraisal for weighted factors such as location, type and characteristics of the property, size, structural conditions and the expected sales prices, among others. The factors are determined based on current market information gathered from several external real estate specialists. f. Assets held for sale measured at fair value less cost of sale The Bank measures certain impaired foreclosed assets and premises and equipment held for sale based on fair value less costs to sell. The fair values were determined using external and internal valuation techniques, depending on the type of underlying asset. Those assets are comprised mainly of real estate properties for which the appraisal is conducted by experts considering factors such as the location, type and characteristics of the property, size, physical conditions and expected selling costs, among others. Likewise, in some cases the fair value is estimated considering comparable prices or promises of sale and offering prices from auctions process. g. Mortgage-backed securities (“TIPS”) and Asset-Backed securities The Bank invests in asset-backed securities for which underlying assets are mortgages and earnings under contracts issued by financial institutions and corporations, respectively. The Bank does not have a significant exposure to sub-prime securities. The asset-backed securities are denominated in local market TIPS and are classified as fair value through profit or loss. These asset-backed securities have different maturities and are generally classified by credit ratings. Fair values were estimated using discounted cash flows models where the main key economic assumptions used are estimates of prepayment rates and resultant weighted average lives of the securitized mortgage portfolio, probability of default and interest rate curves. These items are classified as level 2 and level 3. h. Investments in associates measured at fair value The Bank recognizes its investment in PA Viva Malls as an associate at fair value. The estimated amount is provided by the fund manager as the variation of the units according to the units owned by the Fondo Colombia Inmobiliario. The associate’s assets are comprised of investment properties which are measured using the following techniques: comparable prices, discounted cash flows, replacement cost and direct capitalization. For further information about techniques methodologies and inputs used by the external party see “Quantitative Information about Level 3 Fair Value Measurements”. i. Investment property The Bank’s investment property is valued by external experts, who use valuation techniques based on comparable prices, direct capitalization, discounted cash flows and replacement costs. Assets and liabilities measured at fair value on a recurring basis The following table presents for each of the fair-value hierarchy levels the Bank’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2019 and 2018: Financial Assets December 31, 2019 December 31, 2018 Type of instrument Fair value hierarchy Total fair Fair value hierarchy Total fair Level 1 Level 2 Level 3 value Level 1 Level 2 Level 3 value In millions of COP Investment securities Debt instruments at fair value through profit or loss Securities issued by the Colombian Government 5,248,352 440,590 - 5,688,942 7,170,085 72,083 - 7,242,168 Securities issued or secured by government entities - 71,792 - 71,792 24,588 12,851 6,407 43,846 Securities issued by other financial institutions 97,107 501,724 126,049 724,880 115,234 338,992 206,950 661,176 Securities issued by foreign governments 683,469 392,762 - 1,076,231 397,115 420,524 - 817,639 Corporate bonds 37,856 69,018 2,030 108,904 61,556 83,317 159 145,032 Total debt instruments at fair value through profit or loss 6,066,784 1,475,886 128,079 7,670,749 7,768,578 927,767 213,516 8,909,861 Debt instruments at fair value through OCI Securities issued by other financial institutions 87,010 167,015 - 254,025 - 186,250 - 186,250 Securities issued by foreign governments 2,207,864 1,387,909 - 3,595,773 1,630,379 1,513,109 - 3,143,488 Corporate bonds 45,606 9,453 - 55,059 - - - - Total debt instruments at fair value through OCI 2,340,480 1,564,377 - 3,904,857 1,630,379 1,699,359 - 3,329,738 Total debt instruments 8,407,264 3,040,263 128,079 11,575,606 9,398,957 2,627,126 213,516 12,239,599 Equity securities Equity securities 78,487 70,237 1,079,700 1,228,424 100,233 115 1,539,600 1,639,948 Total equity securities 78,487 70,237 1,079,700 1,228,424 100,233 115 1,539,600 1,639,948 Derivative financial instruments Forwards Foreign exchange contracts - 479,407 235,958 715,365 - 96,426 197,919 294,345 Equity contracts - 2,001 142 2,143 - 968 13 981 Total forwards - 481,408 236,100 717,508 - 97,394 197,932 295,326 Swaps Foreign exchange contracts - 645,891 111,405 757,296 - 1,053,684 145,552 1,199,236 Interest rate contracts 4,571 311,928 56,054 372,553 2,935 198,697 51,296 252,928 Total swaps 4,571 957,819 167,459 1,129,849 2,935 1,252,381 196,848 1,452,164 Options Foreign exchange contracts 144 8,537 46,917 55,598 - 6,707 89,511 96,218 Total options 144 8,537 46,917 55,598 - 6,707 89,511 96,218 Total derivative financial instruments 4,715 1,447,764 450,476 1,902,955 2,935 1,356,482 484,291 1,843,708 Investment properties Buildings - - 1,724,720 1,724,720 - - 1,483,594 1,483,594 Lands - - 268,244 268,244 - - 249,279 249,279 Total investment properties - - 1,992,964 1,992,964 - - 1,732,873 1,732,873 Investment in associates PA Viva Malls - - 1,249,818 1,249,818 - - 1,119,973 1,119,973 Total investment in associates and joint ventures - - 1,249,818 1,249,818 - - 1,119,973 1,119,973 Total 8,490,466 4,558,264 4,901,037 17,949,767 9,502,125 3,983,723 5,090,253 18,576,101 Financial liabilities December 31, 2019 December 31, 2018 Type of instrument Fair value hierarchy Total fair Fair value hierarchy Total fair Level 1 Level 2 Level 3 value Level 1 Level 2 Level 3 value In millions of COP Derivative financial instruments Forwards Foreign exchange contracts - (658,776) (109,239) (768,015) - (242,844) (56,171) (299,015) Equity contracts - (4,147) (199) (4,346) - (7,325) (260) (7,585) Total forwards - (662,923) (109,438) (772,361) - (250,169) (56,431) (306,600) Swaps Foreign exchange contracts - (642,206) (10,404) (652,610) - (654,093) (46,810) (700,903) Interest rate contracts (6,895) (369,070) (1,376) (377,341) (3,887) (248,436) (5,655) (257,978) Total swaps (6,895) (1,011,276) (11,780) (1,029,951) (3,887) (902,529) (52,465) (958,881) Options Foreign exchange contracts - (58,500) - (58,500) - (29,589) - (29,589) Total options - (58,500) - (58,500) - (29,589) - (29,589) Total derivative financial instruments (6,895) (1,732,699) (121,218) (1,860,812) (3,887) (1,182,287) (108,896) (1,295,070) Total (6,895) (1,732,699) (121,218) (1,860,812) (3,887) (1,182,287) (108,896) (1,295,070) Fair value of assets and liabilities that are not measured at fair value in the Statement of Financial Position The following table presents for each of the fair-value hierarchy levels the Bank’s assets and liabilities that are not measured at fair value in the statement of financial position, but for which the fair value is disclosed at December 31, 2019 and 2018: Assets December 31, 2019 December 31, 2018 Type of instrument Fair value hierarchy Total fair Fair value hierarchy Total fair Level 1 Level 2 Level 3 value Level 1 Level 2 Level 3 value In millions of COP Debt instruments Securities issued by the Colombian Government 93,033 - - 93,033 36,847 13,424 - 50,271 Securities issued or secured by government entities - 345,239 1,452,231 1,797,470 17,744 386,396 1,449,333 1,853,473 Securities issued by other financial institutions 145,798 - 63,773 209,571 107,959 23,375 12,326 143,660 Securities issued by foreign governments 169,423 141,282 - 310,705 130,913 141,652 - 272,565 Corporate bonds 394,055 12,873 1,193,691 1,600,619 259,904 53,395 828,348 1,141,647 Total – Debt instruments 802,309 499,394 2,709,695 4,011,398 553,367 618,242 2,290,007 3,461,616 Loans and advances to customers and financial institutions, net - - 174,326,657 174,326,657 - - 167,551,429 167,551,429 Total 802,309 499,394 177,036,352 178,338,055 553,367 618,242 169,841,436 171,013,045 Liabilities December 31, 2019 December 31, 2018 Type of instruments Fair value hierarchy Total fair Fair value hierarchy Total fair Level 1 Level 2 Level 3 value Level 1 Level 2 Level 3 value In millions of COP Deposits by customers - (33,655,920) (124,579,976) (158,235,896) - (30,490,414) (112,370,582) (142,860,996) Interbank deposits - - (1,363,679) (1,363,679) - - (1,374,222) (1,374,222) Repurchase agreements and other similar secured borrowing - - (1,313,737) (1,313,737) - - (2,315,555) (2,315,555) Borrowings from other financial institutions - - (13,959,343) (13,959,343) - - (16,337,964) (16,337,964) Preferred shares - - (673,564) (673,564) - - (602,597) (602,597) Debt instruments in issue (8,277,170) (9,953,028) (2,736,557) (20,966,755) (9,503,793) (8,486,088) (2,769,575) (20,759,456) Total (8,277,170) (43,608,948) (144,626,856) (196,512,974) (9,503,793) (38,976,502) (135,770,495) (184,250,790) IFRS requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized in the statement of financial position, for which it is practicable to estimate fair value. Certain categories of assets and liabilities, however, are not eligible for fair value accounting. The financial instruments below are not measured at fair value on a recurring and nonrecurring basis: Short-term financial instruments Short-term financial instruments are valued at their carrying amounts included in the consolidated statement of financial position, which are reasonable estimates of fair value due to the relatively short period to maturity of the instruments. This approach was used for cash and cash equivalents, accrued interest receivable, customers’ acceptances, accounts receivable, accounts payable, accrued interest payable and bank acceptances outstanding. Deposits from customers The fair value of time deposits was estimated based on the discounted value of cash flows using the appropriate discount rate for the applicable maturity. Fair value of deposits with no contractual maturities represents the amount payable on demand as of the statement of financial position date. Interbank deposits and repurchase agreements and other similar secured borrowings Short-term interbank borrowings and repurchase agreements have been valued at their carrying amounts because of their relatively short-term nature. Long-term and domestic development bank borrowings have also been valued at their carrying amount because they bear interest at variable rates. Borrowings from other financial institutions The fair value of borrowings from other financial institutions were determined using discounted cash flow models. The cash flows projection of capital and interest was made according to the contractual terms, considering capital amortization and interest bearing. Subsequently, the cash flows were discounted using reference curves formed by the weighted average of the Bank’s deposit rates. Debt instruments in issue The fair value of debt instruments in issue, comprised of bonds issued by Bancolombia S.A. and its subsidiaries, was estimated substantially based on quoted market prices. The fair value of certain bonds which do not have a public trading market, were determined based on the discounted value of cash flows using the rates currently offered for bonds of similar remaining maturities and the Bank’s creditworthiness. Preferred shares In the valuation of the liability component of preferred shares related to the minimum dividend of 1% of the subscription price, the Bank uses the Gordon Model to price the obligation, taking into account its own credit risk, which is measured using the market spread based on observable inputs such as quoted prices of sovereign debt. The Gordon Model is commonly used to determine the intrinsic value of a stock based on a future series of dividends that are estimated by the Bank and growth at a constant rate considering the Bank’s own perspectives of the payout ratio. Loans and advances to customers and financial institutions Estimating the fair value of loans and advances to customers is considered an area of considerable uncertainty as there is no observable market. The loan portfolio is stratified into tranches and loans segments suchs as commercial, small business loans, mortgage and consumer. The fair value of loans and advances to customers and financial institutions is determined using a discounted cash flow methodology, considering each credit’s principal and interest projected cash flows to the prepayment date. The projected cash flows are discounted using reference curves according to the type of loan and its maturity date. Items Measured at fair value on a non-recurring basis The Bank measures assets held for sale based on fair value less costs to sell. This category includes certain foreclosed assets and investments in associates held for sale. The fair values were determined using external and internal valuation techniques or third party experts, depending on the type of underlying asset. The following breakdown sets forth the fair value hierarchy of those assets classified by type: December 31, 2019 December 31, 2018 Fair-value hierarchy Total fair Fair-value hierarchy Total fair Level 1 Level 2 Level 3 Value Level 1 Level 2 Level 3 Value In millions of COP Machinery and equipment - - 4,799 4,799 - - 5,556 5,556 Real estate for residential purposes - - 112,789 112,789 - - 92,052 92,052 Real estate different from residential properties - - 6,807 6,807 - - 24,076 24,076 Total - - 124,395 124,395 - - 121,684 121,684 Changes in Level 3 Fair-Value Category The table below presents reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during 2019 and 2018: As of December 31, 2019 Balance, Included Transfers Transfers Balance, January 1, in OCI Purchases Settlement Reclassifications (1) in to out of December 31, 2019 earnings Level 3 Level 3 2019 In millions of COP Assets Debt instruments at fair value though profit or loss Securities issued or secured by Government entities 6,407 19 - - (6,426) - - - - Securities issued or secured by other financial entities 206,950 (27,912) - - (16,606) - 4,746 (41,129) 126,049 Corporate bonds 159 - - - (159) - 2,030 - 2,030 Total 213,516 (27,893) - - (23,191) - 6,776 (41,129) 128,079 Derivative financial instruments Foreign exchange contracts 432,982 (9,939) - 267,452 (291,571) 1,507 599 (6,750) 394,280 Interest rate contracts 51,296 15,213 - 11,968 (5,210) (4,992) 11,893 (24,114) 56,054 Equity contracts 13 - - 142 (13) - - - 142 Total 484,291 5,274 - 279,562 (296,794) (3,485) 12,492 (30,864) 450,476 Equity securities Equity securities 1,539,600 148,269 (3,436) 8,298 (613,031) - - - 1,079,700 Total 1,539,600 148,269 (3,436) 8,298 (613,031) - - - 1,079,700 Investment in associates PA Viva Malls (2) 1,119,973 66,888 - - - - - - 1,249,818 Total 1,119,973 66,888 - - - - - - 1,249,818 Total Assets 3,357,380 192,538 (3,436) 287,860 (933,016) (3,485) 19,268 (71,993) 2,908,073 Liabilities Derivative financial instruments Foreign exchange contracts (102,981) (292) - (113,046) 55,956 (1,507) (5,792) 48,019 (119,643) Interest rate contracts (5,655) 14 - (1,374) 330 4,992 - 317 (1,376) Equity contracts (260) - - (199) 260 - - - (199) Total (108,896) (278) - (114,619) 56,546 3,485 (5,792) 48,336 (121,218) Total liabilities (108,896) (278) - (114,619) 56,546 3,485 (5,792) 48,336 (121,218) (1) From derivative assets to derivative liabilities classified in level 3 and viceversa. (2) The amount of COP 66,888 differs from the COP 138,100 presented as "included in earnings" in the Note 8 Investments in associates and joint ventures, due to the recognition of a contingent consideration. As of December 31, 2018 Balance, Included Transfers Transfers Balance, January 1, in OCI Purchases Settlement Reclassifications (1) in to out of December 31, 2018 earnings Level 3 Level 3 2018 In millions of COP Debt instruments at fair value though profit or loss Securities issued or secured by Government entities - 53 - 1,383 - - 4,971 - 6,407 Securities issued or secured by other financial entities 297,049 (54,595) - 29,149 (64,014) - 5,394 (6,033) 206,950 Corporate bonds 3,118 (3,983) - 4,159 (2,518) - - (617) 159 Total 300,167 (58,525) - 34,691 (66,532) - 10,365 (6,650) 213,516 Derivative financial instruments Foreign exchange contracts 298,598 20,691 - 286,371 (132,824) 2,574 10,418 (52,846) 432,982 Interest rate contracts 45,939 (11,538) - 17,549 (10,705) (117) 20,638 (10,470) 51,296 Equity contracts 15 - - 13 (15) - - - 13 Total 344,552 9,153 - 303,933 (143,544) 2,457 31,056 (63,316) 484,291 Equity securities Equity securities 1,343,604 131,446 38,648 41,459 (15,557) - - - 1,539,600 Total 1,343,604 131,446 38,648 41,459 (15,557) - - - 1,539,600 Investment in associates PA Viva Malls 757,886 87,136 - 274,951 - - - - 1,119,973 Total 757,886 87,136 - 274,951 - - - - 1,119,973 Equity securities - Assets held for sale Assets held for sale 2,486 - - - (2,486) - - - - Total 2,486 - - - (2,486) - - - - Total Assets 2,748,695 169,210 38,648 655,034 (228,119) 2,457 41,421 (69,966) 3,357,380 Liabilities Derivative financial instruments Foreign exchange contracts (66,586) 4,326 - (55,502) 24,933 (2,574) (51,316) 43,738 (102,981) Interest rate contracts (13,634) (1,782) - 12 1,553 117 (1,532) 9,611 (5,655) Equity contracts (515) - - (260) 515 - - - (260) Total (80,735) 2,544 - (55,750) 27,001 (2,457) (52,848) 53,349 (108,896) Total liabilities (80,735) 2,544 - (55,750) 27,001 (2,457) (52,848) 53,349 (108,896) (1) From derivative assets to derivative liabilities classified in level 3 and viceversa. Level 3 fair value rollforward The following were the significant Level 3 transfers for the period December 31, 2018 to 2019: Transfer of COP 6,700 and COP (21,792) in 2019 and 2018 respectively,from Level 2 to Level 3 of the derivative foreign exchange contracts and Interest rate contracts, was presented due to the transfer of the credit risk from the Bank to the credit risk of the counterparty. As of December 31, 2019 and 2018, unrealized gains and losses on debt instruments were COP (26,820) and COP 58,736; Equity Securities COP 152,801 and COP 130,453, respectively. Transfers between Level 1 and Level 2 of the Fair Value Hierarchy The table below presents the transfers for all assets and liabilities measured at fair value on a recurring basis between Level 1 and Level 2 as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Transfers Level 1 Transfers Level Transfers Level Transfers Level to Level 2 2 to Level 1 1 to Level 2 2 to Level 1 Debt instruments at fair value though profit or loss Securities issued or secured by other financial entities 2,577 - - - Securities issued or secured by Foreign Government - 84 199,224 - Total 2,577 84 199,224 - Debt instruments at fair value through OCI Securities issued or secured by Foreign Government - 287,939 627,395 - Total - 287,939 627,395 - Equity securities Equity securities 72,423 - - - Total 72,423 - - - During the years ended December 31, 2019 and 2018, the Bank transferred securities from Level 1 to Level 2 primarily, because such securities had lower liquidity and lower traded in an active market. All transfers are assumed to occur at the end of the reporting period. Quantitative Information about Level 3 Fair Value Measurements The fair value of financial instruments is, in certain circumstances, measured using valuation techniques that incorporate assumptions that are not evidenced by prices from observable market transactions in the same instrument and are not based on observable market data. Changing one or more of the inputs to the valuation models to reasonably possible alternative assumptions would change the fair values and therefore a valuation adjustment would be recognized in profit or loss. Favorable and unfavorable changes are determined on the basis of changes in the value of the instrument as a result of varying the levels of the unobservable input as described in the table below. The following table sets forth information about significant unobservable inputs related to the Bank’s material categories of Level 3 financial assets and liabilities and the sensitivity of these fair values to reasonably possible alternative assumptions. As of December 31, 2019 Sensitivity Sensitivity Valuation Significant Range of Weighted 100 100 Financial instrument Fair Value technique unobservable input inputs average basis point basis point increase decrease Amounts in millions of COP Debt instruments Securities issued by other financial institutions Yield 0.48% to 6.41 % % 90,111 92,906 TIPS 91,671 Discounted cash flow Liquidity risk Price n/a n/a n/a Prepayment Speed n/a n/a 93,882 91,278 Other bonds 34,378 Discounted cash flow Yield 0.81% to 1.06 % % 33,364 35,448 Liquidity risk 2.81% to 3.88 % % 33,107 35,135 Securities issued by other financial institutions 126,049 Corporate bonds Corporate bonds 2,030 Discounted cash flow Yield % % 2,005 2,063 Total debt instruments 128,079 Equity securities Equity securities 1,079,700 Price-based Price n/a n/a n/a n/a Derivative financial instruments Swaps 155,679 Discounted cash flo

RISK MANAGEMENT

RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2019
RISK MANAGEMENT
RISK MANAGEMENT	NOTE 31. RISK MANAGEMENT The Bank’s comprehensive risk management is developed in compliance with current regulations and internal standards as defined by the Board of Directors, in relation to market, credit/ counterparty, liquidity and operational risk. This management is strengthened with the three lines of defense model, with a cohesive and coordinated approach, in which its independence is guaranteed. Within the Corporate Governance Framework, the roles of the responsible areas in each line are defined, according to the level of responsibility in Grupo Bancolombia, in order to guarantee effective and efficient coordination among them for risk management (in its different stages) and internal control. First line of defense: is the owner of risks and its management, focused on self-control. Performs the commercial and operational management and the administration of controls; including the implementation of actions that ensure processes compliance for risk management. Second line of defense: supports the construction and monitoring of the controls from the first line of defense; performs a transversal management of risks, assisting the areas of Grupo Bancolombia in the definition of mitigation actions and in the monitoring of the exposure; In addition, it is responsible for consolidating the risk information in order to perform the accountability to the governance structures and senior management as appropriate. Specifically, the Board of Directors reviews and approves the resources, structure and processes of the Bank associated with risk management; in addition, it evaluates, through periodic reports from the administration, the levels of exposure to the different risks, their impact and the mitigation strategies, in accordance with the functions established in the current regulation and the Corporate Governance Code regarding the risk management. For the development of its supervisory functions has the support of the Risk Committee in charge of the approval, monitoring and control of policies, methodologies, tools, guidelines and strategies for the identification, measurement, control and mitigation of risks. According to the corporate guidelines, the Risk Committee has the participation of members from the Board of Directors. The main function of the Corporate Risk Vicepresidency is to design and propose risk management strategies to the Board of Directors and Senior Management, lead its execution and define the risk appetite, in such a way as to ensure alignment with the corporate strategy of the Group. In addition, it defines the risk guidelines in policies, methodologies and tools for the Group. The Risk Corporate Vicepresidency professionals manage the different risks inherent to the activities undertaken in the fulfillment of their responsibilities. Third line of defense: Review the first two lines of defense, through a risk-based approach, guaranteeing governance effectiveness, risk management and internal control. It provides the Governance structures and senior management with an adequate, independent and objective assurance of compliance within the organization. Specifically, the Internal Audit periodically evaluates the execution of the processes and the application of the methodologies for measurement and control of risks that support the operations carried out by the entity, in accordance with current regulations and internal regulations defined by the Board of Directors and Senior Management. 31.1 Credit risk Credit risk is the risk of an economic loss to the Bank due to a non-fulfillment of financial obligations by a customer or counterparty and arises principally from the decline on borrower´s creditworthiness or changes in the business climate. Credit risk is the single largest risk for the Bank’s business; the Bank manages its exposure to credit risk. The information below contains the maximum exposure to credit risk: December 31, 2019 Maximum exposure to credit risk - Financial instruments subject to impairment In millions of COP Stage 1 Stage 2 Stage 3 Total Loans and Advances 159,769,601 10,000,338 12,512,804 182,282,743 Commercial 80,068,756 4,763,023 7,936,774 92,768,553 Consumer 35,957,631 1,969,289 1,773,750 39,700,670 Mortgage 21,584,674 1,340,380 1,058,229 23,983,283 Small Business Loans 1,088,656 70,219 120,533 1,279,408 Financial Leases 21,069,884 1,857,427 1,623,518 24,550,829 Off-Balance Sheet Exposures 41,082,637 323,225 311,633 41,717,495 Financial Guarantees 5,176,418 13,603 516 5,190,537 Loan Commitments 35,906,219 309,622 311,117 36,526,958 Loss Allowance (2,130,787) (1,552,470) (7,394,468) (11,077,725) Total 198,721,451 8,771,093 5,429,969 212,922,513 December 31, 2018 Maximum exposure to credit risk - Financial instruments subject to impairment In millions of COP Stage 1 Stage 2 Stage 3 Total Loans and Advances 153,894,099 7,712,055 12,212,962 173,819,116 Commercial 83,632,770 3,214,860 7,753,018 94,600,648 Consumer 28,666,461 1,758,162 1,568,758 31,993,381 Mortgage 20,280,416 1,513,063 1,077,206 22,870,685 Small Business Loans 958,491 80,805 116,902 1,156,198 Financial Leases 20,355,961 1,145,165 1,697,078 23,198,204 Off-Balance Sheet Exposures 38,831,993 349,228 354,525 39,535,746 Financial Guarantees 5,641,482 18,340 1,839 5,661,661 Loan Commitments 33,190,511 330,888 352,686 33,874,085 Loss Allowance (1,872,529) (1,246,444) (7,244,517) (10,363,490) Total 190,853,563 6,814,839 5,322,970 202,991,372 Maximum Exposure to Credit Risk - Other Financial Instruments Maximum Exposure Collateral * Net Exposure 2019 2018 2019 2018 2019 2018 Maximum Exposure to Credit Risk Debt instruments 15,614,134 15,745,530 (974,436) (2,352,276) 14,639,698 13,393,254 Derivatives ** 549,836 894,001 (63) (97) 549,773 893,905 Equity 1,228,423 1,639,949 - - 1,228,423 1,639,949 Total 17,392,393 18,279,480 (974,499) (2,352,373) 16,417,894 15,927,108 See Notes on this table: * Collateral Held (-) and Collateral Pledged (+) ** Exposure in Derivatives with base in MTM (only positive values), netting by counterparty is applied * Debt instruments Book value 100% * Equity Instruments: - Shares:100% - Investment funds: Book value 100% Maximum exposure to credit risk of the loans and advances refers to the carrying amount at the end of the period. It does not take into account any collateral received or any other credit risk mitigates. Maximum exposure to credit risk of financial guarantees corresponds to the total amount guaranteed at the end of the period. It does not take into account any collateral received or any other credit risk mitigates. Maximum exposure to derivatives refers to the fair value at the end of the period, without considering any guarantee received or any other credit risk mitigates. Maximum exposure to credit risk of debt instruments and equity securities refers to the carrying amount at the end of the period without considering any guarantee received. a. Credit Risk Management - Loans and Advances Risk management during the credit life cycle is developed through the fulfillment of the policies, procedures and methodologies stipulated in the Credit Risk Administration System, in accordance with the strategy approved by the Board of Directors for monitoring and controlling credit risk. The Credit Risk Administration System also contains the general criteria to evaluate, classify, measure and mitigate credit risk. In addition, the credit risk department has developed methodologies and manuals that specify the policies and procedures for different products and segments managed by the Bank. To maintain credit quality and manage the risk arising from its lending activities, the Bank has established general loan policies, including the following: · Credit exposure limits: It contains guidelines with regards to the establishment of credit exposure limits. It is set in fulfillment of legal requirements and according to the Bank’s internal guidelines. · Origination policies: These policies aim to acquire ample and sufficient knowledge of the characteristics of potential borrowers and to select them properly. The riskiness of the borrowers is determined using credit rating models. These models use information such as the credit history of the borrower, the type of business the borrower engages in, the borrower’s ability to repay the loan, and information received from the credit risk bureaus. Loan applications, depending on their amount and risk level, are presented for approval at the level of management authority required. · Collaterals policies : For the purpose of mitigating risk associated with non-fulfillment of obligations agreed upon by the borrower, the Bank has established policies for the valuation of collateral received as well as for the determination of the maximum loan amount that can be granted against the value of the collateral. · Allowance policies: the objective of this policy is to fulfil legal requirements and the Bank’s business policies. In addition, this policy is meant to provide the guidelines to perform client’s status analysis and take the necessary actions in order to mitigate credit risk the Bank is exposed to. For further information please see Note 2. · Monitoring policies: Contains various monitoring procedures, portfolio reports and policies for the purpose of overseeing, in an adequate and timely manner, the evolution of credit risk. These procedures include a continuous process of classification and reassessment of credit operations and they maintain consistency with the policies implemented for granting loans. · Portfolio recovery policies: Through the definition of these policies, the Bank aims to establish those mechanisms that allow it to anticipate the action to be taken in the event of possible delays and minimize the impact resulting from non-fulfillment of payment or delays by the borrower. Additionally, the aspects established in this policy delimit what the Bank has defined as collection management and that make it possible to obtain information to improve the origination policies and the allowances for loans and advances and lease losses models. Management of credit risk is carried out in all of the credit life cycle. These processes are defined in the following way: · Origination: Knowing the borrower, payment capacity analysis, payment behavior and credit approval and structure. · Monitoring: Knowing the borrower’s situation during the life of the credit. · Recovery: Collection management during the different stages of the same credit. In order to support the credit origination processes, the Bank develops scoring and rating models based on statistical information or criteria from experts, which differentiate the risk levels of potential borrowers in order to support the decision-making process. The Risk Corporate Vice Presidency is in charge of defining and documenting the specific characteristics of the models being utilized, as well as the parameters, variables to use in each case and the cut-off points that are applied per situation in the process of issuing credit. On an annual basis at the minimum, the Risk Corporate Vice Presidency must perform backtesting 2 of the scoring and rating models used in the granting process in order to evaluate their effectiveness. Additionally, on a periodically basis, the entire credit portfolio will be rated taking into account the established internal models for the purpose of evaluating the credit risk of each borrower and constitute the required allowance for loans and advances and lease losses. In addition to the evaluation and qualification of the portfolio, the monthly allowance for loans and advances and lease losses serves to measure the present condition of the portfolio and the methodologies used for its calculation serve as a tool to evaluate risk, be it in a collective or individual manner. Collective evaluation of the portfolio applies the following parameters for measuring risk: probability of default (PD), loss given default (LGD) and exposure at default (EAD). For further details please see Note 2 Significant Accounting Policies, section 7.4.5 Impairment of financial assets at amortized cost. For the evaluation of individual risk, parameters such as recovery rates estimated by score sheets that include financial, behavioral information, collaterals and qualitative variables, serve as elements for measuring risk and defining an allowance for loans and advances and lease losses for that borrower. Annual backtesting must be performed on the allowances for loans and advances and lease losses models for the purpose of maintaining suitable hedge levels in accordance with the Bank’s risk appetite. The Bank is continuously monitoring the concentration of the risk groups, as well as carrying out a daily control of the exposure to different economic groups, evaluating the legal limits of indebtedness in order to fulfill the norms established about the concentration limits. The Bank performs international references determined by the rankings of external risks that allow the analysis of concentration levels in different geographic areas. On the other hand, at the legal level, the Bank is governed by the concepts and methodologies established by the external norms regarding the construction, administration and control of the concentration of economic groups. The following classifications are established for the analysis of concentration: · By country : based on the country that the loans were originated. · By sector: according to the sectorial sub-segmentation defined by the Bank based mainly on the code CIIU 1 . · By categories: according to the portfolio category of each agreement (commercial, financial leases, consumer loans, small business loans and mortgages). · By economic group: according to the characteristics of economic groups as established by regulations. · By maturity: according with the remaining term to loan maturity. · By past due days: this concentration evaluates loans that are more than one month overdue. 2 CIIU: International Standard Industrial Classification of All Economic Activities. b. Credit Quality Analysis - Loans and Financial Leases Rating System for Credit Risk Management Its principal aim is to determine the risk profile of the borrower, which is obtained through a rating. The rating for corporate loans is assigned principally based on the analysis of the interrelation of both qualitative and quantitative elements that can affect the fulfillment of the financial commitments acquired by a borrower. They take information on the financial statements, profit and loss statement, historical payment behavior both with the Bank and with other entities, and qualitative information on variables that are not explicit in the financial statements. The rating model is applied at the origination of the loan and is updated by a central qualification office to undertake a periodical evaluation of the loan portfolio, during the months of May and November each year. In 2019, a new rating model for SME portfolio in Colombia was implemented, using a random forest methodology, these are mathematical models which allows to use a greater number of variables related to the client, and have more precise rating consistent with the level of risk. These methodologies have a fundamental role in the evaluation and monitoring of credit risk. In the case of a retail customer, granting and behavior scoring models are used in order to identify the level of risk associated with the borrower. These models include information such as personal details, financial information, historical behavior, the total number of credit products and external information from credit bureaus. In 2019, a new rating system for the consumer portfolio in Colombia and Panama was implemented, using Random Forest methodology, these are mathematical models which allows to use a greater number of variables related to the client, and have more precise rating consistent with the level of risk. These methodologies have a fundamental role in the evaluation and monitoring of credit risk. Description of Loans and Financial Leases In order to evaluate and manage credit risk, the credits and financial leasing operations have been classified as:  Commercial and Financial Leases: Loans granted to individuals or companies in order to carry out organized economic activities and are not classified as small business loans. The borrowers in this portfolio are mainly made up of companies, segmented in homogenous groups that are constituted according to size, annual sales or main activity. The following variables are part of this classification: Segment Incomes/Sales Corporate Companies with annual sales >= COP 100,000 M. Banistmo places borrowers with annual sales >= USD 10 M. Banco Agrícola and BAM place borrowers with annual sales >= USD 25 M. Business Companies with annual sales > = COP 13,000 M and < COP 100,000 M except for Banco Agrícola and BAM, which place borrowers with annual sales >= USD 5 M and < USD 25 M. Business Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity, with annual sales >= COP 20,000 M and <= COP 45,000 M. They must have more than 3 projects executed as previous experience. Corporate Construction Constructors who dedicate themselves to the construction of buildings to be sold or rented as their main activity, with annual sales > COP 45,000 M. They must have more than 3 projects executed as previous experience. SME Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity with annual sales >= COP 380 M and <= COP 20,000 M. They must have more than 3 projects executed as previous experience. Institutional Financing Financial sector institutions. Government Municipalities, districts, departments with their respective decentralized organizations and entities at the national level with incomes >= COP 20,000 M. SME Annual sales < COP 13,000 M, with a classification between small, medium, large and plus except for Banistmo which places borrowers < USD 10 M in annual sales. For Banco Agrícola and BAM < USD 5 M.  Consumer: Loans and advances, regardless of amount, granted to individuals for the purchase of consumer goods or to pay for non-commercial or business services. These loans are classified as follows: Classification Vehicles Credits granted for the acquisition of vehicles. The vehicle financed is used as collateral for the loan. Credit cards Revolving credit limits for the acquisition of consumer goods, utilized by means of a plastic card. Payroll loans It is a credit line attached to an authorized individual payroll amount. Other loans Loans granted for the acquisition of consumer goods other than vehicles and Payroll loans Credit cards are not included in this segment. The counterparties in this portfolio are mainly individuals, segmented in homogenous groups, which are formed according to their size, which is calculated by their monthly income.  Mortgage: These are loans, regardless of amount, granted to individuals for the purchase of a new or used house, commercial real estate or to build a home. These loans include loans denominated in local units or local currency that are guaranteed by a senior mortgage on the property and that are financed with a total repayment term of 5 to 30 years. The counterparties in the mortgage portfolio are mainly made up of individuals segmented in homogenous groups, which are formed according to their size, which is calculated by their monthly income.  Small Business Loans: These are issued for the purpose of encouraging the activities of small business and are subject to the following requirements: their indebtedness with all entities cannot exceed 120 minimum wages (excluding mortgage obligations for housing financing); (ii) the staff must not exceed 10 employees; (iii) the client’s total assets, excluding mortgage assets, are less than 500 minimum wages. For the classification of those small business that present combinations of number of employees parameters and total assets different from those indicated, the determining factor will be that of total assets. The borrowers in this portfolio are mainly individuals, segmented in homogenous groups, which are formed according to their commercial size, which is calculated by their monthly income. Analysis of the behavior and impairment of the loan portfolio and financial lease operations As of December 31, 2019, Bank’s total loan portfolio valued in Colombian pesos registered an increase of 4.87% compared to December 2018, driven by a growth mainly in Colombia, Guatemala and El Salvador (The last ones influenced by the devaluation of the Colombian peso against the U.S. dollar). The 30-day past due loan ratio (consolidated) stood at 4.63% in december 2019 compared to 4.68% in December 2018, driven by a decrease in the past-due portfolio of Personal and SME Banking consequently to the improvement in the strategies of origination and recovery, while the Corporate Banking was attributed to strategies for continuous monitoring and restructuring in clients of certain segments. · Commercial loans and finance lease amounted to COP 117,319 billion, which represented a decrease of 0.41% with respect to 2018. Its 30‑day past due loan ratio was 3.81%. · Consumer loans stood at COP 39,700 billion, which represented an increase of 24.09% with respect to 2018. Its 30‑day past due loan ratio was 5.14%. · Mortgage loans came to COP 23,983 billion, which represented an increase of 4.86 with respect to 2018. Its 30‑day past due loan ratio was 7.41%. · Small Business loans ended at COP 1,279 billion, which represented an increase of 10.66% with respect to 2018. Its 30‑day past due loan ratio was 12.25%. In order to monitor credit risk associated with clients, the Bank has established regular meetings conducted by a committee to identify events that can lead to a reduction in borrowers’ ability to pay. Generally, clients with good credit behavior could be included in the watch list in case of detecting any event that can lead to future financial difficulties to repay their loans; for instance, internal factors such as the economic activity, financial weakness, impacts of macroeconomic conditions, changes in corporate governance and other situations that could affect clients’ business. The amount and allowance of clients included in the described watch list, as of December 31, 2018 and December 2019 is shown below. December 2019: Watch List december 31, 2019 Million COP Risk Level Amount % Allowance Level 1 – Low Risk 8,781,473 1.38 % 120,933 Level 2 – Medium Risk 3,908,092 5.78 % 225,881 Level 3 and 4 – High Risk 7,506,932 51.33 % 3,853,653 Total 20,196,497 20.80 % 4,200,467 December 2018: Watch List december 31, 2018 Million COP Risk Level Amount % Allowance Level 1 – Low Risk 9,179,165 1.04 % 95,896 Level 2 – Medium Risk 2,549,977 8.96 % 228,461 Level 3 and 4 – High Risk 5,723,041 57.36 % 3,282,938 Total 17,452,183 20.67 % 3,607,295 Loans and Financial Leases Collateral The Bank obtains collateral for loans and leases in order to mitigate credit risk by foreclosing the collateral when the borrower cannot fully repaid the loan or lease. Collateral is considered in the determination of the allowance for loans and advances and lease losses when it complies with the following conditions: · Its fair value was established according to technical and objective criteria. · The Bank is granted a preference or an improved right to obtain the payment of the obligation, becoming an effective collateral. · Its performance is reasonably possible. · It is a payment source that sufficiently attends to the credit as per the requirement of the Bank. · When the borrower is a government entity, the collateral has a pledge certificate issued by the appropriate authority. The Bank has defined the criteria for the collateral enforceability, which are established according to the classification of loan portfolio. In addition, the Bank has set guidelines to value collaterals and the frequency of such valuations, as well as those guidelines related to the legalization, registry and maintenance of the collateral. Likewise, the Bank has defined the criteria for insurability, custody and the necessary procedures for their cancellation. The update of the fair value of mortgages and vehicles collaterals for the loan portfolio is made between one and three years of agreement with the policy. The methodology used to estimate the fair value of the properties is applied by external and independent entities. Updating the fair value of the vehicles is done through guides and valid values commonly used as reference to set the value of a vehicle. The fair value of real state and vehicles are classified in levels 2 and 3 depending on the observability and significance of the inputs used in the valuation techniques according to the hierarchy established by IFRS 13. During the reporting period, the Group’s collateral policies have not changed significantly in relation to the way collateral is held and its overall quality. The following table shows loans and financial leases, classified in commercial, consumer, mortgage, financial leases and small business loans, and disaggregated by type of collateral: December 31, 2019 Amount Covered by Collateral In Millions of COP Financial Small Nature of the Collateral Commercial Consumer Mortgage Leasing Business Total Real Estate and Residential 19,830,740 1,699,574 22,327,716 41 249,413 44,107,484 Goods Given in Real Estate Leasing - - 227 13,711,181 - 13,711,408 Goods Given in Leasing Other Than Real Estate - - - 6,155,570 - 6,155,570 Stand by Letters of Credit 756,421 151 - - - 756,572 Security Deposits 541,530 321,814 - 7,794 54,294 925,432 Guarantee Fund 2,838,386 155 - 107,149 339,660 3,285,350 Sovereign of the Nation - - - - - - Collection Rights 4,430,882 43,380 - - 990 4,475,252 Other Collateral (Pledges) 3,881,957 4,879,795 54,848 33 8,204 8,824,837 Without Guarantee (Uncovered Balance) 60,488,637 32,755,801 1,600,492 4,569,061 626,847 100,040,838 Total loans and financial leases 92,768,553 39,700,670 23,983,283 24,550,829 1,279,408 182,282,743 December 31, 2018 Amount Covered by Collateral In Millions of COP Financial Small Nature of the Collateral Commercial Consumer Mortgage Leasing Business Total Real Estate and Residential 21,209,517 1,744,581 20,720,459 84 282,822 43,957,463 Goods Given in Real Estate Leasing - - 243 12,752,932 - 12,753,175 Goods Given in Leasing Other Than Real Estate - - - 5,900,913 - 5,900,913 Stand by Letters of Credit 667,976 229 - - - 668,205 Security Deposits 470,400 369,689 - - 76,136 916,225 Guarantee Fund 2,595,913 138 - 118,747 288,890 3,003,688 Sovereign of the Nation - - - - - - Collection Rights 3,992,592 49,910 - - 1,452 4,043,954 Other Collateral (Pledges) 4,118,947 4,713,359 48,098 20 14,158 8,894,582 Without Guarantee (Uncovered Balance) 61,545,303 25,115,475 2,101,885 4,425,508 492,740 93,680,911 Total loans and financial leases 94,600,648 31,993,381 22,870,685 23,198,204 1,156,198 173,819,116 The Bank closely monitors collateral held for financial assets that are considered in Stage 3, as it becomes more likely that the Bank will take possession of collateral to mitigate potential credit losses. Financial assets that are considered Stage 3 and related collateral held in order to mitigate potential losses are shown below: December 31, 2019 In Millions of COP Classification Amount Allowance Total Fair Value of Collateral Commercial 747,929 235,892 512,037 1,914,276 Consumer Mortgage 161,605 18,269 143,336 203,229 Small Business Loans Financial Leases 616,675 217,808 398,867 889,551 Total credit assets 1,526,209 471,969 1,054,240 3,007,056 December 31, 2018 In Millions of COP Classification Amount Allowance Total Fair Value of Collateral Commercial 775,689 239,720 535,969 2,528,495 Consumer Mortgage 139,084 21,883 117,201 173,482 Small Business Loans Financial Leases 666,495 201,981 464,514 974,274 Total credit assets 1,581,268 463,584 1,117,684 3,676,251 A portion of the Bank’s financial assets originated by the mortgage and commercial business has sufficiently low ‘loan to value’ (LTV) ratios, which results in no loss allowance being recognized in accordance with The Bank’s expected credit loss model. The carrying amount of such financial assets is COP 285,903 as at 31 December 2019 and COP 281,722 as at 31 December 2018. Foreclosed assets and other credit mitigants Assets received in lieu of payment (foreclosed assets) are recognized on the statement of financial position when current possession of the asset takes place. Foreclosed assets represented by immovable or movable property are received based on a commercial valuation. Foreclosed assets such as equity securities and other financial assets, are received based on market value. During 2019 and 2018, foreclosed assets received amounted to COP 508,441 and COP 521,718, respectively. The Bank classifies foreclosed assets after acknowledgment of the exchange operation according to the intention of use, as follows: · Non-current assets held for sale. · Other marketable assets. · Other non-marketable assets. · Financial instruments (investments). · Inventories. · Premises and equipment. Collaterals classified as non-current assets held for sale are those expected to be sold in the following 12 months. When there are market restrictions that do not allow their realization in less than 12 months and this period is extended, retroactive depreciation must be charged to results and the asset value will be reduced by the depreciation value. c. Risk Concentration – Loans and Advances The analysis of credit risk concentration is done by monitoring the portfolio by groups such as: loan categories, maturity, past due days, economic sector, country and economic group, as shown here:  Loans concentration by category The composition of the credit portfolio in commercial, consumer, mortgage, financial leases and small business loans categories are as follows: Composition December 31 2019 December 31, 2018 In millions of COP Commercial 92,768,553 94,600,648 Corporate 50,108,427 55,562,618 SME 12,209,759 16,524,571 Others 30,450,367 22,513,459 Consumer 39,700,670 31,993,381 Credit card 8,079,354 7,026,689 Vehicle 3,597,969 3,253,060 Payroll loans 7,896,376 7,451,381 Others 20,126,971 14,262,251 Mortgage 23,983,283 22,870,685 VIS 3 6,211,385 5,778,067 Non- VIS 17,771,898 17,092,618 Financial Leases 24,550,829 23,198,204 Small Business Loan 1,279,408 1,156,198 Loans and advances to customers and financial institutions 182,282,743 173,819,116 Allowance for loans and advances and lease losses (10,929,395) (10,235,831) Total net loan and financial leases 171,353,348 163,583,285  Concentration of loan by maturity The following table shows the ranges of maturity for the credit loans and financial leases, according for the remaining term for the completion of the contract of loans and financial leases: December 31, 2019 Between 1 and 3 Between 3 and 5 Greater Than 5 Maturity Less Than 1 Year Years Years Years Total In millions of COP Commercial 27,697,217 21,352,300 17,894,373 25,824,663 92,768,553 Corporate 12,377,872 9,593,705 11,229,624 16,907,226 50,108,427 SME 3,700,971 4,384,119 2,440,766 1,683,903 12,209,759 Others 11,618,374 7,374,476 4,223,983 7,233,534 30,450,367 Consumer 897,630 5,275,564 22,018,610 11,508,866 39,700,670 Credit card 160,807 334,486 7,358,630 225,431 8,079,354 Vehicle 66,581 573,874 1,439,037 1,518,477 3,597,969 Order of payment 55,448 530,242 1,279,371 6,031,315 7,896,376 Others 614,794 3,836,962 11,941,572 3,733,643 20,126,971 Mortgage 48,937 197,468 512,509 23,224,369 23,983,283 VIS 9,672 55,493 134,784 6,011,436 6,211,385 Non-VIS 39,265 141,975 377,725 17,212,933 17,771,898 Financial Leases 3,052,472 2,993,125 4,206,767 14,298,465 24,550,829 Small business loans 248,210 586,448 251,530 193,220 1,279,408 Total gross loans and financial leases 31,944,466 30,404,905 44,883,789 75,049,583 182,282,743 3 VIS: Social Interest Homes, corresponds to mortgage loans granted by the financial institutions of amounts less than 135 minimum wages. December 31, 2018 Between 1 and 3 Between 3 and 5 Greater Than 5 Maturity Less Than 1 Year Years Years Years Total In millions of COP Commercial 31,052,548 18,846,830 16,216,100 28,485,170 94,600,648 Corporate 16,569,691 8,491,758 11,335,723 19,165,446 55,562,618 SME 5,253,678 5,482,139 2,774,471 3,014,283 16,524,571 Others 9,229,179 4,872,933 2,105,906 6,305,441 22,513,459 Consumer 749,322 4,562,956 12,069,707 14,611,396 31,993,381 Credit card 100,367 244,218 1,0

IMPACTS ON APPLICATION OF NEW S

IMPACTS ON APPLICATION OF NEW STANDARDS	12 Months Ended
	Dec. 31, 2019
IMPACTS ON APPLICATION OF NEW STANDARDS
IMPACTS ON APPLICATION OF NEW STANDARDS	NOTE 32. IMPACTS ON APPLICATION OF NEW STANDARDS a) Recently Issued Accounting Pronouncements Applicable in 2019 IFRS 16 Leases: On January 13, 2016, the IASB issued IFRS 16 Leases replacing IAS 17 leases, IFRIC 4 Determination of whether a contract contains a lease, SIC 15 Incentives in lease agreements and SIC 27 Evaluation of the substance of the transaction. This standard establishes the principles of recognition, measurement, presentation and disclosure of leases and requires lessees to account for all their leases under the same balance sheet model similar to the accounting under IAS 17 of the Finance leases. The standard includes two recognition exemptions for lessees: leasing of low-value assets (for example, personal computers) and short-term leases (that is, leases with a term of less than 12 months). At the beginning of the lease, the lessee recognizes a liability for lease payments (liability for lease) and an asset that represent the right to use the underlying asset during the term of the lease (right to use the asset). Lessees must separately recognize the interest expense of the lease liability and the depreciation expense of the right to use. Lessees must also remeasure the lease liability upon the occurrence of certain events (for example, a change in the term of the lease, a change in future lease payments as a result of a change in the rate or rate used to determine such lease payments). The lessee generally recognizes the amount of the remeasurement of the lease liability as an adjustment in the right of use asset. The accounting of the lessor under IFRS 16 does not have substantial modifications with respect to the requirements of IAS 17. The lessors continue to classify all their leases using the same classification principles of IAS 17, between financial and operating leases. For leases previously classified as finance leases the entity recognized the carrying amount of the lease asset and lease liability immediately before transition as the carrying amount of the right of use asset and the lease liability at the date of initial application. The measurement principles of IFRS 16 are only applied after that date. The Bank chose to use the following practical expedients when adopting IFRS 16 using the modified adoption method for leases previously classified as operating leases using IAS 17: a) Do not carry out an assessment of the impairment of the value of the assets for the right-to-use lease contracts, because prior to the transition to IFRS 16, said contracts were evaluated and none was determined to be onerous; b) For contracts whose maturity is within 12 months and do not contain a purchase option following the date of initial application, they will be recognized as short-term leases. c) The initial direct costs of measuring the asset by right to use were excluded on the date of initial application; and d) Used hindsight to determine the lease term. The interest rate implicit in the lease could not be readily determined, that is why The Bank performed an analysis taking in count the currency, lease term, economic environment and class of underlying assets to determinate the weighted average lessee’s incremental borrowing rate. The weighted average lessee’s incremental borrowing effective rate applied to the lease liabilities on January 01, 2019 was 7.19%. The Bank adopted as of January 01, 2019 the IFRS 16 using the modified retrospective adoption method, where the right-of-use assets are measured as if IFRS 16 had always been applied, using the lessee’s incremental borrowing rate known at the date of transition. Its effects are the following: The following table sets the lease liability recognized at January 01, 2019: January 01, 2019 Operating lease commitments disclosed as of December 31, 2018 (1) 3,993,490 Lease liability recognized as of January 01, 2019 1,848,833 Of which are: Current lease liabilities 7,356 Non-current lease liabilities 1,841,477 (1) This line does not include short-term leases and low-value leases for value of COP 3,633 and COP 5,040, respectively. The recognized right-of-use assets relate to the following types of assets: Types of Assets January 01, 2019 Buildings 1,487,175 Vehicles 34,956 Technological equipment 49,736 Furniture and fixtures 579 Total right of use assets 1,572,446 The net impact on retained earnings (decrease) as of January 01, 2019 corresponds to COP 184,248. The change in accounting policy affected the following items in the consolidate statement of financial position as of January 01, 2019: Concepts January 01, 2019 Increase in Right of use assets (1) 1,543,427 Net of Deferred tax (119,173) Increase in Lease liabilities 1,848,833 Net of Effect of changes in foreign exchange rate (9,560) Decrease in Retained earnings 184,248 (2) The increase in right of use assets for COP 1,543,427 differs from the COP 1,572,446 presented in the right of use assets at January 01, 2019, in the amount of COP 29,019 due the financial leases recognized by Transportempo S.A.S. under IAS 17 at December 31, 2018. IFRS 9, Financial Instruments: The Bank adopted IFRS 9 as issued in July 2014 regarding to hedge accounting from and as of from January 1, 2019. As permitted by the transitional provisions of IFRS 9.7.2, the Bank elected not to restate comparative figures. No adjustments to the carrying amounts of financial assets and liabilities at the date of transition arise. All hedge relationships designated under IAS 39 as of December 31, 2018, qualified for hedge accounting considering specified qualifying criteria under requirements provided by IFRS 9 on January 1, 2019. In the process of adopting IFRS 9, Banistmo has not identified impacts on the transition from IAS 39 to IFRS 9 on the hedging relationships currently maintained.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2019
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 33. SUBSEQUENT EVENTS Approval of Consolidated Financial Statements The consolidated financial statements were approved by the Board of Director on April 21, 2020. Tender Offer to purchase Bancolombia S.A. senior notes due 2021 On January 8, 2020 the Bank announced that Citigroup Global Markets Inc. commenced an offer to purchase (the “Offer”) for cash any and all of the Issuer’s outstanding 5.950% Senior Notes due 2021 (the “Notes”) upon the terms and subject to the conditions set forth in an Offer to Purchase. The Bank intended to redeem all or a portion of the Notes that remain outstanding following the completion of the Offer. On January 23, 2020 the Bank priced the public offering of USD 950,000 in aggregate principal amount of its Senior Notes due January 29, 2025 (the “Notes Offering”). The notes have a 5 year maturity and a coupon of 3%, payable semi-annually on January 29 and July 29 of each year, commencing on July 29, 2020. Bancolombia will use the proceeds of the Notes Offering to complete the liability management transaction announced to the market on January 8, 2020 for its 5.950% Senior Notes due 2021 and to redeem all or a portion of those Senior Notes that remain outstanding following completion of that transaction. The Notes Offering were settled on January 29, 2020. Acquisition of 40% of the common stock of Grupo Agromercantil Holding On February 28 2020, Bancolombia S.A announced that it received a notice from BAM Financial Corporation ("BFC"), owner of 40% of the common stock of Grupo Agromercantil Holding (GAH), in which BFC notified its decision to exercise a contractual put option for the sale of the GAH common stock held by BFC to Bancolombia Panama S.A. in accordance with the preexisting agreements between BFC and Bancolombia Panama S.A. As of the date hereof, Bancolombia Panama S.A. owns 60% of the common stock of GAH. The purchase of 40% of the common stock of GAH from BFC will therefore allow Bancolombia to own 100% of the common stock of GAH. GAH owns the Conglomerado Financiero Agromercantil of Guatemala, which includes among others, Banco Agromercantil of Guatemala ("BAM"). The aggregate purchase price for the Shares is USD 289,144,606, this amount has been recorded as a financial obligation in Bancolombia's consolidated financial statements for the fiscal year 2019. Closing of the transaction will occur after the approval by regulatory authorities which is expected to happen in the third quarter of 2020. Impacts of COVID-19 Since the beginning of March 2020, the outbreak of COVID-19 has impacted the Bank’s operations, customers, suppliers and employees. This circumstance affects the Bank’s Colombian and Central American operations. It remains unclear at this time how the developments in relation to COVID-19 will evolve through 2020 and the Bank will continue to monitor the situation closely. As a response to the COVID-19 pandemic, on March 17, 2020 the Colombian government declared the social, economic and ecological emergency. Pursuant to such declaration, the government issued Decree 457 of 2020, which includes a mandatory shelter-in-place order within Colombia, as well as the suspension of international and domestic flights. Many countries, including those where the Bank operates directly or through its subsidiaries have imposed similar measures, such as mandatory shelter-in-place and the closing of borders or travel prohibitions. These restrictions may adversely affect the jurisdictions where the Bank operates and its ability to conduct businesses as usual in those jurisdictions. As a response to the effects of COVID-19, in March 2020 Bancolombia started to offer temporary relief measures to assist both personal and small business customers in Colombia during the period of disruption. These measures are supported by the Colombian central bank and Superintendencia Financiera and are being offered throughout the country by the banking sector. Some of the main reliefs are the following: - Deferral of principal and interest payments due on loans that were not impaired as of February 29, 2020 from April 01, 2020 and for up to three months, for mortgage, consumer and small business loans. Also for mortgage loans, clients have the possibility of extending the deferral for an additional three months, by a maximum of six months. The deferral is considered a loan term extension for that period. - Special interest rates for the acquisition of basic goods such as food and medication through Bancolombia’s credit cards If the COVID-19 outbreak continues to cause disruption to economic activity in Colombia and Central America through 2020, there could be potential impairments of long-lived assets, adverse impacts on the Bank’s securities portfolios at fair value and derivatives, as well as impacts on our ability to generate revenues due to lower lending and transaction volumes, and fee revenue, which may impact the Bank’s profitability and capital position. Changes in economic conditions will be monitored by the Bank as new information becomes available as to reflect in macroeconomic scenarios when assessing impairment of assets. It is expected that in the first quarter of 2020 there will be higher expected credit losses (ECL) driven by a change in the economic scenarios used to calculate ECL. The COVID-19 outbreak has led to an expected weakening of the GDP forecasts in Colombia and Central America, and the probability of a more adverse economic scenario for the short term is higher than what was expected at 31 December 2019.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES
Basis for preparation	A. Basis for preparation The consolidated financial statements of the Bank are prepared in accordance with the International Financial Reporting Standards (hereinafter, IFRS) issued by the International Accounting Standards Board (hereinafter, IASB), as well as the interpretations issued by the International Financial Reporting Interpretations Committee (hereinafter, IFRS-IC). The preparation of financial statements in conformity with IFRS requires the use of accounting estimates which, by definition, will seldom equal the actual results. Therefore, the estimates and assumptions are constantly reviewed. Any revision is recognized in the same period if it affects the reviewed period; or in the reviewed period and future periods if it affects all the current and future periods. Assets and liabilities are measured at cost or amortized cost, except for some financial assets and liabilities and investment properties that are measured at fair value. Financial assets and liabilities measured at fair value comprise those classified as assets and liabilities at fair value through profit or loss, debt instruments and equity securities measured at fair value through other comprehensive income (“OCI”) and derivative instruments. Likewise, the carrying value of assets and liabilities recognized as a fair value hedge are adjusted for changes in fair value attributable to the hedged risk. The consolidated financial statements are stated in Colombian pesos and its figures are stated in millions, except earnings per share, diluted earnings per share and the market exchange rate, which are stated in Colombian pesos, while other currencies (dollars, euro, pounds, etc.) are stated in thousands. The Parent Company’s financial statements, which have been prepared in accordance with “Normas de Contabilidad e Información Financiera” (NCIF) applicable to separate financial statements, are those that serve as the basis for the distribution of dividends and other appropriations by the stockholders. The separate financial statements are those presented by the Parent Company in which the entity elected to account for its investments in joint ventures and associates at cost, and the recognition and measurement of credit risk reserves are accounted for as required by the Superintendency of Finance of Colombia.
Presentation of financial statements	B. Presentation of financial statements The Bank presents the consolidated statement of financial position ordered by liquidity and the consolidated statement of income is prepared based on the nature of expenses. Revenues and expenses are not offset, unless such compensation is permitted or required by any accounting standard or interpretation and are described in the Bank’s policies. The statement of comprehensive income presents net income and items of other comprehensive income classified by nature and grouped into those that will not be reclassified subsequently to profit or loss and those that will be reclassified when specific conditions are met. The Bank discloses the amount of income tax relating to each item of OCI. The consolidated statement of cash flows was prepared using the indirect method, whereby net income is adjusted for the effects of transactions of a non-cash nature, changes during the period in operating assets and liabilities, and items of income or expense associated with investing or financing cash flows.
Consolidation	C. Consolidation 1. Subsidiaries The consolidated financial statements include the financial statements of Bancolombia S.A. and its subsidiaries as of December 31, 2019 and 2018. The Parent Company consolidates the financial results of the entities on which it exerts control. In accordance with IFRS 10, a subsidiary is an entity controlled by any of the entities that comprise The Bank, as long as the controlling entity has: · Power over the investee that give it the ability to direct their relevant activities that significantly affect the investee’s returns. · Exposure or rights to variable returns for its involvement with the investee. · Ability to use its power over the investee to affect the investor’s returns. The Parent Company has the following subsidiaries making up the Bank´s organizational structure, which is currently registered as a corporate group: PROPORTION OF PROPORTION OF PROPORTION OF JURISDICTION OWNERSHIP OWNERSHIP OWNERSHIP ENTITY OF BUSINESS INTEREST AND INTEREST AND INTEREST AND INCORPORATION VOTING POWER VOTING POWER VOTING POWER HELD BY THE HELD BY THE HELD BY THE BANK 2019 BANK 2018 BANK 2017 Fiduciaria Bancolombia S.A. Sociedad Fiduciaria Colombia Trust 98.81 % 98.81 % 98.81 % Banca de Inversión Bancolombia S.A. Corporación Financiera Colombia Investment banking 100.00 % 100.00 % 100.00 % Valores Bancolombia S.A. Comisionista de Bolsa Colombia Securities brokerage 100.00 % 100.00 % 100.00 % Renting Colombia S.A.S. Colombia Operating leasing 100.00 % 100.00 % 100.00 % Transportempo S.A.S. Colombia Transportation 100.00 % 100.00 % 100.00 % Valores Simesa S.A. (1) Colombia Investments 67.11 % 67.73 % 68.57 % Inversiones CFNS S.A.S. Colombia Investments 99.94 % 99.94 % 99.94 % Pasarela Colombia S.A.S (before BIBA Inmobiliaria S.A.S.) Colombia Real estate broker 100.00 % 100.00 % 100.00 % Fondo de Capital Privado Fondo Inmobiliario Colombia (2) Colombia Real estate broker 49.96 % 51.29 % 63.47 % Fideicomiso "Lote Abelardo Castro" Colombia Mercantil trust 66.77 % 67.39 % 68.23 % Fideicomiso Lote Distrito Vera B1B2 (3) Colombia Mercantil trust 66.77 % - - Fideicomiso Lote Distrito Vera B3B4 (3) Colombia Mercantil trust 66.77 % - - Bancolombia Panamá S.A. Panama Banking 100.00 % 100.00 % 100.00 % Sistemas de Inversiones y Negocios S.A. Sinesa Panama Investments 100.00 % 100.00 % 100.00 % Banagrícola S.A. Panama Investments 99.17 % 99.16 % 99.16 % Banistmo S.A. Panama Banking 100.00 % 100.00 % 100.00 % Banistmo Investment Corporation S.A. Panama Trust 100.00 % 100.00 % 100.00 % Financomer S.A. Panama Financial services 100.00 % 100.00 % 100.00 % Leasing Banistmo S.A. Panama Leasing 100.00 % 100.00 % 100.00 % Valores Banistmo S.A. Panama Purchase and sale of securities 100.00 % 100.00 % 100.00 % Banistmo Panama Fondo de Inversión S.A. (Before Suvalor Panamá Fondos de Inversión S.A.) Panama Holding 100.00 % 100.00 % 100.00 % PROPORTION OF PROPORTION OF PROPORTION OF JURISDICTION OWNERSHIP OWNERSHIP OWNERSHIP ENTITY OF BUSINESS INTEREST AND INTEREST AND INTEREST AND INCORPORATION VOTING POWER VOTING POWER VOTING POWER HELD BY THE HELD BY THE HELD BY THE BANK 2019 BANK 2018 BANK 2017 Fondo Renta Fija Valor, S.A. (before Suvalor Renta Fija Internacional Largo Plazo S.A.) (4) Panama Collective investment fund - 100.00 % 100.00 % Suvalor Renta Fija Internacional Corto Plazo S.A. Panama Collective investment fund 100.00 % 100.00 % 100.00 % Suvalor Renta Variable Colombia, S.A. (5) Panama Collective investment fund 100.00 % - - Banistmo Capital Markets Group Inc. (6) Panama Purchase and sale of securities 100.00 % 100.00 % 100.00 % Anavi Investment Corporation S.A. (6) Panama Real estate broker 100.00 % 100.00 % 100.00 % Desarrollo de Oriente S.A. (6) Panama Real estate broker 100.00 % 100.00 % 100.00 % Steens Enterpresies S.A. (6) Panama Portfolio holder 100.00 % 100.00 % 100.00 % Ordway Holdings S.A. (6) Panama Real estate broker 100.00 % 100.00 % 100.00 % Van Dyke Overseas Corp. (7) Panama Real estate broker - - 100.00 % Inmobiliaria Bickford S.A. (7) Panama Real estate broker - - 100.00 % Williamsburg International Corp. (7) Panama Real estate broker - - 100.00 % Grupo Agromercantil Holding S.A. Panama Holding 60.00 % 60.00 % 60.00 % Banco Agrícola S.A. El Salvador Banking 97.36 % 97.36 % 97.36 % Arrendadora Financiera S.A. Arfinsa El Salvador Leasing 97.37 % 97.37 % 97.37 % Credibac S.A. de C.V. El Salvador Credit card services 97.36 % 97.36 % 97.36 % Valores Banagrícola S.A. de C.V. El Salvador Securities brokerage 98.89 % 98.89 % 98.89 % Inversiones Financieras Banco Agrícola S.A IFBA El Salvador Investments 98.89 % 98.89 % 98.89 % Gestora de Fondos de Inversión Banagricola S.A. El Salvador Administers investment funds 98.89 % 98.89 % 98.89 % Arrendamiento Operativo CIB S.A.C. (8) Peru Operating leasing - 100.00 % 100.00 % FiduPerú S.A. Sociedad Fiduciaria (8) Peru Trust - 98.81 % 98.81 % Fondo de Inversión en Arrendamiento Operativo - Renting Perú (7) Peru Car Rental - - 100.00 % Capital Investments SAFI S.A. (7) Peru Trust - - 100.00 % Leasing Perú S.A. (7) Peru Leasing - - 100.00 % Banagrícola Guatemala S.A. (7) Guatemala Outsourcing - - 99.16 % Banco Agromercantil de Guatemala S.A. Guatemala Banking 60.00 % 60.00 % 60.00 % Seguros Agromercantil de Guatemala S.A. Guatemala Insurance company 59.17 % 59.17 % 59.17 % Financiera Agromercantil S.A. Guatemala Financial services 60.00 % 60.00 % 60.00 % Agrovalores S.A. Guatemala Securities brokerage 60.00 % 60.00 % 60.00 % Tarjeta Agromercantil S.A. (7) Guatemala Credit Card - - 60.00 % Arrendadora Agromercantil S.A. Guatemala Operating Leasing 60.00 % 60.00 % 60.00 % Agencia de Seguros y Fianzas Agromercantil S.A. Guatemala Insurance company 60.00 % 60.00 % 60.00 % Asistencia y Ajustes S.A. Guatemala Services 60.00 % 60.00 % 60.00 % Serproba S.A. Guatemala Maintenance and remodelling services 60.00 % 60.00 % 60.00 % Servicios de Formalización S.A. Guatemala Loans formalization 60.00 % 60.00 % 60.00 % PROPORTION OF PROPORTION OF PROPORTION OF JURISDICTION OWNERSHIP OWNERSHIP OWNERSHIP ENTITY OF BUSINESS INTEREST AND INTEREST AND INTEREST AND INCORPORATION VOTING POWER VOTING POWER VOTING POWER HELD BY THE HELD BY THE HELD BY THE BANK 2019 BANK 2018 BANK 2017 Conserjeria, Mantenimiento y Mensajería S.A. Guatemala Maintenance services 60.00 % 60.00 % 60.00 % Media Plus S.A. (7) Guatemala Advertising and marketing - - 60.00 % Mercom Bank Ltd. Barbados Banking 60.00 % 60.00 % 60.00 % New Alma Enterprises Ltd. Bahamas Investments 60.00 % 60.00 % 60.00 % Bancolombia Puerto Rico Internacional Inc. Puerto Rico Banking 100.00 % 100.00 % 100.00 % Bancolombia Caymán S.A. Cayman Islands Banking 100.00 % 100.00 % 100.00 % Bagrícola Costa Rica S.A. Costa Rica Outsourcing 99.17 % 99.16 % 99.16 % (1) The decrease in the shareholding is due to the repurchase outstanding stock carried out by the subsidiary during 2018 and 2019. (2) The Bank's shareholding decreased during 2018 and 2019. However, It is defined as a Subsidiary, given the significant control and influence over the PA. Management Board responsible for appointing the management staff and the employees of the PA. (3) Investments effected in 2019. (4) Investment not consolidated during 2019 because it does not meet control requirements. (5) Investment consolidated by Banistmo during 2019. (6) Investments in non-operational stage. (7) Investment liquidated during 2018. (8) Companies sold during 2019. For more information see Note 1. Reporting Entity When necessary, adjustments are made to the accounting principles in the financial statements of subsidiaries to bring their accounting policies into line with the Bank’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Bank are eliminated in full on consolidation. Non-controlling interests in controlled entities are presented in profit or loss and equity separately from the Parent Company stockholders´ equity and profit or loss. When the Bank loses control over a subsidiary, any residual interest remaining on the Bank’s balances is measured at fair value; gains or losses arising from this measurement are recognized in net income. There are restrictions on the ability of the Parent Company to obtain distributions of capital, due to the regulatory requirements of its subsidiaries in Panama. Banistmo and Bancolombia Panama have net assets before intercompany eliminations amounting to COP 9,487,725 and COP 8,186,449 as of December 31, 2019 and 2018, respectively. The loans and financial leases granted by those subsidiaries are subject to prudential regulation in Panama issued by the Panamanian Superintendency of Banks including a requirement to maintain minimum reserves as a countercyclical capital buffer. For the years ended as of December 31, 2019 and 2018, the reserves recognized amounted to COP 684,698 and COP 670,169. These requirements restrict the ability of the aforementioned subsidiaries to make remittances of dividends to Bancolombia S.A., the ultimate parent, except in the event of liquidation. 2. Transactions between entities under common control Combination of entities under common control, i.e. transactions in which all the combining entities are under the control of the Bank both before and after the combination, and that control is not transitory, are outside the scope of the IFRS 3‑ Business combinations. Currently, there is no specific guidance for these transactions under IFRS, therefore, as permitted by IAS 8, the Bank has developed an accounting policy considering the pronouncements of other standard-setting bodies. The assets and liabilities recognized as a result of transactions between entities under common control are recognized at the carrying value of the acquirer’s financial statements. The Bank presents the net assets received prospectively from the date of the transfer. 3. Investments in associates and joint ventures An associate is an entity over which the Bank has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. A joint venture is an entity that the Bank controls jointly with other participants, where the parties maintain a contractual agreement that establishes joint control over the relevant activities of the entity (which only exists when decisions about those activities require unanimous consent of the parties sharing control) and the parties have rights to the net assets of the joint arrangement. At the acquisition date, the excess of the acquisition cost of the associate or joint venture shares exceeding the Bank´s share of the net fair value of identifiable assets and liabilities of the investee is recognized as goodwill and it is included in the carrying amount of the investment and it is not amortized. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment a single asset in accordance with IAS 36 Impairment of Assets Impairment losses are recognized in net income and are calculated as the difference between the recoverable amount of the associate or joint venture, using the higher of its value in use and its fair value less costs of disposal, and its carrying value. The results and assets and liabilities of associates or joint ventures are incorporated in the consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5. When an investment in an associate or joint venture is held by, or is held indirectly through, an entity that is a venture capital organization, or a mutual fund, unit trust or similar entities, and such investment is measured at fair value through profit or loss in that entity, the Bank may elect to measure investments in those associates and joint ventures at fair value through profit or loss in the consolidated financial statements. This election is applied on an investment by investment basis. Under the equity method, the investment is initially recorded at cost and adjusted thereafter to recognize the Bank’s share of the profits or loss and other comprehensive income of the associate or join venture. When the Bank’s share of losses of an associate or joint venture exceeds the Bank’s interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Bank’s net investment in the associate or joint venture), the Bank discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Bank has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. When the equity method is applicable, adjustments are considered in order to adopt uniform accounting policies of the associate or joint venture with the Bank. The portion that corresponds to the Bank for changes in the investee´s other comprehensive income items is recognized in the consolidated statement of comprehensive income as “Unrealized gain/ (loss) on investments in associates and joint ventures using equity method” and gains or losses of the associate or joint venture are recognized in the consolidated statement of income as “Dividends received and share of profits of equity method investees”, in accordance with the Bank’s participation. Gains and losses resulting from transactions between the Bank and its associate or joint venture are recognized in the Bank´s consolidated financial statements only to the extent of the unrelated investor´s interest in the associate or joint venture. The equity method is applied from the acquisition date until the significant influence or joint control over the entity is lost. The unrealized gain or loss of an associate or joint venture is presented in the consolidated statement of comprehensive income, net of tax. Changes in the investment´s participation that arise from changes in other comprehensive income of an associate or joint venture are recognized directly in the investor’s statement of other comprehensive income. The dividends received from the associate or joint venture reduce the investment carrying value. When the significant influence on the associate or the joint venture is lost, the Bank measures and recognizes any residual investment that remained at its fair value. The difference between the associate or joint venture carrying value (taking into account the relevant items of other comprehensive income), the fair value of the retained residual investment and any proceeds from disposing of a part interest in the associate or joint venture, is recognized in the Statement of income. The currency translation adjustments recognized in equity are reclassified to net income at the moment of disposal. For further information please see Note 8 Investments in associates and joint ventures. 4. Joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The Bank recognizes and measures assets, liabilities, revenues and expenses in relation to its interest in joint operations in accordance with the applicable IFRS for the particular assets, liabilities, revenues and expenses. If the Bank acquires an interest in a joint operation in which the activity constitutes a business, as defined in IFRS 3 Business Combinations or when an existing business is contributed to the joint operation on its formation by one of the parties that participate in the joint operation, the Bank will apply all of the principles of IFRS 3 Business Combinations. In this case the Bank recognizes goodwill in the event that consideration transferred exceeds the net of the acquisition date amounts of the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at least annually. When the Bank transacts with a joint operation in which the Parent Company or its subsidiaries is a joint operator (such as a sale or contribution of assets), the Bank is considered to be conducting the transaction with the other parties to the joint operation, and gains and losses resulting from the transactions are recognized in the Bank’s consolidated financial statements only to the extent of other parties’ interests in the joint operation. When the Bank transacts with a joint operation in which the Parent Company or its subsidiaries is a joint operator (such as a purchase of assets), the Bank does not recognize its share of the gains and losses until it resells those assets to a third party. 5. Funds administration The Bank manages assets held in mutual funds and other forms of investment. Assets managed by the Bank’s subsidiaries and owned by third parties are not included in the consolidated financial statements unless control exists as structured entities. The Bank consolidates the following funds: % of ownership % of ownership % of ownership Assets managed Name Country interest held by interest held by interest held by December 31, December 31, the Bank, 2019 the Bank, 2018 the Bank, 2017 2019 2018 Fondo de Capital Privado Fondo Inmobiliario Colombia Colombia 49.96 % 51.29 % 63.47 % 3,751,981 3,205,133 Fideicomiso “Lote Abelardo Castro” Colombia 66.77 % 67.39 % 68.23 % 12,900 11,616 Fideicomiso Lote Distrito Vera B1B2 Colombia 66.77 % — — 63,010 — Fideicomiso Lote Distrito Vera B3B4 Colombia 66.77 % — — 60,684 — Banistmo Panama Fondo de Inversión S.A. (Before Suvalor Panamá Fondos de Inversión S.A.) Panamá 100.00 % 100.00 % 100.00 % 246 244 For all the aforementioned funds, the Bank has participated in the design of the structured entity, establishes operating and financial decisions of the funds and it is exposed to variable returns such as dividends or returns paid in quarterly installments. The commissions earned by the management of funds that are not consolidated are included in the statement of income as “Fees and commissions income”. 6. Non-controlling interest Non-controlling interests in the net assets of consolidated subsidiaries are presented separately within the Bank’s equity. Similarly, net income and other comprehensive income are also attributed to non-controlling interest and equity holders of the Parent Company. The amount of non-controlling interest may be initially measured either at fair value or at the non-controlling interest’s proportionate share of the acquirer’s identifiable net assets. The option for recognition is made on an investment by investment basis. Any purchase or sale of shares in subsidiaries that does not imply a loss or gain of control is directly recognized in equity. 6.1. Significant non-controlling interest FCP Fondo Inmobiliario Colombia As of December 31, 2019, and 2018, the portion of non-controlling interest in the FCP Fondo Inmobiliario Colombia was 50.04% and 48.71%, respectively, which is considered as a significant non-controlling interest for the Bank and its subsidiaries. The principal place of business of FCP Fondo Inmobiliario Colombia is Bogotá (Colombia). As of December 31, 2019, and 2018, there were no dividends declared by this subsidiary. In contrast, there were returns paid in quarterly installments due to the nature of its business, which mainly comprises long- term investment in real state which is considered a low-risk portfolio. The following table summarizes the assets, liabilities, net assets, net income and cash flows as of December 31, 2019, 2018 and 2017, related to the FCP Fondo Inmobiliario Colombia: As of December 31, 2019 As of December 31, 2018 In millions of COP Assets 3,751,981 3,205,133 Liabilities 1,254,123 963,841 Net assets 2,497,858 2,241,292 Year-Ended 2019 Year-Ended 2018 Year-Ended 2017 In millions of COP Condensed statement of income Income Valuation of investment properties 77,527 70,933 81,816 Valuation of trust rights 52,215 29,161 53,143 Rents 161,263 147,324 135,135 Profits of equity method investees 138,100 96,201 144,146 Other income 2,034 6,940 4,493 Total Income 431,139 350,559 418,733 Expenses Interest on loans (73,088) (67,593) (68,900) Trust fees (999) (554) (322) Other expenses (169,375) (121,162) (86,270) Total Expenses (243,462) (189,309) (155,492) Net Income 187,677 161,250 263,241 Condensed cash flow Net cash used in operating activities (258) (351) (394) Net cash provided by financing activities 257 334 409 Cash and cash equivalents at beginning of year 1 18 3 Cash and cash equivalents at end of year - 1 18 The information above are the amounts before inter-company eliminations. As of December 31, 2019, 2018 and 2017, the profit allocated to non-controlling interest amounted to COP 93,946, COP 78,570 and COP 96,179, respectively. As of December 31, 2019, 2018 and 2017, the accumulated non-controlling interest of the FCP Fondo Inmobiliario Colombia amounted to COP 1,250,131, COP 1,091,802 and COP 602,548, respectively. Grupo Agromercantil Holding S.A. As of December 31, 2019, the portion of ownership in Grupo Agromercantil Holding by the non-controlling interest was 40.00%, which is considered as a significant non-controlling interest for the Bank and its subsidiaries. Guatemala is the principal place of business of GAH and its subsidiaries. The following table summarizes the assets, liabilities, net assets, net income and cash flows as of December 31, 2019, 2018 and 2017 of GAH: As of December 31, 2019 As of December 31, 2018 In millions of COP Assets 14,333,631 13,556,250 Liabilities 13,093,981 12,209,984 Equity 1,239,650 1,346,266 Year-Ended 2019 Year-Ended 2018 Year-Ended 2017 In millions of COP Condensed statement of income Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off-balance sheet credit instruments 218,536 388,932 389,463 Total fees and commission, net 132,845 111,932 101,565 Other operating income 68,288 52,286 54,246 Dividends received and equity method 668 579 608 Total operating income, net 420,337 553,729 545,882 Operating expenses (478,133) (458,277) (445,038) Income tax 19,367 (15,910) (21,546) Net income (38,429) 79,542 79,298 Condensed cash flow Net cash used in operating activities (62,327) (66,235) 192,850 Net cash provided by investing activities 273,604 244,949 (1,427) Net cash (used in) financing activities (26,926) (2,983) (87,103) Cash and cash equivalents at beginning of year 1,513,295 1,324,893 1,098,861 Cash and cash equivalents at end of year 1,697,646 1,500,624 1,203,181 Other comprehensive income Investments at fair value through OCI (3,362) (6,598) 2,241 Translation adjustment 9,281 43,803 15,758 Others (8,093) (3,922) (3,042) Total other comprehensive income (2,174) 33,283 14,957 For the year 2019, 2018 and 2017, the dividends received from Grupo Agromercantil amounted to COP 31,936, COP 50,341 and COP 39,482, respectively.
Functional and presentation currency	1. Functional and presentation currency Items included in the financial statements of each of the Bank’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Colombian pesos, which is the functional currency for the Parent Company, and the presentation currency for the consolidated financial statements. All transactions and balances in other currency than pesos are considered as foreign currency.
Transactions and balances in foreign currency	2. Transactions and balances in foreign currency Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at period end exchange rates are generally recognized in net income. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Non-monetary items that are measured at cost are held at the exchange rate at the transaction date, while those which are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. When a gain or loss on a non-monetary item is recognized in Statement of other comprehensive income, any exchange component of that gain or loss is recognized in other comprehensive income. Conversely, when a gain or loss on a non-monetary item is recognized in net income, any exchange component of that gain or loss shall be recognized in net income.
Foreign subsidiaries	3. Foreign subsidiaries The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the Bank´s presentation currency is translated into the presentation currency as follows: · Assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position. · Income and expenses for each statement of income and statement of other comprehensive income are translated at average exchange rates, and · All resulting exchange differences are recognized in other comprehensive income in Translation adjustment reserve. As part of the consolidation process, exchange differences arising from debt securities in issue and the portion of other financial securities designated as hedges of foreign operations that are determined to be an effective hedge, are recognized in other comprehensive income in Translation adjustment reserve. When a foreign operation is sold or any debt securities in issue forming part of the net investment are repaid, the associated exchange differences are reclassified to net income, as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing exchange rate. The table below sets forth the exchange rate used by the Bank and its subsidiaries to convert statement of financial position accounts and transactions in U.S. dollar into Colombian pesos: December 31, 2019 December 31, 2018 December 31, 2017 Year end exchange rate 3,277.14 3,249.75 2,984.00 Average rate for the period ended at 3,282.39 2,956.55 2,951.21
Cash and cash equivalents	4. Cash and cash equivalents The Bank considers cash and cash equivalents to include cash and balances at banks and central bank, interbank assets and reverse repurchase agreements and other similar secured lending that have original maturities up to 90 days, as shown in Note 4 Cash and cash equivalents.
Security deposits.	5. Security deposits Security deposits are assets pledged as collateral that correspond to cash guarantees made by the Bank to other financial institutions. The carrying amount is increased when a margin call is issued or when it is necessary to increase the trading quota; conversely, it is decreased when the aim is to lower that quota. The security deposits are recognized as other assets in the consolidated statement of financial position at the amount paid in favor of the counterpart and these assets are not subject to interest recognition.
Business combinations and goodwill	6. Business combinations and goodwill Business combinations are those transactions where an acquirer obtains control of a business (e.g. an acquisition or merger). Business combinations are accounted for using the acquisition method as follows: a) Identifiable acquired assets, liabilities and contingent liabilities assumed in the acquisition are recognized at fair value at the date of acquisition; b) Acquisition costs are recognized in the consolidated statement of income as expenses in the periods in which the costs are incurred and the services are received; c) and goodwill is recognized as an asset in the consolidated statement of financial position or a gain from a bargain purchase. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Bank (If any). Goodwill is measured as the excess of the sum of the consideration transferred, the value of any non-controlled interest and, when applicable, the fair value of any previous equity interest in the acquired entity, over the net fair value of the acquired assets, liabilities or contingent liabilities assumed at the date of acquisition. For each business combination, at the date of acquisition, the Bank measures the non-controlling interest by the proportional share of the identifiable assets acquired, as well as liabilities and contingent liabilities assumed by the acquired company, or by their fair value. Any contingent consideration in a business combination is classified as a liability or as equity and is recognized at fair value at the date of acquisition, the liability is remeasured at subsequent reporting dates in accordance with IAS 37, Provisions, Contingent Liabilities and Contingent Assets, and the consideration classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. The goodwill acquired in a business combination is allocated, at the date of acquisition, to the Bank’s cash-generating units (or group of cash generating units) which are expected to benefit from the combination, regardless of whether other assets or liabilities of the acquiree are assigned to those units or group of units. For business combinations achieved in stages, any previous equity interest held by the Bank in the acquiree is remeasured at its fair value at the date of acquisition and any resulting gain (or loss) is reported in the consolidated statement of income or other comprehensive income, as appropriate. Amounts related to such investments previously recognized in other comprehensive income that must be recycled through net income are reclassified to the consolidated statement of income, as if such investment had been sold. When the associate had other comprehensive income, which was not reclassified to profit or loss, the amounts were reclassified within equity to retained earnings once the investment was sold. When the Bank enters into an option contract to acquire totally or partially the amount of shares in a subsidiary held by non-controlling interest, that entitles the non-controlling interest to sell its interest in the subsidiary to the Bank (put option), the Bank analyzes whether the ownership risks and rewards remain with the non-controlling interest or have been transferred to the Bank. The non-controlling interest is recognized to the extent the risks and rewards of ownership of those shares remain with them. Irrespective of whether the non-controlling interest is recognized, a financial liability is recorded for the present value of the redemption amount. Subsequent changes to the liability are recognized in net income. The Bank will reclassify the liability to equity if the put option expires unexercised.
Financial instruments	7. Financial instruments A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. 7.1. Recognition of financial assets and liabilities Financial assets and liabilities are recognized in the statement of financial position when the Bank becomes party of the contractual provisions of the instrument. This includes regular way purchases and sales, which are those purchases and sales of financial assets that require the delivery of assets within the time frame established by regulation or convention in the marketplace. The Bank uses settlement date accounting for regular way contracts when recording financial asset transactions. 7.2. Offsetting of financial instruments Financial assets and financial liabilities are reported on a net basis on the statement of financial position if and only if (i) there is currently a legally enforceable right to set off the recognized amounts and (ii) there is intention to settle on a net basis, or to realize the asset and settle the liability simultaneously. The Bank does not offset income and expenses, unless required or permitted by an IFRS. 7.3. Fair value The fair value of all financial assets and liabilities is determined at the statement of financial position date, for recognition or disclosure in the notes to the financial statements. To determine fair value, characteristics of the asset or liability are taken into account in the same way that market participants would use when pricing the asset or liability at the measurement date; the following items are taken into consideration to assess the estimates: · Based on quoted prices (unadjusted) in active markets for identical assets or liabilities to which the Bank can access at the measurement date (level 1). · Based on inputs of valuation methodologies commonly used by the market participants, these inputs are other than quoted prices that are observable for the assets or liabilities, either directly or indirectly; considering inputs as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities like interest rates and yield curves observable at commonly quoted intervals, implied volatilities and credit spreads, and market-corroborated inputs (level 2). · Based on internal valuation techniques of discounted cash flow and other valuation methodologies, where one or more inputs are unobservable and therefore estimated by the Bank for the assets or liabilities, in the absence of observable inputs (level 3). The accounting judgments used in determining fair value relate to matters such as liquidity risk, credit risk and volatility. The changes in estimates related to these factors could affect the recognized fair value of the financial instruments. In Note 30 Fair Value of assets and liabilities an analysis is provided of the fair values of financial instruments and non-financial assets and liabilities, including further details about the measurement of fair value, hierarchy levels and transfers between levels, if any.
Financial assets	7.4. Financial assets At initial recognition, the Bank measures financial assets at fair value plus, in the case of a financial asset that is not measured at fair value through profit or loss, the transaction costs directly attributable to the acquisition of the financial assets. Financial assets are then classified considering their subsequent measurement at fair value through profit or loss, fair value through OCI or amortized cost on the basis of the business model for managing the financial assets and the contractual cash flow characteristics of the instrument. In addition, for particular investments in equity instruments, in accordance with IFRS 9, the Bank made the irrevocable election to present subsequent changes in fair value in other comprehensive income. 7.4.1 Money market operations Interbank assets and interbank deposits These are funds that the Bank lends to other financial institutions or borrows from the Central Bank and other financial institutions. The transactions in an asset position with maturity of up to ninety days are classified as cash equivalents. The operations in an asset position with maturity greater than ninety days and all the operations in a liability position are measured at amortized cost and presented as “Other assets, net” or “interbank deposits”, respectively. Repurchase agreements and other similar secured transactions  Asset Position Asset position refers to transactions accounted for as collateralized lending in which the Bank purchases securities with an agreement to resell them back to the seller at a stated price plus interest at a specified date, not exceeding one year. Repos in asset position are initially recognized at the consideration paid and they are subsequently measured at amortized cost. The difference between the purchase value and resale price is recorded in net interest income and accrued over the life of the agreement using the effective interest rate method.  Liability Position Liability position refers to transactions accounted for as collateralized borrowing in which the Bank sells debt securities with an agreement to repurchase them back from the buyer at a stated price plus interest at a specified date, not exceeding one year. The securities sold under those agreements are not derecognized from the statement of financial position when the Bank substantially retains all of the risks and rewards of the securities. However, the securities are disclosed as pledged assets. The amounts received are initially recognized, at fair value, as a financial liability and subsequently measured at amortized cost. The difference between the sale value and the repurchase value is treated as interest expense and accrued over the life of the agreement by the effective interest rate method. 7.4.2 Debt and equity securities Securities at amortized cost Debt securities are classified at amortized cost only if the asset is maintained within a business model whose objective is to hold it in order to collect contractual cash flows and the contractual terms of the security give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The subsequent measurement of its interest income is recognized using the effective interest rate method. The effective interest method is a method used to calculate the amortized cost of an asset and to assign the income or cost in interest during the relevant period. The effective interest rate is the discount rate at which the present value of future estimated cash payments or those received through the expected life of the financial instrument, or, when appropriate, in a shorter time frame, are equal to the net carrying value at the beginning. To calculate the effective interest rate, the Bank estimates cash flows considering all the contractual terms of the financial instrument, including transaction costs and premiums granted minus commissions and discounts, but without considering future credit losses. Securities at fair value through profit or loss These are equity securities and debt securities that are not subsequently measured at amortized cost or at fair value through other comprehensive income. The difference between the current fair value and the immediately preceding fair value of the respective security is recorded as a higher or lower value of the asset, affecting the statement of income. Investments at fair value through other comprehensive income Investments in debt securities are classified as measured at fair value through other comprehensive income if they are maintained under a business model whose objective is achieved by both obtaining the contractual cash flows and selling the instruments and, in addition, the instruments give rise, on specific dates to cash flows that correspond only to payments of capital and interest on the principal amount outstanding. Changes in fair value of the investment are recognized in other comprehensive income, except for impairment gains or losses, interest income and foreign exchange gains or losses which are recognized in profit or loss. When the financial asset is written off, the accumulated gain or loss previously recognized in other comprehensive income is reclassified from equity to the statement of income. Interest income from these financial assets is recognized in the statement of income as ‘ Interest and valuation on financial instruments' using the effective interest rate method. 7.4.3 Equity instruments at fair value through other comprehensive income The Bank has made an irrevocable election to present in other comprehensive income, subsequent changes in fair value of some equity instruments that are not held for trading; dividends from this type of instrument are recognized in net income only when the entity’s right to receive payment of the dividend is established. 7.4.4 Loans and advances to customers and financial institutions, leases and other receivables These are financial assets that consist primarily of corporate loans, personal loans (including mainly consumer finance and overdrafts), residential mortgage loans and financial leases. The Bank established that loans, advances to customers and other receivables are held within a business model whose objective is to hold them in order to collect contractual cash flows and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. They are initially measured at fair value, plus transaction costs and origination fees that are directly attributable to the acquisition. They are subsequently measured at amortized cost using the effective interest rate method. 7.4.5 Impairment of financial assets at amortized cost or at fair value through other comprehensive income “FVOCI” 7.4.5.1 Impairment of loans Applied from January 1, 2018 onwards: At the end of each period, The Bank assesses the impairment model based on the expected loss of a financial asset or a group of them measured at amortized cost, or at fair value through other comprehensive income, where the impairment loss will be measured from “day 1” after its initial recognition. The model is structured in three phases in which the financial asset can be categorized, from its initial recognition, considering the degree of credit risk and the circumstances that have produced a significant increase in it. Stage 1 12-month expected credit losses Stage 2 Lifetime expected credit losses Stage 3 Lifetime expected credit losses The expected loss is based on estimates of losses based on reasonable information about past events, present conditions and forecasts about future economic conditions. The Bank determined that the measurement of impairment of the loan portfolio and financial leasing operations can be made through a collective or individual assessment in accordance with the amount of and characteristics of the loan. Collective models include parameters of probability of default at 12 months, probability of default throughout the lifetime of the obligation, loss resulting at default, and exposure at default with the inclusion of the prospective criterion. The individual analysis methodology is applied to significant exposures and includes the evaluation of weighted loss scenarios, taking into account the macroeconomic expectations and the particular conditions of each debtor for the future generation of the cash flow. Significant Increase in Risk To establish whether an asset presents a significant increase in risk since the initial recognition, the Bank performs an evaluation of quantitative and qualitative factors and reviews for each portfolio the rebuttable presumption of more than 30 days of default. The way in which the Bank determines whether the credit risk of financial instruments has increased significantly since the initial recognition is as follows: Quantitative Lifetime PD assessment: the Bank has defined that the most suitable quantitative way to establish the significant increase in credit risk is by comparing the residual lifetime PD at the initial recognition and the current lifetime PD. In order to measure this difference, two thresholds are defined: § Absolute Threshold: is the absolute difference between the value of the residual lifetime PD at the initial recognition and the current lifetime PD. This threshold determines the value from which a positive absolute variation identifies an increase in the risk of the instrument. § Relative Threshold: it is a percentage variation between the value of the residual lifetime PD at the initial recognition and the current lifetime PD. This threshold determines the value from which a positive percentage variation identifies an increase in the risk of the instrument. In case the comparison of PDs produces the surpassing of one threshold but not of the other, it is not considered that there is a significant increase in the risk for the instrument. If the instrument does not exceed the threshold, other qualitative criteria are evaluated, which can identify a significant increase credit risk even when the obligation is very close to expiration, this criteria are the following: Qualitative Criteria § The assets restructured by risk, where clients experience financial difficulties are classified in Stage 2 and provisioned by lifetime expected credit loss until the instrument is canceled, or cured, or it is transferred to Stage 3 because it fullfills the definition of default. The following table shows the cure period for each portfolio and country for the assets restructured by risk: Country Portfolio Months Colombia SME Commercial 36 Corporate Mortgage 34 Consumer 22 Panamá Consumer 19 Mortgage 14 El Salvador Commercial 18 Consumer 18 Mortgage 34 § Clients on the watch list with medium risk level. § The Bank additionally reviews each semester if there are collective criteria for the migration of a group of clients to stage 2, for example, if a significant change has occurred from the origin in a specific product or geographic region or the occurrence of industry events, regulatory, market or any other that is considered a significant event with impact on the generation of future cash flow of the customer's operation. Refutable presumption of more than 30 days of default The Bank has reviewed for each portfolio the presumption of a significant increase in 30 days of default, and finds historical evidence that there is a relationship between this presumption and default, except for Banistmo's mortgage portfolio, where the Bank has refuted the presumption of the rule. The basis for refuting this presumption is that there is reasonable and sustainable information that shows that when the contractual payments are more than 30 days past due, this does not represent a significant increase in the credit risk of a financial instrument, the main causes are: § Banistmo has a percentage of the mortgage portfolio that remains in the delinquency range of 31-60 for operational issues due to the collection of checks (which generate a high operational burden), so that the payment usual practice culture exceeds 30 days, in accordance with IFRS 9.B5.5.20, when a non-payment is an administrative oversight, instead of a financial difficulty of the borrower it is possible to refute this presumption. § There is no relationship between mortgages whose payments are past due for more than 30 days and the default, since only 19.5% arriving at default. In accordance with the previous paragraph, the significant increase in credit risk for Banistmo’s mortgage portfolio is defined at 60 days past due. The following table show the participation for each of the stages. The distribution of stage 2 loans are detailed according to the reasons that represent the significant increase in credit risk. Stage 2 Stage 3 Portfolio Stage 1 Threshold Watch List Restructured More Than Total Commercial 87.40 % 26.77 % 66.46 % 3.76 % % 4.84 % 7.70 % Consumer 90.25 % 57.62 % 0.59 % 18.36 % % 5.05 % 4.70 % Mortgage 89.86 % 71.10 % 0.03 % 6.75 % % 5.94 % 4.21 % Total Portfolio 88.37 % 40.93 % 41.00 % 7.42 % % 5.04 % 6.55 % * The significant increase in credit risk for Banistmo’s mortgage portfolio is 60 days past due. Definition of Default To establish whether an asset is default, the Bank performs an assessment of quantitative and qualitative factors and reviews for each portfolio the rebuttable presumption of more than 90 days of default. The way in which the Bank determines if there is a breach is the following: Quantitative criteria: § Clients who present at least one written off loan. § Clients who present 90 or more days past due. Qualitative Criteria: § Clients in special states of restructuring or business reorganization and insolvency agreements. § Clients on the observation list with high risk level. § The Bank additionally aligns all the products of the same modality of the client to stage 3 when one of its obligations is in default. Refutable presumption of more than 90 days of default The Bank has reviewed for each portfolio the presumption of default in 90 days of default, and finds historical evidence of high probability of loss in the 90 days, except for Banistmo's mortgage portfolio, where the Bank has refuted the presumption of norm, given that there is historical evidence that the default occurs at 180 days through the analysis of transition matrices, therefore the default for this portfolio is given at 180 days of default. Measurement of expected credit losses by Collective methodology: The Quantification of the expected credit losses collectively is done according to: the classification of the stages, the homogeneous groups defined in each type of portfolio and the client’s risk level. The segmentation of homogeneous groups is carried out by type of client, for individuals it is grouped by product and for companies by industry segments defined from the sales level of the client. Similarly, the risk level is assigned by type of client, for individuals the risk is measured using a behavioral scoring model for consumer products and a behavioral scoring for housing products, the function of these models is to rank the clients according to risk and thus have a better follow-up with them, the scoring is fed by historical behavior and management variables for each one of the products. In 2019, a new rating system for consumer portfolio in Colombia and Panama was implemented, using Random Forest methodology, these are mathematical models which allows to use a greater number of variables related to the client, and have more precise rating consistent with the level of risk. These methodologies have a fundamental role in the evaluation and monitoring of credit risk. For companies, the level of risk is measured based on an internal rating model, which uses qualitative and quantitative variables as financial indicators of the client and then ranks client on a scale between 8 and 19 levels. Each country’s rating procedures, in addition to factors of the local market and the knowledge of the client in the market, beyond their financial figures, are involved in this process. In 2019, a new rating model for SME portfolio in Colombia was implemented, using a Random Forest methodology, these are mathematical models which allows to use a greater number of variables related to the client, and have more precise rating consistent with the level of risk. These methodologies have a fundamental role in the evaluation and monitoring of credit risk. For further details please see Note 31 Risk Management, section: Description of Loans and Financial Leases. To estimate the expected credit losses (ECL) under the collective methodology the following formula is used: ECL = Probability of Default * Loss Given Default * Esposure At Default The factors are estimated using statistical models developed from internal historical information of the entity and then adjusted with forward-looking information as described below: · Probability of Default (PD). Estimated probability of occurrence of a default of an instrument. IFRS 9 proposes the specification of this parameter and its application according to the classification of Stages 1, 2 and 3. o PD 12 months: Is the estimated probability of occurrence of a default in the next 12 months of the instrument’s life as of the date of analysis. The Bank, according to the standard, defines its use for current portfolio that do not present a significant increase in risk or any evidence of impairment, that is, a portfolio classified in Stage 1. To estimate the probability of default for 12 months, The Bank uses traditional techniques such as logistic regression, modeling the behavior of the portfolio by level of risk for each of the segments. o Lifetime PD: It is the estimated probability of occurrence of a default over the remaining life of an instrument, being dependent on the conditions of the product and the level of risk. The Bank defines its use for the portfolio with a significant increase in credit risk, that is, classified in Stage 2. The Bank estimates this factor using survival models which propose a statistical analysis to quantify the survival rate of a portfolio for a given period. One of the advantages of the model is the inclusion of censored data within the analysis, that is, those instruments that leave the portfolio during the observation period for various reasons (cancellations, sales, etc.). o PD Stage 3: The customers evaluated by the collective methodology in Stage 3 have an associated probability of default of 100%. · Loss Given Default (LGD) The severity or Loss Given Default is the percentage of exposure that the entity ultimately expects to lose in the event of a default in a financial instrument. The general formulation for the calculation of the LGD is = 1‑ Recovery Percentage, where the recovery percentage refers to the sum of the flows received from the transaction discounted at the rate for the client on the date of analysis on the total of the exposure at the time of default, including contractual debt sales and other recovery strategy. For secured products, this is primarily based on collateral type and projected collateral values, historical discounts to market/book values due to forced sales, the use of appraisals to determine the value of the collateral and time to repossession and recovery costs observed. · Exposure at default: It is the exposed value of the asset valued at amortized cost (includes the balance of capital, interest and accounts receivable), this is based on the contractual repayments owed by the borrower over a 12month or lifetime basis. For revolving products and those with an available quota that is likely to be used in its entirety, the Exposure At Default (EAD) estimate considers the use of the CCF (risk conversion factor), in order to find a relationship corresponding to the used and unused component of the instrument. To estimate the expected credit losses (ECL) of guarantees and loan commitments it’s considered a component of probability of becoming loan. In order to estimate the expected credit loss life time, the exposed balance is projected annually, taking into account the discount of contractual payments agreed with the client for each year. The discount of the flows is made at the effective interest rate or an approximation of it. Forward-looking information incorporated in the ECL models To incorporate the Prospective information to the factors defined for the estimation of the expected loss, The Bank uses methodologies that correlate the historical behavior of the portfolio with certain economic variables. The Bank has made the projection of three macro scenarios (base, pessimistic and optimistic); each scenario has a plausible probability of occurrence to evaluate the best estimate of the expected loss under possible future economic conditions. To make the projections, the Corporate Economic Research team has defined a process for the generation of estimates under two perspectives: thematic and analytical. Thematic Perspective: in the first instance, a series of external variables are defined, which are those whose values are established at a global level and in whose definition the idiosyncratic dynamics of the analyzed country have no incidence. As these are issues whose detailed study is beyond the scope of this team, the estimates made by external analysts are taken as reference. Analytical Perspective: it consists in the compilation of the historical information for the most important economic and financial variables of the country. The information bases are compiled from official sources, which mostly correspond to official authorities, such as the Superintendency or Central Bank of each country. The Bank estimates forecasts based on time series models widely used in econometrics. As a result, projections are obtained for the economic variables of interest, which are formulated monthly in a time horizon that includes the current year and five subsequent years, after five years, given the technical difficulties and the high uncertainty, the projection of the economic variables for the total remaining useful life of each instrument corresponds to the value of the last projection. The Bank considers that keeping the projection of the fifth year onwards is the best estimate given that the average of the economic cycle is approximately between 4 and 4.5 years.(referenced by the area of economic research of the Group Bancolombia, taken from the history between 1906 and 2018) 5 years of projection is enough to collect its dynamics, where last year already has the tendency to equilibrium level, which means that at longer horizons can not be justified a different behavior than the stationary situation. Economic Scenario Weightings To incorporate not only a perspective, but also to recognize the uncertainty surrounding the short and medium-term economic context that the country will experience, the projection work incorporates three scenarios: base, optimistic and pessimistic. It is intended that each one of them is based on reasonable expectations and that each has a relevant level of probability associated with it. In other words, we seek to formulate possible, not extreme, scenarios. The projections of the base scenario correspond to the average estimate of the analysts, while for the pessimistic scenario the observation of the 20th percentile is taken and for the optimistic scenario the 80th percentile. The base scenario corresponds to the one with the highest probability of occurrence and comes directly from the results of the projection models developed for each indicator. This scenario has a weighting of 60%. On the other hand, both the optimistic and the pessimistic scenarios are determined based on the values of the base scenario adjusted according to the standard error of the projections, and each scenario has a weighting of 20%. The following table sets forth the main macroeconomic variables that are used to incorporate the prospective information and its projections: Scenarios Macroeconomic Projections Colombia Base Scenario Repurchase Current Year GDP Inflation agreements Unemployment Account Fiscal 2017 1.44 % 4.09 % 4.75 % 10.62 % (3.35) % (3.66) % 2018 2.44 % 3.18 % 4.25 % 10.77 % (3.94) % (3.10) % 2019 3.11 % 3.90 % 4.25 % 11.16 % (4.40) % (2.46) % 2020 3.27 % 3.50 % 4.50 % 10.80 % (4.50) % (2.57) % 2021 3.27 % 3.62 % 4.75 % 10.95 % (4.40) % (2.46) % 2022 3.43 % 3.08 % 4.75 % 10.77 % (4.20) % (2.26) % 2023 3.49 % 3.23 % 4.50 % 10.73 % (4.05) % (2.05) % 2024 3.51 % 3.47 % 4.50 % 10.57 % (3.95) % (2.15) % Optimistic Scenario Repurchase Current Year GDP Inflation agreements Unemployment Account Fiscal 2017 1.44 % 4.09 % 4.75 % 10.62 % (3.35) % (3.66) % 2018 2.44 % 3.18 % 4.25 % 10.77 % (3.94) % (3.10) % 2019 3.28 % 3.50 % 4.25 % 11.06 % (4.10) % (2.20) % 2020 3.58 % 2.60 % 3.50 % 10.53 % (4.10) % (2.26) % 2021 3.57 % 2.40 % 3.00 % 10.58 % (4.00) % (1.85) % 2022 3.73 % 1.90 % 3.00 % 10.26 % (3.85) % (1.64) % 2023 3.79 % 2.00 % 3.25 % 10.10 % (3.70) % (1.54) % 2024 3.87 % 2.30 % 3.50 % 9.79 % (3.40) % (1.44) % Pessimistic Scenario Repurchase Current Year GDP Inflation agreements Unemployment Account Fiscal 2017 1.44 % 4.09 % 4.75 % 10.62 % (3.35) % (3.66) % 2018 2.44 % 3.18 % 4.25 % 10.77 % (3.94) % (3.10) % 2019 3.00 % 4.20 % 4.50 % 11.29 % (4.82) % (2.98) % 2020 2.89 % 4.30 % 5.25 % 11.01 % (5.00) % (3.18) % 2021 2.95 % 4.80 % 5.50 % 11.31 % (4.90) % (3.49) % 2022 3.10 % 4.30 % 5.50 % 11.26 % (4.90) % (3.59) % 2023 3.14 % 4.40 % 5.50 % 11.37 % (4.70) % (3.59) % 2024 3.14 % 4.70 % 5.75 % 11.38 % (4.50) % (3.49) % Scenarios Macroeconomic Projections Panama Base Scenario Year GDP Inflation Unemployment Current Fiscal 2017 5.33 % 0.48 % 5.85 % (6.01) % (1.90) % 2018 3.68 % 0.16 % 5.90 % (10.48) % (2.06) % 2019 3.33 % (0.52) % 6.75 % (9.02) % (3.69) % 2020 4.19 % 0.70 % 5.91 % (8.25) % (2.50) % 2021 4.56 % 1.75 % 5.01 % (6.50) % (2.03) % 2022 5.09 % 2.24 % 4.24 % (5.94) % (1.90) % 2023 5.00 % 2.40 % 3.59 % (5.94) % (1.90) % 2024 5.00 % 2.43 % 3.03 % (5.94) % (1.90) % Optimistic Scenario Year GDP Inflation Unemployment Current Fiscal 2017 5.33 % 0.48 % 5.85 % (6.01) % (1.90) % 2018 3.68 % 0.16 % 5.90 % (10.48) % (2.06) % 2019 3.42 % (0.13) % 6.75 % (8.47) % (3.49) % 2020 4.40 % 1.04 % 5.32 % (7.01) % (2.25) % 2021 4.78 % 2.63 % 4.50 % (5.53) % (1.62) % 2022 5.60 % 2.64 % 3.81 % (4.75) % (1.52) % 2023 5.50 % 2.84 % 3.23 % (4.75) % (1.33) % 2024 5.50 % 2.87 % 2.73 % (4.75) % (1.33) % Pessimistic Scenario Year GDP Inflation Unemployment Current Fiscal 2017 5.33 % 0.48 % 5.85 % (6.01) % (1.90) % 2018 3.68 % 0.16 % 5.90 % (10.48) % (2.06) % 2019 3.23 % (0.79) % 6.75 % (9.57) % (3.88) % 2020 3.99 % 0.49 % 6.50 % (9.48) % (2.75) % 2021 4.33 % 1.23 % 5.51 % (8.45) % (2.27) % 2022 4.58 % 1.57 % 4.66 % (7.72) % (2.13) % 2023 4.50 % 1.68 % 3.94 % (7.72) % (2.19) % 2024 4.50 % 1.70 % 3.34 % (7.72) % (2.19) % Scenarios Macroeconomic Projections El Salvador Base Scenario Year GDP Inflation Current Fiscal 2017 2.26 % 2.04 % (1.81) % (2.41) % 2018 2.54 % 0.40 % (4.75) % (2.46) % 2019 2.17 % (0.20) % (2.68) % (1.50) % 2020 2.38 % 0.85 % (3.02) % (3.00) % 2021 2.38 % 1.24 % (3.07) % (2.67) % 2022 2.38 % 1.50 % (3.08) % (2.46) % 2023 2.38 % 1.50 % (3.08) % (2.38) % 2024 2.38 % 1.50 % (3.08) % (2.38) % Optimistic Scenario Year GDP Inflation Current Fiscal 2017 2.26 % 2.04 % (1.81) % (2.41) % 2018 2.54 % 0.40 % (4.75) % (2.46) % 2019 2.34 % (0.05) % (2.35) % (1.28) % 2020 2.74 % 1.27 % (2.41) % (2.55) % 2021 2.74 % 1.86 % (2.46) % (2.27) % 2022 2.74 % 1.77 % (2.46) % (2.09) % 2023 2.74 % 1.77 % (2.46) % (2.02) % 2024 2.74 % 1.77 % (2.46) % (2.02) % Pessimistic Scenario Year GDP Inflation Current Fiscal 2017 2.27 % 2.04 % (1.81) % (2.41) % 2018 2.53 % 0.40 % (4.75) % (2.46) % 2019 1.94 % (0.30) % (3.01) % (1.73) % 2020 1.90 % 0.59 % (3.62) % (3.45) % 2021 1.90 % 0.87 % (3.69) % (3.07) % 2022 1.90 % 1.05 % (3.69) % (2.83) % 2023 1.90 % 1.05 % (3.69) % (2.73) % 2024 1.90 % 1.05 % (3.70) % (2.73) % Scenarios Macroeconomic Projections Guatemala Base Scenario Repurchase Current Year GDP Inflation agreements Account Fiscal 2017 2.76 % 5.68 % 2.75 % 0.23 % (1.21) % 2018 3.13 % 2.31 % 2.75 % 0.17 % (1.65) % 2019 3.51 % 3.00 % 2.75 % 0.36 % (1.96) % 2020 3.50 % 3.33 % 3.00 % 0.33 % (1.93) % 2021 3.61 % 3.50 % 3.00 % 0.32 % (1.90) % 2022 3.63 % 4.00 % 3.25 % 0.24 % (1.90) % 2023 3.61 % 4.00 % 3.50 % 0.21 % (1.91) % 2024 3.61 % 4.00 % 3.50 % 0.23 % (1.86) % Optimistic Scenario Repurchase Current Year GDP Inflation agreements Account Fiscal 2017 2.76 % 5.68 % 2.75 % 0.23 % (1.21) % 2018 3.13 % 2.31 % 2.75 % 0.17 % (1.65) % 2019 3.69 % 3.36 % 3.00 % 0.43 % (1.81) % 2020 3.85 % 3.73 % 3.25 % 0.50 % (1.64) % 2021 3.97 % 3.92 % 3.25 % 0.48 % (1.62) % 2022 4.00 % 4.48 % 3.50 % 0.36 % (1.62) % 2023 3.97 % 4.48 % 3.75 % 0.40 % (1.63) % 2024 3.97 % 4.48 % 3.75 % 0.40 % (1.58) % Pessimistic Scenario Repurchase Current Year GDP Inflation agreements Account Fiscal 2017 2.76 % 5.68 % 2.75 % 0.23 % (1.21) % 2018 3.13 % 2.31 % 2.75 % 0.17 % (1.65) % 2019 3.33 % 2.55 % 2.50 % 0.30 % (2.11) % 2020 3.15 % 2.83 % 2.75 % 0.17 % (2.21) % 2021 3.25 % 2.98 % 2.75 % 0.16 % (2.19) % 2022 3.27 % 3.40 % 3.00 % 0.10 % (2.19) % 2023 3.24 % 3.40 % 3.25 % 0.00 % (2.20) % 2024 3.25 % 3.40 % 3.25 % 0.00 % (2.14) % Special methodologies applied in Stage 3 Collateral Methodology For defaulted loans (stage 3) when it is determined that the fundamental source of collection of the loan is a guarantee, the amount of the loss is estimated as the balance owed less the weighted net present value of the market value of the collateral, estimated through appraisals with an age no longer than one year , less the costs of obtaining and selling the collateral, and affected by several macroeconomic scenarios with an expected probability of occurrence that result in a weighted expected loss. Individual Methodology: The Bank will individually evaluate defaulted loans (stage 3) more than COP 15,000 (US 5 for foreign subsidiaries), analyzing the debt profile of each debtor, the guarantees granted and information on the credit behavior of the client and of the sector. Significant financial assets are considered in default when, based on current or past information and events, it is probable that the entity will not be able to recover all the amounts described in the original contract, including the interest and commissions agreed to in the contract. When a significant financial asset has been identified as being in default, the amount of the loss is measured as the balance due minus the weighted net present value of the expected future cash flows under two minimum macroeconomic scenarios with an expected probability of occurrence. Customers classified as individual NPV will be evaluated at least twice a year and additionally each time a relevant event occurs that is reflected in significant changes in their level of risk and that leads to a change in the scenarios previously analyzed, the relevant events can be: § Significant changes in the value of the guarantee § Expected or adverse changes in the business § Potentially significant regulatory changes for the business § Changes they make in their commercial and operational dynamics § Significant amount payments made by the client. To establish the future cash flows expected from the client, two approaches are presented, which may be via cash flow generation or via execution of some type of guarantee or liquidation of assets, that is, “Going Concern” or “Gone Concern” approach. Approach via Cash Flow: It refers to an analysis under the premise of "GOING CONCERN", that is, it is considered that the payment of the obligation will be made through the client’s cash flow. The expected NPV calculation with a cash flow approach includes: · Financial projections of the client. · Debt Simulator. · Expected NPV calculation. Approach via Guarantee Recovery: It refers to the "GONE CONCERN", it is considered that the payment of the obligation will be given through the execution of guarantees, liquidation of assets , the execution of personal guarantees / Guarantees and adjudication of assets through judicial processes. The calculation of the NPV with guarantee approach should include: · Analysis of the guarantee. · Future value of the guarantee. · Calculation of NPV. Future cash flows are estimated based on two scenarios (base and alternative) that can be affected by the aforementioned variables. Accounting policy applied until December 31, 2017 (IAS 39, 2011): The Bank individually reviews impaired loans with balances greater than COP 5,000 (USD 1.5 for foreign subsidiaries), analy
Financial liabilities	7.5. Financial liabilities At initial recognition, the Bank measures its financial liabilities at fair value. The transaction costs that are directly attributable to the financial liability are deducted from its fair value if the instruments are subsequently recognized at amortized cost or will be recognized in the statement of income if the liabilities are measured at fair value. Derivative liabilities are measured at fair value through profit and loss and the gains or losses of those liabilities are recognized in the statement of income for subsequent measurements. Non-derivative financial liabilities are measured at amortized cost using the effective interest rate. Interest expenses are recognized in the statement of income unless the financial liability is designated as at fair value through profit or loss, for which is required to present the effects of changes in the liability’s credit risk in other comprehensive income. 7.5.1 Compound instruments Compound financial instruments that comprise both a liability and equity component must be separated and accounted for separately. Therefore, for initial measurement, the liability component is the fair value of a similar liability which doesn´t have an equity component (determined by discounting future cash flows using the market rate at the date of the issuance). The difference between the fair value of the liability component and the fair value of the compound financial instrument considered as a whole is the residual value assigned to the equity component. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortized cost using the effective interest method. The equity component of a compound financial instrument is not re-measured subsequent to initial recognition. The liability component corresponds to the preferred dividend related to 1% of the subscription price, which is the payment of the minimum dividend on the preferred shares for each period in accordance with the Bank’s bylaws. 7.5.2 Financial guarantee contracts and loan commitments In order to meet the needs of its customers, the Bank issues financial standby letters of credit, bank guarantees and loan commitments. Loan commitments are those agreements under which the bank has an irrevocable obligation to grant the loan. The financial guarantee contracts issued by the Bank are contracts that require the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due to accordance with the original or modified terms of a debt instrument. Both financial guarantee contracts and loan commitments are initially recognized as liabilities at fair value, which is normally the fee received, adjusted for the directly attributable transaction costs incurred. Subsequently, liabilities are measured at the higher of the provision amount measured according to IFRS 9 Financial instruments and the amount initially recognized, less the accumulated amortization recognized according IFRS 15 - Revenue from contracts with customers. Income derived from guarantees is recognized as fees and commission income in the statement of income over the term of the contract.
Derecognition of financial assets and liabilities	7.6 Derecognition of financial assets and liabilities Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Bank has transferred substantially all the risks and rewards of ownership or in which the Bank neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. On derecognition of a financial asset, the difference between: (a) the carrying amount (measured at the date of derecognition) and (b) the consideration received (including any new asset obtained less any new liability assumed) is recognized in net income. In transactions in which the Bank neither transfers nor retains substantially all the risks and rewards of ownership of a financial asset, the Bank continues to recognize the asset to the extent of its continuing involvement, determined by the extent to which it is exposed to changes in the value of the transferred financial asset. A financial liability is removed from the statement of financial position when it is extinguished, that is when the obligation is discharged, cancelled or expired. Debt exchange The Bank assesses whether the instruments subject to exchange are substantially different from each other, considering qualitative aspects such as currencies, terms, rates, conditions of subordination, regulatory framework, among others; and quantitative aspects, including whether the present value of discounted cash flows under the conditions of the new instruments (including any commission paid net of any commission received) and using the original effective interest rate to calculate the discount, is at least 10 percent different from the discounted present value of the cash flows that still remain of the original financial liability. When it is determined that the instruments subject to debt exchange are not substantially different, the transaction is recognized as a debt modification. In this case, the amortized cost of the modified liability is adjusted to the present value of the estimated contractual cash flows which are discounted at the original effective interest rate of the financial instrument and a gain or loss is recognized immediately in profit or loss. Incremental costs and commissions adjust the carrying amount of the liability and are amortized over the remaining life of the modified liability; its subsequent measurement continues at amortized cost. In debt exchanges where the new instrument is considered substantially different, the liability is derecognized with charged to the income statement, and a new financial liability arises. 7.6.1 Written-Off loan portfolio Loans are written off when the Bank concludes there is no realistic expectation of recovery of the loans and receivables balances from a client or third party. In general, this characteristic will be fulfilled when the following delinquency conditions are present: Type Length of delinquency Consumer 180 days, 450 days for vehicles in GAH, 720 days for loans with mortgage guarantee in Banco Agricola Commercial 360 days Small Business Loan 180 days, 720 days for loans with guarantee in Banistmo Mortgage For Banistmo and Banco Agrícola from 720 days. GAH 1440 days. Among the reasons underlying a loan’s non-recoverability are the estimated recovery time of the obligation and the probable recovery percentage given the existence or lack of collateral. When default conditions are present, it is initially necessary to evaluate whether the collateral that support the loan generate a reasonable expectation of recovery; if so, the necessary steps are taken to realize on the collateral prior to writing-off the loan. In cases where the collateral net fair value indicates that there are no reasonable expectations of recovery, loans are written-off in the financial statements.
Derivatives financial instruments	7.7. Derivatives financial instruments A financial derivative is an instrument whose value changes in response to changes in a variable such as an interest rate, exchange rate, the price of a financial instrument, a credit rating or a credit index. This instrument requires no initial payment, or a smaller investment than would be required for other financial instruments with a similar response to changes in market conditions, and it is generally settled at a future date. The Bank carries out derivative transactions to facilitate the business of clients related to the management of their market and credit risk; managing the exposure in its own position to changes in interest rates and risks in exchange rates; or to obtain benefits from changes in valuations experienced by these instruments in the market. Derivatives are recognized and measured at fair value through profit or loss, unless such derivatives are designated as hedging instruments in cash flow hedges or as a hedge of a net investment in a foreign operation. In those cases, the effective portion of changes in the fair value of the derivatives are recognized in other comprehensive income. All derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative. 7.7.1 Hedge accounting Accounting policy applied from January 01, 2019: Fair value hedges are used by the Bank, through its Panamanian subsidiary, Banistmo, to protect against changes in the fair value of investment securities that are attributable to interest rate variability. Cash flow hedges are used mainly to reduce the variability in cash flows of deposits issued by the Parent Company and the changes in fair value of the Parent’s investment portfolio caused by interest rate changes. The Bank applied the hedge accounting provisions required by IFRS 9 prospectively and assessed that all qualifying criteria under IFRS 9 were met at the date when it ceased to apply hedge requirements of IAS 39. When the hedging relationship is considered to be highly effective, the changes in value of the hedging derivative are accounted for according to their classification as fair value hedges, cash flow hedges and hedges of net investment in foreign operations, as set out in the paragraph below. The Bank assesses at the inception of the hedge and on a monthly basis during the life of the instrument, whether the hedge used in the transaction is expected to be aligned with the hedge effectiveness requirement (prospective effectiveness): · Economic relationship between the hedging instrument and the hedged item. · The effect of credit risk does not predominate over the value of the economic relationship. · Designated hedge ratio is consistent with risk management strategy. The Bank discontinues the hedge accounting when the hedging relationship no longer meets the criteria provided for the hedge effectiveness requirements or when the hedging instrument expires or is sold, terminated or exercised. Consequently, the item no longer complies with the hedge accounting conditions or the hedging relationship no longer complies with the risk management objective. When hedge accounting for a fair value hedge is terminated the previous adjustments related to the changes in fair value of the hedged item are subsequently recorded in the consolidated statement of income in the same manner as other components of the carrying amount of that asset. When hedge accounting for a cash flow hedge is terminated the accumulated gains and losses recorded in equity will be reclassified to the Statement of Income in the same period or periods during which the hedged expected future cash flows are realized. Before the establishment of the hedge accounting, the Bank documents the relationship between hedged items and hedging instruments, as well as its risk management objectives and hedging strategies, which are approved by the Risk Management Committee as the body designated by the Board of Directors. Hedge relationships are classified and accounted for in the following way: Fair value hedges are designated to protect against the exposure to changes in the fair value of recognized assets or liabilities or unrecognized firm commitments. Changes in the fair value of derivatives that are designated and qualify as hedging instruments in fair value hedges are recognized in the statement of income as interest and valuation on financial instruments. The change in fair value of the hedged item attributable to the hedged risk is included as part of the carrying value of the hedged item, and it is also recognized in the aforementioned item of statement of income. For fair value hedges that are related to items accounted for at amortized cost, the adjustments to the carrying value are amortized through the statement of income during the remaining term until their expiry. The amortization of the effective interest rate shall begin as long as there is an adjustment to the carrying value of the hedged item and shall begin no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged. The adjustment is based on a recalculated effective interest rate at the date amortization begins. If the hedged item is derecognized, the non-amortized fair value is recognized immediately in the statement of income. If the hedge instrument expires or it is sold, terminated or exercised, or when the hedge no longer meets the criteria for hedge accounting, the Bank discontinues prospectively the hedge accounting. For the items hedged at amortized cost, the difference between the carrying value of the item hedged at the termination of the hedge and the nominal value are amortized using the effective rate method during the time beyond the original terms of the hedge. If the hedged item is derecognized, the remaining value to amortize is recognized immediately in the statement of income. When an unrecognized firm commitment is designated as a hedged item, the subsequent cumulative change in the fair value of the firm commitment attributable to the hedged risk is recognized as an asset or liability with corresponding gain or loss recognized in net income. Cash flow hedges are used mainly to manage the exposure to variability related to the cash flow attributable to a specific risk associated with an asset or liability recognized on statement of financial position or to a highly probable forecast transaction. The portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognized in other comprehensive income. The ineffective portion of the gain or loss on the hedging instrument is recognized in the statement of income. If the hedging instrument expires or is sold, terminated or exercised, without replacement or rollover into another hedging instrument, or if the hedging designation no longer meets the criteria provided for the hedge effectiveness requirements after any subsequent rebalancing adjustment, any accumulated gain or loss previously recognized in OCI remains in OCI, until the planned operation or the firm commitment affects the result. The Bank ceases hedge accounting when the hedging relationship ceases to meet the objective of managing the hedged risk when the hedging instrument expires or is sold, terminated, or exercised, or when no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive income and accumulated in equity at that time remains in equity and is recognized in other comprehensive income when the forecast transaction is ultimately recognized in net income. When a forecasted transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in net income. - Hedges of a net investment in a foreign operation: In accordance with IFRS 9 ‘Financial instruments’ and IFRIC 16 ‘Hedges of a net investment in a foreign operation’, the Bank has decided to apply the hedge accounting of the foreign currency risk arising from currency translation of financial statements and goodwill of its net investment in Banistmo, designating as a hedging instrument of certain debt securities issued by the Parent Company. The hedge accounting requires that the Bank accounts for the gain or loss derived from the foreign exchange differences related to the debt securities that is determined to be an effective hedge is recognized in other comprehensive income, as is the currency translation adjustment of the Banistmo operation into the presentation currency as required by IAS 21 as detailed in 2. Transactions and balances in foreign currency. Accounting policy applied until December 31, 2018: The Bank assesses at the inception of the hedge and on a monthly basis during the life of the instrument, whether the hedge used in the transaction is expected to be highly effective (prospective effectiveness) and considers the actual effectiveness of the hedge on an ongoing basis (retrospective effectiveness). The Bank discontinues the hedge accounting when the hedging instrument expires or is sold, terminated or exercised, the hedge no longer meets the criteria for hedge accounting or if hedge designation is revoked. When hedge accounting for a fair value hedge is terminated the previous adjustments related to the changes in fair value of the hedged item are subsequently recorded in the consolidated statement of income in the same manner as other components of the carrying amount of that asset.
Premises and equipment	8. Premises and equipment Premises and equipment include tangible items that are held for use, for rental to others, or for administrative purposes and are expected to be used for more than one period. Items of premises and equipment are expressed at cost less accumulated depreciation and impairment losses. Depreciation is calculated using the straight-line method, in order to derecognize the depreciable amount of promises and equipment over the estimated useful lives of the assets. The depreciable amount is the cost of an asset less its residual value. The estimated useful lives for each asset group are: Asset group Useful life range Buildings 10 to 75 years Furniture and fixtures 5 to 20 years Computer equipment 3 to 20 years Equipment and machinery 3 to 40 years Vehicles 3 to 6 years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. When there is a significant change, the depreciation and the charge to the statement of income are adjusted based on the new estimation. The Bank assess at the end of each year whether there is any indication of external or internal reduction in the asset’s recoverable value. If there is any indication of impairment, the Bank estimates the recoverable amount of the assets and then recognizes the impairment loss in the consolidated statement of income. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount and is recognized in the statement of income as ‘impairment, depreciation and amortization’. When the carrying value exceeds the recoverable value, the carrying value is adjusted to its recoverable value, modifying the future charges for depreciation, according to its new remaining useful life. In a similar way, when indications exist that the value of an asset has been recovered, reversal of an impairment loss is recognized immediately in the statement of income and consequently the future charges for the asset’s depreciation are adjusted. In any case, the reversal of the impairment loss of assets cannot increase it carrying value above the amount that it would have if impairment losses in previous periods had not been recognized. For the purposes of assessing impairment, assets are grouped at the smallest identifiable group that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). The evaluation can be carried out at individual asset level when the fair value less the cost of sale can be reliably determined and the value in use is estimated to be close to its fair value less costs to sell and fair value less costs to sell can be determined. Maintenance expenses of the premises and equipment are recognized as an expense in the period in which they are incurred and are registered in the consolidated statement of income as administrative and general expenses. Gains and losses in the sale of premises and equipment are registered in the consolidated statement of income as other operating income or other expenses.
Investment properties	9. Investment properties Land and buildings that the Bank holds to earn rentals or for capital appreciation or both rather than for their use in the supply of services or sale in the ordinary course of business are recognized as investment properties. The investment properties are measured initially at cost, including the transaction costs. The carrying value includes the cost of replacement or substitution of a part of an investment property at the time the cost is incurred, if the cost meets the recognition criteria; and it excludes the daily maintenance costs of the investment property which are included in the statement of income as “Other operating expenses”. After the initial recognition, the investment properties are measured at fair value which reflects the market conditions at the statement of financial position date. The gains and losses that arise from changes in the fair values of investment properties are included in the statement of income as ‘Other operating income’. The investment properties are derecognized, either at the moment of their disposal or when they are permanently withdrawn from use and no future economic benefits are expected. The difference between the net disposal proceeds of the investment properties and the carrying value is recognized in net income in the period the disposal occurs. Transfers of an asset to or from the investment properties are only made when there is a change in its use. For a transfer from an investment property to premises and equipment, the cost taken into account for its subsequent accounting is the fair value at the time of the change in use. If a premise and equipment becomes an investment property, it will be accounted for at its fair value.
Intangible assets	10. Intangible assets An intangible asset is an identifiable non-monetary asset with no physical appearance. Separately acquired intangible assets are measured initially at their cost. The cost of intangible assets acquired in business combinations is their fair value at the date of acquisition. After the initial recognition, the intangible assets are accounted for at cost less any accumulated amortization and any accumulated impairment loss. The costs of internally generated intangible assets, excluding the costs from development that meet the recognition criteria, are not capitalized and the expense is reflected in the statement of income as it is incurred. The useful lives of intangible assets are determined as finite or indefinite. The intangible assets with finite useful lives are amortized using the straight-line method over their estimated useful lives. The amortization period and the amortization method for intangible assets with a finite useful life are reviewed at least annually. The expected changes in the useful life or in the pattern of consumption of the future economic benefits of the asset are accounted for when changing the period or amortization method, as appropriate, and they are treated as changes in the accounting estimates. The amortization expense of intangible assets with finite useful lives is recognized in the statement of income. The useful lives of the intangible assets with finite life ranges between 1 and 10 years. The Bank assesses annually its intangible assets with finite life in order to identify whether any indications of impairment exist, as well as possible reversal of previous impairment losses. Intangible assets with indefinite useful lives are not subject to amortization but are periodically tested in order to identify any impairment, either individually or at the cash-generating unit level. The assessment of the indefinite life is reviewed annually to determine if it continues being supportable. In the event that the assessment was not valid, the change from indefinite useful life to finite useful life is recognized prospectively. The gain or loss that arises when an intangible asset is derecognized are measured as the difference between the disposal value and the carrying value of the asset and is recognized in the statement of income. The Bank’s intangible assets comprise mainly intangibles of finite useful life: licenses, software and computer applications, client relationships and the legal stability agreement signed with the Ministry of Finance and Public Credit (See Note 9 Goodwill and intangible assets, net), customer relationships and patents. Intangibles of indefinite useful life include Goodwill. 10.1 Research and development costs The research costs are recorded as expenses as they are incurred. Costs directly related to the development of a stand-alone project are recognized as intangible assets when the following criteria are met: · It is technically feasible of to complete the intangible asset so that it will be available for use or sale; · Management intends to complete the intangible asset and use or sell it; · There is an ability to use or sell the intangible asset; · It can be demonstrated how the asset will generate probable future economic benefits; · Adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; and · The expenditure attributable to the intangible asset during its development can be reliably measured. In the statement of financial position, the related capitalized costs are recorded at cost less accumulated depreciation and accumulated impairment losses. Costs are capitalized during the application development stage and amortized on a straight-line basis from the beginning of the production stage over the period of expected future economic benefits. During the development period, the asset is subjected to impairment testing at least annually to determine if impairment indications exists. The research and development costs that do not qualify for capitalization are recorded as expenses in the statement of income of the period (see “Recovery (Impairment ) charges on cash-generating unit”).
Inventories	11. Inventories The inventories of returned property are those assets that come from an early termination of a lease (returned properties) or those upon which the lease has already concluded (premises and equipment), which are expected to be sold in the normal course of business. These are controlled by the Bank and are expected to generate future economic benefits. The inventories of returned property are recognized as an asset from the date in which the Bank assumes the risks and benefits of the inventories, provided that the cost of the asset can be reliably measured, and it is probable that it will generate future economic benefits. The inventories of returned property are valued using the specific identification method and their costs include the carrying value at the time the asset is returned. The carrying value of returned property is measured at the lower of cost and net realisable value (NRV). The net realisable value is the estimated selling price in the ordinary course of business less its estimated costs to sell. The adjustment in the carrying value to reflect the NRV, is recognized in the statement of income of the period in which the goods are returned. The value of any reversion that comes from an increase in the NRV in which the increase occurs is recognized as a lower expense in the period. Other new inventories are measured initially at acquisition cost which comprises the sum of the purchase price, the import costs (if applicable), the non-recoverable taxes paid, the storage, the transport costs, and other attributable or necessary costs for their acquisition, less discounts, reductions or similar items. Those inventories do not include selling costs. The Bank must review the NRV of its inventories, at least annually or whenever necessary if indicated by market conditions. Any write-down adjustment must be recognized directly in the statement of income.
Assets held for sale and discontinued operations	12. Assets held for sale and discontinued operations A non-current asset or a disposal group of assets are classified as held for sale if their carrying value will be recovered through a sale transaction, rather than through continuing use. These assets or groups of assets are shown separately in the statement of financial position at the lower of their carrying value and their fair value less costs to sell and they are not depreciated nor amortized from the date of their classification. The held for sale condition is met if the assets or group of assets are available, in their current condition, for immediate sale and the sale transaction is highly probable and is expected to be completed within the year following the date of classification. The Bank performs the measurement of the assets held for sale at the statement of financial position date. However, these assets are evaluated quarterly if impairment indicators exist that imply review of the carrying value recorded in the accounts. If those indications are identified, impairment losses are recognized for the difference between the carrying and recoverable amount of an asset as ‘Impairment, depreciation and amortization’ in the statement of income. Gains and losses in the sale of premises and equipment are recognized in the consolidated statement of income as “other operating income” or “ other operating expenses”. A discontinued operation is a component of an entity that has been disposed of, or is classified as held for sale and represents a separate major line of business or a geographical area of operations, is part of a single coordinated and individual plan to dispose of a separate major line of business or geographical area of operations, or is a subsidiary acquired exclusively with a view to resale. Income and expenses coming from a discontinued operation must be disclosed separately from those coming from continued operations, in a single item after the income tax, in the consolidated statement of income of the current period and comparatively with previous period even though the Bank retains a non-controlling interest in the subsidiary after the sale.
Impairment of non-financial assets, cash-generating units and goodwill	13. Impairment of non-financial assets and cash-generating units and goodwill The Bank evaluates at the end of each period whether there is any indication that on a stand-alone basis non-financial assets and cash-generating units are impaired. If some indication of impairment does exist, the Bank estimates the recoverable amount of the assets and the loss by impairment. Regardless of whether impairment indicators exist, impairment of goodwill is assessed annually. If an asset does not generate cash flows that are independent from the rest of the assets or group of assets, the recoverable amount is determined by the cash-generating unit to which the asset belongs. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The amount of impairment losses recognized in net income during the period are included in the Statement of income as “Impairment, depreciation and amortization”.
Other assets	14. Other assets The Bank presents as other assets, among other things, (a) the expenses paid in advance incurred in the development of its business, in order to receive future services, which are amortized during the period in which services are received or the costs or expenses are recorded and (b) foreclosed assets that do not comply with what is required to be recognized as assets held for sale and where there are no plans to use them in the supply of services or for administrative purposes. Foreclosed assets are initially recognized at the lower of net amount of the charged-off financial assets to which the foreclosed and net realizable value of the foreclosed asset (the net realizable value will be the estimated selling price of the asset or its awarding value, less the estimated costs necessary to carry out its sale), pending the obtaining of a plan for its commercialization. For this group of assets, it is evidence of impairment that they remain in the statement of financial position for a period greater than one year from their reception date without obtaining a buyer, despite permanently seeking their realization, even adjusting their selling price. Foreclosed assets are subsequently assessed to determine whether an impairment lost must be recognized. In the case of arising events that are beyond the control of the Bank and that make remote the realization of these assets, they are identified as "non-tradable" and a completely impairment is carried out.
Employee benefits	15. Employee benefits 15.1 Short term benefits The Bank grants to its employee´s short-term benefits such as bonuses, salaries, accrued performance costs and social security that are expected to be wholly settled within 12 months. Expenses related to these benefits are recognized over the period in which the employees provide the services to which the payments relate. 15.2 Other long-term employee benefits The Bank grants to its employee’s seniority bonuses as long-term employee benefits whose payment is not expected within the 12 months following the end of the annual period in which the employees have rendered their services. These benefits are projected up to the date of payment and are discounted through the Projected Unit Credit method. The cost of long-term employee benefits is allocated across the period from the time the employee was hired the Bank and the expected date of obtaining the benefit. 15.3 Pensions and other post-employment benefits − Defined contribution plans The Bank pays contribution monthly to pension funds, due to legal requirements and it will have no legal obligation to pay further contributions. The Bank recognizes contributions in the statement of income, once the contribution is accrued. Any contributions unpaid at the statement of financial position date are included as a liability. − Defined benefit plans They are post-employment benefit plans in which the Bank has the legal or constructive obligation to take responsibility for the payments of benefits that have agreed, for example severance obligation, retirement pension premium plan and senior management pension plan premium and pension plan. The Bank makes an actuarial valuation on the basis of the projected unit credit method and a risk-free rate which reflects current market assessments of the time value of money in each country , related to the characteristics and the benefit flows weighted average, to discount such obligation.
Customer loyalty program	17. Customer loyalty program The Bank maintains a credit card loyalty program to provide incentives to its customers. The program allows customers to purchase goods and services, based on the exchange of awards points, which are awarded based on purchases using the Bank’s credit cards and the fulfillment of certain conditions established in such program. Point’s redemption for prizes is carried out by a third party. According to IFRS 15, the expenses of the Bank’s commitments with its clients arising from this program are recognized as a lower value of the fees and commission income, considering the total number of points that can be redeemed over the accumulated prizes and taking into account the probability of redemptions.
Revenue recognition	18. Revenue recognition Accounting policy applied from January 01, 2018 Bank recognizes revenue from ordinary activities, which represent the transfer of goods or services committed with customers in exchange for an amount that reflects the consideration to which the entity expects to be entitled in exchange for such assets or services.The recognition and measurement of interest income and dividend income from debt and equity instruments not within the scope of IFRS 15. Instead, they are within the scope of IFRS 9. The Bank 1. Identifying the contract : the parties’ rights, payment conditions, evaluation of the commercial basis and characteristics of the compensations are identified, and the Bank evaluates if there are modifications or combinations that apply. 2. Identifying performance obligations : The Bank evaluates the commitments included in the entity’s contracts to identify when the customer makes use of the service and whether the obligations are identifiable separately. 3. Determining the transaction price: The characteristics of the amounts for which the agreed services were exchanged are reviewed in the Bank’s contracts, to estimate the effect of the variable consideration in kind, or others payable to the customer. 4. Allocating the transaction price to performance obligations: In the evaluation of prices to the Bank’s contracts, these are designated individually to the services provided by the Bank, even in the products where there are commitments packaged. 5. Satisfaction of performance obligations: The obligations established in contracts with customers are satisfied when the control of the service is transferred to the customer and the recognition is performed as established in IFRS 15 over time or at a point in time. The Bank satisfies a performance obligation and recognizes revenue over time, if one of the following criteria is met: a) The Bank’s performance does not create an asset with an alternative use for the entity, and it has an enforceable right to receive payment for the performance completed to date. b) The Bank’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced. c) The customer simultaneously receives and consumes the benefits provided by the Bank’s performance as the Bank performs. For performance obligations where none of the indicated conditions is fulfilled, the Bank satisfies the performance obligation at a point in time, at which the customer obtains control of the promised services and the entity satisfies a performance obligation. When the Bank fulfills a performance obligation through the delivery of promised goods or services, it creates a contractual asset for the consideration amount obtained with the performance. A contract asset is the right of the Bank to receive a payment in exchange for goods or services that the Bank has transferred to a customer, when that right is dependent on another thing different than the passage of time (for example, billing or delivery of other elements part of the contract). The Bank recognizes the contractual assets as current assets, as they are expected to be realized within the normal operating cycle. The costs of contracts eligible for capitalization as incremental costs when obtaining a contract are recognized as a contractual asset. Contractual costs are capitalized when incurred if the Bank expects to recover those costs. Contractual costs constitute non-current assets to the extent that the Bank expects to receive the economic benefits of those assets in a period greater than twelve months. The contractual costs are amortized systematically and consistently with the transfer of the services to the customer once the corresponding revenue has been recognized. The capitalized contractual costs are impaired if the customer withdraws or if the carrying amount of the asset exceeds the projection of the discounted cash flows that are related to the contract. When the amount of consideration received from a customer exceeds the amount of the recognized revenue, this creates a contractual liability. Contract liabilities constitute the Bank’s obligation to transfer goods or services to a customer, for which the Bank has received a payment from the end customer or if the amount is past due. They also include deferred income related to goods or services that shall be delivered or provided in the future, which will be billed to the customer in advance, but which are not yet past due. Revenue is measured based on the consideration specified in the contract with the customer, and excludes amounts received on behalf of third parties when the Bank is an agent. The Bank recognizes revenue when it transfers control over a good or service to a customer. Revenue is presented net of reimbursements and discounts and after eliminating inter-group sales. The Bank evaluates its revenue categories will based on specific criteria in order to determine whether it acts as principal or agent. Revenue is recognized to the extent that it is probable that economic benefits will flow to the Bank and it is possible to reliably measure the related revenues and costs. Policy applicable until December 31, 2018 Revenue under IAS 18 applicable to the accounting information presented up to the year 2017, was recognized as it was probable that the economic benefits flowed to the entity and the revenues could be measured reliably. 18.1. Interest income and expenses For all financial instruments measured at amortized cost, interest income and interest expenses are recognized using the effective interest rate. The effective interest rate is the rate that exactly discounts future estimated cash flows payments through the expected life of the financial instrument or, when appropriate, a shorter period, to the net carrying value of the financial liability or asset. The computation takes into account all the contractual conditions of the financial instrument (for example, prepayment options) and includes incremental fees or expenses that are directly attributed to the instrument and are an integral part of the Effective Interest Rate (EIR), but not future credit losses. For debt securities at fair value, gains and losses arising from changes in fair value are included in the statement of income as ‘Interest and valuation on financial instruments’. 18.2. Fees and commission income The Bank charges fees for the services it provides to its customers. Fee income can be divided into the following three categories: Income from fees that are an integral part of the effective interest rate of a financial instrument: Commissions for loan commitments that have a high probability of being used are deferred (together with any incremental cost) via the effective interest rate once the loan is granted (in accordance with section 18.1). If the commitment expires and no loan is made, the fee is recognized as income at the time of termination. The opening fees received for the issuance of a financial liability measured at amortized cost are included in the effective interest rate of the financial instrument and its recognition as income is generated during the estimated life of the asset. Income from fees obtained from the services that are provided during a certain period of time: These payments include income from commissions and asset management, custody and other administration and advisory commissions. In loan commitments when it is not possible to demonstrate the probability that a loan will be used, the opening fees of the loan are recognized in income statement during the commitment period on a straight-line basis. Income from the provision services: Fees arising from the negotiation or participation in the negotiation of a transaction for a third party, such as the acquisition of shares or other securities or the purchase or sale of businesses, are recognized at the closing of the underlying transaction. Commissions or fee components that are linked to a specified performance are recognized after the corresponding criteria are met. 18.3. Dividend revenue For the investments that are not associates or joint ventures, dividends are recognized when the right to payment of the Bank is established, which is generally when the stockholders declares the dividend. These are included in the statement of income as Dividends received and share of profits of equity method investees. 18.4. Total operating income, net The income derived from commercial operations ( trading ) includes all profits and losses from variations in the fair value and revenue or expenses for related interests from financial liabilities or assets. This includes any ineffectiveness registered in the hedging transactions.
Income tax	19. Income tax The Bank recognizes, when appropriate, deferred tax assets and liabilities by estimating the future tax effects attributable to differences between book values of assets, liabilities and their tax bases. Deferred tax assets and liabilities are measured based on the tax rate that, in accordance with the valid tax laws in each country where the Bank has operations, must be applied in the year in which the deferred tax assets and liabilities are expected to be realized or settled. The future effects of changes in tax laws or tax rates are recognized in the deferred taxes as from the date of publication of the law providing for such changes. Tax bases for deferred tax must be calculated by factoring in the definition of IAS 12 and the value of the assets and liabilities that will be realized or settled in the future according to the valid tax laws of each of the countries where The Bank has operations. Deferred tax liabilities due to deductible temporary differences associated with investments in subsidiary and associated entities or shares in joint ventures, are recognized except when the Bank is able to control the period in which the deductible temporary difference is reverted, and it is likely that the temporary difference will not be reverted in the foreseeable future. Deferred tax assets, identified with temporary differences, are only recognized if it is considered likely that The Bank will have sufficient taxable income in the future that allow it to be recovered. Tax credit from fiscal losses and surplus amounts from the presumptive income on the net income are recognized as a deferred asset, provided that it is likely that the Bank will generate future net income to allow their offset. The deferred tax is recorded as debit or credit according to the result of each of the companies that form the Bank and for the purpose of disclosure on the Statement of Financial Position it is disclosed as net. The deferred tax expense is recognized in the statement of income under the heading Income Tax, except when referring to amounts directly recognized in the OCI (Other Comprehensive Income). Regulatory changes in tax laws and in tax rates are recognized in the statement of income under the heading Income Tax in the period when such rule becomes enforceable. Interest and fines are recognized in the consolidated income statement under the other administrative and general expenses. The Bank periodically assesses the tax positions adopted in tax returns and according to the results of the tax audits conducted by the tax authorities determines possible tax outcomes provided it has a present obligation and it is more likely than not that the Bank will have to dispose of the economic resources to cancel the obligation, and the Bank can reliable estimate of the amount of the obligation. The recorded sums are based on the estimated fair amount that is expected to cover the amount expected to be paid in the future. Revisions of tax returns must be documented, as well as any uncertain tax positions that are taken in them. Transfer pricing policy The Bank has as a general policy that each of its companies be responsible for their income, costs and expenses independently. The above taking into account the regulation for the Matrix provided for in the Organic Statute of the Financial System (article 119 numeral 4) which in relation to the autonomy of the subsidiaries states that: "The activity of the subsidiaries of entities subject to the control and supervision of the Colombian Superintendency of Finance must be carried out in conditions of independence and administrative autonomy, so that they have sufficient capacity of own decision to carry out the operations that constitute their object". The Bank recognizes operations with economic links applying the Arm’s Length Principle. These operations are documented and reported to the tax administration.
Operating segments	20.Operating segments Operating segments are defined as components of the Bank that are engaged in business activities from which they may earn revenues and incur expenses, for which separate financial information is available that is regularly used by the chief operating decision maker in deciding how to allocate resources and assessing performance. The Bank manages and measures the performance of its operations through the operating segments using the same accounting policies described in the summary of significant accounting policies described in Note 3 Operating segments.
Earnings per share	21. Earnings per share The basic earnings per share are calculated by dividing net income attributable to the ordinary equity holders of the Parent Company by the weighted average number of ordinary shares outstanding during the period. To calculate diluted earnings per share, the net income attributable to ordinary equity holders, and the weighted average number of outstanding shares is adjusted by the dilutive effects inherent to potential ordinary shares. Currently, the Bank does not have any dilutive instruments as to be considered in the diluted earnings per share due to the fact that the Bank’s shares are anti-dilutive.
Paid-in capital	22. Paid-in capital Corresponds to the amount paid by the shareholders in excess of the nominal value of the share.
Use of estimates and judgments	E. Use of estimates and judgments The preparation of consolidated financial statements requires the Bank’s management make judgments, estimates and assumptions that affect the application of accounting policies and the recognized amounts of assets, liabilities, income and expenses. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Judgments or changes in assumptions are disclosed in the notes to the consolidated financial statements. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under current circumstances. Actual results may differ from these estimates if assumptions and conditions change. The significant accounting policies that the Bank uses in preparing its consolidated financial statements are detailed below: 1. Credit risk Impairment: Expected credit losses are calculated using individual and collective models and methodologies based on assumptions and judgement considering historical credit data, current situation and reasonable and supportable forecasts of future economic conditions. The estimation of impairment charges is a critical accounting policy because of the significance of this line item, the sensitivity of the charges to changes in assumptions about future events and other somewhat subjective judgments that are incorporated in the individual credit loss models. Some relevant assumptions must be made to operate the mathematical models behind the expected credit loss assessment. Assumptions such as the time past due payments to consider a client to have a significan risk increase or to be in default are leveraged from historical data and then reviewed by expert panels. Other assumptions such as the future economic conditions, the conformation of plausible future economic scenarios and the likelihood of those scenarios have a high impact on lifetime default probability models. These scenarios are determined and leveraged by the Direction of Economic Research, which operates with independently of the Bank’s risk management division. The main factors considered in collective estimations of credit losses are the definition of significant increase in credit risk, definition of default, collateral values, loan maturity and macroeconomic forecast of variables such as unemployment, GDP, interest rates, among others. It is also important to consider and any other variable that could influence a client´s willingness to pay. In addition, individual credit losses models consider assumptions on how the financial performance and future cash flow of a client could be affected the client´s expected future operational and commercial activity, if generate sufficient cash to pay debt obligations and trends and regulatory changes in the economic sector in which the client operates, changes in the collateral value, as well as other internal or external factors. Given the inherent uncertainties and the high level of subjectivity involved in the assessment of three following factors, it is possible that the outcomes in the next financial year could differ from the expectations on which management’s estimates are based: o Exposure at default: It is understood as the exposed balance of assets to the current capital balance, interest and receivable accounts. In the case of products whose nature is revolving and that have an available quota that is susceptible to be used in its entirety according to loan contracts subscribed with clients, this parameter includes an estimation of the use of those products after the client’s default. o Probability of default (PD): This is the probability that the debtor fails to fulfill their obligations of capital and/or interest payment over a period of twelve months. This is linked to the rating/scoring of each debtor/operation. o Loss given default (LGD): This is defined as the economic impairment in which the entity would incur in the event of any instance of default. This depends mainly upon the characteristics of the debtor and upon the valuation of guarantees or collateral associated with the operation. Impairment loss models and methodologies, and the related assumptions, are assessed by the Bank's Risk vice-presidency on a regular basis, using robust validation procedures in order to assure a reasonable coverage of effective losses. This process enables management to periodically determine whether assumptions and models used to measure credit risk impairment should be adjusted to achieve more precise estimations. Internal controls, data governance standards and approval processes have been implemented by the Bank to make estimations more accurate. For further details please see Note 2 Significant Accounting Policies, section 7.4.5 Impairment of financial assets at amortized cost or at fair value through other comprehensive income "FVOCI". 2. Impairment testing of CGU including goodwill: The Bank tests goodwill recognized upon business combinations for impairment at least annually. The impairment test for goodwill involves estimates and significant judgments, including the identification of cash generating units and the allocation of goodwill based on the expectations of which operating segments the Bank will benefit from the acquisition. The fair value of the acquired companies is sensitive to changes in the valuation models’ assumptions. Adverse changes in any of the factors underlying these assumptions could lead the Bank to record a goodwill impairment charge. Management believes that the assumptions and estimates used are reasonable and supportable in the existing market environment and commensurate with the risk profile of the assets valued. See Note 9 Goodwill and intangible assets, net for further information related to carrying amount, valuation methodologies, key assumptions and the allocation of goodwill. 3. Deferred tax: Deferred tax assets and liabilities are recorded on deductible or levied temporary differences originating between tax and accounting bases, taking into account the valid tax rules applicable in each country where the Bank has operations. Due to the changing conditions of the political, social and economic environment, the constant amendments to tax legislation and the permanent changes in the tax principles and changes in interpretations by tax authorities determining the tax bases for the deferred tax items involves difficult judgments including estimates of future gains, offsets or tax deductions. Accordingly, the determination of the deferred tax is considered a critical accounting policy. For more information relating to the nature of deferred tax assets and liabilities recognized by the Bank, please see Note 12 Income tax. 4. Provisions and contingent liabilities: The Bank is subject to contingent liabilities, including those arising from judicial, regulatory, arbitration proceedings, tax and other claims arising from the conduct of the Bank’s business activities. These contingencies are evaluated based on management’s best estimates and provisions are established for legal and other claims by assessing the likelihood of the loss actually occurring as probable, possible or remote. Contingences are provisioned are recorded when all the information available indicates that it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation before the statement of financial position date and the amounts may be reasonably estimated. The Bank engages internal and external experts in assessing probability and in estimating any amounts involved. Throughout the life of a contingency, the Bank may learn of additional information that can affect assessments regarding probability or the estimates of amounts involved; changes in these assessments can lead to changes in recorded provisions. The Bank considers the estimates used to determine the provisions for contingent liabilities are critical estimates because the probability of their occurrence and the amounts that the Bank may be required to pay are based on the Bank’s judgment and those of its internal and external experts, which will not necessarily coincide with the future outcome of the proceedings. For further information regarding legal proceedings and contingencies and it is carrying amounts. See Note 21 Provisions and contingent liabilities. 5. Fair value of financial assets and liabilities: Financial assets and liabilities recorded at fair value on the Bank’s statement of financial position include debt, equity securities and derivatives classified at fair value through profit or loss, debt classified at fair value through other comprehensive income and equity securities which the Bank has made an irrevocable election to present changes in its fair value in other comprehensive income. To increase consistency and comparability in fair value measurements and related disclosures, IFRS 13 Fair value measurement specifies different levels of inputs that may be used to measure the fair value of financial instruments. In accordance with this standard, financial instruments are classified as follows: Level 1: Assets and liabilities are classified as Level 1 if there are observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. An active market is one in which transactions occur with sufficient volume and frequency to provide pricing information on an ongoing basis. Instruments are valued by reference to unadjusted quoted prices for identical assets or liabilities in active markets where the quoted price is readily available, and the price represents actual and regularly occurring market transactions. Level 2: Assets and liabilities are classified as Level 2 if in the absence of a market price for a specific financial instrument, its fair value is estimated using models whose input data are observable for recent transactions of identical or similar instruments. Level 3: Assets and liabilities are classified as level 3 if unobservable input data were used in the measurement of fair value that are supported by little or no market activity and that are significant to the fair value of these assets or liabilities. All transfers between the aforementioned levels are assumed to occur at the end of the reporting period. The measurement of the fair value of financial instruments generally involves a higher degree of complexity and requires the application of judgments especially when the models use unobservable inputs (level 3) based on the assumptions that would be used in the market to determinate the price for assets or liabilities. For further details, as carrying amount and sensitivity disclosures, please see Note 30 Fair value of assets and liabilities. 6. Measurement of Employee benefits: The measurement of post-employment benefit obligations and long-term employee benefits takes into account a range of inputs and it is dependent upon a series of assumptions of future events. The projected unit credit method is used to determine the present value of the obligation for the defined benefits and its associated cost. Future measurements of obligations may differ to those presented in the financial statements, among others, due to changes in economic and demographic assumptions and significant events. For further information, see Note 19 Employee benefit plans. 7. Transaction price determination With respect to contracts with the Bank’s customers, for the determination of the transaction price, the Bank allocates to each one of the performance obligations under the contract the price which represents the value expected to be received to each such performance obligation based on its relative stand-alone selling price. Such price is determined based on the cost of each service, related tax and associated risks to the operation and inherent to the transaction, plus the margin expected to be received for the services, considering in each case the market price for the service, the conditions agreed with the customer and the customer’s segment. The bank has fixed and variable prices considering the characteristics of each service, future events, discounts, returns and other variables that may influence the selling price. No significant financing components are factored in the determination of the selling price. 8. Leases Application since January 1, 2019: The measurement of the right of use asset and of the lease liabilities requires a series of judgments, among which are the determination of the term of the lease and the rate used in discounting the cash flows. The term of the lease was defined according to the historical information of the contracts and the period over which an asset is expected to be economically usable, which involves a high degree of uncertainty due to the use of relevant information about past events. For the Bank's case, it was not possible to determine or obtain an interest rate implicit in the lease; therefore, the weighted average lessee's incremental borrowing rate was used to discount the cash flows associated with the leases. The Bank performs analyses taking in account the currency, lease term, economic environment and class of underlying assets as to determinate the weighted average lessee’s incremental borrowing rate. 9. Uncertainty over Income Tax Treatments In the process of determining the current and deferred tax for periods subject to review by the tax authority, the applicable rules have been applied and interpretations have been made to take positions, on which different interpretations could arise from those made by the entity. Due to the complexity of the tax system, the continuous modifications of the fiscal rules, the accounting changes with implications in the tax bases and in general the legal instability of the country, at any time the tax authority could have different criteria from the Bank. Therefore, a dispute or inspection by the tax authority on a specific tax treatment may affect the deferred or current tax asset or liability bank´s accounting, in accordance with the requirements of IAS 12. The Management and its advisors consider that their actions taken about the estimates and judgments made in each fiscal period correspond to those indicated by the current tax regulations, therefore have not considered it necessary to recognize any additional provisions to those indicated in Note 12 Income tax.
Recently Issued Accounting Pronouncements	F. Recently issued accounting pronouncements a) Accounting Pronouncements Applicable in 2019 IFRS 16 Leases: On January 13, 2016 the IASB issued IFRS 16 Leases that replaces IAS 17 leases, IFRIC 4 Determination of whether a contract contains a lease, SIC 15 Incentives in lease agreements and SIC 27 Evaluation of the substance of the transaction. This standard is effective as of January 1, 2019 and establishes the principles of recognition, measurement, presentation and disclosure of leases and requires lessees to account for all their leases under the same balance sheet model similar to the accounting under IAS 17 on financial leases. At the beginning of the lease, the lessee will recognize a liability for the lease payments (liability for lease) and an asset that would represent the right to use the underlying asset during the term of the lease (right to use the asset). Lessees must separately recognize the interest expense of the lease liability and the depreciation expense of the right to use. Lessees must also adjust the lease liability from the occurrence of certain events (for example, a change in the term of the lease, a change in the assessment of an option to purchase the underlying asset, a change in the amounts expected to be payable under a residual value guarantee or a change in future lease payments as a result of a change in the rate or rate used to determine such lease payments). The lessee will generally recognize the amount of the adjustment to the lease liability as an adjustment to the right-to-use asset. The standard includes two recognition exemptions for lessees: leasing of low-value assets (for example, personal computers) and short-term leases (that is, leases with a term of less than 12 month and leases that do not contain a purchase option) . The accounting of the lessor under IFRS 16 does not have substantial modifications with respect to that made under the requirements of IAS 17. The lessors will continue to classify all their leases using the same classification principles of IAS 17, between financial and operating leases. For further information about the adoption of IFRS 16 and the impacts recognized in the Bank´s financial statements, please see Note 32. Impacts on application of new standards. IFRS 9, Financial Instruments: In July 2014 the IASB issued the final version of IFRS 9 that completed the replacement project of IAS 39 –Financial instruments: Classification and measurement mainly introducing new criteria for classification and subsequent measurement of financial assets and liabilities, impairment requirements related to expected loss accounting and hedge accounting. The effective application of the final version of this IFRS will be from January 1, 2018, except for hedge accounting which has been adopted by the Bank since January 1, 2019. Hedge accounting: These requirements align hedge accounting more closely with risk management, establishing a more principle-based approach to hedge accounting and addressing inconsistencies and weaknesses in the hedge accounting model in IAS 39. Entities have been provided with an accounting policy option between applying the hedge accounting requirements of IFRS 9 or continuing with the application of the existing hedge accounting requirements of IAS 39 for all hedge accounting, as the project on macro hedge accounting has not yet been completed. For further information about the impact of transition to IFRS 9, 2014 version in the Bank´s financial statements, please see Note 32 Impacts on application of new standards. Annual improvements to IFRS Cycle 2015‑2017 · Amendments to IFRS 3 Business combination: The amendments to IFRS 3 clarify that when an entity obtains control of a business that is a joint operation, it remeasures previously held interests in that business. · Amendments to IFRS 11 Joint Arrangements : The amendments to IFRS 11 clarify that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business. · Amendments to IAS 12 Income taxes: The amendments to IAS 12 clarify the recognition of the tax effects for dividends as defined in IFRS 9, when a liability is recognized for payment of the dividend. The tax effects of dividends are linked more directly to past transactions or events that generate distributable profits than to distributions to owners. Therefore, an entity shall recognize the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognized those past transactions or events. · Amendments to IAS 23 Borrowing Costs: The amendments clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalization rate on general borrowings. During 2019, no impact was recognized in the Bank's financial statements as a result of this amendments. An entity shall apply those amendments for annual reporting periods beginning on or after January 01, 2019. IFRIC 23 uncertainty over income tax treatments: This interpretation has the object of reducing the diversity there is in the recognition and calculation of a tax liability or an asset when there is uncertainty about tax treatment. According to IASB, this interpretation applies to all accounting aspects of the income tax when there is uncertainty regarding the treatment of an element, including the tax gain or loss, the assets and liabilities tax bases, tax loss and credit and tax rates. This interpretation is mandatory for the annual periods beginning on or after January 1, 2019. The Bank shall reflect the effect of an uncertain tax position about the income tax, when it will be concludes that it is unlikely that the tax authority will accept an uncertain tax treatment and, therefore, it will likely pay amounts relating to the uncertain tax treatment. In the determination of the current and deferred tax for periods subject to review by the tax authority, the applicable rules have been applied and interpretations have been made to take positions, on which different interpretations could be taken. As of result of the complexity of the tax system, the continuous modifications to fiscal rules, the accounting changes with implications in the tax bases and in general the legal instability of the country in some issues such as deductible expenses such as provisions, depreciation, amortization and expenses in general or in untaxed income that at any time could the tax authority have different interpretation from that of the Bank; However, the Bank and its advisors consider that their actions judgments and estimates made in each fiscal period correspond to those indicated by the tax regulations in force and, therefore, they have not considered it necessary to recognize any additional provision to those indicated in Note 21 Provisions and contingent liabilities to the financial statements. Improvements to IAS 28 Long-term interests in associates and joint ventures: The board clarifies that long-term interests in an associate or joint venture which, in essence, are part of a net investment in the associate or joint venture, are within IFRS 9, and thus, the value impairment requirements of IFRS 9 apply to these interests. An entity shall apply these amendments retroactively, in accordance with IAS 8 to the annual periods which are to be reported starting on or after January 1, 2019. From Management's point of view the amendments eliminates ambiguity in the wording of the standard IAS 28, and applying IFRS 9 to other financial instruments held by the Bank and its subsidiaries at the beginning of this annual reporting period, that, in substance, form part of the Bank's net investment in its associates or joint ventures, no impacts were identified to be recognized in the opening retained earnings. Amendments to IAS 19: The amendments clarify that an entity first determines any past service cost, or a gain or loss on settlement, without considering the effect of the asset ceiling. This clarification provides that entities might have to recognize a past service cost, or a gain or loss on settlement, that reduces a surplus that was not recognized before. Changes in the effect of the asset ceiling are not netted with such amounts. This amount is recognized in profit or loss. An entity then determines the effect of the asset ceiling after the plan amendment, curtailment or settlement. Any change in that effect, excluding amounts included in the net interest, is recognized in other comprehensive income. The Bank expect no impacts due to this modification, since its application is prospective and to date these events have not been presented. The amendments to this accounting standard implied an adjustment to the deferred tax calculated as of December 31, 2018, when the accounting basis of the liability (asset) was modified using updated actuarial assumptions to determine the cost of services for the current period and the net interest, for the rest of the annual period. The amendment is effective for annual periods beginning on or after January 1, 2019. b) Recently Issued Accounting Pronouncements Applicable in Future Periods Conceptual Framework: The IASB issued the Conceptual Framework in March 2018, effective for annual periods beginning on or after January 01, 2020. It sets out a comprehensive set of concepts for financial reporting, standard setting, guidance for preparers in developing consistent accounting policies and assistance to others in their efforts to understand and interpret the standards. The Conceptual Framework includes some new concepts, provides updated definitions and recognition criteria for assets and liabilities and clarifies some important concepts. Management evaluated the impact of the changes that the amendment of Conceptual Framework would have on the Bank and its financial statements and disclosures, and no impact is expected. Annual improvements to IFRS Cycle 2018-2020 During 2019, the following amendments have been evaluated by the Bank. Their impacts and the implementation dates will be decided after exposure by IASB: · IFRS 1 First-time Adoption of International Financial Reporting Standards: The Board proposes to require a subsidiary that elects to apply paragraph D16(a) of IFRS 1 First-time Adoption of International Financial Reporting Standards to measure cumulative translation differences using the amounts reported by the parent, based on the parent's date of transition to IFRSs. This proposed amendment would also apply to an associate or joint venture that elects to apply paragraph D16 (a) of IFRS 1. · IFRS 9 Financial Instruments: In determining whether to derecognize a financial liability that has been modified or exchanged, an entity assesses whether the terms are substantially different. The Board proposes to clarify the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. · Illustrative Examples accompanying IFRS 16 Leases: The Board proposes to amend Illustrative Example 13 accompanying IFRS 16 Leases to remove the illustration of payments from the lessor relating to leasehold improvements. The proposed amendment would remove potential for confusion regarding the treatment of lease incentives applying IFRS 16. Amendments to IAS 1 Presentation of Financial Statements: On January 23, 2020, the IASB issued amendments to IAS 1 Presentation of Financial Statements (the amendments) to clarify the requirements for classifying liabilities as current or non-current. More specifically: - The amendments specify that the conditions which exist at the end of the reporting period of an obligation are those which will be used to determine if a right to defer settlement of a liability exists. - Management expectations about events after the balance sheet date, for example on whether a covenant will be breached, or whether early settlement will take place, are not relevant - The amendments clarify the situations that are considered settlement of a liability. Currently, IAS 1 requires a company to classify a liability as current unless, among other things, the company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. The amendments clarify that the classification of liabilities as current or noncurrent is solely based on the entity’s right to defer settlement at the end of the reporting period. The entity’s right to defer settlement for at least for 12 months from the reporting date must not be unconditional but must have substance. The classification is not affected by management’s intentions or expectations about whether the entity will exercise its right. The amendments to IAS 1 are required to be applied for annual periods beginning on or after 1 January 2022. The amendments must be applied retrospectively in accordance with IAS 8. Early application is permitted. Management is evaluating the impact of the modification in the Bank´s statement of financial position and disclosures.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of Significant Accounting Policies
Schedule of corporate group	The Parent Company has the following subsidiaries making up the Bank´s organizational structure, which is currently registered as a corporate group: PROPORTION OF PROPORTION OF PROPORTION OF JURISDICTION OWNERSHIP OWNERSHIP OWNERSHIP ENTITY OF BUSINESS INTEREST AND INTEREST AND INTEREST AND INCORPORATION VOTING POWER VOTING POWER VOTING POWER HELD BY THE HELD BY THE HELD BY THE BANK 2019 BANK 2018 BANK 2017 Fiduciaria Bancolombia S.A. Sociedad Fiduciaria Colombia Trust 98.81 % 98.81 % 98.81 % Banca de Inversión Bancolombia S.A. Corporación Financiera Colombia Investment banking 100.00 % 100.00 % 100.00 % Valores Bancolombia S.A. Comisionista de Bolsa Colombia Securities brokerage 100.00 % 100.00 % 100.00 % Renting Colombia S.A.S. Colombia Operating leasing 100.00 % 100.00 % 100.00 % Transportempo S.A.S. Colombia Transportation 100.00 % 100.00 % 100.00 % Valores Simesa S.A. (1) Colombia Investments 67.11 % 67.73 % 68.57 % Inversiones CFNS S.A.S. Colombia Investments 99.94 % 99.94 % 99.94 % Pasarela Colombia S.A.S (before BIBA Inmobiliaria S.A.S.) Colombia Real estate broker 100.00 % 100.00 % 100.00 % Fondo de Capital Privado Fondo Inmobiliario Colombia (2) Colombia Real estate broker 49.96 % 51.29 % 63.47 % Fideicomiso "Lote Abelardo Castro" Colombia Mercantil trust 66.77 % 67.39 % 68.23 % Fideicomiso Lote Distrito Vera B1B2 (3) Colombia Mercantil trust 66.77 % - - Fideicomiso Lote Distrito Vera B3B4 (3) Colombia Mercantil trust 66.77 % - - Bancolombia Panamá S.A. Panama Banking 100.00 % 100.00 % 100.00 % Sistemas de Inversiones y Negocios S.A. Sinesa Panama Investments 100.00 % 100.00 % 100.00 % Banagrícola S.A. Panama Investments 99.17 % 99.16 % 99.16 % Banistmo S.A. Panama Banking 100.00 % 100.00 % 100.00 % Banistmo Investment Corporation S.A. Panama Trust 100.00 % 100.00 % 100.00 % Financomer S.A. Panama Financial services 100.00 % 100.00 % 100.00 % Leasing Banistmo S.A. Panama Leasing 100.00 % 100.00 % 100.00 % Valores Banistmo S.A. Panama Purchase and sale of securities 100.00 % 100.00 % 100.00 % Banistmo Panama Fondo de Inversión S.A. (Before Suvalor Panamá Fondos de Inversión S.A.) Panama Holding 100.00 % 100.00 % 100.00 % PROPORTION OF PROPORTION OF PROPORTION OF JURISDICTION OWNERSHIP OWNERSHIP OWNERSHIP ENTITY OF BUSINESS INTEREST AND INTEREST AND INTEREST AND INCORPORATION VOTING POWER VOTING POWER VOTING POWER HELD BY THE HELD BY THE HELD BY THE BANK 2019 BANK 2018 BANK 2017 Fondo Renta Fija Valor, S.A. (before Suvalor Renta Fija Internacional Largo Plazo S.A.) (4) Panama Collective investment fund - 100.00 % 100.00 % Suvalor Renta Fija Internacional Corto Plazo S.A. Panama Collective investment fund 100.00 % 100.00 % 100.00 % Suvalor Renta Variable Colombia, S.A. (5) Panama Collective investment fund 100.00 % - - Banistmo Capital Markets Group Inc. (6) Panama Purchase and sale of securities 100.00 % 100.00 % 100.00 % Anavi Investment Corporation S.A. (6) Panama Real estate broker 100.00 % 100.00 % 100.00 % Desarrollo de Oriente S.A. (6) Panama Real estate broker 100.00 % 100.00 % 100.00 % Steens Enterpresies S.A. (6) Panama Portfolio holder 100.00 % 100.00 % 100.00 % Ordway Holdings S.A. (6) Panama Real estate broker 100.00 % 100.00 % 100.00 % Van Dyke Overseas Corp. (7) Panama Real estate broker - - 100.00 % Inmobiliaria Bickford S.A. (7) Panama Real estate broker - - 100.00 % Williamsburg International Corp. (7) Panama Real estate broker - - 100.00 % Grupo Agromercantil Holding S.A. Panama Holding 60.00 % 60.00 % 60.00 % Banco Agrícola S.A. El Salvador Banking 97.36 % 97.36 % 97.36 % Arrendadora Financiera S.A. Arfinsa El Salvador Leasing 97.37 % 97.37 % 97.37 % Credibac S.A. de C.V. El Salvador Credit card services 97.36 % 97.36 % 97.36 % Valores Banagrícola S.A. de C.V. El Salvador Securities brokerage 98.89 % 98.89 % 98.89 % Inversiones Financieras Banco Agrícola S.A IFBA El Salvador Investments 98.89 % 98.89 % 98.89 % Gestora de Fondos de Inversión Banagricola S.A. El Salvador Administers investment funds 98.89 % 98.89 % 98.89 % Arrendamiento Operativo CIB S.A.C. (8) Peru Operating leasing - 100.00 % 100.00 % FiduPerú S.A. Sociedad Fiduciaria (8) Peru Trust - 98.81 % 98.81 % Fondo de Inversión en Arrendamiento Operativo - Renting Perú (7) Peru Car Rental - - 100.00 % Capital Investments SAFI S.A. (7) Peru Trust - - 100.00 % Leasing Perú S.A. (7) Peru Leasing - - 100.00 % Banagrícola Guatemala S.A. (7) Guatemala Outsourcing - - 99.16 % Banco Agromercantil de Guatemala S.A. Guatemala Banking 60.00 % 60.00 % 60.00 % Seguros Agromercantil de Guatemala S.A. Guatemala Insurance company 59.17 % 59.17 % 59.17 % Financiera Agromercantil S.A. Guatemala Financial services 60.00 % 60.00 % 60.00 % Agrovalores S.A. Guatemala Securities brokerage 60.00 % 60.00 % 60.00 % Tarjeta Agromercantil S.A. (7) Guatemala Credit Card - - 60.00 % Arrendadora Agromercantil S.A. Guatemala Operating Leasing 60.00 % 60.00 % 60.00 % Agencia de Seguros y Fianzas Agromercantil S.A. Guatemala Insurance company 60.00 % 60.00 % 60.00 % Asistencia y Ajustes S.A. Guatemala Services 60.00 % 60.00 % 60.00 % Serproba S.A. Guatemala Maintenance and remodelling services 60.00 % 60.00 % 60.00 % Servicios de Formalización S.A. Guatemala Loans formalization 60.00 % 60.00 % 60.00 % PROPORTION OF PROPORTION OF PROPORTION OF JURISDICTION OWNERSHIP OWNERSHIP OWNERSHIP ENTITY OF BUSINESS INTEREST AND INTEREST AND INTEREST AND INCORPORATION VOTING POWER VOTING POWER VOTING POWER HELD BY THE HELD BY THE HELD BY THE BANK 2019 BANK 2018 BANK 2017 Conserjeria, Mantenimiento y Mensajería S.A. Guatemala Maintenance services 60.00 % 60.00 % 60.00 % Media Plus S.A. (7) Guatemala Advertising and marketing - - 60.00 % Mercom Bank Ltd. Barbados Banking 60.00 % 60.00 % 60.00 % New Alma Enterprises Ltd. Bahamas Investments 60.00 % 60.00 % 60.00 % Bancolombia Puerto Rico Internacional Inc. Puerto Rico Banking 100.00 % 100.00 % 100.00 % Bancolombia Caymán S.A. Cayman Islands Banking 100.00 % 100.00 % 100.00 % Bagrícola Costa Rica S.A. Costa Rica Outsourcing 99.17 % 99.16 % 99.16 % (1) The decrease in the shareholding is due to the repurchase outstanding stock carried out by the subsidiary during 2018 and 2019. (2) The Bank's shareholding decreased during 2018 and 2019. However, It is defined as a Subsidiary, given the significant control and influence over the PA. Management Board responsible for appointing the management staff and the employees of the PA. (3) Investments effected in 2019. (4) Investment not consolidated during 2019 because it does not meet control requirements. (5) Investment consolidated by Banistmo during 2019. (6) Investments in non-operational stage. (7) Investment liquidated during 2018. (8) Companies sold during 2019. For more information see Note 1. Reporting Entity
Schedule of consolidated funds	The Bank consolidates the following funds: % of ownership % of ownership % of ownership Assets managed Name Country interest held by interest held by interest held by December 31, December 31, the Bank, 2019 the Bank, 2018 the Bank, 2017 2019 2018 Fondo de Capital Privado Fondo Inmobiliario Colombia Colombia 49.96 % 51.29 % 63.47 % 3,751,981 3,205,133 Fideicomiso “Lote Abelardo Castro” Colombia 66.77 % 67.39 % 68.23 % 12,900 11,616 Fideicomiso Lote Distrito Vera B1B2 Colombia 66.77 % — — 63,010 — Fideicomiso Lote Distrito Vera B3B4 Colombia 66.77 % — — 60,684 — Banistmo Panama Fondo de Inversión S.A. (Before Suvalor Panamá Fondos de Inversión S.A.) Panamá 100.00 % 100.00 % 100.00 % 246 244
Schedule of exchange rate used by the Bank and its subsidiaries	The table below sets forth the exchange rate used by the Bank and its subsidiaries to convert statement of financial position accounts and transactions in U.S. dollar into Colombian pesos: December 31, 2019 December 31, 2018 December 31, 2017 Year end exchange rate 3,277.14 3,249.75 2,984.00 Average rate for the period ended at 3,282.39 2,956.55 2,951.21
Schedule of detailed information about the degree of credit risk in three different phases	The model is structured in three phases in which the financial asset can be categorized, from its initial recognition, considering the degree of credit risk and the circumstances that have produced a significant increase in it. Stage 1 12-month expected credit losses Stage 2 Lifetime expected credit losses Stage 3 Lifetime expected credit losses
Schedule of cure period assets restructured by risk	§ The following table shows the cure period for each portfolio and country for the assets restructured by risk: Country Portfolio Months Colombia SME Commercial 36 Corporate Mortgage 34 Consumer 22 Panamá Consumer 19 Mortgage 14 El Salvador Commercial 18 Consumer 18 Mortgage 34
Schedule of credit loss measurement and participation of loan and receivables	The following table show the participation for each of the stages. The distribution of stage 2 loans are detailed according to the reasons that represent the significant increase in credit risk. Stage 2 Stage 3 Portfolio Stage 1 Threshold Watch List Restructured More Than Total Commercial 87.40 % 26.77 % 66.46 % 3.76 % % 4.84 % 7.70 % Consumer 90.25 % 57.62 % 0.59 % 18.36 % % 5.05 % 4.70 % Mortgage 89.86 % 71.10 % 0.03 % 6.75 % % 5.94 % 4.21 % Total Portfolio 88.37 % 40.93 % 41.00 % 7.42 % % 5.04 % 6.55 % * The significant increase in credit risk for Banistmo’s mortgage portfolio is 60 days past due.
Schedule of information about the projections of macroeconomic variables	The following table sets forth the main macroeconomic variables that are used to incorporate the prospective information and its projections: Scenarios Macroeconomic Projections Colombia Base Scenario Repurchase Current Year GDP Inflation agreements Unemployment Account Fiscal 2017 1.44 % 4.09 % 4.75 % 10.62 % (3.35) % (3.66) % 2018 2.44 % 3.18 % 4.25 % 10.77 % (3.94) % (3.10) % 2019 3.11 % 3.90 % 4.25 % 11.16 % (4.40) % (2.46) % 2020 3.27 % 3.50 % 4.50 % 10.80 % (4.50) % (2.57) % 2021 3.27 % 3.62 % 4.75 % 10.95 % (4.40) % (2.46) % 2022 3.43 % 3.08 % 4.75 % 10.77 % (4.20) % (2.26) % 2023 3.49 % 3.23 % 4.50 % 10.73 % (4.05) % (2.05) % 2024 3.51 % 3.47 % 4.50 % 10.57 % (3.95) % (2.15) % Optimistic Scenario Repurchase Current Year GDP Inflation agreements Unemployment Account Fiscal 2017 1.44 % 4.09 % 4.75 % 10.62 % (3.35) % (3.66) % 2018 2.44 % 3.18 % 4.25 % 10.77 % (3.94) % (3.10) % 2019 3.28 % 3.50 % 4.25 % 11.06 % (4.10) % (2.20) % 2020 3.58 % 2.60 % 3.50 % 10.53 % (4.10) % (2.26) % 2021 3.57 % 2.40 % 3.00 % 10.58 % (4.00) % (1.85) % 2022 3.73 % 1.90 % 3.00 % 10.26 % (3.85) % (1.64) % 2023 3.79 % 2.00 % 3.25 % 10.10 % (3.70) % (1.54) % 2024 3.87 % 2.30 % 3.50 % 9.79 % (3.40) % (1.44) % Pessimistic Scenario Repurchase Current Year GDP Inflation agreements Unemployment Account Fiscal 2017 1.44 % 4.09 % 4.75 % 10.62 % (3.35) % (3.66) % 2018 2.44 % 3.18 % 4.25 % 10.77 % (3.94) % (3.10) % 2019 3.00 % 4.20 % 4.50 % 11.29 % (4.82) % (2.98) % 2020 2.89 % 4.30 % 5.25 % 11.01 % (5.00) % (3.18) % 2021 2.95 % 4.80 % 5.50 % 11.31 % (4.90) % (3.49) % 2022 3.10 % 4.30 % 5.50 % 11.26 % (4.90) % (3.59) % 2023 3.14 % 4.40 % 5.50 % 11.37 % (4.70) % (3.59) % 2024 3.14 % 4.70 % 5.75 % 11.38 % (4.50) % (3.49) % Scenarios Macroeconomic Projections Panama Base Scenario Year GDP Inflation Unemployment Current Fiscal 2017 5.33 % 0.48 % 5.85 % (6.01) % (1.90) % 2018 3.68 % 0.16 % 5.90 % (10.48) % (2.06) % 2019 3.33 % (0.52) % 6.75 % (9.02) % (3.69) % 2020 4.19 % 0.70 % 5.91 % (8.25) % (2.50) % 2021 4.56 % 1.75 % 5.01 % (6.50) % (2.03) % 2022 5.09 % 2.24 % 4.24 % (5.94) % (1.90) % 2023 5.00 % 2.40 % 3.59 % (5.94) % (1.90) % 2024 5.00 % 2.43 % 3.03 % (5.94) % (1.90) % Optimistic Scenario Year GDP Inflation Unemployment Current Fiscal 2017 5.33 % 0.48 % 5.85 % (6.01) % (1.90) % 2018 3.68 % 0.16 % 5.90 % (10.48) % (2.06) % 2019 3.42 % (0.13) % 6.75 % (8.47) % (3.49) % 2020 4.40 % 1.04 % 5.32 % (7.01) % (2.25) % 2021 4.78 % 2.63 % 4.50 % (5.53) % (1.62) % 2022 5.60 % 2.64 % 3.81 % (4.75) % (1.52) % 2023 5.50 % 2.84 % 3.23 % (4.75) % (1.33) % 2024 5.50 % 2.87 % 2.73 % (4.75) % (1.33) % Pessimistic Scenario Year GDP Inflation Unemployment Current Fiscal 2017 5.33 % 0.48 % 5.85 % (6.01) % (1.90) % 2018 3.68 % 0.16 % 5.90 % (10.48) % (2.06) % 2019 3.23 % (0.79) % 6.75 % (9.57) % (3.88) % 2020 3.99 % 0.49 % 6.50 % (9.48) % (2.75) % 2021 4.33 % 1.23 % 5.51 % (8.45) % (2.27) % 2022 4.58 % 1.57 % 4.66 % (7.72) % (2.13) % 2023 4.50 % 1.68 % 3.94 % (7.72) % (2.19) % 2024 4.50 % 1.70 % 3.34 % (7.72) % (2.19) % Scenarios Macroeconomic Projections El Salvador Base Scenario Year GDP Inflation Current Fiscal 2017 2.26 % 2.04 % (1.81) % (2.41) % 2018 2.54 % 0.40 % (4.75) % (2.46) % 2019 2.17 % (0.20) % (2.68) % (1.50) % 2020 2.38 % 0.85 % (3.02) % (3.00) % 2021 2.38 % 1.24 % (3.07) % (2.67) % 2022 2.38 % 1.50 % (3.08) % (2.46) % 2023 2.38 % 1.50 % (3.08) % (2.38) % 2024 2.38 % 1.50 % (3.08) % (2.38) % Optimistic Scenario Year GDP Inflation Current Fiscal 2017 2.26 % 2.04 % (1.81) % (2.41) % 2018 2.54 % 0.40 % (4.75) % (2.46) % 2019 2.34 % (0.05) % (2.35) % (1.28) % 2020 2.74 % 1.27 % (2.41) % (2.55) % 2021 2.74 % 1.86 % (2.46) % (2.27) % 2022 2.74 % 1.77 % (2.46) % (2.09) % 2023 2.74 % 1.77 % (2.46) % (2.02) % 2024 2.74 % 1.77 % (2.46) % (2.02) % Pessimistic Scenario Year GDP Inflation Current Fiscal 2017 2.27 % 2.04 % (1.81) % (2.41) % 2018 2.53 % 0.40 % (4.75) % (2.46) % 2019 1.94 % (0.30) % (3.01) % (1.73) % 2020 1.90 % 0.59 % (3.62) % (3.45) % 2021 1.90 % 0.87 % (3.69) % (3.07) % 2022 1.90 % 1.05 % (3.69) % (2.83) % 2023 1.90 % 1.05 % (3.69) % (2.73) % 2024 1.90 % 1.05 % (3.70) % (2.73) % Scenarios Macroeconomic Projections Guatemala Base Scenario Repurchase Current Year GDP Inflation agreements Account Fiscal 2017 2.76 % 5.68 % 2.75 % 0.23 % (1.21) % 2018 3.13 % 2.31 % 2.75 % 0.17 % (1.65) % 2019 3.51 % 3.00 % 2.75 % 0.36 % (1.96) % 2020 3.50 % 3.33 % 3.00 % 0.33 % (1.93) % 2021 3.61 % 3.50 % 3.00 % 0.32 % (1.90) % 2022 3.63 % 4.00 % 3.25 % 0.24 % (1.90) % 2023 3.61 % 4.00 % 3.50 % 0.21 % (1.91) % 2024 3.61 % 4.00 % 3.50 % 0.23 % (1.86) % Optimistic Scenario Repurchase Current Year GDP Inflation agreements Account Fiscal 2017 2.76 % 5.68 % 2.75 % 0.23 % (1.21) % 2018 3.13 % 2.31 % 2.75 % 0.17 % (1.65) % 2019 3.69 % 3.36 % 3.00 % 0.43 % (1.81) % 2020 3.85 % 3.73 % 3.25 % 0.50 % (1.64) % 2021 3.97 % 3.92 % 3.25 % 0.48 % (1.62) % 2022 4.00 % 4.48 % 3.50 % 0.36 % (1.62) % 2023 3.97 % 4.48 % 3.75 % 0.40 % (1.63) % 2024 3.97 % 4.48 % 3.75 % 0.40 % (1.58) % Pessimistic Scenario Repurchase Current Year GDP Inflation agreements Account Fiscal 2017 2.76 % 5.68 % 2.75 % 0.23 % (1.21) % 2018 3.13 % 2.31 % 2.75 % 0.17 % (1.65) % 2019 3.33 % 2.55 % 2.50 % 0.30 % (2.11) % 2020 3.15 % 2.83 % 2.75 % 0.17 % (2.21) % 2021 3.25 % 2.98 % 2.75 % 0.16 % (2.19) % 2022 3.27 % 3.40 % 3.00 % 0.10 % (2.19) % 2023 3.24 % 3.40 % 3.25 % 0.00 % (2.20) % 2024 3.25 % 3.40 % 3.25 % 0.00 % (2.14) %
Schedule of significant increase in risk using external credit rating	according to the original classification there may be an increase with 1, 2 or 3 notches as shown in the following table: ORIGINAL EXTERNAL RATING SIGNIFICANT INCREASE Ba1/BB+ 3 Notches Ba2/BB 3 Notches Ba3/BB- 3 Notches B1/B+ 2 Notches B2/B 2 Notches B3/B- 1 Notch Caa/CCC 1 Notch
Schedule of delinquency conditions	Loans are written off when the Bank concludes there is no realistic expectation of recovery of the loans and receivables balances from a client or third party. In general, this characteristic will be fulfilled when the following delinquency conditions are present: Type Length of delinquency Consumer 180 days, 450 days for vehicles in GAH, 720 days for loans with mortgage guarantee in Banco Agricola Commercial 360 days Small Business Loan 180 days, 720 days for loans with guarantee in Banistmo Mortgage For Banistmo and Banco Agrícola from 720 days. GAH 1440 days.
Schedule of estimated useful lives for each asset group	The estimated useful lives for each asset group are: Asset group Useful life range Buildings 10 to 75 years Furniture and fixtures 5 to 20 years Computer equipment 3 to 20 years Equipment and machinery 3 to 40 years Vehicles 3 to 6 years
FCP Fondo Colombia Inmobiliario S.A. [Member]
Disclosure of Significant Accounting Policies
Schedule of assets, liabilities, net assets, net income and cash flows of non-controlling interest	The following table summarizes the assets, liabilities, net assets, net income and cash flows as of December 31, 2019, 2018 and 2017, related to the FCP Fondo Inmobiliario Colombia: As of December 31, 2019 As of December 31, 2018 In millions of COP Assets 3,751,981 3,205,133 Liabilities 1,254,123 963,841 Net assets 2,497,858 2,241,292 Year-Ended 2019 Year-Ended 2018 Year-Ended 2017 In millions of COP Condensed statement of income Income Valuation of investment properties 77,527 70,933 81,816 Valuation of trust rights 52,215 29,161 53,143 Rents 161,263 147,324 135,135 Profits of equity method investees 138,100 96,201 144,146 Other income 2,034 6,940 4,493 Total Income 431,139 350,559 418,733 Expenses Interest on loans (73,088) (67,593) (68,900) Trust fees (999) (554) (322) Other expenses (169,375) (121,162) (86,270) Total Expenses (243,462) (189,309) (155,492) Net Income 187,677 161,250 263,241 Condensed cash flow Net cash used in operating activities (258) (351) (394) Net cash provided by financing activities 257 334 409 Cash and cash equivalents at beginning of year 1 18 3 Cash and cash equivalents at end of year - 1 18
Agromercantil Holding [Member]
Disclosure of Significant Accounting Policies
Schedule of assets, liabilities, net assets, net income and cash flows of non-controlling interest	The following table summarizes the assets, liabilities, net assets, net income and cash flows as of December 31, 2019, 2018 and 2017 of GAH: As of December 31, 2019 As of December 31, 2018 In millions of COP Assets 14,333,631 13,556,250 Liabilities 13,093,981 12,209,984 Equity 1,239,650 1,346,266 Year-Ended 2019 Year-Ended 2018 Year-Ended 2017 In millions of COP Condensed statement of income Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off-balance sheet credit instruments 218,536 388,932 389,463 Total fees and commission, net 132,845 111,932 101,565 Other operating income 68,288 52,286 54,246 Dividends received and equity method 668 579 608 Total operating income, net 420,337 553,729 545,882 Operating expenses (478,133) (458,277) (445,038) Income tax 19,367 (15,910) (21,546) Net income (38,429) 79,542 79,298 Condensed cash flow Net cash used in operating activities (62,327) (66,235) 192,850 Net cash provided by investing activities 273,604 244,949 (1,427) Net cash (used in) financing activities (26,926) (2,983) (87,103) Cash and cash equivalents at beginning of year 1,513,295 1,324,893 1,098,861 Cash and cash equivalents at end of year 1,697,646 1,500,624 1,203,181 Other comprehensive income Investments at fair value through OCI (3,362) (6,598) 2,241 Translation adjustment 9,281 43,803 15,758 Others (8,093) (3,922) (3,042) Total other comprehensive income (2,174) 33,283 14,957

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
OPERATING SEGMENTS
Schedule of financial performance by operating segment	The CODM reviews the performance of the Bank using the following financial information by operating segment: For the year ended December 31, 2019 Banking Banking Banking El Banking Investment All other Total before Adjustments for Total after Colombia Panama Salvador Guatemala Trust banking Brokerage Off shore segments eliminations consolidation eliminations In millions of COP Total interest and valuation 12,970,741 1,876,925 1,094,422 977,980 152 8 5,018 614,073 12,160 17,551,479 (170,795) 17,380,684 Interest income on loans and financial leases 12,592,221 1,654,600 1,052,680 905,016 132 — 96 411,504 11,804 16,628,053 267 16,628,320 Total debt investments 716,032 172,610 40,915 73,152 20 8 14,757 24,682 9 1,042,185 — 1,042,185 Derivatives (172,399) — — — — (10,416) — (11,707) (171,062) (182,769) Total liquidity operations (165,113) (188) — — (107,052) — (107,052) Interest expenses (4,408,233) (720,587) (295,433) (388,571) (138) (4) (26) (304,519) (62,283) (6,179,794) — (6,179,794) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 8,562,508 1,156,338 798,989 589,409 14 4 4,992 309,554 (50,123) 11,371,685 (170,795) 11,200,890 Total credit impairment charges, net (2,564,417) (408,132) (83,110) (333,699) (716) (251) (4,363) 19,169 (6,943) (3,382,462) (28,659) (3,411,121) Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments 5,998,091 748,206 715,879 255,710 (702) (247) 629 328,723 (57,066) 7,989,223 (199,454) 7,789,769 Revenues (Expenses) from transactions with other operating segments of the Bank (19,212) (36,107) (2,154) (36,255) (25,529) 31,585 62,628 167,419 (142,375) — — — Fees and commission income (1) 3,269,747 350,055 268,309 170,854 349,438 30,829 113,364 25,800 588 4,578,984 (12) 4,578,972 Fees and commission expenses (1,297,186) (143,616) (60,673) (38,006) (2,942) (154) (3,229) (3,922) (3,511) (1,553,239) — (1,553,239) Total fees and commission income, net 1,972,561 206,439 207,636 132,848 346,496 30,675 110,135 21,878 (2,923) 3,025,745 (12) 3,025,733 Other operating income 433,887 29,704 6,158 68,288 13,341 5,830 (9,392) 7,067 986,126 1,541,009 (5,762) 1,535,247 Dividends and net income on equity investments 131,029 5,562 211 668 43,498 24,810 16,514 27 269,736 492,055 (111,456) 380,599 Total operating income, net 8,516,356 953,804 927,730 421,259 377,104 92,653 180,514 525,114 1,053,498 13,048,032 (316,684) 12,731,348 Operating expenses (2) (5,203,354) (573,042) (444,933) (358,923) (121,259) (32,558) (112,204) (61,087) (522,103) (7,429,463) 236 (7,429,227) Impairment, depreciation and amortization (407,102) (105,232) (46,381) (120,130) (1,031) (187) (1,738) (2,746) (138,738) (823,285) (1,305) (824,590) Total operating expenses (5,610,456) (678,274) (491,314) (479,053) (122,290) (32,745) (113,942) (63,833) (660,841) (8,252,748) (1,069) (8,253,817) Profit before tax 2,905,900 275,530 436,416 (57,794) 254,814 59,908 66,572 461,281 392,657 4,795,284 (317,753) 4,477,531 (1) For further information about income from contracts with customers, see Note 25.3 Fees and commissions. (2) Includes staff costs, other administration and general expenses, contributions and other tax burdens and others. For the year ended December 31, 2018 Banking Banking Banking El Banking Investment All other Total before Adjustments for Total after Colombia Panama Salvador Guatemala Trust banking Brokerage Off shore segments eliminations consolidation eliminations In millions of COP Total interest and valuation 12,215,644 1,573,928 931,405 894,934 404 22 24,273 547,878 14,737 16,203,225 (86,725) 16,116,500 Interest income on loans and financial leases 11,990,678 1,449,441 861,174 821,276 — — — 434,754 9,049 15,566,372 52 15,566,424 Total Debt investments 366,354 101,599 25,081 72,896 105 22 14,728 20,559 32 601,376 (2) 601,374 Derivatives (17,023) (13,250) — — — — 7,694 86,779 — 64,200 (86,775) (22,575) Total liquidity operations (124,365) 36,138 45,150 762 299 — 1,851 5,786 5,656 (28,723) — (28,723) Interest expenses (4,194,772) (558,126) (252,351) (360,988) (39) — (15) (247,666) (56,259) (5,670,216) — (5,670,216) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 8,020,872 1,015,802 679,054 533,946 365 22 24,258 300,212 (41,522) 10,533,009 (86,725) 10,446,284 Total credit impairment charges, net (3,354,330) (269,164) (94,301) (136,289) (826) (135) 155 19,039 (7,221) (3,843,072) — (3,843,072) Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments 4,666,542 746,638 584,753 397,657 (461) (113) 24,413 319,251 (48,743) 6,689,937 (86,725) 6,603,212 Revenues (Expenses) from transactions with other operating segments of the Bank (6,986) (30,634) (2,029) (7,574) (32,509) 20,187 55,843 98,987 (95,285) — — — Fees and commission income (1) 2,841,302 312,762 227,114 141,253 313,908 20,271 113,970 20,840 2,988 3,994,408 (149) 3,994,259 Fees and commission expenses (1,009,573) (120,520) (43,216) (29,320) (2,380) (46) (2,734) (3,408) (1,859) (1,213,056) — (1,213,056) Total fees and commission income, net 1,831,729 192,242 183,898 111,933 311,528 20,225 111,236 17,432 1,129 2,781,352 (149) 2,781,203 Other operating income 250,598 39,781 4,842 52,287 19,826 965 (10,468) 15,668 912,738 1,286,237 (34,670) 1,251,567 Dividends and net income on equity investments (49,316) 4,240 1,894 580 18,572 (67,990) (12,416) (270,523) (34,485) (409,444) 703,474 294,030 Recovery (Impairment) charges on cash-generating unit — — — — — 173,339 (2) — — (4,583) 168,756 — 168,756 Total operating income, net 6,692,567 952,267 773,358 554,883 316,956 146,613 168,608 180,815 730,771 10,516,838 581,930 11,098,768 Operating expenses (3) (4,902,500) (554,890) (402,831) (373,279) (111,614) (24,110) (98,687) (53,313) (467,770) (6,988,994) (2) (6,988,996) Impairment, depreciation and amortization (177,779) (55,127) (26,122) (84,996) (588) (131) (1,402) (2,072) (144,722) (492,939) (963) (493,902) Total operating expenses (5,080,279) (610,017) (428,953) (458,275) (112,202) (24,241) (100,089) (55,385) (612,492) (7,481,933) (965) (7,482,898) Profit before tax 1,612,288 342,250 344,405 96,608 204,754 122,372 68,519 125,430 118,279 3,034,905 580,965 3,615,870 (1) For further information about income from contracts with customers, see Note 25.3 Fees and commissions. (2) Includes imparment recovery in joint venture Compañía de Financiamiento Tuya S.A. For more information see Note 8 Investments in associates and joint ventures. (3) Includes staff costs, other administration and general expenses, contributions and other tax burdens and others. For the year ended December 31, 2017 (1) Banking Banking Banking El Banking Investment All other Total before Adjustments for Total after Colombia Panama Salvador Guatemala Trust Banking Brokerage Off shore segments eliminations consolidation eliminations In millions of COP Total interest and valuation 12,995,017 1,495,446 882,806 865,038 794 94 8,916 444,649 10,201 16,702,961 (6,568) 16,696,393 Interest income on loans and financial leases 12,586,875 1,374,398 830,050 767,986 - - - 412,418 13,000 15,984,727 (426) 15,984,301 Total Debt investments 602,304 93,154 31,582 100,193 193 94 15,147 16,329 735 859,731 - 859,731 Derivatives (54,156) 438 - - - - (7,661) 6,085 (289) (55,583) (6,084) (61,667) Total liquidity operations (140,006) 27,456 21,174 (3,141) 601 - 1,430 9,817 (3,245) (85,914) (58) (85,972) Interest expenses (4,791,976) (523,312) (256,994) (348,726) (102) - (72) (226,304) (85,928) (6,233,414) 428 (6,232,986) Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 8,203,041 972,134 625,812 516,312 692 94 8,844 218,345 (75,727) 10,469,547 (6,140) 10,463,407 Total credit impairment charges, net (3,195,837) (46,468) (110,018) (125,877) (549) 466 (147) 6,541 1,696 (3,470,193) 8,576 (3,461,617) Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments 5,007,204 925,666 515,794 390,435 143 560 8,697 224,886 (74,031) 6,999,354 2,436 7,001,790 Revenues (Expenses) from transactions with other operating segments of the Bank (59,884) (26,837) (963) (972) (33,024) 16,209 53,075 101,327 (48,931) - - - Fees and commission income (2) 2,531,221 317,753 211,159 126,022 285,648 28,747 97,185 19,390 3,989 3,621,114 - 3,621,114 Fees and commission expenses (889,481) (112,986) (40,325) (24,457) (1,982) (52) (482) (2,874) (2,476) (1,075,115) - (1,075,115) Total fees and commission income, net 1,641,740 204,767 170,834 101,565 283,666 28,695 96,703 16,516 1,513 2,545,999 - 2,545,999 Other operating income 608,025 8,662 (7,799) 54,246 13,560 1,886 (11,647) 6,428 885,182 1,558,543 (4,806) 1,553,737 Dividends and net income on equity investments (53,141) 7,038 324 608 18,249 (70,114) 12,278 (239,328) (61,156) (385,242) 675,884 290,642 Recovery (Impairment) charges on cash-generating unit - - - - - (173,339) (3) - - - (173,339) - (173,339) Total operating income, net 7,143,944 1,119,296 678,190 545,882 282,594 (196,103) 159,106 109,829 702,577 10,545,315 673,514 11,218,829 Operating expenses (4) (4,715,976) (569,219) (383,002) (343,646) (113,482) (34,100) (101,255) (56,593) (430,212) (6,747,485) 538 (6,746,947) Impairment, depreciation and amortization (147,262) (55,197) (34,671) (101,392) (540) (133) (1,398) (967) (137,377) (478,937) (174) (479,111) Total operating expenses (4,863,238) (624,416) (417,673) (445,038) (114,022) (34,233) (102,653) (57,560) (567,589) (7,226,422) 364 (7,226,058) Profit before tax 2,280,706 494,880 260,517 100,844 168,572 (230,336) 56,453 52,269 134,988 3,318,893 673,878 3,992,771 (1) Some figures in the performance by operating segment disclosure for the year ended as of December 31, 2017 disclosed in the Bank’s annual report in 2017 have been reclassified in the process of adopting IFRS 15. (2) For further information about income from contracts with customers, see Note 25.3 Fees and commissions. (3) Includes imparment recognition in joint venture Compañía de Financiamiento Tuya S.A. For more information see Note 8 Investments in associates and joint ventures. (4) Includes staff costs, other administration and general expenses, contributions and other tax burdens and others.
Schedule of financial information of the total assets and liabilities by operating segment	The following table presents financial information of the total assets and liabilities by operating segment: As of December 31, 2019 In millions of COP Adjustments Banking Banking Banking El Banking Investment All other Total before for Total after Colombia Panama Salvador Guatemala Trust banking Brokerage Off shore segments eliminations consolidation eliminations Total assets 162,531,140 33,196,996 16,035,662 14,333,631 638,147 1,763,260 304,211 18,283,107 9,923,085 257,009,239 (20,921,126) 236,088,113 Total liabilities (145,013,642) (29,632,112) (14,154,533) (13,093,982) (99,867) (43,700) (56,583) (11,833,818) (2,738,052) (216,666,289) 9,383,795 (207,282,494) As of December 31, 2018 In millions of COP Adjustments Banking Banking Banking El Banking Investment All other Total before for Total after Colombia Panama Salvador Guatemala Trust banking Brokerage Off shore segments eliminations consolidation eliminations Total assets 149,185,338 31,116,800 14,704,427 13,556,250 580,205 1,779,618 301,851 17,963,675 9,638,514 238,826,678 (18,750,196) 220,076,482 Total liabilities (132,722,635) (27,761,479) (12,963,237) (12,209,984) (86,524) (40,741) (57,765) (12,640,349) (2,336,273) (200,818,987) 7,397,730 (193,421,257)
Schedule of financial information of the investments in associates and joint ventures by operating segment	The following table presents financial information of the investments in associates and joint ventures by operating segment: As of December 31, 2019 (1) Banking Banking El Investment All other Colombia Salvador Trust banking segments Total In millions of COP Investments in associates and joint ventures 358,822 13,859 262,958 481,801 1,250,317 2,367,757 Equity method 59,998 201 43,707 3,067 142,258 249,231 (1) As of December 31, 2019, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures. As of December 31, 2018 (1) Banking Banking El Investment All other Colombia Salvador Trust banking segments Total In millions of COP Investments in associates and joint ventures 313,081 13,544 230,211 451,113 1,141,630 2,149,579 Equity method 32,859 1,887 20,235 27,909 104,924 187,814 (1) As of December 31, 2018, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures.
Schedule of material non-cash items other than depreciation and amortization by segment	The following table presents material non-cash items other than depreciation and amortization by segment: For the year ended December 31, 2019 Banking Banking Banking El Banking Investment Off All other Colombia Panamá Salvador Guatemala Trust Banking Brokerage shore segments Total In millions of COP Foreclosed assets received from impaired loans 267,989 59,096 17,566 13,882 - - - 1,057 - 359,590 Provisions 2,566,925 415,339 80,758 330,161 205 251 4,363 (20,356) 7,535 3,385,181 For the year ended December 31, 2018 Banking Banking Banking El Banking Investment Off All other Colombia Panamá Salvador Guatemala Trust Banking Brokerage shore segments Total In millions of COP Foreclosed assets received from impaired loans 271,695 84,390 15,782 9,377 - - - 6,376 12,373 399,993 Provisions 3,368,901 258,983 97,182 136,923 826 135 (155) (18,300) 7,130 3,851,625 For the year ended December 31, 2017 Banking Banking Banking El Banking Investment Off All other Colombia Panamá Salvador Guatemala Trust Banking Brokerage shore segments Total In millions of COP Foreclosed assets received from impaired loans 163,274 39,486 16,191 7,157 - - - - 24,030 250,138 Provisions 3,182,198 62,502 109,846 124,978 548 (467) 147 (5,477) (5,576) 3,468,699
Schedule of geographic information	The following summarizes the Bank’s total interest and valuation and long-lived assets attributable to Colombia and other foreign countries based on the country where the interest and valuation was originated: 2019 2018 2017 Geographic information Interest and Long-lived Interest and Long-lived Interest and Long-lived valuation assets (1) valuation assets (1) valuation assets (1) In millions of COP Colombia 13,129,674 7,095,848 12,379,140 4,788,744 13,111,518 4,353,782 Panama 2,592,875 792,841 2,166,482 378,021 1,986,741 297,832 Puerto Rico 83,303 1,586 77,917 321 68,556 388 Peru (2) - - 253 165,076 658 115,840 El Salvador 1,097,976 373,378 932,444 296,040 883,538 280,562 Costa Rica - 107 - 131 - 80 Guatemala 978,101 288,794 895,693 170,078 866,049 166,662 Total 17,881,929 8,552,554 16,451,929 5,798,411 16,917,060 5,215,146 Eliminations and translation adjustment (501,245) 6,173,494 (335,429) 6,533,616 (220,667) 5,999,471 Total, net 17,380,684 14,726,048 16,116,500 12,332,027 16,696,393 11,214,617 (1) Included assets held for sale, premises and equipment, investment property and goodwill. (2) Investments in FiduPerú S.A. and Arrendamiento Operativo CIB S.A.C were sold in 2019 and classified as Assets held for sale in the Consolidated Statement of Financial Position as of December 31, 2018. For Further information, see Note 13 Assets held for sale and inventories.

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	12 Months Ended
	Dec. 31, 2019
CASH AND CASH EQUIVALENTS
Schedule of consolidated statement of cash flow and the consolidated statement of financial position	For purposes of the consolidated statement of cash flow and the consolidated statement of financial position, the following assets are considered as cash and cash equivalents: December 31, 2019 December 31, 2018 In millions of COP Cash and balances at central bank Cash 6,658,688 5,192,182 Due from central banks (1) 8,299,656 6,603,500 Due from other private financial entities 3,033,898 3,713,481 Checks on hold 154,985 216,323 Remittances of domestic negotiated checks in transit 108,838 107,531 Total cash and due from banks 18,256,065 15,833,017 Money market transactions Interbank borrowings 2,465,913 1,965,973 Reverse repurchase agreements and other similar secured loans 3,016,064 931,820 Total money market transactions 5,481,977 2,897,793 Total cash and cash equivalents 23,738,042 18,730,810 (1) According to External Resolution Number 005 of 2008 issued by the Colombian Central Bank, the Parent Company must maintain the equivalent of 4.50% of its customer’s deposits with a maturity term less than 18 months as a legal banking reserve, represented in deposits at the Central Bank or as cash in hand. In addition, according to Resolution Number 177 of 2002 issued by the Guatemalian Monetary Board, Grupo Agromercantil Holding through its subsidiary Banco Agromercantil de Guatemala must maintain the equivalent of 14.60% of its customer’s deposits daily balances as a legal banking reserve, represented in unrestricted deposits at the Bank of Guatemala. For its part, according to the norm of the banks Number 3‑06 of 2000 issued by the Financial System Superintendency of El Salvador, Banco Agrícola must mantain an equivalent amount between 1.00% and 25.00% of its average daily balance of deposits and debt securities in issue as a liquidity reserve, represented in unrestricted deposits or debt securities issued by El Salvador Central Bank. Finally, in accordance with the Agreement 004 of 2008 issued by the Superintendency of Banks of Panama, all Panamanian banks must maintain a minimum legal liquidity rate established at 30.00%.

FINANCIAL ASSETS INVESTMENTS _2

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 2019
FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES
Schedule of financial assets investments	As of December 31, 2019 Measurement methodology Financial assets investments Fair value through Fair value through other Total carrying profit or loss comprehensive income Amortized cost value In millions of COP Securities issued by the Colombian Government 5,688,942 - 91,230 5,780,172 Securities issued by foreign governments 1,076,231 3,595,773 309,603 4,981,607 Securities issued by government entities 71,792 - 1,827,127 1,898,919 Securities issued by other financial institutions (1) 724,880 254,025 205,203 1,184,108 Corporate bonds 108,904 55,059 1,585,561 1,749,524 Total debt instruments 7,670,749 3,904,857 4,018,724 15,594,330 Total equity securities 718,270 510,154 1,228,424 Total financial assets investments 16,822,754 (1) Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 198,115. For further information on TIPS’ fair value measurement see Note 30 fair value of assets and liabilities. As of December 31, 2018 Measurement methodology Financial assets investments Fair value through Fair value through other Total carrying profit or loss comprehensive income Amortized cost value In millions of COP Securities issued by the Colombian Government 7,242,168 - 50,243 7,292,411 Securities issued by foreign governments 817,639 3,143,488 272,073 4,233,200 Securities issued by government entities 43,846 - 1,875,260 1,919,106 Securities issued by other financial institutions (1) 661,176 186,250 143,750 991,176 Corporate bonds 145,032 - 1,140,602 1,285,634 Total debt instruments 8,909,861 3,329,738 3,481,928 15,721,527 Total equity securities 1,101,461 538,487 - 1,639,948 Total financial assets investments 17,361,475 (1) Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 196,920 and amortized cost amounting to COP 7. For further information on TIPS' fair value measurement see Note 30 fair value of assets and liabilities.
Schedule of debt instruments portfolio by maturity	As of December 31, 2019 Less than 1 Between 1 and 3 Between 3 and 5 Greater than 5 year years years years Total In millions of COP Securities at fair value through profit or loss Securities issued by the Colombian Government 1,527,763 3,379,950 125,094 656,135 5,688,942 Securities issued by foreign governments 827,285 17,009 13,600 218,337 1,076,231 Securities issued by government entities 1,533 61,776 368 8,115 71,792 Securities issued by other financial institutions 157,976 281,681 60,699 224,524 724,880 Corporate bonds 10,003 34,468 24,998 39,435 108,904 Subtotal 2,524,560 3,774,884 224,759 1,146,546 7,670,749 Fair value through other comprehensive income Securities issued by foreign governments 1,664,182 1,119,316 414,961 397,314 3,595,773 Securities issued by other financial institutions 105,894 - - 148,131 254,025 Corporate bond 9,453 - - 45,606 55,059 Subtotal 1,779,529 1,119,316 414,961 591,051 3,904,857 Securities at amortized cost Securities issued by the Colombian Government - 13,635 77,595 - 91,230 Securities issued by foreign governments 6,304 19,963 1,285 282,051 309,603 Securities issued by government entities 1,827,127 - - - 1,827,127 Securities issued by other financial institutions 77,264 127,939 - - 205,203 Corporate bonds - 244,498 361,111 979,952 1,585,561 Subtotal 1,910,695 406,035 439,991 1,262,003 4,018,724 Total debt instruments 6,214,784 5,300,235 1,079,711 2,999,600 15,594,330 For further information related to disclosures of the fair value of securities, please see Note 30 Fair value of assets and liabilities. As of December 31, 2018 Less than 1 Between 1 and 3 Between 3 and 5 Greater than 5 year years years years Total In millions of COP Securities at fair value through profit or loss Securities issued by the Colombian Government 2,376,212 2,142,086 884,248 1,839,622 7,242,168 Securities issued by foreign governments 511,149 25,165 55,041 226,284 817,639 Securities issued by government entities 27,905 10,488 109 5,344 43,846 Securities issued by other financial institutions 169,615 164,208 105,231 222,122 661,176 Corporate bonds 28,539 20,739 47,415 48,339 145,032 Subtotal 3,113,420 2,362,686 1,092,044 2,341,711 8,909,861 Fair value through other comprehensive income Securities issued by foreign governments 1,334,351 1,018,119 593,346 197,672 3,143,488 Securities issued by other financial institutions 5,807 - - 180,443 186,250 Subtotal 1,340,158 1,018,119 593,346 378,115 3,329,738 Securities at amortized cost Securities issued by the Colombian Government 50,243 - - - 50,243 Securities issued by foreign governments 12,534 9,897 2,661 246,981 272,073 Securities issued by government entities 1,875,260 - - - 1,875,260 Securities issued by other financial institutions 85,366 23,650 34,734 - 143,750 Corporate bonds - 56,546 265,853 818,203 1,140,602 Subtotal 2,023,403 90,093 303,248 1,065,184 3,481,928 Total debt instruments 6,476,981 3,470,898 1,988,638 3,785,010 15,721,527
Schedule of the fair value of equity securities	The following table shows the fair value of equity securities: Carrying amount Equity securities December 31, 2019 December 31, 2018 In millions of COP Total of securities at fair value through profit or loss (1) 718,270 1,101,461 Total of securities at fair value through OCI 510,154 538,487 Total equity securities 1,228,424 1,639,948 (1) Most of the decrease is due to the sale of Sura Asset Management by (USD 135,173) COP 423,996 in April 15, 2019 to Caisse de Dépôt et Placement du Québec (CDPQ).
Schedule of the equity instruments designated at fair value through other comprehensive income analyzed by listing status	The following table details the equity instruments designated at fair value through other comprehensive income analyzed by listing status: Carrying amount Equity securities December 31, 2019 December 31, 2018 In millions of COP Securities at fair value through OCI : Equity securities listed in Colombia 69,279 71,626 Equity securities listed in foreign countries 6,352 5,319 Equity securities unlisted: TELERED 114,906 100,126 Asociación Gremial de Instituciones Financieras Credibanco S.A. 96,539 84,807 CIFI - 23,663 Compañía De Procesamiento de Medios de Pago Guatemala (Bahamas), S. A. 19,012 17,408 Transacciones y Transferencias, S. A. 4,557 6,424 CADENALCO 3,163 2,964 Others 196,346 226,150 Total equity securities at fair value through OCI 510,154 538,487 (1) During 2019 CIFI was totally sold for USD 6,122. This transaction transferred from OCI to retained earnings the amount of COP 3,685.
Schedule of The detail of the securities pledged as collateral	The detail of the securities pledged as collateral as of December 31, 2019 and 2018 is as follows: As of December 31, 2019 Pledged financial assets Term Security pledged Carrying amount In millions of COP Investments pledged as collateral in money market Securities issued by the Colombian Government Less than 3 months TES-Treasury instruments 49,591 Securities issued by the Colombian Government Greater than 12 months TES-Treasury instruments 709,439 Securities issued by foreign governments Greater than 12 months Bonds 131,086 Subtotal investments pledged as collateral in money market 890,116 Investments pledged as collateral in derivative operations Securities issued by the Colombian Government Less than 3 months TES - Treasury instruments 114,060 Securities issued by the Colombian Government Between 6 and 12 months TES - Treasury instruments 8,150 Securities issued by the Colombian Government Greater than 12 months TES - Treasury instruments 101,229 Equity securities listed in stock market Permanent Stocks 7,664 Subtotal investments pledged as collateral in derivative operations 231,103 Total securities pledged as collateral 1,121,219 As of December 31, 2018 Pledged financial assets Term Security pledged Carrying amount In millions of COP Investments pledged as collateral in money market Equity securities listed in stock market Less than 3 months Stocks 2,855 Securities issued by the Colombian Government Less than 3 months TES-Treasury instruments 264,292 Securities issued by the Colombian Government Between 3 and 6 months TES-Treasury instruments 67,658 Securities issued by the Colombian Government Between 6 and 12 months TES-Treasury instruments 713,974 Securities issued by the Colombian Government Greater than 12 months TES-Treasury instruments 1,131,623 Securities issued by foreign governments Greater than 12 months Bonds 285,463 Securities issued by other financial institutions Greater than 12 months CDT 181,951 Subtotal investments pledged as collateral in money market 2,647,816 Investments pledged as collateral in derivative operations Equity securities listed in stock market Less than 3 months Stocks 91 Securities issued by the Colombian Government Between 3 and 6 months TES - Treasury instruments 1,353 Securities issued by the Colombian Government Between 6 and 12 months TES - Treasury instruments 168,375 Securities issued by the Colombian Government Greater than 12 months TES - Treasury instruments 10,182 Subtotal investments pledged as collateral in derivative operations 180,001 Total securities pledged as collateral 2,827,817
Schedule of significance to the changes in the loss allowance for the same portfolio	The following table shows the breakdown of the changes in the gross carrying amount of the debt securities at Fair value through other comprehensive income and Amortized cost, in order to explain their significance to the changes in the loss allowance for the same portfolio as discussed above: As of December 31, 2019 Debt instruments portfolio Stage 1 Stage 2 Total In millions of COP Gross carrying amount as at 1 January 2019 6,785,507 26,159 6,811,666 Change in measurement (1) 12,645 - 12,645 Financial assets derecognized during the period other than write-offs (3,596,773) (393) (3,597,166) New financial assets purchased 4,670,615 69,592 4,740,207 Valuation on investments and Write-offs (71,124) 260 (70,864) Foreign exchange 26,876 217 27,093 Gross carrying amount as at 31 December 2019 7,827,746 95,835 7,923,581 (1) Change in measurement took place on a corporate bond of Banco Agrícola S.A. debt instruments portfolio from fair value through profit or loss to amortized cost. As of December 31, 2018 Debt instruments portfolio measure at fair value through OCI and amortized cost Stage 1 Stage 2 Total In millions of COP Gross carrying amount as at 1 January 2018 5,673,059 440,273 6,113,332 Transfers: Transfer from Stage 2 to Stage 1 153,447 (153,447) - Change in measurement (1) 130,671 - 130,671 Financial assets derecognized during the period other than write-offs (3,124,605) (279,488) (3,404,093) New financial assets purchased 3,859,206 393 3,859,599 Valuation on investments and Write-offs (133,232) 4,109 (129,123) Foreign exchange 226,961 14,319 241,280 Gross carrying amount as at 31 December 2018 6,785,507 26,159 6,811,666 (1) Changes in measurement correspond to transfer a certain debt instruments of Grupo Agromercantil Holding from fair value through profit or loss to amortized cost.
Schedule of provisions detail using the expected credit losses model	As of December 31, 2019 Concept Stage 1 Stage 2 Total In millions of COP Securities at amortized cost 3,922,889 95,835 4,018,724 Carrying amount 3,933,039 97,423 4,030,462 Loss allowance (10,150) (1,588) (11,738) Securities at fair value through other comprehensive income 3,904,857 - 3,904,857 Carrying amount 3,907,720 - 3,907,720 Loss allowance (2,863) - (2,863) As of December 31, 2018 Concept Stage 1 Stage 2 Total In millions of COP Securities at amortized cost 3,456,164 25,764 3,481,928 Carrying amount 3,467,285 26,373 3,493,658 Loss allowance (11,121) (609) (11,730) Securities at fair value through other comprehensive income 3,329,345 393 3,329,738 Carrying amount 3,332,398 393 3,332,791 Loss allowance (3,053) - (3,053)
Schedule of the changes in the allowance for debt instruments measured at amortized cost and fair value through other comprehensive income	The following table sets forth the changes in the allowance for debt instruments measured at amortized cost and fair value through other comprehensive income: As of December 31, 2019 Concept Stage 1 Stage 2 Total In millions of COP Balance of January 1, 2019 14,174 609 14,783 Net effect of loss allowance changes (38) - (38) New debt instruments purchased 5,512 975 6,487 Debt instruments that have been derecognized (6,704) - (6,704) Translation adjustment 69 4 73 Balance of December 31, 2019 13,013 1,588 14,601 The increase in stage 2 is due to purchases of Securities issued by the Guatemalan government. As of December 31, 2018 Concept Stage 1 Stage 2 Total In millions of COP Balance of January 1, 2018 8,932 6,797 15,729 Net effect in loss allowance changes 4,730 (1,956) 2,774 Transfer to stage 1 488 (488) - New debt instruments purchased 6,693 - 6,693 Debt instruments that have been derecognized (6,673) (3,750) (10,423) Translation adjustment 4 6 10 Balance of December 31, 2018 14,174 609 14,783 The decrease in stage 2 is due to changes in debt instruments to stage 1 due to improvements in portfolio’s credit risk and a better performance of the Salvadorian economy due to an increase of the received remittances.
Schedule of the carrying values of bank's derivatives by type of risk	The following table sets forth the carrying values of the Bank’s derivatives by type of risk as of December 31, 2019 and 2018: Derivatives December 31, 2019 December 31, 2018 In millions of COP Forwards Assets Foreign exchange contracts 715,365 294,345 Equity contracts 2,143 981 Subtotal assets 717,508 295,326 Liabilities Foreign exchange contracts (768,015) (299,015) Equity contracts (4,346) (7,585) Subtotal liabilities (772,361) (306,600) Total forwards (54,853) (11,274) Swaps Assets Foreign exchange contracts 757,296 1,199,236 Interest rate contracts 372,553 252,928 Subtotal assets 1,129,849 1,452,164 Liabilities Foreign exchange contracts (652,610) (700,903) Interest rate contracts (377,341) (257,978) Subtotal liabilities (1,029,951) (958,881) Total swaps 99,898 493,283 Options Assets Foreign exchange contracts 55,598 96,218 Subtotal assets 55,598 96,218 Liabilities Foreign exchange contracts (58,500) (29,589) Subtotal liabilities (58,500) (29,589) Total options (2,902) 66,629 Derivative assets 1,902,955 1,843,708 Derivative liabilities (1,860,812) (1,295,070)
Schedule of the notional amounts of the derivatives contracts	The table below present the notional amounts of the derivatives contracts as of December 31, 2019 and 2018: Derivatives December 31, 2019 December 31, 2018 In millions of COP Forwards Assets Foreign exchange contracts 14,682,330 10,968,445 Equity contracts 790,715 495,124 Subtotal assets 15,473,045 11,463,569 Liabilities Foreign exchange contracts (16,753,243) (11,482,549) Equity contracts (1,781,398) (2,278,708) Subtotal liabilities (18,534,641) (13,761,257) Total forwards (3,061,596) (2,297,688) Swaps Assets Foreign exchange contracts 8,974,412 10,504,017 Interest rate contracts 27,128,780 21,281,866 Subtotal assets 36,103,192 31,785,883 Liabilities Foreign exchange contracts (8,322,241) (4,962,024) Interest rate contracts (17,995,622) (16,997,169) Subtotal liabilities (26,317,863) (21,959,193) Total swaps 9,785,329 9,826,690 Options Assets Foreign exchange contracts 2,445,445 1,797,496 Subtotal assets 2,445,445 1,797,496 Liabilities Foreign exchange contracts (2,412,778) (1,638,795) Subtotal liabilities (2,412,778) (1,638,795) Total options 32,667 158,701 Futures Assets Foreign exchange contracts 5,826,363 1,426,478 Equity contracts 4 54,002 Subtotal assets 5,826,367 1,480,480 Liabilities Foreign exchange contracts (492) (1,434,115) Equity contracts (4) (3,000) Subtotal liabilities (496) (1,437,115) Total futures 5,825,871 43,365 Derivative assets 59,848,049 46,527,428 Derivative liabilities (47,265,778) (38,796,360)
Schedule of the remaining contractual life of the derivatives portfolio	As of December 31, 2019 Forwards Swaps Options Total In millions of COP Assets 717,508 1,129,849 55,598 1,902,955 Less than 1 year 712,990 281,412 51,475 1,045,877 Between 1 and 3 years 4,518 364,797 4,123 373,438 Greater than 3 years - 483,640 - 483,640 Liabilities (772,361) (1,029,951) (58,500) (1,860,812) Less than 1 year (757,560) (259,645) (51,686) (1,068,891) Between 1 and 3 years (14,801) (311,324) (6,814) (332,939) Greater than 3 years - (458,982) - (458,982) Total (54,853) 99,898 (2,902) 42,143 As of December 31, 2018 Forwards Swaps Options Total In millions of COP Assets 295,326 1,452,164 96,218 1,843,708 Less than 1 year 277,578 645,735 69,292 992,605 Between 1 and 3 years 17,741 345,321 26,926 389,988 Greater than 3 years 7 461,108 - 461,115 Liabilities (306,600) (958,881) (29,589) (1,295,070) Less than 1 year (292,585) (270,900) (17,305) (580,790) Between 1 and 3 years (14,015) (262,848) (12,284) (289,147) Greater than 3 years - (425,133) - (425,133) Total (11,274) 493,283 66,629 548,638
Schedule of collateral for derivatives	The table below presents the cash collateral amounts posted under derivatives contracts as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 In millions of COP Collateral paid 291,150 213,677 Collateral received (324,768) (471,340)
Schedule of the hedged expresures covered by the Group's hedging strategies	The following table contains details of the hedged expresures covered by the Group’s hedging strategies: December 31, 2019 In millions of COP Carrying amount of hedged Accumulated amount of fair value item adjustments on the hedged item Balance sheet line item Assets Liabilities Fair value hedges Interest rate - Fixed rate 287,670 (4,955) Financial assets investments December 31, 2019 In thousands of USD Carrying amount of hedged Accumulated amount of fair value item adjustments on the hedged item Balance sheet line item Assets Liabilities Fair value hedges Interest rate - Fixed rate 87,781 (1,512) Financial assets investments December 31, 2018 In millions of COP Carrying amount of hedged Accumulated amount of fair value item adjustments on the hedged item Balance sheet line item Assets Assets Fair value hedges Interest rate - Fixed rate 285,463 1,829 Financial assets investments December 31, 2018 In thousands of USD Carrying amount of hedged Accumulated amount of fair value item adjustments on the hedged item Balance sheet line item Assets Assets Fair value hedges Interest rate - Fixed rate 87,841 563 Financial assets investments
Schedule of the notional amount and fair value of the hedged item recognized	The following table sets forth the notional amount and fair value of the hedged item recognized in the statement of financial position as ‘Financial assets investments’, as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 In millions of COP Notional amount 260,696 258,518 Fair value 287,670 285,463 December 31, 2019 December 31, 2018 In thousands of USD Notional amount 79,550 79,550 Fair value 87,781 87,841
Schedule of the effectiveness of the hedging relationships designated by the Group, as well as the impacts on profit or loss and other comprehensive income	The following table contains information regarding the effectiveness of the hedging relationships designated by the Group, as well as the impacts on profit or loss and other comprehensive income: December 31, 2019 In millions of COP Gains / (loss) recognized in Hedge Ineffectiveness recognized in P&L line item that includes hedge OCI P&L ineffectiveness Fair value hedges Interest rate - Fixed rate - 663 Other operating income December 31, 2018 In millions of COP Gains / (loss) recognized in Hedge Ineffectiveness recognized in P&L line item that includes hedge OCI P&L ineffectiveness Fair value hedges Interest rate - Fixed rate - 14,158 Other operating income December 31, 2017 In millions of COP Gains / (loss) recognized in Hedge Ineffectiveness recognized in P&L line item that includes hedge OCI P&L ineffectiveness Fair value hedges Interest rate - Fixed rate - (3,678) Other operating income
Schedule of offsetting of derivatives	As of December 31, 2019 Derivatives Assets Derivatives Liabilities In millions of COP Over-the-counter Foreign exchange contracts Swaps 757,296 (652,610) Forwards 715,365 (768,015) Options 55,598 (58,500) Interest rate contracts Swaps 372,553 (377,341) Equity contracts Forwards 2,143 (4,346) Gross derivative assets/liabilities 1,902,955 (1,860,812) Offseting of derivates - - Derivative financial instruments in statement of financial position 1,902,955 (1,860,812) Master netting agreements (1,803,407) 1,787,511 Cash collateral received/paid (99,548) 73,301 Total derivative financial instruments assetss/ liabilities before collateral and Master netting agreements - - As of December 31, 2018 Derivatives Assets Derivatives Liabilities In millions of COP Over-the-counter Foreign exchange contracts Swaps 1,199,236 (700,903) Forwards 294,345 (299,015) Options 96,218 (29,589) Interest rate contracts Swaps 252,928 (257,978) Equity contracts Forwards 981 (7,585) Gross derivative assets/liabilities 1,843,708 (1,295,070) Offseting of derivates - - Derivative financial instruments in statement of financial position 1,843,708 (1,295,070) Master netting agreements (1,179,503) 1,295,070 Cash collateral received/paid (471,340) - Total derivative financial instruments assetss/ liabilities before collateral and Master netting agreements 192,865 -

LOANS AND ADVANCES TO CUSTOME_2

LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET (Tables)	12 Months Ended
	Dec. 31, 2019
LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET
Schedule of loans and financial leasing operating portfolio	The following is the composition of the loans and financial leasing operations portfolio, net as of December 31, 2019 and 2018: Composition December 31, 2019 December 31, 2018 In millions of COP Commercial (1) 92,768,553 94,600,648 Consumer 39,700,670 31,993,381 Mortgage 23,983,283 22,870,685 Financial Leases (2) 24,550,829 23,198,204 Small Business Loans 1,279,408 1,156,198 Total gross loans and advances to customers and financial institutions 182,282,743 173,819,116 Total allowance (10,929,395) (10,235,831) Total Net loans and advances to customers and financial institutions 171,353,348 163,583,285 (1) Includes loans to financial institutions amounting to COP 9,686,637 and COP 8,154,507 as of December 31, 2019 and 2018, respectively. (2) See note 7.1 Lessor.
Schedule of the breakdown of loans to financial institutions by stage	The following table shows the breakdown of loans to financial institutions by stage: As of December 31, 2019 Stage 1 Stage 2 Stage 3 TOTAL Total loans to Financial institutions 9,685,938 38 661 9,686,637 Allowance (23,820) (9) (328) (24,157) Total Net Loans with financial institutions 9,662,118 29 333 9,662,480 As of December 31, 2018 Stage 1 Stage 2 Stage 3 TOTAL Total loans to Financial institutions 8,140,354 13,812 341 8,154,507 Allowance (15,048) (1,123) (267) (16,438) Total Net Loans with financial institutions 8,125,306 12,689 74 8,138,069
Schedule of the changes in the allowance for loans and advances and lease losses	The following table sets forth the changes in the allowance for loans and advances and lease losses as of December 31, 2019, 2018 and 2017: As of December 31, 2019 Small Concept Commercial Consumer Mortgage Financial business Total Leases loans In millions of COP +Balance at beginning of period January 1, 2019 5,360,833 2,892,891 853,764 990,970 137,373 10,235,831 +/- Loan purchases / Loan sales (1) (4,332) - - (1,557) - (5,889) + Recovery of charged - off loans 139,268 317,722 33,869 57,057 3,734 551,650 + Credit impairment charges on loans, advances and financial leases, net 1,299,379 1,971,037 33,808 25,130 55,827 3,385,181 + Adjusted stage 3 223,824 148,001 42,495 50,119 9,277 473,716 - Charges-off (1,572,113) (1,890,490) (104,720) (97,148) (65,909) (3,730,380) +/- Translation adjustment 10,134 6,657 1,449 832 214 19,286 Balance at December 31, 2019 5,456,993 3,445,818 860,665 1,025,403 140,516 10,929,395 (1) This item includes portfolio purchase/sales operation held between Bancolombia S.A. and Titularizadora Colombiana. As of December 31, 2018 Small Concept Commercial Consumer Mortgage Financial business Total Leases loans In millions of COP Balance of period December 31, 2017 4,514,180 2,291,829 645,101 631,402 140,591 8,223,103 + Effect of adoption of IFRS 9 512,959 237,515 106,692 176,521 1,374 1,035,061 +Balance at beginning of period January 1, 2018 5,027,139 2,529,344 751,793 807,923 141,965 9,258,164 +/- Loan purchases / Loan sales (1) (2,020) - - (377) - (2,397) + Recovery of charged - off loans 124,865 251,632 22,373 51,808 9,182 459,860 + Credit impairment charges on loans, advances and financial leases, net 1,463,097 1,943,323 150,873 231,668 62,664 3,851,625 Adjusted stage 3 158,396 71,157 26,502 22,230 7,127 285,412 - Charges-off (1,468,704) (2,012,315) (112,417) (135,674) (86,802) (3,815,912) +/- Translation adjustment 58,060 109,750 14,640 13,392 3,237 199,079 Balance at December 31, 2018 5,360,833 2,892,891 853,764 990,970 137,373 10,235,831 (1) This item includes portfolio purchase/sales operation held between Bancolombia S.A. and Titularizadora Colombiana. As of December 31, 2017 (under IAS 39) Small Concept Commercial Consumer Mortgage Financial business Total Leases loans In millions of COP +Balance at beginning of period 3,499,791 1,791,123 653,936 567,046 110,015 6,621,911 + Recovery of charged - off loans 144,852 197,971 13,933 45,434 8,670 410,860 + Credit impairment charges on loans, advances and financial leases, net 1,665,809 1,601,863 16,881 97,267 86,879 3,468,699 - Charges-off (792,145) (1,302,630) (37,677) (77,762) (65,086) (2,275,300) +/- Translation adjustment (4,127) 3,502 (1,972) (583) 113 (3,067) = Balance at end of year 4,514,180 2,291,829 645,101 631,402 140,591 8,223,103
Schedule of significant changes in the loans and the allowance for loans losses	The following explains the significant changes in the loans and the allowance for loans losses by category during the periods ended at December 31, 2019 and 2018 as a result of applying the expected credit loss model according to IFRS 9: As of December 31, 2019 Commercial Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance Balance at January 1, 2019 83,632,770 (522,230) 3,214,860 (358,473) 7,753,018 (4,480,130) 94,600,648 (5,360,833) Transfers of financial instruments: (3,379,040) (59,345) 1,490,896 (16,514) 1,888,144 75,859 — — Transfers from stage 1 to stage 2 (2,346,307) 20,143 2,346,307 (20,143) — — — — Transfers from stage 1 to stage 3 (1,639,408) 25,881 — — 1,639,408 (25,881) — — Transfers from stage 2 to stage 1 567,870 (90,503) (567,870) 90,503 — — — — Transfers from stage 2 to stage 3 — — (531,867) 49,065 531,867 (49,065) — — Transfers from stage 3 to stage 1 38,805 (14,866) — — (38,805) 14,866 — — Transfers from stage 3 to stage 2 — — 244,326 (135,939) (244,326) 135,939 — — Remeasurement arising from transfer of stage (69,103) 73,117 (180,970) (35,733) (79,264) (975,050) (329,337) (937,666) Remeasurement from remaining in the stage (6,053,045) 51,741 (107,835) 28,901 (329,883) (394,399) (6,490,763) (313,757) Remeasurement due to changes in economics factors — (10,026) — (22,778) — 1,184 — (31,620) Remeasurement due to changes in model inputs — (3,710) — 17,351 — (9,551) — 4,090 Remeasurement due to methodological changes — 39,705 — (25,887) — (4,023) — 9,795 New financial assets purchased/originated 45,168,819 (288,705) 1,158,765 (183,524) 1,801,096 (1,110,945) 48,128,680 (1,583,174) Financial assets that have been derecognized (39,407,782) 178,138 (788,746) 71,301 (1,636,411) 944,754 (41,832,939) 1,194,193 Charges-off (63,585) 1,946 (37,362) 11,779 (1,471,166) 1,558,388 (1,572,113) 1,572,113 Foreign Exchange and other movements 239,722 (5,627) 13,415 (653) 11,240 (3,854) 264,377 (10,134) Balance at December 31, 2019 80,068,756 (544,996) 4,763,023 (514,230) 7,936,774 (4,397,767) 92,768,553 (5,456,993) Consumer Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance Balance at January 1, 2019 28,666,461 (980,423) 1,758,162 (520,976) 1,568,758 (1,391,492) 31,993,381 (2,892,891) Transfers of financial instruments: (1,019,225) (80,128) 283,945 43,795 735,280 36,333 — — Transfers from stage 1 to stage 2 (795,809) 50,864 795,809 (50,864) — — — — Transfers from stage 1 to stage 3 (739,010) 54,799 — — 739,010 (54,799) — — Transfers from stage 2 to stage 1 436,178 (115,024) (436,178) 115,024 — — — — Transfers from stage 2 to stage 3 — — (167,143) 56,945 167,143 (56,945) — — Transfers from stage 3 to stage 1 79,416 (70,767) — — (79,416) 70,767 — — Transfers from stage 3 to stage 2 — — 91,457 (77,310) (91,457) 77,310 — — Remeasurement arising from transfer of stage (98,739) 133,169 (102,200) (121,934) 253,224 (1,695,509) 52,285 (1,684,274) Remeasurement from remaining in the stage (2,511,256) 1,038 (70,576) 35,413 (32,301) 10,533 (2,614,133) 46,984 Remeasurement due to changes in economics factors — (9,591) — 3,802 — 735 — (5,054) Remeasurement due to changes in model inputs — 126,465 — (47,491) — 4,103 — 83,077 Remeasurement due to methodological changes — (32,531) — 2,937 — (7,881) — (37,475) New financial assets purchased/originated 19,784,995 (664,927) 764,355 (258,400) 497,769 (434,371) 21,047,119 (1,357,698) Financial assets that have been derecognized (8,422,375) 253,971 (355,731) 99,012 (189,520) 164,697 (8,967,626) 517,680 Charges-off (511,958) 48,659 (315,056) 111,948 (1,063,476) 1,729,883 (1,890,490) 1,890,490 Foreign Exchange and other movements 69,728 (2,393) 6,390 (1,532) 4,016 (2,732) 80,134 (6,657) Balance at December 31, 2019 35,957,631 (1,206,691) 1,969,289 (653,426) 1,773,750 (1,585,701) 39,700,670 (3,445,818) Financial Leases Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance Balance at January 1, 2019 20,355,961 (104,429) 1,145,165 (179,668) 1,697,078 (706,873) 23,198,204 (990,970) Transfers of financial instruments: (1,061,321) (22,213) 731,304 42,010 330,017 (19,797) — — Transfers from stage 1 to stage 2 (1,048,366) 7,688 1,048,366 (7,688) — — — — Transfers from stage 1 to stage 3 (264,298) 4,497 — — 264,298 (4,497) — — Transfers from stage 2 to stage 1 233,500 (26,504) (233,500) 26,504 — — — — Transfers from stage 2 to stage 3 — — (186,146) 46,019 186,146 (46,019) — — Transfers from stage 3 to stage 1 17,843 (7,894) — — (17,843) 7,894 — — Transfers from stage 3 to stage 2 — — 102,584 (22,825) (102,584) 22,825 — — Remeasurement arising from transfer of stage (28,895) 22,751 (63,900) (58,729) (31,375) (143,003) (124,170) (178,981) Remeasurement from remaining in the stage (1,524,336) 7,477 (72,455) 32,405 (10,924) (41,790) (1,607,715) (1,908) Remeasurement due to changes in economics factors — (1,822) — (3,044) — (42) — (4,908) Remeasurement due to changes in model inputs — 2,083 — 661 — (22,147) — (19,403) Remeasurement due to methodological changes — 13,701 — (23,672) — (8,793) — (18,764) New financial assets purchased/originated 4,760,874 (30,539) 262,832 (4,919) 23,518 (10,862) 5,047,224 (46,320) Financial assets that have been derecognized (1,481,828) 9,126 (143,203) 21,104 (291,926) 109,305 (1,916,957) 139,535 Charges-off (713) 7 (2,974) 580 (93,461) 96,561 (97,148) 97,148 Foreign Exchange and other movements 50,142 (104) 658 (240) 591 (488) 51,391 (832) Balance at December 31, 2019 21,069,884 (103,962) 1,857,427 (173,512) 1,623,518 (747,929) 24,550,829 (1,025,403) Mortgage Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance Balance at January 1, 2019 20,280,416 (110,722) 1,513,063 (157,016) 1,077,206 (586,026) 22,870,685 (853,764) Transfers of financial instruments: (78,120) (75,570) (20,302) 6,849 98,422 68,721 — — Transfers from stage 1 to stage 2 (609,598) 9,392 609,598 (9,392) — — — — Transfers from stage 1 to stage 3 (177,154) 4,876 — — 177,154 (4,876) — — Transfers from stage 2 to stage 1 631,692 (57,920) (631,692) 57,920 — — — — Transfers from stage 2 to stage 3 — — (167,345) 24,239 167,345 (24,239) — — Transfers from stage 3 to stage 1 76,940 (31,918) — — (76,940) 31,918 — — Transfers from stage 3 to stage 2 — — 169,137 (65,918) (169,137) 65,918 — — Remeasurement arising from transfer of stage (50,316) 54,296 (35,924) (15,576) 38,394 (154,824) (47,846) (116,104) Remeasurement from remaining in the stage (1,116,457) (22) (28,542) 2,899 36,226 (86,293) (1,108,773) (83,416) Remeasurement due to changes in economics factors — 2,356 — 5,127 — 7,967 — 15,450 Remeasurement due to changes in model inputs — 11,908 — (19,835) — 13,992 — 6,065 Remeasurement due to methodological changes — 14,185 — 5,684 — (737) — 19,132 New financial assets purchased/originated 4,076,279 (22,365) 32,271 (5,581) 12,444 (5,631) 4,120,994 (33,577) Financial assets that have been derecognized (1,598,993) 10,316 (123,901) 11,462 (110,191) 60,500 (1,833,085) 82,278 Charges-off (6,645) 56 (1,330) 117 (96,745) 104,547 (104,720) 104,720 Foreign Exchange and other movements 78,510 (255) 5,045 (385) 2,473 (809) 86,028 (1,449) Balance at December 31, 2019 21,584,674 (115,817) 1,340,380 (166,255) 1,058,229 (578,593) 23,983,283 (860,665) Small business loans Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance Balance at January 1, 2019 958,491 (41,971) 80,805 (15,421) 116,902 (79,981) 1,156,198 (137,373) Transfers of financial instruments: (67,212) 3,457 203 364 67,009 (3,821) — — Transfers from stage 1 to stage 2 (37,819) 2,575 37,819 (2,575) — — — — Transfers from stage 1 to stage 3 (61,169) 5,299 — — 61,169 (5,299) — — Transfers from stage 2 to stage 1 30,270 (3,779) (30,270) 3,779 — — — — Transfers from stage 2 to stage 3 — — (17,119) 3,920 17,119 (3,920) — — Transfers from stage 3 to stage 1 1,506 (638) — — (1,506) 638 — — Transfers from stage 3 to stage 2 — — 9,773 (4,760) (9,773) 4,760 — — Remeasurement arising from transfer of stage (7,671) 2,635 (9,868) (1,008) (29,962) (46,609) (47,501) (44,982) Remeasurement from remaining in the stage (145,152) 5,502 (2,408) 697 (941) (4,000) (148,501) 2,199 Remeasurement due to changes in economics factors — 51 — 15 — 55 — 121 Remeasurement due to changes in model inputs — 5,476 — 757 — 1,940 — 8,173 Remeasurement due to methodological changes — 1,407 — 349 — (160) — 1,596 New financial assets purchased/originated 620,375 (25,971) 24,173 (7,891) 25,901 (22,041) 670,449 (55,903) Financial assets that have been derecognized (260,493) 8,775 (11,664) 2,339 (17,402) 8,844 (289,559) 19,958 Charges-off (13,142) 1,250 (11,400) 3,214 (41,367) 61,445 (65,909) 65,909 Foreign Exchange and other movements 3,460 (67) 378 (30) 393 (117) 4,231 (214) Balance at December 31, 2019 1,088,656 (39,456) 70,219 (16,615) 120,533 (84,445) 1,279,408 (140,516) As of December 31, 2018 Commercial Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance Balance at January 1, 2018 77,206,675 (547,510) 4,417,841 (365,329) 7,455,598 (4,114,300) 89,080,114 (5,027,139) Transfers of financial instruments: (170,929) (79,849) (1,165,507) 61,654 1,336,436 18,195 — — Transfers from stage 1 to stage 2 (1,092,962) 17,502 1,092,962 (17,502) — — — — Transfers from stage 1 to stage 3 (1,011,851) 29,190 — — 1,011,851 (29,190) — — Transfers from stage 2 to stage 1 1,779,812 (93,242) (1,779,812) 93,242 — — — — Transfers from stage 2 to stage 3 — — (704,844) 71,608 704,844 (71,608) — — Transfers from stage 3 to stage 1 154,072 (33,299) — — (154,072) 33,299 — — Transfers from stage 3 to stage 2 — — 226,187 (85,694) (226,187) 85,694 — — Remeasurement arising from transfer of stage (238,688) 99,339 (175,846) 1,682 (161,112) (842,752) (575,646) (741,731) Remeasurement from remaining in the stage (5,814,291) 74,226 (79,870) 16,984 (68,573) (726,064) (5,962,734) (634,854) Remeasurement due to changes in economics factors — 2,414 — 10,787 — (614) — 12,587 Remeasurement due to changes in model inputs — 22,329 — (21,882) — 5,611 — 6,058 Remeasurement due to methodological changes — — — — — (50,109) — (50,109) New financial assets purchased/originated 46,523,819 (259,527) 1,223,859 (139,665) 1,601,125 (758,851) 49,348,803 (1,158,043) Financial assets that have been derecognized (36,023,150) 174,914 (1,143,923) 55,118 (1,123,364) 591,722 (38,290,437) 821,754 Charges-off (33,044) 1,663 (83,195) 25,496 (1,352,465) 1,441,545 (1,468,704) 1,468,704 Foreign Exchange and other movements 2,182,378 (10,229) 221,501 (3,318) 65,373 (44,513) 2,469,252 (58,060) Balance at December 31, 2018 83,632,770 (522,230) 3,214,860 (358,473) 7,753,018 (4,480,130) 94,600,648 (5,360,833) Consumer Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance Balance at January 1, 2018 24,374,639 (794,615) 1,618,496 (451,838) 1,461,976 (1,282,891) 27,455,111 (2,529,344) Transfers of financial instruments: (1,146,891) (27,935) 306,465 55,361 840,426 (27,426) — — Transfers from stage 1 to stage 2 (798,766) 44,260 798,766 (44,260) — — — — Transfers from stage 1 to stage 3 (764,505) 56,905 — — 764,505 (56,905) — — Transfers from stage 2 to stage 1 361,202 (84,650) (361,202) 84,650 — — — — Transfers from stage 2 to stage 3 — — (185,178) 55,859 185,178 (55,859) — — Transfers from stage 3 to stage 1 55,178 (44,450) — — (55,178) 44,450 — — Transfers from stage 3 to stage 2 — — 54,079 (40,888) (54,079) 40,888 — — Remeasurement arising from transfer of stage (76,599) 88,547 (99,563) (118,750) 186,827 (1,691,495) 10,665 (1,721,698) Remeasurement from remaining in the stage (2,232,650) 1,889 (66,101) 22,297 (33,036) 2,528 (2,331,787) 26,714 Remeasurement due to changes in economics factors — 4,788 — (1,311) — — — 3,477 Remeasurement due to changes in model inputs — (27,434) — (29,817) — 1,363 — (55,888) Remeasurement due to methodological changes — — — — — — — — New financial assets purchased/originated 13,904,647 (418,266) 613,209 (178,986) 319,557 (271,327) 14,837,413 (868,579) Financial assets that have been derecognized (6,277,295) 167,811 (285,672) 66,802 (140,490) 115,249 (6,703,457) 349,862 Charges-off (523,623) 48,290 (388,119) 133,313 (1,100,573) 1,830,712 (2,012,315) 2,012,315 Foreign Exchange and other movements 644,233 (23,498) 59,447 (18,047) 34,071 (68,205) 737,751 (109,750) Balance at December 31, 2018 28,666,461 (980,423) 1,758,162 (520,976) 1,568,758 (1,391,492) 31,993,381 (2,892,891) Financial leases Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance Balance at January 1, 2018 19,219,292 (134,349) 1,230,431 (89,988) 1,662,653 (583,586) 22,112,376 (807,923) Transfers of financial instruments: (374,358) (14,466) 23,228 (546) 351,130 15,012 — — Transfers from stage 1 to stage 2 (678,005) 9,194 678,005 (9,194) — — — — Transfers from stage 1 to stage 3 (398,842) 6,978 — — 398,842 (6,978) — — Transfers from stage 2 to stage 1 678,497 (24,103) (678,497) 24,103 — — — — Transfers from stage 2 to stage 3 — — (111,253) 20,270 111,253 (20,270) — — Transfers from stage 3 to stage 1 23,992 (6,535) — — (23,992) 6,535 — — Transfers from stage 3 to stage 2 — — 134,973 (35,725) (134,973) 35,725 — — Remeasurement arising from transfer of stage (48,145) 18,824 (45,780) (56,854) (68,422) (137,850) (162,347) (175,880) Remeasurement from remaining in the stage (1,423,679) 25,665 (18,183) (11,927) (17,047) (65,577) (1,458,909) (51,839) Remeasurement due to changes in economics factors — (166) — 5,826 — (362) — 5,298 Remeasurement due to changes in model inputs — 15,975 — (31,606) — (11,963) — (27,594) Remeasurement due to methodological changes — — — — — (64,497) — (64,497) New financial assets purchased/originated 4,294,172 (24,463) 90,609 (9,411) 80,951 (31,035) 4,465,732 (64,909) Financial assets that have been derecognized (1,422,584) 9,297 (169,079) 16,974 (206,794) 47,821 (1,798,457) 74,092 Charges-off (14,014) 158 (276) 29 (121,384) 135,487 (135,674) 135,674 Foreign Exchange and other movements 125,277 (904) 34,215 (2,165) 15,991 (10,323) 175,483 (13,392) Balance at December 31, 2018 20,355,961 (104,429) 1,145,165 (179,668) 1,697,078 (706,873) 23,198,204 (990,970) Mortgage Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance Balance at January 1, 2018 18,351,658 (92,885) 1,454,894 (147,874) 950,961 (511,034) 20,757,513 (751,793) Transfers of financial instruments: (345,042) (57,398) 136,231 14,747 208,811 42,651 — — Transfers from stage 1 to stage 2 (749,203) 10,312 749,203 (10,312) — — — — Transfers from stage 1 to stage 3 (207,887) 5,056 — — 207,887 (5,056) — — Transfers from stage 2 to stage 1 552,708 (49,312) (552,708) 49,312 — — — — Transfers from stage 2 to stage 3 — — (200,281) 27,034 200,281 (27,034) — — Transfers from stage 3 to stage 1 59,340 (23,454) — — (59,340) 23,454 — — Transfers from stage 3 to stage 2 — — 140,017 (51,287) (140,017) 51,287 — — Remeasurement arising from transfer of stage (46,059) 51,842 (43,554) (30,301) 65,548 (178,864) (24,065) (157,323) Remeasurement from remaining in the stage (1,057,494) 771 (34,744) (7,423) 31,643 (71,719) (1,060,595) (78,371) Remeasurement due to changes in economics factors — 1,132 — 19,196 — (2,753) — 17,575 Remeasurement due to changes in model inputs — 4,289 — (2,185) — (4,589) — (2,485) Remeasurement due to methodological changes — — — — — (5,242) — (5,242) New financial assets purchased/originated 3,976,575 (25,673) 46,565 (8,806) 12,512 (6,192) 4,035,652 (40,671) Financial assets that have been derecognized (1,353,978) 8,575 (100,322) 9,063 (101,239) 49,131 (1,555,539) 66,769 Charges-off (996) 25 (336) 24 (111,085) 112,368 (112,417) 112,417 Foreign Exchange and other movements 755,752 (1,400) 54,329 (3,457) 20,055 (9,783) 830,136 (14,640) Balance at December 31, 2018 20,280,416 (110,722) 1,513,063 (157,016) 1,077,206 (586,026) 22,870,685 (853,764) Small business loans Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying Allowance carrying Allowance carrying Allowance carrying Allowance Balance at January 1, 2018 868,593 (31,773) 70,082 (12,775) 124,305 (97,417) 1,062,980 (141,965) Transfers of financial instruments: (102,128) 3,994 24,315 1,086 77,813 (5,080) — — Transfers from stage 1 to stage 2 (53,513) 2,328 53,513 (2,328) — — — — Transfers from stage 1 to stage 3 (64,371) 4,163 — — 64,371 (4,163) — — Transfers from stage 2 to stage 1 14,771 (1,842) (14,771) 1,842 — — — — Transfers from stage 2 to stage 3 — — (18,593) 3,599 18,593 (3,599) — — Transfers from stage 3 to stage 1 985 (655) — — (985) 655 — — Transfers from stage 3 to stage 2 — — 4,166 (2,027) (4,166) 2,027 — — Remeasurement arising from transfer of stage (3,674) 2,024 (13,083) (1,493) (35,259) (44,344) (52,016) (43,813) Remeasurement from remaining in the stage (134,481) 8,292 (3,527) 868 (2,329) (924) (140,337) 8,236 Remeasurement due to changes in economics factors — (99) — (593) — — — (692) Remeasurement due to changes in model inputs — (1,899) — (560) — 298 — (2,161) Remeasurement due to methodological changes — — — — — — — — New financial assets purchased/originated 556,933 (29,753) 25,216 (6,441) 27,945 (21,347) 610,094 (57,541) Financial assets that have been derecognized (243,809) 6,903 (15,087) 2,064 (15,489) 8,031 (274,385) 16,998 Charges-off (13,882) 926 (10,096) 2,690 (62,824) 83,186 (86,802) 86,802 Foreign Exchange and other movements 30,939 (586) 2,985 (267) 2,740 (2,384) 36,664 (3,237) Balance at December 31, 2018 958,491 (41,971) 80,805 (15,421) 116,902 (79,981) 1,156,198 (137,373)

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of initial application of standards or interpretations
Schedule of finance leases	As of December 31, 2019 Period Gross investment in finance Present value of minimum In millions of COP Less than 1 year 872,949 375,999 Between 1 and 5 years 11,156,112 8,725,805 Greater than 5 years 22,112,482 15,449,025 Total gross investment in finance lease receivable/ present value of minimum payments 34,141,543 24,550,829 Less: Future financial income (1) (9,590,714) - Present value of payments receivable (2) 24,550,829 24,550,829 Minimum non-collectable payments impairment (1,025,403) (1,025,403) Total 23,525,426 23,525,426 (1) Future financial income: Total Gross Investment - Total Present Value of minimum payments (2) See note 6 loans and advances to customers and financials institutions, net As of December 31, 2018 Period Gross investment in finance Present value of minimum In millions of COP Less than 1 year 735,187 526,581 Between 1 and 5 years 8,194,658 6,677,063 Greater than 5 years 22,738,577 15,994,560 Total gross investment in finance lease receivable/ present value of minimum payments 31,668,422 23,198,204 Less: Future financial income (1) (8,470,218) - Present value of payments receivable 23,198,204 23,198,204 Minimum non-collectable payments impairment (990,970) (990,970) Total 22,207,234 22,207,234 (1) Future financial income: Total Gross Investment - Total Present Value of minimum payments
Schedule of unsecured residual value	Type of asset December 31, 2019 December 31, 2018 In millions of COP Technological equipment 27,769 25,229 Vehicles 19,330 22,680 Machinery and equipment 10,743 11,300 Furniture and fixtures 209 189 Total 58,051 59,398 (*) The unsecured residual value is the part of the residual value of the leased asset, whose realization is not secured or is secured by a third party related to the lessor.
Schedule of contingent income	Type of asset December 31, 2019 December 31, 2018 In millions of COP Technological equipment 16,727 9,586 Vehicles 1,542 967 Buildings 1,484 44 Machinery and equipment 1,435 637 Furniture and fixtures 1 - Total 21,189 11,234
Schedule of minimum payments under operating leases	December 31, 2019 December 31, 2018 In millions of COP Less than 1 year 357,541 216,039 Between 1 and 5 years 753,653 934,816 Greater than 5 years 65,545 139,493 Total 1,176,739 1,290,348
Schedule of carrying amount of right-of use assets	Roll - forward Right of use assets Balance at Acquisitions Additions Expenses (1) Disposals Revaluation Effect of changes Balance at In millions of COP Buildings Cost 1,487,175 125,882 179,045 (2) - (40,432) (3,029) 5,425 1,754,066 Accumulated depreciation - - - (155,246) 20,769 - 171 (134,306) Furniture and fixtures Cost 579 3,781 - - (153) (362) (3) 3,842 Accumulated depreciation - - - (985) 78 - 1 (906) Technological equipment Cost 49,736 11,210 - - (305) (3,663) 138 57,116 Accumulated depreciation - - - (16,833) 34 - 4 (16,795) Vehicles Cost 34,956 8,355 2,572 - (11,492) (1,283) (5) 33,103 Accumulated depreciation - - (737) (4,645) 1,376 - 2 (4,004) Total right of use assets – cost 1,572,446 149,228 181,617 - (52,382) (8,337) 5,555 1,848,127 Total right of use assets - accumulated depreciation - - (737) (177,709) 22,257 - 178 (156,011) Total right of use assets, net 1,572,446 149,228 180,880 (177,709) (30,125) (8,337) 5,733 1,692,116 (1) See Note 26.3 Impairment, depreciation and amortization. (2) Reclassification from Leasehold improvements which are an integral part of the asset by right of use during the year 2019. See Note 10 Premises and equipment, net
Schedule of the changes in lease liabilities	Concept Total In millions of COP Balance at January 01, 2019 1,848,833 (+) New contracts 135,633 (+/-) Reassessment of the lease liability (34,755) (-) Payments (252,432) (+) Accrued Interest 127,558 (+/-) Effect of changes in foreign exchange rate 6,748 Balance at December 31, 2019 1,831,585
Schedule of maturity analysis of lease liabilities	The following table shows maturity analysis of lease liabilities as of December 31, 2019: Type of assets Maturity less than 1 year Maturity between 1 and 3 years Maturity between 3 and 5 years Maturity more than 5 years Total lease liabilities In millions of COP Buildings 6,255 22,036 73,252 1,685,676 1,787,219 Vehicles - 986 158 - 1,144 Technological equipment 6,510 3,956 15,343 14,692 40,501 Furniture and fixtures - 1,323 1,398 - 2,721 Total lease liabilities 12,765 28,301 90,151 1,700,368 1,831,585
Schedule of weighted average rates and average useful life of right of use assets	As of December 31, 2019 Right of use assets Weighted average life Weighted average lease terms Weighted average discount Buildings 273 148 5.78 % Technological equipment 83 54 3.99 % Furniture and fixtures 45 36 6.56 % Vehicles 40 34 5.65 %
Schedule of consolidated statement of income, the detail of leases	The following table shows the detail of leases in the Consolidated Statement of Income as of December 31, 2019: Right of use assets Financial interest (1) Expenses (2) Payments of penalties Effect of changes in foreign exchange rate Short-term leases (3) Leases for which the underlying asset is of low value (3) In millions of COP Buildings 119,951 155,246 363 207 1,729 2,287 Vehicles 63 4,645 - - 89 34 Technological equipment 1,766 16,833 - - 10 1,282 Furniture and fixtures 166 985 - - - 3,240 Total 121,946 (4) 177,709 363 207 1,828 6,843 (1) See Note 25.2 Interest expenses. (2) See Note 26.3 Impairment, depreciation and amortization. (3) See Note 26.2 Other administrative and general expenses (4) The amount includes the expense generated by the difference between the carrying amount of the asset for the right to use and the liability for leasing at the time of the early termination of lease contracts by COP 5,612.
Adoption of IFRS 16
Disclosure of initial application of standards or interpretations
Schedule of right-of-use assets and lease liabilities	Concepts January 01, 2019 Increase in right of use assets (1) 1,543,427 Net of deferred tax assets (119,173) Increase in lease liabilities 1,848,833 Net of effect of changes in foreign exchange rate (9,560) Decrease in retained earnings 184,248 (1) The increase in right of use assets for COP 1,543,427 differs from the COP 1,572,446 presented in the right of use assets at January 01, 2019, in the amount of COP 29,019 due the financial leases recognized by Transportempo S.A.S. under IAS 17 at December 31, 2018.

INVESTMENTS IN ASSOCIATES AND_2

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Tables)	12 Months Ended
	Dec. 31, 2019
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Schedule of bank's investments in associates and joint ventures	The following table presents information regarding the Bank’s investments in associates and joint ventures: Composition December 31, 2019 December 31, 2018 In millions of COP Investments in associates (1) 1,894,024 1,710,969 Investments in Joint ventures 473,733 438,610 Total 2,367,757 2,149,579 (1) As of December 31, 2019 and 2018, the amount includes investments in associates at fair value for COP 1,249,818 and COP 1,119,973, respectively and investments in associates at equity method value for COP 644,206 COP 590,996 respectively. See Note 30 Fair value of assets and liabilities.
Schedule of the investments in associates that the Bank holds	The following are the investments in associates that the Bank holds as of December 31, 2019 and 2018: As of December 31, 2019 Investments in Associates % of Company name Main activity Country Ownership Included in Total OCI (2) OCI (Equity OCI (CTA) (4) OCI (Deferred Carrying interest earnings (1) method) (3) tax) (5) amount In millions of COP Investments in associates PA Viva Malls Development and operation of commercial spaces Colombia 49.00 % 138,100 - - - - 1,249,818 Protección S.A. Administration of pension funds and severances Colombia 20.58 % 90,844 15,264 (159) - (81) 546,545 Titularizadora Colombiana S.A. Hitos* Mortgage portfolio securities Colombia 26.98 % 3,383 (1,569) (86) - 1 37,048 Redeban Multicolor S.A.* Network data transmission services Colombia 20.36 % 3,305 (651) - - 2 21,440 Internacional Ejecutiva de Aviación S.A.S. Aircraft and aircraft travel Colombia 33.33 % (100) 350 354 - (12) 12,758 ACH Colombia S.A. * Electronic transfer services Colombia 19.94 % 6,252 (952) - - 3 10,187 Servicio Salvadoreño de Protección, S. A. de C.V. * Custodial services and transfer of monetary types El Salvador 25.00 % 311 (727) - (1) 50 9,252 Servicios Financieros, S.A. de C.V. * Processing of financial transactions and electronic payment methods El Salvador 47.86 % (276) 9 - (1) - 3,173 Servicios de Identidad Digital S.A.S. (6) Provide digital citizens services Colombia 33.00 % - - - - - 2,369 ACH de El Salvador, S. A. de C.V. * Electronic transfer services El Salvador 25.00 % 166 6 - (6) - 1,434 Reintegra S.A.S.* (7) Collections and recovery of portfolio Colombia 46.00 % 2,099 1,742 - - 26 - Concesiones CCFC S.A. (8) Construction of public works through an awarding system Colombia 25.50 % 2,069 - 757 - (34) - Net investments in associates 246,153 13,472 866 (9) (8) (45) (9) 1,894,024 (1) Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2019. See Note 25.5 Dividends and net income on equity investments. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2019. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2019. (4) Corresponds to the other comprehensive income recognized as Cumulative Translation Adjustment of Foreign Currency (CTA) for the year ended December 31, 2019. (5) Corresponds to the other comprehensive income recognized as deferred tax for the year ended December 31, 2019. (6) In December 2019, Bancolombia S.A signed an agreement with Banco de Bogota and Davivienda to formed the associate Servicios de identidad digital S.A.S with purpose of providing digital citizens services. (7) In 2019, the Bank increased its capital contribution in Reintegra S.A.S by COP 3,775. The carrying amount at the end of the year is zero, because the amount of downstream transactions between Bancolombia S.A. and Reintegra made during 2019, exceeds the net investment on the entity. (8) In April, 2019, The Bank sold Concesiones CCFC S.A. See Note 25.5 Dividends and net income on equity investments. (9) See Consolidated Statement of Comprehensive Income. (*) For the purposes of applying the equity method of accounting, financial statements as of November 30, 2019 have been used. However, the Bank does not consider that any adjustments have to be made since no significant transactions took place between that date and December 31, 2019. As of December 31, 2018 % of Company name Main activity Country Ownership Included in Total OCI (2) OCI (Equity OCI (CTA) (4) OCI (Deferred Carrying interest earnings (1) method) (3) tax) (5) amount In millions of COP Investments in associates PA Viva Malls (6) Development and operation of commercial spaces Colombia 49.00 % 96,201 - - - - 1,119,973 Protección S.A. Administration of pension funds and severances Colombia 20.58 % 42,057 15,423 2,958 - (819) 478,482 Titularizadora Colombiana S.A. Hitos* Mortgage portfolio securities Colombia 26.98 % 4,962 (1,483) (94) - 40 37,391 Redeban Multicolor S.A.* Network data transmission services Colombia 20.36 % 2,203 (651) - - 45 19,105 Concesiones CCFC S.A.* Construction of public works through an awarding system Colombia 25.50 % 6,794 (757) (1) - 34 13,063 Internacional Ejecutiva de Aviación S.A.S. Aircraft and aircraft travel Colombia 33.33 % 2,008 (4) (213) - - 12,503 Servicio Salvadoreño de Protección, S. A. de C.V. * Custodial services and transfer of monetary types El Salvador 25.00 % 1,905 (727) - (30) (16) 8,867 Reintegra S.A.S.* (7) Collections and recovery of portfolio Colombia 46.00 % 1,939 1,742 - - (26) 8,594 ACH Colombia S.A. * Electronic transfer services Colombia 19.94 % 3,871 (952) - - 79 8,313 Servicios Financieros, S.A. de C.V. * Processing of financial transactions and electronic payment methods El Salvador 47.86 % (160) 9 - (7) - 3,420 ACH de El Salvador, S. A. de C.V. * Electronic transfer services El Salvador 25.00 % 143 6 - (64) - 1,258 Investments in associates classified as assets held for sale (8) Panamerican Pharmaceutical Holding Inc. Advisory services, consultation, representation, agent for individuals or company Panama 21.00 % - (1,486) (69) (785) - - Avefarma S.A.S. Manufacture and distribution of glass packing for pharmaceutical products Colombia 21.00 % - (11,704) - - - - Glassfarma Tech S.A.S. Manufacturing, elaboration and commercialization of packages and pharmaceutical products Colombia 21.00 % - 127 - - - - Net investments in associates 161,923 (457) 2,581 (9) (886) (663) (9) 1,710,969 (1) Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2018. See Note 25.5 Dividends and net income on equity investments. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2018. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2018. (4) Corresponds to the other comprehensive income recognized as Cumulative Translation Adjustment of Foreign Currency (CTA) for the year ended December 31, 2018. (5) Corresponds to the other comprehensive income as deferred tax for the year ended December 31, 2018. (6) During 2018, the Bank increases its capital contribution in P.A Viva Malls by COP 274,951. (7) During 2018, the Bank increases its capital contribution in Reintegra S.A.S by COP 1,152. (8) As of December 31, 2018 the investment in Avefarma S.A.S., Glassfarma Tech S.A.S and Panamerican Pharmaceutical Holding inc. are still classified as "assets held for sale". See Note 1l3 Assets held for sale and inventories, net. (9) See Consolidated Statement of Comprehensive Income. (*) For the purposes of applying the equity method of accounting, financial statements as of November 30, 2018 have been used. However, the Bank does not consider that any adjustments have to be made since no significant transactions took place between that date and December 31, 2018.
Schedule of additional information regarding the Bank's most significant associates	The following is additional information regarding the Bank’s most significant associates as of December 31, 2019 and 2018: As of December 31, 2019 Income from Company name Assets Liabilities ordinary activities Profits Dividends In millions of COP PA Viva Malls 2,563,824 13,176 568,971 393,292 71,212 Protección S.A. (1) 2,632,761 804,911 1,422,061 442,789 22,622 Titularizadora Colombiana S.A. Hitos 149,737 16,471 36,193 12,472 3,639 (1) The difference between the net assets of Protección S.A. multiplied by the Bank's percentage of ownership, which amounted to COP 376,111 for the year ended December 31, 2019, and the carrying amount of the Bank's interest in the associate, represents the goodwill recognized by the Bank amounting to COP 170,434. As of December 31, 2018 Income from Company name Assets Liabilities ordinary activities Profits Dividends In millions of COP PA Viva Malls 2,301,567 11,304 417,942 271,648 9,064 Protección S.A. (1) 2,172,208 675,135 1,387,294 205,134 37,861 Titularizadora Colombiana S.A. Hitos 151,447 16,911 50,213 14,923 2,824 (1) The difference between the net assets of Protección S.A. multiplied by the Bank’s percentage of ownership, which amounted to COP 308,048 for the year ended December 31, 2018, and the carrying amount of the Bank’s interest in the associate, represents the goodwill recognized by the Bank amounting to COP 170,434.
Schedule of the joint ventures that the Bank holds	The following are the Joint ventures that the Bank holds as of December 31, 2019 and 2018: As of December 31, 2019 % of OCI Company name Main activity Country Ownership Included in Total (Deferred Carrying interest earnings (1) OCI (2) tax) (3 ) amount Compañía de financiamiento Tuya S.A (4) Financing company Colombia 50 % 8,630 - 13 466,456 Vlipco S.A.S (5) Technology services provider Colombia 49 % (79) - - 4,190 Puntos Colombia S.A.S Administration of the customers loyalty Colombia 50 % (4,228) - - 1,373 P.A Proyecto CRECE (6) Non-financial products and services platform Colombia 50 % (1,191) - - 1,009 P.A Proyecto Dinamarca (7) Sustainable mobility services Colombia 33 % - - - 500 P.A Servicios Tecnológicos Arus- Bancolombia Technology services provider Colombia 50 % (45) - - 205 Fideicomiso Ruta del Sol - compartimento A Investment in infrastructure projects Colombia 50 % (9) 13 - - Servicios de Aceptación S.A.S. (8) Network data transmission services Colombia - - - - - Net investments in joint ventures 3,078 13 13 473,733 (1) Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2019. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2019. (3) Corresponds to the other comprehensive income as deferred tax for the year ended December 31, 2019. (4) During 2019, The Bank increases its capital contribution in Compañia de Financiamiento TUYA S.A for COP 26,317. (5) In July, 2019, the Bank acquired a 48.91% interest in Vlipco S.A.S. The objective is have joint control to the net assets of Vlipco S.A.S. The purpose of the entity is to provide technology services. (6) In October 2019, Banca de Inversión Bancolombia, a Bank's subsidiary, entered into an agreement with Grupo Sura whereby both parties have joint control over the net assets of PA Project CRECE. The purpose of the entity is to provide a non- financial products and services platform. (7) In November 2019, Inversiones CFNS S.A.S., a Bank's subsidiary, entered into an agreement with Grupo Sura and CELSIA S.A whereby both parties have joint control over the net assets of PA Project Dinamarca. The purpose of the entity is to provide sustainable mobility services. (8) The liquidation process was ended in April 2019, see Note 25.5 Dividends and net income on equity investments. As of December 31, 2018 % of OCI Company name Main activity Country Ownership Included in Total (Equity Carrying interest earnings (1) OCI (2) method) (3) amount Compañía de financiamiento Tuya S.A (4)(5) Financing company Colombia 50.00 % 27,623 - - 431,510 Puntos Colombia S.A.S Administration of the customers loyalty Colombia 50.00 % (1,613) - - 5,600 P.A Servicios Tecnológicos Arus- Bancolombia (6) Technology services provider Colombia 50.00 % - - - 1,500 Servicios de Aceptación S.A.S (in liquidation) (7) Network data transmission services Colombia 50.00 % (110) - - - Fideicomiso Ruta del Sol - compartimento A Investment in infrastructure projects Colombia 50.00 % (9) 13 - - Net investments in joint ventures 25,891 13 - 438,610 (1) Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2018. (2) Corresponds to the accumulated other comprehensive income as of December 31, 2018. (3) Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2018. (4) The revaluation of the consumer loan portfolio in Colombia increased significantly during 2018, and there was an improvement in loan coverage rates due to the economic cycle in the country and the current payment behavior in the consumer segment. As a result, management measured the recoverable amount of Tuya's Cash Generation Unit (CGU). The measurement was estimated by determining the fair value of the asset which implies the professional services of a business valuation specialist; as a result of the valuation the Bank recognized a recovery of the impairment loss of COP 173,339. For more information about the applied valuation technique, see Note 30 Fair value of assets and liabilities. (5) In March 2018, The Bank increases its capital contribution in Compañia de Financiamiento TUYA S.A. for COP 5,000. (6) In December 2018, Banca de Inversión Bancolombia, a Bank's subsidiary, entered into an agreement with ARUS whereby both parties have joint control to the net assets of P.A Servicios Tecnológicos Arus- Bancolombia. The purpose of the entity is to provide technology services. (7) The joint venture of Servicios de Aceptación S.A.S. was derived from the alliance between Bancolombia and First Data for improving the development of the credit card business for individuals, however the strategy was refocused in 2018. Consequently, both parties agreed to advance in the development of this business considering First Data as the Bank's service provider of processing data and to dissolve the joint venture.
Schedule of the bank's most significant joint ventures	The following is additional information regarding the Bank’s most significant joint ventures as of December 31, 2019 and 2018: As of December 31, 2019 Income from Company name Assets Liabilities ordinary activities (loss) Dividends In millons of COP Compañía de financiamiento TUYA S.A. 3,289,299 2,876,294 1,700,009 (19,345) - As of December 31, 2018 Income from Company name Assets Liabilities ordinary activities Profits Dividends In millons of COP Compañía de financiamiento TUYA S.A. 2,790,596 2,447,483 1,450,242 55,258 -

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Dec. 31, 2019
GOODWILL AND INTANGIBLE ASSETS, NET
Schedule Of Detailed Information Of Intangible Assets And Goodwill	Intangibles assets and goodwill net are as follows: December 31, 2019 December 31, 2018 In millions of COP Intangible assets 538,958 563,452 Goodwill 6,694,354 6,638,403 Total 7,233,312 7,201,855
Schedule of detailed information about intangible assets	The following table sets forth the Bank’s intangible assets as of December 31, 2019 and 2018, including the reconciliation of initial and final balances of the cost and accrued amortization: As of December 31, 2019 Licenses, software Cost Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2019 19,213 654,394 374,658 1,048,265 Acquisitions - 114,230 - 114,230 Write off - (2,121) - (2,121) Foreign currency translation adjustment 162 2,420 3,157 5,739 Balance at December 31, 2019 19,375 768,923 377,815 1,166,113 Licenses, software Amortization Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2019 (8,234) (256,694) (219,885) (484,813) Write off - 2,085 - 2,085 Amortization expense (2,772) (86,132) (52,200) (141,104) Foreign currency translation adjustment (65) (1,488) (1,770) (3,323) Balance at December 31, 2019 (11,071) (342,229) (273,855) (627,155) Intangible assets at December 31, 2019, net 8,304 426,694 103,960 538,958 As of December 31, 2018 Licenses, software Cost Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2018 17,642 526,923 344,020 888,585 Acquisitions - 133,376 - 133,376 Write off - (29,663) - (29,663) Foreign currency translation adjustment 1,571 23,758 30,638 55,967 Balance at December 31, 2018 19,213 654,394 374,658 1,048,265 Licenses, software Amortization Trademarks and computer Client Total applications relationships In millions of COP Balance at January 1, 2018 (203,554) (144,526) (353,120) Write off - 25,929 - 25,929 Amortization expense (2,497) (64,204) (56,850) (123,551) Foreign currency translation adjustment (18,509) (34,071) Balance at December 31, 2018 (219,885) (484,813) Intangible assets at December 31, 2018, net 10,979 397,700 154,773 563,452
Schedule of reconciliation of changes in goodwill	The following table sets forth an analysis of the activity in the goodwill account: December 31, 2019 December 31, 2018 In millions of COP Balance at beginning of the year, net 6,638,403 6,095,959 Effect of change in foreign exchange rate 55,951 542,444 Balance at end of the year, net 6,694,354 6,638,403
Schedule of information for cash-generating units	The key assumptions used by management in determining the recoverable amount are: Discount Rate Growth rate Operating segment Goodwill 2019 Valuation Methodology Key Assumptions (real) (real) In millions of COP Banking El Salvador 924,399 Discounted Cash flow 5 years plan 12.00 % 4.10 % Banking Panama 5,005,084 Discounted Cash flow 5 years plan 8.40 % 6.70 % Banking Guatemala 764,871 Discounted Cash flow 5 years plan 10.40 % 5.20 %
Schedule of information for impairment loss recognised or reversed for individual asset or cash-generating unit	As of December 31, 2019 Banking Panama Discount rate Growth rate 6.70% COP 9,801,900 COP 12,864,721 COP 18,487,028 Growth rate Discount rate 8.40% COP 10,827,366 COP 12,864,721 COP 16,599,874 Banking El Salvador Discount rate Growth rate 4.10% COP 3,110,435 COP 3,310,969 COP 3,538,828 Growth rate Discount rate 12.00% COP 3,232,992 COP 3,310,969 COP 3,399,482 Banking Guatemala Discount rate Growth rate 5.20% COP 2,099,213 COP 2,325,334 COP 2,600,045 Growth rate Discount rate 10.40% COP 2,196,032 COP 2,325,334 COP 2,482,145 As of December 31, 2018 Banking Panama Discount rate Growth rate 6.70% COP 10,044,682 COP 11,157,929 COP 12,531,296 Growth rate Discount rate 9.10% COP 10,458,284 COP 11,157,929 COP 12,020,283 Banking El Salvador Discount rate Growth rate 3.90% COP 2,893,147 COP 2,975,432 COP 3,062,694 Growth rate Discount rate 12.40% COP 2,945,601 COP 2,975,432 COP 3,007,065 Banking Guatemala Discount rate Growth rate 5.20% COP 1,649,883 COP 1,719,017 COP 1,793,745 Growth rate Discount rate 11.70% COP 1,684,998 COP 1,719,017 COP 1,755,758

PREMISES AND EQUIPMENT, NET (Ta

PREMISES AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2019
PREMISES AND EQUIPMENT, NET
Schedule of detailed information about property, plant and equipment	As of December 31, 2019 and 2018 the premises and equipment consisted of the following: As of December 31, 2019 Roll - forward Balance at Effect of Balance at Premises and equipment January 1, Expenses Assets changes in December 31, 2019 Acquisitions depreciation (1) Disposals classified foreign 2019 as held for exchange sale rate In millions of COP Land Cost 361,732 127,302 (2) - (3,662) - 1,543 486,915 Construction in progress Cost 2,453 34,457 - (6,011) - (1) 30,898 Buildings Cost 1,344,517 264,031 (2) - (6,840) - 4,712 1,606,420 Accumulated depreciation (330,991) - (32,415) 4,794 - (2,309) (360,921) Furniture and fixtures Cost 629,428 66,746 - (50,879) - 2,086 647,381 Accumulated depreciation (358,934) - (40,593) 28,687 - (1,716) (372,556) Computer equipment Cost 896,811 148,244 - (92,273) (3,668) 3,021 952,135 Accumulated depreciation (567,726) - (100,653) 82,777 3,796 (2,297) (584,103) Vehicles Cost 1,671,850 736,568 - (199,566) (271,827) 111 1,937,136 Accumulated depreciation (444,027) (6,347) (179,643) 14,562 91,603 (59) (523,911) Ongoing Imports Cost 1,267 - - (1,267) - - - Leasehold improvements Cost 314,412 30,915 - (338,115) (3) - 2,290 9,502 Accumulated depreciation (152,145) - (146) 152,298 (3) - (1,038) (1,031) Total premises and equipment - cost 5,222,470 1,408,263 - (698,613) (275,495) 13,762 5,670,387 Total premises and equipment - accumulated depreciation (1,853,823) (6,347) (353,450) 283,118 95,399 (7,419) (1,842,522) Total premises and equipment, net 3,368,647 1,401,916 (353,450) (415,495) (180,096) 6,343 3,827,865 (1) See Note 26.3 Impairment, depreciation and amortization. (2) Corresponds to the acquisition of a new headquarters in Bogotá. (3) It mainly corresponds to the reclassification to Assets by right of use as an integral part of the leased assets during the year 2019. See note 7.2 Lessee. For 2019 there are no premises and equipment related to investments held for sale. As of December 31, 2018 Roll - forward Balance at Effect of Balance at Premises and equipment January 1, Expenses Assets changes in December 31, 2018 Acquisitions depreciation (1) Disposals classified foreign 2018 as held for exchange sale rate In millions of COP Land Cost 337,362 20,924 - (6,079) - 9,525 361,732 Construction in progress Cost 5,129 6,485 - (8,448) - (713) 2,453 Buildings Cost 1,304,539 21,817 - (34,850) (5,916) 58,927 1,344,517 Accumulated depreciation (285,118) - (29,199) 2,913 - (19,587) (330,991) Furniture and fixtures Cost 601,275 28,221 - (24,861) - 24,793 629,428 Accumulated depreciation (334,054) - (36,073) 18,695 - (7,502) (358,934) Computer equipment Cost 782,476 142,451 - (50,282) (4,708) 26,874 896,811 Accumulated depreciation (497,976) - (80,980) 47,345 4,578 (40,693) (567,726) Vehicles Cost 1,410,709 679,356 - (249,771) (170,145) 1,701 1,671,850 Accumulated depreciation (371,276) (231) (145,529) 11,673 61,988 (652) (444,027) Ongoing Imports Cost 3,502 3,053 - (5,288) - - 1,267 Leasehold improvements Cost 297,500 19,180 - (7,737) - 5,469 314,412 Accumulated depreciation (126,663) - (25,970) 7,188 - (6,700) (152,145) Total premises and equipment - cost 4,742,492 921,487 - (387,316) (180,769) 126,576 5,222,470 Total premises and equipment - accumulated depreciation (1,615,087) (231) (317,751) 87,814 66,566 (75,134) (1,853,823) Total premises and equipment, net 3,127,405 921,256 (317,751) (299,502) (114,203) 51,442 3,368,647 (1) See Note 26.3 Impairment, depreciation and amortization. As of December 31, 2018 the premises and equipment of Assets held for sale consist of: Roll - forward Balance at Effect of Balance at Premises and equipment January 1, Expenses Assets changes in December 31, 2018 Acquisitions depreciation Disposals classified foreign 2018 as held for exchange sale rate In millions of COP Furniture and Fixtures Cost 111 - - - - (1) 110 Accumulated depreciation (95) - (9) - - 2 (102) Computer equipment Cost 113 - - - - 7 120 Accumulated depreciation (86) - (12) - - (14) (112) Vehicles Cost 142,647 84,344 - (1,850) (26,913) 12,453 210,681 Accumulated depreciation (33,221) (54) (24,833) 365 13,446 (2,044) (46,341) Total premises and equipment - cost 142,871 84,344 - (1,850) (26,913) 12,459 210,911 Total premises and equipment - accumulated depreciation (33,402) (54) (24,854) 365 13,446 (2,056) (46,555) Total premises and equipment, net 109,469 84,290 (24,854) (1,485) (13,467) 10,403 164,356

INVESTMENT PROPERTIES (Tables)

INVESTMENT PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2019
INVESTMENT PROPERTIES
Schedule of significant adjustments to valuation obtained	The table below sets forth the reconciliation between the initial balance account and the balance at the end of the period, at fair value: December 31, 2019 December 31, 2018 In millions of COP Balance at the beginning of the year 1,732,873 1,657,409 Acquisitions 116,503 8,536 Sales/Write-offs (17,667) (10,422) Amount reclassified from inventories (1) 68,058 - Gains on valuation (2) 93,197 77,350 Balance at the end of the period (3) 1,992,964 1,732,873 (1) In 2019, returned goods from financial leasing operations were reclassified from inventories to investment property, because they are held for obtaining profits and capital appreciation. (2) See Note 25.4 Other operating income, net. (3) Between December 31, 2019 and 2018, there were no transfers in and out of Level 3 fair value hierarchy related with investment properties. See Note 30 Fair value of assets and liabilities.
Schedule of detailed information about investment property	The valuation adjustments recorded by the Bank’s related to its investment properties are detailed below: As of December 31, 2019 Balance at the Type of asset beginning of the Appraisals Net increase (decrease) in Amount reclassified Adjusted fair value at the year investment properties from inventories (1) end of the year In millions of COP Buildings 1,483,594 74,210 98,857 68,058 1,724,719 Lands 249,279 18,987 (21) - 268,245 Total 1,732,873 93,197 98,836 68,058 1,992,964 (1) In 2019, returned goods from financial leasing operations were reclassified from inventories to investment property, because they are held for obtaining profits and capital appreciation As of December 31, 2018 Balance at the Type of asset beginning of the Appraisals (1) Net increase (decrease) in Adjusted fair value at the year investment properties end of the year In millions of COP Buildings 1,425,585 59,895 (1,886) 1,483,594 Lands 231,824 17,455 - 249,279 Total 1,657,409 77,350 (1,886) 1,732,873 (1) Corresponds to the change in the commercial estimate of real estate due to the change in the consumer price index (IPC).
Schedule of Rental income from investment property, net of direct operating expense	The table sets forth the main income recorded by the Bank related to its investment properties: December 31, 2019 December 31, 2018 December 31, 2017 In millions of COP Income from rentals 85,507 79,756 77,964 Operating expenses due to: Investment properties that generated income through rentals (15,669) (16,531) (21,012) Investment properties that did not generate income through rentals (2,183) (1,630) (2,295)

INCOME TAX (Tables)

INCOME TAX (Tables)	12 Months Ended
	Dec. 31, 2019
INCOME TAX
Schedule of components recognized in the income statement	12.1. Components recognized in the income statement of the period: December 31, December 31, December 31, 2019 2018 2017 In millions of Colombian pesos Current tax Fiscal term 1,040,558 752,728 1,041,454 Prior fiscal terms (1) 7,908 (146,837) 3,967 Total current tax 1,048,466 605,891 1,045,421 Deferred tax Fiscal term 214,498 223,544 193,177 Total deferred tax 214,498 223,544 193,177 Total income tax 1,262,964 829,435 1,238,598 ( 1 ) The recoveries of previous periods for $85,921 was recognized in 2017 in Bancolombia as income.
Schedule of components recognized in other comprehensive income	12.2. Components recognized in Other Comprehensive Income (OCI) December 31, 2019 In millions of Colombian pesos Amounts before taxes Deferred tax Net taxes Losses related to the defined benefit liability (38,451) 14,835 (23,616) Net income from financial instruments measured at fair value 84,171 (12,607) 71,564 Unrealized gains on investments in associates and joint ventures using equity method. 8,151 (32) 8,119 Loss net investment coverage in operations abroad (60,258) 20,213 (40,045) Exchange differences arising on translating the foreign operations 104,955 - 104,955 Net 98,568 22,409 120,977 See status of Other Comprehensive Income December 31, 2018 In millions of Colombian pesos Amounts before taxes Deferred tax Net taxes Revaluation related to the defined benefit liability 37,325 (7,663) 29,662 Net incomefrom financial instruments measured at fair value 3,771 10,190 13,961 Unrealized gains on investments in associates and joint ventures using equity method. 2,581 (663) 1,918 Loss net investment coverage in operations abroad (584,650) 172,870 (411,780) Exchange differences arising on translating the foreign operations 1,043,593 - 1,043,593 Net 502,620 174,734 677,354 See status of Other Comprehensive Income December 31, 2017 In millions of Colombian pesos Amounts before taxes Deferred tax Net taxes Revaluation related to the defined benefit liability 3,753 (3,725) 28 Net income from financial instruments measured at fair value 17,548 9,789 27,337 Net profit investment coverage in operations abroad 36,762 (6,895) 29,867 Exchange differences arising on translating the foreign operations 412,878 - 412,878 Net 470,941 (831) 470,110
Schedule of applicable fees	The following are the nominal rates of the current tax in each of the countries where Grupo Bancolombia has operations subject to income tax: Companies domiciled in Colombia The tax provisions in force in Colombia in relation to the current income tax applicable for taxable years 2019, 2018 and 2017, establish the following: 2019 2018 2017 Income tax 33 % 33 % 34 % Additional points 0 %* 4 % 6 % Total 33 % 37 % 40 % * For 2019, Law 1943 of 2018 established for the financial institutions, a surcharge of 4 additional points on the general income tax. However, Decision C-510 of 2019 of the constitutional count declared this surcharge to be unenforceable. The deferred tax as of December 31, 2019 was calculated based on the temporary differences, taking into account the applicable rates for 2020 and following years, as follows: 2020 2021 2022 2023 onwards Income tax 32 % 31 % 30 % 30 % Additional points 4 % 3 % 3 % 0 % Total 36 % 34 % 33 % 30 % * Law 2010 of 2019 (Law on economic growth) established for financial institutions, certain additional points on the general income tax. This surcharge is subject to an advance payment of 100%. Domiciled companies in other countries The tax rates used for the calculation of income tax, for the taxable periods 2018 and 2019 was: 2018 2019 2020 onwards Companies in Peru Income tax 29.5 % 29.5 % - Companies in Panama Income tax 25 % 25 % 25 % Companies in El Salvador Income tax 30 % 30 % 30 % Companies in Guatemala Income tax 25 % 25 % 25 %
Schedule of temporary differences	12.3.2. Amount of temporary differences in subsidiaries, branches, associates over which deferred tax was not recognized is: December 31, 2019 December 31, 2018 In millions of Colombian pesos Temporary differences Local Subsidiaries (1,159,387) (442,739) Foreign Subsidiaries (4,547,635) (4,547,635)
Schedule of deferred tax assets and liabilities	In accordance with IAS 12 no deferred tax credit was recorded with respect to the amounts shown in the table above, because the administration can control the future time in which such differences are reversed and this is not expected to occur in the foreseeable future. 12.3.3. Temporary differences as of December 31, 2019 - Net effect of deferred tax assets and liabilities by company disclosed in the Financial Position Statement: December 31, December 31, December 31, December 31, 2019 2019 2018 2018 In millions of Colombian pesos Deferred Tax Deferred Tax Deferred Tax Deferred Tax Company Asset Liability Asset Liability Arrendadora Financiera S.A. (53) 94 Bagrícola Costa Rica S.A. 102 74 Grupo Agromercantil Holding 50,063 (13,566) Banca de Inversión Bancolombia S.A. (20,567) (20,300) Banco Agrícola S.A. 72,436 67,527 Bancolombia S.A. (1,452,087) (1,245,807) Banistmo SA and Subsidiaries 271,057 198,958 Pasarela Colombia S.A.S (1) . 118 (19) Fideicomiso "Lote Abelardo Castro" - (123) Fiduciaria Bancolombia S.A. (5,918) (4,265) Gestora de Fondo de Inversión S.A 21 Inversiones CFNS S.A.S. (452) (1,011) Renting Colombia S.A. (30,656) (22,450) Transportempo S.A.S 1,238 163 Valores Banagrícola S.A. 8 19 Valores Bancolombia S.A. 5,959 4,342 Valores Simesa S.A. (12,225) (10,754) Net Deferred Tax by Company 401,002 (1,521,958) 271,177 (1,318,295) Net Deferred Tax (1,120,956) (1,047,118) (1) Before Biba Colombia Inmobiliaria S.A.S This section shows the net deferred tax resulting from each company and differs from the information in section 12.3.4, because there the deferred tax is disclosed according to its nature. 12.3.4. Asset and liability deferred tax detail without netting by company This section shows the deferred tax according to its nature and differs from the information in section 12.3.3, because there the deferred tax is shown net by company. Assets deferred tax with effect on Income Statement, OCI and Equity Deferred tax summary in December 31, With effects With effects on OCI December 31, balance sheet accounts 2018 on Results and Retained Profits Eliminations Reclassifications 2019 In millions of Colombian pesos Assets deferred tax Results 704,801 (79,475) (14,192) 8,979 620,113 Assets deferred tax OCI and Equity 477,876 153,409 1,062 3 Net Deferred Tax 1,182,677 (79,475) 153,409 (14,192) 10,041 1,252,460 December 31, 2018 Implementation Increase December 31, 2019 In millions of Colombian pesos Asset Deferred Tax with effect on Income Statement: Property and equipment 18,117 11,232 453 7,338 Employee Benefits 172,327 1,083 21,387 192,631 Deterioration assessment 56,920 37,894 99,869 118,895 Tax credits settlement 74,189 3,513 - 70,676 Financial Obligations 291,865 200,450 135 91,550 Investments evaluation 73,863 1,452 14,026 86,437 Other deductions 17,520 1,467 36,533 52,586 Total Asset Deferred Tax with effect on Income Statement 704,801 257,091 172,403 620,113 December 31, 2018 Implementation Increase December 31, 2019 In millions of Colombian pesos Asset Deferred Tax with effect on OCI and Equity: Net investment coverage in operations abroad 179,765 - 20,213 199,978 Employee Benefits 28,603 - 10,919 39,522 Investments evaluation - 70,034 75,005 4,971 implementation adjustment (1) 269,508 - 118,368 387,876 Total Asset Deferred Tax with effect on OCI and Equity 477,876 70,034 224,505 632,347 (1) Value recorded against retained earnings, not other comprehensive income (OCI). The increase is due to the adoption of IFRS 16. In accordance with the financial projections, it is expected in the future to generate sufficient liquid income to offset the items recorded as deductible deferred tax. These estimates start from the financial projections that were prepared taking into account information from the Bancolombia Group’s economic research records, the expected economic environment for the next five years. The main indicators on which the models are based are GDP growth, loans growth and interest rates. In addition to these elements, the long-term Group's strategy is taken into account. Liability deferred tax with effect on Income Statement, OCI and Equity Deferred tax summary in December 31, With effects With effects on OCI December 31, balance sheet accounts 2018 on Results and Retained Profits Eliminations Reclassifications 2019 In millions of Colombian pesos Liability deferred tax Results (2,122,001) (219,631) - 44,897 44,901 (2,251,834) Liability deferred tax OCI and Equity (107,794) - (14,354) - 566 (121,582) Net Deferred Tax (2,229,795) (219,631) (14,354) 44,897 45,467 (2,373,416) December 31, 2018 Implementation Increase December 31, 2019 In millions of Colombian pesos Liability Deferred Tax with effect on Income Statement: Property and equipment (243,330) 36,002 7,220 (214,548) Lease restatement (213,359) - 42,072 (255,431) Deterioration assessment (375,178) 33,716 11,374 (352,836) Participatory titles evaluation (139,963) 84,335 68,136 (123,764) Derivatives' evaluation (178,470) 178,466 - (4) Goodwill (858,849) 16,252 177,373 (1,019,970) Properties received in payment (77,043) 41 15,711 (92,713) Other deductions (35,809) 1,203 157,962 (192,568) Total Liability Deferred Tax with effect on Income Statement: (2,122,001) 350,015 479,848 (2,251,834) December 31, 2018 Implementation Increase December 31, 2019 In millions of Colombian pesos Liability Deferred Tax with effect on OCI and Equity Employee Benefits (3,917) 3,950 33 - Investments evaluation (95,283) 70,051 87,629 (112,861) Investments in associates. Adjustment for equity method (663) 663 695 (695) IFRS 9 implementation adjustment (1)(2) (7,931) - 95 (8,026) Total Liability Deferred Tax with effect on OCI and Equity: (107,794) 74,664 88,452 (121,582) (1) Value recorded against retained earnings, not other comprehensive income (OCI) (2) Effect on Grupo Agromercantil Holding due to an increase in the investments Total deferred tax With effects on Deferred tax summary in December 31, With effects OCI and Retained Eliminations Reclassifications December 31, balance sheet accounts 2018 on Results Profits 2019 In millions of Colombian pesos Asset Deferred Tax 1,182,677 (79,475) 153,409 (14,192) 10,041 1,252,460 Liability Deferred Tax (2,229,795) (219,631) (14,354) 44,897 45,467 (2,373,416) Net Deferred Tax (1,047,118) (299,106) 139,055 30,705 55,508 (1,120,956)
Schedule of Reconciliation of the effective tax rate	12.3.5. Reconciliation of the effective tax rate December 31, December 31, December 31, Reconciliation of the tax rate 2019 2018 2017 In millions of Colombian pesos Accounting profit 4,477,531 3,615,870 3,992,771 Applicable tax with nominal rate 1,477,585 1,337,872 1,597,108 Non-deductible expenses to determine taxable profit (loss) 281,633 266,246 356,350 Accounting and non-tax expense (income) to determine of taxable profit (loss) (822,683) (168,134) (179,605) Base Differences 304,871 486,193 341,828 Fiscal and non-accounting expense (income) to determine of taxable profit (loss) (1) 434,929 (579,660) (23,844) Ordinary activities income exempt from taxation (258,622) (235,560) (181,406) Ordinary activities income not constituting income or occasional tax gain (173,791) (133,211) (130,272) Tax deductions (128,211) (25,398) (184,620) Goodwill Depreciation (194,679) (218,277) (233,004) Tax depreciation surplus (100,286) (118,046) (177,936) Tax rate effect in other countries (2) 27,038 (92,125) (218,785) Prior fiscal terms 7,908 (146,837) 3,967 Other effects of the tax rate by reconciliation between accounting profit and tax expense (income) 407,272 456,372 268,817 Total income tax 1,262,964 829,435 1,238,598 (1) The variation originates mainly from the Participation Method (current tax) and the treatment of derivatives (2) The variation originates in adjustments for eliminations in the consolidated financial statements.
Schedule of uncertain positions	In 2019, the Bancolombia Group reversed and updated the uncertain positions in accordance with the administrative acts received during the year: Balance December Balance December 2018 Update Payments Reversal 2019 114,968 12,700 6,085 19,031 102,552
Schedule of fiscal losses and presumptive income excesses over net income	The following is the detail of the fiscal losses and presumptive income excesses over net income in the Group’s entities, which have not been used, as of December 31, 2019. Deferred tax recognized Base asset In millions of Colombian pesos 235,585 70,676
Schedule of the rate of income and supplementary taxes	a) For financial institutions, the income and supplementary tax rates were amended and certain points were added to the general income tax, provided that the taxable income is equal to or greater than 120,000 TVUs (Tax Value Unit), thus: Income and supplementary taxes 2020 2021 2022 2023 onwards Income tax 32 % 31 % 30 % 30 % Additional points 4 % 3 % 3 % 0 % Total income tax 36 % 34 % 33 % 30 %

ASSETS HELD FOR SALE AND INVE_2

ASSETS HELD FOR SALE AND INVENTORIES, NET (Tables)	12 Months Ended
	Dec. 31, 2019
ASSETS HELD FOR SALE AND INVENTORIES, NET
Schedule of assets held for sale and inventories	The breakdown of inventories and assets held for sale, net of the Bank is as follows: Assets held for sale and inventories December 31, 2019 December 31, 2018 In millions of COP Inventories, net 394,354 290,605 Assets held for sale 124,395 345,423 Total assets held for sale and inventories, net 518,749 636,028
Schedule of inventories	The Bank’s inventories at December 31, 2019 and 2018, are summarized as follows: Inventories December 31, 2019 December 31, 2018 In millions of COP Lands and buildings 356,480 250,543 Vehicles 49,951 41,853 Machinery 31,307 20,527 Total inventory cost 437,738 312,923 Impairment (43,384) (22,318) Total inventories, net 394,354 290,605
Schedule of assets held for sale by operating segment	The total balance of assets held for sale, by operating segment, are detailed below: As of December 31, 2019 Banking Banking Banking Banking Others Assets held for sale Colombia Panama El Salvador Guatemala Segment Total In millions of COP Machinery and equipment 2,554 2,245 - - - 4,799 Cost 2,622 2,648 - - - 5,270 Impairment (68) (403) - - - (471) Real estate for residential purposes 61,973 43,940 5,301 1,575 - 112,789 Cost 63,417 45,068 5,424 1,709 - 115,618 Impairment (1,444) (1,128) (123) (134) - (2,829) Real estate different from residential properties - 5,918 889 - - 6,807 Cost - 5,964 909 - - 6,873 Impairment - (46) (20) - - (66) Total assets held for sale - cost 66,039 53,680 6,333 1,709 - 127,761 Total assets held for sale - impairment (1,512) (1,577) (143) (134) - (3,366) Total assets held for sale 64,527 52,103 6,190 1,575 - 124,395 (1) For 2019 there are no assets related to investments held for sale. As of December 31, 2018 Banking Banking Banking Banking Others Assets held for sale Colombia Panama El Salvador Guatemala Segment Total In millions of COP Machinery and equipment 2,696 2,860 - - - 5,556 Cost 3,065 3,090 - - - 6,155 Impairment (369) (230) - - - (599) Real estate for residential purposes 29,562 59,241 1,762 1,487 - 92,052 Cost 30,472 61,286 1,800 1,487 - 95,045 Impairment (910) (2,045) (38) - - (2,993) Real estate different from residential properties 452 23,624 - - - 24,076 Cost 998 23,822 - - - 24,820 Impairment (546) (198) - - - (744) Investments held for sale - - - - 19,128 19,128 Cost - - - - 19,128 19,128 Impairment - - - - - - Assets related to Investments held for sale - - - - 204,611 204,611 Cost - - - - 209,002 209,002 Impairment - - - - (4,391) (4,391) Total assets held for sale - cost 34,535 88,198 1,800 1,487 228,130 354,150 Total assets held for sale - impairment (1,825) (2,473) (38) - (4,391) (8,727) Total assets held for sale 32,710 85,725 1,762 1,487 223,739 345,423
Schedule of detailed information about assets and liabilities classified as held for sale	The breakdown of the major classes of assets and liabilities classified as held for sale as of December 31, 2018 is as follows: December 31, 2018 Assets Cash and cash equivalents 12,476 Financial assets investment - Premises and equipment, net 164,356 Prepaid expenses 412 Tax receivables 7,093 Deferred tax 1,551 Assets held for sale 721 Other assets 22,393 Total assets 209,002 Liabilities Borrowings from other financial institutions 150,254 Tax liabilities 1,054 Deferred tax liabilities 4,832 Other liabilities 7,456 Total liabilities 163,596

DEPOSITS BY CUSTOMERS (Tables)

DEPOSITS BY CUSTOMERS (Tables)	12 Months Ended
	Dec. 31, 2019
DEPOSITS BY CUSTOMERS
Schedule of detail of deposits	The detail of the deposits as of December 31, 2019 and 2018 is as follows: Deposits December 31, 2019 December 31, 2018 In millions of COP Saving accounts 66,914,834 59,635,379 Time deposits 63,635,078 56,853,141 Checking accounts 25,159,676 24,098,073 Other deposits 1,495,724 1,541,878 Total 157,205,312 142,128,471
Schedule of time deposits issued by bank	The following table details the time deposits issued by the Bank: Time deposits Effective interest rate December 31, 2019 Modality Minimum Maximum Carrying Value Fair value (1) In millions of COP Less than 6 months 0.10 % 6.60 % 8,611,317 8,608,691 Between 6 months and 12 months 0.10 % 7.25 % 8,267,750 8,287,504 Between 12 months and 18 months 0.25 % 6.75 % 9,458,863 9,534,399 Greater than 18 months 0.01 % 13.50 % 37,297,148 38,235,068 Total 63,635,078 64,665,662 (1) See Note 30 Fair value of assets and liabilities. Time deposits Effective interest rate December 31, 2018 Modality Minimum Maximum Carrying Value Fair value (1) In millions of COP Less than 6 months 0.10 % 6.75 % 9,549,206 9,554,429 Between 6 months and 12 months 0.25 % 7.50 % 5,572,051 5,577,962 Between 12 months and 18 months 0.25 % 7.25 % 7,323,840 7,368,860 Greater than 18 months 0.01 % 13.50 % 34,408,044 35,084,415 Total 56,853,141 57,585,666
Schedule of time deposits issued by the bank by maturity	The detail of Time deposits issued by the Bank by maturity is as follows: December 31, 2019 Period Carrying value Fair value (1) In millions of COP Less than 1 year 44,458,114 44,993,854 Between 1 and 3 years 13,543,877 13,790,539 Between 3 and 5 years 3,578,910 3,669,471 Greater than 5 years 2,054,177 2,211,798 Total 63,635,078 64,665,662 (1) See Note 30 Fair value of assets and liabilities. December 31, 2018 Period Carrying value Fair value (1) In millions of COP Less than 1 year 37,911,658 38,216,970 Between 1 and 3 years 12,753,264 12,965,241 Between 3 and 5 years 4,559,122 4,663,087 Greater than 5 years 1,629,097 1,740,368 Total 56,853,141 57,585,666

INTERBANK DEPOSITS AND REPURC_2

INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING (Tables)	12 Months Ended
	Dec. 31, 2019
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING
Schedule of money market operations recognized as liabilities	The following table sets forth information regarding the money market operations recognized as liabilities in the statement of financial position: Interbank and repurchase agreements and other similar secured borrowing December 31, 2019 December 31, 2018 In millions of COP Interbank Deposits Interbank liabilities 1,363,679 1,374,222 Total interbank 1,363,679 1,374,222 Repurchase agreements and other similar secured borrowing Short selling operations 555,337 136,786 Temporary transfer of securities 758,400 2,178,769 Total Repurchase agreements and other similar secured borrowing (1) 1,313,737 2,315,555 Total money market transactions 2,677,416 3,689,777 (1) Total repo liabilities have maturities of less than 30 days.
Schedule of repurchases and resale transactions	The table below presents repurchases and resale transactions included in the consolidated statement of financial position at December 31, 2019 and 2018: As of December 31, 2019 Net balance Assets / Amounts offset in presented in the Financial Assets / liabilities gross the statement of statement of financial instruments as liabilities financial position position collaterals net In millions of COP Securities purchased under resale agreements 3,016,064 - 3,016,064 (3,016,064) - Securities sold under repurchase agreements (1,313,737) - (1,313,737) 1,313,737 - Total repurchase and resale agreements 1,702,327 - 1,702,327 (1,702,327) - As of December 31, 2018 Net balance Assets / Amounts offset in presented in the Financial Assets / liabilities gross the statement of statement of financial instruments as liabilities financial position position collaterals net In millions of COP Securities purchased under resale agreements 931,820 - 931,820 (931,820) - Securities sold under repurchase agreements (2,315,555) - (2,315,555) 2,315,555 - Total repurchase and resale agreements (1,383,735) - (1,383,735) 1,383,735 -

BORROWINGS FROM OTHER FINANCI_2

BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS (Tables)	12 Months Ended
	Dec. 31, 2019
BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS
Schedule of borrowings from other financial institutions measured at amortized cost	As of December 31, 2019 and 2018, the composition of the borrowings from other financial institutions measured at amortized cost is the following: Borrowings from other financial institutions December 31, 2019 December 31, 2018 In millions of COP Obligations granted by foreign banks (1) 9,200,571 11,217,308 Obligations granted by domestic banks 4,758,772 5,120,656 Total 13,959,343 16,337,964 (1) The Bank has recognized a financial liability with BAM Financial Corporation (BFC) amounting to USD 290, 4 millions as of December 31, 2019 and USD 259.4 million as of December 31, 2018, due to its obligation to pay cash in future to purchase the non-controlling shares of Grupo Agromercantil Holding pursuant to an outstanding put option expiring in 2024. The Bank will reclassify the liability to equity if the put expires unexercised.
Schedule of Obligations granted by domestic banks	Obligations granted by domestic banks As of December 31, 2019 Rate Rate Financial entity Maximum Minimum December 31, 2019 In millions of COP Financiera de desarrollo territorial (Findeter) 10.02 % 0.21 % 2,527,879 Banco de comercio exterior de Colombia (Bancoldex) 16.66 % 2.13 % 846,874 Fondo para el financiamiento del sector agropecuario (Finagro) 14.40 % 0.63 % 578,665 Other private financial entities 8.51 % 6.08 % 805,354 Total 4,758,772 As of December 31, 2018 Rate Rate Financial entity Maximum Minimum December 31, 2018 In millions of COP Financiera de desarrollo territorial (Findeter) 10.19 % 0.24 % 2,591,423 Banco de comercio exterior de Colombia (Bancoldex) 15.46 % 2.17 % 1,205,958 Fondo para el financiamiento del sector agropecuario (Finagro) 14.54 % 0.85 % 634,048 Other private financial entities 7.92 % 5.82 % 689,227 Total 5,120,656
Schedule of maturities of financial obligations with domestic banks	The maturities of financial obligations with domestic banks as of December 31, 2019 and 2018, are the following: Domestic December 31, 2019 December 31, 2018 In millions of COP Amount expected to be settled: More than twelve months after the reporting period 4,411,393 4,894,259 No more than twelve months after the reporting period 347,379 226,397 Total 4,758,772 5,120,656
Schedule of Obligations granted by foreign banks	Obligations granted by foreign banks As of December 31, 2019 Financial entity Rate Maximum Rate Minimum December 31, 2019 In millions of COP Financing with correspondent banks 4.81 % 2.05 % 8,340,378 Corporación Andina de Fomento (CAF) 4.33 % 2.29 % 333,095 Banco Latinoamericano de Comercio Exterior (Bladex) 4.75 % 2.71 % 457,228 Banco Interamericano de Desarrollo (BID) 4.91 % 3.28 % 69,870 Total 9,200,571 As of December 31, 2018 Financial entity Rate Maximum Rate Minimum December 31, 2018 In millions of COP Financing with correspondent banks 5.66 % 2.81 % 10,140,356 Corporación Andina de Fomento (CAF) 5.01 % 2.93 % 529,464 Banco Latinoamericano de Comercio Exterior (Bladex) 4.89 % 3.15 % 473,549 Banco Interamericano de Desarrollo (BID) 5.64 % 4.32 % 73,939 Total 11,217,308
Schedule of maturities of financial obligations with foreign banks	The maturities of the financial obligations with foreign entities as of December 31, 2019 and 2018 are the following: Foreign December 31, 2019 December 31, 2018 In millions of COP Amount expected to be settled: No more than twelve months after the reporting period 6,286,622 9,743,905 More than twelve months after the reporting period 2,913,949 1,473,403 Total 9,200,571 11,217,308

DEBT INSTRUMENTS IN ISSUE (Tabl

DEBT INSTRUMENTS IN ISSUE (Tables)	12 Months Ended
	Dec. 31, 2019
DEBT INSTRUMENTS IN ISSUE
Schedule of bonds issued	Duly authorized by the authority in each country bonds have been issued as follows: As of December 31, 2019 Issuer Currency Face value (1) Balance Rate Range Bancolombia S.A. Local COP 4,571,386 4,614,044 5.86%-10.27 % Bancolombia S.A. Foreign USD 3,311,481 10,668,375 2.15%-6.22 % Banco Agrícola S.A. Foreign USD 514,000 1,676,517 5.27%-7.17 % Bancolombia Panamá S.A. Foreign USD 140,351 467,837 2.25%-3.70 % Grupo Agromercantil Holding S.A. Foreign USD 915 3,000 0.25%-7.25 % Banistmo S.A. y filiales Foreign USD 749,363 2,473,666 2.65%-5.00 % Bancolombia Puerto Rico Internacional Inc. Foreign USD 5,471 18,076 2.65%-2.95 % Total 19,921,515 (1) Face value is in US dollar for foreign currency bonds. As of December 31, 2018 Issuer Currency Face value (1) Balance Rate Range Bancolombia S.A. Local COP 4,533,392 4,607,153 5.91%-10.89 % Bancolombia S.A. Foreign USD 3,237,466 10,452,432 2.60%-6.22 % Banco Agrícola S.A. Foreign USD 549,000 1,774,852 5.27%-7.17 % Bancolombia Panamá S.A. Foreign USD 139,280 457,495 2.60%-3.50 % Grupo Agromercantil Holding S.A. Foreign USD 300,939 986,476 0.25%-7.25 % Banistmo S.A. y filiales Foreign USD 606,635 1,980,824 2.65%-5.00 % Bancolombia Puerto Rico Internacional Inc. Foreign USD 8,499 28,001 2.70%-3.00 % Total 20,287,233 (1) Face value is in US dollar for foreign currency bonds.
Schedule of detailed information about breakdown of the Bank securities in issue by maturity	The breakdown of the Bank securities in issue by term is as follows: As of December 31, 2019 Less than Between Between Issuer 1 year 1 and 3 years 3 and 5 years Greater than 5 years Total amortized cost In millions of COP Local currency Subordinated bonds (1) - - - 1,216,533 1,216,533 Ordinary bonds - - 155,102 3,242,409 3,397,511 Foreign currency Subordinated bonds (1) - - - 6,925,854 6,925,854 Ordinary bonds 259,503 879,255 261,020 6,981,839 8,381,617 Total 259,503 879,255 416,122 18,366,635 19,921,515 (1) The subordinated bonds, in the event of default of the Bank, will be subordinated to the claims of depositors and all other creditors of the issuer, other than creditors whose claims rank equally with, or are junior to, the claims of the holders of the subordinated liabilities. As of December 31, 2018 Issuer Less than Between Between 1 year 1 to 3 years 3 to 5 years Greater than 5 years Total amortized cost In millions of COP Local currency Subordinated bonds (1) - - - 1,425,034 1,425,034 Ordinary bonds - - 154,813 3,027,306 3,182,119 Foreign currency Subordinated bonds (1) - - - 6,790,506 6,790,506 Ordinary bonds 652,579 339,419 159,721 7,737,855 8,889,574 Total 652,579 339,419 314,534 18,980,701 20,287,233 (1) The subordinated bonds, in the event of default of the Bank, will be subordinated to the claims of depositors and all other creditors of the issuer, other than creditors whose claims rank equally with, or are junior to, the claims of the holders of the subordinated liabilities.
Schedule of detailed information about debt securities in issue by maturity	The following is a schedule of the debt instruments in issue by maturity: Issuer December 31, 2019 December 31, 2018 In millions of COP Amount expected to be settled: No more than twelve months after the reporting period 3,228,110 2,854,161 More than twelve months after the reporting period 16,693,405 17,433,072 Total 19,921,515 20,287,233

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of employee benefit plans
Schedule of post-employment benefit and long-term benefit plans	The following table shows liabilities relating to post-employment benefit and long-term benefit plans: December 31, December 31, Post-employment and long-term benefit plans 2019 2018 In millions of COP 19.1 Defined benefit pension plan 163,152 155,075 19.2 Severance obligation 26,547 30,732 19.3 Retirement Pension Premium Plan and Senior Management Pension Plan Premium 198,260 170,596 19.4 Other long term benefits 416,969 362,862 Total Post-employment and long-term benefit plans 804,928 719,265 Fair value Plan assets 35,981 37,136 Total Unfunded Post-employment and long-term benefit plans 768,947 682,129
Schedule of short-term employment benefit plans	Short-term employment benefit plans recognized in the statement of financial position in the line “other liabilities” consist of the following: December 31, December 31, Other employment benefit plans 2019 2018 In millions of COP Current severance obligation (1) 125,255 113,654 Bonuses and short-term benefits 403,872 351,697 Other employment benefit plans 529,127 465,351 (1) See 19.2 Severance obligation.
Schedule of expense recognized in salaries and employee benefits	The expense recognized in the line “Salaries and employee benefits” of the consolidated statement of income for defined contribution plans, for current severance regimen and pension benefits, is as follows: Defined contribution plans 2019 2018 In millions of COP Pension 200,615 182,991 Current severance regimen 60,777 57,130 Total 261,392 240,121
Schedule of economic assumptions used in the determination of the present value of the defined benefit plans	The economic assumptions used in the determination of the present value of the defined benefit plans, in nominal terms, are as follows: Colombia Main projected assumptions December 31, 2019 December 31, 2018 Discount rate 5.70 % 6.90 % Rate of wage increase 5.95 % 5.70 % Projected inflation 3.45 % 3.40 % Rate of pension increase 3.45 % 3.40 % Bancolombia Panama Main projected assumptions December 31, 2019 December 31, 2018 Discount rate 2.80 % 4.00 % Rate of wage increase 2.00 % 2.00 % Projected inflation 1.00 % 1.00 % Banistmo Main projected assumptions December 31, 2019 December 31, 2018 Discount rate 4.00 % 4.00 % Expected long-term rate of return on plan assets 3.40 % 2.30 % Rate of wage increase 3.00 % 3.00 % El Salvador Main projected assumptions December 31, 2019 December 31, 2018 Discount rate 3.00 % 4.10 % Rate of wage increase 2.00 % 2.50 % Projected inflation 1.00 % 1.50 % Guatemala Main projected assumptions December 31, 2019 December 31, 2018 Discount rate 8.20 % 8.20 % Rate of wage increase 5.00 % 5.00 % Projected inflation 4.00 % 4.00 %
Schedule of estimated payment of future benefits	The payments of benefits, which reflect future service rendered, are considered to be paid as follows: Years Pension Benefits Other benefits In millions of COP 2020 12,710 59,755 2021 12,725 59,913 2022 12,639 60,557 2023 12,477 68,510 2024 12,241 65,555 2025 a 2029 55,563 320,739
Pension plans [Member]
Disclosure of employee benefit plans
Schedule of plan assets fair value	The plan assets’ fair value as of December 31, 2019 and 2018 is as follow: Bancolombia’s Plan assets 2019 2018 In millions of COP Fair value of assets as of January 1 32,252 - Employer contributions - 32,252 Interest income on plan assets 2,118 - Return on plan assets greater/(less) than discount rate 2,038 - Benefits paid (4,647) - Fair value assets at the end of the year 31,761 32,252
Pension plans [Member] | Banistmo S.A. [Member]
Disclosure of employee benefit plans
Schedule of change in plan assets	The following table details the change in plan assets: Banistmo’s Plan assets 2019 2018 In millions of COP Fair value of assets as of January 1 4,884 4,765 Interest income on plan assets 101 161 Return on plan assets less than discount rate (25) (33) Benefits paid (782) (405) Foreign currency translation effect 42 396 Fair value assets as of December 31 4,220 4,884
Pension plans [Member] | Colombia
Disclosure of employee benefit plans
Schedule of short-term employment benefit plans	Defined benefit pension plan 2019 2018 In millions of COP Present value of the obligation as of January 1 122,383 125,480 Interest cost 7,880 7,547 Benefits paid (11,857) (11,795) Net actuarial loss / (gain) due to changes in demographic assumptions 10,518 (2,220) Net actuarial loss due to plan experience 104 3,371 Defined obligation, unfunded as of December 31 129,028 122,383 Defined benefit pension plan 2019 2018 In millions of COP Present value of the obligation as of January 1 122,383 125,480 Interest cost 7,880 7,547 Benefits paid (11,857) (11,795) Net actuarial loss / (gain) due to changes in demographic assumptions 10,518 (2,220) Net actuarial loss due to plan experience 104 3,371 Defined obligation, unfunded as of December 31 129,028 122,383 Defined benefit pension plan 2019 2018 In millions of COP Present value of the obligation as of January 1 5,863 6,109 Interest cost 229 177 Actuarial loss / (gain) – experience 620 (536) Actuarial (gain)/loss - financial assumptions (610) 46 Benefits paid from plan assets (782) (405) Foreign currency translation effect 51 472 Defined obligation, funded as of December 31 5,371 5,863 Defined benefit pension plan 2019 2018 In millions of COP Present value of the obligation as of January 1 26,829 18,279 Current cost of service 1,219 878 Interest cost 2,215 1,410 Benefits paid (1,097) (401) Actuarial (gain)/loss - financial assumptions (770) 5,384 Foreign currency translation effect 357 1,279 Defined obligation, funded as of December 31 28,753 26,829 Defined benefit pension plan 2019 2018 In millions of COP Present value of the obligation as of January 1 26,829 18,279 Current cost of service 1,219 878 Interest cost 2,215 1,410 Benefits paid (1,097) (401) Actuarial (gain)/loss - financial assumptions (770) 5,384 Foreign currency translation effect 357 1,279 Defined obligation, funded as of December 31 28,753 26,829
Schedule of sensitivity analysis for actuarial assumptions	Colombia Pension plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 6.20 % 0.50% increase (4,798) Discount rate 5.20 % 0.50% decrease 5,153 Salary increases 3.95 % 0.50% increase 5,540 Salary increases 2.95 % 0.50% decrease (5,197) Mortality Table RV-08 ("Rentistas Validos") One year increase in life expectancy 5,764
Pension plans [Member] | Guatemala
Disclosure of employee benefit plans
Schedule of short-term employment benefit plans	Defined benefit pension plan 2019 2018 In millions of COP Present value of the obligation as of January 1 122,383 125,480 Interest cost 7,880 7,547 Benefits paid (11,857) (11,795) Net actuarial loss / (gain) due to changes in demographic assumptions 10,518 (2,220) Net actuarial loss due to plan experience 104 3,371 Defined obligation, unfunded as of December 31 129,028 122,383 Defined benefit pension plan 2019 2018 In millions of COP Present value of the obligation as of January 1 122,383 125,480 Interest cost 7,880 7,547 Benefits paid (11,857) (11,795) Net actuarial loss / (gain) due to changes in demographic assumptions 10,518 (2,220) Net actuarial loss due to plan experience 104 3,371 Defined obligation, unfunded as of December 31 129,028 122,383 Defined benefit pension plan 2019 2018 In millions of COP Present value of the obligation as of January 1 5,863 6,109 Interest cost 229 177 Actuarial loss / (gain) – experience 620 (536) Actuarial (gain)/loss - financial assumptions (610) 46 Benefits paid from plan assets (782) (405) Foreign currency translation effect 51 472 Defined obligation, funded as of December 31 5,371 5,863 Defined benefit pension plan 2019 2018 In millions of COP Present value of the obligation as of January 1 26,829 18,279 Current cost of service 1,219 878 Interest cost 2,215 1,410 Benefits paid (1,097) (401) Actuarial (gain)/loss - financial assumptions (770) 5,384 Foreign currency translation effect 357 1,279 Defined obligation, funded as of December 31 28,753 26,829 Defined benefit pension plan 2019 2018 In millions of COP Present value of the obligation as of January 1 26,829 18,279 Current cost of service 1,219 878 Interest cost 2,215 1,410 Benefits paid (1,097) (401) Actuarial (gain)/loss - financial assumptions (770) 5,384 Foreign currency translation effect 357 1,279 Defined obligation, funded as of December 31 28,753 26,829 Defined benefit pension plan 2019 2018 In millions of COP Present value of the obligation as of January 1 122,383 125,480 Interest cost 7,880 7,547 Benefits paid (11,857) (11,795) Net actuarial loss / (gain) due to changes in demographic assumptions 10,518 (2,220) Net actuarial loss due to plan experience 104 3,371 Defined obligation, unfunded as of December 31 129,028 122,383 Defined benefit pension plan 2019 2018 In millions of COP Present value of the obligation as of January 1 5,863 6,109 Interest cost 229 177 Actuarial loss / (gain) – experience 620 (536) Actuarial (gain)/loss - financial assumptions (610) 46 Benefits paid from plan assets (782) (405) Foreign currency translation effect 51 472 Defined obligation, funded as of December 31 5,371 5,863 Defined benefit pension plan 2019 2018 In millions of COP Present value of the obligation as of January 1 26,829 18,279 Current cost of service 1,219 878 Interest cost 2,215 1,410 Benefits paid (1,097) (401) Actuarial (gain)/loss - financial assumptions (770) 5,384 Foreign currency translation effect 357 1,279 Defined obligation, funded as of December 31 28,753 26,829 Defined benefit pension plan 2019 2018 In millions of COP Present value of the obligation as of January 1 26,829 18,279 Current cost of service 1,219 878 Interest cost 2,215 1,410 Benefits paid (1,097) (401) Actuarial (gain)/loss - financial assumptions (770) 5,384 Foreign currency translation effect 357 1,279 Defined obligation, funded as of December 31 28,753 26,829
Pension plans [Member] | Panama
Disclosure of employee benefit plans
Schedule of short-term employment benefit plans	Defined benefit pension plan 2019 2018 In millions of COP Present value of the obligation as of January 1 122,383 125,480 Interest cost 7,880 7,547 Benefits paid (11,857) (11,795) Net actuarial loss / (gain) due to changes in demographic assumptions 10,518 (2,220) Net actuarial loss due to plan experience 104 3,371 Defined obligation, unfunded as of December 31 129,028 122,383 Defined benefit pension plan 2019 2018 In millions of COP Present value of the obligation as of January 1 5,863 6,109 Interest cost 229 177 Actuarial loss / (gain) – experience 620 (536) Actuarial (gain)/loss - financial assumptions (610) 46 Benefits paid from plan assets (782) (405) Foreign currency translation effect 51 472 Defined obligation, funded as of December 31 5,371 5,863 Defined benefit pension plan 2019 2018 In millions of COP Present value of the obligation as of January 1 26,829 18,279 Current cost of service 1,219 878 Interest cost 2,215 1,410 Benefits paid (1,097) (401) Actuarial (gain)/loss - financial assumptions (770) 5,384 Foreign currency translation effect 357 1,279 Defined obligation, funded as of December 31 28,753 26,829
Severance obligation [Member]
Disclosure of employee benefit plans
Schedule of short-term employment benefit plans	The balances recognized in the statement of financial position are listed below: Defined benefit severance obligation plan 2019 2018 In millions of COP Present value of the obligation as of January 1 30,732 38,041 Current cost of service 862 1,598 Interest cost 1,952 2,333 Benefits paid (8,414) (11,586) Net actuarial loss due to assumption changes and plan experience 1,415 346 Defined obligation, unfunded as of December 31 26,547 30,732 Current severance regimen (1) 125,255 113,654 Total 151,802 144,386 (1) Corresponds to the amounts pending to transfer to private funds. See Note 20 Other liabilities
Severance obligation [Member] | Colombia
Disclosure of employee benefit plans
Schedule of sensitivity analysis for actuarial assumptions	Severance obligation Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 6.20 % 0.50% increase (626) Discount rate 5.20 % 0.50% decrease 652 Salary increases 6.45 % 0.50% increase 1,465 Salary increases 5.45 % 0.50% decrease (1,424)
Severance obligation [Member] | Panama
Disclosure of employee benefit plans
Schedule of sensitivity analysis for actuarial assumptions	Pension Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 4.50 % 0.50% increase (257) Discount rate 3.50 % 0.50% decrease 279 Mortality Table RP-2000 One year increase in life expectancy 187
Retirement and senior management pension plan [Member]
Disclosure of employee benefit plans
Schedule of short-term employment benefit plans	The annual change of the present value of the obligations of defined benefit plans is as follows: Retirement Pension Premium Plan and Senior Management Pension Plan Premium 2019 2018 In millions of COP Present value of the obligation as of January 1 170,596 167,646 Current service cost 16,687 14,546 Interest cost 11,161 10,535 Benefits paid (31,784) (18,829) Past service cost 75 - First time application effect of IAS 19 to new defined benefit obligation of Banistmo at December 31, 2018 (1) - 2,479 First time application effect of IAS 19 to new defined benefit obligation of Banagrícola at Decembre 31, 2018 (2) - 821 Net actuarial (gain) / loss due to assumption changes and plan experience (3) 30,875 (9,059) Foreign currency translation effect 650 2,457 Defined obligation, unfunded as of December 31 198,260 170,596 (1) Banistmo S.A has decided to recognize a new employee benefit plan for its senior management executives based on the number of years of service to the organization. (2) Banagrícola S.A has decided to recognize a new employee benefit plan for its senior management executives based on the number of years of service to the organization. (3) The increase in actuarial losses from experience adjustment is mainly due to a reduction of the discount rate used in actuarial valuation of 2019 against 2018.
Retirement and senior management pension plan [Member] | Colombia
Disclosure of employee benefit plans
Schedule of sensitivity analysis for actuarial assumptions	Retirement Pension Premium Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 6.20 % 0.50% increase (6,349) Discount rate 5.20 % 0.50% decrease 7,013 Salary increases 6.45 % 0.50% increase 6,998 Salary increases 5.45 % 0.50% decrease (6,396)
Retirement and senior management pension plan [Member] | Guatemala
Disclosure of employee benefit plans
Schedule of sensitivity analysis for actuarial assumptions	Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 8.70 % 0.50% increase (883) Discount rate 7.70 % 0.50% decrease 929 Salary increases 5.50 % 0.50% increase 953 Salary increases 4.50 % 0.50% decrease (913)
Retirement and senior management pension plan [Member] | EL SALVADOR
Disclosure of employee benefit plans
Schedule of sensitivity analysis for actuarial assumptions	Retirement Pension Premium Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 3.50 % 0.50% increase (744) Discount rate 2.50 % 0.50% decrease 808 Salary increases 2.50 % 0.50% increase 113 Salary increases 1.50 % 0.50% decrease (146)
Senior Management Pension Plan Premium [Member] | Colombia
Disclosure of employee benefit plans
Schedule of sensitivity analysis for actuarial assumptions	Senior Management Pension Plan Premium Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 6.20 % 0.50% increase (997) Discount rate 5.20 % 0.50% decrease 1,046 Salary increases 6.45 % 0.50% increase 1,033 Salary increases 5.45 % 0.50% decrease (994)
Senior Management Pension Plan Premium [Member] | Guatemala
Disclosure of employee benefit plans
Schedule of sensitivity analysis for actuarial assumptions	Guatemala Pension Plan Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 8.70 % 0.50% increase (2,324) Discount rate 7.70 % 0.50% decrease 2,645 Salary increases 5.50 % 0.50% increase 1,645 Salary increases 4.50 % 0.50% decrease (1,490) Mortality Table RP-2000 One year increase in life expectancy 817
Other long term benefits [Member]
Disclosure of employee benefit plans
Schedule of short-term employment benefit plans	In addition to legal benefits and the aforementioned post-employment benefits, the Bank grants to its employees other benefits based on the employees’ seniority. For the periods ended December 31, 2019 and December 31, 2018, the reconciliation of the other long term benefits is set below: Other long term benefits 2019 2018 In millions of COP Present value of the obligation as of January 1 362,862 341,846 Current service cost 33,944 34,382 Interest cost 24,122 21,598 Benefits paid (36,884) (32,464) Net actuarial loss / (gain) due to assumption changes and plan experience (1) 32,850 (3,237) Foreign currency translation effect 75 737 Defined obligation, unfunded as of December 31 416,969 362,862 (1) The increase in actuarial losses from experience adjustment, is mainly due to a reduction of the discount rate used in actuarial valuation of 2019 against 2018.
Other long term benefits [Member] | Colombia
Disclosure of employee benefit plans
Schedule of sensitivity analysis for actuarial assumptions	Other long term benefits Colombia Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 6.20 % 0.50% increase (14,685) Discount rate 5.20 % 0.50% decrease 15,743 Salary increases 6.45 % 0.50% increase 15,612 Salary increases 5.45 % 0.50% decrease (14,708)
Other long term benefits [Member] | EL SALVADOR
Disclosure of employee benefit plans
Schedule of sensitivity analysis for actuarial assumptions	El Salvador Assumption Value (Increase/Decrease) Effect on DBO In millions of COP Discount rate 3.50 % 0.50% increase (183) Discount rate 2.50 % 0.50% decrease 196

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2019
OTHER LIABILITIES
Schedule of other liabilities	Other liabilities consist of the following: Other liabilities December 31, 2019 December 31, 2018 In millions of COP Payables 1,927,945 1,638,010 Suppliers 1,495,415 1,386,809 Advances (1) 946,488 1,043,611 Collection services 438,490 884,805 Bonuses and short-term benefits (2) 403,872 351,697 Security contributions 363,802 341,872 Salaries and other labor obligations 292,570 265,337 Dividends (3) 279,125 267,468 Advances in leasing operations and loans 207,045 133,377 Provisions (4) 190,690 168,033 Liabilities from contracts with customers (5) 60,791 75,845 Deferred interests 34,290 44,598 Other 115,122 166,791 Total 6,755,645 6,768,253 (1) For the year 2019 and 2018 advances includes the amount received by the Bank in balances related to insurance operations amounting to COP 78,203 and COP 67,136, respectively, balances held by court order amounting to COP 60,584 and COP 62,861, respectively, gain on derivatives first day valuation amounting to COP 50,317 and COP 55,573, respectively, excess cash amounting to COP 6,518 and COP 5,161, respectively and balances of credit cards charges pending to be applied amounting to COP 4,869 and COP 7,214. Additionally, for the years 2019 and 2018, the line includes guaranteed deposits for capital market transactions in foreign currency for COP 324,768 and COP 459,966, respectively. (2) For further information , see Note 19 Employee benefit plans (Bonuses and short-term benefits). (3) The increase is due to the last installement payment effective for the dividends approved by the annual shareholders’ meeting that took place in 2019 and 2018, respectively. (4) See Note 21 Provisions and contingent’s liabilities. (5) See Note 25.3 Fees and commissions.

PROVISIONS AND CONTINGENT LIA_2

PROVISIONS AND CONTINGENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2019
PROVISIONS AND CONTINGENT LIABILITIES
Schedule of provisions	The following tables show the detail of the provisions: As of December 31, 2019 Judicial Administrative Financial Loan Onerous proceedings proceedings guarantees (1) commitments (1) contracts (2) Total In millions of COP Balance at January 1, 2019 36,873 468 23,100 104,559 3,033 168,033 Additions recognized in the year 7,272 6,139 16,210 73,101 - 102,722 Provisions used during the period (3,122) - - - (2,796) (5,918) Provisions reversed during the period (5,729) - (22,365) (46,835) (267) (75,196) Foreign currency translation adjustment 395 - - 561 - 956 Effect of discounted cash flows 63 - - - 30 93 Final balance at December 31, 2019 35,752 6,607 16,945 131,386 - 190,690 (1) The provisions for financial guarantees and loan commitments as of December 31, 2019 were estimated according to the expected credit losses methodology required by IFRS 9. (2) During 2019, the onerous contracts were finished. As of December 31, 2018 Judicial Administrative Financial Loan Onerous proceedings proceedings guarantees (1) commitments (1) contracts Total In millions of COP Balance at December 31, 2017 30,412 1,592 52,290 99,500 - 183,794 Effect of adoption of IFRS 9 - - (3,215) (8,574) - (11,789) Balance at January 1, 2018 30,412 1,592 49,075 90,926 - 172,005 Additions recognized in the year 22,281 7,272 7,708 21,922 2,759 61,942 Provisions used during the period (6,489) - (5) - - (6,494) Provisions reversed during the period (10,176) (8,396) (33,686) (13,713) - (65,971) Foreign currency translation adjustment 606 - 8 5,424 274 6,312 Effect of discounted cash flows 239 - - - - 239 Final balance at December 31, 2018 36,873 468 23,100 104,559 3,033 168,033 (1) The provisions for financial guarantees and loan commitments as of December 31, 2018 were estimated according to the expected credit losses methodology required by IFRS 9.
Schedule of provisions of financial guarantees and loan commitments	The following explains the significant changes in the provisions of financial guarantees and loan commitments during period at December 31, 2019 and 2018 with the expected credit loss model: Stage 1 Stage 2 Stage 3 TOTAL Balance at January 1, 2019 112,754 14,890 15 127,659 Net remeasurement of loss allowance 10,530 15,810 28 26,368 Transfer 12-month ECL 44,126 (35,204) - 8,922 Transfer Lifetime ECL not credit-impaired (28,589) 70,573 (3) 41,981 Transfer Lifetime ECL credit-impaired (5,007) (19,559) 31 (24,535) Provisions used during the period 57,377 5,564 2 62,943 Provisions reversed during the period (61,265) (7,923) (12) (69,200) Translation adjustment 469 92 - 561 Balance at December 31, 2019 119,865 28,433 33 148,331 Stage 1 Stage 2 Stage 3 TOTAL Balance at January 1, 2018 125,189 14,502 310 140,001 Net remeasurement of loss allowance (24,851) 3,239 17,602 (4,010) Transfer 12-month ECL (16,727) (20,644) (3,528) (40,899) Transfer Lifetime ECL not credit-impaired (5,216) 33,702 (7,769) 20,717 Transfer Lifetime ECL credit-impaired (2,908) (9,819) 28,899 16,172 Provisions used during the period 28,360 988 6,741 36,089 Provisions reversed during the period (20,459) (4,757) (24,637) (49,853) Translation adjustment 4,515 918 (1) 5,432 Balance at December 31, 2018 112,754 14,890 15 127,659
Schedule of commitments	The amount guaranteed should be reimbursed to the beneficiary of the guarantee in case of breach of agreed covenants by the customer guaranteed or upon its financial insolvency. As of December 31, 2019 Maturity Financial Guarantees In millions of COP Guarantees under 1 month 320,004 Guarantees greater than 1 month and up to 3 months 486,485 Guarantees greater than 3 months and up to 1 year 2,579,639 Guarantees greater than 1 year and up to 3 years 696,768 Guarantees greater than 3 year and up to 5 years 68,150 Guarantees greater than 5 years 144,904 Total 4,295,950 As of December 31, 2018 Maturity Financial Guarantees In millions of COP Guarantees under 1 month 303,308 Guarantees greater than 1 month and up to 3 months 780,103 Guarantees greater than 3 months and up to 1 year 2,287,434 Guarantees greater than 1 year and up to 3 years 1,426,992 Guarantees greater than 3 year and up to 5 years 277,710 Guarantees greater than 5 years 177,828 Total 5,253,375
Schedule of contingencies	The following contingencies listed below are contingencies reported as of December 31, 2018 that were concluded in the Bank’s favor as of December 31, 2019: Case/Procedure Amount Termination/Decision Miles of USD Colombian National Tax Office (DIAN) Resolution 04 of 2017 6,101 Favorable

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2019
SHARE CAPITAL
Schedule of subscribed and paid-in capital	The subscribed and paid-in capital is the following: Share capital December 31, 2019 December 31, 2018 Authorized shares 1,400,000,000 1,400,000,000 Subscribed and paid-in shares: Ordinary shares with a nominal value of COP 500 pesos 509,704,584 509,704,584 Preferred shares with dividend without voting rights with nominal value of COP 500 pesos 452,122,416 452,122,416 Total shares 961,827,000 961,827,000 Subscribed and paid capital (nominal value) 480,914 480,914
Schedule of dividends	The annual net profits of Bancolombia must be applied as follows: (i) first, an amount equal to 10.00% of Bancolombia’s net profits to a legal reserve until such reserve is equal to at least 50.00% of the Bank’s paid-in capital; (ii) second, to the payment of the minimum dividend on the preferred shares; and (iii) third, as may be determined in the ordinary annual stockholders’ meeting by the vote of the holders of a majority of the shares entitled to vote. Dividends declared with respect to Cash dividends per share net income earned in: (Stated in COP) 2019 1,638 2018 1,092 2017 1,020 2016 950 2015 888 2014 830

APPROPRIATED RESERVES (Tables)

APPROPRIATED RESERVES (Tables)	12 Months Ended
	Dec. 31, 2019
APPROPRIATED RESERVES
Schedule of retained earnings	As of December 31, 2019 and December 31, 2018 the appropriated retained earnings consist of the following: Concept December 31, 2019 December 31, 2018 In millions of COP Appropriation of net income (1) 9,406,792 9,312,009 For Fiscal provisions (2) 262,673 276,640 Others 743,627 153,125 Total Appropiated reserves 10,413,092 9,741,774 (1) The legal reserve fulfills two objetives: to increase and maintain the company’s capital and to absorb economic losses. Based on the aforementioned, this amount shall not be distributed in dividends to the stockholders. (2) Pursuant to Article 130 of Tax Statute, a non-distributable reserve to the shareholders was established for the 70% of the excess of the tax depreciation over accounting depreciation. The article 130 of Tax Statute was abolished by Law 1819 of 2016.

UNCONSOLIDATED STRUCTURED ENT_2

UNCONSOLIDATED STRUCTURED ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2019
UNCONSOLIDATED STRUCTURED ENTITIES
Schedule of interests in unconsolidated structured entities	The table below shows the total assets of unconsolidated structured entities in which the Bank had an interest at the reporting date and its maximum exposure to loss in relation to those interests. As of December 31, 2019 Securitisations The Bank’s managed funds Total In millions of COP Total assets of the entities 2,842,268 148,307,065 151,149,333 The Bank’s interest-assets Investments at fair value through profit or loss 198,115 - 198,115 Investments at fair value through other comprehensive income 179,405 - 179,405 Loans and advances to customers - 4,748,233 4,748,233 Total assets in relation to The Bank’s interests in the unconsolidated structured entities 377,520 4,748,233 5,125,753 The Bank’s maximum exposure 377,520 4,748,233 5,125,753 As of December 31, 2018 Securitisations The Bank’s managed funds Total In millions of COP Total assets of the entities 1,969,887 128,257,719 130,227,606 The Bank’s interest-assets Investments at fair value through profit or loss 196,927 - 196,927 Investments at fair value through other comprehensive income 209,164 - 209,164 Loans and advances to customers - 5,417,235 5,417,235 Total assets in relation to The Bank’s interests in the unconsolidated structured entities 406,091 5,417,235 5,823,326 The Bank’s maximum exposure 406,091 5,417,235 5,823,326

OPERATING INCOME (Tables)

OPERATING INCOME (Tables)	12 Months Ended
	Dec. 31, 2019
OPERATING INCOME
Schedule of interest and valuation on financial asset instruments	The following table sets forth the detail of interest and valuation on financial asset instruments for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 In millions of COP Interest on debt instruments using the effective interest method 160,200 129,017 159,890 Interest and valuation on financial instruments Debt investments 881,985 472,357 699,841 Derivatives (182,769) (22,575) (61,667) Spot transactions 483 (13,734) 3,517 Repos (175,259) (51,438) (116,268) Total Interest and valuation on financial instruments 524,440 384,610 525,423
Schedule of interest on financial liability instruments	The following table sets forth the detail of interest on financial liability instruments for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 In millions of COP Deposits (4,164,798) (3,852,061) (4,279,316) Debt instruments in issue (1,164,808) (1,139,456) (1,191,000) Borrowing costs (627,058) (1) (583,321) (672,472) Interest right of use assets (2) (121,946) - - Preferred shares (57,908) (58,714) (58,714) Borrowings from other financial institutions (21,663) (18,134) (15,860) Other interest (21,613) (18,530) (15,624) Interest expenses (6,179,794) (5,670,216) (6,232,986) (1) Includes the expense recognized for borrowing cost of the subsidiaries sold during 2019 for COP 1,224. (2) For more information refer to Note 7 Leases and Note 32 Impacts on application of new standars.
Schedule of balances categorized by nature and by segment of revenue from ordinary activities from contracts with customers	The following table shows the balances categorized by nature and by segment of revenue from ordinary activities from contracts w370,671ith customers as at December 31, 2019, 2018 and 2017: As of December 31, 2019 Adjustments Banking Banking Banking El Banking Investment All Other Total before for Total after Colombia Panama Salvador Guatemala Trust Banking Brokerage Off Shore Segments eliminations consolidation eliminations purposes (1) Revenue from contracts with customers In millions of COP Fees and Commissions Banking services 422,943 77,976 99,222 52,627 - - - 15,683 - 668,451 - 668,451 Credit and debit card fees and commercial estabilshments 1,421,039 200,372 117,541 78,764 - - - 4,230 - 1,821,946 - 1,821,946 Brokerage - 7,893 - 24 - - 18,617 - - 26,534 - 26,534 Acceptances, Guarantees and Standby Letters of Credit 32,829 14,369 5,541 2,440 - - - 844 - 56,023 - 56,023 Trust - 13,033 1,713 572 349,402 - 80,534 41 509 445,804 - 445,804 Securities brokerage - 391 1,496 - - 30,142 6,961 - - 38,990 - 38,990 Bancassurance 607,758 35,014 160 - 36 7 51 - - 643,026 - 643,026 Payment and collections 623,758 - - - - - - - - 623,758 - 623,758 Others 161,420 1,007 42,636 36,427 - 680 7,201 5,002 79 254,452 (12) 254,440 Total revenue from contracts with customers (1) 3,269,747 350,055 268,309 170,854 349,438 30,829 113,364 25,800 588 4,578,984 (12) 4,578,972 (1) For further information about composition of Bank’ segments see Note 3 Operating segments. As of December 31, 2018 Adjustments Banking Banking Banking El Banking Investment All Other Total before for Total after Colombia Panama Salvador Guatemala Trust Banking Brokerage Off Shore Segments eliminations consolidation eliminations purposes (1) Revenue from contracts with customers In millions of COP Fees and Commissions Banking services 370,671 66,569 85,615 39,610 - - - 12,783 - 575,248 - 575,248 Credit and debit card fees and commercial estabilshments 1,258,047 185,466 97,163 66,731 - - - 3,707 - 1,611,114 - 1,611,114 Brokerage - 7,033 - 29 - - 20,012 - - 27,074 - 27,074 Acceptances, Guarantees and Standby Letters of Credit 33,313 15,352 4,749 3,055 - - - 897 - 57,366 - 57,366 Trust - 8,184 1,411 645 313,886 - 81,502 37 104 405,769 - 405,769 Securities brokerage - 1,200 1,212 - - 20,262 9,530 - - 32,204 - 32,204 Bancassurance 495,232 28,466 112 - - - - - - 523,810 - 523,810 Payment and collections 559,139 - - 4,084 - - - - - 563,223 - 563,223 Others 124,900 492 36,852 27,099 22 9 2,926 3,416 2,884 198,600 (149) 198,451 Total revenue from contracts with customers (1) 2,841,302 312,762 227,114 141,253 313,908 20,271 113,970 20,840 2,988 3,994,408 (149) 3,994,259 (1) For further information about composition of Bank’ segments see Note 3 Operating segments. As of December 31, 2017 Adjustments Banking Banking Banking El Banking Investment All Other Total before for Total after Colombia Panama Salvador Guatemala Trust Banking Brokerage Off Shore Segments eliminations consolidation eliminations purposes Revenue from contracts with customers (1) In millions of COP Fees and Commissions Banking services 335,101 177,930 80,672 38,643 - - - 15,821 - 648,167 - 648,167 Credit and debit card fees and comercial 1,080,814 80,348 89,330 51,175 - - - 2,876 - 1,304,543 - 1,304,543 Brokerage - 2,302 - 35 - - 20,593 - - 22,930 - 22,930 Acceptances, Guarantees and Standby Letters of Credit 41,077 15,699 4,080 2,210 - - - 404 - 63,470 - 63,470 Trust - 4,510 1,335 713 285,648 - 68,180 36 (58) 360,364 - 360,364 Securities brokerage - 2,702 - - - 28,747 6,778 - 843 39,070 - 39,070 Bancassurance 427,190 23,847 - - - - - - 85 451,122 - 451,122 Payments and collections 531,567 - - 4,369 - - - - - 535,936 - 535,936 Others 115,472 10,415 35,742 28,877 - - 1,634 253 3,119 195,512 - 195,512 Total revenue from contracts with customers (1) 2,531,221 317,753 211,159 126,022 285,648 28,747 97,185 19,390 3,989 3,621,114 - 3,621,114 (1) For further information about composition of Bank’ segments see Note 3 Operating segments.
Schedule of contract assets and liabilities	The following table shows the detail of accounts receivable, and contract liabilities balances as at December 31, 2019, 2018 and 2017: 2019 2018 2017 In millions of COP Accounts receivable from contracts with customers, net (1) 169,109 86,759 90,590 Contract liabilities 60,791 75,845 118,857 (1) The impairment corresponding to the receivable accounts from contracts from customers is COP 9,769, COP 11,975 and COP 9,639 for the year 2019, 2018 and 2017, respectively.
Schedule of other operating income	Fees and Commissions Expenses 2019 2018 2017 In millions of COP Banking services (630,583) (542,628) (508,462) Call center and web page (423,630) (309,403) (291,602) Others (499,026) (361,025) (275,051) Expenses for commissions (1,553,239) (1,213,056) (1,075,115)
Schedule of other operating income net	The following table sets forth the detail of other operating income net for the years ended December 31, 2019, 2018 and 2017: Other operating income 2019 2018 2017 In millions of COP Leases 682,525 624,062 563,861 Net foreign exchange and Derivatives Foreign exchange contracts (1) 219,835 61,391 315,985 Services 170,494 170,459 164,150 Gains on sale of assets 93,548 75,976 40,600 Investment property valuation (2) 93,197 77,350 55,573 Insurance (3) 60,452 54,679 49,640 Other reversals 49,079 47,657 140,012 Penalties for failure to contracts 28,554 16,302 19,881 Hedging 663 14,158 (3,678) Others 136,900 109,533 207,713 Total Other operating income 1,535,247 1,251,567 1,553,737 (1) Corresponds to the management of assets and liabilities in foreign currency. (2) See Note 11 Investment properties. (3) Corresponds to income from Seguros Agromercantil Guatemala insurance operations. See Note 9 Goodwill and intangible assets, net.
Schedule of dividends received, and share of profits of equity method investees	The following table sets forth the detail of dividends received, and share of profits of equity method investees for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 In millions of COP Dividends (1) 84,183 67,582 32,248 Equity investments (2) 71,207 86,399 (19,680) Equity method (3) 249,231 187,814 253,602 Gains on sale of investments is subsidiarys and associates (3) (4) 77,916 - - Others (5) (101,938) (47,765) 24,472 Total dividends received, and share of profits of equity method investees 380,599 294,030 290,642 (1) Dividends received from equity investments at fair value through profit or loss as of December 31, 2019, 2018 and 2017 amount COP 73,685, COP 54,477 and COP 20,297, respectively. Dividends from equity investments at fair value through OCI amount COP 10,498, COP 13,105 and COP 11,951, respectively. As of December 31, 2019, 2018 and 2017, the amount includes dividends of investments derecognised for COP 4,100, COP 950 and COP 1,556, respectively. (2) As of December 31, 2018, there is a profit on capital investments due to the increase in fair value in the portfolio measured at fair value through the profit or loss held by Banagricola S.A. (3) For further information, see Note 8 investments in associates and joint ventures. (4) Corresponds to gains on sale of investments in associates Concesiones CCFC, Avefarma S.A.S, Glashfarma Tech S.A.S and Panamerican Pharmaceutical Holding Inc. for COP 33,253, the winding up of joint venture Servicios de Aceptación S.A.S for COP 8,927 and the sale of subsidiaries Arrendamiento Operativo CIB and Fiduperú S.A, for COP 35,736. (5) For further information see Note 17 Borrowings from other financial institutions.

OPERATING EXPENSES (Tables)

OPERATING EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2019
OPERATING EXPENSES
Schedule of impairment of other assets net by operating segments	The detail for salaries and employee benefits for the years ended December 31, 2019, 2018 and 2017 is as follows: Salaries and employee benefit 2019 2018 2017 In millions of COP Salaries 1,449,765 1,350,956 1,253,787 Bonuses 560,149 440,493 374,056 Private premium 378,979 322,420 315,983 Social security contributions 319,424 308,116 287,693 Indemnization payment 140,633 107,992 129,849 Other benefits 517,874 474,077 431,011 Total Salaries and employee benefit 3,366,824 3,004,054 2,792,379
Schedule of administrative and general expenses	The detail for administrative and general expenses for the years ended December 31, 2019, 2018 and 2017 is as follows: Other administrative and general expenses 2019 2018 2017 In millions of COP Maintenance and repairs 599,519 585,377 530,284 Others Fees 470,457 429,121 427,517 Insurance 423,785 331,430 303,501 Data processing 214,307 147,294 130,125 Transport 212,582 183,857 158,561 Advertising 151,246 144,900 127,142 Public services 116,837 108,420 107,727 Cleaning and security services 100,593 97,848 92,359 Useful and stationery 83,891 63,321 58,145 Communications 77,375 73,072 67,201 Contributions and affiliations 73,689 66,636 60,320 Frauds and claims 65,589 117,032 134,087 Trust 59,334 31,100 25,901 Properties improvements and installation 51,187 52,937 59,121 Travel expenses 42,973 37,006 38,037 Legal and financial consultant 38,972 31,072 25,855 Real estate management. 25,012 23,694 21,817 Board of directors and audit fee 22,240 21,733 20,450 Disputes, fines and sanctions 18,077 63,685 139,146 Storage services 17,135 15,664 16,162 Leasing (1) 8,671 256,872 244,956 Activities joint operations 8,142 8,719 9,650 Legal expenses 7,165 3,570 4,112 Donations 4,781 17,402 17,048 Temporary services 3,544 3,724 3,907 Public relations 2,895 2,899 5,912 Others 169,060 106,384 148,841 Total other administrative and general expenses 3,069,058 3,024,769 2,977,884 Wealth tax, contributions and other tax burden (2) 757,820 692,666 727,661 (1) The decrease corresponds to the accounting of the leasing contracts under IFRS 16 Leases. See Note 7.1 Lessor and Note 32 Impacts on application of new standards. (2) See Note 12 Income tax.
Schedule of Impairment, depreciation and amortization	The detail for Impairment, depreciation and amortization for the years ended December 31, 2019, 2018 and 2017 is as follows: Impairment, depreciation and amortization 2019 2018 2017 In millions of COP Depreciation of premises and equipment (1) 358,439 342,605 316,281 Depreciation of right-of-use assets (2) 177,709 - - Amortization of intangible assets (3) 141,104 123,551 116,752 Impairment of other assets, net (4) 147,338 27,746 46,078 Total impairment, depreciation and amortization 824,590 493,902 479,111 (1) Includes the expense recognized for depreciation premises and equipment of the subsidiaries sold during 2019 and classified as held for sale in 2018 for COP 4,898 and COP 24,854, respectively (2) Adoption of IFRS 16 Leases. See Note 7.1 Lessor and Note 32 Impacts on application of new standards. (3) See Note 9 Goodwill and intangibles assets, net (4) The detail of the impairment of other assets net by operating segments for the years ended December 31, 2019, 2018 and 2017 is presented in the table below:
Schedule of impairment of other assets net	Impairment of other assets, net 2019 2018 2017 In millions of COP Banking Colombia (1) 108,861 20,036 33,889 Banking Guatemala 29,930 2,672 1,939 Banking Panamá 17,869 6,523 5,495 Off Shore 933 (173) (126) All other segments 792 812 1,418 Brokerage 1 13 - Banking El Salvador (11,048) (2,137) 3,363 Total 147,338 27,746 46,078 (1) Corresponds to impairment of foreclosed assets.

EARNING PER SHARE ('EPS') (Tabl

EARNING PER SHARE ('EPS') (Tables)	12 Months Ended
	Dec. 31, 2019
EARNING PER SHARE ('EPS')
Schedule of computation of basic EPS	The following table summarizes information related to the computation of basic EPS for the years ended December 31, 2019, 2018 and 2017 (in millions of pesos, except per share data): 2019 2018 2017 Income from continuing operations before attribution of non-controlling interests 3,214,567 2,786,435 2,754,173 Less: Non-controlling interests from continuing operations 97,216 127,571 139,173 Net income from continuing operations 3,117,351 2,658,864 2,615,000 Less: Preferred dividends declared 435,810 402,451 370,983 Less: Allocation of undistributed earnings to preferred stockholders 998,864 816,277 827,126 Continuing operations 998,864 816,277 827,126 Net income allocated to common shareholders for basic and diluted EPS 1,682,677 1,440,136 1,416,891 Weighted average number of common shares outstanding used in basic EPS calculation (In millions) 510 510 510 Basic and Diluted earnings per share to common shareholders 3,301 2,825 2,780 From continuing operations 3,301 2,825 2,780

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2019
RELATED PARTY TRANSACTIONS
Schedule of transactions between related parties	As of December 31, 2019 Stockholders with an interest equal or Directors and Associates and higher than 20% of senior joint ventures the Bank's capital management In millions of COP Assets Investments - 235 2,374,338 Loans and advances to customers and financial entities, net 419,630 21,426 140,352 Other assets - 182 43,488 Total assets 419,630 21,843 2,558,178 Liabilities Deposits 522,986 4,345 156,516 Other liabilities - - 33,705 Total liabilities 522,986 4,345 190,221 Income Interest and other operating income 6,505 231 10,830 Dividends - - 110,863 Others - 19 350,004 Net income 6,505 250 471,697 Expenses Interests and other operating expenses 5,368 160 6,893 Fees - 1,236 15,366 Others - 130 6,837 Total expenses 5,368 1,526 29,096 As of December 31, 2018 Stockholders with an interest equal or Directors and Associates and higher than 20% of senior joint ventures the Bank’s capital management In millions of COP Assets Investments - 11 2,450,467 Loans and advances to customers and financial entities, net 642,319 21,331 108,833 Assets held for sale and inventories, net - - 19,128 (1) Other assets - - 177,537 (2) Total assets 642,319 21,342 2,755,965 Liabilities Deposits 386,467 5,028 190,046 Other liabilities - - 35,581 Total liabilities 386,467 5,028 225,627 Income Interest and other operating income 29,998 558 11,214 Dividends - - 101,091 (3) Others - - 41,985 Net income 29,998 558 154,290 Expenses Interests and other operating expenses 10,844 239 5,790 Fees - 1,145 3 Others - 54 80,312 Total expenses 10,844 1,438 86,105 (1) Investment classified as held for sale. See Note 12. Assets held for sale and Inventories. (2) This item includes portfolio purchase operation held between Bancolombia S.A. and Titularizadora Colombiana and the outstanding dividend on the preferred shares of the Compañía de Financiamiento TUYA S.A. (3) Includes dividend received for preferred shares in Compañía de Financiamiento TUYA S.A. As of December 31, 2017 Stockholders with an interest equal or Directors and Associates and higher than 20% of senior joint ventures the Bank’s capital management In millions of COP Assets Investments - - 1,855,511 Loans and advances to customers and financial entities, net 423,706 17,342 124,592 Assets held for sale and inventories - - 18,413 (1) Other assets - 2 127,022 (2) Total assets 423,706 17,344 2,125,538 Liabilities Deposits 363,335 4,363 163,932 Other liabilities - 3 92 Total liabilities 363,335 4,366 164,024 Income Interest and other operating income 6,989 419 11,224 Dividends - - 48,403 Others - - 51,613 Net income 6,989 419 111,240 Expenses Interest and other operating expenses 5,603 269 20,139 Fees - 1,109 19 Others - 53 29,431 Total expenses 5,603 1,431 49,589 (1) Investment classified as held for sale. See Note 12. Assets held for sale and Inventories (2) This ítem includes portfolio purchase operation held between Bancolombia S.A. and Titularizadora Colombiana
Schedule of Financial Conglomerate Operations	December December December 31, 2019 31, 2018 31, 2017 In millions of COP Assets Investments(1) 14,369 440,294 376,171 Loans and advances to customers and financial entities, net 741,539 455,675 191,278 Other assets 6,538 2 8 Total assets 762,446 895,971 567,457 Liabilities Deposits 1,238,376 1,347,005 1,015,523 Other liabilities 1,379 5,818 1,882 Total liabilities 1,239,755 1,352,823 1,017,405 Income Interest and other operating income 732,089 602,831 488,190 Dividends 33 14,909 15,021 Net income 732,122 617,740 503,211 Expenses Interests and other operating expenses 60,918 54,758 32,568 Fees 540 2 4 Others 35,636 3,025 4,788 Total expenses 97,094 57,785 37,360 The variation compared to 2018 is mainly due to the sale of the investment in Sura Asset Management during 2019.

LIABILITIES FROM FINANCING AC_2

LIABILITIES FROM FINANCING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2019
LIABILITIES FROM FINANCING ACTIVITIES
Schedule of reconciliation of the balances of liabilities from financing activities	The following table presents the reconciliation of the balances of liabilities from financing activities as of December 31, 2019 and 2018: Non-cash changes Balance as of Foreign January 1, 2019 Cash flows currency Interests Other Balance as of translation accrued movements December 31, 2019 adjustment In millions of COP Liabilities from financing activities Repurchase agreements and other similar secured borrowing 2,315,555 (1,002,196) 378 - - 1,313,737 Borrowings from other financial institutions (1) 16,337,964 (3,219,257) 132,959 625,834 81,843 13,959,343 Debt instruments in issue (1) 20,287,233 (1,657,913) 127,387 1,164,808 - 19,921,515 Preferred shares (2) 583,997 (57,701) - - 57,908 584,204 Total liabilities from financing activities 39,524,749 (5,937,067) 260,724 1,790,642 139,751 35,778,799 (1) The cash flows disclosed in this table related with Borrowings from other financial institutions and Debt securities in issue include the interests paid during the year amounting to COP 594,851 and COP 1,181,131, respectively, which are classified as cash flows from operating activities in the consolidated statement of cash flow. (2) The cash flow amounting to COP 57,701 corresponds to the fixed minimum dividend paid to the preferred shares’ holders and is included in the line "dividends paid" of the consolidated statement of cash flow, which includes the divideds paid during the year to both preferred and common shares holders. Non-cash changes Balance as of Foreign January 1, 2018 Cash flows currency Interests Other Balance as of translation accrued movements December 31, 2018 adjustment In millions of COP Liabilities from financing activities Repurchase agreements and other similar secured borrowing 3,236,128 (922,840) 2,267 - - 2,315,555 Borrowings from other financial institutions (1) 13,822,152 513,244 1,297,690 783,349 (78,471) (2) 16,337,964 Debt instruments in issue (1) 19,648,714 (1,697,698) 1,255,806 961,903 118,508 20,287,233 Preferred shares (3) 582,985 (57,701) - - 58,713 583,997 Total liabilities from financing activities 37,289,979 (2,164,995) 2,555,763 1,745,252 98,750 39,524,749 (1) The cash flows disclosed in this table related with Borrowings from other financial institutions and Debt securities in issue include the interests paid during the year amounting to COP 788,879 and COP 961,333, respectively, which are classified as cash flows from operating activities in the consolidated statement of cash flow. (2) The amount of COP (78,471) is mainly comprised by the decrease of the liabilities related to assets held for sale. (3) The cash flow amounting to COP 57,701 corresponds to the fixed minimum dividend paid to the preferred shares’ holders and is included in the line "dividends paid" of the consolidated statement of cash flow, which includes the divideds paid during the year to both preferred and common shares holders.

FAIR VALUE OF ASSETS AND LIAB_2

FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2019
FAIR VALUE OF ASSETS AND LIABILITIES
Schedule of carrying amount and the fair value of the assets and liabilities	The following table presents the carrying amount and the fair value of the assets and liabilities as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Carrying Fair Carrying Fair amount Value amount Value In millions of COP Assets Debt instruments at fair value through profit or loss 7,670,749 7,670,749 8,909,861 8,909,861 Debt instruments at fair value through OCI 3,904,857 3,904,857 3,329,738 3,329,738 Debt instruments at amortized cost 4,018,724 4,011,398 3,481,928 3,461,616 Derivative financial instruments 1,902,955 1,902,955 1,843,708 1,843,708 Equity securities at fair value 1,228,424 1,228,424 1,639,948 1,639,948 Loans and advances to customers and financial institutions, net 171,353,348 174,326,657 163,583,285 167,551,429 Investment property 1,992,964 1,992,964 1,732,873 1,732,873 Investments in associates (1) 1,249,818 1,249,818 1,119,973 1,119,973 Total 193,321,839 196,287,822 185,641,314 189,589,146 Liabilities Deposits by customers 157,205,312 158,235,896 142,128,471 142,860,996 Interbank deposits 1,363,679 1,363,679 1,374,222 1,374,222 Repurchase agreements and other similar secured borrowing 1,313,737 1,313,737 2,315,555 2,315,555 Derivative financial instruments 1,860,812 1,860,812 1,295,070 1,295,070 Borrowings from other financial institutions 13,959,343 13,959,343 16,337,964 16,337,964 Preferred shares 584,204 673,564 583,997 602,597 Debt instruments in issue 19,921,515 20,966,755 20,287,233 20,759,456 Total 196,208,602 198,373,786 184,322,512 185,545,860 (1) It corresponds investments in associates P.A Viva Malls. See Note 8 Investments in associates and joint ventures
Schedule of fair-value hierarchy levels the Bank's assets that are measured at fair value on a recurring basis	The following table presents for each of the fair-value hierarchy levels the Bank’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2019 and 2018: Financial Assets December 31, 2019 December 31, 2018 Type of instrument Fair value hierarchy Total fair Fair value hierarchy Total fair Level 1 Level 2 Level 3 value Level 1 Level 2 Level 3 value In millions of COP Investment securities Debt instruments at fair value through profit or loss Securities issued by the Colombian Government 5,248,352 440,590 - 5,688,942 7,170,085 72,083 - 7,242,168 Securities issued or secured by government entities - 71,792 - 71,792 24,588 12,851 6,407 43,846 Securities issued by other financial institutions 97,107 501,724 126,049 724,880 115,234 338,992 206,950 661,176 Securities issued by foreign governments 683,469 392,762 - 1,076,231 397,115 420,524 - 817,639 Corporate bonds 37,856 69,018 2,030 108,904 61,556 83,317 159 145,032 Total debt instruments at fair value through profit or loss 6,066,784 1,475,886 128,079 7,670,749 7,768,578 927,767 213,516 8,909,861 Debt instruments at fair value through OCI Securities issued by other financial institutions 87,010 167,015 - 254,025 - 186,250 - 186,250 Securities issued by foreign governments 2,207,864 1,387,909 - 3,595,773 1,630,379 1,513,109 - 3,143,488 Corporate bonds 45,606 9,453 - 55,059 - - - - Total debt instruments at fair value through OCI 2,340,480 1,564,377 - 3,904,857 1,630,379 1,699,359 - 3,329,738 Total debt instruments 8,407,264 3,040,263 128,079 11,575,606 9,398,957 2,627,126 213,516 12,239,599 Equity securities Equity securities 78,487 70,237 1,079,700 1,228,424 100,233 115 1,539,600 1,639,948 Total equity securities 78,487 70,237 1,079,700 1,228,424 100,233 115 1,539,600 1,639,948 Derivative financial instruments Forwards Foreign exchange contracts - 479,407 235,958 715,365 - 96,426 197,919 294,345 Equity contracts - 2,001 142 2,143 - 968 13 981 Total forwards - 481,408 236,100 717,508 - 97,394 197,932 295,326 Swaps Foreign exchange contracts - 645,891 111,405 757,296 - 1,053,684 145,552 1,199,236 Interest rate contracts 4,571 311,928 56,054 372,553 2,935 198,697 51,296 252,928 Total swaps 4,571 957,819 167,459 1,129,849 2,935 1,252,381 196,848 1,452,164 Options Foreign exchange contracts 144 8,537 46,917 55,598 - 6,707 89,511 96,218 Total options 144 8,537 46,917 55,598 - 6,707 89,511 96,218 Total derivative financial instruments 4,715 1,447,764 450,476 1,902,955 2,935 1,356,482 484,291 1,843,708 Investment properties Buildings - - 1,724,720 1,724,720 - - 1,483,594 1,483,594 Lands - - 268,244 268,244 - - 249,279 249,279 Total investment properties - - 1,992,964 1,992,964 - - 1,732,873 1,732,873 Investment in associates PA Viva Malls - - 1,249,818 1,249,818 - - 1,119,973 1,119,973 Total investment in associates and joint ventures - - 1,249,818 1,249,818 - - 1,119,973 1,119,973 Total 8,490,466 4,558,264 4,901,037 17,949,767 9,502,125 3,983,723 5,090,253 18,576,101
Schedule of fair-value hierarchy levels the Bank's liabilities that are measured at fair value on a recurring basis	Financial liabilities December 31, 2019 December 31, 2018 Type of instrument Fair value hierarchy Total fair Fair value hierarchy Total fair Level 1 Level 2 Level 3 value Level 1 Level 2 Level 3 value In millions of COP Derivative financial instruments Forwards Foreign exchange contracts - (658,776) (109,239) (768,015) - (242,844) (56,171) (299,015) Equity contracts - (4,147) (199) (4,346) - (7,325) (260) (7,585) Total forwards - (662,923) (109,438) (772,361) - (250,169) (56,431) (306,600) Swaps Foreign exchange contracts - (642,206) (10,404) (652,610) - (654,093) (46,810) (700,903) Interest rate contracts (6,895) (369,070) (1,376) (377,341) (3,887) (248,436) (5,655) (257,978) Total swaps (6,895) (1,011,276) (11,780) (1,029,951) (3,887) (902,529) (52,465) (958,881) Options Foreign exchange contracts - (58,500) - (58,500) - (29,589) - (29,589) Total options - (58,500) - (58,500) - (29,589) - (29,589) Total derivative financial instruments (6,895) (1,732,699) (121,218) (1,860,812) (3,887) (1,182,287) (108,896) (1,295,070) Total (6,895) (1,732,699) (121,218) (1,860,812) (3,887) (1,182,287) (108,896) (1,295,070)
Schedule of fair-value hierarchy levels the Bank's assets and liabilities that are not measured at fair value in the statement of financial position	The following table presents for each of the fair-value hierarchy levels the Bank’s assets and liabilities that are not measured at fair value in the statement of financial position, but for which the fair value is disclosed at December 31, 2019 and 2018: Assets December 31, 2019 December 31, 2018 Type of instrument Fair value hierarchy Total fair Fair value hierarchy Total fair Level 1 Level 2 Level 3 value Level 1 Level 2 Level 3 value In millions of COP Debt instruments Securities issued by the Colombian Government 93,033 - - 93,033 36,847 13,424 - 50,271 Securities issued or secured by government entities - 345,239 1,452,231 1,797,470 17,744 386,396 1,449,333 1,853,473 Securities issued by other financial institutions 145,798 - 63,773 209,571 107,959 23,375 12,326 143,660 Securities issued by foreign governments 169,423 141,282 - 310,705 130,913 141,652 - 272,565 Corporate bonds 394,055 12,873 1,193,691 1,600,619 259,904 53,395 828,348 1,141,647 Total – Debt instruments 802,309 499,394 2,709,695 4,011,398 553,367 618,242 2,290,007 3,461,616 Loans and advances to customers and financial institutions, net - - 174,326,657 174,326,657 - - 167,551,429 167,551,429 Total 802,309 499,394 177,036,352 178,338,055 553,367 618,242 169,841,436 171,013,045 Liabilities December 31, 2019 December 31, 2018 Type of instruments Fair value hierarchy Total fair Fair value hierarchy Total fair Level 1 Level 2 Level 3 value Level 1 Level 2 Level 3 value In millions of COP Deposits by customers - (33,655,920) (124,579,976) (158,235,896) - (30,490,414) (112,370,582) (142,860,996) Interbank deposits - - (1,363,679) (1,363,679) - - (1,374,222) (1,374,222) Repurchase agreements and other similar secured borrowing - - (1,313,737) (1,313,737) - - (2,315,555) (2,315,555) Borrowings from other financial institutions - - (13,959,343) (13,959,343) - - (16,337,964) (16,337,964) Preferred shares - - (673,564) (673,564) - - (602,597) (602,597) Debt instruments in issue (8,277,170) (9,953,028) (2,736,557) (20,966,755) (9,503,793) (8,486,088) (2,769,575) (20,759,456) Total (8,277,170) (43,608,948) (144,626,856) (196,512,974) (9,503,793) (38,976,502) (135,770,495) (184,250,790)
Schedule of Items Measured at fair value on a non-recurring basis	The Bank measures assets held for sale based on fair value less costs to sell. This category includes certain foreclosed assets and investments in associates held for sale. The fair values were determined using external and internal valuation techniques or third party experts, depending on the type of underlying asset. The following breakdown sets forth the fair value hierarchy of those assets classified by type: December 31, 2019 December 31, 2018 Fair-value hierarchy Total fair Fair-value hierarchy Total fair Level 1 Level 2 Level 3 Value Level 1 Level 2 Level 3 Value In millions of COP Machinery and equipment - - 4,799 4,799 - - 5,556 5,556 Real estate for residential purposes - - 112,789 112,789 - - 92,052 92,052 Real estate different from residential properties - - 6,807 6,807 - - 24,076 24,076 Total - - 124,395 124,395 - - 121,684 121,684
Schedule of Changes in Level 3 Fair-Value Category	The table below presents reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during 2019 and 2018: As of December 31, 2019 Balance, Included Transfers Transfers Balance, January 1, in OCI Purchases Settlement Reclassifications (1) in to out of December 31, 2019 earnings Level 3 Level 3 2019 In millions of COP Assets Debt instruments at fair value though profit or loss Securities issued or secured by Government entities 6,407 19 - - (6,426) - - - - Securities issued or secured by other financial entities 206,950 (27,912) - - (16,606) - 4,746 (41,129) 126,049 Corporate bonds 159 - - - (159) - 2,030 - 2,030 Total 213,516 (27,893) - - (23,191) - 6,776 (41,129) 128,079 Derivative financial instruments Foreign exchange contracts 432,982 (9,939) - 267,452 (291,571) 1,507 599 (6,750) 394,280 Interest rate contracts 51,296 15,213 - 11,968 (5,210) (4,992) 11,893 (24,114) 56,054 Equity contracts 13 - - 142 (13) - - - 142 Total 484,291 5,274 - 279,562 (296,794) (3,485) 12,492 (30,864) 450,476 Equity securities Equity securities 1,539,600 148,269 (3,436) 8,298 (613,031) - - - 1,079,700 Total 1,539,600 148,269 (3,436) 8,298 (613,031) - - - 1,079,700 Investment in associates PA Viva Malls (2) 1,119,973 66,888 - - - - - - 1,249,818 Total 1,119,973 66,888 - - - - - - 1,249,818 Total Assets 3,357,380 192,538 (3,436) 287,860 (933,016) (3,485) 19,268 (71,993) 2,908,073 Liabilities Derivative financial instruments Foreign exchange contracts (102,981) (292) - (113,046) 55,956 (1,507) (5,792) 48,019 (119,643) Interest rate contracts (5,655) 14 - (1,374) 330 4,992 - 317 (1,376) Equity contracts (260) - - (199) 260 - - - (199) Total (108,896) (278) - (114,619) 56,546 3,485 (5,792) 48,336 (121,218) Total liabilities (108,896) (278) - (114,619) 56,546 3,485 (5,792) 48,336 (121,218) (1) From derivative assets to derivative liabilities classified in level 3 and viceversa. (2) The amount of COP 66,888 differs from the COP 138,100 presented as "included in earnings" in the Note 8 Investments in associates and joint ventures, due to the recognition of a contingent consideration. As of December 31, 2018 Balance, Included Transfers Transfers Balance, January 1, in OCI Purchases Settlement Reclassifications (1) in to out of December 31, 2018 earnings Level 3 Level 3 2018 In millions of COP Debt instruments at fair value though profit or loss Securities issued or secured by Government entities - 53 - 1,383 - - 4,971 - 6,407 Securities issued or secured by other financial entities 297,049 (54,595) - 29,149 (64,014) - 5,394 (6,033) 206,950 Corporate bonds 3,118 (3,983) - 4,159 (2,518) - - (617) 159 Total 300,167 (58,525) - 34,691 (66,532) - 10,365 (6,650) 213,516 Derivative financial instruments Foreign exchange contracts 298,598 20,691 - 286,371 (132,824) 2,574 10,418 (52,846) 432,982 Interest rate contracts 45,939 (11,538) - 17,549 (10,705) (117) 20,638 (10,470) 51,296 Equity contracts 15 - - 13 (15) - - - 13 Total 344,552 9,153 - 303,933 (143,544) 2,457 31,056 (63,316) 484,291 Equity securities Equity securities 1,343,604 131,446 38,648 41,459 (15,557) - - - 1,539,600 Total 1,343,604 131,446 38,648 41,459 (15,557) - - - 1,539,600 Investment in associates PA Viva Malls 757,886 87,136 - 274,951 - - - - 1,119,973 Total 757,886 87,136 - 274,951 - - - - 1,119,973 Equity securities - Assets held for sale Assets held for sale 2,486 - - - (2,486) - - - - Total 2,486 - - - (2,486) - - - - Total Assets 2,748,695 169,210 38,648 655,034 (228,119) 2,457 41,421 (69,966) 3,357,380 Liabilities Derivative financial instruments Foreign exchange contracts (66,586) 4,326 - (55,502) 24,933 (2,574) (51,316) 43,738 (102,981) Interest rate contracts (13,634) (1,782) - 12 1,553 117 (1,532) 9,611 (5,655) Equity contracts (515) - - (260) 515 - - - (260) Total (80,735) 2,544 - (55,750) 27,001 (2,457) (52,848) 53,349 (108,896) Total liabilities (80,735) 2,544 - (55,750) 27,001 (2,457) (52,848) 53,349 (108,896) (1) From derivative assets to derivative liabilities classified in level 3 and viceversa.
Schedule of transfers for all assets and liabilities measured at fair value on a recurring basis between Level 1 and Level 2	The table below presents the transfers for all assets and liabilities measured at fair value on a recurring basis between Level 1 and Level 2 as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Transfers Level 1 Transfers Level Transfers Level Transfers Level to Level 2 2 to Level 1 1 to Level 2 2 to Level 1 Debt instruments at fair value though profit or loss Securities issued or secured by other financial entities 2,577 - - - Securities issued or secured by Foreign Government - 84 199,224 - Total 2,577 84 199,224 - Debt instruments at fair value through OCI Securities issued or secured by Foreign Government - 287,939 627,395 - Total - 287,939 627,395 - Equity securities Equity securities 72,423 - - - Total 72,423 - - -
Schedule of significant unobservable inputs related to the Bank's material categories of Level 3 financial assets and liabilities and the sensitivity of these fair values to reasonably possible alternative assumptions	The following table sets forth information about significant unobservable inputs related to the Bank’s material categories of Level 3 financial assets and liabilities and the sensitivity of these fair values to reasonably possible alternative assumptions. As of December 31, 2019 Sensitivity Sensitivity Valuation Significant Range of Weighted 100 100 Financial instrument Fair Value technique unobservable input inputs average basis point basis point increase decrease Amounts in millions of COP Debt instruments Securities issued by other financial institutions Yield 0.48% to 6.41 % % 90,111 92,906 TIPS 91,671 Discounted cash flow Liquidity risk Price n/a n/a n/a Prepayment Speed n/a n/a 93,882 91,278 Other bonds 34,378 Discounted cash flow Yield 0.81% to 1.06 % % 33,364 35,448 Liquidity risk 2.81% to 3.88 % % 33,107 35,135 Securities issued by other financial institutions 126,049 Corporate bonds Corporate bonds 2,030 Discounted cash flow Yield % % 2,005 2,063 Total debt instruments 128,079 Equity securities Equity securities 1,079,700 Price-based Price n/a n/a n/a n/a Derivative financial instruments Swaps 155,679 Discounted cash flow Credit spread 0% to 40 % % 150,683 149,630 Forward 126,662 Discounted cash flow Credit spread 0% to 19.8 % % 126,289 127,036 Options 46,917 Black-Scholes Credit spread 0% to 32 % 83.00 % 46,561 47,134 Total derivative financial instruments 329,258 Investment in associates P.A Viva Malls 1,249,818 Price-based Price n/a n/a n/a n/a As of December 31, 2018 Sensitivity Sensitivity Valuation Significant Range of Weighted 100 100 Financial instrument Fair Value technique unobservable input inputs average basis point basis point increase decrease In millions of COP Debt instruments Securities issued by other financial institutions Yield 0.16% to 0.90 % 0.69 % 160,056 168,000 TIPS 164,401 Discounted cash flow Liquidity risk 0% to 9.38 % 3.58 % 160,162 167,881 Prepayment Speed n/a n/a 164,102 163,602 Other bonds 34,961 Discounted cash flow Yield 0.14% to 0.89 % 0.60 % 33,700 36,299 Liquidity risk 2.80% to 3.48 % 3.04 % 33,142 35,678 Securitizations 5,394 Discounted cash flow Yield % 2.04 % 5,376 5,421 Multilateral bonds 2,194 Discounted cash flow Yield % (0.05) % 2,187 2,197 Securities issued by other financial institutions 206,950 Securities issued by foreign governments Governments bonds 6,407 Discounted cash flow Yield % 0.32 % 6,406 6,413 Securities issued by foreign governments 6,407 Corporate bonds 159 Discounted cash flow Yield % 0.27 % 159 160 Total debt instruments 213,516 Equity securities Equity securities 1,539,600 Price-based Price n/a n/a n/a n/a Derivative financial instruments Options 141,501 Black-Scholes Credit spread 0% to 21.55 % 2.96 % 140,844 155,113 Forward 144,383 Discounted cash flow Credit spread 0% to 54.30 % 2.58 % 139,506 136,941 Swaps 89,511 Discounted cash flow Credit spread 0% to 18.81 % 0.77 % 88,834 89,876 Total derivate financial instruments 375,395 Investment in associates P.A Viva Malls 1,119,973 Price-based Price n/a n/a n/a n/a

RISK MANAGEMENT (Tables)

RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2019
RISK MANAGEMENT
Schedule of maximum exposure to credit risk	The information below contains the maximum exposure to credit risk: December 31, 2019 Maximum exposure to credit risk - Financial instruments subject to impairment In millions of COP Stage 1 Stage 2 Stage 3 Total Loans and Advances 159,769,601 10,000,338 12,512,804 182,282,743 Commercial 80,068,756 4,763,023 7,936,774 92,768,553 Consumer 35,957,631 1,969,289 1,773,750 39,700,670 Mortgage 21,584,674 1,340,380 1,058,229 23,983,283 Small Business Loans 1,088,656 70,219 120,533 1,279,408 Financial Leases 21,069,884 1,857,427 1,623,518 24,550,829 Off-Balance Sheet Exposures 41,082,637 323,225 311,633 41,717,495 Financial Guarantees 5,176,418 13,603 516 5,190,537 Loan Commitments 35,906,219 309,622 311,117 36,526,958 Loss Allowance (2,130,787) (1,552,470) (7,394,468) (11,077,725) Total 198,721,451 8,771,093 5,429,969 212,922,513 December 31, 2018 Maximum exposure to credit risk - Financial instruments subject to impairment In millions of COP Stage 1 Stage 2 Stage 3 Total Loans and Advances 153,894,099 7,712,055 12,212,962 173,819,116 Commercial 83,632,770 3,214,860 7,753,018 94,600,648 Consumer 28,666,461 1,758,162 1,568,758 31,993,381 Mortgage 20,280,416 1,513,063 1,077,206 22,870,685 Small Business Loans 958,491 80,805 116,902 1,156,198 Financial Leases 20,355,961 1,145,165 1,697,078 23,198,204 Off-Balance Sheet Exposures 38,831,993 349,228 354,525 39,535,746 Financial Guarantees 5,641,482 18,340 1,839 5,661,661 Loan Commitments 33,190,511 330,888 352,686 33,874,085 Loss Allowance (1,872,529) (1,246,444) (7,244,517) (10,363,490) Total 190,853,563 6,814,839 5,322,970 202,991,372 Maximum Exposure to Credit Risk - Other Financial Instruments Maximum Exposure Collateral * Net Exposure 2019 2018 2019 2018 2019 2018 Maximum Exposure to Credit Risk Debt instruments 15,614,134 15,745,530 (974,436) (2,352,276) 14,639,698 13,393,254 Derivatives ** 549,836 894,001 (63) (97) 549,773 893,905 Equity 1,228,423 1,639,949 - - 1,228,423 1,639,949 Total 17,392,393 18,279,480 (974,499) (2,352,373) 16,417,894 15,927,108 See Notes on this table: * Collateral Held (-) and Collateral Pledged (+) ** Exposure in Derivatives with base in MTM (only positive values), netting by counterparty is applied * Debt instruments Book value 100% * Equity Instruments: - Shares:100% - Investment funds: Book value 100%
Schedule of borrower portfolio variables	The borrowers in this portfolio are mainly made up of companies, segmented in homogenous groups that are constituted according to size, annual sales or main activity. The following variables are part of this classification: Segment Incomes/Sales Corporate Companies with annual sales >= COP 100,000 M. Banistmo places borrowers with annual sales >= USD 10 M. Banco Agrícola and BAM place borrowers with annual sales >= USD 25 M. Business Companies with annual sales > = COP 13,000 M and < COP 100,000 M except for Banco Agrícola and BAM, which place borrowers with annual sales >= USD 5 M and < USD 25 M. Business Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity, with annual sales >= COP 20,000 M and <= COP 45,000 M. They must have more than 3 projects executed as previous experience. Corporate Construction Constructors who dedicate themselves to the construction of buildings to be sold or rented as their main activity, with annual sales > COP 45,000 M. They must have more than 3 projects executed as previous experience. SME Construction Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity with annual sales >= COP 380 M and <= COP 20,000 M. They must have more than 3 projects executed as previous experience. Institutional Financing Financial sector institutions. Government Municipalities, districts, departments with their respective decentralized organizations and entities at the national level with incomes >= COP 20,000 M. SME Annual sales < COP 13,000 M, with a classification between small, medium, large and plus except for Banistmo which places borrowers < USD 10 M in annual sales. For Banco Agrícola and BAM < USD 5 M.
Schedule of amount and allowance of clients included in the described watch list	Watch List december 31, 2019 Million COP Risk Level Amount % Allowance Level 1 – Low Risk 8,781,473 1.38 % 120,933 Level 2 – Medium Risk 3,908,092 5.78 % 225,881 Level 3 and 4 – High Risk 7,506,932 51.33 % 3,853,653 Total 20,196,497 20.80 % 4,200,467 December 2018: Watch List december 31, 2018 Million COP Risk Level Amount % Allowance Level 1 – Low Risk 9,179,165 1.04 % 95,896 Level 2 – Medium Risk 2,549,977 8.96 % 228,461 Level 3 and 4 – High Risk 5,723,041 57.36 % 3,282,938 Total 17,452,183 20.67 % 3,607,295
Schedule of Loans and Financial Leases Collateral	The following table shows loans and financial leases, classified in commercial, consumer, mortgage, financial leases and small business loans, and disaggregated by type of collateral: December 31, 2019 Amount Covered by Collateral In Millions of COP Financial Small Nature of the Collateral Commercial Consumer Mortgage Leasing Business Total Real Estate and Residential 19,830,740 1,699,574 22,327,716 41 249,413 44,107,484 Goods Given in Real Estate Leasing - - 227 13,711,181 - 13,711,408 Goods Given in Leasing Other Than Real Estate - - - 6,155,570 - 6,155,570 Stand by Letters of Credit 756,421 151 - - - 756,572 Security Deposits 541,530 321,814 - 7,794 54,294 925,432 Guarantee Fund 2,838,386 155 - 107,149 339,660 3,285,350 Sovereign of the Nation - - - - - - Collection Rights 4,430,882 43,380 - - 990 4,475,252 Other Collateral (Pledges) 3,881,957 4,879,795 54,848 33 8,204 8,824,837 Without Guarantee (Uncovered Balance) 60,488,637 32,755,801 1,600,492 4,569,061 626,847 100,040,838 Total loans and financial leases 92,768,553 39,700,670 23,983,283 24,550,829 1,279,408 182,282,743 December 31, 2018 Amount Covered by Collateral In Millions of COP Financial Small Nature of the Collateral Commercial Consumer Mortgage Leasing Business Total Real Estate and Residential 21,209,517 1,744,581 20,720,459 84 282,822 43,957,463 Goods Given in Real Estate Leasing - - 243 12,752,932 - 12,753,175 Goods Given in Leasing Other Than Real Estate - - - 5,900,913 - 5,900,913 Stand by Letters of Credit 667,976 229 - - - 668,205 Security Deposits 470,400 369,689 - - 76,136 916,225 Guarantee Fund 2,595,913 138 - 118,747 288,890 3,003,688 Sovereign of the Nation - - - - - - Collection Rights 3,992,592 49,910 - - 1,452 4,043,954 Other Collateral (Pledges) 4,118,947 4,713,359 48,098 20 14,158 8,894,582 Without Guarantee (Uncovered Balance) 61,545,303 25,115,475 2,101,885 4,425,508 492,740 93,680,911 Total loans and financial leases 94,600,648 31,993,381 22,870,685 23,198,204 1,156,198 173,819,116
Schedule of Financial assets that are considered Stage 3 and related collateral held in order to mitigate potential losses	Financial assets that are considered Stage 3 and related collateral held in order to mitigate potential losses are shown below: December 31, 2019 In Millions of COP Classification Amount Allowance Total Fair Value of Collateral Commercial 747,929 235,892 512,037 1,914,276 Consumer Mortgage 161,605 18,269 143,336 203,229 Small Business Loans Financial Leases 616,675 217,808 398,867 889,551 Total credit assets 1,526,209 471,969 1,054,240 3,007,056 December 31, 2018 In Millions of COP Classification Amount Allowance Total Fair Value of Collateral Commercial 775,689 239,720 535,969 2,528,495 Consumer Mortgage 139,084 21,883 117,201 173,482 Small Business Loans Financial Leases 666,495 201,981 464,514 974,274 Total credit assets 1,581,268 463,584 1,117,684 3,676,251
Schedule of Loans concentration by category	The composition of the credit portfolio in commercial, consumer, mortgage, financial leases and small business loans categories are as follows: Composition December 31 2019 December 31, 2018 In millions of COP Commercial 92,768,553 94,600,648 Corporate 50,108,427 55,562,618 SME 12,209,759 16,524,571 Others 30,450,367 22,513,459 Consumer 39,700,670 31,993,381 Credit card 8,079,354 7,026,689 Vehicle 3,597,969 3,253,060 Payroll loans 7,896,376 7,451,381 Others 20,126,971 14,262,251 Mortgage 23,983,283 22,870,685 VIS 3 6,211,385 5,778,067 Non- VIS 17,771,898 17,092,618 Financial Leases 24,550,829 23,198,204 Small Business Loan 1,279,408 1,156,198 Loans and advances to customers and financial institutions 182,282,743 173,819,116 Allowance for loans and advances and lease losses (10,929,395) (10,235,831) Total net loan and financial leases 171,353,348 163,583,285
Schedule of ranges of maturity for the credit loans and financial leases, according for the remaining term for the completion of the contract of loans and financial leases	The following table shows the ranges of maturity for the credit loans and financial leases, according for the remaining term for the completion of the contract of loans and financial leases: December 31, 2019 Between 1 and 3 Between 3 and 5 Greater Than 5 Maturity Less Than 1 Year Years Years Years Total In millions of COP Commercial 27,697,217 21,352,300 17,894,373 25,824,663 92,768,553 Corporate 12,377,872 9,593,705 11,229,624 16,907,226 50,108,427 SME 3,700,971 4,384,119 2,440,766 1,683,903 12,209,759 Others 11,618,374 7,374,476 4,223,983 7,233,534 30,450,367 Consumer 897,630 5,275,564 22,018,610 11,508,866 39,700,670 Credit card 160,807 334,486 7,358,630 225,431 8,079,354 Vehicle 66,581 573,874 1,439,037 1,518,477 3,597,969 Order of payment 55,448 530,242 1,279,371 6,031,315 7,896,376 Others 614,794 3,836,962 11,941,572 3,733,643 20,126,971 Mortgage 48,937 197,468 512,509 23,224,369 23,983,283 VIS 9,672 55,493 134,784 6,011,436 6,211,385 Non-VIS 39,265 141,975 377,725 17,212,933 17,771,898 Financial Leases 3,052,472 2,993,125 4,206,767 14,298,465 24,550,829 Small business loans 248,210 586,448 251,530 193,220 1,279,408 Total gross loans and financial leases 31,944,466 30,404,905 44,883,789 75,049,583 182,282,743 3 VIS: Social Interest Homes, corresponds to mortgage loans granted by the financial institutions of amounts less than 135 minimum wages. December 31, 2018 Between 1 and 3 Between 3 and 5 Greater Than 5 Maturity Less Than 1 Year Years Years Years Total In millions of COP Commercial 31,052,548 18,846,830 16,216,100 28,485,170 94,600,648 Corporate 16,569,691 8,491,758 11,335,723 19,165,446 55,562,618 SME 5,253,678 5,482,139 2,774,471 3,014,283 16,524,571 Others 9,229,179 4,872,933 2,105,906 6,305,441 22,513,459 Consumer 749,322 4,562,956 12,069,707 14,611,396 31,993,381 Credit card 100,367 244,218 1,073,539 5,608,565 7,026,689 Vehicle 60,754 610,398 1,538,979 1,042,929 3,253,060 Payroll loans 62,657 624,660 1,397,974 5,366,090 7,451,381 Others 525,544 3,083,680 8,059,215 2,593,812 14,262,251 Mortgage 58,613 175,572 479,086 22,157,414 22,870,685 VIS 11,056 51,768 117,404 5,597,839 5,778,067 Non-VIS 47,557 123,804 361,682 16,559,575 17,092,618 Financial Leases 2,393,428 2,560,578 4,260,513 13,983,685 23,198,204 Small business loans 256,093 477,456 220,105 202,544 1,156,198 Total gross loans and financial leases 34,510,004 26,623,392 33,245,511 79,440,209 173,819,116
Schedule of loans and financial leases according to past due days	The following table shows the loans and financial leases according to past due days.Loans or financial leases are considered past due if it is more than one month overdue (i.e. 31 days): December 31, 2019 Past-due More Than 360 Period 0 - 30 Days 31 - 90 Days 91 - 120 Days 121 - 360 Days Days Total In millions of COP Commercial 89,172,106 464,573 542,233 937,931 1,651,710 92,768,553 Consumer 37,661,558 873,583 282,165 742,197 141,167 39,700,670 Mortgage 22,205,284 647,059 136,005 333,204 661,731 23,983,283 Financial Leases 23,678,408 321,232 52,548 207,619 291,022 24,550,829 Small Business Loan 1,122,737 50,740 14,596 56,939 34,396 1,279,408 Total 173,840,093 2,357,187 1,027,547 2,277,890 2,780,026 182,282,743 December 31, 2018 Past-due More Than 360 Period 0 - 30 Days 31 - 90 Days 91 - 120 Days 121 - 360 Days Days Total In millions of COP Commercial 90,804,138 452,890 152,877 1,387,364 1,803,379 94,600,648 Consumer 30,311,854 701,314 238,540 638,868 102,805 31,993,381 Mortgage 21,121,205 612,480 148,786 388,653 599,561 22,870,685 Financial Leases 22,433,190 209,840 54,029 245,974 255,171 23,198,204 Small Business Loan 1,008,378 48,849 16,202 60,103 22,666 1,156,198 Total 165,678,765 2,025,373 610,434 2,720,962 2,783,582 173,819,116
Schedule of portfolio of loans and financial leases by main economic activity of the borrower	The following table contains the detail of the portfolio of loans and financial leases by main economic activity of the borrower: December 31, 2019 Loans and advances Economic sector Local Foreign Total In millions of COP Agriculture 3,931,913 1,948,089 5,880,002 Petroleum and Mining Products 923,375 148,222 1,071,597 Food, Beverages and Tobacco 6,107,103 629,948 6,737,051 Chemical Production 3,383,655 62,995 3,446,650 Government 5,626,186 1,897 5,628,083 Construction 14,526,616 6,221,753 20,748,369 Commerce and Tourism 17,601,979 8,873,330 26,475,309 Transport and Communications 7,703,609 524,847 8,228,456 Public Services 5,492,806 1,326,236 6,819,042 Consumer Services 42,466,786 22,647,495 65,114,281 Commercial Services 16,630,762 4,120,883 20,751,645 Other Industries and Manufactured Products 6,457,499 4,924,759 11,382,258 Total 130,852,289 51,430,454 182,282,743 December 31, 2018 Loans and advances Economic sector Local Foreign Total In millions of COP Agriculture 3,804,075 2,548,078 6,352,153 Petroleum and Mining Products 1,082,816 181,789 1,264,605 Food, Beverages and Tobacco 5,865,111 320,596 6,185,707 Chemical Production 3,566,746 12,561 3,579,307 Government 4,457,944 79,133 4,537,077 Construction 14,508,354 5,513,212 20,021,566 Commerce and Tourism 16,928,137 7,641,117 24,569,254 Transport and Communications 8,331,727 865,257 9,196,984 Public Services 6,007,483 966,764 6,974,247 Consumer Services 35,886,645 20,813,390 56,700,035 Commercial Services 17,041,170 5,540,572 22,581,742 Other Industries and Manufactured Products 5,978,092 5,878,347 11,856,439 Total 123,458,300 50,360,816 173,819,116
Schedule of concentration of the loans and financial leases by country	The following table shows the concentration of the loans and financial leases by country. Loans are presented based on the country in wich they were originated: December 31, 2019 Allowance for loans and Country Loans and advances % Participation advances and lease losses % Participation Colombia 127,875,541 70.15 % 8,678,279 79.40 % Panamá 30,783,359 16.89 % 1,084,303 9.92 % El Salvador 11,456,280 6.28 % 445,609 4.08 % Puerto Rico 771,135 0.42 % 30,680 0.28 % Guatemala 11,385,421 6.25 % 689,839 6.31 % Other Countries 11,007 0.01 % 685 0.01 % Total 182,282,743 100.00 % 10,929,395 100.00 % December 31, 2018 Allowance for loans and Country Loans and advances % Participation advances and lease losses % Participation Colombia 119,674,770 68.85 % 8,402,751 82.09 % Panama 32,299,274 18.58 % 910,268 8.89 % El Salvador 10,590,571 6.09 % 465,122 4.54 % Puerto Rico 889,528 0.51 % 29,041 0.29 % Guatemala 10,352,272 5.96 % 427,747 4.18 % Other countries 12,701 0.01 % 902 0.01 % Total 173,819,116 100.00 % 10,235,831 100.00 %
Schedule of information about credit quality of the borrower	The following table shows information about credit quality of the borrower: December 31 2019 Classification Stage 1 Stage 2 Stage 3 Total In millions of COP Commercial 80,068,756 4,763,023 7,936,774 92,768,553 Consumer 35,957,631 1,969,289 1,773,750 39,700,670 Mortgage 21,584,674 1,340,380 1,058,229 23,983,283 Small Business Loans 1,088,656 70,219 120,533 1,279,408 Financial Leases 21,069,884 1,857,427 1,623,518 24,550,829 Loans and Advances 159,769,601 10,000,338 12,512,804 182,282,743 December 31 2018 Classification Stage 1 Stage 2 Stage 3 Total In millions of COP Commercial 83,632,770 3,214,860 7,753,018 94,600,648 Consumer 28,666,461 1,758,162 1,568,758 31,993,381 Mortgage 20,280,416 1,513,063 1,077,206 22,870,685 Small Business Loans 958,491 80,805 116,902 1,156,198 Financial Leases 20,355,961 1,145,165 1,697,078 23,198,204 Loans and Advances 153,894,099 7,712,055 12,212,962 173,819,116
Schedule of Stage 3 loans and advances according to their type of evaluation	The table below shows Stage 3 loans and advances according to their type of evaluation: December 31 2019 Impairment Individual Evaluation Collective Evaluation Carrying Amount ECL Carrying Amount ECL In millions of COP Commercial 5,163,304 2,442,820 2,773,470 1,961,268 Consumer - - 1,773,750 1,579,758 Mortgage - - 1,058,229 578,593 Financial Leases 841,175 409,721 782,343 337,830 Small Business Loan - - 120,533 84,445 Total 6,004,479 2,852,541 6,508,325 4,541,894 December 31 2018 Impairment Individual Evaluation Collective Evaluation Carrying Amount ECL Carrying Amount ECL In millions of COP Commercial 4,970,415 2,583,874 2,782,603 1,904,866 Consumer - - 1,568,758 1,383,265 Mortgage - - 1,077,206 586,026 Financial Leases 795,862 339,418 901,216 367,072 Small Business Loan - - 116,902 79,981 Total 5,766,277 2,923,292 6,446,685 4,321,210
Schedule of changes in the expected loss as a result of a possible change of 1% increase or decrease in these variables based on the assumptions used in the calculation of the expected loss	The changes in the expected loss as of December 31, 2019 are shown below as a result of a possible change of 1% increase or decrease in these variables based on the assumptions used in the calculation of the expected loss for each of them. The scenarios: base, optimistic and pessimistic. Inflation In Millions of COP [+1%] Without changes [-1%] [+1%] (33,094) (78,617) (116,783) GDP Growth Without changes 45,523 - (38,166) [-1%] 137,869 92,346 54,180
Schedule of Credit Quality Analysis of the Group	Credit Quality Analysis of the Group Debt instruments Equity Derivatives (1) 2019 2018 2019 2018 2019 2018 Maximum Exposure to Credit Risk Low Risk 13,738,560 12,994,431 320,034 349,425 527,427 867,639 Medium Risk 1,390,984 1,639,484 8,655 1,749 2,910 135 High Risk 463,305 412,834 637 6,496 755 429 Without Rating 21,285 698,781 899,097 1,282,279 18,744 25,798 Total 15,614,134 15,745,530 1,228,423 1,639,949 549,836 894,001 (1) For derivatives transactions counterparty risk is disclosed as long as the valuation is positive. Therefore, the value described here differs from the book value.
Schedule of Maximum exposure level to the credit risk	 Maximum exposure level to the credit risk given for: Maximum Exposure Collateral* Net Exposure 2019 2018 2019 2018 2019 2018 Maximum Exposure to Credit Risk Debt instruments 15,614,134 15,745,530 (974,436) (2,352,276) 14,639,698 13,393,254 Derivatives ** 549,836 894,001 (63) (97) 549,773 893,905 Equity 1,228,423 1,639,949 - - 1,228,423 1,639,949 Total 17,392,393 18,279,480 (974,499) (2,352,373) 16,417,894 15,927,108 See Notes on this table: * Collateral Held (-) and Collateral Pledged (+) ** Exposure in Derivatives with base in MTM (only positive values), netting by counterparty is applied * Debt instruments Book value 100% * Equity Instruments: - Shares:100% - Investment funds: Book value 100%
Schedule of individual evaluation of impairment at the end of the period for other financial instruments	- · The information corresponding to the individual evaluation of impairment at the end of the period for other financial instruments, is detailed as follows: Debt instruments Exposure Impairment Final Exposure 2019 2018 2019 2018 2019 2018 Maximum Exposure to Credit Risk Fair Value 11,583,672 12,251,873 2,863 3,053 11,580,809 12,248,820 Amortized Cost 4,030,462 3,493,657 11,738 11,730 4,018,724 3,481,928 Total 15,614,134 15,745,530 14,601 14,783 15,599,533 15,730,748 Equity Exposure Impairment Final Exposure 2019 2018 2019 2018 2019 2018 Maximum Exposure to Credit Risk Fair Value through profit or loss 718,269 1,101,462 - - 718,269 1,101,462 Fair Value through OCI 510,154 538,487 - - 510,154 538,487 Total 1,228,423 1,639,949 - - 1,228,423 1,639,949
Schedule of Level of collateral held	· Level of collateral held: Collateral* Main type of collateral 2019 2018 2019 2018 Maximum Exposure to Credit Risk Debt Securities (974,436) (2,352,276) Government bonds (TES) Government Bonds (TES) and term deposits Derivatives (63) (97) Cash Cash Equity - - Total (974,499) (2,352,373) See Notes on this table: * Collateral Held (-) and Collateral Pledged (+)
Schedule of Risk exposure by economic sector and risk region	Risk exposure by economic sector and risk region Debt instruments Equity Derivative 2019 2018 2019 2018 2019 2018 Maximum Exposure to Credit Risk Sector Concentration Corporate 3,650,072 3,179,751 1,060,133 1,064,268 242,827 276,721 Financial 1,119,315 805,863 145,662 543,256 262,990 520,026 Government 10,844,747 11,757,757 - - - - Funds e ETF - 2,159 22,628 32,425 44,019 97,254 Total 15,614,134 15,745,530 1,228,423 1,639,949 549,836 894,001 Concentration by Region North America 2,218,829 1,569,943 4,467 1,472 77,561 279,132 Latam 12,160,411 14,175,587 1,181,239 1,613,783 312,442 475,243 Europe 30,061 - - - 156,470 119,126 Others (Includes Funds and ETF) 1,204,833 - 42,717 24,694 3,363 20,501 Total 15,614,134 15,745,530 1,228,423 1,639,949 549,836 894,002
Schedule of Risk exposure by credit rating	Risk exposure by credit rating Other financial instruments 2019 2018 Maximum Exposure to Credit Risk Sovereign Risk 5,446,411 6,879,345 AAA 4,848,694 4,304,104 AA+ 452,253 398,479 AA 135,231 22,615 AA- 127,153 180,757 A+ 1,019,863 23,800 A 69,811 328,597 A- 209,383 163,235 BBB+ 1,748,221 73,101 BBB 186,469 1,133,247 BBB- 342,531 704,216 Other 1,867,247 2,061,128 Not rated 939,126 2,006,858 Total 17,392,393 18,279,480
Schedule of Interest Rate Risk (Treasury Book)	Modified Duration Changes in Interest Rates (bps) Zone Band Lower Limit Upper Limit Legal Currency UVR Foreign Currency Zone 1 1 0 0.08 274 274 100 2 0.08 0.25 268 274 100 3 0.25 0.5 259 274 100 4 0.5 1 233 274 100 Zone 2 5 1 1.9 222 250 90 6 1.9 2.8 222 250 80 7 2.8 3.6 211 220 75 Zone 3 8 3.6 4.3 211 220 75 9 4.3 5.7 172 200 70 10 5.7 7.3 162 170 65 11 7.3 9.3 162 170 60 12 9.3 10.6 162 170 60 13 10.6 12 162 170 60 14 12 20 162 170 60 15 20 162 170 60
Schedule of Currency (Treasury and Banking Book), Equity (Treasury Book) and Fund (Treasury Book) Risk	The VaR model uses a sensitivity factor to calculate the probability of loss due to fluctuations in the price of stocks, funds and currencies in which the Bank maintains a position. As previously indicated, the methodology used in these financial statements to measure such risk consists of computing VaR, which is derived by multiplying the position by the maximum probable variation in the price of such positions (“∆p”). The (“∆p”) is determined by the SFC, as shown in the following table: Currency Sensitivity Factor United States Dollar 12.49 % Euro 11.00 % Other currencies 13.02 % Equity and Fund Risk 14.70 %
Schedule of total change on market risk and every risk factor	The following table presents the total change on market risk and every risk factor. December 2019 In millions of COP Factor December 31 Average Maximum Minimum Interest Rate 359,654 325,400 409,369 242,568 Exchange Rate 1,015,874 874,432 1,055,546 496,565 Share Price 110,386 105,576 110,386 101,757 Collective Portfolios 206,602 203,676 207,503 195,944 Total Value at Risk 1,692,516 1,509,084 1,711,794 1,092,446 December 2018 In millions of COP Factor December 31 Average Maximum Minimum Interest Rate 249,070 241,602 317,524 204,478 Exchange Rate 909,648 712,435 909,648 563,322 Share Price 91,847 103,127 112,372 91,847 Collective Portfolios 196,819 192,920 198,227 187,842 Total Value at Risk 1,447,384 1,250,084 1,447,384 1,108,052
Schedule of Bancolombia's interest rate risk sensitivity in local currency (COP)	The chart below provides information about Bancolombia’s interest rate risk sensitivity in local currency (COP) at December 31, 2019 and December 31, 2018: December 31, 2019 December 31, 2018 In millions of COP Assets sensitivity 50 bps 377,918 361,427 Liabilities sensitivity 50 bps 200,650 185,477 Net interest income sensitivity50 bps 177,269 175,950 The chart below provides information about Bancolombia’s interest rate risk sensitivity in foreign currency (US dollars) at December 31, 2019 and December 31, 2018: December 31, 2019 December 31, 2018 In millions of USD Assets sensitivity 50 bps 35 39 Liabilities sensitivity 50 bps 34 36 Net interest income sensitivity50 bps 1 3
Schedule of Share Price Sensitivity	Table 2. Share Price Sensitivity December 31, 2019 December 31, 2018 Fair Value 38,428 163,136 Delta 14.70 % 14.70 % Sensitivity 5,649 23,981
Schedule of liquidity coverage ratio	The liquidity coverage ratio is presented as follows: Liquidity Coverage Ratio December 31, 2019 December 31, 2018 Net cash outflows into 30 days* 11,584,292 7,004,662 Liquid Assets 30,631,688 26,506,750 Liquidity coverage ratio 264.42 % 378.42 % * Net cash outflows into 30 days: (Interbank borrowings, Financial assets investments, Loans and advances to customers, Derivative financial instruments), minus 30 days contractual maturities of liabilities. Demand deposit Time deposits, Interbank deposits Borrowings from other financial institutions Debt instruments, Derivative financial instruments.
Schedule of liquid assets held by Banks	The following table shows the liquid assets held by Bank´s: Liquid Assets (1) December 31, 2019 December 31, 2018 High quality liquid assets* Cash 16,594,906 15,370,693 High quality liquid securities 12,054,474 9,268,481 Other Liquid Assets - - Other securities** 1,982,308 1,867,576 Total Liquid Assets 30,631,688 26,506,750 (1) Feature possesses the high liquidity available in all cases, and those liquid assets received by the Central Bank for its operations expansion and monetary contraction. Liquid assets are adjusted by a haircut. The following are considered as liquid assets: cash, repos held for trading and investments held for trading in listed shares in Colombia’s stock exchange, in investment funds units or in other trading debt instruments. * High-quality liquid assets : cash and shares that are eligible to be reportable or repo operations, in addition to those liquid assets that the Central Bank receives for its monetary expansion and contraction operations described in paragraph 3.1.1 of the Foreign Regulatory Circular DODM‑142 of the Bank of the Republic. ** Other Securities : Securities issued by financial and corporate entities.
Schedule of remaining contractual maturities of principal and interest balances of the Group's financial assets	The tables below set out the remaining contractual maturities of principal and interest balances of the Group’s financial assets: Contractual maturities of financial assets December 31, 2019 Financial Assets 0 - 1 Year 1 - 3 Years 3 - 5 Years More than 5 years Cash and balances with central bank 18,256,065 - - - Interbank borrowings - Repurchase agreements 5,668,879 3,473 - - Financial assets investments 7,596,501 5,977,528 1,515,494 2,511,061 Loans and advances to customers 68,333,569 63,570,825 38,880,378 61,287,271 Derivative financial instruments 3,414,986 1,439,006 602,600 1,456,157 Total financial assets 103,269,999 70,990,831 40,998,471 65,254,489 Contractual maturities of financial assets December 31, 2018 Financial Assets 0 - 1 Year 1 - 3 Years 3 - 5 Years More than 5 years Cash and balances with central bank 15,833,017 - - - Interbank borrowings - Repurchase agreements 2,965,646 - - - Financial assets investments 7,512,098 4,557,121 2,585,777 3,608,511 Loans and advances to customers 61,653,720 52,485,542 33,393,032 59,347,861 Derivative financial instruments 1,073,804 174,475 486,746 247,268 Total financial assets 89,038,285 57,217,138 36,465,555 63,203,640
Schedule of remaining contractual maturities of principal and interest balances of the Bank's financial liabilities	The tables below set out the remaining contractual maturities of principal and interest balances of the Bank’s financial liabilities: Contractual maturities of financial liabilities December 31, 2019 Financial Liabilities 0 - 1 Year 1 - 3 Years 3 - 5 Years More than 5 years Demand deposit from customers 93,570,234 - - - Time deposits from customers 46,508,889 14,550,816 4,243,327 2,235,994 Interbank deposits-Repurchase agreements 2,660,153 28,720 - - Borrowings from other financial institutions 7,437,449 3,332,957 1,395,047 1,450,059 Debt securities in issue 3,944,412 9,554,767 3,740,529 6,655,600 Derivative financial instruments 3,442,440 1,832,167 657,888 891,590 Total financial liabilities 157,563,577 29,299,428 10,036,790 11,233,243 Contractual maturities of financial liabilities December 31, 2018 Financial Liabilities 0 - 1 Year 1 - 3 Years 3 - 5 Years More than 5 years Demand deposit from customers 85,275,330 - - - Time deposits from customers 39,104,963 14,120,231 5,096,152 2,037,330 Interbank deposits-Repurchase agreements 3,132,911 531,734 - - Borrowings from other financial institutions 11,149,381 2,952,158 1,158,784 1,844,290 Debt securities in issue 3,721,909 8,078,228 7,489,901 5,813,722 Derivative financial instruments 636,410 101,836 391,930 240,727 Total financial liabilities 143,020,905 25,784,187 14,136,767 9,936,069
Schedule of remaining contractual maturities of the Group's financial guarantees	The tables below set out the remaining contractual maturities of the Group’s financial guarantees December 31, 2019 0 - 1 Year 1 - 3 Years 3 - 5 Years More than 5 years In millions of COP Financial guarantees 3,386,128 696,768 68,150 144,904 December 31, 2018 0 - 1 Year 1 - 3 Years 3 - 5 Years More than 5 years In millions of COP Financial guarantees 3,370,845 1,426,992 277,710 177,828

IMPACTS ON APPLICATION OF NEW_2

IMPACTS ON APPLICATION OF NEW STANDARDS (Tables)	12 Months Ended
	Dec. 31, 2019
IMPACTS ON APPLICATION OF NEW STANDARDS
Schedule of lease liability	The following table sets the lease liability recognized at January 01, 2019: January 01, 2019 Operating lease commitments disclosed as of December 31, 2018 (1) 3,993,490 Lease liability recognized as of January 01, 2019 1,848,833 Of which are: Current lease liabilities 7,356 Non-current lease liabilities 1,841,477 (1) This line does not include short-term leases and low-value leases for value of COP 3,633 and COP 5,040, respectively.
Schedule of recognized right-of-use assets, types of assets	The recognized right-of-use assets relate to the following types of assets: Types of Assets January 01, 2019 Buildings 1,487,175 Vehicles 34,956 Technological equipment 49,736 Furniture and fixtures 579 Total right of use assets 1,572,446
Schedule of net impact on retained earnings	Concepts January 01, 2019 Increase in Right of use assets (1) 1,543,427 Net of Deferred tax (119,173) Increase in Lease liabilities 1,848,833 Net of Effect of changes in foreign exchange rate (9,560) Decrease in Retained earnings 184,248 (1) The increase in right of use assets for COP 1,543,427 differs from the COP 1,572,446 presented in the right of use assets at January 01, 2019, in the amount of COP 29,019 due the financial leases recognized by Transportempo S.A.S. under IAS 17 at December 31, 2018.

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fiduciaria Bancolombia S.A. Sociedad Fiduciaria [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Colombia
The type of business of subsidiary	Trust
Proportion of ownership interest in subsidiary	98.81%	98.81%	98.81%
Banca de Inversion Bancolombia S.A. Corporacion Financiera [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Colombia
The type of business of subsidiary	Investment banking
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Valores Bancolombia S.A. Comisionista de Bolsa [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Colombia
The type of business of subsidiary	Securities brokerage
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Renting Colombia S.A.S. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Colombia
The type of business of subsidiary	Operating leasing
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Transportempo S.A.S. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Colombia
The type of business of subsidiary	Transportation
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Valores Simesa S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Colombia
The type of business of subsidiary	Investments
Proportion of ownership interest in subsidiary	67.11%	67.73%	68.57%
Inversiones CFNS S.A.S. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Colombia
The type of business of subsidiary	Investments
Proportion of ownership interest in subsidiary	99.94%	99.94%	99.94%
Pasarela Colombia S.A.S before BIBA Inmobiliaria S.A.S [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Colombia
The type of business of subsidiary	Real estate broker
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Fondo de Capital Privado Fondo Inmobiliario Colombia [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Colombia
The type of business of subsidiary	Real estate broker
Proportion of ownership interest in subsidiary	49.96%	51.29%	63.47%
Fideicomiso Lote Abelardo Castro. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Colombia
The type of business of subsidiary	Mercantil trust
Proportion of ownership interest in subsidiary	66.77%	67.39%	68.23%
Fideicomiso Lote Distrito Vera B1B2 [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Colombia
The type of business of subsidiary	Mercantil trust
Proportion of ownership interest in subsidiary	66.77%	0.00%	0.00%
Fideicomiso Lote Distrito Vera B3B4 [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Colombia
The type of business of subsidiary	Mercantil trust
Proportion of ownership interest in subsidiary	66.77%	0.00%	0.00%
Bancolombia Panama S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panama
The type of business of subsidiary	Banking
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Sistemas de Inversiones y Negocios S.A. Sinesa [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panama
The type of business of subsidiary	Investments
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Banagricola S.A.
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panama
The type of business of subsidiary	Investments
Proportion of ownership interest in subsidiary	99.17%	99.16%	99.16%
Banistmo S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panama
The type of business of subsidiary	Banking
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Banistmo Investment Corporation S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panama
The type of business of subsidiary	Trust
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Financomer S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panama
The type of business of subsidiary	Financial services
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Leasing Banistmo S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panama
The type of business of subsidiary	Leasing
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Valores Banistmo S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panama
The type of business of subsidiary	Purchase and sale of securities
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Banistmo Panama Fondo de Inversion S.A. (Before Suvalor Panama Fondos de Inversion S.A.) [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panama
The type of business of subsidiary	Holding
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Fondo Renta Fija Valor, S.A. before Suvalor Renta Fija Internacional Largo Plazo S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panama
The type of business of subsidiary	Collective investment fund
Proportion of ownership interest in subsidiary	0.00%	100.00%	100.00%
Suvalor Renta Fija Internacional Corto Plazo S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panama
The type of business of subsidiary	Collective investment fund
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Suvalor Renta Variable Colombia, S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panama
The type of business of subsidiary	Collective investment fund
Proportion of ownership interest in subsidiary	100.00%	0.00%	0.00%
Banistmo Capital Markets Group Inc. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panama
The type of business of subsidiary	Purchase and sale of securities
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Anavi Investment Corporation S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panama
The type of business of subsidiary	Real estate broker
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Desarrollo de Oriente S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panama
The type of business of subsidiary	Real estate broker
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Steens Enterpresies S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panama
The type of business of subsidiary	Portfolio holder
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Ordway Holdings S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panama
The type of business of subsidiary	Real estate broker
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Van Dyke Overseas Corp. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panama
The type of business of subsidiary	Real estate broker
Proportion of ownership interest in subsidiary	0.00%	0.00%	100.00%
Inmobiliaria Bickford S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panama
The type of business of subsidiary	Real estate broker
Proportion of ownership interest in subsidiary	0.00%	0.00%	100.00%
Williamsburg International Corp. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panama
The type of business of subsidiary	Real estate broker
Proportion of ownership interest in subsidiary	0.00%	0.00%	100.00%
Grupo Agromercantil Holding S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panama
The type of business of subsidiary	Holding
Proportion of ownership interest in subsidiary	60.00%	60.00%	60.00%
Banco Agrcola S.A. [member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	El Salvador
The type of business of subsidiary	Banking
Proportion of ownership interest in subsidiary	97.36%	97.36%	97.36%
Arrendadora Financiera S.A. Arfinsa [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	El Salvador
The type of business of subsidiary	Leasing
Proportion of ownership interest in subsidiary	97.37%	97.37%	97.37%
Credibac S.A. de C.V. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	El Salvador
The type of business of subsidiary	Credit card services
Proportion of ownership interest in subsidiary	97.36%	97.36%	97.36%
Valores Banagricola S.A. de C.V. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	El Salvador
The type of business of subsidiary	Securities brokerage
Proportion of ownership interest in subsidiary	98.89%	98.89%	98.89%
Inversiones Financieras Banco Agricola S.A. IFBA [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	El Salvador
The type of business of subsidiary	Investments
Proportion of ownership interest in subsidiary	98.89%	98.89%	98.89%
Gestora de Fondos de Inversion Banagricola S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	El Salvador
The type of business of subsidiary	Administers investment funds
Proportion of ownership interest in subsidiary	98.89%	98.89%	98.89%
Arrendamiento Operativo CIB S.A.C.
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Peru
The type of business of subsidiary	Operating leasing
Proportion of ownership interest in subsidiary	0.00%	100.00%	100.00%
FiduPeru S.A. Sociedad Fiduciaria
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Peru
The type of business of subsidiary	Trust
Proportion of ownership interest in subsidiary	0.00%	98.81%	98.81%
Fondo de Inversion en Arrendamiento Operativo Renting Peru [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Peru
The type of business of subsidiary	Car Rental
Proportion of ownership interest in subsidiary	0.00%	0.00%	100.00%
Capital Investments SAFI S.A.
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Peru
The type of business of subsidiary	Trust
Proportion of ownership interest in subsidiary	0.00%	0.00%	100.00%
Leasing Peru S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Peru
The type of business of subsidiary	Leasing
Proportion of ownership interest in subsidiary	0.00%	0.00%	100.00%
Banagricola Guatemala S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Guatemala
The type of business of subsidiary	Outsourcing
Proportion of ownership interest in subsidiary	0.00%	0.00%	99.16%
Banco Agromercantil de Guatemala S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Guatemala
The type of business of subsidiary	Banking
Proportion of ownership interest in subsidiary	60.00%	60.00%	60.00%
Seguros Agromercantil de Guatemala S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Guatemala
The type of business of subsidiary	Insurance company
Proportion of ownership interest in subsidiary	59.17%	59.17%	59.17%
Financiera Agromercantil S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Guatemala
The type of business of subsidiary	Financial services
Proportion of ownership interest in subsidiary	60.00%	60.00%	60.00%
Agrovalores S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Guatemala
The type of business of subsidiary	Securities brokerage
Proportion of ownership interest in subsidiary	60.00%	60.00%	60.00%
Tarjeta Agromercantil S.A. In liquidation [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Guatemala
The type of business of subsidiary	Credit Card
Proportion of ownership interest in subsidiary	0.00%	0.00%	60.00%
Arrendadora Agromercantil S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Guatemala
The type of business of subsidiary	Operating Leasing
Proportion of ownership interest in subsidiary	60.00%	60.00%	60.00%
Agencia de Seguros y Fianzas Agromercantil S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Guatemala
The type of business of subsidiary	Insurance company
Proportion of ownership interest in subsidiary	60.00%	60.00%	60.00%
Asistencia y Ajustes S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Guatemala
The type of business of subsidiary	Services
Proportion of ownership interest in subsidiary	60.00%	60.00%	60.00%
Serproba S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Guatemala
The type of business of subsidiary	Maintenance and remodelling services
Proportion of ownership interest in subsidiary	60.00%	60.00%	60.00%
Servicios de Formalizacion S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Guatemala
The type of business of subsidiary	Loans formalization
Proportion of ownership interest in subsidiary	60.00%	60.00%	60.00%
Conserjeria, Mantenimiento y Mensajeria S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Guatemala
The type of business of subsidiary	Maintenance services
Proportion of ownership interest in subsidiary	60.00%	60.00%	60.00%
Media Plus S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Guatemala
The type of business of subsidiary	Advertising and marketing
Proportion of ownership interest in subsidiary	0.00%	0.00%	60.00%
Mercom Bank Ltd. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Barbados
The type of business of subsidiary	Banking
Proportion of ownership interest in subsidiary	60.00%	60.00%	60.00%
New Alma Enterprises Ltd. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Bahamas
The type of business of subsidiary	Investments
Proportion of ownership interest in subsidiary	60.00%	60.00%	60.00%
Bancolombia Puerto Rico Internacional Inc. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Puerto Rico
The type of business of subsidiary	Banking
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Bancolombia Cayman S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Cayman Islands
The type of business of subsidiary	Banking
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Bagricola Costa Rica S.A. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Costa Rica
The type of business of subsidiary	Outsourcing
Proportion of ownership interest in subsidiary	99.17%	99.16%	99.16%

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Corporate group (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Significant Accounting Policies
Assets	$ 236,088,113	$ 220,076,482
Fondo de Capital Privado Fondo Inmobiliario Colombia [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Colombia
Proportion of ownership interest in subsidiary	49.96%	51.29%	63.47%
Assets	$ 3,751,981	$ 3,205,133
Fideicomiso Lote Abelardo Castro. [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Colombia
Proportion of ownership interest in subsidiary	66.77%	67.39%	68.23%
Assets	$ 12,900	$ 11,616
Fideicomiso Lote Distrito Vera B1B2 [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Colombia
Proportion of ownership interest in subsidiary	66.77%	0.00%	0.00%
Assets	$ 63,010	$ 0
Fideicomiso Lote Distrito Vera B3B4 [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Colombia
Proportion of ownership interest in subsidiary	66.77%	0.00%	0.00%
Assets	$ 60,684	$ 0
Banistmo Panama Fondo de Inversion S.A. (Before Suvalor Panama Fondos de Inversion S.A.) [Member]
Disclosure of Significant Accounting Policies
Country of incorporation of subsidiary	Panamá
Proportion of ownership interest in subsidiary	100.00%	100.00%	100.00%
Assets	$ 246	$ 244

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Significant non-controlling interest (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
Disclosure of Significant Accounting Policies
Assets	$ 236,088,113	$ 220,076,482
Liabilities	207,282,494	193,421,257
Equity	28,805,619	26,655,225	$ 24,429,550		$ 22,476,980
Profits of equity method investees	380,599	294,030	290,642	[1]
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments	11,200,890	10,446,284	10,463,407	[1]
Total fees and commission, net	3,025,733	2,781,203	2,545,999	[1]
Other expenses	(235,525)	(267,507)	(249,023)
Other operating income	1,535,247	1,251,567	1,553,737	[1]
Operating expense	(8,253,817)	(7,482,898)	(7,226,058)	[1]
Income tax	1,262,964	829,435	1,238,598
Net Income	3,214,567	2,786,435	2,754,173
Net cash used in operating activities	12,315,612	1,042,858	2,939,588
Net cash provided by investing activities	(2,190,832)	(1,381,842)	(1,908,080)
Net cash provided by financing activities	(5,260,692)	(732,711)	(3,620,909)
Cash and cash equivalents at beginning of year	18,730,810	18,165,644	20,460,245
Cash and cash equivalents at end of year	23,738,042	18,730,810	18,165,644
Investments at fair value through OCI	(43,889)	(33,838)	(38,884)
Net of Effect of changes in foreign exchange rate	104,955	1,043,593	412,878
Total other comprehensive income	127,033	683,410	508,530
FCP Fondo Colombia Inmobiliario S.A. [Member]
Disclosure of Significant Accounting Policies
Assets	3,751,981	3,205,133	0
Liabilities	1,254,123	963,841	0
Net assets	2,497,858	2,241,292	0
Valuation of investment properties	77,527	70,933	81,816
Valuation of trust rights	52,215	29,161	53,143
Rents	161,263	147,324	135,135
Profits of equity method investees	138,100	96,201	144,146
Other Income	2,034	6,940	4,493
Total Income	431,139	350,559	418,733
Interest on loans	(73,088)	(67,593)	(68,900)
Trust fees	(999)	(554)	(322)
Other expenses	(169,375)	(121,162)	(86,270)
Total Expenses	(243,462)	(189,309)	(155,492)
Net Income	187,677	161,250	263,241
Net cash used in operating activities	(258)	(351)	(394)
Net cash provided by financing activities	257	334	409
Cash and cash equivalents at beginning of year	1	18	3
Cash and cash equivalents at end of year	0	1	18
Grupo Agromercantil Holding
Disclosure of Significant Accounting Policies
Assets	14,333,631	13,556,250
Liabilities	13,093,981	12,209,984
Equity	1,239,650	1,346,266
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments	218,536	388,932	389,463
Total fees and commission, net	132,845	111,932	101,565
Other operating income	68,288	52,286	54,246
Dividends received and equity method	668	579	608
Total operating income, net	420,337	553,729	545,882
Operating expense	(478,133)	(458,277)	(445,038)
Income tax	19,367	(15,910)	(21,546)
Net Income	(38,429)	79,542	79,298
Net cash used in operating activities	(62,327)	(66,235)	192,850
Net cash provided by investing activities	273,604	244,949	(1,427)
Net cash provided by financing activities	(26,926)	(2,983)	(87,103)
Cash and cash equivalents at beginning of year	1,513,295	1,324,893	1,098,861
Cash and cash equivalents at end of year	1,697,646	1,500,624	1,203,181
Investments at fair value through OCI	(3,362)	(6,598)	2,241
Net of Effect of changes in foreign exchange rate	9,281	43,803	15,758
Others	(8,093)	(3,922)	(3,042)
Total other comprehensive income	$ (2,174)	$ 33,283	$ 14,957
[1]	Some figures in the performance by operating segment disclosure for the year ended as of December 31, 2017 disclosed in the Bank’s annual report in 2017 have been changed due to an impact at the disaggregation level in the process of adopting IFRS 15. See adoption of new accounting standards in Note 32 Impacts on application of new standards.

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Exchange rate (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SIGNIFICANT ACCOUNTING POLICIES
Year end exchange rate	3,277.14	3,249.75	2,984
Average rate for the period ended at	3,282.39	2,956.55	2,951.21

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES - Significant increase credit risk (Details)	12 Months Ended
	Dec. 31, 2019
Commercial Loans [member]
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	87.40%
Mortgages [member]
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	89.86%
Consumer
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	90.25%
Stage One
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	88.37%
Stage Two
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	5.04%
Stage Two | Commercial Loans [member]
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	4.84%
Stage Two | Mortgages [member]
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	5.94%
Stage Two | Consumer
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	5.05%
Stage Two | Threshold [Member]
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	40.93%
Stage Two | Threshold [Member] | Commercial Loans [member]
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	26.77%
Stage Two | Threshold [Member] | Mortgages [member]
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	71.10%
Stage Two | Threshold [Member] | Consumer
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	57.62%
Stage Two | Watchlist [Member]
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	41.00%
Stage Two | Watchlist [Member] | Commercial Loans [member]
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	66.46%
Stage Two | Watchlist [Member] | Mortgages [member]
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	0.03%
Stage Two | Watchlist [Member] | Consumer
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	0.59%
Stage Two | Restructured [Member]
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	7.42%
Stage Two | Restructured [Member] | Commercial Loans [member]
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	3.76%
Stage Two | Restructured [Member] | Mortgages [member]
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	6.75%
Stage Two | Restructured [Member] | Consumer
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	18.36%
Stage Two | More Than Thirty Days [Member]
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	10.66%
Stage Two | More Than Thirty Days [Member] | Commercial Loans [member]
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	3.02%
Stage Two | More Than Thirty Days [Member] | Mortgages [member]
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	22.12%
Stage Two | More Than Thirty Days [Member] | Consumer
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	23.43%
Stage Three
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	6.55%
Stage Three | Commercial Loans [member]
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	7.70%
Stage Three | Mortgages [member]
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	4.21%
Stage Three | Consumer
Disclosure of Significant Accounting Policies
Percentage Of Loans And Receivables	4.70%

SIGNIFICANT ACCOUNTING POLICI_9

SIGNIFICANT ACCOUNTING POLICIES - Projections of macroeconomic variables (Details)	12 Months Ended
	Dec. 31, 2019
Base Scenario [Member] | Republic Of Colombia [Member] | 2017
Disclosure of Significant Accounting Policies
GDP growth	1.44%
Inflation	4.09%
Repurchase Agreements Rate	4.75%
Unemployment	10.62%
Current Account Balance	(3.35%)
Fiscal Balance	(3.66%)
Base Scenario [Member] | Republic Of Colombia [Member] | 2018
Disclosure of Significant Accounting Policies
GDP growth	2.44%
Inflation	3.18%
Repurchase Agreements Rate	4.25%
Unemployment	10.77%
Current Account Balance	(3.94%)
Fiscal Balance	(3.10%)
Base Scenario [Member] | Republic Of Colombia [Member] | 2019
Disclosure of Significant Accounting Policies
GDP growth	3.11%
Inflation	3.90%
Repurchase Agreements Rate	4.25%
Unemployment	11.16%
Current Account Balance	(4.40%)
Fiscal Balance	(2.46%)
Base Scenario [Member] | Republic Of Colombia [Member] | 2020
Disclosure of Significant Accounting Policies
GDP growth	3.27%
Inflation	3.50%
Repurchase Agreements Rate	4.50%
Unemployment	10.80%
Current Account Balance	(4.50%)
Fiscal Balance	(2.57%)
Base Scenario [Member] | Republic Of Colombia [Member] | 2021
Disclosure of Significant Accounting Policies
GDP growth	3.27%
Inflation	3.62%
Repurchase Agreements Rate	4.75%
Unemployment	10.95%
Current Account Balance	(4.40%)
Fiscal Balance	(2.46%)
Base Scenario [Member] | Republic Of Colombia [Member] | 2022
Disclosure of Significant Accounting Policies
GDP growth	3.43%
Inflation	3.08%
Repurchase Agreements Rate	4.75%
Unemployment	10.77%
Current Account Balance	(4.20%)
Fiscal Balance	(2.26%)
Base Scenario [Member] | Republic Of Colombia [Member] | 2023
Disclosure of Significant Accounting Policies
GDP growth	3.49%
Inflation	3.23%
Repurchase Agreements Rate	4.50%
Unemployment	10.73%
Current Account Balance	(4.05%)
Fiscal Balance	(2.05%)
Base Scenario [Member] | Republic Of Colombia [Member] | 2024
Disclosure of Significant Accounting Policies
GDP growth	3.51%
Inflation	3.47%
Repurchase Agreements Rate	4.50%
Unemployment	10.57%
Current Account Balance	(3.95%)
Fiscal Balance	(2.15%)
Base Scenario [Member] | Panama | 2017
Disclosure of Significant Accounting Policies
GDP growth	5.33%
Inflation	0.48%
Unemployment	5.85%
Current Account Balance	(6.01%)
Fiscal Balance	(1.90%)
Base Scenario [Member] | Panama | 2018
Disclosure of Significant Accounting Policies
GDP growth	3.68%
Inflation	0.16%
Unemployment	5.90%
Current Account Balance	(10.48%)
Fiscal Balance	(2.06%)
Base Scenario [Member] | Panama | 2019
Disclosure of Significant Accounting Policies
GDP growth	3.33%
Inflation	(0.52%)
Unemployment	6.75%
Current Account Balance	(9.02%)
Fiscal Balance	(3.69%)
Base Scenario [Member] | Panama | 2020
Disclosure of Significant Accounting Policies
GDP growth	4.19%
Inflation	0.70%
Unemployment	5.91%
Current Account Balance	(8.25%)
Fiscal Balance	(2.50%)
Base Scenario [Member] | Panama | 2021
Disclosure of Significant Accounting Policies
GDP growth	4.56%
Inflation	1.75%
Unemployment	5.01%
Current Account Balance	(6.50%)
Fiscal Balance	(2.03%)
Base Scenario [Member] | Panama | 2022
Disclosure of Significant Accounting Policies
GDP growth	5.09%
Inflation	2.24%
Unemployment	4.24%
Current Account Balance	(5.94%)
Fiscal Balance	(1.90%)
Base Scenario [Member] | Panama | 2023
Disclosure of Significant Accounting Policies
GDP growth	5.00%
Inflation	2.40%
Unemployment	3.59%
Current Account Balance	(5.94%)
Fiscal Balance	(1.90%)
Base Scenario [Member] | Panama | 2024
Disclosure of Significant Accounting Policies
GDP growth	5.00%
Inflation	2.43%
Unemployment	3.03%
Current Account Balance	(5.94%)
Fiscal Balance	(1.90%)
Base Scenario [Member] | El Salvador [Member] | 2017
Disclosure of Significant Accounting Policies
GDP growth	2.26%
Inflation	2.04%
Current Account Balance	(1.81%)
Fiscal Balance	(2.41%)
Base Scenario [Member] | El Salvador [Member] | 2018
Disclosure of Significant Accounting Policies
GDP growth	2.54%
Inflation	0.40%
Current Account Balance	(4.75%)
Fiscal Balance	(2.46%)
Base Scenario [Member] | El Salvador [Member] | 2019
Disclosure of Significant Accounting Policies
GDP growth	2.17%
Inflation	(0.20%)
Current Account Balance	(2.68%)
Fiscal Balance	(1.50%)
Base Scenario [Member] | El Salvador [Member] | 2020
Disclosure of Significant Accounting Policies
GDP growth	2.38%
Inflation	0.85%
Current Account Balance	(3.02%)
Fiscal Balance	(3.00%)
Base Scenario [Member] | El Salvador [Member] | 2021
Disclosure of Significant Accounting Policies
GDP growth	2.38%
Inflation	1.24%
Current Account Balance	(3.07%)
Fiscal Balance	(2.67%)
Base Scenario [Member] | El Salvador [Member] | 2022
Disclosure of Significant Accounting Policies
GDP growth	2.38%
Inflation	1.50%
Current Account Balance	(3.08%)
Fiscal Balance	(2.46%)
Base Scenario [Member] | El Salvador [Member] | 2023
Disclosure of Significant Accounting Policies
GDP growth	2.38%
Inflation	1.50%
Current Account Balance	(3.08%)
Fiscal Balance	(2.38%)
Base Scenario [Member] | El Salvador [Member] | 2024
Disclosure of Significant Accounting Policies
GDP growth	2.38%
Inflation	1.50%
Current Account Balance	(3.08%)
Fiscal Balance	(2.38%)
Base Scenario [Member] | Guatemala | 2017
Disclosure of Significant Accounting Policies
GDP growth	2.76%
Inflation	5.68%
Repurchase Agreements Rate	2.75%
Current Account Balance	0.23%
Fiscal Balance	(1.21%)
Base Scenario [Member] | Guatemala | 2018
Disclosure of Significant Accounting Policies
GDP growth	3.13%
Inflation	2.31%
Repurchase Agreements Rate	2.75%
Current Account Balance	0.17%
Fiscal Balance	(1.65%)
Base Scenario [Member] | Guatemala | 2019
Disclosure of Significant Accounting Policies
GDP growth	3.51%
Inflation	3.00%
Repurchase Agreements Rate	2.75%
Current Account Balance	0.36%
Fiscal Balance	(1.96%)
Base Scenario [Member] | Guatemala | 2020
Disclosure of Significant Accounting Policies
GDP growth	3.50%
Inflation	3.33%
Repurchase Agreements Rate	3.00%
Current Account Balance	0.33%
Fiscal Balance	(1.93%)
Base Scenario [Member] | Guatemala | 2021
Disclosure of Significant Accounting Policies
GDP growth	3.61%
Inflation	3.50%
Repurchase Agreements Rate	3.00%
Current Account Balance	0.32%
Fiscal Balance	(1.90%)
Base Scenario [Member] | Guatemala | 2022
Disclosure of Significant Accounting Policies
GDP growth	3.63%
Inflation	4.00%
Repurchase Agreements Rate	3.25%
Current Account Balance	0.24%
Fiscal Balance	(1.90%)
Base Scenario [Member] | Guatemala | 2023
Disclosure of Significant Accounting Policies
GDP growth	3.61%
Inflation	4.00%
Repurchase Agreements Rate	3.50%
Current Account Balance	0.21%
Fiscal Balance	(1.91%)
Base Scenario [Member] | Guatemala | 2024
Disclosure of Significant Accounting Policies
GDP growth	3.61%
Inflation	4.00%
Repurchase Agreements Rate	3.50%
Current Account Balance	0.23%
Fiscal Balance	(1.86%)
Optimistic Scenario [Member] | Republic Of Colombia [Member] | 2017
Disclosure of Significant Accounting Policies
GDP growth	1.44%
Inflation	4.09%
Repurchase Agreements Rate	4.75%
Unemployment	10.62%
Current Account Balance	(3.35%)
Fiscal Balance	(3.66%)
Optimistic Scenario [Member] | Republic Of Colombia [Member] | 2018
Disclosure of Significant Accounting Policies
GDP growth	2.44%
Inflation	3.18%
Repurchase Agreements Rate	4.25%
Unemployment	10.77%
Current Account Balance	(3.94%)
Fiscal Balance	(3.10%)
Optimistic Scenario [Member] | Republic Of Colombia [Member] | 2019
Disclosure of Significant Accounting Policies
GDP growth	3.28%
Inflation	3.50%
Repurchase Agreements Rate	4.25%
Unemployment	11.06%
Current Account Balance	(4.10%)
Fiscal Balance	(2.20%)
Optimistic Scenario [Member] | Republic Of Colombia [Member] | 2020
Disclosure of Significant Accounting Policies
GDP growth	3.58%
Inflation	2.60%
Repurchase Agreements Rate	3.50%
Unemployment	10.53%
Current Account Balance	(4.10%)
Fiscal Balance	(2.26%)
Optimistic Scenario [Member] | Republic Of Colombia [Member] | 2021
Disclosure of Significant Accounting Policies
GDP growth	3.57%
Inflation	2.40%
Repurchase Agreements Rate	3.00%
Unemployment	10.58%
Current Account Balance	(4.00%)
Fiscal Balance	(1.85%)
Optimistic Scenario [Member] | Republic Of Colombia [Member] | 2022
Disclosure of Significant Accounting Policies
GDP growth	3.73%
Inflation	1.90%
Repurchase Agreements Rate	3.00%
Unemployment	10.26%
Current Account Balance	(3.85%)
Fiscal Balance	(1.64%)
Optimistic Scenario [Member] | Republic Of Colombia [Member] | 2023
Disclosure of Significant Accounting Policies
GDP growth	3.79%
Inflation	2.00%
Repurchase Agreements Rate	3.25%
Unemployment	10.10%
Current Account Balance	(3.70%)
Fiscal Balance	(1.54%)
Optimistic Scenario [Member] | Republic Of Colombia [Member] | 2024
Disclosure of Significant Accounting Policies
GDP growth	3.87%
Inflation	2.30%
Repurchase Agreements Rate	3.50%
Unemployment	9.79%
Current Account Balance	(3.40%)
Fiscal Balance	(1.44%)
Optimistic Scenario [Member] | Panama | 2017
Disclosure of Significant Accounting Policies
GDP growth	5.33%
Inflation	0.48%
Unemployment	5.85%
Current Account Balance	(6.01%)
Fiscal Balance	(1.90%)
Optimistic Scenario [Member] | Panama | 2018
Disclosure of Significant Accounting Policies
GDP growth	3.68%
Inflation	0.16%
Unemployment	5.90%
Current Account Balance	(10.48%)
Fiscal Balance	(2.06%)
Optimistic Scenario [Member] | Panama | 2019
Disclosure of Significant Accounting Policies
GDP growth	3.42%
Inflation	(0.13%)
Unemployment	6.75%
Current Account Balance	(8.47%)
Fiscal Balance	(3.49%)
Optimistic Scenario [Member] | Panama | 2020
Disclosure of Significant Accounting Policies
GDP growth	4.40%
Inflation	1.04%
Unemployment	5.32%
Current Account Balance	(7.01%)
Fiscal Balance	(2.25%)
Optimistic Scenario [Member] | Panama | 2021
Disclosure of Significant Accounting Policies
GDP growth	4.78%
Inflation	2.63%
Unemployment	4.50%
Current Account Balance	(5.53%)
Fiscal Balance	(1.62%)
Optimistic Scenario [Member] | Panama | 2022
Disclosure of Significant Accounting Policies
GDP growth	5.60%
Inflation	2.64%
Unemployment	3.81%
Current Account Balance	(4.75%)
Fiscal Balance	(1.52%)
Optimistic Scenario [Member] | Panama | 2023
Disclosure of Significant Accounting Policies
GDP growth	5.50%
Inflation	2.84%
Unemployment	3.23%
Current Account Balance	(4.75%)
Fiscal Balance	(1.33%)
Optimistic Scenario [Member] | Panama | 2024
Disclosure of Significant Accounting Policies
GDP growth	5.50%
Inflation	2.87%
Unemployment	2.73%
Current Account Balance	(4.75%)
Fiscal Balance	(1.33%)
Optimistic Scenario [Member] | El Salvador [Member] | 2017
Disclosure of Significant Accounting Policies
GDP growth	2.26%
Inflation	2.04%
Current Account Balance	(1.81%)
Fiscal Balance	(2.41%)
Optimistic Scenario [Member] | El Salvador [Member] | 2018
Disclosure of Significant Accounting Policies
GDP growth	2.54%
Inflation	0.40%
Current Account Balance	(4.75%)
Fiscal Balance	(2.46%)
Optimistic Scenario [Member] | El Salvador [Member] | 2019
Disclosure of Significant Accounting Policies
GDP growth	2.34%
Inflation	(0.05%)
Current Account Balance	(2.35%)
Fiscal Balance	(1.28%)
Optimistic Scenario [Member] | El Salvador [Member] | 2020
Disclosure of Significant Accounting Policies
GDP growth	2.74%
Inflation	1.27%
Current Account Balance	(2.41%)
Fiscal Balance	(2.55%)
Optimistic Scenario [Member] | El Salvador [Member] | 2021
Disclosure of Significant Accounting Policies
GDP growth	2.74%
Inflation	1.86%
Current Account Balance	(2.46%)
Fiscal Balance	(2.27%)
Optimistic Scenario [Member] | El Salvador [Member] | 2022
Disclosure of Significant Accounting Policies
GDP growth	2.74%
Inflation	1.77%
Current Account Balance	(2.46%)
Fiscal Balance	(2.09%)
Optimistic Scenario [Member] | El Salvador [Member] | 2023
Disclosure of Significant Accounting Policies
GDP growth	2.74%
Inflation	1.77%
Current Account Balance	(2.46%)
Fiscal Balance	(2.02%)
Optimistic Scenario [Member] | El Salvador [Member] | 2024
Disclosure of Significant Accounting Policies
GDP growth	2.74%
Inflation	1.77%
Current Account Balance	(2.46%)
Fiscal Balance	(2.02%)
Optimistic Scenario [Member] | Guatemala | 2017
Disclosure of Significant Accounting Policies
GDP growth	2.76%
Inflation	5.68%
Repurchase Agreements Rate	2.75%
Current Account Balance	0.23%
Fiscal Balance	(1.21%)
Optimistic Scenario [Member] | Guatemala | 2018
Disclosure of Significant Accounting Policies
GDP growth	3.13%
Inflation	2.31%
Repurchase Agreements Rate	2.75%
Current Account Balance	0.17%
Fiscal Balance	(1.65%)
Optimistic Scenario [Member] | Guatemala | 2019
Disclosure of Significant Accounting Policies
GDP growth	3.69%
Inflation	3.36%
Repurchase Agreements Rate	3.00%
Current Account Balance	0.43%
Fiscal Balance	(1.81%)
Optimistic Scenario [Member] | Guatemala | 2020
Disclosure of Significant Accounting Policies
GDP growth	3.85%
Inflation	3.73%
Repurchase Agreements Rate	3.25%
Current Account Balance	0.50%
Fiscal Balance	(1.64%)
Optimistic Scenario [Member] | Guatemala | 2021
Disclosure of Significant Accounting Policies
GDP growth	3.97%
Inflation	3.92%
Repurchase Agreements Rate	3.25%
Current Account Balance	0.48%
Fiscal Balance	(1.62%)
Optimistic Scenario [Member] | Guatemala | 2022
Disclosure of Significant Accounting Policies
GDP growth	4.00%
Inflation	4.48%
Repurchase Agreements Rate	3.50%
Current Account Balance	0.36%
Fiscal Balance	(1.62%)
Optimistic Scenario [Member] | Guatemala | 2023
Disclosure of Significant Accounting Policies
GDP growth	3.97%
Inflation	4.48%
Repurchase Agreements Rate	3.75%
Current Account Balance	0.40%
Fiscal Balance	(1.63%)
Optimistic Scenario [Member] | Guatemala | 2024
Disclosure of Significant Accounting Policies
GDP growth	3.97%
Inflation	4.48%
Repurchase Agreements Rate	3.75%
Current Account Balance	0.40%
Fiscal Balance	(1.58%)
Pessimistic Scenario [Member] | Republic Of Colombia [Member] | 2017
Disclosure of Significant Accounting Policies
GDP growth	1.44%
Inflation	4.09%
Repurchase Agreements Rate	4.75%
Unemployment	10.62%
Current Account Balance	(3.35%)
Fiscal Balance	(3.66%)
Pessimistic Scenario [Member] | Republic Of Colombia [Member] | 2018
Disclosure of Significant Accounting Policies
GDP growth	2.44%
Inflation	3.18%
Repurchase Agreements Rate	4.25%
Unemployment	10.77%
Current Account Balance	(3.94%)
Fiscal Balance	(3.10%)
Pessimistic Scenario [Member] | Republic Of Colombia [Member] | 2019
Disclosure of Significant Accounting Policies
GDP growth	3.00%
Inflation	4.20%
Repurchase Agreements Rate	4.50%
Unemployment	11.29%
Current Account Balance	(4.82%)
Fiscal Balance	(2.98%)
Pessimistic Scenario [Member] | Republic Of Colombia [Member] | 2020
Disclosure of Significant Accounting Policies
GDP growth	2.89%
Inflation	4.30%
Repurchase Agreements Rate	5.25%
Unemployment	11.01%
Current Account Balance	(5.00%)
Fiscal Balance	(3.18%)
Pessimistic Scenario [Member] | Republic Of Colombia [Member] | 2021
Disclosure of Significant Accounting Policies
GDP growth	2.95%
Inflation	4.80%
Repurchase Agreements Rate	5.50%
Unemployment	11.31%
Current Account Balance	(4.90%)
Fiscal Balance	(3.49%)
Pessimistic Scenario [Member] | Republic Of Colombia [Member] | 2022
Disclosure of Significant Accounting Policies
GDP growth	3.10%
Inflation	4.30%
Repurchase Agreements Rate	5.50%
Unemployment	11.26%
Current Account Balance	(4.90%)
Fiscal Balance	(3.59%)
Pessimistic Scenario [Member] | Republic Of Colombia [Member] | 2023
Disclosure of Significant Accounting Policies
GDP growth	3.14%
Inflation	4.40%
Repurchase Agreements Rate	5.50%
Unemployment	11.37%
Current Account Balance	(4.70%)
Fiscal Balance	(3.59%)
Pessimistic Scenario [Member] | Republic Of Colombia [Member] | 2024
Disclosure of Significant Accounting Policies
GDP growth	3.14%
Inflation	4.70%
Repurchase Agreements Rate	5.75%
Unemployment	11.38%
Current Account Balance	(4.50%)
Fiscal Balance	(3.49%)
Pessimistic Scenario [Member] | Panama | 2017
Disclosure of Significant Accounting Policies
GDP growth	5.33%
Inflation	0.48%
Unemployment	5.85%
Current Account Balance	(6.01%)
Fiscal Balance	(1.90%)
Pessimistic Scenario [Member] | Panama | 2018
Disclosure of Significant Accounting Policies
GDP growth	3.68%
Inflation	0.16%
Unemployment	5.90%
Current Account Balance	(10.48%)
Fiscal Balance	(2.06%)
Pessimistic Scenario [Member] | Panama | 2019
Disclosure of Significant Accounting Policies
GDP growth	3.23%
Inflation	(0.79%)
Unemployment	6.75%
Current Account Balance	(9.57%)
Fiscal Balance	(3.88%)
Pessimistic Scenario [Member] | Panama | 2020
Disclosure of Significant Accounting Policies
GDP growth	3.99%
Inflation	0.49%
Unemployment	6.50%
Current Account Balance	(9.48%)
Fiscal Balance	(2.75%)
Pessimistic Scenario [Member] | Panama | 2021
Disclosure of Significant Accounting Policies
GDP growth	4.33%
Inflation	1.23%
Unemployment	5.51%
Current Account Balance	(8.45%)
Fiscal Balance	(2.27%)
Pessimistic Scenario [Member] | Panama | 2022
Disclosure of Significant Accounting Policies
GDP growth	4.58%
Inflation	1.57%
Unemployment	4.66%
Current Account Balance	(7.72%)
Fiscal Balance	(2.13%)
Pessimistic Scenario [Member] | Panama | 2023
Disclosure of Significant Accounting Policies
GDP growth	4.50%
Inflation	1.68%
Unemployment	3.94%
Current Account Balance	(7.72%)
Fiscal Balance	(2.19%)
Pessimistic Scenario [Member] | Panama | 2024
Disclosure of Significant Accounting Policies
GDP growth	4.50%
Inflation	1.70%
Unemployment	3.34%
Current Account Balance	(7.72%)
Fiscal Balance	(2.19%)
Pessimistic Scenario [Member] | El Salvador [Member] | 2017
Disclosure of Significant Accounting Policies
GDP growth	2.27%
Inflation	2.04%
Current Account Balance	(1.81%)
Fiscal Balance	(2.41%)
Pessimistic Scenario [Member] | El Salvador [Member] | 2018
Disclosure of Significant Accounting Policies
GDP growth	2.53%
Inflation	0.40%
Current Account Balance	(4.75%)
Fiscal Balance	(2.46%)
Pessimistic Scenario [Member] | El Salvador [Member] | 2019
Disclosure of Significant Accounting Policies
GDP growth	1.94%
Inflation	(0.30%)
Current Account Balance	(3.01%)
Fiscal Balance	(1.73%)
Pessimistic Scenario [Member] | El Salvador [Member] | 2020
Disclosure of Significant Accounting Policies
GDP growth	1.90%
Inflation	0.59%
Current Account Balance	(3.62%)
Fiscal Balance	(3.45%)
Pessimistic Scenario [Member] | El Salvador [Member] | 2021
Disclosure of Significant Accounting Policies
GDP growth	1.90%
Inflation	0.87%
Current Account Balance	(3.69%)
Fiscal Balance	(3.07%)
Pessimistic Scenario [Member] | El Salvador [Member] | 2022
Disclosure of Significant Accounting Policies
GDP growth	1.90%
Inflation	1.05%
Current Account Balance	(3.69%)
Fiscal Balance	(2.83%)
Pessimistic Scenario [Member] | El Salvador [Member] | 2023
Disclosure of Significant Accounting Policies
GDP growth	1.90%
Inflation	1.05%
Current Account Balance	(3.69%)
Fiscal Balance	(2.73%)
Pessimistic Scenario [Member] | El Salvador [Member] | 2024
Disclosure of Significant Accounting Policies
GDP growth	1.90%
Inflation	1.05%
Current Account Balance	(3.70%)
Fiscal Balance	(2.73%)
Pessimistic Scenario [Member] | Guatemala | 2017
Disclosure of Significant Accounting Policies
GDP growth	2.76%
Inflation	5.68%
Repurchase Agreements Rate	2.75%
Current Account Balance	0.23%
Fiscal Balance	(1.21%)
Pessimistic Scenario [Member] | Guatemala | 2018
Disclosure of Significant Accounting Policies
GDP growth	3.13%
Inflation	2.31%
Repurchase Agreements Rate	2.75%
Current Account Balance	0.17%
Fiscal Balance	(1.65%)
Pessimistic Scenario [Member] | Guatemala | 2019
Disclosure of Significant Accounting Policies
GDP growth	3.33%
Inflation	2.55%
Repurchase Agreements Rate	2.50%
Current Account Balance	0.30%
Fiscal Balance	(2.11%)
Pessimistic Scenario [Member] | Guatemala | 2020
Disclosure of Significant Accounting Policies
GDP growth	3.15%
Inflation	2.83%
Repurchase Agreements Rate	2.75%
Current Account Balance	0.17%
Fiscal Balance	(2.21%)
Pessimistic Scenario [Member] | Guatemala | 2021
Disclosure of Significant Accounting Policies
GDP growth	3.25%
Inflation	2.98%
Repurchase Agreements Rate	2.75%
Current Account Balance	0.16%
Fiscal Balance	(2.19%)
Pessimistic Scenario [Member] | Guatemala | 2022
Disclosure of Significant Accounting Policies
GDP growth	3.27%
Inflation	3.40%
Repurchase Agreements Rate	3.00%
Current Account Balance	0.10%
Fiscal Balance	(2.19%)
Pessimistic Scenario [Member] | Guatemala | 2023
Disclosure of Significant Accounting Policies
GDP growth	3.24%
Inflation	3.40%
Repurchase Agreements Rate	3.25%
Current Account Balance	0.00%
Fiscal Balance	(2.20%)
Pessimistic Scenario [Member] | Guatemala | 2024
Disclosure of Significant Accounting Policies
GDP growth	3.25%
Inflation	3.40%
Repurchase Agreements Rate	3.25%
Current Account Balance	0.00%
Fiscal Balance	(2.14%)

SIGNIFICANT ACCOUNTING POLIC_10

SIGNIFICANT ACCOUNTING POLICIES - Significant Increase in Risk (Details)	Dec. 31, 2019item
BA One Or BB Plus [Member]
Disclosure of Significant Accounting Policies
Number Of Investment Notches	3
BA Two Or BB [Member]
Disclosure of Significant Accounting Policies
Number Of Investment Notches	3
BA Three Or BB Negative [Member]
Disclosure of Significant Accounting Policies
Number Of Investment Notches	3
B One Or B Plus [Member]
Disclosure of Significant Accounting Policies
Number Of Investment Notches	2
B Two Or B [Member]
Disclosure of Significant Accounting Policies
Number Of Investment Notches	2
B Three Or B Negative [Member]
Disclosure of Significant Accounting Policies
Number Of Investment Notches	1
Caa Or Ccc [Member]
Disclosure of Significant Accounting Policies
Number Of Investment Notches	1

SIGNIFICANT ACCOUNTING POLIC_11

SIGNIFICANT ACCOUNTING POLICIES - Impairment model (Details)	12 Months Ended
	Dec. 31, 2019
12-month expected credit losses
Disclosure of Significant Accounting Policies
Information on how entity determined whether credit risk of financial instruments recognized initially	12-month expected credit losses
Lifetime expected credit losses
Disclosure of Significant Accounting Policies
Information on how entity determined whether credit risk of financial instruments has increased significantly since initial recognition	Lifetime expected credit losses
Information on how entity determined that financial assets are credit-impaired financial assets	Lifetime expected credit losses

SIGNIFICANT ACCOUNTING POLIC_12

SIGNIFICANT ACCOUNTING POLICIES - Qualitative Criteria (Details)	12 Months Ended
	Dec. 31, 2019
Small Business Loan [member]
Disclosure of Significant Accounting Policies
Loans Write off, Delinquency Conditions	180 days, 720 days for loans with guarantee in Banistmo
Mortgages [member]
Disclosure of Significant Accounting Policies
Loans Write off, Delinquency Conditions	For Banistmo and Banco Agrícola from 720 days. GAH 1440 days.
Consumer
Disclosure of Significant Accounting Policies
Loans Write off, Delinquency Conditions	180 days, 450 days for vehicles in GAH, 720 days for loans with mortgage guarantee in Banco Agricola
Commercial
Disclosure of Significant Accounting Policies
Loans Write off, Delinquency Conditions	360 days
Republic Of Colombia [Member] | SME Commercial [Member]
Disclosure of Significant Accounting Policies
Cure Period	36 months
Republic Of Colombia [Member] | Corporate [Member]
Disclosure of Significant Accounting Policies
Cure Period	0 months
Republic Of Colombia [Member] | Mortgages [member]
Disclosure of Significant Accounting Policies
Cure Period	34 months
Republic Of Colombia [Member] | Consumer
Disclosure of Significant Accounting Policies
Cure Period	22 months
Panama | Mortgages [member]
Disclosure of Significant Accounting Policies
Cure Period	14 months
Panama | Consumer
Disclosure of Significant Accounting Policies
Cure Period	19 months
El Salvador [Member] | Mortgages [member]
Disclosure of Significant Accounting Policies
Cure Period	34 months
El Salvador [Member] | Consumer
Disclosure of Significant Accounting Policies
Cure Period	18 months
El Salvador [Member] | Commercial
Disclosure of Significant Accounting Policies
Cure Period	18 months

SIGNIFICANT ACCOUNTING POLIC_13

SIGNIFICANT ACCOUNTING POLICIES - Estimated useful lives for each asset group (Details)	12 Months Ended
	Dec. 31, 2019
Bottom of range | Buildings
Disclosure of Significant Accounting Policies
Useful life measured as period of time, property, plant and equipment	10 years
Bottom of range | Furniture and fixtures
Disclosure of Significant Accounting Policies
Useful life measured as period of time, property, plant and equipment	5 years
Bottom of range | Computer Equipment [Member]
Disclosure of Significant Accounting Policies
Useful life measured as period of time, property, plant and equipment	3 years
Bottom of range | Equipment and machinery [member]
Disclosure of Significant Accounting Policies
Useful life measured as period of time, property, plant and equipment	3 years
Bottom of range | Vehicles
Disclosure of Significant Accounting Policies
Useful life measured as period of time, property, plant and equipment	3 years
Top of range | Buildings
Disclosure of Significant Accounting Policies
Useful life measured as period of time, property, plant and equipment	75 years
Top of range | Furniture and fixtures
Disclosure of Significant Accounting Policies
Useful life measured as period of time, property, plant and equipment	20 years
Top of range | Computer Equipment [Member]
Disclosure of Significant Accounting Policies
Useful life measured as period of time, property, plant and equipment	20 years
Top of range | Equipment and machinery [member]
Disclosure of Significant Accounting Policies
Useful life measured as period of time, property, plant and equipment	40 years
Top of range | Vehicles
Disclosure of Significant Accounting Policies
Useful life measured as period of time, property, plant and equipment	6 years

SIGNIFICANT ACCOUNTING POLIC_14

SIGNIFICANT ACCOUNTING POLICIES - Additional information (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019COP ($)	Dec. 31, 2018COP ($)	Dec. 31, 2017COP ($)
Disclosure of Significant Accounting Policies
Profit (loss), attributable to non-controlling interests		$ 97,216	$ 127,571	$ 139,173
Non-controlling interests		$ 1,921,700	1,806,305
Dividends received from associates, classified as investing activities				75,224
Description of material leasing arrangements by lessee classified as operating lease	The agreement indicates that the lessee has the option to purchase the asset at a price that is expected to be equal to or less than 10% of the fair value of the asset upon termination of the lease.The term of the lease covers most of the economic life of the asset even when the lease does not transfer the ownership of the underlying asset to the lessee at the end of the lease term, i.e. when the minimum lease term represents 75% or more of the economic life of the leased asset.At the inception of the lease, the present value of the minimum lease payments amounts to at least 90% of the fair value of the leased asset.The leased assets are of such a specialized nature that only the lessee has the possibility of using them without making significant modifications.	The agreement indicates that the lessee has the option to purchase the asset at a price that is expected to be equal to or less than 10% of the fair value of the asset upon termination of the lease.The term of the lease covers most of the economic life of the asset even when the lease does not transfer the ownership of the underlying asset to the lessee at the end of the lease term, i.e. when the minimum lease term represents 75% or more of the economic life of the leased asset.At the inception of the lease, the present value of the minimum lease payments amounts to at least 90% of the fair value of the leased asset.The leased assets are of such a specialized nature that only the lessee has the possibility of using them without making significant modifications.
Preferred dividend as percentage of the subscription price	1.00%	1.00%
Effective interest rate of financial instruments		10.00%
Financial assets individually assessed for credit losses [member]
Disclosure of Significant Accounting Policies
Minimum Amount of Loans to Be Individually Assessed	$ 1.5	$ 5,000
Financial assets individually assessed for credit losses [member] | Stage Three
Disclosure of Significant Accounting Policies
Minimum Amount of Loans to Be Individually Assessed	$ 5	$ 15,000
Probability of default [member]
Disclosure of Significant Accounting Policies
Expected credit loss rate		100.00%
Bottom of range
Disclosure of Significant Accounting Policies
Intangible Assets With Useful Life	1 year	1 year
Top of range
Disclosure of Significant Accounting Policies
Intangible Assets With Useful Life	10 years	10 years
Banistmo and Bancolombia Panama [Member]
Disclosure of Significant Accounting Policies
Assets (liabilities)		$ 9,487,725	8,186,449
Bancolombia Panama [Member]
Disclosure of Significant Accounting Policies
Capital reserve		$ 684,698	$ 670,169
FCP Fondo Inmobiliario Colombia [Member]
Disclosure of Significant Accounting Policies
Proportion of ownership interest in subsidiary	50.04%	50.04%	48.71%
Profit (loss), attributable to non-controlling interests		$ 93,946	$ 78,570	96,179
Non-controlling interests		$ 1,250,131	$ 1,091,802	$ 602,548
Grupo Agromercantil Holding S.A. [Member]
Disclosure of Significant Accounting Policies
Proportion of ownership interest in subsidiary	60.00%	60.00%	60.00%	60.00%
Dividends received from associates, classified as investing activities		$ 31,936	$ 50,341	$ 39,482

OPERATING SEGMENTS - Financial

OPERATING SEGMENTS - Financial performance by operating segment (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017
Operating segments [Line Items]
Total interest and valuation		$ 17,380,684	$ 16,116,500		$ 16,696,393	[1]
Interest income on loans and financial leases		16,628,320	15,566,424		15,984,301	[1]
Total Debt investments		1,042,185	601,374		859,731	[1]
Derivatives		(182,769)	(22,575)		(61,667)	[1]
Total liquidity operations		(107,052)	(28,723)		(85,972)	[1]
Interest expenses		(6,179,794)	(5,670,216)		(6,232,986)	[1]
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments		11,200,890	10,446,284		10,463,407	[1]
Total credit impairment charges, net		(3,411,121)	(3,843,072)		(3,461,617)	[1]
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments		7,789,769	6,603,212		7,001,790	[1]
Revenues (Expenses) from transactions with other operating segments of the Bank		0	0		0	[1]
Fee and commission income	[2]	4,578,972	3,994,259		3,621,114	[1]
Expenses for commissions		(1,553,239)	(1,213,056)		(1,075,115)	[1]
Total fees and commission income, net		3,025,733	2,781,203		2,545,999	[1]
Other operating income		1,535,247	1,251,567		1,553,737	[1]
Other operating expense		(169,060)	(106,384)		(148,841)
Dividends and net income on equity investments		380,599	294,030		290,642	[1]
Recovery (Impairment) charges on cash-generating unit			168,756		(173,339)	[1]
Total operating income, net		12,731,348	11,098,768		11,218,829	[1]
Operating expenses	[3]	(7,429,227)	(6,988,996)		(6,746,947)	[1]
Impairment, depreciation and amortization		(824,590)	(493,902)		(479,111)	[1]
Total operating expenses		(8,253,817)	(7,482,898)		(7,226,058)	[1]
Profit before tax		4,477,531	3,615,870		3,992,771	[1]
Banking Colombia
Operating segments [Line Items]
Total interest and valuation		12,970,741	12,215,644		12,995,017	[1]
Interest income on loans and financial leases		12,592,221	11,990,678		12,586,875	[1]
Total Debt investments		716,032	366,354		602,304	[1]
Derivatives		(172,399)	(17,023)		(54,156)	[1]
Total liquidity operations		(165,113)	(124,365)		(140,006)	[1]
Interest expenses		(4,408,233)	(4,194,772)		(4,791,976)	[1]
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments		8,562,508	8,020,872		8,203,041	[1]
Total credit impairment charges, net		(2,564,417)	(3,354,330)		(3,195,837)	[1]
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments		5,998,091	4,666,542		5,007,204	[1]
Revenues (Expenses) from transactions with other operating segments of the Bank		(19,212)	(6,986)		(59,884)	[1]
Fee and commission income	[2]	3,269,747	2,841,302		2,531,221	[1]
Expenses for commissions		(1,297,186)	(1,009,573)		(889,481)	[1]
Total fees and commission income, net		1,972,561	1,831,729		1,641,740	[1]
Other operating income		433,887	250,598		608,025	[1]
Dividends and net income on equity investments		131,029	(49,316)		(53,141)	[1]
Recovery (Impairment) charges on cash-generating unit			0		0	[1]
Total operating income, net		8,516,356	6,692,567		7,143,944	[1]
Operating expenses	[3]	(5,203,354)	(4,902,500)		(4,715,976)	[1]
Impairment, depreciation and amortization		(407,102)	(177,779)		(147,262)	[1]
Total operating expenses		(5,610,456)	(5,080,279)		(4,863,238)	[1]
Profit before tax		2,905,900	1,612,288		2,280,706	[1]
Banking Panama
Operating segments [Line Items]
Total interest and valuation		1,876,925	1,573,928		1,495,446	[1]
Interest income on loans and financial leases		1,654,600	1,449,441		1,374,398	[1]
Total Debt investments		172,610	101,599		93,154	[1]
Derivatives		1,625	(13,250)		438	[1]
Total liquidity operations		48,090	36,138		27,456	[1]
Interest expenses		(720,587)	(558,126)		(523,312)	[1]
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments		1,156,338	1,015,802		972,134	[1]
Total credit impairment charges, net		(408,132)	(269,164)		(46,468)	[1]
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments		748,206	746,638		925,666	[1]
Revenues (Expenses) from transactions with other operating segments of the Bank		(36,107)	(30,634)		(26,837)	[1]
Fee and commission income	[2]	350,055	312,762		317,753	[1]
Expenses for commissions		(143,616)	(120,520)		(112,986)	[1]
Total fees and commission income, net		206,439	192,242		204,767	[1]
Other operating income		29,704	39,781		8,662	[1]
Dividends and net income on equity investments		5,562	4,240		7,038	[1]
Recovery (Impairment) charges on cash-generating unit			0		0	[1]
Total operating income, net		953,804	952,267		1,119,296	[1]
Operating expenses	[3]	(573,042)	(554,890)		(569,219)	[1]
Impairment, depreciation and amortization		(105,232)	(55,127)		(55,197)	[1]
Total operating expenses		(678,274)	(610,017)		(624,416)	[1]
Profit before tax		275,530	342,250		494,880	[1]
Banking El Salvador
Operating segments [Line Items]
Total interest and valuation		1,094,422	931,405		882,806	[1]
Interest income on loans and financial leases		1,052,680	861,174		830,050	[1]
Total Debt investments		40,915	25,081		31,582	[1]
Derivatives		0	0		0	[1]
Total liquidity operations		827	45,150		21,174	[1]
Interest expenses		(295,433)	(252,351)		(256,994)	[1]
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments		798,989	679,054		625,812	[1]
Total credit impairment charges, net		(83,110)	(94,301)		(110,018)	[1]
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments		715,879	584,753		515,794	[1]
Revenues (Expenses) from transactions with other operating segments of the Bank		(2,154)	(2,029)		(963)	[1]
Fee and commission income	[2]	268,309	227,114		211,159	[1]
Expenses for commissions		(60,673)	(43,216)		(40,325)	[1]
Total fees and commission income, net		207,636	183,898		170,834	[1]
Other operating income		6,158	4,842
Other operating expense	[1]				(7,799)
Dividends and net income on equity investments		211	1,894		324	[1]
Recovery (Impairment) charges on cash-generating unit			0		0	[1]
Total operating income, net		927,730	773,358		678,190	[1]
Operating expenses	[3]	(444,933)	(402,831)		(383,002)	[1]
Impairment, depreciation and amortization		(46,381)	(26,122)		(34,671)	[1]
Total operating expenses		(491,314)	(428,953)		(417,673)	[1]
Profit before tax		436,416	344,405		260,517	[1]
Banking Guatemala
Operating segments [Line Items]
Total interest and valuation		977,980	894,934		865,038	[1]
Interest income on loans and financial leases		905,016	821,276		767,986	[1]
Total Debt investments		73,152	72,896		100,193	[1]
Derivatives		0	0		0	[1]
Total liquidity operations		(188)	762		(3,141)	[1]
Interest expenses		(388,571)	(360,988)		(348,726)	[1]
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments		589,409	533,946		516,312	[1]
Total credit impairment charges, net		(333,699)	(136,289)		(125,877)	[1]
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments		255,710	397,657		390,435	[1]
Revenues (Expenses) from transactions with other operating segments of the Bank		(36,255)	(7,574)		(972)	[1]
Fee and commission income	[2]	170,854	141,253		126,022	[1]
Expenses for commissions		(38,006)	(29,320)		(24,457)	[1]
Total fees and commission income, net		132,848	111,933		101,565	[1]
Other operating income		68,288	52,287		54,246	[1]
Dividends and net income on equity investments		668	580		608	[1]
Recovery (Impairment) charges on cash-generating unit			0		0	[1]
Total operating income, net		421,259	554,883		545,882	[1]
Operating expenses	[3]	(358,923)	(373,279)		(343,646)	[1]
Impairment, depreciation and amortization		(120,130)	(84,996)		(101,392)	[1]
Total operating expenses		(479,053)	(458,275)		(445,038)	[1]
Profit before tax		(57,794)	96,608		100,844	[1]
Trust
Operating segments [Line Items]
Total interest and valuation		152	404		794	[1]
Interest income on loans and financial leases		132	0		0	[1]
Total Debt investments		20	105		193	[1]
Derivatives		0	0		0	[1]
Total liquidity operations		0	299		601	[1]
Interest expenses		(138)	(39)		(102)	[1]
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments		14	365		692	[1]
Total credit impairment charges, net		(716)	(826)		(549)	[1]
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments		(702)	(461)		143	[1]
Revenues (Expenses) from transactions with other operating segments of the Bank		(25,529)	(32,509)		(33,024)	[1]
Fee and commission income	[2]	349,438	313,908		285,648	[1]
Expenses for commissions		(2,942)	(2,380)		(1,982)	[1]
Total fees and commission income, net		346,496	311,528		283,666	[1]
Other operating income		13,341	19,826		13,560	[1]
Dividends and net income on equity investments		43,498	18,572		18,249	[1]
Recovery (Impairment) charges on cash-generating unit			0		0	[1]
Total operating income, net		377,104	316,956		282,594	[1]
Operating expenses	[3]	(121,259)	(111,614)		(113,482)	[1]
Impairment, depreciation and amortization		(1,031)	(588)		(540)	[1]
Total operating expenses		(122,290)	(112,202)		(114,022)	[1]
Profit before tax		254,814	204,754		168,572	[1]
Investment banking
Operating segments [Line Items]
Total interest and valuation		8	22		94	[1]
Interest income on loans and financial leases		0	0		0	[1]
Total Debt investments		8	22		94	[1]
Derivatives		0	0		0	[1]
Total liquidity operations		0	0		0	[1]
Interest expenses		(4)	0		0	[1]
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments		4	22		94	[1]
Total credit impairment charges, net		(251)	(135)		466	[1]
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments		(247)	(113)		560	[1]
Revenues (Expenses) from transactions with other operating segments of the Bank		31,585	20,187		16,209	[1]
Fee and commission income	[2]	30,829	20,271		28,747	[1]
Expenses for commissions		(154)	(46)		(52)	[1]
Total fees and commission income, net		30,675	20,225		28,695	[1]
Other operating income		5,830	965		1,886	[1]
Dividends and net income on equity investments		24,810	(67,990)		(70,114)	[1]
Recovery (Impairment) charges on cash-generating unit			173,339	[4]	(173,339)	[1],[5]
Total operating income, net		92,653	146,613		(196,103)	[1]
Operating expenses	[3]	(32,558)	(24,110)		(34,100)	[1]
Impairment, depreciation and amortization		(187)	(131)		(133)	[1]
Total operating expenses		(32,745)	(24,241)		(34,233)	[1]
Profit before tax		59,908	122,372		(230,336)	[1]
Brokerage
Operating segments [Line Items]
Total interest and valuation		5,018	24,273		8,916	[1]
Interest income on loans and financial leases		96	0		0	[1]
Total Debt investments		14,757	14,728		15,147	[1]
Derivatives		(10,416)	7,694		(7,661)	[1]
Total liquidity operations		581	1,851		1,430	[1]
Interest expenses		(26)	(15)		(72)	[1]
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments		4,992	24,258		8,844	[1]
Total credit impairment charges, net		(4,363)	155		(147)	[1]
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments		629	24,413		8,697	[1]
Revenues (Expenses) from transactions with other operating segments of the Bank		62,628	55,843		53,075	[1]
Fee and commission income	[2]	113,364	113,970		97,185	[1]
Expenses for commissions		(3,229)	(2,734)		(482)	[1]
Total fees and commission income, net		110,135	111,236		96,703	[1]
Other operating expense		(9,392)	(10,468)		(11,647)	[1]
Dividends and net income on equity investments		16,514	(12,416)		12,278	[1]
Recovery (Impairment) charges on cash-generating unit			0		0	[1]
Total operating income, net		180,514	168,608		159,106	[1]
Operating expenses	[3]	(112,204)	(98,687)		(101,255)	[1]
Impairment, depreciation and amortization		(1,738)	(1,402)		(1,398)	[1]
Total operating expenses		(113,942)	(100,089)		(102,653)	[1]
Profit before tax		66,572	68,519		56,453	[1]
Off shore
Operating segments [Line Items]
Total interest and valuation		614,073	547,878		444,649	[1]
Interest income on loans and financial leases		411,504	434,754		412,418	[1]
Total Debt investments		24,682	20,559		16,329	[1]
Derivatives		169,483	86,779		6,085	[1]
Total liquidity operations		8,404	5,786		9,817	[1]
Interest expenses		(304,519)	(247,666)		(226,304)	[1]
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments		309,554	300,212		218,345	[1]
Total credit impairment charges, net		19,169	19,039		6,541	[1]
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments		328,723	319,251		224,886	[1]
Revenues (Expenses) from transactions with other operating segments of the Bank		167,419	98,987		101,327	[1]
Fee and commission income	[2]	25,800	20,840		19,390	[1]
Expenses for commissions		(3,922)	(3,408)		(2,874)	[1]
Total fees and commission income, net		21,878	17,432		16,516	[1]
Other operating income		7,067	15,668		6,428	[1]
Dividends and net income on equity investments		27	(270,523)		(239,328)	[1]
Recovery (Impairment) charges on cash-generating unit			0		0	[1]
Total operating income, net		525,114	180,815		109,829	[1]
Operating expenses	[3]	(61,087)	(53,313)		(56,593)	[1]
Impairment, depreciation and amortization		(2,746)	(2,072)		(967)	[1]
Total operating expenses		(63,833)	(55,385)		(57,560)	[1]
Profit before tax		461,281	125,430		52,269	[1]
All other segment
Operating segments [Line Items]
Total interest and valuation		12,160	14,737		10,201	[1]
Interest income on loans and financial leases		11,804	9,049		13,000	[1]
Total Debt investments		9	32		735	[1]
Derivatives		0	0		(289)	[1]
Total liquidity operations		347	5,656		(3,245)	[1]
Interest expenses		(62,283)	(56,259)		(85,928)	[1]
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments		(50,123)	(41,522)		(75,727)	[1]
Total credit impairment charges, net		(6,943)	(7,221)		1,696	[1]
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments		(57,066)	(48,743)		(74,031)	[1]
Revenues (Expenses) from transactions with other operating segments of the Bank		(142,375)	(95,285)		(48,931)	[1]
Fee and commission income	[2]	588	2,988		3,989	[1]
Expenses for commissions		(3,511)	(1,859)		(2,476)	[1]
Total fees and commission income, net		(2,923)	1,129		1,513	[1]
Other operating income		986,126	912,738		885,182	[1]
Dividends and net income on equity investments		269,736	(34,485)		(61,156)	[1]
Recovery (Impairment) charges on cash-generating unit			(4,583)		0	[1]
Total operating income, net		1,053,498	730,771		702,577	[1]
Operating expenses	[3]	(522,103)	(467,770)		(430,212)	[1]
Impairment, depreciation and amortization		(138,738)	(144,722)		(137,377)	[1]
Total operating expenses		(660,841)	(612,492)		(567,589)	[1]
Profit before tax		392,657	118,279		134,988	[1]
Total before elimination
Operating segments [Line Items]
Total interest and valuation		17,551,479	16,203,225		16,702,961	[1]
Interest income on loans and financial leases		16,628,053	15,566,372		15,984,727	[1]
Total Debt investments		1,042,185	601,376		859,731	[1]
Derivatives		(11,707)	64,200		(55,583)	[1]
Total liquidity operations		(107,052)	(28,723)		(85,914)	[1]
Interest expenses		(6,179,794)	(5,670,216)		(6,233,414)	[1]
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments		11,371,685	10,533,009		10,469,547	[1]
Total credit impairment charges, net		(3,382,462)	(3,843,072)		(3,470,193)	[1]
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments		7,989,223	6,689,937		6,999,354	[1]
Revenues (Expenses) from transactions with other operating segments of the Bank		0	0		0	[1]
Fee and commission income	[2]	4,578,984	3,994,408		3,621,114	[1]
Expenses for commissions		(1,553,239)	(1,213,056)		(1,075,115)	[1]
Total fees and commission income, net		3,025,745	2,781,352		2,545,999	[1]
Other operating income		1,541,009	1,286,237		1,558,543	[1]
Dividends and net income on equity investments		492,055	(409,444)		(385,242)	[1]
Recovery (Impairment) charges on cash-generating unit			168,756		(173,339)	[1]
Total operating income, net		13,048,032	10,516,838		10,545,315	[1]
Operating expenses	[3]	(7,429,463)	(6,988,994)		(6,747,485)	[1]
Impairment, depreciation and amortization		(823,285)	(492,939)		(478,937)	[1]
Total operating expenses		(8,252,748)	(7,481,933)		(7,226,422)	[1]
Profit before tax		4,795,284	3,034,905		3,318,893	[1]
Adjustments for consolidation
Operating segments [Line Items]
Total interest and valuation		(170,795)	(86,725)		(6,568)	[1]
Interest income on loans and financial leases		267	52		(426)	[1]
Total Debt investments		0	(2)		0	[1]
Derivatives		(171,062)	(86,775)		(6,084)	[1]
Total liquidity operations		0	0		(58)	[1]
Interest expenses		0	0		428	[1]
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments		(170,795)	(86,725)		(6,140)	[1]
Total credit impairment charges, net		(28,659)	0		8,576	[1]
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments		(199,454)	(86,725)		2,436	[1]
Revenues (Expenses) from transactions with other operating segments of the Bank		0	0		0	[1]
Fee and commission income	[2]	(12)	(149)		0	[1]
Expenses for commissions		0	0		0	[1]
Total fees and commission income, net		(12)	(149)		0	[1]
Other operating income			34,670
Other operating expense		(5,762)			(4,806)	[1]
Dividends and net income on equity investments		(111,456)	703,474		675,884	[1]
Recovery (Impairment) charges on cash-generating unit			0		0	[1]
Total operating income, net		(316,684)	581,930		673,514	[1]
Operating expenses	[3]	236	(2)		538	[1]
Impairment, depreciation and amortization		(1,305)	(963)		(174)	[1]
Total operating expenses		(1,069)	(965)		364	[1]
Profit before tax		$ (317,753)	$ 580,965		$ 673,878	[1]
[1]	Some figures in the performance by operating segment disclosure for the year ended as of December 31, 2017 disclosed in the Bank’s annual report in 2017 have been changed due to an impact at the disaggregation level in the process of adopting IFRS 15. See adoption of new accounting standards in Note 32 Impacts on application of new standards.
[2]	For the year ended December 31, 2019BankingBankingBanking ElBankingInvestmentAll otherTotal beforeAdjustments forTotal after  Colombia  Panama  Salvador  Guatemala  Trust  banking  Brokerage  Off shore  segments  eliminations  consolidation  eliminationsIn millions of COPTotal interest and valuation 12,970,741 1,876,925 1,094,422 977,980 152 8 5,018 614,073 12,160 17,551,479 (170,795) 17,380,684Interest income on loans and financial leases 12,592,221 1,654,600 1,052,680 905,016 132 — 96 411,504 11,804 16,628,053 267 16,628,320Total debt investments 716,032 172,610 40,915 73,152 20 8 14,757 24,682 9 1,042,185 — 1,042,185Derivatives (172,399)1,625 — — — — (10,416)169,483 — (11,707) (171,062) (182,769)Total liquidity operations (165,113)48,090827 (188) — —5818,404347 (107,052) — (107,052)Interest expenses (4,408,233) (720,587) (295,433) (388,571) (138) (4) (26) (304,519) (62,283) (6,179,794) — (6,179,794)Net interest margin and valuation on financial instruments before impairment on loans and financial leases, off balance sheet credit instruments and other financial instruments 8,562,508 1,156,338 798,989 589,409 14 4 4,992 309,554 (50,123) 11,371,685 (170,795) 11,200,890Total credit impairment charges, net (2,564,417) (408,132) (83,110) (333,699) (716) (251) (4,363) 19,169 (6,943) (3,382,462) (28,659) (3,411,121)Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments 5,998,091 748,206 715,879 255,710 (702) (247) 629 328,723 (57,066) 7,989,223 (199,454) 7,789,769Revenues (Expenses) from transactions with other operating segments of the Bank (19,212) (36,107) (2,154) (36,255) (25,529) 31,585 62,628 167,419 (142,375) — — —Fees and commission income (1) 3,269,747 350,055 268,309 170,854 349,438 30,829 113,364 25,800 588 4,578,984 (12) 4,578,972Fees and commission expenses (1,297,186) (143,616) (60,673) (38,006) (2,942) (154) (3,229) (3,922) (3,511) (1,553,239) — (1,553,239)Total fees and commission income, net 1,972,561 206,439 207,636 132,848 346,496 30,675 110,135 21,878 (2,923) 3,025,745 (12) 3,025,733Other operating income 433,887 29,704 6,158 68,288 13,341 5,830 (9,392) 7,067 986,126 1,541,009 (5,762) 1,535,247Dividends and net income on equity investments 131,029 5,562 211 668 43,498 24,810 16,514 27 269,736 492,055 (111,456) 380,599Total operating income, net 8,516,356 953,804 927,730 421,259 377,104 92,653 180,514 525,114 1,053,498 13,048,032 (316,684) 12,731,348Operating expenses (2) (5,203,354) (573,042) (444,933) (358,923) (121,259) (32,558) (112,204) (61,087) (522,103) (7,429,463) 236 (7,429,227)Impairment, depreciation and amortization (407,102) (105,232) (46,381) (120,130) (1,031) (187) (1,738) (2,746) (138,738) (823,285) (1,305) (824,590)Total operating expenses (5,610,456) (678,274) (491,314) (479,053) (122,290) (32,745) (113,942) (63,833) (660,841) (8,252,748) (1,069) (8,253,817)Profit before tax 2,905,900 275,530 436,416 (57,794) 254,814 59,908 66,572 461,281 392,657 4,795,284 (317,753) 4,477,531For further information about income from contracts with customers, see Note 25.3 Fees and commissions.
[3]	Includes staff costs, other administration and general expenses, contributions and other tax burdens and others.
[4]	Includes imparment recovery in joint venture Compañía de Financiamiento Tuya S.A. For more information see Note 8 Investments in associates and joint ventures.
[5]	Includes imparment recognition in joint venture Compañía de Financiamiento Tuya S.A. For more information see Note 8 Investments in associates and joint ventures.

OPERATING SEGMENTS - Financia_2

OPERATING SEGMENTS - Financial information of the total assets and liabilities by operating segment (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Operating segments [Line Items]
Total assets	$ 236,088,113	$ 220,076,482
Total liabilities	(207,282,494)	(193,421,257)
Banking Colombia
Operating segments [Line Items]
Total assets	162,531,140	149,185,338
Total liabilities	(145,013,642)	(132,722,635)
Banking Panama
Operating segments [Line Items]
Total assets	33,196,996	31,116,800
Total liabilities	(29,632,112)	(27,761,479)
Banking El Salvador
Operating segments [Line Items]
Total assets	16,035,662	14,704,427
Total liabilities	(14,154,533)	(12,963,237)
Banking Guatemala
Operating segments [Line Items]
Total assets	14,333,631	13,556,250
Total liabilities	(13,093,982)	(12,209,984)
Trust
Operating segments [Line Items]
Total assets	638,147	580,205
Total liabilities	(99,867)	(86,524)
Investment banking
Operating segments [Line Items]
Total assets	1,763,260	1,779,618
Total liabilities	(43,700)	(40,741)
Brokerage
Operating segments [Line Items]
Total assets	304,211	301,851
Total liabilities	(56,583)	(57,765)
Off shore
Operating segments [Line Items]
Total assets	18,283,107	17,963,675
Total liabilities	(11,833,818)	(12,640,349)
All other segment
Operating segments [Line Items]
Total assets	9,923,085	9,638,514
Total liabilities	(2,738,052)	(2,336,273)
Total before elimination
Operating segments [Line Items]
Total assets	257,009,239	238,826,678
Total liabilities	(216,666,289)	(200,818,987)
Adjustments for consolidation
Operating segments [Line Items]
Total assets	(20,921,126)	(18,750,196)
Total liabilities	9,383,795	7,397,730
Total after Before Elimination [Member]
Operating segments [Line Items]
Total assets	236,088,113	220,076,482
Total liabilities	$ (207,282,494)	$ (193,421,257)

OPERATING SEGMENTS - Financia_3

OPERATING SEGMENTS - Financial information of the investments in associates and joint ventures by operating segment (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Operating segments [Line Items]
Investments in associates and joint ventures	$ 2,367,757	[1]	$ 2,149,579	[2]
Equity method	249,231		187,814		$ 253,602
Banking Colombia
Operating segments [Line Items]
Investments in associates and joint ventures	358,822		313,081
Equity method	59,998		32,859
Banking El Salvador
Operating segments [Line Items]
Investments in associates and joint ventures	13,859		13,544
Equity method	201		1,887
Trust
Operating segments [Line Items]
Investments in associates and joint ventures	262,958		230,211
Equity method	43,707		20,235
Investment banking
Operating segments [Line Items]
Investments in associates and joint ventures	481,801		451,113
Equity method	3,067		27,909
All other segment
Operating segments [Line Items]
Investments in associates and joint ventures	1,250,317		1,141,630
Equity method	$ 142,258		$ 104,924
[1]	As of December 31, 2019, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures.
[2]	As of December 31, 2018, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures.

OPERATING SEGMENTS - Material n

OPERATING SEGMENTS - Material non-cash items other than depreciation and amortization by segment (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating segments [Line Items]
Foreclosed assets received from impaired loans	$ 359,590	$ 399,993	$ 250,138
Provisions	3,385,181	3,851,625	3,468,699
Banking Colombia
Operating segments [Line Items]
Foreclosed assets received from impaired loans	267,989	271,695	163,274
Provisions	2,566,925	3,368,901	3,182,198
Banking Panama
Operating segments [Line Items]
Foreclosed assets received from impaired loans	59,096	84,390	39,486
Provisions	415,339	258,983	62,502
Banking El Salvador
Operating segments [Line Items]
Foreclosed assets received from impaired loans	17,566	15,782	16,191
Provisions	80,758	97,182	109,846
Banking Guatemala
Operating segments [Line Items]
Foreclosed assets received from impaired loans	13,882	9,377	7,157
Provisions	330,161	136,923	124,978
Trust
Operating segments [Line Items]
Foreclosed assets received from impaired loans	0
Provisions	205	826	548
Investment banking
Operating segments [Line Items]
Foreclosed assets received from impaired loans	0
Provisions	251	135	(467)
Brokerage
Operating segments [Line Items]
Foreclosed assets received from impaired loans	0
Provisions	4,363	(155)	147
Off shore
Operating segments [Line Items]
Foreclosed assets received from impaired loans	1,057	6,376
Provisions	(20,356)	(18,300)	(5,477)
All other segment
Operating segments [Line Items]
Foreclosed assets received from impaired loans	0	12,373	24,030
Provisions	$ 7,535	$ 7,130	$ (5,576)

OPERATING SEGMENTS - Geographic

OPERATING SEGMENTS - Geographic information (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating segments [Line Items]
Interest and valuation		$ 17,380,684	$ 16,116,500	$ 16,696,393	[1]
Long-lived assets	[2]	14,726,048	12,332,027	11,214,617
Operating Segments
Operating segments [Line Items]
Interest and valuation		17,881,929	16,451,929	16,917,060
Long-lived assets	[2]	8,552,554	5,798,411	5,215,146
Segment Reconciling Items
Operating segments [Line Items]
Interest and valuation		(501,245)	(335,429)	(220,667)
Long-lived assets	[2]	6,173,494	6,533,616	5,999,471
Colombia
Operating segments [Line Items]
Interest and valuation		13,129,674	12,379,140	13,111,518
Long-lived assets	[2]	7,095,848	4,788,744	4,353,782
Panama
Operating segments [Line Items]
Interest and valuation		2,592,875	2,166,482	1,986,741
Long-lived assets	[2]	792,841	378,021	297,832
Puerto rico
Operating segments [Line Items]
Interest and valuation		83,303	77,917	68,556
Long-lived assets	[2]	1,586	321	388
Peru
Operating segments [Line Items]
Interest and valuation	[3]		253	658
Long-lived assets	[2],[3]		165,076	115,840
EL SALVADOR
Operating segments [Line Items]
Interest and valuation		1,097,976	932,444	883,538
Long-lived assets	[2]	373,378	296,040	280,562
Costa Rica
Operating segments [Line Items]
Long-lived assets	[2]	107	131	80
Guatemala
Operating segments [Line Items]
Interest and valuation		978,101	895,693	866,049
Long-lived assets	[2]	$ 288,794	$ 170,078	$ 166,662
[1]	Some figures in the performance by operating segment disclosure for the year ended as of December 31, 2017 disclosed in the Bank’s annual report in 2017 have been changed due to an impact at the disaggregation level in the process of adopting IFRS 15. See adoption of new accounting standards in Note 32 Impacts on application of new standards.
[2]	Included assets held for sale, premises and equipment, investment property and goodwill.
[3]	Investments in FiduPerú S.A. and Arrendamiento Operativo CIB S.A.C were sold in 2019 and classified as Assets held for sale in the Consolidated Statement of Financial Position as of December 31, 2018. For Further information, see Note 13 Assets held for sale and inventories.

OPERATING SEGMENTS (Details)

OPERATING SEGMENTS (Details)	12 Months Ended
	Dec. 31, 2019
OPERATING SEGMENTS
Other Segments Revenue Percent	10.00%
Other Segments Assets Percent	10.00%

CASH AND CASH EQUIVALENTS - The

CASH AND CASH EQUIVALENTS - The consolidated statement of cash flow and the consolidated statement of financial position, the following assets are considered as cash and cash equivalents (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash and balances at central bank
Cash		$ 6,658,688	$ 5,192,182
Due from central banks	[1]	8,299,656	6,603,500
Due from other private financial entities		3,033,898	3,713,481
Checks on hold		154,985	216,323
Remittances of domestic negotiated checks in transit		108,838	107,531
Total cash and due from banks		18,256,065	15,833,017
Money market transactions:
Inter bank borrowings		2,465,913	1,965,973
Reverse repurchase agreements and other similar secured loans		3,016,064	931,820
Total money market transactions		5,481,977	2,897,793
Total cash and cash equivalents		$ 23,738,042	$ 18,730,810	$ 18,165,644	$ 20,460,245
[1]	According to External Resolution Number 005 of 2008 issued by the Colombian Central Bank, the Parent Company must maintain the equivalent of 4.50% of its customer’s deposits with a maturity term less than 18 months as a legal banking reserve, represented in deposits at the Central Bank or as cash in hand. In addition, according to Resolution Number 177 of 2002 issued by the Guatemalian Monetary Board, Grupo Agromercantil Holding through its subsidiary Banco Agromercantil de Guatemala must maintain the equivalent of 14.60% of its customer’s deposits daily balances as a legal banking reserve, represented in unrestricted deposits at the Bank of Guatemala. For its part, according to the norm of the banks Number 306 of 2000 issued by the Financial System Superintendency of El Salvador, Banco Agrícola must mantain an equivalent amount between 1.00% and 25.00% of its average daily balance of deposits and debt securities in issue as a liquidity reserve, represented in unrestricted deposits or debt securities issued by El Salvador Central Bank. Finally, in accordance with the Agreement 004 of 2008 issued by the Superintendency of Banks of Panama, all Panamanian banks must maintain a minimum legal liquidity rate established at 30.00%.

CASH AND CASH EQUIVALENTS (Deta

CASH AND CASH EQUIVALENTS (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
cash and cash equivalent [Line Items]
Mandatory reserve percentage in central bank	4.50%
Restricted Cash and Cash Equivalents	$ 334,190	$ 248,662
Cash and cash equivalents	$ 23,738,042	18,730,810	$ 18,165,644	$ 20,460,245
FiduPeru S.A. Sociedad Fiduciaria
cash and cash equivalent [Line Items]
Cash and cash equivalents		5,830
Arrendamiento Operativo CIB S.A.C.
cash and cash equivalent [Line Items]
Cash and cash equivalents		$ 6,646
Grupo Agromercantil Holding
cash and cash equivalent [Line Items]
Mandatory reserve percentage in central bank	14.60%
Bancolombia Panama S.A. and Banistmo S.A
cash and cash equivalent [Line Items]
Mandatory reserve percentage in central bank	30.00%
Bottom of range | Banagricola S.A.
cash and cash equivalent [Line Items]
Mandatory reserve percentage in central bank	1.00%
Top of range | Banagricola S.A.
cash and cash equivalent [Line Items]
Mandatory reserve percentage in central bank	25.00%

FINANCIAL ASSETS INVESTMENTS _3

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Financial assets investments (Details) - COP ($) $ in Millions		Dec. 31, 2019		Dec. 31, 2018
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		$ 16,822,754		$ 17,361,475
Debt Securities
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		15,594,330		15,721,527
Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		7,670,749		8,909,861
Debt Securities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		3,904,857		3,329,738
Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		4,018,724		3,481,928
Trading equity securities
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		1,228,424		1,639,948
Trading equity securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	[1]	718,270		1,101,461
Trading equity securities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		510,154		538,487
Trading equity securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		0
Financial assets investments
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		16,822,754
Financial assets investments | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		0
Financial assets investments | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		0
Securities issued by the Colombian Government
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		5,780,172		7,292,411
Securities issued by the Colombian Government | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		5,688,942		7,242,168
Securities issued by the Colombian Government | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		0
Securities issued by the Colombian Government | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		91,230		50,243
Securities issued by the Colombian Government | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets				7,242,168
Securities issued by the Colombian Government | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets				50,243
Securities issued by foreign governments
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		4,981,607		4,233,200
Securities issued by foreign governments | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		1,076,231		817,639
Securities issued by foreign governments | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		3,595,773		3,143,488
Securities issued by foreign governments | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		309,603		272,073
Securities issued by foreign governments | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets				817,639
Securities issued by foreign governments | Debt Securities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets				3,143,488
Securities issued by foreign governments | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets				272,073
Securities issued by government entities
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		1,898,919		1,919,106
Securities issued by government entities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		71,792		43,846
Securities issued by government entities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		0
Securities issued by government entities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		1,827,127		1,875,260
Securities issued by government entities | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets				43,846
Securities issued by government entities | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets				1,875,260
Securities issued or secured by other financial entities
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		1,184,108	[2]	991,176
Securities issued or secured by other financial entities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		724,880	[2]	661,176
Securities issued or secured by other financial entities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		254,025	[2]	186,250
Securities issued or secured by other financial entities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		205,203	[2]	143,750
Securities issued or secured by other financial entities | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets				661,176
Securities issued or secured by other financial entities | Debt Securities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets				186,250
Securities issued or secured by other financial entities | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets				143,750
Corporate bonds
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		1,749,524		1,285,634
Corporate bonds | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		108,904		145,032
Corporate bonds | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		55,059
Corporate bonds | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		1,585,561		1,140,602
Corporate bonds | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets				145,032
Corporate bonds | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets				$ 1,140,602
Derivatives Contracts | Debt Securities
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		$ 7,923,581
[1]	Most of the decrease is due to the sale of Sura Asset Management by (USD 135,173) COP 423,996 in April 15, 2019 to Caisse de Dépôt et Placement du Québec (CDPQ).
[2]	Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 198,115. For further information on TIPS’ fair value measurement see Note 30 fair value of assets and liabilities.

FINANCIAL ASSETS INVESTMENTS _4

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Debt instruments portfolio by maturity (Details) - COP ($) $ in Millions	Dec. 31, 2019		Dec. 31, 2018
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	$ 16,822,754		$ 17,361,475
Debt Securities
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	15,594,330		15,721,527
Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	7,670,749		8,909,861
Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	4,018,724		3,481,928
Debt Securities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	3,904,857		3,329,738
Securities issued by the Colombian Government
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	5,780,172		7,292,411
Securities issued by the Colombian Government | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	5,688,942		7,242,168
Securities issued by the Colombian Government | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	91,230		50,243
Securities issued by the Colombian Government | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	0
Securities issued by the Colombian Government | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			7,242,168
Securities issued by the Colombian Government | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			50,243
Securities issued by foreign governments
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	4,981,607		4,233,200
Securities issued by foreign governments | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	1,076,231		817,639
Securities issued by foreign governments | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	309,603		272,073
Securities issued by foreign governments | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	3,595,773		3,143,488
Securities issued by foreign governments | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			817,639
Securities issued by foreign governments | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			272,073
Securities issued by foreign governments | Debt Securities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			3,143,488
Securities issued by government entities
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	1,898,919		1,919,106
Securities issued by government entities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	71,792		43,846
Securities issued by government entities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	1,827,127		1,875,260
Securities issued by government entities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	0
Securities issued by government entities | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			43,846
Securities issued by government entities | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			1,875,260
Securities issued or secured by other financial entities
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	1,184,108	[1]	991,176
Securities issued or secured by other financial entities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	724,880	[1]	661,176
Securities issued or secured by other financial entities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	205,203	[1]	143,750
Securities issued or secured by other financial entities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	254,025	[1]	186,250
Securities issued or secured by other financial entities | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			661,176
Securities issued or secured by other financial entities | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			143,750
Securities issued or secured by other financial entities | Debt Securities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			186,250
Corporate bonds
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	1,749,524		1,285,634
Corporate bonds | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	108,904		145,032
Corporate bonds | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	1,585,561		1,140,602
Corporate bonds | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	55,059
Corporate bonds | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			145,032
Corporate bonds | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			1,140,602
Derivatives Contracts | Debt Securities
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	7,923,581
2020
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	103,269,999		89,038,285
2020 | Debt Securities
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	6,214,784		6,476,981
2020 | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	2,524,560		3,113,420
2020 | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	1,910,695		2,023,403
2020 | Debt Securities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	1,779,529		1,340,158
2020 | Securities issued by the Colombian Government | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	1,527,763
2020 | Securities issued by the Colombian Government | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	0
2020 | Securities issued by the Colombian Government | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			2,376,212
2020 | Securities issued by the Colombian Government | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			50,243
2020 | Securities issued by foreign governments | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	827,285
2020 | Securities issued by foreign governments | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	6,304
2020 | Securities issued by foreign governments | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	1,664,182
2020 | Securities issued by foreign governments | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			511,149
2020 | Securities issued by foreign governments | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			12,534
2020 | Securities issued by foreign governments | Debt Securities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			1,334,351
2020 | Securities issued by government entities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	1,533
2020 | Securities issued by government entities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	1,827,127
2020 | Securities issued by government entities | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			27,905
2020 | Securities issued by government entities | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			1,875,260
2020 | Securities issued or secured by other financial entities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	157,976
2020 | Securities issued or secured by other financial entities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	77,264
2020 | Securities issued or secured by other financial entities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	105,894
2020 | Securities issued or secured by other financial entities | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			169,615
2020 | Securities issued or secured by other financial entities | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			85,366
2020 | Securities issued or secured by other financial entities | Debt Securities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			5,807
2020 | Corporate bonds | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	10,003
2020 | Corporate bonds | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	0
2020 | Corporate bonds | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	9,453
2020 | Corporate bonds | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			28,539
2020 | Corporate bonds | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			0
Between 1 and 3 years
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	70,990,831		57,217,138
Between 1 and 3 years | Debt Securities
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	5,300,235		3,470,898
Between 1 and 3 years | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	3,774,884		2,362,686
Between 1 and 3 years | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	406,035		90,093
Between 1 and 3 years | Debt Securities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	1,119,316		1,018,119
Between 1 and 3 years | Securities issued by the Colombian Government | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	3,379,950
Between 1 and 3 years | Securities issued by the Colombian Government | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	13,635
Between 1 and 3 years | Securities issued by the Colombian Government | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			2,142,086
Between 1 and 3 years | Securities issued by the Colombian Government | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			0
Between 1 and 3 years | Securities issued by foreign governments | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	17,009
Between 1 and 3 years | Securities issued by foreign governments | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	19,963
Between 1 and 3 years | Securities issued by foreign governments | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	1,119,316
Between 1 and 3 years | Securities issued by foreign governments | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			25,165
Between 1 and 3 years | Securities issued by foreign governments | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			9,897
Between 1 and 3 years | Securities issued by foreign governments | Debt Securities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			1,018,119
Between 1 and 3 years | Securities issued by government entities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	61,776
Between 1 and 3 years | Securities issued by government entities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	0
Between 1 and 3 years | Securities issued by government entities | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			10,488
Between 1 and 3 years | Securities issued by government entities | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			0
Between 1 and 3 years | Securities issued or secured by other financial entities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	281,681
Between 1 and 3 years | Securities issued or secured by other financial entities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	127,939
Between 1 and 3 years | Securities issued or secured by other financial entities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	0
Between 1 and 3 years | Securities issued or secured by other financial entities | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			164,208
Between 1 and 3 years | Securities issued or secured by other financial entities | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			23,650
Between 1 and 3 years | Securities issued or secured by other financial entities | Debt Securities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			0
Between 1 and 3 years | Corporate bonds | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	34,468
Between 1 and 3 years | Corporate bonds | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	244,498
Between 1 and 3 years | Corporate bonds | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	0
Between 1 and 3 years | Corporate bonds | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			20,739
Between 1 and 3 years | Corporate bonds | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			56,546
Between 3 and 5 years
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	40,998,471		36,465,555
Between 3 and 5 years | Debt Securities
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	1,079,711		1,988,638
Between 3 and 5 years | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	224,759		1,092,044
Between 3 and 5 years | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	439,991		303,248
Between 3 and 5 years | Debt Securities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	414,961		593,346
Between 3 and 5 years | Securities issued by the Colombian Government | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	125,094
Between 3 and 5 years | Securities issued by the Colombian Government | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	77,595
Between 3 and 5 years | Securities issued by the Colombian Government | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			884,248
Between 3 and 5 years | Securities issued by the Colombian Government | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			0
Between 3 and 5 years | Securities issued by foreign governments | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	13,600
Between 3 and 5 years | Securities issued by foreign governments | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	1,285
Between 3 and 5 years | Securities issued by foreign governments | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	414,961
Between 3 and 5 years | Securities issued by foreign governments | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			55,041
Between 3 and 5 years | Securities issued by foreign governments | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			2,661
Between 3 and 5 years | Securities issued by foreign governments | Debt Securities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			593,346
Between 3 and 5 years | Securities issued by government entities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	368
Between 3 and 5 years | Securities issued by government entities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	0
Between 3 and 5 years | Securities issued by government entities | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			109
Between 3 and 5 years | Securities issued by government entities | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			0
Between 3 and 5 years | Securities issued or secured by other financial entities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	60,699
Between 3 and 5 years | Securities issued or secured by other financial entities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	0
Between 3 and 5 years | Securities issued or secured by other financial entities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	0
Between 3 and 5 years | Securities issued or secured by other financial entities | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			105,231
Between 3 and 5 years | Securities issued or secured by other financial entities | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			34,734
Between 3 and 5 years | Securities issued or secured by other financial entities | Debt Securities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			0
Between 3 and 5 years | Corporate bonds | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	24,998
Between 3 and 5 years | Corporate bonds | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	361,111
Between 3 and 5 years | Corporate bonds | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	0
Between 3 and 5 years | Corporate bonds | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			47,415
Between 3 and 5 years | Corporate bonds | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			265,853
Greater than 5 years
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	65,254,489		63,203,640
Greater than 5 years | Debt Securities
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	2,999,600		3,785,010
Greater than 5 years | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	1,146,546		2,341,711
Greater than 5 years | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	1,262,003		1,065,184
Greater than 5 years | Debt Securities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	591,051		378,115
Greater than 5 years | Securities issued by the Colombian Government | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	656,135
Greater than 5 years | Securities issued by the Colombian Government | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	0
Greater than 5 years | Securities issued by the Colombian Government | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			1,839,622
Greater than 5 years | Securities issued by the Colombian Government | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			0
Greater than 5 years | Securities issued by foreign governments | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	218,337
Greater than 5 years | Securities issued by foreign governments | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	282,051
Greater than 5 years | Securities issued by foreign governments | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	397,314
Greater than 5 years | Securities issued by foreign governments | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			226,284
Greater than 5 years | Securities issued by foreign governments | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			246,981
Greater than 5 years | Securities issued by foreign governments | Debt Securities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			197,672
Greater than 5 years | Securities issued by government entities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	8,115
Greater than 5 years | Securities issued by government entities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	0
Greater than 5 years | Securities issued by government entities | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			5,344
Greater than 5 years | Securities issued by government entities | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			0
Greater than 5 years | Securities issued or secured by other financial entities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	224,524
Greater than 5 years | Securities issued or secured by other financial entities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	0
Greater than 5 years | Securities issued or secured by other financial entities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	148,131
Greater than 5 years | Securities issued or secured by other financial entities | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			222,122
Greater than 5 years | Securities issued or secured by other financial entities | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			0
Greater than 5 years | Securities issued or secured by other financial entities | Debt Securities | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			180,443
Greater than 5 years | Corporate bonds | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	39,435
Greater than 5 years | Corporate bonds | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	979,952
Greater than 5 years | Corporate bonds | Financial assets at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	$ 45,606
Greater than 5 years | Corporate bonds | Debt Securities | Financial assets at fair value through profit or loss, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			48,339
Greater than 5 years | Corporate bonds | Debt Securities | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets			$ 818,203
[1]	Includes mortgage-backed securities (TIPS) measured at fair value through profit or loss amounting to COP 198,115. For further information on TIPS’ fair value measurement see Note 30 fair value of assets and liabilities.

FINANCIAL ASSETS INVESTMENTS _5

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - The fair value of equity securities (Details) - COP ($) $ in Millions		Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		$ 16,822,754	$ 17,361,475
Trading equity securities
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		1,228,424	1,639,948
Financial assets at fair value through profit or loss, category | Trading equity securities
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets	[1]	718,270	1,101,461
Financial assets at fair value through other comprehensive income, category | Trading equity securities
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets		$ 510,154	$ 538,487
[1]	Most of the decrease is due to the sale of Sura Asset Management by (USD 135,173) COP 423,996 in April 15, 2019 to Caisse de Dépôt et Placement du Québec (CDPQ).

FINANCIAL ASSETS INVESTMENTS _6

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - The equity instruments designated at fair value through other comprehensive income analyzed by listing status (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Securities at fair value through OCI:
Total equity securities at fair value through OCI	$ 510,154	$ 538,487
Trading equity securities | TELERED
Securities at fair value through OCI:
Total equity securities at fair value through OCI	114,906	100,126
Trading equity securities | Asociacin Gremial de Instituciones Financieras Credibanco SA
Securities at fair value through OCI:
Total equity securities at fair value through OCI	96,539	84,807
Trading equity securities | CIFI
Securities at fair value through OCI:
Total equity securities at fair value through OCI	0	23,663
Trading equity securities | Compaa De Procesamiento de Medios de Pago GuatemalaBahamas S A
Securities at fair value through OCI:
Total equity securities at fair value through OCI	19,012	17,408
Trading equity securities | Transacciones y Transferencias S A
Securities at fair value through OCI:
Total equity securities at fair value through OCI	4,557	6,424
Trading equity securities | CADENALCO
Securities at fair value through OCI:
Total equity securities at fair value through OCI	3,163	2,964
Trading equity securities | Others
Securities at fair value through OCI:
Total equity securities at fair value through OCI	196,346	226,150
Trading equity securities | Listed In Colombia
Securities at fair value through OCI:
Total equity securities at fair value through OCI	69,279	71,626
Trading equity securities | Listed outside Colombia
Securities at fair value through OCI:
Total equity securities at fair value through OCI	$ 6,352	$ 5,319

FINANCIAL ASSETS INVESTMENTS _7

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - The detail of the securities pledged as collateral (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets investments and derivatives [Line Items]
Total securities pledged as collateral	$ 1,121,219	$ 2,827,817
Investments pledged as collateral in derivative operations
Disclosure of financial assets investments and derivatives [Line Items]
Total securities pledged as collateral	231,103	180,001
Investments Pledged As Collateral In Money Market
Disclosure of financial assets investments and derivatives [Line Items]
Total securities pledged as collateral	890,116	2,647,816
Stocks | Less than 3 months | Investments pledged as collateral in derivative operations
Disclosure of financial assets investments and derivatives [Line Items]
Total securities pledged as collateral		91
Stocks | Less than 3 months | Investments Pledged As Collateral In Money Market
Disclosure of financial assets investments and derivatives [Line Items]
Total securities pledged as collateral		2,855
Stocks | Permanent | Investments pledged as collateral in derivative operations
Disclosure of financial assets investments and derivatives [Line Items]
Total securities pledged as collateral	7,664
Bond | Greater 12 months | Investments Pledged As Collateral In Money Market
Disclosure of financial assets investments and derivatives [Line Items]
Total securities pledged as collateral	131,086	285,463
TES Treasury Instruments | Between 3 and 6 months | Investments pledged as collateral in derivative operations
Disclosure of financial assets investments and derivatives [Line Items]
Total securities pledged as collateral		1,353
TES Treasury Instruments | Between 3 and 6 months | Investments Pledged As Collateral In Money Market
Disclosure of financial assets investments and derivatives [Line Items]
Total securities pledged as collateral		67,658
TES Treasury Instruments | Between 6 and 12 months | Investments pledged as collateral in derivative operations
Disclosure of financial assets investments and derivatives [Line Items]
Total securities pledged as collateral	8,150	168,375
TES Treasury Instruments | Between 6 and 12 months | Investments Pledged As Collateral In Money Market
Disclosure of financial assets investments and derivatives [Line Items]
Total securities pledged as collateral		713,974
TES Treasury Instruments | Less than 3 months | Investments pledged as collateral in derivative operations
Disclosure of financial assets investments and derivatives [Line Items]
Total securities pledged as collateral	114,060
TES Treasury Instruments | Less than 3 months | Investments Pledged As Collateral In Money Market
Disclosure of financial assets investments and derivatives [Line Items]
Total securities pledged as collateral	49,591	264,292
TES Treasury Instruments | Greater 12 months | Investments pledged as collateral in derivative operations
Disclosure of financial assets investments and derivatives [Line Items]
Total securities pledged as collateral	101,229	10,182
TES Treasury Instruments | Greater 12 months | Investments Pledged As Collateral In Money Market
Disclosure of financial assets investments and derivatives [Line Items]
Total securities pledged as collateral	$ 709,439	1,131,623
Certificate of Deposit Time | Greater 12 months | Investments Pledged As Collateral In Money Market
Disclosure of financial assets investments and derivatives [Line Items]
Total securities pledged as collateral		$ 181,951

FINANCIAL ASSETS INVESTMENTS _8

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Significance to the changes in the loss allowance for the same portfolio (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets investments and derivatives [Line Items]
Beginning balance		$ 17,361,475
Transfers:
Ending Balance		16,822,754	$ 17,361,475
Debt Securities
Disclosure of financial assets investments and derivatives [Line Items]
Beginning balance		15,721,527
Transfers:
Ending Balance		15,594,330	15,721,527
Debt Securities | Derivatives Contracts
Transfers:
Ending Balance		7,923,581
Debt Securities | Derivatives Contracts | Stage One
Transfers:
Ending Balance		7,827,746
Debt Securities | Derivatives Contracts | Stage Two
Transfers:
Ending Balance		95,835
Debt Securities | Derivatives Contracts | Financial Assets Measured At Amortized Cost And Fair Value Through Other Comprehensive Income
Disclosure of financial assets investments and derivatives [Line Items]
Beginning balance		6,811,666	6,113,332
Transfers:
Transfer from Stage 2 to Stage 1			0
Change in measurement		12,645	130,671	[1]
Financial assets derecognized during the period other than write-offs		(3,597,166)	(3,404,093)
New financial assets purchased		4,740,207	3,859,599
Valuation on investments and Write-offs		(70,864)	(129,123)
Foreign exchange		27,093	241,280
Ending Balance			6,811,666
Debt Securities | Derivatives Contracts | Financial Assets Measured At Amortized Cost And Fair Value Through Other Comprehensive Income | Stage One
Disclosure of financial assets investments and derivatives [Line Items]
Beginning balance		6,785,507	5,673,059
Transfers:
Transfer from Stage 2 to Stage 1			153,447
Change in measurement		12,645	130,671	[1]
Financial assets derecognized during the period other than write-offs		(3,596,773)	(3,124,605)
New financial assets purchased		4,670,615	3,859,206
Valuation on investments and Write-offs		(71,124)	(133,232)
Foreign exchange		26,876	226,961
Ending Balance			6,785,507
Debt Securities | Derivatives Contracts | Financial Assets Measured At Amortized Cost And Fair Value Through Other Comprehensive Income | Stage Two
Disclosure of financial assets investments and derivatives [Line Items]
Beginning balance		26,159	440,273
Transfers:
Transfer from Stage 2 to Stage 1			(153,447)
Change in measurement	[1]		0
Financial assets derecognized during the period other than write-offs		(393)	(279,488)
New financial assets purchased		69,592	393
Valuation on investments and Write-offs			(4,109)
Valuation on investments and Write-offs		260
Foreign exchange		$ 217	14,319
Ending Balance			$ 26,159
[1]	Changes in measurement correspond to transfer a certain debt instruments of Grupo Agromercantil Holding from fair value through profit or loss to amortized cost.

FINANCIAL ASSETS INVESTMENTS _9

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Provisions detail using the expected credit losses model (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of financial assets investments and derivatives [Line Items]
Carrying amount	$ 16,822,754	$ 17,361,475
Loss allowance	(10,929,395)	(10,235,831)	$ (8,223,103)	$ (6,621,911)
12-month expected credit losses
Disclosure of financial assets investments and derivatives [Line Items]
Securities at amortized cost	4,018,724
Securities at fair value through other comprehensive income	3,904,857
12-month expected credit losses | Stage One
Disclosure of financial assets investments and derivatives [Line Items]
Securities at amortized cost	3,922,889
Securities at fair value through other comprehensive income	3,904,857
12-month expected credit losses | Stage Two
Disclosure of financial assets investments and derivatives [Line Items]
Securities at amortized cost	95,835
Securities at fair value through other comprehensive income	0
12-month expected credit losses | Financial assets at amortised cost, category
Disclosure of financial assets investments and derivatives [Line Items]
Securities at amortized cost		3,481,928
Carrying amount	4,030,462	3,493,658
Loss allowance	(11,738)	(11,730)
12-month expected credit losses | Financial assets at amortised cost, category | Stage One
Disclosure of financial assets investments and derivatives [Line Items]
Securities at amortized cost		3,456,164
Carrying amount	3,933,039	3,467,285
Loss allowance	(10,150)	(11,121)
12-month expected credit losses | Financial assets at amortised cost, category | Stage Two
Disclosure of financial assets investments and derivatives [Line Items]
Securities at amortized cost		25,764
Carrying amount	97,423	26,373
Loss allowance	(1,588)	(609)
12-month expected credit losses | Financial assets measured at fair value through other comprehensive income, category
Disclosure of financial assets investments and derivatives [Line Items]
Carrying amount	3,907,720	3,332,791
Loss allowance	(2,863)	(3,053)
Securities at fair value through other comprehensive income		3,329,738
12-month expected credit losses | Financial assets measured at fair value through other comprehensive income, category | Stage One
Disclosure of financial assets investments and derivatives [Line Items]
Carrying amount	3,907,720	3,332,398
Loss allowance	(2,863)	(3,053)
Securities at fair value through other comprehensive income		3,329,345
12-month expected credit losses | Financial assets measured at fair value through other comprehensive income, category | Stage Two
Disclosure of financial assets investments and derivatives [Line Items]
Carrying amount	0	393
Loss allowance	$ 0
Securities at fair value through other comprehensive income		$ 393

FINANCIAL ASSETS INVESTMENTS_10

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - The changes in the allowance for debt instruments measured at amortized cost and fair value through other comprehensive income (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of financial assets investments and derivatives [Line Items]
Beginning balance	$ 10,235,831	$ 8,223,103	$ 6,621,911
Debt instruments that have been derecognized	(551,650)	(459,860)	(410,860)
Translation adjustment	19,286	199,079	(3,067)
Ending balance	10,929,395	10,235,831	8,223,103
Debt Securities | Financial Assets Measured At Amortized Cost And Fair Value Through Other Comprehensive Income
Disclosure of financial assets investments and derivatives [Line Items]
Beginning balance	14,783	15,729
Net effect of loss allowance changes	(38)	2,774
New debt instruments purchased	6,487	6,693
Debt instruments that have been derecognized	(6,704)	(10,423)
Translation adjustment	73	10
Ending balance	14,601	14,783	15,729
Stage One | Debt Securities | Financial Assets Measured At Amortized Cost And Fair Value Through Other Comprehensive Income
Disclosure of financial assets investments and derivatives [Line Items]
Beginning balance	14,174	8,932
Net effect of loss allowance changes	(38)	4,730
Transfer to stage 1		488
New debt instruments purchased	5,512	6,693
Debt instruments that have been derecognized	(6,704)	(6,673)
Translation adjustment	69	4
Ending balance	13,013	14,174	8,932
Stage Two | Debt Securities | Financial Assets Measured At Amortized Cost And Fair Value Through Other Comprehensive Income
Disclosure of financial assets investments and derivatives [Line Items]
Beginning balance	609	6,797
Net effect of loss allowance changes	0	(1,956)
Transfer to stage 1		(488)
New debt instruments purchased	975
Debt instruments that have been derecognized	0	(3,750)
Translation adjustment	4	6
Ending balance	$ 1,588	$ 609	$ 6,797

FINANCIAL ASSETS INVESTMENTS_11

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - The Bank's derivatives by type of risk (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	$ 1,902,955	$ 1,843,708
Derivative financial liabilities	1,860,812	1,295,070
Forward contract
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	717,508	295,326
Derivative financial liabilities	772,361	306,600
Total, net	(54,853)	(11,274)
Forward contract | Foreign exchange contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	715,365	294,345
Derivative financial liabilities	768,015	299,015
Forward contract | Equity contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	2,143	981
Derivative financial liabilities	4,346	7,585
Swap contract
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	1,129,849	1,452,164
Derivative financial liabilities	1,029,951	958,881
Total, net	99,898	493,283
Swap contract | Foreign exchange contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	757,296	1,199,236
Derivative financial liabilities	652,610	700,903
Swap contract | Interest rate contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	372,553	252,928
Derivative financial liabilities	377,341	257,978
Option contract
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	55,598	96,218
Derivative financial liabilities	58,500	29,589
Total, net	(2,902)	66,629
Option contract | Foreign exchange contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	55,598	96,218
Derivative financial liabilities	$ 58,500	$ 29,589

FINANCIAL ASSETS INVESTMENTS_12

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - The notional amounts of the derivatives contracts (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	$ 1,902,955	$ 1,843,708
Derivative financial instruments	(1,860,812)	(1,295,070)
Derivative financial instruments [member] | Liability Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	(59,848,049)	(46,527,428)
Derivative financial instruments	(47,265,778)	(38,796,360)
Forward contract
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	717,508	295,326
Derivative financial instruments	(772,361)	(306,600)
Derivative financial Assets liabilities	(54,853)	(11,274)
Forward contract | Derivative financial instruments [member]
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial Assets liabilities	(3,061,596)	(2,297,688)
Forward contract | Derivative financial instruments [member] | Foreign exchange contracts Assets
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	14,682,330	10,968,445
Forward contract | Derivative financial instruments [member] | Equity contracts Assets
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	790,715	495,124
Forward contract | Derivative financial instruments [member] | Asset Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	15,473,045	11,463,569
Forward contract | Derivative financial instruments [member] | Liability Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial instruments	(18,534,641)	(13,761,257)
Forward contract | Derivative financial instruments [member] | Foreign exchange contracts Liabilities
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial instruments	(16,753,243)	(11,482,549)
Forward contract | Derivative financial instruments [member] | Equity contracts Liabilities
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial instruments	(1,781,398)	(2,278,708)
Swap contract
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	1,129,849	1,452,164
Derivative financial instruments	(1,029,951)	(958,881)
Derivative financial Assets liabilities	99,898	493,283
Swap contract | Derivative financial instruments [member]
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial Assets liabilities	(9,785,329)	(9,826,690)
Swap contract | Derivative financial instruments [member] | Foreign exchange contracts Assets
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	8,974,412	10,504,017
Swap contract | Derivative financial instruments [member] | Liability Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	36,103,192	31,785,883
Derivative financial instruments	(26,317,863)	(21,959,193)
Swap contract | Derivative financial instruments [member] | Interest Rate contracts Assets
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	27,128,780	21,281,866
Swap contract | Derivative financial instruments [member] | Foreign exchange contracts Liabilities
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial instruments	(8,322,241)	(4,962,024)
Swap contract | Derivative financial instruments [member] | Interest Rate contracts Liabilities
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial instruments	(17,995,622)	(16,997,169)
Option contract
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	55,598	96,218
Derivative financial instruments	(58,500)	(29,589)
Derivative financial Assets liabilities	(2,902)	66,629
Option contract | Derivative financial instruments [member]
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial Assets liabilities	(32,667)	(158,701)
Option contract | Derivative financial instruments [member] | Foreign exchange contracts Assets
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	2,445,445	1,797,496
Option contract | Derivative financial instruments [member] | Asset Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	2,445,445	1,797,496
Option contract | Derivative financial instruments [member] | Liability Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial instruments	(2,412,778)	(1,638,795)
Option contract | Derivative financial instruments [member] | Foreign exchange contracts Liabilities
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial instruments	(2,412,778)	(1,638,795)
Futures contract | Derivative financial instruments [member]
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial instruments	(496)	(1,437,115)
Derivative financial Assets liabilities	5,825,871	43,365
Futures contract | Derivative financial instruments [member] | Foreign exchange contracts Assets
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	5,826,363	1,426,478
Futures contract | Derivative financial instruments [member] | Equity contracts Assets
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	4	54,002
Futures contract | Derivative financial instruments [member] | Asset Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	5,826,367	1,480,480
Futures contract | Derivative financial instruments [member] | Liability Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial instruments	(4)	(3,000)
Futures contract | Derivative financial instruments [member] | Equity contracts Liabilities
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial instruments	$ (492)	$ (1,434,115)

FINANCIAL ASSETS INVESTMENTS_13

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - The remaining contractual life of the derivatives portfolio (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	$ 1,902,955	$ 1,843,708
Derivative financial liabilities	(1,860,812)	(1,295,070)
Derivatives Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets		1,843,708
Derivative financial liabilities	(1,860,812)	(1,295,070)
Derivative financial Assets liabilities	42,143	548,638
2020 | Derivatives Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets		992,605
Derivative financial liabilities		(580,790)
Between 1 and 3 years | Derivatives Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets		389,988
Derivative financial liabilities		(289,147)
Over 3 years | Derivatives Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets		461,115
Derivative financial liabilities		(425,133)
Forward contract
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	717,508	295,326
Derivative financial liabilities	(772,361)	(306,600)
Derivative financial Assets liabilities	(54,853)	(11,274)
Forward contract | Derivatives Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	717,508	295,326
Derivative financial liabilities	(772,361)	(306,600)
Derivative financial Assets liabilities	(54,853)	(11,274)
Forward contract | 2020 | Derivatives Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	712,990	277,578
Derivative financial liabilities	(757,560)	(292,585)
Forward contract | Between 1 and 3 years | Derivatives Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	4,518	17,741
Derivative financial liabilities	(14,801)	(14,015)
Forward contract | Over 3 years | Derivatives Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	0	7
Derivative financial liabilities	0	0
Swap contract
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	1,129,849	1,452,164
Derivative financial liabilities	(1,029,951)	(958,881)
Derivative financial Assets liabilities	99,898	493,283
Swap contract | Derivatives Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	1,129,849	1,452,164
Derivative financial liabilities	(1,029,951)	(958,881)
Derivative financial Assets liabilities	99,898	493,283
Swap contract | 2020 | Derivatives Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	281,412	645,735
Derivative financial liabilities	(259,645)	(270,900)
Swap contract | Between 1 and 3 years | Derivatives Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	364,797	345,321
Derivative financial liabilities	(311,324)	(262,848)
Swap contract | Over 3 years | Derivatives Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	483,640	461,108
Derivative financial liabilities	(458,982)	(425,133)
Option contract
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	55,598	96,218
Derivative financial liabilities	(58,500)	(29,589)
Derivative financial Assets liabilities	(2,902)	66,629
Option contract | Derivatives Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	55,598	96,218
Derivative financial liabilities	(58,500)	(29,589)
Derivative financial Assets liabilities	(2,902)	66,629
Option contract | 2020 | Derivatives Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	51,475	69,292
Derivative financial liabilities	(51,686)	(17,305)
Option contract | Between 1 and 3 years | Derivatives Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	4,123	26,926
Derivative financial liabilities	(6,814)	(12,284)
Option contract | Over 3 years | Derivatives Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	0	0
Derivative financial liabilities	0	$ 0
Futures contract | Derivatives Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	1,902,955
Futures contract | 2020 | Derivatives Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	1,045,877
Derivative financial liabilities	(1,068,891)
Futures contract | Between 1 and 3 years | Derivatives Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	373,438
Derivative financial liabilities	(332,939)
Futures contract | Over 3 years | Derivatives Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Derivative financial assets	483,640
Derivative financial liabilities	$ (458,982)

FINANCIAL ASSETS INVESTMENTS_14

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Collateral for derivatives (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets investments and derivative [Line Items]
Collateral Paid	$ 291,150	$ 213,677
Cash collateral received subject to enforceable master netting arrangement or similar agreement not set off against financial assets	(324,768)	(471,340)
Derivatives Contracts
Disclosure of financial assets investments and derivative [Line Items]
Cash collateral received subject to enforceable master netting arrangement or similar agreement not set off against financial assets	$ (99,548)	$ (471,340)

FINANCIAL ASSETS INVESTMENTS_15

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - The hedged expresures covered by the Group's hedging strategies (Details) - Fixed interest rate $ in Thousands, $ in Millions	Dec. 31, 2019USD ($)	Dec. 31, 2019COP ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018COP ($)
Disclosure of financial assets investments and derivatives [Line Items]
Carrying amount of hedged item Assets	$ 87,781	$ 287,670	$ 87,841	$ 285,463
Accumulated amount of fair value adjustments on the hedged item Assets	$ (1,512)	$ (4,955)
Accumulated amount of fair value adjustments on the hedged item Liabilities			$ 563	$ 1,829

FINANCIAL ASSETS INVESTMENTS_16

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - The notional amount and fair value of the hedged item recognized (Details) $ in Thousands, $ in Millions	Dec. 31, 2019USD ($)	Dec. 31, 2019COP ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018COP ($)
Disclosure of financial assets investments and derivatives [Line Items]
Fair value		$ 329,258		$ 375,395
Derivative Hedged Item
Disclosure of financial assets investments and derivatives [Line Items]
Notional amount	$ 79,550	260,696	$ 79,550	258,518
Fair value	$ 87,781	$ 287,670	$ 87,841	$ 285,463

FINANCIAL ASSETS INVESTMENTS_17

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - The effectiveness of the hedging relationships designated by the Group, as well as the impacts on profit or loss and other comprehensive income (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fixed interest rate
Disclosure of financial assets investments and derivatives [Line Items]
Gain (loss) on hedge ineffectiveness recognised in other comprehensive income	$ 663	$ 14,158	$ (3,678)

FINANCIAL ASSETS INVESTMENTS_18

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES - Offsetting of derivatives (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	$ 1,902,955	$ 1,843,708
derivative liabilities	(1,860,812)	(1,295,070)
Net derivatives in statement of financial position, Derivatives Assets	1,902,955	1,843,708
Net derivatives in statement of financial position, Derivatives Liabilities	(1,860,812)	(1,295,070)
Master netting agreements, Derivatives Assets	(1,803,407)	(1,179,503)
Master netting agreements, Derivatives Liabilities	1,787,511	1,295,070
Cash collateral received/paid, Derivatives Assets	(324,768)	(471,340)
Offsetting of derivatives, Derivatives Assets	0	0
Offsetting of derivatives, Derivatives Liabilities	0	0
Total derivatives assetss/ liabilities, Derivatives Liabilities	0	192,865
Total derivatives assetss/ liabilities, Derivatives Liabilities	0	0
Foreign exchange contracts | Swap contract
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	757,296	1,199,236
derivative liabilities	(652,610)	(700,903)
Foreign exchange contracts | Forward contract
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	715,365	294,345
derivative liabilities	(768,015)	(299,015)
Foreign exchange contracts | Option contract
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	55,598	96,218
derivative liabilities	(58,500)	(29,589)
Interest rate contracts | Swap contract
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	372,553	252,928
derivative liabilities	(377,341)	(257,978)
Equity contracts | Forward contract
Disclosure of financial assets investments and derivatives [Line Items]
Derivatives Assets	2,143	981
derivative liabilities	(4,346)	(7,585)
Derivatives Contracts
Disclosure of financial assets investments and derivatives [Line Items]
Cash collateral received/paid, Derivatives Assets	(99,548)	(471,340)
Cash collateral received/paid, Derivatives Liabilities	$ 73,301	$ 0

FINANCIAL ASSETS INVESTMENTS_19

FINANCIAL ASSETS INVESTMENTS AND DERIVATIVES (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019COP ($)	Dec. 31, 2018COP ($)	Dec. 31, 2017COP ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019COP ($)
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets available-for-sale		$ 654,207			$ 828,382
Other comprehensive income, net of tax, financial assets measured at fair value through other comprehensive income	$ 43,889	33,838	$ 38,884
Gains (losses) on hedges of net investments in foreign operations, net of tax	(60,258)	(584,650)	36,762
Gain on Disposal of Business	6,122	3,685
Retained earnings		3,906,945			4,695,010
Financial Assets Investments And Derivative Financial Instruments		19,205,183		$ 2,200,000	18,725,709
CDPQ
Disclosure of financial assets investments and derivatives [Line Items]
Decrease In Financial Assets At Fair Value Through Profit Or Loss				$ 135,173,000,000	423,996
Trading equity securities
Disclosure of financial assets investments and derivatives [Line Items]
Dividends received from investments accounted for using equity method, classified as investing activities	$ 10,498	13,105	$ 11,951
Financial assets investments | Mortgage Backed Security
Disclosure of financial assets investments and derivatives [Line Items]
Financial assets at fair value through profit or loss		$ 196,920			$ 198,115

LOANS AND ADVANCES TO CUSTOME_3

LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET - Loans and financial leasing operating portfolio (Details) - COP ($) $ in Millions		Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Total gross loans and advances to customers and financial institutions		$ 182,282,743	$ 173,819,116
Total allowance		(10,929,395)	(10,235,831)
Total Net loans and advances to customers and financial institutions		171,353,348	163,583,285
Commercial
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Total gross loans and advances to customers and financial institutions	[1]	92,768,553	94,600,648
Consumer
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Total gross loans and advances to customers and financial institutions		39,700,670	31,993,381
Mortgage
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Total gross loans and advances to customers and financial institutions		23,983,283	22,870,685
Financial leases
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Total gross loans and advances to customers and financial institutions	[2]	24,550,829	23,198,204
Small Business Loans
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Total gross loans and advances to customers and financial institutions		$ 1,279,408	$ 1,156,198
[1]	Includes loans to financial institutions amounting to COP 9,686,637 and COP 8,154,507 as of December 31, 2019 and 2018, respectively.
[2]	See note 7.1 Lessor.

LOANS AND ADVANCES TO CUSTOME_4

LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET - The breakdown of loans to financial institutions by stage (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Total loans to Financial institutions	$ 9,686,637	$ 8,154,507
Allowance	(24,157)	(16,438)
Total Net Loans with financial institutions	9,662,480	8,138,069
Stage One
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Total loans to Financial institutions	9,685,938	8,140,354
Allowance	(23,820)	(15,048)
Total Net Loans with financial institutions	9,662,118	8,125,306
Stage Two
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Total loans to Financial institutions	38	13,812
Allowance	(9)	(1,123)
Total Net Loans with financial institutions	29	12,689
Stage Three
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Total loans to Financial institutions	661	341
Allowance	(328)	(267)
Total Net Loans with financial institutions	$ 333	$ 74

LOANS AND ADVANCES TO CUSTOME_5

LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET - Allowance for loans losses (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance		$ 10,235,831	$ 8,223,103	$ 6,621,911
Loan purchases / Loan sales	[1]	(5,889)	(2,397)
Charges-off		(3,730,380)	(3,815,912)	(2,275,300)
Recovery of charged - off loans		551,650	459,860	410,860
Credit impairment charges on loans, advances and financial leases, net		3,385,181	3,851,625	3,468,699
Adjusted stage 3		473,716	285,412
Translation adjustment		19,286	199,079	(3,067)
Ending balance		10,929,395	10,235,831	8,223,103
Accordance with IFRS 9 [Member]
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Effect of adoption of IFRS 9			1,035,061
Adjusted balance after adoption of IFRS 9			9,258,164
Commercial
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance		5,360,833	4,514,180	3,499,791
Loan purchases / Loan sales	[1]	(4,332)	(2,020)
Charges-off		(1,572,113)	(1,468,704)	(792,145)
Recovery of charged - off loans		139,268	124,865	144,852
Credit impairment charges on loans, advances and financial leases, net		1,299,379	1,463,097	1,665,809
Adjusted stage 3		223,824	158,396
Translation adjustment		10,134	58,060	(4,127)
Ending balance		5,456,993	5,360,833	4,514,180
Commercial | Accordance with IFRS 9 [Member]
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Effect of adoption of IFRS 9			512,959
Adjusted balance after adoption of IFRS 9			5,027,139
Consumer
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance		2,892,891	2,291,829	1,791,123
Charges-off		(1,890,490)	(2,012,315)	(1,302,630)
Recovery of charged - off loans		317,722	251,632	197,971
Credit impairment charges on loans, advances and financial leases, net		1,971,037	1,943,323	1,601,863
Adjusted stage 3		148,001	71,157
Translation adjustment		6,657	109,750	3,502
Ending balance		3,445,818	2,892,891	2,291,829
Consumer | Accordance with IFRS 9 [Member]
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Effect of adoption of IFRS 9			237,515
Adjusted balance after adoption of IFRS 9			2,529,344
Mortgage
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance		853,764	645,101	653,936
Charges-off		(104,720)	(112,417)	(37,677)
Recovery of charged - off loans		33,869	22,373	13,933
Credit impairment charges on loans, advances and financial leases, net		33,808	150,873	16,881
Adjusted stage 3		42,495	26,502
Translation adjustment		1,449	14,640	(1,972)
Ending balance		860,665	853,764	645,101
Mortgage | Accordance with IFRS 9 [Member]
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Effect of adoption of IFRS 9			106,692
Adjusted balance after adoption of IFRS 9			751,793
Financial leases
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance		990,970	631,402	567,046
Loan purchases / Loan sales	[1]	(1,557)	(377)
Charges-off		(97,148)	(135,674)	(77,762)
Recovery of charged - off loans		57,057	51,808	45,434
Credit impairment charges on loans, advances and financial leases, net		25,130	231,668	97,267
Adjusted stage 3		50,119	22,230
Translation adjustment		832	13,392	(583)
Ending balance		1,025,403	990,970	631,402
Financial leases | Accordance with IFRS 9 [Member]
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Effect of adoption of IFRS 9			176,521
Adjusted balance after adoption of IFRS 9			807,923
Small Business Loans
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance		137,373	140,591	110,015
Charges-off		(65,909)	(86,802)	(65,086)
Recovery of charged - off loans		3,734	9,182	8,670
Credit impairment charges on loans, advances and financial leases, net		55,827	62,664	86,879
Adjusted stage 3		9,277	7,127
Translation adjustment		214	3,237	113
Ending balance		$ 140,516	137,373	$ 140,591
Small Business Loans | Accordance with IFRS 9 [Member]
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Effect of adoption of IFRS 9			1,374
Adjusted balance after adoption of IFRS 9			$ 141,965
[1]	This item includes portfolio purchase/sales operation held between Bancolombia S.A. and Titularizadora Colombiana.

LOANS AND ADVANCES TO CUSTOME_6

LOANS AND ADVANCES TO CUSTOMERS AND FINANCIAL INSTITUTIONS, NET - Significant changes in the loans and the allowance for loans losses (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Commercial Stage One | Cost
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	$ 83,632,770	$ 77,206,675
Transfers of financial instruments:	(3,379,040)	(170,929)
Transfers from stage 1 to stage 2	(2,346,307)	(1,092,962)
Transfers from stage 1 to stage 3	(1,639,408)	(1,011,851)
Transfers from stage 2 to stage 1	567,870	1,779,812
Transfers from stage 3 to stage 1	38,805	154,072
Remeasurement arising from transfer of stage	(69,103)	(238,688)
Remeasurement from remaining in the stage	(6,053,045)	(5,814,291)
New financial assets purchased/originated	45,168,819	46,523,819
Financial assets that have been derecognized	(39,407,782)	(36,023,150)
Charges-off	(63,585)	(33,044)
Foreign Exchange and other movements	239,722	2,182,378
Ending balance	80,068,756	83,632,770
Commercial Stage One | Allowance
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	(522,230)	(547,510)
Transfers of financial instruments:	(59,345)	(79,849)
Transfers from stage 1 to stage 2	20,143	17,502
Transfers from stage 1 to stage 3	25,881	29,190
Transfers from stage 2 to stage 1	(90,503)	(93,242)
Transfers from stage 3 to stage 1	(14,866)	(33,299)
Remeasurement arising from transfer of stage	73,117	99,339
Remeasurement from remaining in the stage	51,741	74,226
Remeasurement due to changes in economics factors	(10,026)	2,414
Remeasurement due to changes in model inputs	(3,710)	22,329
Remeasurement due to methodological changes	39,705
New financial assets purchased/originated	(288,705)	(259,527)
Financial assets that have been derecognized	178,138	174,914
Charges-off	1,946	1,663
Foreign Exchange and other movements	(5,627)	(10,229)
Ending balance	(544,996)	(522,230)
Commercial Stage Two | Cost
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	3,214,860	4,417,841
Transfers of financial instruments:	1,490,896	(1,165,507)
Transfers from stage 1 to stage 2	2,346,307	1,092,962
Transfers from stage 2 to stage 1	(567,870)	(1,779,812)
Transfers from stage 2 to stage 3	(531,867)	(704,844)
Transfers from stage 3 to stage 2	244,326	226,187
Remeasurement arising from transfer of stage	(180,970)	(175,846)
Remeasurement from remaining in the stage	(107,835)	(79,870)
New financial assets purchased/originated	1,158,765	1,223,859
Financial assets that have been derecognized	(788,746)	(1,143,923)
Charges-off	(37,362)	(83,195)
Foreign Exchange and other movements	13,415	221,501
Ending balance	4,763,023	3,214,860
Commercial Stage Two | Allowance
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	(358,473)	(365,329)
Transfers of financial instruments:	(16,514)	61,654
Transfers from stage 1 to stage 2	(20,143)	(17,502)
Transfers from stage 2 to stage 1	90,503	93,242
Transfers from stage 2 to stage 3	49,065	71,608
Transfers from stage 3 to stage 2	(135,939)	(85,694)
Remeasurement arising from transfer of stage	(35,733)	1,682
Remeasurement from remaining in the stage	28,901	16,984
Remeasurement due to changes in economics factors	(22,778)	10,787
Remeasurement due to changes in model inputs	17,351	(21,882)
Remeasurement due to methodological changes	(25,887)
New financial assets purchased/originated	(183,524)	(139,665)
Financial assets that have been derecognized	71,301	55,118
Charges-off	11,779	25,496
Foreign Exchange and other movements	(653)	(3,318)
Ending balance	(514,230)	(358,473)
Commercial Stage Three | Cost
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	7,753,018	7,455,598
Transfers of financial instruments:	1,888,144	1,336,436
Transfers from stage 1 to stage 3	1,639,408	1,011,851
Transfers from stage 2 to stage 3	531,867	704,844
Transfers from stage 3 to stage 1	(38,805)	(154,072)
Transfers from stage 3 to stage 2	(244,326)	(226,187)
Remeasurement arising from transfer of stage	(79,264)	(161,112)
Remeasurement from remaining in the stage	(329,883)	(68,573)
New financial assets purchased/originated	1,801,096	1,601,125
Financial assets that have been derecognized	(1,636,411)	(1,123,364)
Charges-off	(1,471,166)	(1,352,465)
Foreign Exchange and other movements	11,240	65,373
Ending balance	7,936,774	7,753,018
Commercial Stage Three | Allowance
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	(4,480,130)	(4,114,300)
Transfers of financial instruments:	75,859	18,195
Transfers from stage 1 to stage 3	(25,881)	(29,190)
Transfers from stage 2 to stage 3	(49,065)	(71,608)
Transfers from stage 3 to stage 1	14,866	33,299
Transfers from stage 3 to stage 2	135,939	85,694
Remeasurement arising from transfer of stage	(975,050)	(842,752)
Remeasurement from remaining in the stage	(394,399)	(726,064)
Remeasurement due to changes in economics factors	1,184	(614)
Remeasurement due to changes in model inputs	(9,551)	5,611
Remeasurement due to methodological changes	(4,023)	(50,109)
New financial assets purchased/originated	(1,110,945)	(758,851)
Financial assets that have been derecognized	944,754	591,722
Charges-off	1,558,388	1,441,545
Foreign Exchange and other movements	(3,854)	(44,513)
Ending balance	(4,397,767)	(4,480,130)
Commercial Stage | Cost
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	94,600,648	89,080,114
Remeasurement arising from transfer of stage	(329,337)	(575,646)
Remeasurement from remaining in the stage	(6,490,763)	(5,962,734)
New financial assets purchased/originated	48,128,680	49,348,803
Financial assets that have been derecognized	(41,832,939)	(38,290,437)
Charges-off	(1,572,113)	(1,468,704)
Foreign Exchange and other movements	264,377	2,469,252
Ending balance	92,768,553	94,600,648
Commercial Stage | Allowance
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	(5,360,833)	(5,027,139)
Remeasurement arising from transfer of stage	(937,666)	(741,731)
Remeasurement from remaining in the stage	(313,757)	(634,854)
Remeasurement due to changes in economics factors	(31,620)	12,587
Remeasurement due to changes in model inputs	4,090	6,058
Remeasurement due to methodological changes	9,795	(50,109)
New financial assets purchased/originated	(1,583,174)	(1,158,043)
Financial assets that have been derecognized	1,194,193	821,754
Charges-off	1,572,113	1,468,704
Foreign Exchange and other movements	(10,134)	(58,060)
Ending balance	(5,456,993)	(5,360,833)
Consumerl Stage One | Cost
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	28,666,461	24,374,639
Transfers of financial instruments:	(1,019,225)	(1,146,891)
Transfers from stage 1 to stage 2	(795,809)	(798,766)
Transfers from stage 1 to stage 3	(739,010)	(764,505)
Transfers from stage 2 to stage 1	436,178	361,202
Transfers from stage 3 to stage 1	79,416	55,178
Remeasurement arising from transfer of stage	(98,739)	(76,599)
Remeasurement from remaining in the stage	(2,511,256)	(2,232,650)
New financial assets purchased/originated	19,784,995	13,904,647
Financial assets that have been derecognized	(8,422,375)	(6,277,295)
Charges-off	(511,958)	(523,623)
Foreign Exchange and other movements	69,728	644,233
Ending balance	35,957,631	28,666,461
Consumerl Stage One | Allowance
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	(980,423)	(794,615)
Transfers of financial instruments:	(80,128)	(27,935)
Transfers from stage 1 to stage 2	50,864	44,260
Transfers from stage 1 to stage 3	54,799	56,905
Transfers from stage 2 to stage 1	(115,024)	(84,650)
Transfers from stage 3 to stage 1	(70,767)	(44,450)
Remeasurement arising from transfer of stage	133,169	88,547
Remeasurement from remaining in the stage	1,038	1,889
Remeasurement due to changes in economics factors	(9,591)	4,788
Remeasurement due to changes in model inputs	126,465	(27,434)
Remeasurement due to methodological changes	(32,531)
New financial assets purchased/originated	(664,927)	(418,266)
Financial assets that have been derecognized	253,971	167,811
Charges-off	48,659	48,290
Foreign Exchange and other movements	(2,393)	(23,498)
Ending balance	(1,206,691)	(980,423)
Consumerl Stage Two | Cost
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	1,758,162	1,618,496
Transfers of financial instruments:	283,945	306,465
Transfers from stage 1 to stage 2	795,809	798,766
Transfers from stage 2 to stage 1	(436,178)	(361,202)
Transfers from stage 2 to stage 3	(167,143)	(185,178)
Transfers from stage 3 to stage 2	91,457	54,079
Remeasurement arising from transfer of stage	(102,200)	(99,563)
Remeasurement from remaining in the stage	(70,576)	(66,101)
New financial assets purchased/originated	764,355	613,209
Financial assets that have been derecognized	(355,731)	(285,672)
Charges-off	(315,056)	(388,119)
Foreign Exchange and other movements	6,390	59,447
Ending balance	1,969,289	1,758,162
Consumerl Stage Two | Allowance
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	(520,976)	(451,838)
Transfers of financial instruments:	43,795	55,361
Transfers from stage 1 to stage 2	(50,864)	(44,260)
Transfers from stage 2 to stage 1	115,024	84,650
Transfers from stage 2 to stage 3	56,945	55,859
Transfers from stage 3 to stage 2	(77,310)	(40,888)
Remeasurement arising from transfer of stage	(121,934)	(118,750)
Remeasurement from remaining in the stage	35,413	22,297
Remeasurement due to changes in economics factors	3,802	(1,311)
Remeasurement due to changes in model inputs	(47,491)	(29,817)
Remeasurement due to methodological changes	2,937
New financial assets purchased/originated	(258,400)	(178,986)
Financial assets that have been derecognized	99,012	66,802
Charges-off	111,948	133,313
Foreign Exchange and other movements	(1,532)	(18,047)
Ending balance	(653,426)	(520,976)
Consumerl Stage Three | Cost
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	1,568,758	1,461,976
Transfers of financial instruments:	735,280	840,426
Transfers from stage 1 to stage 3	739,010	764,505
Transfers from stage 2 to stage 3	167,143	185,178
Transfers from stage 3 to stage 1	(79,416)	(55,178)
Transfers from stage 3 to stage 2	(91,457)	(54,079)
Remeasurement arising from transfer of stage	253,224	186,827
Remeasurement from remaining in the stage	(32,301)	(33,036)
New financial assets purchased/originated	497,769	319,557
Financial assets that have been derecognized	(189,520)	(140,490)
Charges-off	(1,063,476)	(1,100,573)
Foreign Exchange and other movements	4,016	34,071
Ending balance	1,773,750	1,568,758
Consumerl Stage Three | Allowance
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	(1,391,492)	(1,282,891)
Transfers of financial instruments:	36,333	(27,426)
Transfers from stage 1 to stage 3	(54,799)	(56,905)
Transfers from stage 2 to stage 3	(56,945)	(55,859)
Transfers from stage 3 to stage 1	70,767	44,450
Transfers from stage 3 to stage 2	77,310	40,888
Remeasurement arising from transfer of stage	(1,695,509)	(1,691,495)
Remeasurement from remaining in the stage	10,533	2,528
Remeasurement due to changes in economics factors	735
Remeasurement due to changes in model inputs	4,103	1,363
Remeasurement due to methodological changes	(7,881)
New financial assets purchased/originated	(434,371)	(271,327)
Financial assets that have been derecognized	164,697	115,249
Charges-off	1,729,883	1,830,712
Foreign Exchange and other movements	(2,732)	(68,205)
Ending balance	(1,585,701)	(1,391,492)
Consumerl Stage | Cost
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	31,993,381	27,455,111
Remeasurement arising from transfer of stage	52,285	10,665
Remeasurement from remaining in the stage	(2,614,133)	(2,331,787)
New financial assets purchased/originated	21,047,119	14,837,413
Financial assets that have been derecognized	(8,967,626)	(6,703,457)
Charges-off	(1,890,490)	(2,012,315)
Foreign Exchange and other movements	80,134	737,751
Ending balance	39,700,670	31,993,381
Consumerl Stage | Allowance
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	(2,892,891)	(2,529,344)
Remeasurement arising from transfer of stage	(1,684,274)	(1,721,698)
Remeasurement from remaining in the stage	46,984	26,714
Remeasurement due to changes in economics factors	(5,054)	3,477
Remeasurement due to changes in model inputs	83,077	(55,888)
Remeasurement due to methodological changes	(37,475)
New financial assets purchased/originated	(1,357,698)	(868,579)
Financial assets that have been derecognized	517,680	349,862
Charges-off	1,890,490	2,012,315
Foreign Exchange and other movements	(6,657)	(109,750)
Ending balance	(3,445,818)	(2,892,891)
Financial Leases Stage One | Cost
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	20,355,961	19,219,292
Transfers of financial instruments:	(1,061,321)	(374,358)
Transfers from stage 1 to stage 2	(1,048,366)	(678,005)
Transfers from stage 1 to stage 3	(264,298)	(398,842)
Transfers from stage 2 to stage 1	233,500	678,497
Transfers from stage 3 to stage 1	17,843	23,992
Remeasurement arising from transfer of stage	(28,895)	(48,145)
Remeasurement from remaining in the stage	(1,524,336)	(1,423,679)
New financial assets purchased/originated	4,760,874	4,294,172
Financial assets that have been derecognized	(1,481,828)	(1,422,584)
Charges-off	(713)	(14,014)
Foreign Exchange and other movements	50,142	125,277
Ending balance	21,069,884	20,355,961
Financial Leases Stage One | Allowance
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	(104,429)	(134,349)
Transfers of financial instruments:	(22,213)	(14,466)
Transfers from stage 1 to stage 2	7,688	9,194
Transfers from stage 1 to stage 3	4,497	6,978
Transfers from stage 2 to stage 1	(26,504)	(24,103)
Transfers from stage 3 to stage 1	(7,894)	(6,535)
Remeasurement arising from transfer of stage	22,751	18,824
Remeasurement from remaining in the stage	7,477	25,665
Remeasurement due to changes in economics factors	(1,822)	(166)
Remeasurement due to changes in model inputs	2,083	15,975
Remeasurement due to methodological changes	13,701
New financial assets purchased/originated	(30,539)	(24,463)
Financial assets that have been derecognized	9,126	9,297
Charges-off	7	158
Foreign Exchange and other movements	(104)	(904)
Ending balance	(103,962)	(104,429)
Financial Leases Stage Two | Cost
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	1,145,165	1,230,431
Transfers of financial instruments:	731,304	23,228
Transfers from stage 1 to stage 2	1,048,366	678,005
Transfers from stage 2 to stage 1	(233,500)	(678,497)
Transfers from stage 2 to stage 3	(186,146)	(111,253)
Transfers from stage 3 to stage 2	102,584	134,973
Remeasurement arising from transfer of stage	(63,900)	(45,780)
Remeasurement from remaining in the stage	(72,455)	(18,183)
New financial assets purchased/originated	262,832	90,609
Financial assets that have been derecognized	(143,203)	(169,079)
Charges-off	(2,974)	(276)
Foreign Exchange and other movements	658	34,215
Ending balance	1,857,427	1,145,165
Financial Leases Stage Two | Allowance
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	(179,668)	(89,988)
Transfers of financial instruments:	42,010	(546)
Transfers from stage 1 to stage 2	(7,688)	(9,194)
Transfers from stage 2 to stage 1	26,504	24,103
Transfers from stage 2 to stage 3	46,019	20,270
Transfers from stage 3 to stage 2	(22,825)	(35,725)
Remeasurement arising from transfer of stage	(58,729)	(56,854)
Remeasurement from remaining in the stage	32,405	(11,927)
Remeasurement due to changes in economics factors	(3,044)	5,826
Remeasurement due to changes in model inputs	661	(31,606)
Remeasurement due to methodological changes	(23,672)
New financial assets purchased/originated	(4,919)	(9,411)
Financial assets that have been derecognized	21,104	16,974
Charges-off	580	29
Foreign Exchange and other movements	(240)	(2,165)
Ending balance	(173,512)	(179,668)
Financial Leases Stage Three | Cost
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	1,697,078	1,662,653
Transfers of financial instruments:	330,017	351,130
Transfers from stage 1 to stage 3	264,298	398,842
Transfers from stage 2 to stage 3	186,146	111,253
Transfers from stage 3 to stage 1	(17,843)	(23,992)
Transfers from stage 3 to stage 2	(102,584)	(134,973)
Remeasurement arising from transfer of stage	(31,375)	(68,422)
Remeasurement from remaining in the stage	(10,924)	(17,047)
New financial assets purchased/originated	23,518	80,951
Financial assets that have been derecognized	(291,926)	(206,794)
Charges-off	(93,461)	(121,384)
Foreign Exchange and other movements	591	15,991
Ending balance	1,623,518	1,697,078
Financial Leases Stage Three | Allowance
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	(706,873)	(583,586)
Transfers of financial instruments:	(19,797)	15,012
Transfers from stage 1 to stage 3	(4,497)	(6,978)
Transfers from stage 2 to stage 3	(46,019)	(20,270)
Transfers from stage 3 to stage 1	7,894	6,535
Transfers from stage 3 to stage 2	22,825	35,725
Remeasurement arising from transfer of stage	(143,003)	(137,850)
Remeasurement from remaining in the stage	(41,790)	(65,577)
Remeasurement due to changes in economics factors	(42)	(362)
Remeasurement due to changes in model inputs	(22,147)	(11,963)
Remeasurement due to methodological changes	(8,793)	(64,497)
New financial assets purchased/originated	(10,862)	(31,035)
Financial assets that have been derecognized	109,305	47,821
Charges-off	96,561	135,487
Foreign Exchange and other movements	(488)	(10,323)
Ending balance	(747,929)	(706,873)
Financial Leases Stage | Cost
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	23,198,204	22,112,376
Remeasurement arising from transfer of stage	(124,170)	(162,347)
Remeasurement from remaining in the stage	(1,607,715)	(1,458,909)
New financial assets purchased/originated	5,047,224	4,465,732
Financial assets that have been derecognized	(1,916,957)	(1,798,457)
Charges-off	(97,148)	(135,674)
Foreign Exchange and other movements	51,391	175,483
Ending balance	24,550,829	23,198,204
Financial Leases Stage | Allowance
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	(990,970)	(807,923)
Remeasurement arising from transfer of stage	(178,981)	(175,880)
Remeasurement from remaining in the stage	(1,908)	(51,839)
Remeasurement due to changes in economics factors	(4,908)	5,298
Remeasurement due to changes in model inputs	(19,403)	(27,594)
Remeasurement due to methodological changes	(18,764)	(64,497)
New financial assets purchased/originated	(46,320)	(64,909)
Financial assets that have been derecognized	139,535	74,092
Charges-off	97,148	135,674
Foreign Exchange and other movements	(832)	(13,392)
Ending balance	(1,025,403)	(990,970)
Mortgage Stage One | Cost
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	20,280,416	18,351,658
Transfers of financial instruments:	(78,120)	(345,042)
Transfers from stage 1 to stage 2	(609,598)	(749,203)
Transfers from stage 1 to stage 3	(177,154)	(207,887)
Transfers from stage 2 to stage 1	631,692	552,708
Transfers from stage 3 to stage 1	76,940	59,340
Remeasurement arising from transfer of stage	(50,316)	(46,059)
Remeasurement from remaining in the stage	(1,116,457)	(1,057,494)
New financial assets purchased/originated	4,076,279	3,976,575
Financial assets that have been derecognized	(1,598,993)	(1,353,978)
Charges-off	(6,645)	(996)
Foreign Exchange and other movements	78,510	755,752
Ending balance	21,584,674	20,280,416
Mortgage Stage One | Allowance
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	(110,722)	(92,885)
Transfers of financial instruments:	(75,570)	(57,398)
Transfers from stage 1 to stage 2	9,392	10,312
Transfers from stage 1 to stage 3	4,876	5,056
Transfers from stage 2 to stage 1	(57,920)	(49,312)
Transfers from stage 3 to stage 1	(31,918)	(23,454)
Remeasurement arising from transfer of stage	54,296	51,842
Remeasurement from remaining in the stage	(22)	771
Remeasurement due to changes in economics factors	2,356	1,132
Remeasurement due to changes in model inputs	11,908	4,289
Remeasurement due to methodological changes	14,185
New financial assets purchased/originated	(22,365)	(25,673)
Financial assets that have been derecognized	10,316	8,575
Charges-off	56	25
Foreign Exchange and other movements	(255)	(1,400)
Ending balance	(115,817)	(110,722)
Mortgage Stage Two | Cost
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	1,513,063	1,454,894
Transfers of financial instruments:	(20,302)	136,231
Transfers from stage 1 to stage 2	609,598	749,203
Transfers from stage 2 to stage 1	(631,692)	(552,708)
Transfers from stage 2 to stage 3	(167,345)	(200,281)
Transfers from stage 3 to stage 2	169,137	140,017
Remeasurement arising from transfer of stage	(35,924)	(43,554)
Remeasurement from remaining in the stage	(28,542)	(34,744)
New financial assets purchased/originated	32,271	46,565
Financial assets that have been derecognized	(123,901)	(100,322)
Charges-off	(1,330)	(336)
Foreign Exchange and other movements	5,045	54,329
Ending balance	1,340,380	1,513,063
Mortgage Stage Two | Allowance
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	(157,016)	(147,874)
Transfers of financial instruments:	6,849	14,747
Transfers from stage 1 to stage 2	(9,392)	(10,312)
Transfers from stage 2 to stage 1	57,920	49,312
Transfers from stage 2 to stage 3	24,239	27,034
Transfers from stage 3 to stage 2	(65,918)	(51,287)
Remeasurement arising from transfer of stage	(15,576)	(30,301)
Remeasurement from remaining in the stage	2,899	(7,423)
Remeasurement due to changes in economics factors	5,127	19,196
Remeasurement due to changes in model inputs	(19,835)	(2,185)
Remeasurement due to methodological changes	5,684
New financial assets purchased/originated	(5,581)	(8,806)
Financial assets that have been derecognized	11,462	9,063
Charges-off	117	24
Foreign Exchange and other movements	(385)	(3,457)
Ending balance	(166,255)	(157,016)
Mortgage Stage Three | Cost
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	1,077,206	950,961
Transfers of financial instruments:	98,422	208,811
Transfers from stage 1 to stage 3	177,154	207,887
Transfers from stage 2 to stage 3	167,345	200,281
Transfers from stage 3 to stage 1	(76,940)	(59,340)
Transfers from stage 3 to stage 2	(169,137)	(140,017)
Remeasurement arising from transfer of stage	38,394	65,548
Remeasurement from remaining in the stage	36,226	31,643
New financial assets purchased/originated	12,444	12,512
Financial assets that have been derecognized	(110,191)	(101,239)
Charges-off	(96,745)	(111,085)
Foreign Exchange and other movements	2,473	20,055
Ending balance	1,058,229	1,077,206
Mortgage Stage Three | Allowance
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	(586,026)	(511,034)
Transfers of financial instruments:	68,721	42,651
Transfers from stage 1 to stage 3	(4,876)	(5,056)
Transfers from stage 2 to stage 3	(24,239)	(27,034)
Transfers from stage 3 to stage 1	31,918	23,454
Transfers from stage 3 to stage 2	65,918	51,287
Remeasurement arising from transfer of stage	(154,824)	(178,864)
Remeasurement from remaining in the stage	(86,293)	(71,719)
Remeasurement due to changes in economics factors	7,967	(2,753)
Remeasurement due to changes in model inputs	13,992	(4,589)
Remeasurement due to methodological changes	(737)	(5,242)
New financial assets purchased/originated	(5,631)	(6,192)
Financial assets that have been derecognized	60,500	49,131
Charges-off	104,547	112,368
Foreign Exchange and other movements	(809)	(9,783)
Ending balance	(578,593)	(586,026)
Mortgage Stage | Cost
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	22,870,685	20,757,513
Remeasurement arising from transfer of stage	(47,846)	(24,065)
Remeasurement from remaining in the stage	(1,108,773)	(1,060,595)
New financial assets purchased/originated	4,120,994	4,035,652
Financial assets that have been derecognized	(1,833,085)	(1,555,539)
Charges-off	(104,720)	(112,417)
Foreign Exchange and other movements	86,028	830,136
Ending balance	23,983,283	22,870,685
Mortgage Stage | Allowance
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	(853,764)	(751,793)
Remeasurement arising from transfer of stage	(116,104)	(157,323)
Remeasurement from remaining in the stage	(83,416)	(78,371)
Remeasurement due to changes in economics factors	15,450	17,575
Remeasurement due to changes in model inputs	6,065	(2,485)
Remeasurement due to methodological changes	19,132	(5,242)
New financial assets purchased/originated	(33,577)	(40,671)
Financial assets that have been derecognized	82,278	66,769
Charges-off	104,720	112,417
Foreign Exchange and other movements	(1,449)	(14,640)
Ending balance	(860,665)	(853,764)
Small Business Loans Stage One | Cost
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	958,491	868,593
Transfers of financial instruments:	(67,212)	(102,128)
Transfers from stage 1 to stage 2	(37,819)	(53,513)
Transfers from stage 1 to stage 3	(61,169)	(64,371)
Transfers from stage 2 to stage 1	30,270	14,771
Transfers from stage 3 to stage 1	1,506	985
Remeasurement arising from transfer of stage	(7,671)	(3,674)
Remeasurement from remaining in the stage	(145,152)	(134,481)
New financial assets purchased/originated	620,375	556,933
Financial assets that have been derecognized	(260,493)	(243,809)
Charges-off	(13,142)	(13,882)
Foreign Exchange and other movements	3,460	30,939
Ending balance	1,088,656	958,491
Small Business Loans Stage One | Allowance
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	(41,971)	(31,773)
Transfers of financial instruments:	3,457	3,994
Transfers from stage 1 to stage 2	2,575	2,328
Transfers from stage 1 to stage 3	5,299	4,163
Transfers from stage 2 to stage 1	(3,779)	(1,842)
Transfers from stage 3 to stage 1	(638)	(655)
Remeasurement arising from transfer of stage	2,635	2,024
Remeasurement from remaining in the stage	5,502	8,292
Remeasurement due to changes in economics factors	51	(99)
Remeasurement due to changes in model inputs	5,476	(1,899)
Remeasurement due to methodological changes	1,407
New financial assets purchased/originated	(25,971)	(29,753)
Financial assets that have been derecognized	8,775	6,903
Charges-off	1,250	926
Foreign Exchange and other movements	(67)	(586)
Ending balance	(39,456)	(41,971)
Small business loans Stage Two | Cost
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	80,805	70,082
Transfers of financial instruments:	203	24,315
Transfers from stage 1 to stage 2	37,819	53,513
Transfers from stage 2 to stage 1	(30,270)	(14,771)
Transfers from stage 2 to stage 3	(17,119)	(18,593)
Transfers from stage 3 to stage 2	9,773	4,166
Remeasurement arising from transfer of stage	(9,868)	(13,083)
Remeasurement from remaining in the stage	(2,408)	(3,527)
New financial assets purchased/originated	24,173	25,216
Financial assets that have been derecognized	(11,664)	(15,087)
Charges-off	(11,400)	(10,096)
Foreign Exchange and other movements	378	2,985
Ending balance	70,219	80,805
Small business loans Stage Two | Allowance
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	(15,421)	(12,775)
Transfers of financial instruments:	364	1,086
Transfers from stage 1 to stage 2	(2,575)	(2,328)
Transfers from stage 2 to stage 1	3,779	1,842
Transfers from stage 2 to stage 3	3,920	3,599
Transfers from stage 3 to stage 2	(4,760)	(2,027)
Remeasurement arising from transfer of stage	(1,008)	(1,493)
Remeasurement from remaining in the stage	697	868
Remeasurement due to changes in economics factors	15	(593)
Remeasurement due to changes in model inputs	757	(560)
Remeasurement due to methodological changes	349
New financial assets purchased/originated	(7,891)	(6,441)
Financial assets that have been derecognized	2,339	2,064
Charges-off	3,214	2,690
Foreign Exchange and other movements	(30)	(267)
Ending balance	(16,615)	(15,421)
Small business loans Stage Three | Cost
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	116,902	124,305
Transfers of financial instruments:	67,009	77,813
Transfers from stage 1 to stage 3	61,169	64,371
Transfers from stage 2 to stage 3	17,119	18,593
Transfers from stage 3 to stage 1	(1,506)	(985)
Transfers from stage 3 to stage 2	(9,773)	(4,166)
Remeasurement arising from transfer of stage	(29,962)	(35,259)
Remeasurement from remaining in the stage	(941)	(2,329)
New financial assets purchased/originated	25,901	27,945
Financial assets that have been derecognized	(17,402)	(15,489)
Charges-off	(41,367)	(62,824)
Foreign Exchange and other movements	393	2,740
Ending balance	120,533	116,902
Small business loans Stage Three | Allowance
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	(79,981)	(97,417)
Transfers of financial instruments:	(3,821)	(5,080)
Transfers from stage 1 to stage 3	(5,299)	(4,163)
Transfers from stage 2 to stage 3	(3,920)	(3,599)
Transfers from stage 3 to stage 1	638	655
Transfers from stage 3 to stage 2	4,760	2,027
Remeasurement arising from transfer of stage	(46,609)	(44,344)
Remeasurement from remaining in the stage	(4,000)	(924)
Remeasurement due to changes in economics factors	55
Remeasurement due to changes in model inputs	1,940	298
Remeasurement due to methodological changes	(160)
New financial assets purchased/originated	(22,041)	(21,347)
Financial assets that have been derecognized	8,844	8,031
Charges-off	61,445	83,186
Foreign Exchange and other movements	(117)	(2,384)
Ending balance	(84,445)	(79,981)
Small Business Loans Stage | Cost
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	1,156,198	1,062,980
Remeasurement arising from transfer of stage	(47,501)	(52,016)
Remeasurement from remaining in the stage	(148,501)	(140,337)
New financial assets purchased/originated	670,449	610,094
Financial assets that have been derecognized	(289,559)	(274,385)
Charges-off	(65,909)	(86,802)
Foreign Exchange and other movements	4,231	36,664
Ending balance	1,279,408	1,156,198
Small Business Loans Stage | Allowance
Disclosure Of Loans And Advances To Customers Explanatory [Line Items]
Beginning balance	(137,373)	(141,965)
Remeasurement arising from transfer of stage	(44,982)	(43,813)
Remeasurement from remaining in the stage	2,199	8,236
Remeasurement due to changes in economics factors	121	(692)
Remeasurement due to changes in model inputs	8,173	(2,161)
Remeasurement due to methodological changes	1,596
New financial assets purchased/originated	(55,903)	(57,541)
Financial assets that have been derecognized	19,958	16,998
Charges-off	65,909	86,802
Foreign Exchange and other movements	(214)	(3,237)
Ending balance	$ (140,516)	$ (137,373)

LEASE - Finance leases (Details

LEASE - Finance leases (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Disclosure of maturity analysis of finance lease payments receivable [line items]
Total gross investment in finance lease receivable/ present value of minimum payments		$ 34,141,543	$ 31,668,422
Present value of minimum payments		24,550,829	23,198,204
Less:future financial income	[1]	(9,590,714)	(8,470,218)
Less:future financial income	[1]	0	0
Present value of payments receivable(2)		24,550,829	23,198,204
Minimum non-collectable payments impairment		(1,025,403)	(990,970)
Total present value of minimum payments		23,525,426	22,207,234
Total		$ 23,525,426	22,207,234
Bottom of range
Disclosure of maturity analysis of finance lease payments receivable [line items]
Lease Arrangements Term		1 year
Top of range
Disclosure of maturity analysis of finance lease payments receivable [line items]
Lease Arrangements Term		10 years
2020
Disclosure of maturity analysis of finance lease payments receivable [line items]
Total gross investment in finance lease receivable/ present value of minimum payments		$ 872,949	735,187
Present value of minimum payments		375,999	526,581
Over 1 year, but less than 5 years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Total gross investment in finance lease receivable/ present value of minimum payments		11,156,112	8,194,658
Present value of minimum payments		8,725,805	6,677,063
Greater than 5 years
Disclosure of maturity analysis of finance lease payments receivable [line items]
Total gross investment in finance lease receivable/ present value of minimum payments		22,112,482	22,738,577
Present value of minimum payments		$ 15,449,025	$ 15,994,560
[1]	Period    Gross investment in financelease receivable    Present value of minimumpaymentsIn millions of COPLess than 1 year 872,949 375,999Between 1 and 5 years 11,156,112 8,725,805Greater than 5 years 22,112,482 15,449,025Total gross investment in finance lease receivable/ present value of minimum payments 34,141,543 24,550,829Less: Future financial income (1) (9,590,714) -Present value of payments receivable(2) 24,550,829 24,550,829Minimum non-collectable payments impairment (1,025,403) (1,025,403)Total 23,525,426 23,525,426Future financial income: Total Gross Investment - Total Present Value of minimum payments

LEASE - Unsecured residual valu

LEASE - Unsecured residual value and Contingent income (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of quantitative information about right-of-use assets [line items]
Unsecured residual value	$ 58,051	$ 59,398
Contingent income	21,189	11,234
Financial leases	1,918,655	1,913,196	$ 2,064,978
Technological equipment
Disclosure of quantitative information about right-of-use assets [line items]
Unsecured residual value	27,769	25,229
Contingent income	16,727	9,586
Vehicles
Disclosure of quantitative information about right-of-use assets [line items]
Unsecured residual value	19,330	22,680
Contingent income	1,542	967
Buildings
Disclosure of quantitative information about right-of-use assets [line items]
Contingent income	1,484	44
Machinery and equipment
Disclosure of quantitative information about right-of-use assets [line items]
Unsecured residual value	10,743	11,300
Contingent income	1,435	637
Furniture and fixtures
Disclosure of quantitative information about right-of-use assets [line items]
Unsecured residual value	209	$ 189
Contingent income	$ 1

LEASE - Operating lease (Detail

LEASE - Operating lease (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of maturity analysis of operating lease payments [line items]
Operating leases	$ 74,938	$ 55,450
Operating lease income	682,525	624,062	$ 563,861
Minimum Payments Under Operating Leases	1,176,739	1,290,348
2020
Disclosure of maturity analysis of operating lease payments [line items]
Minimum Payments Under Operating Leases	357,541	216,039
Over 1 year, but less than 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Minimum Payments Under Operating Leases	753,653	934,816
Greater than 5 years
Disclosure of maturity analysis of operating lease payments [line items]
Minimum Payments Under Operating Leases	$ 65,545	$ 139,493

LEASE - Lessee (Details)

LEASE - Lessee (Details) - COP ($) $ in Millions	Jan. 01, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of initial application of standards or interpretations [line items]
Right of use assets, lease		$ 1,692,116
Leases under IAS 17 (adoption of IFRS 16)		$ 1,918,655	$ 1,913,196	$ 2,064,978
Adoption of IFRS 16
Disclosure of initial application of standards or interpretations [line items]
Right of use assets, lease	$ 1,572,446
Increase in Right of Use Assets	1,543,427
Net of deferred tax assets	(119,173)
Increase in lease liabilities	1,848,833
Net of effect of changes in foreign exchange rate	(9,560)
Decrease in Retained earnings	184,248
Adoption of IFRS 16 | Transportempo S.A.S. [Member]
Disclosure of initial application of standards or interpretations [line items]
Right of use assets, lease	1,572,446
Increase in Right of Use Assets	1,543,427
Leases under IAS 17 (adoption of IFRS 16)	$ 29,019
Leases under IAS 17 | Transportempo S.A.S. [Member]
Disclosure of initial application of standards or interpretations [line items]
Leases under IAS 17 (adoption of IFRS 16)			$ 29,019

LEASE - Rollforward of right of

LEASE - Rollforward of right of use assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019COP ($)
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	$ 1,572,446
Acquisition	149,228
Additions	180,880
Expenses depreciation	(177,709)
Disposal	(30,125)
Revaluation	(8,337)
Effect of changes in foreign exchange rate	5,733
Ending balance	1,692,116
Buildings
Disclosure of quantitative information about right-of-use assets [line items]
Expenses depreciation	(155,246)
Technological equipment
Disclosure of quantitative information about right-of-use assets [line items]
Expenses depreciation	(16,833)
Vehicles
Disclosure of quantitative information about right-of-use assets [line items]
Expenses depreciation	(4,645)
Furniture and fixtures
Disclosure of quantitative information about right-of-use assets [line items]
Expenses depreciation	(985)
Cost
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	1,572,446
Acquisition	149,228
Additions	181,617
Disposal	(52,382)
Revaluation	(8,337)
Effect of changes in foreign exchange rate	5,555
Ending balance	1,848,127
Cost | Buildings
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	1,487,175
Acquisition	125,882
Additions	179,045
Disposal	(40,432)
Revaluation	(3,029)
Effect of changes in foreign exchange rate	5,425
Ending balance	1,754,066
Cost | Technological equipment
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	49,736
Acquisition	11,210
Disposal	(305)
Revaluation	(3,663)
Effect of changes in foreign exchange rate	138
Ending balance	57,116
Cost | Vehicles
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	34,956
Acquisition	8,355
Additions	2,572
Disposal	(11,492)
Revaluation	(1,283)
Effect of changes in foreign exchange rate	(5)
Ending balance	33,103
Cost | Furniture and fixtures
Disclosure of quantitative information about right-of-use assets [line items]
Beginning balance	579
Acquisition	3,781
Disposal	(153)
Revaluation	(362)
Effect of changes in foreign exchange rate	(3)
Ending balance	3,842
Accumulated depreciation
Disclosure of quantitative information about right-of-use assets [line items]
Additions	(737)
Expenses depreciation	(177,709)
Disposal	22,257
Effect of changes in foreign exchange rate	178
Ending balance	(156,011)
Accumulated depreciation | Buildings
Disclosure of quantitative information about right-of-use assets [line items]
Expenses depreciation	(155,246)
Disposal	20,769
Effect of changes in foreign exchange rate	171
Ending balance	(134,306)
Accumulated depreciation | Technological equipment
Disclosure of quantitative information about right-of-use assets [line items]
Expenses depreciation	(16,833)
Disposal	34
Effect of changes in foreign exchange rate	4
Ending balance	(16,795)
Accumulated depreciation | Vehicles
Disclosure of quantitative information about right-of-use assets [line items]
Additions	(737)
Expenses depreciation	(4,645)
Disposal	1,376
Effect of changes in foreign exchange rate	2
Ending balance	(4,004)
Accumulated depreciation | Furniture and fixtures
Disclosure of quantitative information about right-of-use assets [line items]
Expenses depreciation	(985)
Disposal	78
Effect of changes in foreign exchange rate	1
Ending balance	$ (906)

LEASE - Change in lease liabili

LEASE - Change in lease liabilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019COP ($)
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Effect of changes in foreign exchange rate (lease liabilities)	$ 207
Ending balance	1,831,585
Adoption of IFRS 16
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Beginning balance	1,848,833
New contracts	135,633
Reassessment of the lease liability	(34,755)
Payments	(252,432)
Accrued Interest	127,558
Effect of changes in foreign exchange rate (lease liabilities)	6,748
Ending balance	$ 1,831,585

LEASE - Maturity analysis (Deta

LEASE - Maturity analysis (Details) $ in Millions	Dec. 31, 2019COP ($)
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities	$ 1,831,585
Buildings
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities	1,787,219
Technological equipment
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities	40,501
Vehicles
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities	1,144
Furniture and fixtures
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities	2,721
2020
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities	12,765
2020 | Buildings
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities	6,255
2020 | Technological equipment
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities	6,510
Between 1 and 3 years
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities	28,301
Between 1 and 3 years | Buildings
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities	22,036
Between 1 and 3 years | Technological equipment
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities	3,956
Between 1 and 3 years | Vehicles
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities	986
Between 1 and 3 years | Furniture and fixtures
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities	1,323
Between 3 and 5 years
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities	90,151
Between 3 and 5 years | Buildings
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities	73,252
Between 3 and 5 years | Technological equipment
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities	15,343
Between 3 and 5 years | Vehicles
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities	158
Between 3 and 5 years | Furniture and fixtures
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities	1,398
Greater than 5 years
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities	1,700,368
Greater than 5 years | Buildings
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities	1,685,676
Greater than 5 years | Technological equipment
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities	$ 14,692

LEASE - Weighted average rates

LEASE - Weighted average rates and average useful life of right of use assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019COP ($)
Disclosure of quantitative information about right-of-use assets [line items]
Future cash outflows payments of lease liabilities	$ 2,388
Buildings
Disclosure of quantitative information about right-of-use assets [line items]
Weighted average life	273 months
Weighted average remaining lease terms	148 months
Weighted average discount rates	5.78
Vehicles
Disclosure of quantitative information about right-of-use assets [line items]
Weighted average life	40 months
Weighted average remaining lease terms	34 months
Weighted average discount rates	5.65
Technological equipment
Disclosure of quantitative information about right-of-use assets [line items]
Weighted average life	83 months
Weighted average remaining lease terms	54 months
Weighted average discount rates	3.99
Furniture and fixtures
Disclosure of quantitative information about right-of-use assets [line items]
Weighted average life	45 months
Weighted average remaining lease terms	36 months
Weighted average discount rates	6.56

LEASE - Statement of Income (De

LEASE - Statement of Income (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019COP ($)
Disclosure of quantitative information about right-of-use assets [line items]
Financial interest	$ 121,946
Expenses depreciation	177,709
Payments of penalties	363
Effect of changes in foreign exchange rate	207
Short-term leases	1,828
Expense relating to leases of low-value assets for which recognition exemption has been used	6,843
Technological equipment
Disclosure of quantitative information about right-of-use assets [line items]
Financial interest	1,766
Expenses depreciation	16,833
Short-term leases	10
Expense relating to leases of low-value assets for which recognition exemption has been used	1,282
Vehicles
Disclosure of quantitative information about right-of-use assets [line items]
Financial interest	63
Expenses depreciation	4,645
Short-term leases	89
Expense relating to leases of low-value assets for which recognition exemption has been used	34
Buildings
Disclosure of quantitative information about right-of-use assets [line items]
Financial interest	119,951
Expenses depreciation	155,246
Payments of penalties	363
Effect of changes in foreign exchange rate	207
Short-term leases	1,729
Expense relating to leases of low-value assets for which recognition exemption has been used	2,287
Furniture and fixtures
Disclosure of quantitative information about right-of-use assets [line items]
Financial interest	166
Expenses depreciation	985
Expense relating to leases of low-value assets for which recognition exemption has been used	$ 3,240

INVESTMENTS IN ASSOCIATES AND_3

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Bank's investments in associates and joint ventures (Details) - COP ($) $ in Millions		Dec. 31, 2019		Dec. 31, 2018
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Investments in associates	[1]	$ 1,894,024		$ 1,710,969
Investments in Joint ventures		473,733		438,610
Total		$ 2,367,757	[2]	$ 2,149,579	[3]
[1]	Composition    December 31, 2019    December 31, 2018In millions of COPInvestments in associates (1) 1,894,024 1,710,969Investments in Joint ventures 473,733 438,610Total 2,367,757 2,149,579As of December 31, 2019 and 2018, the amount includes investments in associates at fair value for COP 1,249,818 and COP 1,119,973, respectively and investments in associates at equity method value for COP 644,206 COP 590,996 respectively. See Note 30 Fair value of assets and liabilities.
[2]	As of December 31, 2019, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures.
[3]	As of December 31, 2018, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures.

INVESTMENTS IN ASSOCIATES AND_4

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - The investments in associates that the Bank holds (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Accumulated other comprehensive income		$ 3,320,098		$ 3,202,969
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, before tax		8,151		2,581		$ (11,547)
Other comprehensive income, net of tax, exchange differences on translation		104,955		1,043,593		412,878
Investments in associates	[1]	1,894,024		1,710,969
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss		$ 22,409		$ 174,734		$ (831)
PA Viva Malls
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business Of Associate		Development and operation of commercial spaces		Development and operation of commercial spaces
Principal place of business of associate		Colombia		Colombia
Proportion of ownership interest in associate		49.00%		49.00%
Accumulated other comprehensive income		$ 0	[2]	$ 0	[3]
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, before tax	[4]	0
Other comprehensive income, net of tax, exchange differences on translation	[5]	0
Investments in associates		1,249,818		1,119,973
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method		138,100	[6]	$ 96,201	[7]
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss	[8]	$ 0
Proteccion S.A.
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business Of Associate		Administration of pension funds and severances		Administration of pension funds and severances
Principal place of business of associate		Colombia		Colombia
Proportion of ownership interest in associate		20.58%		20.58%	[9]
Accumulated other comprehensive income		$ 15,264	[2]	$ 15,423	[3]
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, before tax		(159)	[4]	2,958	[10],[11]
Other comprehensive income, net of tax, exchange differences on translation	[5]	0
Investments in associates		546,545		478,482
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method		90,844	[6]	42,057	[7]
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss		$ (81)	[8]	$ (819)
Titularizadora Colombiana S.A. Hitos
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business Of Associate		Mortgage portfolio securities	[12]	Mortgage portfolio securities
Principal place of business of associate		Colombia	[12]	Colombia
Proportion of ownership interest in associate		26.98%	[12]	26.98%
Accumulated other comprehensive income		$ (1,569)	[2],[12]	$ (1,483)	[3]
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, before tax		(86)	[4],[12]	(94)	[10],[11]
Other comprehensive income, net of tax, exchange differences on translation	[5],[12]	0
Investments in associates		37,048	[12]	37,391
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method		3,383	[6],[12]	4,962	[7]
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss		$ 1	[8],[12]	$ 40
Redeban Multicolor S.A.
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business Of Associate		Network data transmission services	[12]	Network data transmission services	[13]
Principal place of business of associate		Colombia	[12]	Colombia	[13]
Proportion of ownership interest in associate		20.36%	[12]	20.36%	[13]
Accumulated other comprehensive income		$ (651)	[2],[12]	$ (651)	[3],[13]
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, before tax	[4],[12]	0
Other comprehensive income, net of tax, exchange differences on translation	[5],[12]	0
Investments in associates		21,440	[12]	19,105	[13]
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method		3,305	[6],[12]	2,203	[7],[13]
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss		$ 2	[8],[12]	$ 45	[13]
Internacional Ejecutiva de Aviacion S.A.S.
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business Of Associate		Aircraft and aircraft travel		Aircraft and aircraft travel	[13]
Principal place of business of associate		Colombia		Colombia	[13]
Proportion of ownership interest in associate		33.33%		33.33%	[13]
Accumulated other comprehensive income		$ 350	[2]	$ (4)	[3],[13]
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, before tax		354	[4]	(213)	[10],[11],[13]
Other comprehensive income, net of tax, exchange differences on translation	[5]	0
Investments in associates		12,758		12,503	[13]
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method		(100)	[6]	$ 2,008	[7],[13]
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss	[8]	$ (12)
ACH Colombia S.A.
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business Of Associate		Electronic transfer services	[12]	Electronic transfer services	[13]
Principal place of business of associate		Colombia	[12]	Colombia	[13]
Proportion of ownership interest in associate		19.94%	[12]	19.94%	[13]
Accumulated other comprehensive income		$ (952)	[2],[12]	$ (952)	[3],[13]
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, before tax	[4],[12]	0
Other comprehensive income, net of tax, exchange differences on translation	[5],[12]	0
Investments in associates		10,187	[12]	8,313	[13]
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method		6,252	[6],[12]	3,871	[7],[13]
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss		$ 3	[8],[12]	$ 79	[13]
Servicio Salvadoreno de Proteccion, S. A. de C.V.
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business Of Associate		Custodial services and transfer of monetary types	[12]	Custodial services and transfer of monetary types
Principal place of business of associate		El Salvador	[12]	El Salvador
Proportion of ownership interest in associate		25.00%	[12]	25.00%
Accumulated other comprehensive income		$ (727)	[2],[12]	$ (727)	[3]
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, before tax	[4],[12]	0
Other comprehensive income, net of tax, exchange differences on translation		(1)	[5],[12]	(30)	[14]
Investments in associates		9,252	[12]	8,867
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method		311	[6],[12]	1,905	[7]
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss		$ 50	[8],[12]	$ (16)
Servicios Financieros, S.A. de C.V.
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business Of Associate		Processing of financial transactions and electronic payment methods	[12]	Processing of financial transactions and electronic payment methods	[13]
Principal place of business of associate		El Salvador	[12]	El Salvador	[13]
Proportion of ownership interest in associate		47.86%	[12]	47.86%	[13]
Accumulated other comprehensive income		$ 9	[2],[12]	$ 9	[3],[13]
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, before tax	[4],[12]	0
Other comprehensive income, net of tax, exchange differences on translation		(1)	[5],[12]	(7)	[13],[14]
Investments in associates		3,173	[12]	3,420	[13]
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method		(276)	[6],[12]	$ (160)	[7],[13]
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss	[8],[12]	$ 0
Servicios De Identidad Digital S.A.S. [Member]
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business Of Associate	[15]	Provide digital citizens services
Principal place of business of associate	[15]	Colombia
Proportion of ownership interest in associate	[15]	33.00%
Investments in associates	[15]	$ 2,369
ACH de El Salvador, S. A. de C.V.
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business Of Associate		Electronic transfer services	[12]	Electronic transfer services	[13]
Principal place of business of associate		El Salvador	[12]	El Salvador	[13]
Proportion of ownership interest in associate		25.00%	[12]	25.00%	[13]
Accumulated other comprehensive income		$ 6	[2],[12]	$ 6	[3],[13]
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, before tax	[4],[12]	0
Other comprehensive income, net of tax, exchange differences on translation		(6)	[5],[12]	(64)	[13],[14]
Investments in associates		1,434	[12]	1,258	[13]
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method		166	[6],[12]	$ 143	[7],[13]
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss	[8],[12]	$ 0
Reintegra S.A.S.
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business Of Associate		Collections and recovery of portfolio	[16]	Collections and recovery of portfolio	[13]
Principal place of business of associate		Colombia	[16]	Colombia	[13]
Proportion of ownership interest in associate		46.00%	[16]	46.00%	[13]
Accumulated other comprehensive income		$ 1,742	[2],[16]	$ 1,742	[3],[13]
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, before tax	[4],[16]	0
Other comprehensive income, net of tax, exchange differences on translation	[5],[16]	0
Investments in associates		0	[16]	8,594	[13]
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method		2,099	[6],[16]	1,939	[7],[13]
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss		$ 26	[8],[16]	$ (26)	[13]
Concesiones CCFC S.A.
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business Of Associate		Construction of public works through an awarding system	[17]	Construction of public works through an awarding system	[13]
Principal place of business of associate		Colombia	[17]	Colombia	[13]
Proportion of ownership interest in associate		25.50%	[17]	25.50%	[13]
Accumulated other comprehensive income		$ 0	[2],[17]	$ (757)	[3],[13]
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, before tax		757	[4],[17]	(1)	[10],[11],[13]
Other comprehensive income, net of tax, exchange differences on translation	[5],[17]	0
Investments in associates		0	[17]	13,063	[13]
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method		2,069	[6],[17]	6,794	[7],[13]
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss		(34)	[8],[17]	$ 34	[13]
Panamerican Pharmaceutical Holding Inc.
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business Of Associate	[18]			Advisory services, consultation, representation, agent for individuals or company
Principal place of business of associate	[18]			Panama
Proportion of ownership interest in associate	[18]			21.00%
Accumulated other comprehensive income	[3],[18]			$ (1,486)
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, before tax	[10],[11],[18]			(69)
Other comprehensive income, net of tax, exchange differences on translation	[14],[18]			$ (785)
Avefarma S.A.S
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business Of Associate	[13]			Manufacture and distribution of glass packing for pharmaceutical products
Principal place of business of associate	[13]			Colombia
Proportion of ownership interest in associate	[13]			21.00%
Accumulated other comprehensive income	[3],[13]			$ (11,704)
Glassfarma Tech S.A.S.
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business Of Associate	[18]			Manufacturing, elaboration and commercialization of packages and pharmaceutical products
Principal place of business of associate	[18]			Colombia
Proportion of ownership interest in associate	[18]			21.00%
Accumulated other comprehensive income	[3],[18]			$ 127
Total Investment In Associates
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Accumulated other comprehensive income		13,472	[2]	(457)	[3],[13]
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, before tax		866	[4]	2,581	[10],[11],[13]
Other comprehensive income, net of tax, exchange differences on translation		(8)	[5]	(886)	[13],[14]
Investments in associates		1,894,024		1,710,969	[13]
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method		246,153	[6]	161,923	[7],[13]
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss		$ (45)	[8]	$ (663)	[13]
[1]	Composition    December 31, 2019    December 31, 2018In millions of COPInvestments in associates (1) 1,894,024 1,710,969Investments in Joint ventures 473,733 438,610Total 2,367,757 2,149,579As of December 31, 2019 and 2018, the amount includes investments in associates at fair value for COP 1,249,818 and COP 1,119,973, respectively and investments in associates at equity method value for COP 644,206 COP 590,996 respectively. See Note 30 Fair value of assets and liabilities.
[2]	Corresponds to the accumulated other comprehensive income as of December 31, 2019.
[3]	Corresponds to the accumulated other comprehensive income as of December 31, 2018
[4]	Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2019.
[5]	Corresponds to the other comprehensive income recognized as Cumulative Translation Adjustment of Foreign Currency (CTA) for the year ended December 31, 2019.
[6]	Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2019. See Note 25.5 Dividends and net income on equity investments.
[7]	Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2018. See Note 25.5 Dividends and net income on equity investments.
[8]	Corresponds to the other comprehensive income recognized as deferred tax for the year ended December 31, 2019.
[9]	Corresponds to the other comprehensive income as deferred tax for the year ended December 31, 2018.During 2018, the Bank increases its capital
[10]	Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2018.
[11]	See Consolidated Statement of Comprehensive Income.
[12]	For the purposes of applying the equity method of accounting, financial statements as of November 30, 2019 have been used. However, the Bank does not consider that any adjustments have to be made since no significant transactions took place between that date and December 31, 2019.
[13]	For the purposes of applying the equity method of accounting, financial statements as of November 30, 2018 have been used. However, the Bank does not consider that any adjustments have to be made since no significant transactions took place between that date and December 31, 2018.
[14]	Corresponds to the other comprehensive income recognized as Cumulative Translation Adjustment of Foreign Currency (CTA) for the year ended December 31, 2018.
[15]	In December 2019, Bancolombia S.A signed an agreement with Banco de Bogota and Davivienda to formed the associate Servicios de identidad digital S.A.S with purpose of providing digital citizens services.
[16]	In 2019, the Bank increased its capital contribution in Reintegra S.A.S by COP 3,775. The carrying amount at the end of the year is zero, because the amount of downstream transactions between Bancolombia S.A. and Reintegra made during 2019, exceeds the net investment on the entity.
[17]	In April, 2019, The Bank sold Concesiones CCFC S.A. See Note 25.5 Dividends and net income on equity investments.
[18]	As of December 31, 2018 the investment in Avefarma S.A.S., Glassfarma Tech S.A.S and Panamerican Pharmaceutical Holding inc. are still classified as "assets held for sale". See Note 1l3 Assets held for sale and inventories, net.

INVESTMENTS IN ASSOCIATES AND_5

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Additional information regarding the Bank's most significant associates (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Assets	$ 236,088,113		$ 220,076,482
Liabilities	207,282,494		193,421,257
Profits (loss)	3,214,567		2,786,435		$ 2,754,173
PA Viva Malls
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Assets	2,563,824		2,301,567
Liabilities	13,176		11,304
Income from ordinary activities	568,971		417,942
Profits (loss)	393,292		271,648
Dividends	71,212		9,064
Proteccion S.A.
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Assets	2,632,761	[1]	2,172,208	[2]
Liabilities	804,911	[1]	675,135	[2]
Income from ordinary activities	1,422,061	[1]	1,387,294	[2]
Profits (loss)	442,789	[1]	205,134	[2]
Dividends	22,622	[1]	37,861	[2]
Titularizadora Colombiana S.A. Hitos
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Assets	149,737		151,447
Liabilities	16,471		16,911
Income from ordinary activities	36,193		50,213
Profits (loss)	12,472		14,923
Dividends	$ 3,639		$ 2,824
[1]	The difference between the net assets of Protección S.A. multiplied by the Bank's percentage of ownership, which amounted to COP 376,111 for the year ended December 31, 2019, and the carrying amount of the Bank's interest in the associate, represents the goodwill recognized by the Bank amounting to COP 170,434.
[2]	Income fromCompany name    Assets    Liabilities    ordinary activities    Profits    DividendsIn millions of COPPA Viva Malls 2,301,567 11,304 417,942 271,648 9,064Protección S.A.(1) 2,172,208 675,135 1,387,294 205,134 37,861Titularizadora Colombiana S.A. Hitos 151,447 16,911 50,213 14,923 2,824The difference between the net assets of Protección S.A. multiplied by the Bank’s percentage of ownership, which amounted to COP 308,048 for the year ended December 31, 2018, and the carrying amount of the Bank’s interest in the associate, represents the goodwill recognized by the Bank amounting to COP 170,434.

INVESTMENTS IN ASSOCIATES AND_6

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - The Joint ventures that the Bank holds (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Accumulated other comprehensive income		$ 3,320,098		$ 3,202,969
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss		22,409		174,734		$ (831)
Investments in joint ventures		$ 473,733		$ 438,610
Compania de financiamiento Tuya S.A
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business of Joint Venture		Financing company	[1]	Financing company	[2],[3],[4]
Principal place of business of joint venture		Colombia	[1]	Colombia	[2],[3],[4]
Proportion of ownership interest in joint venture		50.00%	[1]	50.00%	[2],[3],[4]
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method		$ 8,630	[1],[5]	$ 27,623	[2],[3],[4],[6]
Accumulated other comprehensive income		0	[1],[7]	0	[2],[3],[4],[8]
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss		13	[1],[9]	0	[2],[3],[4],[10]
Investments in joint ventures		$ 466,456	[1]	$ 431,510	[2],[3],[4]
Vlipco S.A.S
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business of Joint Venture	[11]	Technology services provider
Principal place of business of joint venture	[11]	Colombia
Proportion of ownership interest in joint venture	[11]	49.00%
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method	[5],[11]	$ (79)
Accumulated other comprehensive income	[7],[11]	0
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss	[9],[11]	0
Investments in joint ventures	[11]	$ 4,190
Puntos Colombia S.A.S
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business of Joint Venture		Administration of the customers loyalty		Administration of the customers loyalty
Principal place of business of joint venture		Colombia		Colombia
Proportion of ownership interest in joint venture		50.00%		50.00%
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method		$ (4,228)	[5]	$ (1,613)	[6]
Accumulated other comprehensive income		0	[7]	0	[8]
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss		0	[9]	0	[10]
Investments in joint ventures		$ 1,373		$ 5,600
P.A Proyecto CRECE
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business of Joint Venture	[12]	Non-financial products and services platform
Principal place of business of joint venture	[12]	Colombia
Proportion of ownership interest in joint venture	[12]	50.00%
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method	[5],[12]	$ (1,191)
Accumulated other comprehensive income	[7],[12]	0
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss	[9],[12]	0
Investments in joint ventures	[12]	$ 1,009
P.A Proyecto Dinamarca
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business of Joint Venture	[13]	Sustainable mobility services
Principal place of business of joint venture	[13]	Colombia
Proportion of ownership interest in joint venture	[13]	33.00%
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method	[5],[13]	$ 0
Accumulated other comprehensive income	[7],[13]	0
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss	[9],[13]	0
Investments in joint ventures	[13]	$ 500
PA Servicios Tecnolgicos Arus Bancolombia
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business of Joint Venture		Technology services provider		Technology services provider	[14]
Principal place of business of joint venture		Colombia		Colombia	[14]
Proportion of ownership interest in joint venture		50.00%		50.00%	[14]
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method	[5]	$ (45)
Accumulated other comprehensive income		0	[7]	$ 0	[8],[14]
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss		0	[9]	0	[10],[14]
Investments in joint ventures		$ 205		$ 1,500	[14]
Fideicomiso Ruta del Sol - compartimento A
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business of Joint Venture		Investment in infrastructure projects		Investment in infrastructure projects
Principal place of business of joint venture		Colombia		Colombia
Proportion of ownership interest in joint venture		50.00%		50.00%
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method		$ (9)	[5]	$ (9)	[6]
Accumulated other comprehensive income		13	[7]	13	[8]
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss		0	[9]	0	[10]
Investments in joint ventures		$ 0		$ 0
Servicios de Aceptacion S.A
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Principal Business of Joint Venture		Network data transmission services	[15]	Network data transmission services	[16]
Principal place of business of joint venture		Colombia	[15]	Colombia	[16]
Proportion of ownership interest in joint venture	[16]			50.00%
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method		$ 0	[5],[15]	$ (110)	[6],[16]
Accumulated other comprehensive income	[7],[15]	0
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss		0	[9],[15]	0	[10],[16]
Investments in joint ventures		0	[15]	0	[16]
Joint ventures
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method		3,078	[5]	25,891	[6]
Accumulated other comprehensive income		13	[7]	13	[8]
Income tax relating to components of other comprehensive income that will not be reclassified to profit or loss		13	[9]	0	[10]
Investments in joint ventures		$ 473,733		$ 438,610
[1]	During 2019, The Bank increases its capital contribution in Compañia de Financiamiento TUYA S.A for COP 26,317.
[2]	As a result, management measured the recoverable amount of Tuya's Cash Generation Unit (CGU). The measurement was estimated by determining the fair value of the asset which implies the professional services of a business valuation specialist; as a result of the valuation the Bank recognized a recovery of the impairment loss of COP 173,339. For more information about the applied valuation technique, see Note 30 Fair value of assets and liabilities.
[3]	In March 2018, The Bank increases its capital contribution in Compañia de Financiamiento TUYA S.A. for COP 5,000.
[4]	The revaluation of the consumer loan portfolio in Colombia increased significantly during 2018, and there was an improvement in loan coverage rates due to the economic cycle in the country and the current payment behavior in the consumer segment.
[5]	Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2019.
[6]	Corresponds to the income recognized as equity method in the statement of income for the year ended December 31, 2018.
[7]	Corresponds to the accumulated other comprehensive income as of December 31, 2019.
[8]	Corresponds to the accumulated other comprehensive income as of December 31, 2018
[9]	Corresponds to the other comprehensive income recognized as deferred tax for the year ended December 31, 2019.
[10]	Corresponds to the other comprehensive income recognized as equity method for the year ended December 31, 2018.
[11]	In July, 2019, the Bank acquired a 48.91% interest in Vlipco S.A.S. The objective is have joint control to the net assets of Vlipco S.A.S. The purpose of the entity is to provide technology services.
[12]	In October 2019, Banca de Inversión Bancolombia, a Bank's subsidiary, entered into an agreement with Grupo Sura whereby both parties have joint control over the net assets of PA Project CRECE. The purpose of the entity is to provide a non- financial products and services platform.
[13]	In November 2019, Inversiones CFNS S.A.S., a Bank's subsidiary, entered into an agreement with Grupo Sura and CELSIA S.A whereby both parties have joint control over the net assets of PA Project Dinamarca. The purpose of the entity is to provide sustainable mobility services.
[14]	In December 2018, Banca de Inversión Bancolombia, a Bank's subsidiary, entered into an agreement with ARUS whereby both parties have joint control to the net assets of P.A Servicios Tecnológicos Arus- Bancolombia. The purpose of the entity is to provide technology services.
[15]	The liquidation process was ended in April 2019, see Note 25.5 Dividends and net income on equity investments.
[16]	The joint venture of Servicios de Aceptación S.A.S. was derived from the alliance between Bancolombia and First Data for improving the development of the credit card business for individuals, however the strategy was refocused in 2018. Consequently, both parties agreed to advance in the development of this business considering First Data as the Bank's service provider of processing data and to dissolve the joint venture.

INVESTMENTS IN ASSOCIATES AND_7

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - The Bank's most significant joint ventures (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Assets	$ 236,088,113	$ 220,076,482
Liabilities	207,282,494	193,421,257
Profits (loss)	3,214,567	2,786,435	$ 2,754,173
Compania de financiamiento Tuya S.A
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Assets	3,289,299	2,790,596
Liabilities	2,876,294	2,447,483
Income from ordinary activities	1,700,009	1,450,242
Profits (loss)	(19,345)	$ 55,258
Dividends	$ 0

INVESTMENTS IN ASSOCIATES AND_8

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Details) - COP ($) $ in Millions	1 Months Ended		12 Months Ended
	Jul. 31, 2019	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Investments in associates at equity value			$ 644,206	$ 590,996
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax			8,119	1,918	$ (11,547)
Adjustments for undistributed profits of investments accounted for using equity method			(249,231)	(187,814)	(253,602)
Other comprehensive income, before tax, exchange differences on translation					80
Dividends received from associates, classified as investing activities					$ 75,224
PA Viva Malls
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Increase (decrease) in working capital				274,951
Reintegra S.A.S.
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Increase (decrease) in working capital				1,152
Proteccion S.A.
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Assets (liabilities)			376,111	308,048
Additional recognition, goodwill			170,434	$ 170,434
Compania de financiamiento Tuya S.A
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Increase (decrease) in working capital			26,317
Impairment loss			$ 173,339
Vlipco S.A.S
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Interest Rate Acquired	48.91%
PA Servicios Tecnolgicos Arus Bancolombia
Disclosure Of Interests In Other Entities Explanatory [Line Items]
Increase (decrease) in working capital		$ 5,000

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS, NET - Intangibles assets and goodwill net (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
GOODWILL AND INTANGIBLE ASSETS, NET
Intangible assets	$ 538,958	$ 563,452
Goodwill	6,694,354	6,638,403	$ 6,095,959
Total	$ 7,233,312	$ 7,201,855

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS, NET - Intangible assets (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning period	$ 563,452
Intangible assets at ending period	538,958	$ 563,452
Cost
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning period	1,048,265	888,585
Acquisitions	114,230	133,376
Write off	(2,121)	(29,663)
Foreign currency translation adjustment	5,739	55,967
Intangible assets at ending period	1,166,113	1,048,265
Amortization
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning period	(484,813)	(353,120)
Write off	2,085	25,929
Amortization expense	(141,104)	(123,551)
Foreign currency translation adjustment	(3,323)	(34,071)
Intangible assets at ending period	(627,155)	(484,813)
Trademarks
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning period	10,979
Intangible assets at ending period	8,304	10,979
Trademarks | Cost
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning period	19,213	17,642
Acquisitions	0	0
Write off	0	0
Foreign currency translation adjustment	162	1,571
Intangible assets at ending period	19,375	19,213
Trademarks | Amortization
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning period	(8,234)	(5,040)
Write off	0	0
Amortization expense	(2,772)	(2,497)
Foreign currency translation adjustment	(65)	(697)
Intangible assets at ending period	(11,071)	(8,234)
Licenses, software and computer applications
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning period	397,700
Intangible assets at ending period	426,694	397,700
Licenses, software and computer applications | Cost
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning period	654,394	526,923
Acquisitions	114,230	133,376
Write off	(2,121)	(29,663)
Foreign currency translation adjustment	2,420	23,758
Intangible assets at ending period	768,923	654,394
Licenses, software and computer applications | Amortization
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning period	(256,694)	(203,554)
Write off	2,085	25,929
Amortization expense	(86,132)	(64,204)
Foreign currency translation adjustment	(1,488)	(14,865)
Intangible assets at ending period	(342,229)	(256,694)
Client relationships
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning period	154,773
Intangible assets at ending period	103,960	154,773
Client relationships | Cost
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning period	374,658	344,020
Acquisitions	0	0
Write off	0	0
Foreign currency translation adjustment	3,157	30,638
Intangible assets at ending period	377,815	374,658
Client relationships | Amortization
Disclosure of detailed information about intangible assets [line items]
Intangible assets at beginning period	(219,885)	(144,526)
Write off	0	0
Amortization expense	(52,200)	(56,850)
Foreign currency translation adjustment	(1,770)	(18,509)
Intangible assets at ending period	$ (273,855)	$ (219,885)

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS, NET - Goodwill (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
GOODWILL AND INTANGIBLE ASSETS, NET
Balance	$ 6,638,403	$ 6,095,959
Effect of change in foreign exchange rate	55,951	542,444
Balance	$ 6,694,354	$ 6,638,403

GOODWILL AND INTANGIBLE ASSET_6

GOODWILL AND INTANGIBLE ASSETS, NET - Key assumptions used (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about intangible assets [line items]
Goodwill 2019	$ 6,694,354	$ 6,638,403	$ 6,095,959
Banking El Salvador
Disclosure of detailed information about intangible assets [line items]
Goodwill 2019	$ 924,399
Valuation Methodology	Discounted Cash flow
Key Assumptions	5 years plan
Discount Rate (real)	12.00%
Growth rate (real)	4.10%
Banking Panama
Disclosure of detailed information about intangible assets [line items]
Goodwill 2019	$ 5,005,084
Valuation Methodology	Discounted Cash flow
Key Assumptions	5 years plan
Discount Rate (real)	8.40%
Growth rate (real)	6.70%
Banking Guatemala
Disclosure of detailed information about intangible assets [line items]
Goodwill 2019	$ 764,871
Valuation Methodology	Discounted Cash flow
Key Assumptions	5 years plan
Discount Rate (real)	10.40%
Growth rate (real)	5.20%

GOODWILL AND INTANGIBLE ASSET_7

GOODWILL AND INTANGIBLE ASSETS, NET - Sensitivity analysis (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Banking Panama
Disclosure of detailed information about intangible assets [line items]
Discount rate applied to cash flow projections	8.40%
Growth rate used to extrapolate cash flow projections	6.70%
Discount Rate | Banking Panama
Disclosure of detailed information about intangible assets [line items]
Discount rate applied to cash flow projections	8.40%	9.10%
Discount Rate | Banking Panama | Bottom of range
Disclosure of detailed information about intangible assets [line items]
Discount rate applied to cash flow projections	8.90%	9.35%
Recoverable amount of asset or cash-generating unit	$ 9,801,900	$ 10,044,682
Discount Rate | Banking Panama | Weighted average
Disclosure of detailed information about intangible assets [line items]
Discount rate applied to cash flow projections	8.40%	9.10%
Recoverable amount of asset or cash-generating unit	$ 12,864,721	$ 11,157,929
Discount Rate | Banking Panama | Top of range
Disclosure of detailed information about intangible assets [line items]
Discount rate applied to cash flow projections	7.90%	8.85%
Recoverable amount of asset or cash-generating unit	$ 18,487,028	$ 12,531,296
Discount Rate | Banking El Salvador
Disclosure of detailed information about intangible assets [line items]
Discount rate applied to cash flow projections	12.00%	12.40%
Discount Rate | Banking El Salvador | Bottom of range
Disclosure of detailed information about intangible assets [line items]
Discount rate applied to cash flow projections	12.50%	12.65%
Recoverable amount of asset or cash-generating unit	$ 3,110,435	$ 2,893,147
Discount Rate | Banking El Salvador | Weighted average
Disclosure of detailed information about intangible assets [line items]
Discount rate applied to cash flow projections	12.00%	12.40%
Recoverable amount of asset or cash-generating unit	$ 3,310,969	$ 2,975,432
Discount Rate | Banking El Salvador | Top of range
Disclosure of detailed information about intangible assets [line items]
Discount rate applied to cash flow projections	11.50%	12.15%
Recoverable amount of asset or cash-generating unit	$ 3,538,828	$ 3,062,694
Discount Rate | Banking Guatemala
Disclosure of detailed information about intangible assets [line items]
Discount rate applied to cash flow projections	10.40%	11.70%
Discount Rate | Banking Guatemala | Bottom of range
Disclosure of detailed information about intangible assets [line items]
Discount rate applied to cash flow projections	10.90%	11.95%
Recoverable amount of asset or cash-generating unit	$ 2,099,213	$ 1,649,883
Discount Rate | Banking Guatemala | Weighted average
Disclosure of detailed information about intangible assets [line items]
Discount rate applied to cash flow projections	10.40%	11.70%
Recoverable amount of asset or cash-generating unit	$ 2,325,334	$ 1,719,017
Discount Rate | Banking Guatemala | Top of range
Disclosure of detailed information about intangible assets [line items]
Discount rate applied to cash flow projections	9.90%	11.45%
Recoverable amount of asset or cash-generating unit	$ 2,600,045	$ 1,793,745
Growth Rate | Banking Panama
Disclosure of detailed information about intangible assets [line items]
Growth rate used to extrapolate cash flow projections	6.70%	6.70%
Growth Rate | Banking Panama | Bottom of range
Disclosure of detailed information about intangible assets [line items]
Recoverable amount of asset or cash-generating unit	$ 10,827,366	$ 10,458,284
Growth rate used to extrapolate cash flow projections	6.20%	6.45%
Growth Rate | Banking Panama | Weighted average
Disclosure of detailed information about intangible assets [line items]
Recoverable amount of asset or cash-generating unit	$ 12,864,721	$ 11,157,929
Growth rate used to extrapolate cash flow projections	6.70%	6.70%
Growth Rate | Banking Panama | Top of range
Disclosure of detailed information about intangible assets [line items]
Recoverable amount of asset or cash-generating unit	$ 16,599,874	$ 12,020,283
Growth rate used to extrapolate cash flow projections	7.20%	6.95%
Growth Rate | Banking El Salvador
Disclosure of detailed information about intangible assets [line items]
Growth rate used to extrapolate cash flow projections	4.10%	3.90%
Growth Rate | Banking El Salvador | Bottom of range
Disclosure of detailed information about intangible assets [line items]
Recoverable amount of asset or cash-generating unit	$ 3,232,992	$ 2,945,601
Growth rate used to extrapolate cash flow projections	3.60%	3.65%
Growth Rate | Banking El Salvador | Weighted average
Disclosure of detailed information about intangible assets [line items]
Recoverable amount of asset or cash-generating unit	$ 3,310,969	$ 2,975,432
Growth rate used to extrapolate cash flow projections	4.10%	3.90%
Growth Rate | Banking El Salvador | Top of range
Disclosure of detailed information about intangible assets [line items]
Recoverable amount of asset or cash-generating unit	$ 3,399,482	$ 3,007,065
Growth rate used to extrapolate cash flow projections	4.60%	4.15%
Growth Rate | Banking Guatemala
Disclosure of detailed information about intangible assets [line items]
Growth rate used to extrapolate cash flow projections	5.20%	5.20%
Growth Rate | Banking Guatemala | Bottom of range
Disclosure of detailed information about intangible assets [line items]
Recoverable amount of asset or cash-generating unit	$ 2,196,032	$ 1,684,998
Growth rate used to extrapolate cash flow projections	4.70%	4.95%
Growth Rate | Banking Guatemala | Weighted average
Disclosure of detailed information about intangible assets [line items]
Recoverable amount of asset or cash-generating unit	$ 2,325,334	$ 1,719,017
Growth rate used to extrapolate cash flow projections	5.20%	5.20%
Growth Rate | Banking Guatemala | Top of range
Disclosure of detailed information about intangible assets [line items]
Recoverable amount of asset or cash-generating unit	$ 2,482,145	$ 1,755,758
Growth rate used to extrapolate cash flow projections	5.70%	5.45%

GOODWILL AND INTANGIBLE ASSET_8

GOODWILL AND INTANGIBLE ASSETS, NET - Additional Information (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
GOODWILL AND INTANGIBLE ASSETS, NET
Research and Development Expense	$ 85,532	$ 78,222	$ 105,145
Intangible Assets Controlled by Entity but not Recognised	$ 48,584	$ 41,690	$ 23,180

PREMISES AND EQUIPMENT, NET (De

PREMISES AND EQUIPMENT, NET (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019		Dec. 31, 2018
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		$ 3,368,647		$ 3,127,405
Acquisitions		1,401,916		921,256
Expenses - depreciation	[1]	(353,450)		(317,751)
Disposals		(415,495)		(299,502)
Assets classified as held for sale		(180,096)		(114,203)
Effect of changes in foreign exchange rate		6,343		51,442
Balance at Ending		3,827,865		3,368,647
Non-current assets held for sale [member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		164,356		109,469
Acquisitions				84,290
Expenses - depreciation				(24,854)
Disposals				(1,485)
Assets classified as held for sale				(13,467)
Effect of changes in foreign exchange rate				10,403
Balance at Ending				164,356
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		5,222,470		4,742,492
Acquisitions		1,408,263		921,487
Expenses - depreciation	[1]	0		0
Disposals		(698,613)		(387,316)
Assets classified as held for sale		(275,495)		(180,769)
Effect of changes in foreign exchange rate		13,762		126,576
Balance at Ending		5,670,387		5,222,470
Cost | Non-current assets held for sale [member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		210,911		142,871
Acquisitions				84,344
Expenses - depreciation				0
Disposals				(1,850)
Assets classified as held for sale				(26,913)
Effect of changes in foreign exchange rate				12,459
Balance at Ending				210,911
Cost | Land [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		361,732		337,362
Acquisitions		127,302	[2]	20,924
Expenses - depreciation	[1]	0		0
Disposals		(3,662)		(6,079)
Assets classified as held for sale		0		0
Effect of changes in foreign exchange rate		1,543		9,525
Balance at Ending		486,915		361,732
Cost | Construction in Progress [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		2,453		5,129
Acquisitions		34,457		6,485
Expenses - depreciation	[1]	0		0
Disposals		(6,011)		(8,448)
Assets classified as held for sale		0		0
Effect of changes in foreign exchange rate		(1)		(713)
Balance at Ending		30,898		2,453
Cost | Buildings
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		1,344,517		1,304,539
Acquisitions		264,031	[2]	21,817
Expenses - depreciation	[1]	0		0
Disposals		(6,840)		(34,850)
Assets classified as held for sale		0		(5,916)
Effect of changes in foreign exchange rate		4,712		58,927
Balance at Ending		1,606,420		1,344,517
Cost | Furniture and fixtures
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		629,428		601,275
Acquisitions		66,746		28,221
Expenses - depreciation	[1]	0		0
Disposals		(50,879)		(24,861)
Assets classified as held for sale		0		0
Effect of changes in foreign exchange rate		2,086		24,793
Balance at Ending		647,381		629,428
Cost | Furniture and fixtures | Non-current assets held for sale [member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		110		111
Acquisitions				0
Expenses - depreciation				0
Disposals				0
Assets classified as held for sale				0
Effect of changes in foreign exchange rate				(1)
Balance at Ending				110
Cost | Computer Equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		896,811		782,476
Acquisitions		148,244		142,451
Expenses - depreciation	[1]	0		0
Disposals		(92,273)		(50,282)
Assets classified as held for sale		(3,668)		(4,708)
Effect of changes in foreign exchange rate		3,021		26,874
Balance at Ending		952,135		896,811
Cost | Computer Equipment [Member] | Non-current assets held for sale [member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		120		113
Acquisitions				0
Expenses - depreciation				0
Disposals				0
Assets classified as held for sale				0
Effect of changes in foreign exchange rate				7
Balance at Ending				120
Cost | Vehicles
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		1,671,850		1,410,709
Acquisitions		736,568		679,356
Expenses - depreciation	[1]	0		0
Disposals		(199,566)		(249,771)
Assets classified as held for sale		(271,827)		(170,145)
Effect of changes in foreign exchange rate		111		1,701
Balance at Ending		1,937,136		1,671,850
Cost | Vehicles | Non-current assets held for sale [member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		210,681		142,647
Acquisitions				84,344
Expenses - depreciation				0
Disposals				(1,850)
Assets classified as held for sale				(26,913)
Effect of changes in foreign exchange rate				12,453
Balance at Ending				210,681
Cost | Ongoing Imports [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		1,267		3,502
Acquisitions		0		3,053
Expenses - depreciation	[1]	0		0
Disposals		(1,267)		(5,288)
Assets classified as held for sale		0		0
Effect of changes in foreign exchange rate		0		0
Balance at Ending				1,267
Cost | Leasehold Improvements [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		314,412		297,500
Acquisitions		30,915		19,180
Expenses - depreciation	[1]	0		0
Disposals		(338,115)	[3]	(7,737)
Assets classified as held for sale		0		0
Effect of changes in foreign exchange rate		2,290		5,469
Balance at Ending		9,502		314,412
Amortization
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		(1,853,823)		(1,615,087)
Acquisitions		(6,347)		(231)
Expenses - depreciation	[1]	(353,450)	[4]	(317,751)
Disposals		283,118		87,814
Assets classified as held for sale		95,399		66,566
Effect of changes in foreign exchange rate		(7,419)		(75,134)
Balance at Ending		(1,842,522)		(1,853,823)
Amortization | Non-current assets held for sale [member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		(46,555)		(33,402)
Acquisitions				(54)
Expenses - depreciation				(24,854)
Disposals				365
Assets classified as held for sale				13,446
Effect of changes in foreign exchange rate				(2,056)
Balance at Ending				(46,555)
Amortization | Buildings
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		(330,991)		(285,118)
Acquisitions		0		0
Expenses - depreciation	[1]	(32,415)		(29,199)
Disposals		4,794		2,913
Assets classified as held for sale		0		0
Effect of changes in foreign exchange rate		(2,309)		(19,587)
Balance at Ending		(360,921)		(330,991)
Amortization | Furniture and fixtures
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		(358,934)		(334,054)
Acquisitions		0		0
Expenses - depreciation	[1]	(40,593)		(36,073)
Disposals		28,687		18,695
Assets classified as held for sale		0		0
Effect of changes in foreign exchange rate		(1,716)		(7,502)
Balance at Ending		(372,556)		(358,934)
Amortization | Furniture and fixtures | Non-current assets held for sale [member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		(102)		(95)
Acquisitions				0
Expenses - depreciation				(9)
Disposals				0
Assets classified as held for sale				0
Effect of changes in foreign exchange rate				2
Balance at Ending				(102)
Amortization | Computer Equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		(567,726)		(497,976)
Acquisitions		0		0
Expenses - depreciation	[1]	(100,653)		(80,980)
Disposals		82,777		47,345
Assets classified as held for sale		3,796		4,578
Effect of changes in foreign exchange rate		(2,297)		(40,693)
Balance at Ending		(584,103)		(567,726)
Amortization | Computer Equipment [Member] | Non-current assets held for sale [member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		(112)		(86)
Acquisitions				0
Expenses - depreciation				(12)
Disposals				0
Assets classified as held for sale				0
Effect of changes in foreign exchange rate				(14)
Balance at Ending				(112)
Amortization | Vehicles
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		(444,027)		(371,276)
Acquisitions		(6,347)		(231)
Expenses - depreciation	[1]	(179,643)		(145,529)
Disposals		14,562		11,673
Assets classified as held for sale		91,603		61,988
Effect of changes in foreign exchange rate		(59)		(652)
Balance at Ending		(523,911)		(444,027)
Amortization | Vehicles | Non-current assets held for sale [member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		(46,341)		(33,221)
Acquisitions				(54)
Expenses - depreciation				(24,833)
Disposals				365
Assets classified as held for sale				13,446
Effect of changes in foreign exchange rate				(2,044)
Balance at Ending				(46,341)
Amortization | Leasehold Improvements [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at Beginning		(152,145)		(126,663)
Acquisitions		0		0
Expenses - depreciation	[1]	(146)		(25,970)
Disposals		152,298	[3]	7,188
Assets classified as held for sale		0		0
Effect of changes in foreign exchange rate		(1,038)		(6,700)
Balance at Ending		$ (1,031)		$ (152,145)
[1]	Roll - forwardBalance atEffect ofBalance atPremises and equipmentJanuary 1,ExpensesAssetschanges inDecember 31, 2019Acquisitionsdepreciation (1)Disposalsclassifiedforeign2019as held forexchange          sale  rate  In millions of COPLandCost 361,732 127,302(2) - (3,662) - 1,543 486,915Construction in progressCost 2,453 34,457 - (6,011) - (1) 30,898BuildingsCost 1,344,517 264,031(2) - (6,840) - 4,712 1,606,420Accumulated depreciation (330,991) - (32,415) 4,794 - (2,309) (360,921)Furniture and fixturesCost 629,428 66,746 - (50,879) - 2,086 647,381Accumulated depreciation (358,934) - (40,593) 28,687 - (1,716) (372,556)Computer equipmentCost 896,811 148,244 - (92,273) (3,668) 3,021 952,135Accumulated depreciation (567,726) - (100,653) 82,777 3,796 (2,297) (584,103)VehiclesCost 1,671,850 736,568 - (199,566) (271,827) 111 1,937,136Accumulated depreciation (444,027) (6,347) (179,643) 14,562 91,603 (59) (523,911)Ongoing ImportsCost 1,267 - - (1,267) - - -Leasehold improvementsCost 314,412 30,915 - (338,115)(3) - 2,290 9,502Accumulated depreciation (152,145) - (146) 152,298(3) - (1,038) (1,031)Total premises and equipment - cost 5,222,470 1,408,263 - (698,613) (275,495) 13,762 5,670,387Total premises and equipment - accumulated depreciation (1,853,823) (6,347) (353,450) 283,118 95,399 (7,419) (1,842,522)Total premises and equipment, net 3,368,647 1,401,916 (353,450) (415,495) (180,096) 6,343 3,827,865See Note 26.3 Impairment, depreciation and amortization.
[2]	Corresponds to the acquisition of a new headquarters in Bogotá.
[3]	It mainly corresponds to the reclassification to Assets by right of use as an integral part of the leased assets during the year 2019. See note 7.2 Lessee.
[4]	Roll - forwardBalance atEffect ofBalance atPremises and equipmentJanuary 1,ExpensesAssetschanges inDecember 31, 2019Acquisitionsdepreciation (1)Disposalsclassifiedforeign2019as held forexchange          sale  rate  In millions of COPLandCost 361,732 127,302(2) - (3,662) - 1,543 486,915Construction in progressCost 2,453 34,457 - (6,011) - (1) 30,898BuildingsCost 1,344,517 264,031(2) - (6,840) - 4,712 1,606,420Accumulated depreciation (330,991) - (32,415) 4,794 - (2,309) (360,921)Furniture and fixturesCost 629,428 66,746 - (50,879) - 2,086 647,381Accumulated depreciation (358,934) - (40,593) 28,687 - (1,716) (372,556)Computer equipmentCost 896,811 148,244 - (92,273) (3,668) 3,021 952,135Accumulated depreciation (567,726) - (100,653) 82,777 3,796 (2,297) (584,103)VehiclesCost 1,671,850 736,568 - (199,566) (271,827) 111 1,937,136Accumulated depreciation (444,027) (6,347) (179,643) 14,562 91,603 (59) (523,911)Ongoing ImportsCost 1,267 - - (1,267) - - -Leasehold improvementsCost 314,412 30,915 - (338,115)(3) - 2,290 9,502Accumulated depreciation (152,145) - (146) 152,298(3) - (1,038) (1,031)Total premises and equipment - cost 5,222,470 1,408,263 - (698,613) (275,495) 13,762 5,670,387Total premises and equipment - accumulated depreciation (1,853,823) (6,347) (353,450) 283,118 95,399 (7,419) (1,842,522)Total premises and equipment, net 3,368,647 1,401,916 (353,450) (415,495) (180,096) 6,343 3,827,865See Note 26.3 Impairment, depreciation and amortization.

PREMISES AND EQUIPMENT, NET - A

PREMISES AND EQUIPMENT, NET - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019COP ($)
PREMISES AND EQUIPMENT, NET
Fully depreciated property and equipment that is still in use	$ 384,847

INVESTMENT PROPERTIES - Reconci

INVESTMENT PROPERTIES - Reconciliation between Initial Balance Account (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Disclosure of detailed information about investment property [line items]
Balance at the beginning of the year		$ 1,732,873
Gains on valuation	[1]	93,197		$ 77,350		$ 55,573
Balance at the end of the period		1,992,964		1,732,873
Investment property [member]
Disclosure of detailed information about investment property [line items]
Balance at the beginning of the year		1,732,873	[2]	1,657,409
Acquisitions		116,503		8,536
Sales/Write-offs		(17,667)		(10,422)
Amount reclassified from inventories	[3]	68,058
Gains on valuation	[4]	93,197		77,350
Balance at the end of the period		$ 1,992,964	[2]	$ 1,732,873	[2]	$ 1,657,409
[1]	See Note 11 Investment properties.
[2]	Between December 31, 2019 and 2018, there were no transfers in and out of Level 3 fair value hierarchy related with investment properties. See Note 30 Fair value of assets and liabilities.
[3]	In 2019, returned goods from financial leasing operations were reclassified from inventories to investment property, because they are held for obtaining profits and capital appreciation.
[4]	See Note 25.4 Other operating income, net.

INVESTMENT PROPERTIES - Valuati

INVESTMENT PROPERTIES - Valuation Adjustments (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Disclosure of detailed information about investment property [line items]
Balance at the beginning of the year		$ 1,732,873
Appraisals	[1]	93,197		$ 77,350		$ 55,573
Balance at the end of the period		1,992,964		1,732,873
Investment property [member]
Disclosure of detailed information about investment property [line items]
Balance at the beginning of the year		1,732,873	[2]	1,657,409
Appraisals	[3]	93,197		77,350
Net increase in (decrease) in investment properties		98,836		(1,886)
Amount reclassified from inventories	[4]	68,058
Balance at the end of the period		1,992,964	[2]	1,732,873	[2]	1,657,409
Buildings | Investment property [member]
Disclosure of detailed information about investment property [line items]
Balance at the beginning of the year		1,483,594		1,425,585
Appraisals		74,210		59,895
Net increase in (decrease) in investment properties		98,857		(1,886)
Amount reclassified from inventories	[4]	68,058
Balance at the end of the period		1,724,719		1,483,594		1,425,585
Land [Member] | Investment property [member]
Disclosure of detailed information about investment property [line items]
Balance at the beginning of the year		249,279		231,824
Appraisals		18,987		17,455
Net increase in (decrease) in investment properties		(21)		0
Balance at the end of the period		$ 268,245		$ 249,279		$ 231,824
[1]	See Note 11 Investment properties.
[2]	Between December 31, 2019 and 2018, there were no transfers in and out of Level 3 fair value hierarchy related with investment properties. See Note 30 Fair value of assets and liabilities.
[3]	See Note 25.4 Other operating income, net.
[4]	In 2019, returned goods from financial leasing operations were reclassified from inventories to investment property, because they are held for obtaining profits and capital appreciation.

INVESTMENT PROPERTIES - Income

INVESTMENT PROPERTIES - Income recorded by Bank Related to Investment Properties (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INVESTMENT PROPERTIES
Income from rentals	$ 85,507	$ 79,756	$ 77,964
Direct operating expense from investment property generating rental income	(15,669)	(16,531)	(21,012)
Direct operating expense from investment property not generating rental income	$ (2,183)	$ (1,630)	$ (2,295)

INCOME TAX - Components recogni

INCOME TAX - Components recognized in income statement (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current tax
Fiscal term		$ 1,040,558	$ 752,728	$ 1,041,454
Prior fiscal terms	[1]	7,908	(146,837)	3,967
Total current tax		1,048,466	605,891	1,045,421
Deferred tax
Fiscal term		214,498	223,544	193,177
Total deferred tax		214,498	223,544	193,177
Total income tax		$ 1,262,964	$ 829,435	$ 1,238,598
[1]	The recoveries of previous periods for $85,921 was recognized in 2017 in Bancolombia as income.

INCOME TAX - Other comprehensiv

INCOME TAX - Other comprehensive income (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Amount before taxes
Revaluation losses related to the defined benefit liability	$ (38,451)	$ 37,325	$ 3,753
Net income from financial instruments measured at fair value	84,171	3,771	17,548
Unrealized gains on investments in associates and joint ventures using equity method.	8,151	2,581	(11,547)
Loss net investment coverage in operations abroad	(60,258)	(584,650)	36,762
Loss net investment coverage in operations abroad	60,258	584,650	(36,762)
Net	98,568	502,620	470,941
Expenses or (income) per tax
Revaluation losses related to the defined benefit liability	(14,835)	7,663	3,725
Net income from financial instruments measured at fair value	(12,607)	10,190	9,789
Unrealized gains on investments in associates and joint ventures using equity method.	(32)	(663)
Loss net investment coverage in operations abroad	20,213	172,870	(6,895)
Net	22,409	174,734	(831)
Net taxes
Losses related to the defined benefit liability	(23,616)	29,662	28
Unrealized gains on investments in associates and joint ventures using equity method.	8,119	1,918	(11,547)
Net income from financial instruments measured at fair value	71,564	13,961	27,337
Loss net investment coverage in operations abroad	(40,045)	(411,780)	29,867
Exchange differences arising on translating the foreign operations	104,955	1,043,593	412,878
Net	$ 120,977	$ 677,354	$ 470,110

INCOME TAX - Applicable fees fo

INCOME TAX - Applicable fees for companies domiciled in colombia (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Explanation of applicable rates
Tax rate effect of adjustments for current tax of prior periods	0.00%	3.00%	3.00%	4.00%
Total	30.00%	33.00%	34.00%	36.00%
Country of domicile [member]
Explanation of applicable rates
Income tax					33.00%	33.00%	34.00%
Additional points					0.00%	4.00%	6.00%
Total					33.00%	37.00%	40.00%

INCOME TAX - Applicable fees _2

INCOME TAX - Applicable fees for other countries (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Explanation of applicable rates
Applicable tax rate	30.00%	30.00%	31.00%	32.00%
Peru | 2018 [Member]
Explanation of applicable rates
Applicable tax rate					29.50%
Peru | 2019 [Member]
Explanation of applicable rates
Applicable tax rate					29.50%
Panama | 2018 [Member]
Explanation of applicable rates
Applicable tax rate					25.00%
Panama | 2019 [Member]
Explanation of applicable rates
Applicable tax rate					25.00%
Panama | 2020 onwards [Member]
Explanation of applicable rates
Applicable tax rate					25.00%
El Salvador [Member] | 2018 [Member]
Explanation of applicable rates
Applicable tax rate					30.00%
El Salvador [Member] | 2019 [Member]
Explanation of applicable rates
Applicable tax rate					30.00%
El Salvador [Member] | 2020 onwards [Member]
Explanation of applicable rates
Applicable tax rate					30.00%
Guatemala | 2018 [Member]
Explanation of applicable rates
Applicable tax rate					25.00%
Guatemala | 2019 [Member]
Explanation of applicable rates
Applicable tax rate					25.00%
Guatemala | 2020 onwards [Member]
Explanation of applicable rates
Applicable tax rate					25.00%

INCOME TAX - Temporary differen

INCOME TAX - Temporary differences in subsidiaries (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Local Subsidiaries [Member]
Disclosure Of Income Tax [Line Items]
Temporary differences	$ (1,159,387)	$ (442,739)
Foreign Subsidiaries [Member]
Disclosure Of Income Tax [Line Items]
Temporary differences	$ (4,547,635)	$ (4,547,635)

INCOME TAX - Net effect of defe

INCOME TAX - Net effect of deferred tax assets and liabilities (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Income Tax [Line Items]
Net deferred tax assets	$ 401,002	$ 271,177
Net deferred tax liabilities	(1,521,958)	(1,318,295)
Deferred tax liability (asset)	(1,120,956)	(1,047,118)
Arrendadora Financiera S.A [Member]
Disclosure Of Income Tax [Line Items]
Net deferred tax assets		94
Net deferred tax liabilities	(53)	0
Bagricola Costa Rica S.A. [Member]
Disclosure Of Income Tax [Line Items]
Net deferred tax assets	102	74
Net deferred tax liabilities		0
Grupo Agromercantil Holding
Disclosure Of Income Tax [Line Items]
Net deferred tax assets	50,063	0
Net deferred tax liabilities		(13,566)
Banca de Inversion Bancolombia S.A [Member]
Disclosure Of Income Tax [Line Items]
Net deferred tax assets		0
Net deferred tax liabilities	(20,567)	(20,300)
Banco Agrcola S.A. [member]
Disclosure Of Income Tax [Line Items]
Net deferred tax assets	72,436	67,527
Net deferred tax liabilities		0
Bancolombia S.A. [Member]
Disclosure Of Income Tax [Line Items]
Net deferred tax assets		0
Net deferred tax liabilities	(1,452,087)	(1,245,807)
Banistmo S.A. y Filiales [Member]
Disclosure Of Income Tax [Line Items]
Net deferred tax assets	271,057	198,958
Net deferred tax liabilities		0
Pasarela Colombia S.A.S [Member]
Disclosure Of Income Tax [Line Items]
Net deferred tax assets	118	0
Net deferred tax liabilities		(19)
Fideicomiso Lote Abelardo Castro. [Member]
Disclosure Of Income Tax [Line Items]
Net deferred tax assets		0
Net deferred tax liabilities		(123)
Fiduciaria Bancolombia S.A. [Member]
Disclosure Of Income Tax [Line Items]
Net deferred tax assets		0
Net deferred tax liabilities	(5,918)	(4,265)
Gestora de Fondos de Inversion Banagricola S.A. [Member]
Disclosure Of Income Tax [Line Items]
Net deferred tax assets	21	0
Net deferred tax liabilities		0
Inversiones CFNS S.A.S. [Member]
Disclosure Of Income Tax [Line Items]
Net deferred tax assets		0
Net deferred tax liabilities	(452)	(1,011)
Renting Colombia S.A. [Member]
Disclosure Of Income Tax [Line Items]
Net deferred tax assets		0
Net deferred tax liabilities	(30,656)	(22,450)
Transportempo S.A.S. [Member]
Disclosure Of Income Tax [Line Items]
Net deferred tax assets	1,238	163
Net deferred tax liabilities		0
Valores Banagricola S.A. [Member]
Disclosure Of Income Tax [Line Items]
Net deferred tax assets	8	19
Net deferred tax liabilities		0
Valores Bancolombia S.A. [Member]
Disclosure Of Income Tax [Line Items]
Net deferred tax assets	5,959	4,342
Net deferred tax liabilities		0
Valores Simesa S.A. [Member]
Disclosure Of Income Tax [Line Items]
Net deferred tax assets		0
Net deferred tax liabilities	$ (12,225)	$ (10,754)

INCOME TAX - Deferred tax asset

INCOME TAX - Deferred tax asset and liability with effect on income statement, OCI and equity (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019COP ($)
Disclosure Of Income Tax [Line Items]
Net deferred tax at December 31, 2018	$ (1,047,118)
Net deferred tax, With effects on the statement of income and Foreign currency translation adjustments	(299,106)
Net deferred tax, With OCI effects	139,055
Net deferred tax, Eliminations	30,705
Net deferred tax, Reclassifications	55,508
Net deferred tax at December 31, 2019	(1,120,956)
Deferred tax asset [Member]
Disclosure Of Income Tax [Line Items]
Net deferred tax at December 31, 2018	1,182,677
Net deferred tax, With effects on the statement of income and Foreign currency translation adjustments	(79,475)
Net deferred tax, With OCI effects	153,409
Net deferred tax, Eliminations	(14,192)
Net deferred tax, Reclassifications	10,041
Net deferred tax at December 31, 2019	1,252,460
Deferred tax liability [Member]
Disclosure Of Income Tax [Line Items]
Net deferred tax at December 31, 2018	(2,229,795)
Net deferred tax, With effects on the statement of income and Foreign currency translation adjustments	(219,631)
Net deferred tax, With OCI effects	(14,354)
Net deferred tax, Eliminations	44,897
Net deferred tax, Reclassifications	45,467
Net deferred tax at December 31, 2019	(2,373,416)
Deferred income tax asset result [Member]
Disclosure Of Income Tax [Line Items]
Net deferred tax at December 31, 2018	704,801
Net deferred tax, With effects on the statement of income and Foreign currency translation adjustments	(79,475)
Net deferred tax, With OCI effects	0
Net deferred tax, Eliminations	(14,192)
Net deferred tax, Reclassifications	8,979
Net deferred tax at December 31, 2019	620,113
Assets deferred Tax, OCI and Equity [Member]
Disclosure Of Income Tax [Line Items]
Net deferred tax at December 31, 2018	477,876
Net deferred tax, With effects on the statement of income and Foreign currency translation adjustments	0
Net deferred tax, With OCI effects	153,409
Net deferred tax, Eliminations	0
Net deferred tax, Reclassifications	1,062
Net deferred tax at December 31, 2019	3
Deferred income tax liability result [Member]
Disclosure Of Income Tax [Line Items]
Net deferred tax at December 31, 2018	(2,122,001)
Net deferred tax, With effects on the statement of income and Foreign currency translation adjustments	(219,631)
Net deferred tax, With OCI effects	0
Net deferred tax, Eliminations	44,897
Net deferred tax, Reclassifications	44,901
Net deferred tax at December 31, 2019	(2,251,834)
Liabilities deferred Tax, OCI and Equity [Member]
Disclosure Of Income Tax [Line Items]
Net deferred tax at December 31, 2018	(107,794)
Net deferred tax, With effects on the statement of income and Foreign currency translation adjustments	0
Net deferred tax, With OCI effects	(14,354)
Net deferred tax, Reclassifications	566
Net deferred tax at December 31, 2019	$ (121,582)

INCOME TAX - Deferred tax ass_2

INCOME TAX - Deferred tax asset and liabilities classification (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019COP ($)
Asset Deferred Tax with effect on Income Statement [Member]
Disclosure Of Income Tax [Line Items]
December 31,2018	$ 704,801
Implementation of Deferred Tax Assets	257,091
Increase In Deferred Tax Assets	172,403
December 31, 2019	620,113
Asset Deferred Tax with effect on Income Statement [Member] | Premises and Equipment [Member]
Disclosure Of Income Tax [Line Items]
December 31,2018	18,117
Implementation of Deferred Tax Assets	11,232
Increase In Deferred Tax Assets	453
December 31, 2019	7,338
Asset Deferred Tax with effect on Income Statement [Member] | Employee Benefits [Member]
Disclosure Of Income Tax [Line Items]
December 31,2018	172,327
Implementation of Deferred Tax Assets	1,083
Increase In Deferred Tax Assets	21,387
December 31, 2019	192,631
Asset Deferred Tax with effect on Income Statement [Member] | Deterioration assessment [Member]
Disclosure Of Income Tax [Line Items]
December 31,2018	56,920
Implementation of Deferred Tax Assets	37,894
Increase In Deferred Tax Assets	99,869
December 31, 2019	118,895
Asset Deferred Tax with effect on Income Statement [Member] | Tax credits settlement [Member]
Disclosure Of Income Tax [Line Items]
December 31,2018	74,189
Implementation of Deferred Tax Assets	3,513
December 31, 2019	70,676
Asset Deferred Tax with effect on Income Statement [Member] | Financial Obligations [Member]
Disclosure Of Income Tax [Line Items]
December 31,2018	291,865
Implementation of Deferred Tax Assets	200,450
Increase In Deferred Tax Assets	135
December 31, 2019	91,550
Asset Deferred Tax with effect on Income Statement [Member] | Investments evaluation [Member]
Disclosure Of Income Tax [Line Items]
December 31,2018	73,863
Implementation of Deferred Tax Assets	1,452
Increase In Deferred Tax Assets	14,026
December 31, 2019	86,437
Asset Deferred Tax with effect on Income Statement [Member] | Other deductions [Member]
Disclosure Of Income Tax [Line Items]
December 31,2018	17,520
Implementation of Deferred Tax Assets	1,467
Increase In Deferred Tax Assets	36,533
December 31, 2019	52,586
Asset Deferred Tax with effect on OCI and Equity [Member]
Disclosure Of Income Tax [Line Items]
December 31,2018	477,876
Implementation of Deferred Tax Assets	70,034
Increase In Deferred Tax Assets	224,505
December 31, 2019	632,347
Asset Deferred Tax with effect on OCI and Equity [Member] | Investments Hedges In Foreign Operations [Member]
Disclosure Of Income Tax [Line Items]
December 31,2018	179,765
Implementation of Deferred Tax Assets	0
Increase In Deferred Tax Assets	20,213
December 31, 2019	199,978
Asset Deferred Tax with effect on OCI and Equity [Member] | Employee Benefits [Member]
Disclosure Of Income Tax [Line Items]
December 31,2018	28,603
Increase In Deferred Tax Assets	10,919
December 31, 2019	39,522
Asset Deferred Tax with effect on OCI and Equity [Member] | Investments evaluation [Member]
Disclosure Of Income Tax [Line Items]
Implementation of Deferred Tax Assets	70,034
Increase In Deferred Tax Assets	75,005
December 31, 2019	4,971
Asset Deferred Tax with effect on OCI and Equity [Member] | IFRS 9 implementation adjustment [Member]
Disclosure Of Income Tax [Line Items]
December 31,2018	269,508	[1]
Implementation of Deferred Tax Assets	0	[1]
Increase In Deferred Tax Assets	118,368	[1]
December 31, 2019	387,876	[1]
Liability Deferred Tax with effect on Income Statement [Member]
Disclosure Of Income Tax [Line Items]
December 31, 2018	(2,122,001)
Implementation of Deferred Tax Liability	350,015
Increase In Deferred Tax Liability	479,848
December 31, 2019	(2,251,834)
Liability Deferred Tax with effect on Income Statement [Member] | Premises and Equipment [Member]
Disclosure Of Income Tax [Line Items]
December 31, 2018	(243,330)
Implementation of Deferred Tax Liability	36,002
Increase In Deferred Tax Liability	7,220
December 31, 2019	(214,548)
Liability Deferred Tax with effect on Income Statement [Member] | Deterioration assessment [Member]
Disclosure Of Income Tax [Line Items]
December 31, 2018	(375,178)
Implementation of Deferred Tax Liability	33,716
Increase In Deferred Tax Liability	11,374
December 31, 2019	(352,836)
Liability Deferred Tax with effect on Income Statement [Member] | Participatory Titles Evaluation [Member]
Disclosure Of Income Tax [Line Items]
December 31, 2018	(139,963)
Implementation of Deferred Tax Liability	84,335
Increase In Deferred Tax Liability	68,136
December 31, 2019	(123,764)
Liability Deferred Tax with effect on Income Statement [Member] | Lease restatement [Member]
Disclosure Of Income Tax [Line Items]
December 31, 2018	(213,359)
Implementation of Deferred Tax Liability	0
Increase In Deferred Tax Liability	42,072
December 31, 2019	(255,431)
Liability Deferred Tax with effect on Income Statement [Member] | Derivatives' evaluation [Member]
Disclosure Of Income Tax [Line Items]
December 31, 2018	(178,470)
Implementation of Deferred Tax Liability	178,466
Increase In Deferred Tax Liability	0
December 31, 2019	(4)
Liability Deferred Tax with effect on Income Statement [Member] | Goodwill [Member]
Disclosure Of Income Tax [Line Items]
December 31, 2018	(858,849)
Implementation of Deferred Tax Liability	16,252
Increase In Deferred Tax Liability	177,373
December 31, 2019	(1,019,970)
Liability Deferred Tax with effect on Income Statement [Member] | Properties Received in Payment [Member]
Disclosure Of Income Tax [Line Items]
December 31, 2018	(77,043)
Implementation of Deferred Tax Liability	41
Increase In Deferred Tax Liability	15,711
December 31, 2019	(92,713)
Liability Deferred Tax with effect on Income Statement [Member] | Other deductions [Member]
Disclosure Of Income Tax [Line Items]
December 31, 2018	(35,809)
Implementation of Deferred Tax Liability	1,203
Increase In Deferred Tax Liability	157,962
December 31, 2019	(192,568)
Liability Deferred Tax with effect on OCI and Equity [Member]
Disclosure Of Income Tax [Line Items]
December 31, 2018	(107,794)
Implementation of Deferred Tax Liability	74,664
Increase In Deferred Tax Liability	88,452
December 31, 2019	(121,582)
Liability Deferred Tax with effect on OCI and Equity [Member] | Employee Benefits [Member]
Disclosure Of Income Tax [Line Items]
December 31, 2018	(3,917)
Implementation of Deferred Tax Liability	3,950
Increase In Deferred Tax Liability	33
Liability Deferred Tax with effect on OCI and Equity [Member] | Investments evaluation [Member]
Disclosure Of Income Tax [Line Items]
December 31, 2018	(95,283)
Implementation of Deferred Tax Liability	70,051
Increase In Deferred Tax Liability	87,629
December 31, 2019	(112,861)
Liability Deferred Tax with effect on OCI and Equity [Member] | Investments In Associates Accounted For Using Equity Method [Member]
Disclosure Of Income Tax [Line Items]
December 31, 2018	(663)
Implementation of Deferred Tax Liability	663
Increase In Deferred Tax Liability	695
December 31, 2019	(695)
Liability Deferred Tax with effect on OCI and Equity [Member] | IFRS 9 implementation adjustment [Member]
Disclosure Of Income Tax [Line Items]
December 31, 2018	(7,931)	[1],[2]
Implementation of Deferred Tax Liability	0	[1],[2]
Increase In Deferred Tax Liability	95	[1],[2]
December 31, 2019	$ (8,026)	[1],[2]
[1]	December 31, 2018    Implementation    Increase    December 31, 2019In millions of Colombian pesosAsset Deferred Tax with effect on OCI and Equity:Net investment coverage in operations abroad 179,765 - 20,213 199,978Employee Benefits 28,603 - 10,919 39,522Investments evaluation - 70,034 75,005 4,971implementation adjustment(1) 269,508 - 118,368 387,876Total Asset Deferred Tax with effect on OCI and Equity 477,876 70,034 224,505 632,347Value recorded against retained earnings, not other comprehensive income (OCI).
[2]	Effect on Grupo Agromercantil Holding due to an increase in the investments

INCOME TAX - Reconciliation of

INCOME TAX - Reconciliation of effective tax rate (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
INCOME TAX
Accounting profit		$ 4,477,531	$ 3,615,870	$ 3,992,771	[1]
Applicable tax with nominal rate		1,477,585	1,337,872	1,597,108
Non-deductible expenses to determine taxable profit (loss)		281,633	266,246	356,350
Accounting and non-tax expense (income) to determine of taxable profit (loss)		(822,683)	(168,134)	(179,605)
Base Differences		304,871	486,193	341,828
Fiscal and non-accounting expense (income) to determine of taxable profit (loss)	[2]	434,929	(579,660)	(23,844)
Ordinary activities income exempt from taxation		(258,622)	(235,560)	(181,406)
Ordinary activities income not constituting income or occasional tax gain		(173,791)	(133,211)	(130,272)
Tax deductions		(128,211)	(25,398)	(184,620)
Goodwill Depreciation		(194,679)	(218,277)	(233,004)
Tax depreciation surplus		(100,286)	(118,046)	(177,936)
Tax rate effect in other countries	[3]	27,038	(92,125)	(218,785)
Prior fiscal terms		7,908	(146,837)	3,967
Other effects of the tax rate by reconciliation between accounting profit and tax expense (income)		407,272	456,372	268,817
Total tax		$ 1,262,964	$ 829,435	$ 1,238,598
[1]	Some figures in the performance by operating segment disclosure for the year ended as of December 31, 2017 disclosed in the Bank’s annual report in 2017 have been changed due to an impact at the disaggregation level in the process of adopting IFRS 15. See adoption of new accounting standards in Note 32 Impacts on application of new standards.
[2]	The variation originates mainly from the Participation Method (current tax) and the treatment of derivatives
[3]	The variation originates in adjustments for eliminations in the consolidated financial statements.

INCOME TAX - Uncertain position

INCOME TAX - Uncertain positions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019COP ($)
Disclosure Of Income Tax [Line Items]
Balance At Beginning	$ 114,968
Balance At Ending	102,552
Tax contingent liability [member]
Disclosure Of Income Tax [Line Items]
Update	12,700
Payments	6,085
Reversal	$ 19,031

INCOME TAX - Tax credits (Detai

INCOME TAX - Tax credits (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019COP ($)
INCOME TAX
Income Tax loss Carry Forward Minimum Base	$ 235,585
Unused Tax Losses for Which Deferred Tax Asset Recognised	$ 70,676

INCOME TAX - Future tax impact

INCOME TAX - Future tax impact (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Explanation of applicable rates
Total	30.00%	30.00%	31.00%	32.00%
2021
Explanation of applicable rates
Income tax					32.00%
Additional points					4.00%
Total					36.00%
2022
Explanation of applicable rates
Income tax					31.00%
Additional points					3.00%
Total					34.00%
2023
Explanation of applicable rates
Income tax					30.00%
Additional points					3.00%
Total					33.00%
2023 onwards
Explanation of applicable rates
Income tax					30.00%
Additional points					0.00%
Total					30.00%

INCOME TAX - Additional informa

INCOME TAX - Additional information (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Income Tax [Line Items]
Ordinary income tax rate					10.00%
Applicable tax rate	30.00%	30.00%	31.00%	32.00%
Borrowings, maturity					P30D
Deductions in Income Tax Rate		100.00%	50.00%	50.00%	100.00%
Percentage of General Income Tax Rates Levied on Dividends		30.00%	31.00%	32.00%
Percentage of Income tax on Capital Investments Dividends Paid but yet to be Levied					10.00%
Percentage of Income tax on Capital Investments Dividends Not Paid and Yet to be Levied					25.00%
Percentage of Retention Rate on Dividends					10.00%
Description of Requirement to be a Beneficiary of Regime of Colombian Holding Company					10.00%
Percentage of presumed Income on Net Equity			0.00%	0.50%	1.50%	3.50%
Deferred Tax Assets Liability Without Eliminations					$ 299,106
Deferred Tax Assets Liability With Eliminations					84,585
Deferred tax liability (asset)					$ (1,120,956)	$ (1,047,118)
Income And Other Terms Terms					income tax, provided that the taxable income is equal to or greater than 120,000 TVUs (Tax Value Unit),
Country of domicile [member]
Disclosure Of Income Tax [Line Items]
Percentage of With Holding Tax Rate on Dividends					7.50%
Foreign countries [member]
Disclosure Of Income Tax [Line Items]
Percentage of With Holding Tax Rate on Dividends					10.00%
Top of range
Disclosure Of Income Tax [Line Items]
Percentage of Funds owned By Same Effective Subsidiary					50.00%
Percentage of Marginal Income tax rate on Dividends					10.00%
Bottom of range
Disclosure Of Income Tax [Line Items]
Percentage of Sale Price of Commercial Value					85.00%
Percentage of Sale Price of Non Listed Shares					30.00%
Percentage of Marginal Income tax rate on Dividends					0.00%

ASSETS HELD FOR SALE AND INVE_3

ASSETS HELD FOR SALE AND INVENTORIES, NET - Breakdown of inventories and assets held for sale (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
ASSETS HELD FOR SALE AND INVENTORIES, NET
Inventories, net	$ 394,354	$ 290,605
Assets held for sale	124,395	345,423
Total assets held for sale and inventories, net	$ 518,749	$ 636,028

ASSETS HELD FOR SALE AND INVE_4

ASSETS HELD FOR SALE AND INVENTORIES, NET - Summary of bank's inventories (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
ASSETS HELD FOR SALE AND INVENTORIES, NET
Lands and buildings	$ 356,480	$ 250,543
Vehicles	49,951	41,853
Machinery	31,307	20,527
Total inventory cost	437,738	312,923
Impairment	(43,384)	(22,318)
Total inventories, net	$ 394,354	$ 290,605

ASSETS HELD FOR SALE AND INVE_5

ASSETS HELD FOR SALE AND INVENTORIES, NET - Balance of assets held for sale (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	$ 124,395	$ 345,423
Impairment	(3,366)	(8,727)
Non-current assets held for sale [member]
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	124,395	345,423
Cost	127,761	354,150
Impairment	(3,366)	(8,727)
Non-current assets held for sale [member] | Colombia
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	64,527	32,710
Cost	66,039	34,535
Impairment	(1,512)	(1,825)
Non-current assets held for sale [member] | Panama
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	52,103	85,725
Cost	53,680	88,198
Impairment	(1,577)	(2,473)
Non-current assets held for sale [member] | EL SALVADOR
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	6,190	1,762
Cost	6,333	1,800
Impairment	(143)	(38)
Non-current assets held for sale [member] | Guatemala
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	1,575	1,487
Cost	1,709	1,487
Impairment	(134)	0
Non-current assets held for sale [member] | Others
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	0	223,739
Cost	0	228,130
Impairment	0	(4,391)
Real Estate For Residential Purposes [Member] | Non-current assets held for sale [member]
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	112,789	92,052
Cost	115,618	95,045
Impairment	(2,829)	(2,993)
Real Estate For Residential Purposes [Member] | Non-current assets held for sale [member] | Colombia
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	61,973	29,562
Cost	63,417	30,472
Impairment	(1,444)	(910)
Real Estate For Residential Purposes [Member] | Non-current assets held for sale [member] | Panama
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	43,940	59,241
Cost	45,068	61,286
Impairment	(1,128)	(2,045)
Real Estate For Residential Purposes [Member] | Non-current assets held for sale [member] | EL SALVADOR
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	5,301	1,762
Cost	5,424	1,800
Impairment	(123)	(38)
Real Estate For Residential Purposes [Member] | Non-current assets held for sale [member] | Guatemala
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	1,575	1,487
Cost	1,709	1,487
Impairment	(134)	0
Real Estate For Residential Purposes [Member] | Non-current assets held for sale [member] | Others
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	0	0
Cost	0	0
Impairment	0	0
Machinery [member] | Non-current assets held for sale [member]
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	4,799	5,556
Cost	5,270	6,155
Impairment	(471)	(599)
Machinery [member] | Non-current assets held for sale [member] | Colombia
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	2,554	2,696
Cost	2,622	3,065
Impairment	(68)	(369)
Machinery [member] | Non-current assets held for sale [member] | Panama
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	2,245	2,860
Cost	2,648	3,090
Impairment	(403)	(230)
Machinery [member] | Non-current assets held for sale [member] | EL SALVADOR
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	0	0
Cost	0	0
Impairment	0	0
Machinery [member] | Non-current assets held for sale [member] | Guatemala
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	0	0
Cost	0	0
Impairment	0	0
Machinery [member] | Non-current assets held for sale [member] | Others
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	0	0
Cost	0	0
Impairment	0	0
Real Estate For Other Than Residential Purposes [Member] | Non-current assets held for sale [member]
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	6,807	24,076
Cost	6,873	24,820
Impairment	(66)	(744)
Real Estate For Other Than Residential Purposes [Member] | Non-current assets held for sale [member] | Colombia
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	0	452
Cost	0	998
Impairment	0	(546)
Real Estate For Other Than Residential Purposes [Member] | Non-current assets held for sale [member] | Panama
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	5,918	23,624
Cost	5,964	23,822
Impairment	(46)	(198)
Real Estate For Other Than Residential Purposes [Member] | Non-current assets held for sale [member] | EL SALVADOR
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	889	0
Cost	909	0
Impairment	(20)	0
Real Estate For Other Than Residential Purposes [Member] | Non-current assets held for sale [member] | Guatemala
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	0	0
Cost	0	0
Impairment	0	0
Real Estate For Other Than Residential Purposes [Member] | Non-current assets held for sale [member] | Others
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale	0	0
Cost	0	0
Impairment	$ 0	0
Investments held for sale [Member] | Non-current assets held for sale [member]
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale		19,128
Cost		19,128
Impairment		0
Investments held for sale [Member] | Non-current assets held for sale [member] | Colombia
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale		0
Cost		0
Impairment		0
Investments held for sale [Member] | Non-current assets held for sale [member] | Panama
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale		0
Cost		0
Impairment		0
Investments held for sale [Member] | Non-current assets held for sale [member] | EL SALVADOR
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale		0
Cost		0
Impairment		0
Investments held for sale [Member] | Non-current assets held for sale [member] | Guatemala
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale		0
Cost		0
Impairment		0
Investments held for sale [Member] | Non-current assets held for sale [member] | Others
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale		19,128
Cost		19,128
Impairment		0
Assets related to investments held for sale [Member] | Non-current assets held for sale [member]
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale		204,611
Cost		209,002
Impairment		(4,391)
Assets related to investments held for sale [Member] | Non-current assets held for sale [member] | Colombia
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale		0
Cost		0
Impairment		0
Assets related to investments held for sale [Member] | Non-current assets held for sale [member] | Panama
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale		0
Cost		0
Impairment		0
Assets related to investments held for sale [Member] | Non-current assets held for sale [member] | EL SALVADOR
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale		0
Cost		0
Impairment		0
Assets related to investments held for sale [Member] | Non-current assets held for sale [member] | Guatemala
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale		0
Cost		0
Impairment		0
Assets related to investments held for sale [Member] | Non-current assets held for sale [member] | Others
Disclosure of Assets Held For Sale And Inventories [Line Items]
Assets held for sale		204,611
Cost		209,002
Impairment		$ (4,391)

ASSETS HELD FOR SALE AND INVE_6

ASSETS HELD FOR SALE AND INVENTORIES, NET - Breakdown of major classes of assets and liabilities (Details) - COP ($) $ in Millions		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents		$ 23,738,042	$ 18,730,810	$ 18,165,644	$ 20,460,245
Financial assets investment		16,822,754	17,361,475
Premises and equipment, net		3,827,865	3,368,647	$ 3,127,405
Prepaid expenses	[1]	365,143	346,012
Assets held for sale		124,395	345,423
Other assets		4,237,249	3,197,045
TOTAL ASSETS		236,088,113	220,076,482
Liabilities
Borrowings from other financial institutions		13,959,343	16,337,964
Tax liabilities		195,757	166,472
Other liabilities		6,755,645	6,768,253
TOTAL LIABILITIES		$ 207,282,494	193,421,257
Assets and liabilities classified as held for sale [member]
Assets
Cash and cash equivalents			12,476
Financial assets investment			0
Premises and equipment, net			164,356
Prepaid expenses			412
Tax receivables			7,093
Deferred tax			1,551
Assets held for sale			721
Other assets			22,393
TOTAL ASSETS			209,002
Liabilities
Borrowings from other financial institutions			150,254
Tax liabilities			1,054
Deferred tax liabilities			4,832
Other liabilities			7,456
TOTAL LIABILITIES			$ 163,596
[1]	Other Assets    December 31, 2019    December 31, 2018In millions of COPTax advance 838,721 867,120Marketable and non-marketable for sale assets, net 828,382 654,207Other receivables (1) 766,251 286,583Prepaid expenses 365,143 346,012Assets pledged as colateral 334,190 248,662Receivables related to abandoned accounts (2) 206,027 172,671Accounts receivable from contracts with customers (3) 169,109 86,759Receivable Sales of goods and service 136,139 141,098Commission receivables 123,306 99,185Balance in credit card clearning house 111,905 61,539Operating leases 74,938 55,450Interbank Borrowings not classified as cash equivalents 51,701 55,690Taxes receivable 38,001 4,882Commission for letters of credit 25,607 25,399Debtors 19,348 22,054Others 273,253 133,873Total other assets 4,362,021 3,261,184Allowance others (124,772) (64,139)Total other assets, net 4,237,249 3,197,045As of December 31, 2019, corresponds to receivables from importations product, bank acceptances, reconciling entries from correspondent banks, tax receivables from DIAN, derivative receivables, debt securities and spot transactions, TIP interests, and others.

ASSETS HELD FOR SALE AND INVE_7

ASSETS HELD FOR SALE AND INVENTORIES - Additional Information (Details) - COP ($) $ in Millions	1 Months Ended		12 Months Ended
	Oct. 31, 2019	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of Assets Held For Sale And Inventories [Line Items]
Impairment loss on financial assets			$ 3,366	$ 8,727
Profit (loss)			$ 3,214,567	$ 2,786,435	$ 2,754,173
Panamerican Pharmaceutical Holding Inc., [member]
Disclosure of Assets Held For Sale And Inventories [Line Items]
Profit (loss)	$ 7,068
Arrendamiento Operativo CIB S.A.C [member]
Disclosure of Assets Held For Sale And Inventories [Line Items]
Profit (loss)		$ 36,338
FiduPer S.A. Sociedad Fiduciaria [member]
Disclosure of Assets Held For Sale And Inventories [Line Items]
Profit (loss)		$ (602)

OTHER ASSETS, NET (Details)

OTHER ASSETS, NET (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
OTHER ASSETS, NET
Tax advance		$ 838,721	$ 867,120
Marketable and non-marketable for sale assets, net		828,382	654,207
Other receivables		766,251	286,583
Prepaid expenses	[1]	365,143	346,012
Assets pledged as colateral		334,190	248,662
Receivables related to abandoned accounts	[2]	206,027	172,671
Accounts receivable from contracts with customers		169,109	86,759
Receivable Sales of goods and service		136,139	141,098
Commission receivables	[3]	123,306	99,185
Balance in credit card clearning house		111,905	61,539
Operating leases		74,938	55,450
Interbank Borrowings not classified as cash equivalents		51,701	55,690
Taxes receivable		38,001	4,882
Commission for letters of credit		25,607	25,399
Debtors		19,348	22,054
Others		273,253	133,873
Total other assets		4,362,021	3,261,184
Allowance others		(124,772)	(64,139)
Total other assets, net		$ 4,237,249	$ 3,197,045
[1]	Other Assets    December 31, 2019    December 31, 2018In millions of COPTax advance 838,721 867,120Marketable and non-marketable for sale assets, net 828,382 654,207Other receivables (1) 766,251 286,583Prepaid expenses 365,143 346,012Assets pledged as colateral 334,190 248,662Receivables related to abandoned accounts (2) 206,027 172,671Accounts receivable from contracts with customers (3) 169,109 86,759Receivable Sales of goods and service 136,139 141,098Commission receivables 123,306 99,185Balance in credit card clearning house 111,905 61,539Operating leases 74,938 55,450Interbank Borrowings not classified as cash equivalents 51,701 55,690Taxes receivable 38,001 4,882Commission for letters of credit 25,607 25,399Debtors 19,348 22,054Others 273,253 133,873Total other assets 4,362,021 3,261,184Allowance others (124,772) (64,139)Total other assets, net 4,237,249 3,197,045As of December 31, 2019, corresponds to receivables from importations product, bank acceptances, reconciling entries from correspondent banks, tax receivables from DIAN, derivative receivables, debt securities and spot transactions, TIP interests, and others.
[2]	Corresponds to receivables related to the application of the Colombian Law 1777 of February 1, 2016, which establishes that entities holding accounts deemed abandoned must transfer the related amounts to a fund constituted and regulated by the Icetex (Governmental entity responsible for promoting high quality education in Colombia).
[3]	See Note 21 Provisions and contingent’s liabilities.

DEPOSITS BY CUSTOMERS - Summary

DEPOSITS BY CUSTOMERS - Summary of Deposits (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
DEPOSITS BY CUSTOMERS
Saving accounts	$ 66,914,834	$ 59,635,379
Carrying value	63,635,078	56,853,141
Checking accounts	25,159,676	24,098,073
Other deposits	1,495,724	1,541,878
Total	$ 157,205,312	$ 142,128,471

DEPOSITS BY CUSTOMERS - Summa_2

DEPOSITS BY CUSTOMERS - Summary of Time Deposits (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Deposits From Customers [Line Items]
Carrying value	$ 63,635,078	$ 56,853,141
Fair value	64,665,662	57,585,666
Between 3 and 6 months
Disclosure Of Deposits From Customers [Line Items]
Carrying value	8,611,317	9,549,206
Fair value	8,608,691	9,554,429
Between 6 and 12 months
Disclosure Of Deposits From Customers [Line Items]
Carrying value	8,267,750	5,572,051
Fair value	8,287,504	5,577,962
Later Than Twelve Months And Not Later Than Eighteen Months [Member]
Disclosure Of Deposits From Customers [Line Items]
Carrying value	9,458,863	7,323,840
Fair value	9,534,399	7,368,860
Later Than Eighteen Months [Member]
Disclosure Of Deposits From Customers [Line Items]
Carrying value	37,297,148	34,408,044
Fair value	$ 38,235,068	$ 35,084,415
Bottom of range | Between 3 and 6 months
Disclosure Of Deposits From Customers [Line Items]
Borrowings, interest rate	0.10%	0.10%
Bottom of range | Between 6 and 12 months
Disclosure Of Deposits From Customers [Line Items]
Borrowings, interest rate	0.10%	0.25%
Bottom of range | Later Than Twelve Months And Not Later Than Eighteen Months [Member]
Disclosure Of Deposits From Customers [Line Items]
Borrowings, interest rate	0.25%	0.25%
Bottom of range | Later Than Eighteen Months [Member]
Disclosure Of Deposits From Customers [Line Items]
Borrowings, interest rate	0.01%	0.01%
Top of range | Between 3 and 6 months
Disclosure Of Deposits From Customers [Line Items]
Borrowings, interest rate	6.60%	6.75%
Top of range | Between 6 and 12 months
Disclosure Of Deposits From Customers [Line Items]
Borrowings, interest rate	7.25%	7.50%
Top of range | Later Than Twelve Months And Not Later Than Eighteen Months [Member]
Disclosure Of Deposits From Customers [Line Items]
Borrowings, interest rate	6.75%	7.25%
Top of range | Later Than Eighteen Months [Member]
Disclosure Of Deposits From Customers [Line Items]
Borrowings, interest rate	13.50%	13.50%

DEPOSITS BY CUSTOMERS - Maturit

DEPOSITS BY CUSTOMERS - Maturity of Time Deposits (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Deposits From Customers [Line Items]
Carrying value	$ 63,635,078	$ 56,853,141
Fair value	64,665,662	57,585,666
2020
Disclosure Of Deposits From Customers [Line Items]
Carrying value	44,458,114	37,911,658
Fair value	44,993,854	38,216,970
Between 1 and 3 years
Disclosure Of Deposits From Customers [Line Items]
Carrying value	13,543,877	12,753,264
Fair value	13,790,539	12,965,241
Between 3 and 5 years
Disclosure Of Deposits From Customers [Line Items]
Carrying value	3,578,910	4,559,122
Fair value	3,669,471	4,663,087
Greater than 5 years
Disclosure Of Deposits From Customers [Line Items]
Carrying value	2,054,177	1,629,097
Fair value	$ 2,211,798	$ 1,740,368

INTERBANK DEPOSITS AND REPURC_3

INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING - Information regarding money market operations (Details) - COP ($) $ in Millions		Dec. 31, 2019	Dec. 31, 2018
Interbank Deposits
Interbank liabilities		$ 1,363,679	$ 1,374,222
Total interbank		1,363,679	1,374,222
Repurchase agreements and other similar secured borrowing
Short selling operations		555,337	136,786
Temporary transfer of securities		758,400	2,178,769
Total Repurchase agreements and other similar secured borrowing	[1]	1,313,737	2,315,555
Total money market transactions		$ 2,677,416	$ 3,689,777
[1]	Total repo liabilities have maturities of less than 30 days.

INTERBANK DEPOSITS AND REPURC_4

INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING - Repurchases and resale transactions (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of interbank deposits and repurchase agreements and other similar secured borrowing [Line Items]
Assets / liabilities gross	$ 1,702,327	$ (1,383,735)
Amounts offset in the statement of financial position	0	0
Net balance presented in the statement of financial position	1,702,327	(1,383,735)
Financial instruments as collateral	(1,702,327)	1,383,735
Assets / liabilities net	0	0
Securities sold under repurchase agreements [Member]
Disclosure of interbank deposits and repurchase agreements and other similar secured borrowing [Line Items]
Assets / liabilities gross	(1,313,737)	(2,315,555)
Amounts offset in the statement of financial position	0	0
Net balance presented in the statement of financial position	(1,313,737)	(2,315,555)
Financial instruments as collateral	1,313,737	2,315,555
Assets / liabilities net	0	0
Securities Purchased Under Resale Agreements [Member]
Disclosure of interbank deposits and repurchase agreements and other similar secured borrowing [Line Items]
Assets / liabilities gross	3,016,064	931,820
Amounts offset in the statement of financial position	0	0
Net balance presented in the statement of financial position	3,016,064	931,820
Financial instruments as collateral	(3,016,064)	(931,820)
Assets / liabilities net	$ 0	$ 0

INTERBANK DEPOSITS AND REPURC_5

INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019
INTERBANK DEPOSITS AND REPURCHASE AGREEMENTS AND OTHER SIMILAR SECURED BORROWING
Borrowings, maturity	P30D

BORROWINGS FROM OTHER FINANCI_3

BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS (Details) $ in Millions, $ in Millions		Dec. 31, 2019USD ($)	Dec. 31, 2019COP ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018COP ($)
Disclosure of detailed information about borrowings [line items]
Obligations granted by foreign banks	[1]		$ 9,200,571		$ 11,217,308
Obligations granted by domestic banks			4,758,772		5,120,656
Total			$ 13,959,343		$ 16,337,964
BAM Financial Corporation (BFC)
Disclosure of detailed information about borrowings [line items]
Obligations granted by foreign banks		$ 2,904		$ 259.4
[1]	The Bank has recognized a financial liability with BAM Financial Corporation (BFC) amounting to USD 290, 4 millions as of December 31, 2019 and USD 259.4 million as of December 31, 2018, due to its obligation to pay cash in future to purchase the non-controlling shares of Grupo Agromercantil Holding pursuant to an outstanding put option expiring in 2024. The Bank will reclassify the liability to equity if the put expires unexercised.

BORROWINGS FROM OTHER FINANCI_4

BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Obligations granted by domestic banks (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Borrowings from other financial institutions [Line Items]
Obligations granted by domestic banks	$ 4,758,772	$ 5,120,656
Financiera de desarrollo territorial (Findeter)
Disclosure of Borrowings from other financial institutions [Line Items]
Obligations granted by domestic banks	$ 2,527,879	$ 2,591,423
Financiera de desarrollo territorial (Findeter) | Top of range
Disclosure of Borrowings from other financial institutions [Line Items]
Borrowings, interest rate	10.02%	10.19%
Financiera de desarrollo territorial (Findeter) | Bottom of range
Disclosure of Borrowings from other financial institutions [Line Items]
Borrowings, interest rate	0.21%	0.24%
Banco de comercio exterior de Colombia (Bancoldex)
Disclosure of Borrowings from other financial institutions [Line Items]
Obligations granted by domestic banks	$ 846,874	$ 1,205,958
Banco de comercio exterior de Colombia (Bancoldex) | Top of range
Disclosure of Borrowings from other financial institutions [Line Items]
Borrowings, interest rate	16.66%	15.46%
Banco de comercio exterior de Colombia (Bancoldex) | Bottom of range
Disclosure of Borrowings from other financial institutions [Line Items]
Borrowings, interest rate	2.13%	2.17%
Fondo para el financiamiento del sector agropecuario (Finagro)
Disclosure of Borrowings from other financial institutions [Line Items]
Obligations granted by domestic banks	$ 578,665	$ 634,048
Fondo para el financiamiento del sector agropecuario (Finagro) | Top of range
Disclosure of Borrowings from other financial institutions [Line Items]
Borrowings, interest rate	14.40%	14.54%
Fondo para el financiamiento del sector agropecuario (Finagro) | Bottom of range
Disclosure of Borrowings from other financial institutions [Line Items]
Borrowings, interest rate	0.63%	0.85%
Other private financial entities [Member]
Disclosure of Borrowings from other financial institutions [Line Items]
Obligations granted by domestic banks	$ 805,354	$ 689,227
Other private financial entities [Member] | Top of range
Disclosure of Borrowings from other financial institutions [Line Items]
Borrowings, interest rate	8.51%	7.92%
Other private financial entities [Member] | Bottom of range
Disclosure of Borrowings from other financial institutions [Line Items]
Borrowings, interest rate	6.08%	5.82%

BORROWINGS FROM OTHER FINANCI_5

BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Obligations granted by domestic banks maturity (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Borrowings from other financial institutions [Line Items]
Obligations granted by domestic banks	$ 4,758,772	$ 5,120,656
2020
Disclosure of Borrowings from other financial institutions [Line Items]
Obligations granted by domestic banks	347,379	226,397
Later than 1 year
Disclosure of Borrowings from other financial institutions [Line Items]
Obligations granted by domestic banks	$ 4,411,393	$ 4,894,259

BORROWINGS FROM OTHER FINANCI_6

BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Obligations granted by foreign banks (Details) - COP ($) $ in Millions		Dec. 31, 2019	Dec. 31, 2018
Disclosure of Borrowings from other financial institutions [Line Items]
Obligations granted by foreign banks	[1]	$ 9,200,571	$ 11,217,308
Financing with correspondent banks [Member]
Disclosure of Borrowings from other financial institutions [Line Items]
Obligations granted by foreign banks		$ 8,340,378	$ 10,140,356
Financing with correspondent banks [Member] | Top of range
Disclosure of Borrowings from other financial institutions [Line Items]
Borrowings, interest rate		4.81%	5.66%
Financing with correspondent banks [Member] | Bottom of range
Disclosure of Borrowings from other financial institutions [Line Items]
Borrowings, interest rate		2.05%	2.81%
Corporacion Andina de Fomento CAF [Member]
Disclosure of Borrowings from other financial institutions [Line Items]
Obligations granted by foreign banks		$ 333,095	$ 529,464
Corporacion Andina de Fomento CAF [Member] | Top of range
Disclosure of Borrowings from other financial institutions [Line Items]
Borrowings, interest rate		4.33%	5.01%
Corporacion Andina de Fomento CAF [Member] | Bottom of range
Disclosure of Borrowings from other financial institutions [Line Items]
Borrowings, interest rate		2.29%	2.93%
Banco Latinoamericano de Comercio Exterior Bladex [Member]
Disclosure of Borrowings from other financial institutions [Line Items]
Obligations granted by foreign banks		$ 457,228	$ 473,549
Banco Latinoamericano de Comercio Exterior Bladex [Member] | Top of range
Disclosure of Borrowings from other financial institutions [Line Items]
Borrowings, interest rate		4.75%	4.89%
Banco Latinoamericano de Comercio Exterior Bladex [Member] | Bottom of range
Disclosure of Borrowings from other financial institutions [Line Items]
Borrowings, interest rate		2.71%	3.15%
Banco Interamericano de Desarrollo BID [Member]
Disclosure of Borrowings from other financial institutions [Line Items]
Obligations granted by foreign banks		$ 69,870	$ 73,939
Banco Interamericano de Desarrollo BID [Member] | Top of range
Disclosure of Borrowings from other financial institutions [Line Items]
Borrowings, interest rate		4.91%	5.64%
Banco Interamericano de Desarrollo BID [Member] | Bottom of range
Disclosure of Borrowings from other financial institutions [Line Items]
Borrowings, interest rate		3.28%	4.32%
[1]	The Bank has recognized a financial liability with BAM Financial Corporation (BFC) amounting to USD 290, 4 millions as of December 31, 2019 and USD 259.4 million as of December 31, 2018, due to its obligation to pay cash in future to purchase the non-controlling shares of Grupo Agromercantil Holding pursuant to an outstanding put option expiring in 2024. The Bank will reclassify the liability to equity if the put expires unexercised.

BORROWINGS FROM OTHER FINANCI_7

BORROWINGS FROM OTHER FINANCIAL INSTITUTIONS - Obligations granted by foreign banks maturity (Details) - COP ($) $ in Millions		Dec. 31, 2019	Dec. 31, 2018
Disclosure of Borrowings from other financial institutions [Line Items]
Obligations granted by foreign banks	[1]	$ 9,200,571	$ 11,217,308
2020
Disclosure of Borrowings from other financial institutions [Line Items]
Obligations granted by foreign banks		6,286,622	9,743,905
Later than 1 year
Disclosure of Borrowings from other financial institutions [Line Items]
Obligations granted by foreign banks		$ 2,913,949	$ 1,473,403
[1]	The Bank has recognized a financial liability with BAM Financial Corporation (BFC) amounting to USD 290, 4 millions as of December 31, 2019 and USD 259.4 million as of December 31, 2018, due to its obligation to pay cash in future to purchase the non-controlling shares of Grupo Agromercantil Holding pursuant to an outstanding put option expiring in 2024. The Bank will reclassify the liability to equity if the put expires unexercised.

DEBT INSTRUMENTS IN ISSUE (Deta

DEBT INSTRUMENTS IN ISSUE (Details) $ in Millions, $ in Millions	Dec. 31, 2019USD ($)	Dec. 31, 2019COP ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018COP ($)
Disclosure of debt securities in issue [Line Items]
Debt instruments issued		$ 19,921,515		$ 20,287,233
Bancolombia S.A. | Country of domicile [member]
Disclosure of debt securities in issue [Line Items]
Notional amount		4,571,386		4,533,392
Debt instruments issued		$ 4,614,044		$ 4,607,153
Bancolombia S.A. | Foreign countries [member]
Disclosure of debt securities in issue [Line Items]
Notional amount	$ 3,311,481		$ 3,237,466
Debt instruments issued	10,668,375		10,452,432
Banco Agrcola S.A. | Foreign countries [member]
Disclosure of debt securities in issue [Line Items]
Notional amount	514,000		549,000
Debt instruments issued	1,676,517		1,774,852
Bancolombia Panama S.A. | Foreign countries [member]
Disclosure of debt securities in issue [Line Items]
Notional amount	140,351		139,280
Debt instruments issued	467,837		457,495
Grupo Agromercantil Holding S.A. | Foreign countries [member]
Disclosure of debt securities in issue [Line Items]
Notional amount	915		300,939
Debt instruments issued	3,000		986,476
Banistmo S.A. y filiales | Foreign countries [member]
Disclosure of debt securities in issue [Line Items]
Notional amount	749,363		606,635
Debt instruments issued	2,473,666		1,980,824
Bancolombia Puerto Rico International Inc | Foreign countries [member]
Disclosure of debt securities in issue [Line Items]
Notional amount	5,471		8,499
Debt instruments issued	$ 18,076		$ 28,001
Bottom of range | Bancolombia S.A.
Disclosure of debt securities in issue [Line Items]
Borrowings, interest rate	5.86%	5.86%	5.91%	5.91%
Bottom of range | Bancolombia S.A.
Disclosure of debt securities in issue [Line Items]
Borrowings, interest rate	2.15%	2.15%	2.60%	2.60%
Bottom of range | Banco Agrcola S.A.
Disclosure of debt securities in issue [Line Items]
Borrowings, interest rate	5.27%	5.27%	5.27%	5.27%
Bottom of range | Bancolombia Panama S.A.
Disclosure of debt securities in issue [Line Items]
Borrowings, interest rate	2.25%	2.25%	2.60%	2.60%
Bottom of range | Grupo Agromercantil Holding S.A.
Disclosure of debt securities in issue [Line Items]
Borrowings, interest rate	0.25%	0.25%	0.25%	0.25%
Bottom of range | Banistmo S.A. y filiales
Disclosure of debt securities in issue [Line Items]
Borrowings, interest rate	2.65%	2.65%	2.65%	2.65%
Bottom of range | Bancolombia Puerto Rico International Inc
Disclosure of debt securities in issue [Line Items]
Borrowings, interest rate	2.65%	2.65%	2.70%	2.70%
Top of range | Bancolombia S.A.
Disclosure of debt securities in issue [Line Items]
Borrowings, interest rate	10.27%	10.27%	10.89%	10.89%
Top of range | Bancolombia S.A.
Disclosure of debt securities in issue [Line Items]
Borrowings, interest rate	6.22%	6.22%
Top of range | Bancolombia S.A. | Foreign countries [member]
Disclosure of debt securities in issue [Line Items]
Borrowings, interest rate			6.22%	6.22%
Top of range | Banco Agrcola S.A.
Disclosure of debt securities in issue [Line Items]
Borrowings, interest rate	7.17%	7.17%	7.17%	7.17%
Top of range | Bancolombia Panama S.A.
Disclosure of debt securities in issue [Line Items]
Borrowings, interest rate	3.70%	3.70%	3.50%	3.50%
Top of range | Grupo Agromercantil Holding S.A.
Disclosure of debt securities in issue [Line Items]
Borrowings, interest rate	7.25%	7.25%	7.25%	7.25%
Top of range | Banistmo S.A. y filiales
Disclosure of debt securities in issue [Line Items]
Borrowings, interest rate	5.00%	5.00%	5.00%	5.00%
Top of range | Bancolombia Puerto Rico International Inc
Disclosure of debt securities in issue [Line Items]
Borrowings, interest rate	2.95%	2.95%	3.00%	3.00%

DEBT INSTRUMENTS IN ISSUE - Ban

DEBT INSTRUMENTS IN ISSUE - Bank securities in issue (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	$ 19,921,515	$ 20,287,233
Subordinated bonds [Member] | Local Currency One [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	1,216,533	0
Subordinated bonds [Member] | Foreign Currency One [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	6,925,854	0
Ordinary bonds [Member] | Local Currency Two [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	3,397,511	0
Ordinary bonds [Member] | Foreign Currency Two [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	8,381,617
2020
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	259,503
2020 | Subordinated bonds [Member] | Local Currency One [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	0	0
2020 | Subordinated bonds [Member] | Foreign Currency One [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	0	0
2020 | Ordinary bonds [Member] | Local Currency Two [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	0	0
2020 | Ordinary bonds [Member] | Foreign Currency Two [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	259,503
Between 1 and 3 years
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	879,255
Between 1 and 3 years | Subordinated bonds [Member] | Local Currency One [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	0	0
Between 1 and 3 years | Subordinated bonds [Member] | Foreign Currency One [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	0	0
Between 1 and 3 years | Ordinary bonds [Member] | Local Currency Two [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	0	0
Between 1 and 3 years | Ordinary bonds [Member] | Foreign Currency Two [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	879,255
Between 3 and 5 years
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	416,122
Between 3 and 5 years | Subordinated bonds [Member] | Local Currency One [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	0	0
Between 3 and 5 years | Subordinated bonds [Member] | Foreign Currency One [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	0	0
Between 3 and 5 years | Ordinary bonds [Member] | Local Currency Two [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	155,102	0
Between 3 and 5 years | Ordinary bonds [Member] | Foreign Currency Two [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	261,020
Greater than 5 years
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	18,366,635
Greater than 5 years | Subordinated bonds [Member] | Local Currency One [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	1,216,533	0
Greater than 5 years | Subordinated bonds [Member] | Foreign Currency One [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	6,925,854	0
Greater than 5 years | Ordinary bonds [Member] | Local Currency Two [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	3,242,409	$ 0
Greater than 5 years | Ordinary bonds [Member] | Foreign Currency Two [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	$ 6,981,839

DEBT INSTRUMENTS IN ISSUE - Deb

DEBT INSTRUMENTS IN ISSUE - Debt instruments in issue by maturity (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	$ 19,921,515	$ 20,287,233
Held to maturity Security [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	19,921,515	20,287,233
2020
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	259,503
2020 | Held to maturity Security [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	3,228,110	2,854,161
Later than 1 year | Held to maturity Security [Member]
Disclosure of debt securities in issue [Line Items]
Debt instruments issued	$ 16,693,405	$ 17,433,072

DEBT INSTRUMENTS IN ISSUE - Add

DEBT INSTRUMENTS IN ISSUE - Additional Information (Details) $ in Millions	Dec. 18, 2019USD ($)	Jul. 19, 2019COP ($)	Dec. 31, 2019COP ($)	Dec. 31, 2018COP ($)	Dec. 31, 2017COP ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019COP ($)	Jun. 25, 2019COP ($)
Disclosure of debt securities in issue [Line Items]
Borrowings, maturity			P30D
Debt in issue designated amount				$ 19,205,183		$ 2,200,000	$ 18,725,709
Adjustment recognized in other comprehensive income			$ (60,258)	$ (584,650)	$ 36,762
Ordinary bonds [Member]
Disclosure of debt securities in issue [Line Items]
Bonds issued		$ 657,000						$ 657,000
Borrowings, Term of Maturity		5 years
Borrowings, interest rate		1.60%
Subordinated notes [Member]
Disclosure of debt securities in issue [Line Items]
Bonds issued	$ 550,000,000,000
Borrowings, Term of Maturity	10 years
Debt in issue designated amount						$ 2,200,000,000
Borrowings, interest rate	4.625%

EMPLOYEE BENEFIT PLANS - liabil

EMPLOYEE BENEFIT PLANS - liabilities relating to post-employment benefit and long-term benefit plans (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of defined benefit plans [line items]
Defined benefit pension plan	$ 163,152	$ 155,075
Severance obligation	26,547	30,732
Retirement Pension Premium Plan and Senior Management Pension Plan Premium	198,260	170,596
Other long term benefits	416,969	362,862
Total Post-employment and long-term benefit plans	804,928	719,265
Fair value Plan assets	35,981	37,136
Total Post-employment and long-term benefit plans	768,947	682,129
Wholly unfunded defined benefit plans [member]
Disclosure of defined benefit plans [line items]
Total Post-employment and long-term benefit plans	$ 768,947	$ 682,129

EMPLOYEE BENEFIT PLANS - Short-

EMPLOYEE BENEFIT PLANS - Short-term employment benefit plans (Details) - COP ($) $ in Millions		Dec. 31, 2019	Dec. 31, 2018
EMPLOYEE BENEFIT PLANS
Current severance obligation	[1]	$ 125,255	$ 113,654
Bonuses and short-term benefits		403,872	351,697
Other employment benefit plans		$ 529,127	$ 465,351
[1]	See 19.2 Severance obligation.

EMPLOYEE BENEFIT PLANS - Define

EMPLOYEE BENEFIT PLANS - Defined benefit pension plan (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of employee benefit plans
Actuarial (gain)/loss - financial assumptions			$ 1,007
Grupo Agromercantil Holding
Disclosure of employee benefit plans
Present value of the obligation as of January 1	$ 26,829	$ 18,279
Current cost of service	1,219	878
Interest cost	2,215	1,410
Benefits paid	(1,097)	(401)
Actuarial (gain)/loss - financial assumptions	(770)	5,384
Foreign currency translation effect	357	1,279
Defined obligation, unfunded as of December 31	28,753	26,829	18,279
Domestic Defined Benefit Plan [Member]
Disclosure of employee benefit plans
Present value of the obligation as of January 1	122,383	125,480
Interest cost	7,880	7,547
Actuarial (gain)/loss - experience	104	3,371
Benefits paid	(11,857)	(11,795)
Actuarial (gain)/loss - financial assumptions	10,518	(2,220)
Defined obligation, unfunded as of December 31	129,028	122,383	125,480
Foreign defined benefit plans [member]
Disclosure of employee benefit plans
Present value of the obligation as of January 1	5,863	6,109
Interest cost	229	177
Actuarial (gain)/loss - experience	620	(536)
Actuarial (gain)/loss - financial assumptions	(610)	46
Benefits paid from plan assets	(782)	(405)
Foreign currency translation effect	51	472
Defined obligation, unfunded as of December 31	$ 5,371	$ 5,863	$ 6,109

EMPLOYEE BENEFIT PLANS - Severa

EMPLOYEE BENEFIT PLANS - Severance obligation (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Disclosure of employee benefit plans
Current severance regimen	[1]	$ 125,255	$ 113,654
Severance regimen [Member]
Disclosure of employee benefit plans
Present value of the obligation as of January 1		30,732	38,041
Current service cost		862	1,598
Interest cost		1,952	2,333
Benefits paid		(8,414)	(11,586)
Net actuarial (gain) / loss due to assumption changes and plan experience		1,415	346
Defined obligation, unfunded as of December 31		26,547	30,732
Current severance regimen		125,255	113,654
Total		$ 151,802	$ 144,386
[1]	See 19.2 Severance obligation.

EMPLOYEE BENEFIT PLANS Retireme

EMPLOYEE BENEFIT PLANS Retirement Pension Premium Plan and Senior Management Pension Plan Premium (Details) - Pension plan premium [Member] - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Disclosure of employee benefit plans
Present value of the obligation as of January 1		$ 170,596	$ 167,646
Current cost of service		16,687	14,546
Interest cost		11,161	10,535
Benefits paid		(31,784)	(18,829)
Past service cost		75	0
Net actuarial (gain) / loss due to assumption changes and plan experience	[1]	30,875	(9,059)
Foreign currency translation effect		650	2,457
Defined obligation, unfunded as of December 31		198,260	170,596
Banistmo S.A. y Filiales [Member]
Disclosure of employee benefit plans
First time application effect of IAS 19 to new defined benefit obligation at December 31, 2018	[2]	0	2,479
Banagricola S.A.
Disclosure of employee benefit plans
First time application effect of IAS 19 to new defined benefit obligation at December 31, 2018	[3]	$ 0	$ 821
[1]	The increase in actuarial losses from experience adjustment is mainly due to a reduction of the discount rate used in actuarial valuation of 2019 against 2018.19.4
[2]	Banistmo S.A has decided to recognize a new employee benefit plan for its senior management executives based on the number of years of service to the organization.
[3]	Banagrícola S.A has decided to recognize a new employee benefit plan for its senior management executives based on the number of years of service to the organization.

EMPLOYEE BENEFIT PLANS Other lo

EMPLOYEE BENEFIT PLANS Other long term benefits (Details) - Other long term benefits [Member] - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of employee benefit plans
Present value of the obligation as of January 1	$ 362,862	$ 341,846
Current cost of service	33,944	34,382
Interest cost	24,122	21,598
Benefits paid	(36,884)	(32,464)
Loss due to assumption changes and plan experience	32,850	(3,237)
Foreign currency translation effect	75	737
Defined obligation, unfunded as of December 31	$ 416,969	$ 362,862

EMPLOYEE BENEFIT PLANS - Plan A

EMPLOYEE BENEFIT PLANS - Plan Assets (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of employee benefit plans
Fair value of assets as of January 1	$ 37,136
Fair value assets at the end of the year	35,981	$ 37,136
Bancolombia [Member]
Disclosure of employee benefit plans
Fair value of assets as of January 1	32,252	0
Employer contributions	0	32,252
Interest income on plan assets	2,118	0
Return on plan assets greater/(less) than discount rate	2,038	0
Benefits paid	(4,647)	0
Fair value assets at the end of the year	31,761	32,252
Banistmo [Member]
Disclosure of employee benefit plans
Fair value of assets as of January 1	4,884	4,765
Interest income on plan assets	101	161
Return on plan assets greater/(less) than discount rate	(25)	(33)
Benefits paid	(782)	(405)
Foreign currency translation effect	42	396
Fair value assets at the end of the year	$ 4,220	$ 4,884

EMPLOYEE BENEFIT PLANS - Defi_2

EMPLOYEE BENEFIT PLANS - Defined contribution plans (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of employee benefit plans
Post-employment benefit expense, defined contribution plans	$ 261,392	$ 240,121
Pension [Member]
Disclosure of employee benefit plans
Post-employment benefit expense, defined contribution plans	200,615	182,991
Current severance regimen [Member]
Disclosure of employee benefit plans
Post-employment benefit expense, defined contribution plans	$ 60,777	$ 57,130

EMPLOYEE BENEFIT PLANS - econom

EMPLOYEE BENEFIT PLANS - economic assumptions used in the determination of the present value of the defined benefit plans (Details)	Dec. 31, 2019	Dec. 31, 2018
Colombia
Disclosure of employee benefit plans
Discount rate	5.70%	6.90%
Rate of wage increase	5.95%	5.70%
Projected inflation	3.45%	3.40%
Rate of pension increase	3.45%	3.40%
Bancolombia Panama [Member]
Disclosure of employee benefit plans
Discount rate	2.80%	4.00%
Rate of wage increase	2.00%	2.00%
Projected inflation	1.00%	1.00%
Banistmo [Member]
Disclosure of employee benefit plans
Discount rate	4.00%	4.00%
Rate of wage increase	3.40%	2.30%
Projected inflation	3.00%	3.00%
EL SALVADOR
Disclosure of employee benefit plans
Discount rate	3.00%	4.10%
Rate of wage increase	2.00%	2.50%
Projected inflation	1.00%	1.50%
Guatemala
Disclosure of employee benefit plans
Discount rate	8.20%	8.20%
Rate of wage increase	5.00%	5.00%
Projected inflation	4.00%	4.00%

EMPLOYEE BENEFIT PLANS - Estima

EMPLOYEE BENEFIT PLANS - Estimated payment of future benefits (Details) $ in Millions	Dec. 31, 2019COP ($)
Pension Benefits [Member] | 2020
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	$ 12,710
Pension Benefits [Member] | 2021
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	12,725
Pension Benefits [Member] | 2022
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	12,639
Pension Benefits [Member] | 2023
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	12,477
Pension Benefits [Member] | 2024
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	12,241
Pension Benefits [Member] | 2025 a 2029
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	55,563
Other Benefits [Member] | 2020
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	59,755
Other Benefits [Member] | 2021
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	59,913
Other Benefits [Member] | 2022
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	60,557
Other Benefits [Member] | 2023
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	68,510
Other Benefits [Member] | 2024
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	65,555
Other Benefits [Member] | 2025 a 2029
Disclosure of employee benefit plans
Actuarial present value of promised retirement benefits	$ 320,739

EMPLOYEE BENEFIT PLANS - Sensit

EMPLOYEE BENEFIT PLANS - Sensitivity analysis (Details) - Pension plans [Member] $ in Millions	12 Months Ended
	Dec. 31, 2019COP ($)
Discount rate [Member] | Increase Level [Member]
Disclosure of employee benefit plans
Effect on DBO Increase	$ (4,798)
Discount rate [Member] | Decrease Level [Member]
Disclosure of employee benefit plans
Effect on DBO Decrease	$ 5,153
Discount rate [Member] | Bancolombia [Member]
Disclosure of employee benefit plans
Percentage of Increase	0.50%
Percentage of Decrease	0.50%
Discount rate [Member] | Bancolombia [Member] | Increase Level [Member]
Disclosure of employee benefit plans
Discount rate Value	6.20%
Discount rate [Member] | Bancolombia [Member] | Decrease Level [Member]
Disclosure of employee benefit plans
Discount rate Value	5.20%
Salary Level [Member] | Increase Level [Member]
Disclosure of employee benefit plans
Effect on DBO Increase	$ 5,540
Salary Level [Member] | Decrease Level [Member]
Disclosure of employee benefit plans
Effect on DBO Decrease	$ (5,197)
Salary Level [Member] | Bancolombia [Member]
Disclosure of employee benefit plans
Percentage of Increase	0.50%
Percentage of Decrease	0.50%
Salary Level [Member] | Bancolombia [Member] | Increase Level [Member]
Disclosure of employee benefit plans
Salary rate Value	3.95%
Salary Level [Member] | Bancolombia [Member] | Decrease Level [Member]
Disclosure of employee benefit plans
Salary rate Value	2.95%
Mortality Table [Member]
Disclosure of employee benefit plans
Mortality Table (Increase/Decrease)	One year increase in life expectancy
Mortality Table [Member] | Increase Level [Member]
Disclosure of employee benefit plans
Effect on DBO Increase	$ 5,764
Mortality Table [Member] | Bancolombia [Member] | Decrease Level [Member]
Disclosure of employee benefit plans
Mortality Table (Increase/Decrease)	RV-08 ("Rentistas Validos")

EMPLOYEE BENEFIT PLANS - Retire

EMPLOYEE BENEFIT PLANS - Retirement Pension Premium Plan (Details) - Retirement Pension Premium Plan [Member] $ in Millions	Dec. 31, 2019COP ($)
Disclosure of employee benefit plans
Effect on DBO Increase	$ 6,998
Effect on DBO Decrease	$ (6,396)
Increase Level [Member]
Disclosure of employee benefit plans
Discount rate Value	6.45%
Decrease Level [Member]
Disclosure of employee benefit plans
Discount rate Value	5.45%
Discount rate [Member]
Disclosure of employee benefit plans
Percentage of Increase	0.50%
Percentage of Decrease	0.50%
Effect on DBO Increase	$ (6,349)
Effect on DBO Decrease	$ 7,013
Discount rate [Member] | Increase Level [Member]
Disclosure of employee benefit plans
Discount rate Value	6.20%
Discount rate [Member] | Decrease Level [Member]
Disclosure of employee benefit plans
Discount rate Value	5.20%
Salary Level [Member]
Disclosure of employee benefit plans
Percentage of Increase	0.50%
Percentage of Decrease	0.50%

EMPLOYEE BENEFIT PLANS - Seve_2

EMPLOYEE BENEFIT PLANS - Severance obligation (Details) - Severance obligation [Member] - Bancolombia [Member] $ in Millions	Dec. 31, 2019COP ($)
Discount rate [Member]
Disclosure of employee benefit plans
Percentage of Increase	0.50%
Percentage of Decrease	0.50%
Effect on DBO Increase	$ (626)
Effect on DBO Decrease	$ 652
Discount rate [Member] | Increase Level [Member]
Disclosure of employee benefit plans
Discount rate Value	6.20%
Discount rate [Member] | Decrease Level [Member]
Disclosure of employee benefit plans
Discount rate Value	5.20%
Salary Level [Member]
Disclosure of employee benefit plans
Percentage of Increase	0.50%
Percentage of Decrease	0.50%
Effect on DBO Increase	$ 1,465
Effect on DBO Decrease	$ (1,424)
Salary Level [Member] | Increase Level [Member]
Disclosure of employee benefit plans
Salary rate Value	6.45%
Salary Level [Member] | Decrease Level [Member]
Disclosure of employee benefit plans
Salary rate Value	5.45%

EMPLOYEE BENEFIT PLANS - Senior

EMPLOYEE BENEFIT PLANS - Senior Management Pension Plan Premium (Details) - Senior Management Pension Premium Plan [Member] - Bancolombia [Member] $ in Millions	Dec. 31, 2019COP ($)
Discount rate [Member]
Disclosure of employee benefit plans
Discount rate Value	6.20%
Percentage of Increase	0.50%
Percentage of Decrease	0.50%
Effect on DBO Increase	$ (997)
Effect on DBO Decrease	$ 1,046
Discount rate [Member] | Decrease Level [Member]
Disclosure of employee benefit plans
Discount rate Value	5.20%
Salary Level [Member]
Disclosure of employee benefit plans
Percentage of Increase	0.50%
Percentage of Decrease	0.50%
Effect on DBO Increase	$ 1,033
Effect on DBO Decrease	$ (994)
Salary Level [Member] | Increase Level [Member]
Disclosure of employee benefit plans
Discount rate Value	6.45%
Salary Level [Member] | Decrease Level [Member]
Disclosure of employee benefit plans
Discount rate Value	5.45%

EMPLOYEE BENEFIT PLANS - Panama

EMPLOYEE BENEFIT PLANS - Panama (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Banistmo [Member]
Disclosure of employee benefit plans
Discount rate Value	4.00%	4.00%
Bancolombia Panama [Member]
Disclosure of employee benefit plans
Discount rate Value	2.80%	4.00%
Discount rate [Member] | Pension plans [Member] | Bancolombia Panama [Member]
Disclosure of employee benefit plans
Percentage of Increase	0.50%
Percentage of Decrease	0.50%
Effect on DBO Increase	$ (257)
Effect on DBO Decrease	$ 279
Discount rate [Member] | Pension plans [Member] | Bancolombia Panama [Member] | Increase Level [Member]
Disclosure of employee benefit plans
Discount rate Value	4.50%
Discount rate [Member] | Pension plans [Member] | Bancolombia Panama [Member] | Decrease Level [Member]
Disclosure of employee benefit plans
Discount rate Value	3.50%
Mortality Table [Member] | Pension plans [Member] | Bancolombia Panama [Member]
Disclosure of employee benefit plans
Mortality Table Value	RP-2000
Mortality Table (Increase/Decrease)	One year increase in life expectancy
Effect on DBO Increase	$ 187

EMPLOYEE BENEFIT PLANS - Sens_2

EMPLOYEE BENEFIT PLANS - Sensitivity analysis - Guatemala (Details) - Guatemala - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of employee benefit plans
Discount rate Value	8.20%	8.20%
Salary rate Value	5.00%	5.00%
Discount rate [Member] | Pension plans [Member]
Disclosure of employee benefit plans
Percentage of Increase	0.50%
Percentage of Decrease	0.50%
Effect on DBO Increase	$ (2,324)
Effect on DBO Decrease	$ 2,645
Discount rate [Member] | Pension plans [Member] | Increase Level [Member]
Disclosure of employee benefit plans
Discount rate Value	8.70%
Discount rate [Member] | Pension plans [Member] | Decreases level [Member]
Disclosure of employee benefit plans
Discount rate Value	7.70%
Salary Level [Member] | Pension plans [Member]
Disclosure of employee benefit plans
Percentage of Increase	0.50%
Percentage of Decrease	0.50%
Effect on DBO Increase	$ (1,490)
Effect on DBO Decrease	$ 1,645
Salary Level [Member] | Pension plans [Member] | Increase Level [Member]
Disclosure of employee benefit plans
Salary rate Value	5.50%
Salary Level [Member] | Pension plans [Member] | Decreases level [Member]
Disclosure of employee benefit plans
Salary rate Value	4.50%
Mortality Table [Member] | Pension plans [Member]
Disclosure of employee benefit plans
Mortality Table Value	RP-2000
Mortality Table (Increase/Decrease)	One year increase in life expectancy
Effect on DBO Decrease	$ 817

EMPLOYEE BENEFIT PLANS - Sens_3

EMPLOYEE BENEFIT PLANS - Sensitivity Analysis - Colombia (Details) - Colombia - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of employee benefit plans
Discount rate Value	5.70%	6.90%
Salary rate Value	5.95%	5.70%
Projected inflation	3.45%	3.40%
Rate of pension increase	3.45%	3.40%
Discount rate [Member] | Other long term benefits [Member]
Disclosure of employee benefit plans
Percentage of Increase	0.50%
Percentage of Decrease	0.50%
Effect on DBO Increase	$ (14,685)
Effect on DBO Decrease	$ 15,743
Discount rate [Member] | Other long term benefits [Member] | Increase Level [Member]
Disclosure of employee benefit plans
Discount rate Value	6.20%
Discount rate [Member] | Other long term benefits [Member] | Decrease Level [Member]
Disclosure of employee benefit plans
Discount rate Value	5.20%
Salary Level [Member] | Other long term benefits [Member]
Disclosure of employee benefit plans
Percentage of Increase	0.50%
Percentage of Decrease	0.50%
Effect on DBO Increase	$ 15,612
Effect on DBO Decrease	$ (14,708)
Salary Level [Member] | Other long term benefits [Member] | Increase Level [Member]
Disclosure of employee benefit plans
Salary rate Value	6.45%
Salary Level [Member] | Other long term benefits [Member] | Decrease Level [Member]
Disclosure of employee benefit plans
Salary rate Value	5.45%

EMPLOYEE BENEFIT PLANS - Sens_4

EMPLOYEE BENEFIT PLANS - Sensitivity Analysis - El Salvador (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
EL SALVADOR
Disclosure of employee benefit plans
Discount rate Value	3.00%	4.10%
Salary rate Value	2.00%	2.50%
Discount rate [Member] | Other long term benefits [Member] | EL SALVADOR
Disclosure of employee benefit plans
Percentage of Increase	0.50%
Percentage of Decrease	0.50%
Effect on DBO Increase	$ (183)
Effect on DBO Decrease	$ 196
Discount rate [Member] | Other long term benefits [Member] | EL SALVADOR | Decrease Level [Member]
Disclosure of employee benefit plans
Discount rate Value	2.50%
Discount rate [Member] | Other long term benefits [Member] | EL SALVADOR | Increase Level [Member]
Disclosure of employee benefit plans
Discount rate Value	3.50%
Banistmo S.A. [Member] | Discount rate [Member] | Senior Management Pension Plan Premium [Member]
Disclosure of employee benefit plans
Percentage of Increase	0.50%
Percentage of Decrease	0.50%
Effect on DBO Increase	$ (744)
Effect on DBO Decrease	$ 808
Banistmo S.A. [Member] | Discount rate [Member] | Senior Management Pension Plan Premium [Member] | Decrease Level [Member]
Disclosure of employee benefit plans
Discount rate Value	2.50%
Banistmo S.A. [Member] | Discount rate [Member] | Senior Management Pension Plan Premium [Member] | Increase Level [Member]
Disclosure of employee benefit plans
Discount rate Value	3.50%
Banistmo S.A. [Member] | Salary Level [Member] | Senior Management Pension Plan Premium [Member]
Disclosure of employee benefit plans
Percentage of Increase	0.50%
Percentage of Decrease	0.50%
Effect on DBO Increase	$ 113
Effect on DBO Decrease	$ (146)
Banistmo S.A. [Member] | Salary Level [Member] | Senior Management Pension Plan Premium [Member] | Decrease Level [Member]
Disclosure of employee benefit plans
Salary rate Value	1.50%
Banistmo S.A. [Member] | Salary Level [Member] | Senior Management Pension Plan Premium [Member] | Increase Level [Member]
Disclosure of employee benefit plans
Salary rate Value	2.50%

EMPLOYEE BENEFIT PLANS - Reti_2

EMPLOYEE BENEFIT PLANS - Retirement Pension Premium Plan - Guatemala (Details) - Guatemala - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of employee benefit plans
Discount rate Value	8.20%	8.20%
Salary rate Value	5.00%	5.00%
Discount rate [Member] | Senior Management Pension Plan Premium [Member]
Disclosure of employee benefit plans
Percentage of Increase	0.50%
Percentage of Decrease	0.50%
Effect on DBO Increase	$ (883)
Effect on DBO Decrease	$ 929
Discount rate [Member] | Senior Management Pension Plan Premium [Member] | Increase Level [Member]
Disclosure of employee benefit plans
Discount rate Value	8.70%
Discount rate [Member] | Senior Management Pension Plan Premium [Member] | Decrease Level [Member]
Disclosure of employee benefit plans
Discount rate Value	7.70%
Salary Level [Member] | Senior Management Pension Plan Premium [Member]
Disclosure of employee benefit plans
Percentage of Increase	0.50%
Percentage of Decrease	0.50%
Effect on DBO Increase	$ 953
Effect on DBO Decrease	$ (913)
Salary Level [Member] | Senior Management Pension Plan Premium [Member] | Increase Level [Member]
Disclosure of employee benefit plans
Salary rate Value	5.50%
Salary Level [Member] | Senior Management Pension Plan Premium [Member] | Decrease Level [Member]
Disclosure of employee benefit plans
Salary rate Value	4.50%

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2019COP ($)	Dec. 31, 2018COP ($)	Dec. 31, 2017COP ($)
Disclosure of employee benefit plans
Current service cost and interest cost			$ 109,126
Actuarial gains (losses) arising from changes in demographic assumptions, net defined benefit liability (asset)			$ 1,007
Short-term employee benefits accruals	$ 403,872	$ 351,697
Description of plan amendments, curtailments and settlements	As of December 2018, the Bank established an asset plan to secure the benefits promised in the Senior Management Pension Plan Premium.
Grupo Agromercantil Holding
Disclosure of employee benefit plans
Actuarial gains (losses) arising from changes in demographic assumptions, net defined benefit liability (asset)	$ (770)	$ 5,384
Number of participants of retirement benefit plan receiving benefits	3,075	3,577
Grupo Agromercantil Holding | Employees Services Above Sixty years age [Member]
Disclosure of employee benefit plans
Description of retirement benefits promised to participants	if they are 70 years old and have 30 years of service, or if they are 65 years old and have 40 years of service.
Percentage of Monthly Nominal Wage in Retirement Pension Plan	50.00%
Grupo Agromercantil Holding | Employees Services Above forty years age [Member]
Disclosure of employee benefit plans
Description of retirement benefits promised to participants	if they are 70 years old and have 40 years of service, or they are 65 years old and have 45 years of service.
Percentage of Monthly Nominal Wage in Retirement Pension Plan	70.00%
Bottom of range
Disclosure of employee benefit plans
Actuarial assumption of mortality rates (in years)	32
Top of range
Disclosure of employee benefit plans
Actuarial assumption of mortality rates (in years)	75
Bancolombia Panama [Member]
Disclosure of employee benefit plans
Number of participants of retirement benefit plan receiving benefits	58	60
Severance obligation [Member]
Disclosure of employee benefit plans
Number of participants of retirement benefit plan receiving benefits	353	453
Retirement and senior management pension plan [Member] | EL SALVADOR
Disclosure of employee benefit plans
Number of participants of retirement benefit plan receiving benefits	2,850	2,837
Participants receiving benefits [Member] | Bancolombia Panama [Member]
Disclosure of employee benefit plans
Number of participants of retirement benefit plan receiving benefits	30	30
Employees of Banco Agricola and its subsidiaries [Member] | Retirement and senior management pension plan [Member] | EL SALVADOR
Disclosure of employee benefit plans
Number of participants of retirement benefit plan receiving benefits	1

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - COP ($) $ in Millions		Dec. 31, 2019	Dec. 31, 2018
OTHER LIABILITIES
Payables		$ 1,927,945	$ 1,638,010
Suppliers		1,495,415	1,386,809
Advances	[1]	946,488	1,043,611
Collection services		438,490	884,805
Bonuses and short-term benefits	[2]	403,872	351,697
Security contributions		363,802	341,872
Salaries and other labor obligations		292,570	265,337
Dividends	[3]	279,125	267,468
Advances in leasing operations and loans		207,045	133,377
Provisions	[4]	190,690	168,033
Liabilities from contracts with customers		60,791	75,845
Deferred interests		34,290	44,598
Other		115,122	166,791
Total		$ 6,755,645	$ 6,768,253
[1]	For the year 2019 and 2018 advances includes the amount received by the Bank in balances related to insurance operations amounting to COP 78,203 and COP 67,136, respectively, balances held by court order amounting to COP 60,584 and COP 62,861, respectively, gain on derivatives first day valuation amounting to COP 50,317 and COP 55,573, respectively, excess cash amounting to COP 6,518 and COP 5,161, respectively and balances of credit cards charges pending to be applied amounting to COP 4,869 and COP 7,214. Additionally, for the years 2019 and 2018, the line includes guaranteed deposits for capital market transactions in foreign currency for COP 324,768 and COP 459,966, respectively.
[2]	For further information , see Note 19 Employee benefit plans (Bonuses and short-term benefits).
[3]	The increase is due to the last installement payment effective for the dividends approved by the annual shareholders’ meeting that took place in 2019 and 2018, respectively.
[4]	See Note 21 Provisions and contingent’s liabilities.

OTHER LIABILITIES (Details Text

OTHER LIABILITIES (Details Textual) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
OTHER LIABILITIES
Gain on derivatives first day valuation	$ 50,317	$ 55,573
Balances related to insurance operations	78,203	67,136
Balances held by court order	60,584	62,861
Bank overdrafts	6,518	5,161
Current accrued expenses and other current liabilities	4,869	7,214
Balance Related To Foreign Currency Transactions	$ 324,768	$ 459,966

PROVISIONS AND CONTINGENT LIA_3

PROVISIONS AND CONTINGENT LIABILITIES (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Provisions And Contingent Liabilities [Line Items]
Initial balance at beginning	$ 168,033	$ 183,794
Effect Of Adoption Of Ifrs 9			$ (11,789)
Additions recognized in the year	102,722	61,942
Provisions used during the period	(5,918)	(6,494)
Provisions reversed during the period	(75,196)	(65,971)
Foreign currency translation adjustment	956	6,312
Effect of discounted cash flows	93	239
Final balance at the end of the period	190,690	168,033	183,794
Effect of transition to IFRSs [member]
Disclosure Of Provisions And Contingent Liabilities [Line Items]
Initial balance at beginning		172,005
Final balance at the end of the period			172,005
Legal proceedings provision [member]
Disclosure Of Provisions And Contingent Liabilities [Line Items]
Initial balance at beginning	36,873	30,412
Effect Of Adoption Of Ifrs 9			0
Additions recognized in the year	7,272	22,281
Provisions used during the period	(3,122)	(6,489)
Provisions reversed during the period	(5,729)	(10,176)
Foreign currency translation adjustment	395	606
Effect of discounted cash flows	63	239
Final balance at the end of the period	35,752	36,873	30,412
Legal proceedings provision [member] | Effect of transition to IFRSs [member]
Disclosure Of Provisions And Contingent Liabilities [Line Items]
Initial balance at beginning		30,412
Final balance at the end of the period			30,412
Administrative proceedings provision [Member]
Disclosure Of Provisions And Contingent Liabilities [Line Items]
Initial balance at beginning	468	1,592
Effect Of Adoption Of Ifrs 9			0
Additions recognized in the year	6,139	7,272
Provisions used during the period	0	0
Provisions reversed during the period	0	(8,396)
Foreign currency translation adjustment	0	0
Effect of discounted cash flows	0	0
Final balance at the end of the period	6,607	468	1,592
Administrative proceedings provision [Member] | Effect of transition to IFRSs [member]
Disclosure Of Provisions And Contingent Liabilities [Line Items]
Initial balance at beginning		1,592
Final balance at the end of the period			1,592
Financial guarantees provision [Member]
Disclosure Of Provisions And Contingent Liabilities [Line Items]
Initial balance at beginning	23,100	52,290
Effect Of Adoption Of Ifrs 9			(3,215)
Additions recognized in the year	16,210	7,708
Provisions used during the period	0	(5)
Provisions reversed during the period	(22,365)	(33,686)
Foreign currency translation adjustment	0	8
Effect of discounted cash flows	0	0
Final balance at the end of the period	16,945	23,100	52,290
Financial guarantees provision [Member] | Effect of transition to IFRSs [member]
Disclosure Of Provisions And Contingent Liabilities [Line Items]
Initial balance at beginning		49,075
Final balance at the end of the period			49,075
Loan commitments [member]
Disclosure Of Provisions And Contingent Liabilities [Line Items]
Initial balance at beginning	104,559	99,500
Effect Of Adoption Of Ifrs 9			(8,574)
Additions recognized in the year	73,101	21,922
Provisions used during the period	0	0
Provisions reversed during the period	(46,835)	(13,713)
Foreign currency translation adjustment	561	5,424
Effect of discounted cash flows	0	0
Final balance at the end of the period	131,386	104,559	99,500
Loan commitments [member] | Effect of transition to IFRSs [member]
Disclosure Of Provisions And Contingent Liabilities [Line Items]
Initial balance at beginning		90,926
Final balance at the end of the period			90,926
Onerous contracts provision [member]
Disclosure Of Provisions And Contingent Liabilities [Line Items]
Initial balance at beginning	3,033	0
Effect Of Adoption Of Ifrs 9			0
Additions recognized in the year	0	2,759
Provisions used during the period	(2,796)	0
Provisions reversed during the period	(267)	0
Foreign currency translation adjustment	0	274
Effect of discounted cash flows	30	0
Final balance at the end of the period	$ 0	3,033	0
Onerous contracts provision [member] | Effect of transition to IFRSs [member]
Disclosure Of Provisions And Contingent Liabilities [Line Items]
Initial balance at beginning		$ 0
Final balance at the end of the period			$ 0

PROVISIONS AND CONTINGENT LIA_4

PROVISIONS AND CONTINGENT LIABILITIES - Significant changes in the provisions of financial guarantees and loan commitments (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Beginning balance	$ 17,361,475
Ending Balance	16,822,754	$ 17,361,475
Allowance
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Beginning balance	127,659	140,001
Net remeasurement of loss allowance	26,368	(4,010)
Provisions used during the period	62,943	36,089
Provisions reversed during the period	(69,200)	(49,853)
Translation adjustment	561	5,432
Ending Balance	148,331	127,659
12-month expected credit losses | Allowance
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Net remeasurement of loss allowance	8,922	(40,899)
Life time Expected Credit Losses Not Credit impaired Member [Member] | Allowance
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Net remeasurement of loss allowance	41,981	20,717
Life time Expected Credit Losses Credit impaired Member [Member] | Allowance
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Net remeasurement of loss allowance	(24,535)	16,172
Stage 1 | Allowance
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Beginning balance	112,754	125,189
Net remeasurement of loss allowance	10,530	(24,851)
Provisions used during the period	57,377	28,360
Provisions reversed during the period	(61,265)	(20,459)
Translation adjustment	469	4,515
Ending Balance	119,865	112,754
Stage 1 | 12-month expected credit losses | Allowance
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Net remeasurement of loss allowance	44,126	(16,727)
Stage 1 | Life time Expected Credit Losses Not Credit impaired Member [Member] | Allowance
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Net remeasurement of loss allowance	(28,589)	(5,216)
Stage 1 | Life time Expected Credit Losses Credit impaired Member [Member] | Allowance
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Net remeasurement of loss allowance	(5,007)	(2,908)
Stage 2 | Allowance
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Beginning balance	14,890	14,502
Net remeasurement of loss allowance	15,810	3,239
Provisions used during the period	5,564	988
Provisions reversed during the period	(7,923)	(4,757)
Translation adjustment	92	918
Ending Balance	28,433	14,890
Stage 2 | 12-month expected credit losses | Allowance
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Net remeasurement of loss allowance	(35,204)	(20,644)
Stage 2 | Life time Expected Credit Losses Not Credit impaired Member [Member] | Allowance
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Net remeasurement of loss allowance	70,573	33,702
Stage 2 | Life time Expected Credit Losses Credit impaired Member [Member] | Allowance
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Net remeasurement of loss allowance	(19,559)	(9,819)
Stage 3 | Allowance
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Beginning balance	15	310
Net remeasurement of loss allowance	28	17,602
Provisions used during the period	2	6,741
Provisions reversed during the period	(12)	(24,637)
Translation adjustment	0	(1)
Ending Balance	33	15
Stage 3 | 12-month expected credit losses | Allowance
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Net remeasurement of loss allowance	0	(3,528)
Stage 3 | Life time Expected Credit Losses Not Credit impaired Member [Member] | Allowance
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Net remeasurement of loss allowance	(3)	(7,769)
Stage 3 | Life time Expected Credit Losses Credit impaired Member [Member] | Allowance
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]
Net remeasurement of loss allowance	$ 31	$ 28,899

PROVISIONS AND CONTINGENT LIA_5

PROVISIONS AND CONTINGENT LIABILITIES - Commitment issued by the Bank to guarantee the performance of a customer (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Provisions And Contingent Liabilities [Line Items]
Financial Guarantees	$ 4,295,950	$ 5,253,375
Not later than one month [member]
Disclosure Of Provisions And Contingent Liabilities [Line Items]
Financial Guarantees	320,004	303,308
Later than one month and not later than three months [member]
Disclosure Of Provisions And Contingent Liabilities [Line Items]
Financial Guarantees	486,485	780,103
Later than three months and not later than one year [member]
Disclosure Of Provisions And Contingent Liabilities [Line Items]
Financial Guarantees	2,579,639	2,287,434
Between 1 and 3 years
Disclosure Of Provisions And Contingent Liabilities [Line Items]
Financial Guarantees	696,768	1,426,992
Between 3 and 5 years
Disclosure Of Provisions And Contingent Liabilities [Line Items]
Financial Guarantees	68,150	277,710
Greater than 5 years
Disclosure Of Provisions And Contingent Liabilities [Line Items]
Financial Guarantees	$ 144,904	$ 177,828

PROVISIONS AND CONTINGENT LIA_6

PROVISIONS AND CONTINGENT LIABILITIES - Contingencies in bank favor (Details)	12 Months Ended
	Dec. 31, 2019USD ($)
PROVISIONS AND CONTINGENT LIABILITIES
Contingent Liabilities	$ 6,101
Revocatory Action Claim	Colombian National Tax Office (DIAN) Resolution 04 of 2017
Contingent Liabilities Decision	Favorable

PROVISIONS AND CONTINGENT LIA_7

PROVISIONS AND CONTINGENT LIABILITIES - Additional information (Details) $ in Millions	1 Months Ended		12 Months Ended
	Oct. 31, 2018USD ($)	Sep. 28, 2015USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019COP ($)	Dec. 31, 2018COP ($)	Aug. 31, 2018USD ($)	Dec. 31, 2017COP ($)
Disclosure Of Share Capital [Line Items]
Administrative proceedings by ICA Tax				$ 5,467
Value of damages sought by the plaintiff			$ 5,000,000,000
Other provisions				$ 190,690	$ 168,033		$ 183,794
HSBC Bank [Member]
Disclosure Of Share Capital [Line Items]
Share of the company in amount received through irregular means			287
Promotara Terramar [Member]
Disclosure Of Share Capital [Line Items]
Amount received through irregular means by other entity			299
Municipality of chia [Member] | Bancolombia [Member]
Disclosure Of Share Capital [Line Items]
Value of damages sought by the plaintiff		$ 5,846	1,126
Melenao Mora and Said Diaz [Member] | Banistmo [Member]
Disclosure Of Share Capital [Line Items]
Value of damages sought by the plaintiff			20,000
Melenao Mora and Said Diaz [Member] | HSBC Bank [Member] | Banistmo [Member]
Disclosure Of Share Capital [Line Items]
Value of damages sought by the plaintiff			2,300
Deniss Rafael Perez Perozo and others [Member] | Banistmo [Member]
Disclosure Of Share Capital [Line Items]
Value of damages sought by the plaintiff			5,252
Corporacion de Alimentos S.A. de CV [Member] | Banco Agromercantil [Member]
Disclosure Of Share Capital [Line Items]
Value of damages sought by the plaintiff			6,454
Superintendence Of Tax Administration [Member] | Banco Agromercantil [Member]
Disclosure Of Share Capital [Line Items]
Value of damages sought by the plaintiff	$ 13,617
Tax amount	6,808
Fine amount	6,808
Tax Authority [Member] | Banagricola S.A.
Disclosure Of Share Capital [Line Items]
Value of damages sought by the plaintiff	11,116
Fine amount	$ 5.5
Delicarnes, Sociedad Annima | BAM | Banco Agromercantil [Member]
Disclosure Of Share Capital [Line Items]
Value of damages sought by the plaintiff			70,379
Dany Ward Mcnab Valladares | BAM And Mercom Bank [Member]
Disclosure Of Share Capital [Line Items]
Value of damages sought by the plaintiff			$ 23,800
Insufficient debt amount						$ 18,200

SHARE CAPITAL (Details)

SHARE CAPITAL (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Share Capital [Line Items]
Authorized shares	1,400,000,000	1,400,000,000
Total shares	961,827,000	961,827,000
Subscribed and paid capital (nominal value)	$ 480,914	$ 480,914
Common stock
Disclosure Of Share Capital [Line Items]
Shares with a nominal value of COP 500 pesos	509,704,584	509,704,584
Preference shares [member]
Disclosure Of Share Capital [Line Items]
Shares with a nominal value of COP 500 pesos	452,122,416	452,122,416

SHARE CAPITAL (Parenthetical) (

SHARE CAPITAL (Parenthetical) (Details) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Common stock
Disclosure Of Share Capital [Line Items]
Par value per share	$ 500	$ 500
Preference shares [member]
Disclosure Of Share Capital [Line Items]
Par value per share	$ 500	$ 500

SHARE CAPITAL - Dividends (Deta

SHARE CAPITAL - Dividends (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
SHARE CAPITAL
Cash dividends per share	$ 1,638	$ 1,092	$ 1,020	$ 950	$ 888	$ 830

SHARE CAPITAL - Additional info

SHARE CAPITAL - Additional information (Details)	12 Months Ended
	Dec. 31, 2019
SHARE CAPITAL
Description Of conditions for declaration of dividend	The declaration, amount and payment of dividends are based on Bancolombia S.A.'s unconsolidated net income. Dividends must be approved at the ordinary annual shareholders' meeting upon the recommendation of the Board of Directors. Under the Colombian Commercial Code, after payment of income taxes and appropriation of legal and other reserves, and after setting off losses from prior fiscal years, Bancolombia must distribute to its stockholders at least 50.00% of its annual net income or 70.00% of its annual net income if the total amount of reserves exceeds its outstanding capital, unless such minimum percentages are waived by an affirmative vote of the holders of 78.00% of the shares present at the stockholders' meeting. Such dividend distribution must be made to all stockholders, in cash or in issued stock of Bancolombia, as may be determined by the stockholders, and within a year from the date of the ordinary annual stockholders' meeting in which the dividend was declared.The payment of dividends must be made in cash during the next year since the date when the Annual Meeting takes place and for all the stockholders. If the payment is made in the Bank's own equity securities instead of cash, that situation has to be approved by the 80.00% of the subscribed common shareholders and the 80.00% of the subscribed preferred shares.The annual net profits of Bancolombia must be applied as follows: (i) first, an amount equal to 10.00% of Bancolombia's net profits to a legal reserve until such reserve is equal to at least 50.00% of the Bank's paid-in capital; (ii) second, to the payment of the minimum dividend on the preferred shares; and (iii) third, as may be determined in the ordinary annual stockholders' meeting by the vote of the holders of a majority of the shares entitled to vote.Holders of preferred shares are entitled to receive dividends based on the profits of the preceding fiscal year, after deducting losses affecting the capital and once the amount that shall be legally set apart for the legal reserve has been deducted, but before creating or accruing for any other reserve, of a minimum preferred dividend equal to one per cent (1.00%) yearly of the subscription price of the preferred share, provided this dividend is higher than the dividend assigned to common shares. If this is not the case, the dividend shall be increased to an amount that is equal to the per share dividend on the common shares. The dividend received by holders of common shares may not be higher than the dividend assigned to preferred shares.Payment of the preferred dividend shall be made at the time and in the manner established in the general shareholders' meeting and with the priority indicated by Colombian law.Any stock dividend payable in common shares requires the approval of 80.00% or more of the shares present at a shareholders' meeting, which will include 80.00% or more of the outstanding preferred shares. In the event that none of the holders of preferred shares is present at such meeting, a stock dividend may only be paid to the holders of common shares that approve such a payment.Some figures in the performance by operating segment disclosure for the year ended as of December 31, 2017 disclosed in the Bank's annual report in 2017 have been changed due to an impact at the disaggregation level in the process of adopting IFRS 15. See adoption of new accounting standards in Note 32 Impacts on application of new standards.

APPROPRIATED RESERVES (Details)

APPROPRIATED RESERVES (Details) - COP ($) $ in Millions		Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Appropriated Reserves [Line Items]
Other reserves		$ 10,413,092	$ 9,741,774
Appropriation of net income [Member]
Disclosure Of Appropriated Reserves [Line Items]
Other reserves	[1]	9,406,792	9,312,009
Fiscal provisions [Member]
Disclosure Of Appropriated Reserves [Line Items]
Other reserves	[2]	262,673	276,640
Others
Disclosure Of Appropriated Reserves [Line Items]
Other reserves		$ 743,627	$ 153,125
[1]	The legal reserve fulfills two objetives: to increase and maintain the company’s capital and to absorb economic losses. Based on the aforementioned, this amount shall not be distributed in dividends to the stockholders.
[2]	Pursuant to Article 130 of Tax Statute, a non-distributable reserve to the shareholders was established for the 70% of the excess of the tax depreciation over accounting depreciation

APPROPRIATED RESERVES - Additio

APPROPRIATED RESERVES - Additional information (Details)	12 Months Ended
	Dec. 31, 2019
APPROPRIATED RESERVES
Explanation of terms to maintain non distributable reserve	The legal reserve fulfills two objetives: to increase and maintain the company's capital and to absorb economic losses. Based on the aforementioned, this amount shall not be distributed in dividends to the stockholders.Pursuant to Article 130 of Tax Statute, a non-distributable reserve to the shareholders was established for the 70% of the excess of the tax depreciation over accounting depreciation. The article 130 of Tax Statute was abolished by Law 1819 of 2016.

UNCONSOLIDATED STRUCTURED ENT_3

UNCONSOLIDATED STRUCTURED ENTITIES (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of unconsolidated structured entities [line items]
Loans and advances to customers	$ 171,353,348	$ 163,583,285
Securitisation [Member]
Disclosure of unconsolidated structured entities [line items]
Total assets of the entities	2,842,268	1,969,887
Investments at fair value through profit or loss	198,115	196,927
Investments at fair value through other comprehensive income	179,405	209,164
Loans and advances to customers	0	0
Total assets in relation to The Bank's interests in the unconsolidated structured entities	377,520	406,091
The Bank's maximum exposure	377,520	406,091
Bank's managed funds [Member]
Disclosure of unconsolidated structured entities [line items]
Total assets of the entities	148,307,065	128,257,719
Investments at fair value through profit or loss	0	0
Investments at fair value through other comprehensive income	0	0
Loans and advances to customers	4,748,233	5,417,235
Total assets in relation to The Bank's interests in the unconsolidated structured entities	4,748,233	5,417,235
The Bank's maximum exposure	4,748,233	5,417,235
Total [Member]
Disclosure of unconsolidated structured entities [line items]
Total assets of the entities	151,149,333	130,227,606
Investments at fair value through profit or loss	198,115	196,927
Investments at fair value through other comprehensive income	179,405	209,164
Loans and advances to customers	4,748,233	5,417,235
Total assets in relation to The Bank's interests in the unconsolidated structured entities	5,125,753	5,823,326
The Bank's maximum exposure	$ 5,125,753	$ 5,823,326

OPERATING INCOME (Details)

OPERATING INCOME (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of operating income and operating expense [Line Items]
Interest on debit instruments using the effective interest method	$ 160,200	$ 129,017	$ 159,890
Interest and valuation on financial instruments	524,440	384,610	525,423
Debt Securities
Disclosure of operating income and operating expense [Line Items]
Interest and valuation on financial instruments	881,985	472,357	699,841
Derivative financial instruments [member]
Disclosure of operating income and operating expense [Line Items]
Interest and valuation on financial instruments	(182,769)	(22,575)	(61,667)
Spot transactions [Member]
Disclosure of operating income and operating expense [Line Items]
Interest and valuation on financial instruments	483	(13,734)	3,517
Repos [Member]
Disclosure of operating income and operating expense [Line Items]
Interest and valuation on financial instruments	$ (175,259)	$ (51,438)	$ (116,268)

OPERATING INCOME - Interest on

OPERATING INCOME - Interest on financial liability instruments (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
OPERATING INCOME
Deposits	$ (4,164,798)	$ (3,852,061)	$ (4,279,316)
Debt securities in issue	(1,164,808)	(1,139,456)	(1,191,000)
Borrowing costs	(627,058)	(583,321)	(672,472)
Interest right of use assets	(121,946)
Preferred shares	(57,908)	(58,714)	(58,714)
Borrowings from other financial institutions	(21,663)	(18,134)	(15,860)
Other interest	(21,613)	(18,530)	(15,624)
Interest expenses	$ (6,179,794)	$ (5,670,216)	$ (6,232,986)	[1]
[1]	Some figures in the performance by operating segment disclosure for the year ended as of December 31, 2017 disclosed in the Bank’s annual report in 2017 have been changed due to an impact at the disaggregation level in the process of adopting IFRS 15. See adoption of new accounting standards in Note 32 Impacts on application of new standards.

OPERATING INCOME - Ordinary act

OPERATING INCOME - Ordinary activities from contracts with customers (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Revenue from contracts with customers
Revenue from contracts with customers		$ 169,109		$ 86,759
Banking Colombia
Revenue from contracts with customers
Revenue from contracts with customers		3,269,747	[1]	2,841,302		$ 2,531,221
Banking Panama
Revenue from contracts with customers
Revenue from contracts with customers		350,055	[1]	312,762		317,753
Banking El Salvador
Revenue from contracts with customers
Revenue from contracts with customers		268,309	[1]	227,114		211,159
Banking Guatemala
Revenue from contracts with customers
Revenue from contracts with customers		170,854	[1]	141,253		126,022
Trust
Revenue from contracts with customers
Revenue from contracts with customers		349,438	[1]	313,908		285,648
Investment banking
Revenue from contracts with customers
Revenue from contracts with customers		30,829	[1]	20,271		28,747
Brokerage
Revenue from contracts with customers
Revenue from contracts with customers		113,364	[1]	113,970		97,185
Off shore
Revenue from contracts with customers
Revenue from contracts with customers		25,800	[1]	20,840		19,390
All Other Segments [Member]
Revenue from contracts with customers
Revenue from contracts with customers		588	[1]	2,988		3,989
Total before eliminations [Member]
Revenue from contracts with customers
Revenue from contracts with customers		4,578,984	[1]	3,994,408		3,621,114
Adjustments for consolidation purposes [Member]
Revenue from contracts with customers
Revenue from contracts with customers		(12)	[1]	(149)
Total after eliminations [Member]
Revenue from contracts with customers
Revenue from contracts with customers		4,578,972	[1]	3,994,259		3,621,114
Banking services [Member] | Banking Colombia
Revenue from contracts with customers
Revenue from contracts with customers		422,943		370,671	[1]	335,101	[1]
Banking services [Member] | Banking Panama
Revenue from contracts with customers
Revenue from contracts with customers		77,976		66,569	[1]	177,930	[1]
Banking services [Member] | Banking El Salvador
Revenue from contracts with customers
Revenue from contracts with customers		99,222		85,615	[1]	80,672	[1]
Banking services [Member] | Banking Guatemala
Revenue from contracts with customers
Revenue from contracts with customers		52,627		39,610	[1]	38,643	[1]
Banking services [Member] | Trust
Revenue from contracts with customers
Revenue from contracts with customers		0		0	[1]	0	[1]
Banking services [Member] | Investment banking
Revenue from contracts with customers
Revenue from contracts with customers		0		0	[1]	0	[1]
Banking services [Member] | Brokerage
Revenue from contracts with customers
Revenue from contracts with customers		0		0	[1]	0	[1]
Banking services [Member] | Off shore
Revenue from contracts with customers
Revenue from contracts with customers		15,683		12,783	[1]	15,821	[1]
Banking services [Member] | All Other Segments [Member]
Revenue from contracts with customers
Revenue from contracts with customers		0		0	[1]	0	[1]
Banking services [Member] | Total before eliminations [Member]
Revenue from contracts with customers
Revenue from contracts with customers		668,451		575,248	[1]	648,167	[1]
Banking services [Member] | Adjustments for consolidation purposes [Member]
Revenue from contracts with customers
Revenue from contracts with customers	[1]	0		0		0
Banking services [Member] | Total after eliminations [Member]
Revenue from contracts with customers
Revenue from contracts with customers		668,451		575,248	[1]	648,167	[1]
Credit and debit card fees and commercial estabilshments [Member] | Banking Colombia
Revenue from contracts with customers
Revenue from contracts with customers		1,421,039		1,258,047		1,080,814
Credit and debit card fees and commercial estabilshments [Member] | Banking Panama
Revenue from contracts with customers
Revenue from contracts with customers		200,372		185,466		80,348
Credit and debit card fees and commercial estabilshments [Member] | Banking El Salvador
Revenue from contracts with customers
Revenue from contracts with customers		117,541		97,163		89,330
Credit and debit card fees and commercial estabilshments [Member] | Banking Guatemala
Revenue from contracts with customers
Revenue from contracts with customers		78,764		66,731		51,175
Credit and debit card fees and commercial estabilshments [Member] | Trust
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Credit and debit card fees and commercial estabilshments [Member] | Investment banking
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Credit and debit card fees and commercial estabilshments [Member] | Brokerage
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Credit and debit card fees and commercial estabilshments [Member] | Off shore
Revenue from contracts with customers
Revenue from contracts with customers		4,230		3,707		2,876
Credit and debit card fees and commercial estabilshments [Member] | All Other Segments [Member]
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Credit and debit card fees and commercial estabilshments [Member] | Total before eliminations [Member]
Revenue from contracts with customers
Revenue from contracts with customers		1,821,946		1,611,114		1,304,543
Credit and debit card fees and commercial estabilshments [Member] | Adjustments for consolidation purposes [Member]
Revenue from contracts with customers
Revenue from contracts with customers		0	[1]	0		0
Credit and debit card fees and commercial estabilshments [Member] | Total after eliminations [Member]
Revenue from contracts with customers
Revenue from contracts with customers		1,821,946		1,611,114		1,304,543
Brokerage | Banking Colombia
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Brokerage | Banking Panama
Revenue from contracts with customers
Revenue from contracts with customers		7,893		7,033		2,302
Brokerage | Banking El Salvador
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Brokerage | Banking Guatemala
Revenue from contracts with customers
Revenue from contracts with customers		24		29		35
Brokerage | Trust
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Brokerage | Investment banking
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Brokerage | Brokerage
Revenue from contracts with customers
Revenue from contracts with customers		18,617		20,012		20,593
Brokerage | Off shore
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Brokerage | All Other Segments [Member]
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Brokerage | Total before eliminations [Member]
Revenue from contracts with customers
Revenue from contracts with customers		26,534		27,074		22,930
Brokerage | Adjustments for consolidation purposes [Member]
Revenue from contracts with customers
Revenue from contracts with customers		0	[1]	0		0
Brokerage | Total after eliminations [Member]
Revenue from contracts with customers
Revenue from contracts with customers		26,534		27,074		22,930
Acceptances Guarantees and Standby Letters of Credit [Member] | Banking Colombia
Revenue from contracts with customers
Revenue from contracts with customers		32,829		33,313		41,077
Acceptances Guarantees and Standby Letters of Credit [Member] | Banking Panama
Revenue from contracts with customers
Revenue from contracts with customers		14,369		15,352		15,699
Acceptances Guarantees and Standby Letters of Credit [Member] | Banking El Salvador
Revenue from contracts with customers
Revenue from contracts with customers		5,541		4,749		4,080
Acceptances Guarantees and Standby Letters of Credit [Member] | Banking Guatemala
Revenue from contracts with customers
Revenue from contracts with customers		2,440		3,055		2,210
Acceptances Guarantees and Standby Letters of Credit [Member] | Trust
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Acceptances Guarantees and Standby Letters of Credit [Member] | Investment banking
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Acceptances Guarantees and Standby Letters of Credit [Member] | Brokerage
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Acceptances Guarantees and Standby Letters of Credit [Member] | Off shore
Revenue from contracts with customers
Revenue from contracts with customers		844		897		404
Acceptances Guarantees and Standby Letters of Credit [Member] | All Other Segments [Member]
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Acceptances Guarantees and Standby Letters of Credit [Member] | Total before eliminations [Member]
Revenue from contracts with customers
Revenue from contracts with customers		56,023		57,366		63,470
Acceptances Guarantees and Standby Letters of Credit [Member] | Adjustments for consolidation purposes [Member]
Revenue from contracts with customers
Revenue from contracts with customers		0	[1]	0		0
Acceptances Guarantees and Standby Letters of Credit [Member] | Total after eliminations [Member]
Revenue from contracts with customers
Revenue from contracts with customers		56,023		57,366		63,470
Trust | Banking Colombia
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Trust | Banking Panama
Revenue from contracts with customers
Revenue from contracts with customers		13,033		8,184		4,510
Trust | Banking El Salvador
Revenue from contracts with customers
Revenue from contracts with customers		1,713		1,411		1,335
Trust | Banking Guatemala
Revenue from contracts with customers
Revenue from contracts with customers		572		645		713
Trust | Trust
Revenue from contracts with customers
Revenue from contracts with customers		349,402		313,886		285,648
Trust | Investment banking
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Trust | Brokerage
Revenue from contracts with customers
Revenue from contracts with customers		80,534		81,502		68,180
Trust | Off shore
Revenue from contracts with customers
Revenue from contracts with customers		41		37		36
Trust | All Other Segments [Member]
Revenue from contracts with customers
Revenue from contracts with customers		509		104		(58)
Trust | Total before eliminations [Member]
Revenue from contracts with customers
Revenue from contracts with customers		445,804		405,769		360,364
Trust | Adjustments for consolidation purposes [Member]
Revenue from contracts with customers
Revenue from contracts with customers		0	[1]	0		0
Trust | Total after eliminations [Member]
Revenue from contracts with customers
Revenue from contracts with customers		445,804		405,769		360,364
Securities brokerage [Member] | Banking Colombia
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Securities brokerage [Member] | Banking Panama
Revenue from contracts with customers
Revenue from contracts with customers		391		1,200		2,702
Securities brokerage [Member] | Banking El Salvador
Revenue from contracts with customers
Revenue from contracts with customers		1,496		1,212		0
Securities brokerage [Member] | Banking Guatemala
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Securities brokerage [Member] | Trust
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Securities brokerage [Member] | Investment banking
Revenue from contracts with customers
Revenue from contracts with customers		30,142		20,262		28,747
Securities brokerage [Member] | Brokerage
Revenue from contracts with customers
Revenue from contracts with customers		6,961		9,530		6,778
Securities brokerage [Member] | Off shore
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Securities brokerage [Member] | All Other Segments [Member]
Revenue from contracts with customers
Revenue from contracts with customers		0		0		843
Securities brokerage [Member] | Total before eliminations [Member]
Revenue from contracts with customers
Revenue from contracts with customers		38,990		32,204		39,070
Securities brokerage [Member] | Adjustments for consolidation purposes [Member]
Revenue from contracts with customers
Revenue from contracts with customers		0	[1]	0		0
Securities brokerage [Member] | Total after eliminations [Member]
Revenue from contracts with customers
Revenue from contracts with customers		38,990		32,204		39,070
Bancassurance [Member] | Banking Colombia
Revenue from contracts with customers
Revenue from contracts with customers		607,758		495,232		427,190
Bancassurance [Member] | Banking Panama
Revenue from contracts with customers
Revenue from contracts with customers		35,014		28,466		23,847
Bancassurance [Member] | Banking El Salvador
Revenue from contracts with customers
Revenue from contracts with customers		160		112		0
Bancassurance [Member] | Banking Guatemala
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Bancassurance [Member] | Trust
Revenue from contracts with customers
Revenue from contracts with customers		36		0		0
Bancassurance [Member] | Investment banking
Revenue from contracts with customers
Revenue from contracts with customers		7		0		0
Bancassurance [Member] | Brokerage
Revenue from contracts with customers
Revenue from contracts with customers		51		0		0
Bancassurance [Member] | Off shore
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Bancassurance [Member] | All Other Segments [Member]
Revenue from contracts with customers
Revenue from contracts with customers		0		0		85
Bancassurance [Member] | Total before eliminations [Member]
Revenue from contracts with customers
Revenue from contracts with customers		643,026		523,810		451,122
Bancassurance [Member] | Adjustments for consolidation purposes [Member]
Revenue from contracts with customers
Revenue from contracts with customers		0	[1]	0		0
Bancassurance [Member] | Total after eliminations [Member]
Revenue from contracts with customers
Revenue from contracts with customers		643,026		523,810		451,122
Payment and collections [Member] | Banking Colombia
Revenue from contracts with customers
Revenue from contracts with customers		623,758		559,139		531,567
Payment and collections [Member] | Banking Panama
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Payment and collections [Member] | Banking El Salvador
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Payment and collections [Member] | Banking Guatemala
Revenue from contracts with customers
Revenue from contracts with customers		0		4,084		4,369
Payment and collections [Member] | Trust
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Payment and collections [Member] | Investment banking
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Payment and collections [Member] | Brokerage
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Payment and collections [Member] | Off shore
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Payment and collections [Member] | All Other Segments [Member]
Revenue from contracts with customers
Revenue from contracts with customers		0		0		0
Payment and collections [Member] | Total before eliminations [Member]
Revenue from contracts with customers
Revenue from contracts with customers		623,758		563,223		535,936
Payment and collections [Member] | Adjustments for consolidation purposes [Member]
Revenue from contracts with customers
Revenue from contracts with customers		0	[1]	0		0
Payment and collections [Member] | Total after eliminations [Member]
Revenue from contracts with customers
Revenue from contracts with customers		623,758		563,223		535,936
Others | Banking Colombia
Revenue from contracts with customers
Revenue from contracts with customers		161,420		124,900		115,472
Others | Banking Panama
Revenue from contracts with customers
Revenue from contracts with customers		1,007		492		10,415
Others | Banking El Salvador
Revenue from contracts with customers
Revenue from contracts with customers		42,636		36,852		35,742
Others | Banking Guatemala
Revenue from contracts with customers
Revenue from contracts with customers		36,427		27,099		28,877
Others | Trust
Revenue from contracts with customers
Revenue from contracts with customers				22		0
Others | Investment banking
Revenue from contracts with customers
Revenue from contracts with customers		680		9		0
Others | Brokerage
Revenue from contracts with customers
Revenue from contracts with customers		7,201		2,926		1,634
Others | Off shore
Revenue from contracts with customers
Revenue from contracts with customers		5,002		3,416		253
Others | All Other Segments [Member]
Revenue from contracts with customers
Revenue from contracts with customers		79		2,884		3,119
Others | Total before eliminations [Member]
Revenue from contracts with customers
Revenue from contracts with customers		254,452		198,600		195,512
Others | Adjustments for consolidation purposes [Member]
Revenue from contracts with customers
Revenue from contracts with customers		(12)	[1]	(149)		0
Others | Total after eliminations [Member]
Revenue from contracts with customers
Revenue from contracts with customers		$ 254,440		$ 198,451		$ 195,512
[1]	AdjustmentsBankingBankingBanking ElBankingInvestmentAll OtherTotal beforeforTotal afterColombiaPanamaSalvadorGuatemalaTrustBankingBrokerageOff ShoreSegmentseliminationsconsolidationeliminations                                          purposes(1)    Revenue from contracts with customersIn millions of COPFees and Commissions Banking services 422,943 77,976 99,222 52,627 - - - 15,683 - 668,451 - 668,451Credit and debit card fees and commercial estabilshments 1,421,039 200,372 117,541 78,764 - - - 4,230 - 1,821,946 - 1,821,946Brokerage - 7,893 - 24 - - 18,617 - - 26,534 - 26,534Acceptances, Guarantees and Standby Letters of Credit 32,829 14,369 5,541 2,440 - - - 844 - 56,023 - 56,023Trust - 13,033 1,713 572 349,402 - 80,534 41 509 445,804 - 445,804Securities brokerage - 391 1,496 - - 30,142 6,961 - - 38,990 - 38,990Bancassurance 607,758 35,014 160 - 36 7 51 - - 643,026 - 643,026Payment and collections 623,758 - - - - - - - - 623,758 - 623,758Others 161,420 1,007 42,636 36,427 - 680 7,201 5,002 79 254,452 (12) 254,440Total revenue from contracts with customers(1) 3,269,747 350,055 268,309 170,854 349,438 30,829 113,364 25,800 588 4,578,984 (12) 4,578,972For further information about composition of Bank’ segments see Note 3

OPERATING INCOME - Accounts rec

OPERATING INCOME - Accounts receivable, and contract liabilities (Details) - COP ($) $ in Millions		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
OPERATING INCOME
Accounts receivable from contracts with customers, net	[1]	$ 169,109	$ 86,759	$ 90,590
Contract liabilities		$ 60,791	$ 75,845	$ 118,857
[1]	The impairment corresponding to the receivable accounts from contracts from customers is COP 9,769, COP 11,975 and COP 9,639 for the year 2019, 2018 and 2017, respectively.

OPERATING INCOME - Fees and Com

OPERATING INCOME - Fees and Commissions Expenses (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
OPERATING INCOME
Banking services	$ (630,583)	$ (542,628)	$ (508,462)
Call Center and Website	(423,630)	(309,403)	(291,602)
Others	(499,026)	(361,025)	(275,051)
Expenses for commissions	$ (1,553,239)	$ (1,213,056)	$ (1,075,115)	[1]
[1]	Some figures in the performance by operating segment disclosure for the year ended as of December 31, 2017 disclosed in the Bank’s annual report in 2017 have been changed due to an impact at the disaggregation level in the process of adopting IFRS 15. See adoption of new accounting standards in Note 32 Impacts on application of new standards.

OPERATING INCOME - Other operat

OPERATING INCOME - Other operating income (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
OPERATING INCOME
Leases		$ 682,525	$ 624,062	$ 563,861
Net foreign exchange and Derivatives foreign exchange contracts	[1]	219,835	61,391	315,985
Services		170,494	170,459	164,150
Gains on sale of assets		93,548	75,976	40,600
Investment property valuation	[2]	93,197	77,350	55,573
Insurance	[3]	60,452	54,679	49,640
Other reversals		49,079	47,657	140,012
Penalties for failure to contracts		28,554	16,302	19,881
Hedging		663	14,158	(3,678)
Others		136,900	109,533	207,713
Total Other operating income		$ 1,535,247	$ 1,251,567	$ 1,553,737	[4]
[1]	Other operating income    2019    2018    2017 In millions of COPLeases 682,525 624,062 563,861 Net foreign exchange and Derivatives Foreign exchange contracts (1) 219,835 61,391 315,985Services 170,494 170,459 164,150Gains on sale of assets 93,548 75,976 40,600Investment property valuation (2) 93,197 77,350 55,573Insurance(3) 60,452 54,679 49,640Other reversals 49,079 47,657 140,012Penalties for failure to contracts 28,554 16,302 19,881Hedging 663 14,158 (3,678)Others 136,900 109,533 207,713Total Other operating income 1,535,247 1,251,567 1,553,737Corresponds to the management of assets and liabilities in foreign currency.
[2]	See Note 11 Investment properties.
[3]	Corresponds to income from Seguros Agromercantil Guatemala insurance operations. See Note 9 Goodwill and intangible assets, net.
[4]	Some figures in the performance by operating segment disclosure for the year ended as of December 31, 2017 disclosed in the Bank’s annual report in 2017 have been changed due to an impact at the disaggregation level in the process of adopting IFRS 15. See adoption of new accounting standards in Note 32 Impacts on application of new standards.

OPERATING INCOME - Dividends an

OPERATING INCOME - Dividends and net income on equity investments (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Dividends and net income on equity investments
Equity method		$ 249,231	$ 187,814	$ 253,602
Total dividends received, and share of profits of equity method investees		380,599	294,030	290,642	[1]
Profits of equity method investees [Member]
Dividends and net income on equity investments
Dividends	[2]	84,183	67,582	32,248
Equity investments	[3]	71,207	86,399	(19,680)
Equity method	[4]	249,231	187,814	253,602
Gains (Losses) on sale of Discontinued Operations	[4],[5]	77,916	0	0
Others	[6]	(101,938)	(47,765)	24,472
Total dividends received, and share of profits of equity method investees		$ 380,599	$ 294,030	$ 290,642
[1]	Some figures in the performance by operating segment disclosure for the year ended as of December 31, 2017 disclosed in the Bank’s annual report in 2017 have been changed due to an impact at the disaggregation level in the process of adopting IFRS 15. See adoption of new accounting standards in Note 32 Impacts on application of new standards.
[2]	2019    2018    2017 In millions of COPDividends (1) 84,183 67,582 32,248Equity investments (2) 71,207 86,399 (19,680)Equity method (3) 249,231 187,814 253,602Gains on sale of investments is subsidiarys and associates (3) (4) 77,916 - -Others(5) (101,938) (47,765) 24,472Total dividends received, and share of profits of equity method investees 380,599 294,030 290,642Dividends received from equity investments at fair value through profit or loss as of December 31, 2019, 2018 and 2017 amount COP 73,685, COP 54,477 and COP 20,297, respectively. Dividends from equity investments at fair value through OCI amount COP 10,498, COP 13,105 and COP 11,951, respectively. As of December 31, 2019, 2018 and 2017, the amount includes dividends of investments derecognised for COP 4,100, COP 950 and COP 1,556, respectively.
[3]	As of December 31, 2018, there is a profit on capital investments due to the increase in fair value in the portfolio measured at fair value through the profit or loss held by Banagricola S.A.
[4]	For further information, see Note 8 investments in associates and joint ventures.
[5]	Corresponds to gains on sale of investments in associates Concesiones CCFC, Avefarma S.A.S, Glashfarma Tech S.A.S and Panamerican Pharmaceutical Holding Inc. for COP 33,253, the winding up of joint venture Servicios de Aceptación S.A.S for COP 8,927 and the sale of subsidiaries Arrendamiento Operativo CIB and Fiduperú S.A, for COP 35,736.
[6]	For further information see Note 17 Borrowings from other financial institutions.

OPERATING INCOME - Additional i

OPERATING INCOME - Additional information (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of operating income and operating expense [Line Items]
Interest income (expense)	$ 11,538,582	$ 10,541,522	$ 10,584,976
Increase (decrease) through cumulative catch-up adjustments to revenue, contract liabilities	15,054
Impairment loss on receivables or contract assets arising from contracts with customers	9,769	11,975	9,639
Dividends From Derecognized Investments	$ 4,100	950	1,556
Bottom of range
Disclosure of operating income and operating expense [Line Items]
Intermediation Margin	4.00%
Top of range
Disclosure of operating income and operating expense [Line Items]
Intermediation Margin	12.00%
Fair value through profit or loss [Member]
Disclosure of operating income and operating expense [Line Items]
Dividends received	$ 73,685	54,477	20,297
Fair value through other comprehensive income [Member]
Disclosure of operating income and operating expense [Line Items]
Dividends received	10,498	$ 13,105	$ 11,951
CCFC, Avefarma S.A.S, Glashfarma Tech S.A.S and Panamerican Pharmaceutical Holding Inc
Disclosure of operating income and operating expense [Line Items]
Gains on disposals of investments	33,253
Servicios de Aceptacin S.A.S
Disclosure of operating income and operating expense [Line Items]
Gains on disposals of investments	8,927
Arrendamiento Operativo CIB and Fiduper S.A
Disclosure of operating income and operating expense [Line Items]
Gains on disposals of investments	$ 35,736

OPERATING EXPENSES (Details )

OPERATING EXPENSES (Details ) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
OPERATING EXPENSES
Salaries	$ 1,449,765	$ 1,350,956	$ 1,253,787
Bonuses	560,149	440,493	374,056
Private premium	378,979	322,420	315,983
Social security contributions	319,424	308,116	287,693
Indemnization payment	140,633	107,992	129,849
Other benefits	517,874	474,077	431,011
Total employee benefits expense	$ 3,366,824	$ 3,004,054	$ 2,792,379

OPERATING EXPENSES - Other admi

OPERATING EXPENSES - Other administrative and general expenses (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
OPERATING EXPENSES
Maintenance and repairs		$ 599,519	$ 585,377	$ 530,284
Others Fees		470,457	429,121	427,517
Insurance		423,785	331,430	303,501
Data processing		214,307	147,294	130,125
Transport		212,582	183,857	158,561
Advertising		151,246	144,900	127,142
Public services		116,837	108,420	107,727
Cleaning and security services		100,593	97,848	92,359
Useful and stationery		83,891	63,321	58,145
communications		77,375	73,072	67,201
Contributions and affiliations		73,689	66,636	60,320
Frauds and claims		65,589	117,032	134,087
Trust		59,334	31,100	25,901
Properties improvements and installation		51,187	52,937	59,121
Travel expenses		42,973	37,006	38,037
Legal and financial consultants		38,972	31,072	25,855
Real estate management		25,012	23,694	21,817
Board of directors and audit fee		22,240	21,733	20,450
Disputes, fines and sanctions		18,077	63,685	139,146
Storage services		17,135	15,664	16,162
Leasing	[1]	8,671	256,872	244,956
Activities Joint Operations		8,142	8,719	9,650
Legal expenses		7,165	3,570	4,112
Donations		4,781	17,402	17,048
Temporary services		3,544	3,724	3,907
Public relations		2,895	2,899	5,912
Others		169,060	106,384	148,841
Total other administrative and general expenses		3,069,058	3,024,769	2,977,884
Wealth tax, contributions and other tax burden	[2]	$ 757,820	$ 692,666	$ 727,661
[1]	The decrease corresponds to the accounting of the leasing contracts under IFRS 16 Leases. See Note 7.1 Lessor and Note 32 Impacts on application of new standards.See Note 12 Income tax.
[2]	See Note 12 Income tax.

OPERATING EXPENSES - Impairment

OPERATING EXPENSES - Impairment, depreciation and amortization (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation of premises and equipment	$ 384,847
Depreciation, right-of-use assets	177,709
Amortization of intangible assets	141,104	$ 123,551	$ 116,752
Impairment of the other assets	147,338	27,746	46,078
Total impairment, depreciation and amortization	824,590	493,902	479,111	[1]
Premises and Equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation of premises and equipment	$ 358,439	$ 342,605	$ 316,281
[1]	Some figures in the performance by operating segment disclosure for the year ended as of December 31, 2017 disclosed in the Bank’s annual report in 2017 have been changed due to an impact at the disaggregation level in the process of adopting IFRS 15. See adoption of new accounting standards in Note 32 Impacts on application of new standards.

OPERATING EXPENSES - Impairme_2

OPERATING EXPENSES - Impairment of other assets net (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of operating expenses [Line Items]
Impairment loss (reversal of impairment loss) recognised in profit or loss	$ 147,338	$ 27,746	$ 46,078
Banking Colombia
Disclosure of operating expenses [Line Items]
Impairment loss (reversal of impairment loss) recognised in profit or loss	108,861	20,036	33,889
Banking Guatemala
Disclosure of operating expenses [Line Items]
Impairment loss (reversal of impairment loss) recognised in profit or loss	29,930	2,672	1,939
Banking Panama
Disclosure of operating expenses [Line Items]
Impairment loss (reversal of impairment loss) recognised in profit or loss	17,869	6,523	5,495
Off shore
Disclosure of operating expenses [Line Items]
Impairment loss (reversal of impairment loss) recognised in profit or loss	933	(173)	(126)
All Other Segments [Member]
Disclosure of operating expenses [Line Items]
Impairment loss (reversal of impairment loss) recognised in profit or loss	792	812	1,418
Brokerage
Disclosure of operating expenses [Line Items]
Impairment loss (reversal of impairment loss) recognised in profit or loss	1	13
Banking El Salvador
Disclosure of operating expenses [Line Items]
Impairment loss (reversal of impairment loss) recognised in profit or loss	$ (11,048)	$ (2,137)	$ 3,363

OPERATING EXPENSES - Additional

OPERATING EXPENSES - Additional information (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
OPERATING EXPENSES
Expense held for sale of premises and equipment	$ 4,898	$ 24,854

EARNING PER SHARE ('EPS') (Deta

EARNING PER SHARE ('EPS') (Details) - COP ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
EARNING PER SHARE ('EPS')
Income from continuing operations before attribution of non-controlling interests	$ 3,214,567	$ 2,786,435	$ 2,754,173
Less: Non-controlling interests from continuing operations	97,216	127,571	139,173
Net income from continuing operations	3,117,351	2,658,864	2,615,000
Less: Preferred dividends declared	435,810	402,451	370,983
Less: Allocation of undistributed earnings to preferred stockholders	998,864	816,277	827,126
Continuing operations	998,864	816,277	827,126
Net income allocated to common shareholders for basic and diluted EPS	$ 1,682,677	$ 1,440,136	$ 1,416,891
Weighted average number of common shares outstanding used in basic EPS calculation (in millions)	510	510	510
Basic and Diluted earnings per share to common shareholders	$ 3,301	$ 2,825	$ 2,780
From continuing operations	$ 3,301	$ 2,825	$ 2,780

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Assets
Investments		$ 2,367,757	[1]	$ 2,149,579	[2]
Assets held for sale and inventories, net		518,749		636,028
Other Assets		4,237,249		3,197,045
Total assets		236,088,113		220,076,482
Liabilities
Deposits		157,205,312		142,128,471
Other Liabilities		6,755,645		6,768,253
Total liabilities		207,282,494		193,421,257
Income
Interest and other operating income		17,380,684		16,116,500		$ 16,696,393	[3]
Net income		3,214,567		2,786,435		2,754,173
Expenses
Interests and other operating expenses		6,179,794		5,670,216		6,232,986	[3]
Fees		1,553,239		1,213,056		1,075,115	[3]
Others		235,525		267,507		249,023
Stockholders with an interest equal or higher than 20% of the Bank's capital [Member]
Assets
Investments		0		0		0
Loans and advances to customers and financial entities, net		419,630		642,319		423,706
Assets held for sale and inventories, net				0		0
Other Assets		0		0		0
Total assets		419,630		642,319		423,706
Liabilities
Deposits		522,986		386,467		363,335
Other Liabilities		0		0		0
Total liabilities		522,986		386,467		363,335
Income
Interest and other operating income		6,505		29,998		6,989
Dividends		0		0		0
Others		0		0		0
Net income		6,505		29,998		6,989
Expenses
Interests and other operating expenses		5,368		10,844		5,603
Fees		0		0		0
Others		0		0		0
Total expenses		5,368		10,844		5,603
Directors and senior management [Member]
Assets
Investments		235		11		0
Loans and advances to customers and financial entities, net		21,426		21,331		17,342
Assets held for sale and inventories, net				0		0
Other Assets		182		0		2
Total assets		21,843		21,342		17,344
Liabilities
Deposits		4,345		5,028		4,363
Other Liabilities		0		0		3
Total liabilities		4,345		5,028		4,366
Income
Interest and other operating income		231		558		419
Dividends		0		0		0
Others		19		0		0
Net income		250		558		419
Expenses
Interests and other operating expenses		160		239		269
Fees		1,236		1,145		1,109
Others		130		54		53
Total expenses		1,526		1,438		1,431
Associates and joint ventures [Member]
Assets
Investments		2,374,338		2,450,467		1,855,511
Loans and advances to customers and financial entities, net		140,352		108,833		124,592
Assets held for sale and inventories, net	[4]			19,128		18,413
Other Assets		43,488		177,537	[5]	127,022	[6]
Total assets		2,558,178		2,755,965		2,125,538
Liabilities
Deposits		156,516		190,046		163,932
Other Liabilities		33,705		35,581		92
Total liabilities		190,221		225,627		164,024
Income
Interest and other operating income		10,830		11,214		11,224
Dividends		110,863		101,091	[7]	48,403
Others		350,004		41,985		51,613
Net income		471,697		154,290		111,240
Expenses
Interests and other operating expenses		6,893		5,790		20,139
Fees		15,366		3		19
Others		6,837		80,312		29,431
Total expenses		$ 29,096		$ 86,105		$ 49,589
[1]	As of December 31, 2019, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures.
[2]	As of December 31, 2018, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures.
[3]	Some figures in the performance by operating segment disclosure for the year ended as of December 31, 2017 disclosed in the Bank’s annual report in 2017 have been changed due to an impact at the disaggregation level in the process of adopting IFRS 15. See adoption of new accounting standards in Note 32 Impacts on application of new standards.
[4]	Investment classified as held for sale. See Note 12. Assets held for sale and Inventories.
[5]	This item includes portfolio purchase operation held between Bancolombia S.A. and Titularizadora Colombiana and the outstanding dividend on the preferred shares of the Compañía de Financiamiento TUYA S.A.
[6]	This ítem includes portfolio purchase operation held between Bancolombia S.A. and Titularizadora Colombiana
[7]	Includes dividend received for preferred shares in Compañía de Financiamiento TUYA S.A.

RELATED PARTY TRANSACTIONS - Fi

RELATED PARTY TRANSACTIONS - Financial Conglomerate Operations (Details 1) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Assets
Investments		$ 2,367,757	[1]	$ 2,149,579	[2]
Other assets		4,237,249		3,197,045
Total assets		236,088,113		220,076,482
Liabilities
Deposits		157,205,312		142,128,471
Other Liabilities		6,755,645		6,768,253
Total liabilities		207,282,494		193,421,257
Income
Interest and other operating income		17,380,684		16,116,500		$ 16,696,393	[3]
Net income		3,214,567		2,786,435		2,754,173
Expenses
Interests and other operating expenses		6,179,794		5,670,216		6,232,986	[3]
Fees		1,553,239		1,213,056		1,075,115	[3]
Others		235,525		267,507		249,023
Financial conglomerate operations [Member]
Assets
Investments	[4]	14,369		440,294		376,171
Loans and advances to customers and financial entities, net		741,539		455,675		191,278
Other assets		6,538		2		8
Total assets		762,446		895,971		567,457
Liabilities
Deposits		1,238,376		1,347,005		1,015,523
Other Liabilities		1,379		5,818		1,882
Total liabilities		1,239,755		1,352,823		1,017,405
Income
Interest and other operating income		732,089		602,831		488,190
Dividends		33		14,909		15,021
Net income		732,122		617,740		503,211
Expenses
Interests and other operating expenses		60,918		54,758		32,568
Fees		540		2		4
Others		35,636		3,025		4,788
Total expenses		$ 97,094		$ 57,785		$ 37,360
[1]	As of December 31, 2019, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures.
[2]	As of December 31, 2018, Banking Panama, Banking Guatemala, Brokerage and off shore did not have investments in associates and joint ventures.
[3]	Some figures in the performance by operating segment disclosure for the year ended as of December 31, 2017 disclosed in the Bank’s annual report in 2017 have been changed due to an impact at the disaggregation level in the process of adopting IFRS 15. See adoption of new accounting standards in Note 32 Impacts on application of new standards.
[4]	The variation compared to 2018 is mainly due to the sale of the investment in Sura Asset Management during 2019.

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional information (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stockholders [Member]
Disclosure of related party transactions [Line Items]
Description of ownership interest percentage	20.00%
Board of Directors and Senior Management [Member]
Disclosure of related party transactions [Line Items]
Description of ownership interest percentage	10.00%
Associates and joint ventures [Member] | Bottom of range
Disclosure of related party transactions [Line Items]
Description of ownership interest percentage	20.00%
Associates and joint ventures [Member] | Top of range
Disclosure of related party transactions [Line Items]
Description of ownership interest percentage	50.00%
Board of Directors [Member]
Disclosure of related party transactions [Line Items]
Key management personnel compensation	$ 1,236	$ 1,145	$ 1,109
Senior Management [Member]
Disclosure of related party transactions [Line Items]
Key management personnel compensation, short-term employee benefits	16,488	17,245	14,320
Key management personnel compensation, other long-term employee benefits	439	427	922
Other related parties [member]
Disclosure of related party transactions [Line Items]
Key management personnel compensation, post-employment benefits	$ 2,112	$ 590	$ 460

LIABILITIES FROM FINANCING AC_3

LIABILITIES FROM FINANCING ACTIVITIES (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019		Dec. 31, 2018
Disclosure of liabilities from financing activities [Line Items]
Balance as of January 1, 2018		$ 39,524,749		$ 37,289,979
Cash flows		(5,937,067)		(2,164,995)
Foreign currency translation adjustment		260,724		2,555,763
Interests accrued		1,790,642		1,745,252
Other movements		139,751		98,750
Balance as of December 31, 2018		35,778,799		39,524,749
Repurchase agreements and other similar secured borrowing [Member]
Disclosure of liabilities from financing activities [Line Items]
Balance as of January 1, 2018		2,315,555		3,236,128
Cash flows		(1,002,196)		(922,840)
Foreign currency translation adjustment		378		2,267
Interests accrued		0		0
Other movements		0		0
Balance as of December 31, 2018		1,313,737		2,315,555
Borrowings from other financial institutions [member]
Disclosure of liabilities from financing activities [Line Items]
Balance as of January 1, 2018	[2]	16,337,964	[1]	13,822,152
Cash flows		(3,219,257)	[1]	513,244	[2]
Foreign currency translation adjustment		132,959	[1]	1,297,690	[2]
Interests accrued		625,834	[1]	783,349	[2]
Other movements		81,843	[1]	(78,471)	[2],[3]
Balance as of December 31, 2018	[1]	13,959,343		16,337,964	[2]
Debt securities in issue [Member]
Disclosure of liabilities from financing activities [Line Items]
Balance as of January 1, 2018	[2]	20,287,233	[1]	19,648,714
Cash flows		(1,657,913)	[1]	(1,697,698)	[2]
Foreign currency translation adjustment		127,387	[1]	1,255,806	[2]
Interests accrued		1,164,808	[1]	961,903	[2]
Other movements	[2]			118,508
Balance as of December 31, 2018	[1]	19,921,515		20,287,233	[2]
Preferred shares [Member]
Disclosure of liabilities from financing activities [Line Items]
Balance as of January 1, 2018	[4]	583,997		582,985
Cash flows	[4]	(57,701)		(57,701)
Foreign currency translation adjustment	[4]	0		0
Interests accrued	[4]	0		0
Other movements	[4]	57,908		58,713
Balance as of December 31, 2018	[4]	$ 584,204		$ 583,997
[1]	The cash flows disclosed in this table related with Borrowings from other financial institutions and Debt securities in issue include the interests paid during the year amounting to COP 594,851 and COP 1,181,131, respectively, which are classified as cash flows from operating activities in the consolidated statement of cash flow.
[2]	The cash flows disclosed in this table related with Borrowings from other financial institutions and Debt securities in issue include the interests paid during the year amounting to COP 788,879 and COP 961,333, respectively, which are classified as cash flows from operating activities in the consolidated statement of cash flow.
[3]	The amount of COP (78,471) is mainly comprised by the decrease of the liabilities related to assets held for sale.
[4]	The cash flow amounting to COP 57,701 corresponds to the fixed minimum dividend paid to the preferred shares’ holders and is included in the line "dividends paid" of the consolidated statement of cash flow, which includes the divideds paid during the year to both preferred and common shares holders.

LIABILITIES FROM FINANCING AC_4

LIABILITIES FROM FINANCING ACTIVITIES - Additional information (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of liabilities from financing activities [Line Items]
Interest paid, classified as operating activities	$ 5,996,017	$ 5,103,246	$ 5,798,689
Dividends paid, classified as financing activities	1,032,492	735,798	$ 1,126,209
Bottom of range
Disclosure of liabilities from financing activities [Line Items]
Reclassification of liabilities related to assets held for sale		78,471
Borrowings from other financial institutions [member]
Disclosure of liabilities from financing activities [Line Items]
Interest paid, classified as operating activities	594,851	788,879
Debt securities in issue [Member]
Disclosure of liabilities from financing activities [Line Items]
Interest paid, classified as operating activities	$ 1,181,131	$ 961,333

FAIR VALUE OF ASSETS AND LIAB_3

FAIR VALUE OF ASSETS AND LIABILITIES (Details) - COP ($) $ in Millions		Dec. 31, 2019	Dec. 31, 2018
Assets
Debt instruments at fair value		$ 329,258	$ 375,395
Derivative financial instruments		1,902,955	1,843,708
Loans and advances to customers and financial institutions, net		171,353,348	163,583,285
Investment property		1,992,964	1,732,873
Investments in associates	[1]	1,894,024	1,710,969
Total		236,088,113	220,076,482
Liabilities
Deposits by customers		157,205,312	142,128,471
Interbank deposits		1,363,679	1,374,222
Repurchase agreements and other similar secured borrowing	[2]	1,313,737	2,315,555
Derivative financial instruments		1,860,812	1,295,070
Borrowings from other financial institutions		13,959,343	16,337,964
Preferred shares		584,204	583,997
Debt securities in issue		19,921,515	20,287,233
Total		207,282,494	193,421,257
Carrying amount
Assets
Debt securities at amortized cost		4,018,724	3,481,928
Derivative financial instruments		1,902,955	1,843,708
Equity securities at fair value		1,228,424	1,639,948
Loans and advances to customers and financial institutions, net		171,353,348	163,583,285
Investment property		1,992,964	1,732,873
Investments in associates	[3]	1,249,818	1,119,973
Total		193,321,839	185,641,314
Liabilities
Deposits by customers		157,205,312	142,128,471
Interbank deposits		1,363,679	1,374,222
Repurchase agreements and other similar secured borrowing		1,313,737	2,315,555
Derivative financial instruments		1,860,812	1,295,070
Borrowings from other financial institutions		13,959,343	16,337,964
Preferred shares		584,204	583,997
Debt securities in issue		19,921,515	20,287,233
Total		196,208,602	184,322,512
Carrying amount | Financial assets at fair value through profit or loss, category
Assets
Debt instruments at fair value		7,670,749	8,909,861
Carrying amount | Financial assets at fair value through other comprehensive income, category
Assets
Debt instruments at fair value		3,904,857	3,329,738
Fair Value
Assets
Debt securities at amortized cost		4,011,398	3,461,616
Derivative financial instruments		1,902,955	1,843,708
Equity securities at fair value		1,228,424	1,639,948
Loans and advances to customers and financial institutions, net		174,326,657	167,551,429
Investment property		1,992,964	1,732,873
Investments in associates	[3]	1,249,818	1,119,973
Total		196,287,822	189,589,146
Liabilities
Deposits by customers		158,235,896	142,860,996
Interbank deposits		1,363,679	1,374,222
Repurchase agreements and other similar secured borrowing		1,313,737	2,315,555
Derivative financial instruments		1,860,812	1,295,070
Borrowings from other financial institutions		13,959,343	16,337,964
Preferred shares		673,564	602,597
Debt securities in issue		20,966,755	20,759,456
Total		198,373,786	185,545,860
Fair Value | Financial assets at fair value through profit or loss, category
Assets
Debt instruments at fair value		7,670,749	8,909,861
Fair Value | Financial assets at fair value through other comprehensive income, category
Assets
Debt instruments at fair value		$ 3,904,857	$ 3,329,738
[1]	Composition    December 31, 2019    December 31, 2018In millions of COPInvestments in associates (1) 1,894,024 1,710,969Investments in Joint ventures 473,733 438,610Total 2,367,757 2,149,579As of December 31, 2019 and 2018, the amount includes investments in associates at fair value for COP 1,249,818 and COP 1,119,973, respectively and investments in associates at equity method value for COP 644,206 COP 590,996 respectively. See Note 30 Fair value of assets and liabilities.
[2]	Total repo liabilities have maturities of less than 30 days.
[3]	December 31, 2019December 31, 2018CarryingFairCarryingFair    amount    Value    amount    ValueIn millions of COPAssetsDebt instruments at fair value through profit or loss 7,670,749 7,670,749 8,909,861 8,909,861Debt instruments at fair value through OCI 3,904,857 3,904,857 3,329,738 3,329,738Debt instruments at amortized cost 4,018,724 4,011,398 3,481,928 3,461,616Derivative financial instruments 1,902,955 1,902,955 1,843,708 1,843,708Equity securities at fair value 1,228,424 1,228,424 1,639,948 1,639,948Loans and advances to customers and financial institutions, net 171,353,348 174,326,657 163,583,285 167,551,429Investment property 1,992,964 1,992,964 1,732,873 1,732,873Investments in associates (1) 1,249,818 1,249,818 1,119,973 1,119,973Total 193,321,839 196,287,822 185,641,314 189,589,146LiabilitiesDeposits by customers 157,205,312 158,235,896 142,128,471 142,860,996Interbank deposits 1,363,679 1,363,679 1,374,222 1,374,222Repurchase agreements and other similar secured borrowing 1,313,737 1,313,737 2,315,555 2,315,555Derivative financial instruments 1,860,812 1,860,812 1,295,070 1,295,070Borrowings from other financial institutions 13,959,343 13,959,343 16,337,964 16,337,964Preferred shares 584,204 673,564 583,997 602,597Debt instruments in issue 19,921,515 20,966,755 20,287,233 20,759,456Total 196,208,602 198,373,786 184,322,512 185,545,860It corresponds investments in associates P.A Viva Malls. See Note 8 Investments in associates and joint ventures

FAIR VALUE OF ASSETS AND LIAB_4

FAIR VALUE OF ASSETS AND LIABILITIES - Assets measured at fair value on a recurring basis (Details) - COP ($) $ in Millions		Dec. 31, 2019	Dec. 31, 2018
Disclosure of fair value of assets and liabilities [Line Items]
Total		$ 329,258	$ 375,395
Debt instruments at fair value through profit or loss		182,282,743	173,819,116
Debt instruments at fair value through OCI		510,154	538,487
Derivative financial instruments		1,902,955	1,843,708
Investment property		1,992,964	1,732,873
Investments in associates	[1]	1,894,024	1,710,969
PA Viva Malls
Disclosure of fair value of assets and liabilities [Line Items]
Investments in associates		1,249,818	1,119,973
Forward contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		717,508	295,326
Swap contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		1,129,849	1,452,164
Option contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		55,598	96,218
Recurring fair value measurement [member]
Disclosure of fair value of assets and liabilities [Line Items]
Total		17,949,767	18,576,101
Debt instruments at fair value through profit or loss		7,670,749	8,909,861
Debt instruments at fair value through OCI		11,575,606	12,239,599
Equity securities		1,228,424	1,639,948
Derivative financial instruments		1,902,955	1,843,708
Investment property		1,992,964	1,732,873
Investments in associates		1,249,818	1,119,973
Recurring fair value measurement [member] | PA Viva Malls
Disclosure of fair value of assets and liabilities [Line Items]
Investments in associates		1,249,818	1,119,973
Recurring fair value measurement [member] | Buildings
Disclosure of fair value of assets and liabilities [Line Items]
Investment property		1,724,720	1,483,594
Recurring fair value measurement [member] | Land [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Investment property		268,244	249,279
Recurring fair value measurement [member] | Debt instruments at fair value through OCI
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through OCI		3,904,857	3,329,738
Recurring fair value measurement [member] | Trading equity securities
Disclosure of fair value of assets and liabilities [Line Items]
Equity securities		1,228,424	1,639,948
Recurring fair value measurement [member] | Securities issued by the Colombian Government
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through profit or loss		5,688,942	7,242,168
Recurring fair value measurement [member] | Securities issued by government entities
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through profit or loss		71,792	43,846
Recurring fair value measurement [member] | Securities issued or secured by other financial entities
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through profit or loss		724,880	661,176
Debt instruments at fair value through OCI		254,025	186,250
Recurring fair value measurement [member] | Securities issued by foreign governments
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through profit or loss		1,076,231	817,639
Debt instruments at fair value through OCI		3,595,773	3,143,488
Recurring fair value measurement [member] | Corporate bonds
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through profit or loss		108,904	145,032
Debt instruments at fair value through OCI		55,059	0
Recurring fair value measurement [member] | Forward contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		717,508	295,326
Recurring fair value measurement [member] | Forward contract | Foreign exchange contracts
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		715,365	294,345
Recurring fair value measurement [member] | Forward contract | Equity contracts
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		2,143	981
Recurring fair value measurement [member] | Swap contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		1,129,849	1,452,164
Recurring fair value measurement [member] | Swap contract | Interest rate contracts
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		372,553	252,928
Recurring fair value measurement [member] | Swap contract | Foreign exchange contracts
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		757,296	1,199,236
Recurring fair value measurement [member] | Option contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		55,598	96,218
Recurring fair value measurement [member] | Option contract | Foreign exchange contracts
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		55,598	96,218
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member]
Disclosure of fair value of assets and liabilities [Line Items]
Total		8,490,466	9,502,125
Debt instruments at fair value through profit or loss		6,066,784	7,768,578
Debt instruments at fair value through OCI		8,407,264	9,398,957
Equity securities		78,487	100,233
Derivative financial instruments		4,715	2,935
Investment property		0	0
Investments in associates		0	0
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | PA Viva Malls
Disclosure of fair value of assets and liabilities [Line Items]
Investments in associates		0	0
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Buildings
Disclosure of fair value of assets and liabilities [Line Items]
Investment property		0	0
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Land [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Investment property		0	0
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Debt instruments at fair value through OCI
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through OCI		2,340,480	1,630,379
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Trading equity securities
Disclosure of fair value of assets and liabilities [Line Items]
Equity securities		78,487	100,233
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued by the Colombian Government
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through profit or loss		5,248,352	7,170,085
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued by government entities
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through profit or loss		0	24,588
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued or secured by other financial entities
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through profit or loss		97,107	115,234
Debt instruments at fair value through OCI		87,010	0
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued by foreign governments
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through profit or loss		683,469	397,115
Debt instruments at fair value through OCI		2,207,864	1,630,379
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Corporate bonds
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through profit or loss		37,856	61,556
Debt instruments at fair value through OCI		45,606	0
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Forward contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		0	0
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Forward contract | Foreign exchange contracts
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		0	0
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Forward contract | Equity contracts
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		0	0
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Swap contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		4,571	2,935
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Swap contract | Interest rate contracts
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		4,571	2,935
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Swap contract | Foreign exchange contracts
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		0	0
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Option contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		144	0
Level 1 of fair value hierarchy [member] | Recurring fair value measurement [member] | Option contract | Foreign exchange contracts
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		144	0
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member]
Disclosure of fair value of assets and liabilities [Line Items]
Total		4,558,264	3,983,723
Debt instruments at fair value through profit or loss		1,475,886	927,767
Debt instruments at fair value through OCI		3,040,263	2,627,126
Equity securities		70,237	115
Derivative financial instruments		1,447,764	1,356,482
Investment property		0	0
Investments in associates		0	0
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | PA Viva Malls
Disclosure of fair value of assets and liabilities [Line Items]
Investments in associates		0	0
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Buildings
Disclosure of fair value of assets and liabilities [Line Items]
Investment property		0	0
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Land [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Investment property		0	0
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Debt instruments at fair value through OCI
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through OCI		1,564,377	1,699,359
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Trading equity securities
Disclosure of fair value of assets and liabilities [Line Items]
Equity securities		70,237	115
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued by the Colombian Government
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through profit or loss		440,590	72,083
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued by government entities
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through profit or loss		71,792	12,851
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued or secured by other financial entities
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through profit or loss		501,724	338,992
Debt instruments at fair value through OCI		167,015	186,250
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued by foreign governments
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through profit or loss		392,762	420,524
Debt instruments at fair value through OCI		1,387,909	1,513,109
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Corporate bonds
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through profit or loss		69,018	83,317
Debt instruments at fair value through OCI		9,453	0
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Forward contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		481,408	97,394
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Forward contract | Foreign exchange contracts
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		479,407	96,426
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Forward contract | Equity contracts
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		2,001	968
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Swap contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		957,819	1,252,381
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Swap contract | Interest rate contracts
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		311,928	198,697
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Swap contract | Foreign exchange contracts
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		645,891	1,053,684
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Option contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		8,537	6,707
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [member] | Option contract | Foreign exchange contracts
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		8,537	6,707
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member]
Disclosure of fair value of assets and liabilities [Line Items]
Total		4,901,037	5,090,253
Debt instruments at fair value through profit or loss		128,079	213,516
Debt instruments at fair value through OCI		128,079	213,516
Equity securities		1,079,700	1,539,600
Derivative financial instruments		450,476	484,291
Investment property		1,992,964	1,732,873
Investments in associates		1,249,818	1,119,973
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | PA Viva Malls
Disclosure of fair value of assets and liabilities [Line Items]
Investments in associates		1,249,818	1,119,973
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Buildings
Disclosure of fair value of assets and liabilities [Line Items]
Investment property		1,724,720	1,483,594
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Land [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Investment property		268,244	249,279
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Debt instruments at fair value through OCI
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through OCI		0	0
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Trading equity securities
Disclosure of fair value of assets and liabilities [Line Items]
Equity securities		1,079,700	1,539,600
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued by the Colombian Government
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through profit or loss		0	0
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued by government entities
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through profit or loss		0	6,407
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued or secured by other financial entities
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through profit or loss		126,049	206,950
Debt instruments at fair value through OCI		0	0
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Securities issued by foreign governments
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through profit or loss		0	0
Debt instruments at fair value through OCI		0	0
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Corporate bonds
Disclosure of fair value of assets and liabilities [Line Items]
Debt instruments at fair value through profit or loss		2,030	159
Debt instruments at fair value through OCI		0	0
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Forward contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		236,100	197,932
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Forward contract | Foreign exchange contracts
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		235,958	197,919
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Forward contract | Equity contracts
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		142	13
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Swap contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		167,459	196,848
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Swap contract | Interest rate contracts
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		56,054	51,296
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Swap contract | Foreign exchange contracts
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		111,405	145,552
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Option contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		46,917	89,511
Level 3 of fair value hierarchy [member] | Recurring fair value measurement [member] | Option contract | Foreign exchange contracts
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments		$ 46,917	$ 89,511
[1]	Composition    December 31, 2019    December 31, 2018In millions of COPInvestments in associates (1) 1,894,024 1,710,969Investments in Joint ventures 473,733 438,610Total 2,367,757 2,149,579As of December 31, 2019 and 2018, the amount includes investments in associates at fair value for COP 1,249,818 and COP 1,119,973, respectively and investments in associates at equity method value for COP 644,206 COP 590,996 respectively. See Note 30 Fair value of assets and liabilities.

FAIR VALUE OF ASSETS AND LIAB_5

FAIR VALUE OF ASSETS AND LIABILITIES - Liabilities measured at fair value on a recurring basis (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	$ (1,860,812)	$ (1,295,070)
Financial liabilities, at fair value	(64,665,662)	(57,585,666)
Forward contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(772,361)	(306,600)
Swap contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(1,029,951)	(958,881)
Option contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(58,500)	(29,589)
Level 1 of fair value hierarchy [member]
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	0	0
Level 3 of fair value hierarchy [member]
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	0	0
Recurring fair value measurement [member]
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(1,860,812)	(1,295,070)
Financial liabilities, at fair value	(1,860,812)	(1,295,070)
Recurring fair value measurement [member] | Forward contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(772,361)	(306,600)
Recurring fair value measurement [member] | Swap contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(1,029,951)	(958,881)
Recurring fair value measurement [member] | Option contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(58,500)	(29,589)
Recurring fair value measurement [member] | Foreign exchange contracts | Forward contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(768,015)	(299,015)
Recurring fair value measurement [member] | Foreign exchange contracts | Swap contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(652,610)	(700,903)
Recurring fair value measurement [member] | Foreign exchange contracts | Option contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(58,500)	(29,589)
Recurring fair value measurement [member] | Equity contracts | Forward contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(4,346)	(7,585)
Recurring fair value measurement [member] | Interest rate contracts | Swap contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(377,341)	(257,978)
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member]
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(6,895)	(3,887)
Financial liabilities, at fair value	(6,895)	(3,887)
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Forward contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	0	0
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Swap contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(6,895)	(3,887)
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Option contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	0	0
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Foreign exchange contracts | Forward contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	0	0
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Foreign exchange contracts | Swap contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	0	0
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Foreign exchange contracts | Option contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	0	0
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Equity contracts | Forward contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	0	0
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Interest rate contracts | Swap contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(6,895)	(3,887)
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member]
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(1,732,699)	(1,182,287)
Financial liabilities, at fair value	(1,732,699)	(1,182,287)
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Forward contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(662,923)	(250,169)
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Swap contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(1,011,276)	(902,529)
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Option contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(58,500)	(29,589)
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Foreign exchange contracts | Forward contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(658,776)	(242,844)
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Foreign exchange contracts | Swap contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(642,206)	(654,093)
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Foreign exchange contracts | Option contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(58,500)	(29,589)
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Equity contracts | Forward contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(4,147)	(7,325)
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Interest rate contracts | Swap contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(369,070)	(248,436)
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member]
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(121,218)	(108,896)
Financial liabilities, at fair value	(121,218)	(108,896)
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Forward contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(109,438)	(56,431)
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Swap contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(11,780)	(52,465)
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Option contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	0	0
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Foreign exchange contracts | Forward contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(109,239)	(56,171)
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Foreign exchange contracts | Swap contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(10,404)	(46,810)
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Foreign exchange contracts | Option contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	0	0
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Equity contracts | Forward contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	(199)	(260)
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Interest rate contracts | Swap contract
Disclosure of fair value of assets and liabilities [Line Items]
Derivative financial instruments	$ (1,376)	$ (5,655)

FAIR VALUE OF ASSETS AND LIAB_6

FAIR VALUE OF ASSETS AND LIABILITIES - Fair value of assets and liabilities that are not measured at fair value (Details) - COP ($) $ in Millions		Dec. 31, 2019	Dec. 31, 2018
Disclosure of fair value of assets and liabilities [Line Items]
Loans and advances to customers and financial institutions, net		$ 171,353,348	$ 163,583,285
Total		236,088,113	220,076,482
Deposits by customers		(157,205,312)	(142,128,471)
Interbank deposits		(1,363,679)	(1,374,222)
Repurchase agreements and other similar secured borrowing	[1]	(1,313,737)	(2,315,555)
Borrowings from other financial institutions		(13,959,343)	(16,337,964)
Preferred shares		(584,204)	(583,997)
Debt securities in issue		(19,921,515)	(20,287,233)
Not measured at fair value in statement of financial position but for which fair value is disclosed [member]
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		4,011,398	3,461,616
Loans and advances to customers and financial institutions, net		174,326,657	167,551,429
Total		178,338,055	171,013,045
Deposits by customers		(158,235,896)	(142,860,996)
Interbank deposits		(1,363,679)	(1,374,222)
Repurchase agreements and other similar secured borrowing		(1,313,737)	(2,315,555)
Borrowings from other financial institutions		(13,959,343)	(16,337,964)
Preferred shares		(673,564)	(602,597)
Debt securities in issue		(20,966,755)	(20,759,456)
Total		(196,512,974)	(184,250,790)
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by the Colombian Government
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		93,033	50,271
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by government entities
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		1,797,470	1,853,473
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued or secured by other financial entities
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		209,571	143,660
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by foreign governments
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		310,705	272,565
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Corporate bonds
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		1,600,619	1,141,647
Level 1 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member]
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		802,309	553,367
Loans and advances to customers and financial institutions, net		0	0
Total		802,309	553,367
Deposits by customers		0	0
Interbank deposits		0	0
Repurchase agreements and other similar secured borrowing		0	0
Borrowings from other financial institutions		0	0
Preferred shares		0	0
Debt securities in issue		(8,277,170)	(9,503,793)
Total		(8,277,170)	(9,503,793)
Level 1 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by the Colombian Government
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		93,033	36,847
Level 1 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by government entities
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		0	17,744
Level 1 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued or secured by other financial entities
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		145,798	107,959
Level 1 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by foreign governments
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		169,423	130,913
Level 1 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Corporate bonds
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		394,055	259,904
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member]
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		499,394	618,242
Loans and advances to customers and financial institutions, net		0	0
Total		499,394	618,242
Deposits by customers		(33,655,920)	(30,490,414)
Interbank deposits		0	0
Repurchase agreements and other similar secured borrowing		0	0
Borrowings from other financial institutions		0	0
Preferred shares		0	0
Debt securities in issue		(9,953,028)	(8,486,088)
Total		(43,608,948)	(38,976,502)
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by the Colombian Government
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		0	13,424
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by government entities
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		345,239	386,396
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued or secured by other financial entities
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		0	23,375
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by foreign governments
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		141,282	141,652
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Corporate bonds
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		12,873	53,395
Level 3 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member]
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		2,709,695	2,290,007
Loans and advances to customers and financial institutions, net		174,326,657	167,551,429
Total		177,036,352	169,841,436
Deposits by customers		(124,579,976)	(112,370,582)
Interbank deposits		(1,363,679)	(1,374,222)
Repurchase agreements and other similar secured borrowing		(1,313,737)	(2,315,555)
Borrowings from other financial institutions		(13,959,343)	(16,337,964)
Preferred shares		(673,564)	(602,597)
Debt securities in issue		(2,736,557)	(2,769,575)
Total		(144,626,856)	(135,770,495)
Level 3 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by the Colombian Government
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		0	0
Level 3 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by government entities
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		1,452,231	1,449,333
Level 3 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued or secured by other financial entities
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		63,773	12,326
Level 3 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Securities issued by foreign governments
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		0	0
Level 3 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Corporate bonds
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets at amortised cost		$ 1,193,691	$ 828,348
[1]	Total repo liabilities have maturities of less than 30 days.

FAIR VALUE OF ASSETS AND LIAB_7

FAIR VALUE OF ASSETS AND LIABILITIES - Fair value hierarchy of those assets classified by type (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets, at fair value	$ 329,258	$ 375,395
Non-recurring fair value measurement [member] | Non-current assets held for sale [member]
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets, at fair value	124,395	121,684
Non-recurring fair value measurement [member] | Non-current assets held for sale [member] | Machinery [member]
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets, at fair value	4,799	5,556
Non-recurring fair value measurement [member] | Non-current assets held for sale [member] | Real Estate For Residential Purposes [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets, at fair value	112,789	92,052
Non-recurring fair value measurement [member] | Non-current assets held for sale [member] | Real Estate For Other Than Residential Purposes [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets, at fair value	6,807	24,076
Level 1 of fair value hierarchy [member] | Non-recurring fair value measurement [member] | Non-current assets held for sale [member]
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Level 1 of fair value hierarchy [member] | Non-recurring fair value measurement [member] | Non-current assets held for sale [member] | Machinery [member]
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Level 1 of fair value hierarchy [member] | Non-recurring fair value measurement [member] | Non-current assets held for sale [member] | Real Estate For Residential Purposes [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Level 1 of fair value hierarchy [member] | Non-recurring fair value measurement [member] | Non-current assets held for sale [member] | Real Estate For Other Than Residential Purposes [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Level 2 of fair value hierarchy [member] | Non-recurring fair value measurement [member] | Non-current assets held for sale [member]
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Level 2 of fair value hierarchy [member] | Non-recurring fair value measurement [member] | Non-current assets held for sale [member] | Machinery [member]
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Level 2 of fair value hierarchy [member] | Non-recurring fair value measurement [member] | Non-current assets held for sale [member] | Real Estate For Residential Purposes [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Level 2 of fair value hierarchy [member] | Non-recurring fair value measurement [member] | Non-current assets held for sale [member] | Real Estate For Other Than Residential Purposes [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets, at fair value	0	0
Level 3 of fair value hierarchy [member] | Non-recurring fair value measurement [member] | Non-current assets held for sale [member]
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets, at fair value	124,395	121,684
Level 3 of fair value hierarchy [member] | Non-recurring fair value measurement [member] | Non-current assets held for sale [member] | Machinery [member]
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets, at fair value	4,799	5,556
Level 3 of fair value hierarchy [member] | Non-recurring fair value measurement [member] | Non-current assets held for sale [member] | Real Estate For Residential Purposes [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets, at fair value	112,789	92,052
Level 3 of fair value hierarchy [member] | Non-recurring fair value measurement [member] | Non-current assets held for sale [member] | Real Estate For Other Than Residential Purposes [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Financial assets, at fair value	$ 6,807	$ 24,076

FAIR VALUE OF ASSETS AND LIAB_8

FAIR VALUE OF ASSETS AND LIABILITIES - Reconciliation for all assets and liabilities measured at fair value (Details) - COP ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
PA Viva Malls
Disclosure of fair value of assets and liabilities [Line Items]
Balance as on January 1,		$ 1,119,973	$ 757,886
Included in earnings		66,888	87,136
OCI		0	0
Purchases / reclassifications		0	274,951
Settlement		0	0
Prepaids		0	0	[1]
Transfers in to Level 3		0	0
Transfers out of Level 3		0	0
Balance as on December 31,		1,249,818	1,119,973
Total Investment In Associates
Disclosure of fair value of assets and liabilities [Line Items]
Balance as on January 1,		1,119,973	757,886
Included in earnings		66,888	87,136
OCI		0	0
Purchases / reclassifications		0	274,951
Settlement		0	0
Prepaids		0	0	[1]
Transfers in to Level 3		0	0
Transfers out of Level 3		0	0
Balance as on December 31,		1,249,818	1,119,973
Trading equity securities
Disclosure of fair value of assets and liabilities [Line Items]
Balance as on January 1,		1,539,600	1,343,604
Included in earnings		148,269	131,446
OCI		(3,436)	38,648
Purchases / reclassifications		8,298	41,459
Settlement		(613,031)	(15,557)
Prepaids		0	0	[1]
Transfers in to Level 3		0	0
Transfers out of Level 3		0	0
Balance as on December 31,		1,079,700	1,539,600
Debt Securities
Disclosure of fair value of assets and liabilities [Line Items]
Balance as on January 1,		213,516	300,167
Included in earnings		(27,893)	(58,525)
OCI		0	0
Purchases / reclassifications		0	34,691
Settlement		(23,191)	(66,532)
Prepaids		0	0	[1]
Transfers in to Level 3		6,776	10,365
Transfers out of Level 3		(41,129)	(6,650)
Balance as on December 31,		128,079	213,516
Equity securities held for sale [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Balance as on January 1,			2,486
Included in earnings			0
OCI			0
Settlement			(2,486)
Prepaids	[1]		0
Transfers in to Level 3			0
Transfers out of Level 3			0
Balance as on December 31,
Total equity securities [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Balance as on January 1,		1,539,600	1,343,604
Included in earnings		148,269	131,446
OCI		(3,436)	38,648
Purchases / reclassifications		8,298	41,459
Settlement		(613,031)	(15,557)
Prepaids		0	0	[1]
Transfers in to Level 3		0	0
Transfers out of Level 3		0	0
Balance as on December 31,		1,079,700	1,539,600
Total Assets
Disclosure of fair value of assets and liabilities [Line Items]
Balance as on January 1,		3,357,380	2,748,695
Included in earnings		192,538	169,210
OCI		(3,436)	38,648
Purchases / reclassifications		287,860	655,034
Settlement		(933,016)	(228,119)
Prepaids		(3,485)	2,457	[1]
Transfers in to Level 3		19,268	41,421
Transfers out of Level 3		(71,993)	(69,966)
Balance as on December 31,		2,908,073	3,357,380
Derivative financial instruments [member]
Disclosure of fair value of assets and liabilities [Line Items]
Balance as on January 1,		(108,896)	(80,735)
Included in earnings		(278)	2,544
OCI		0	0
Purchases / reclassifications		114,619
Sales			(55,750)
Settlement		(56,546)
Settlement		56,546	27,001
Prepaids		3,485	(2,457)	[1]
Transfers in to Level 3		5,792
Transfers in to Level 3		5,792	(52,848)
Transfers out of Level 3		48,336	53,349
Balance as on December 31,		(121,218)	(108,896)
Derivative financial instruments [member] | Total Assets
Disclosure of fair value of assets and liabilities [Line Items]
Balance as on January 1,		(108,896)
Balance as on December 31,			(108,896)
Derivative financial instruments [member] | Foreign exchange contracts
Disclosure of fair value of assets and liabilities [Line Items]
Balance as on January 1,		(102,981)	(66,586)
Included in earnings		(292)	4,326
OCI		0	0
Sales		(113,046)	(55,502)
Settlement		55,956	24,933
Prepaids		(1,507)	(2,574)	[1]
Transfers in to Level 3		5,792	(51,316)
Transfers out of Level 3		48,019	43,738
Balance as on December 31,		(119,643)	(102,981)
Derivative financial instruments [member] | Interest rate contracts
Disclosure of fair value of assets and liabilities [Line Items]
Balance as on January 1,		(5,655)	(13,634)
Included in earnings		14	(1,782)
OCI		0	0
Purchases / reclassifications			12
Sales		(1,374)
Settlement		330	1,553
Prepaids		4,992	117	[1]
Transfers in to Level 3		0
Transfers in to Level 3			1,532
Transfers out of Level 3		317	9,611
Balance as on December 31,		(1,376)	(5,655)
Derivative financial instruments [member] | Equity contracts
Disclosure of fair value of assets and liabilities [Line Items]
Balance as on January 1,		(260)	(515)
Included in earnings			0
OCI			0
Sales			(260)
Settlement			515
Prepaids	[1]		0
Transfers in to Level 3			0
Transfers out of Level 3			0
Balance as on December 31,			(260)
Derivative financial instruments [member] | Equity contracts
Disclosure of fair value of assets and liabilities [Line Items]
Balance as on January 1,		260
Included in earnings		0
OCI		0
Purchases / reclassifications		199
Settlement		260
Prepaids		0
Transfers in to Level 3		0
Transfers out of Level 3		0
Balance as on December 31,		(199)	260
Securities issued by government entities | Debt Securities
Disclosure of fair value of assets and liabilities [Line Items]
Balance as on January 1,		6,407	0
Included in earnings			53
OCI			0
Purchases / reclassifications			1,383
Settlement			0
Prepaids	[1]		0
Transfers in to Level 3			4,971
Transfers out of Level 3			0
Balance as on December 31,			6,407
Securities issued or secured by other financial entities | Debt Securities
Disclosure of fair value of assets and liabilities [Line Items]
Balance as on January 1,		206,950	297,049
Included in earnings		(27,912)	(54,595)
OCI		0	0
Purchases / reclassifications		0	29,149
Settlement		(16,606)	(64,014)
Prepaids		0	0	[1]
Transfers in to Level 3		4,746	5,394
Transfers out of Level 3		(41,129)	(6,033)
Balance as on December 31,		126,049	206,950
Derivative financial instruments [member]
Disclosure of fair value of assets and liabilities [Line Items]
Balance as on January 1,		484,291	344,552
Included in earnings		5,274	9,153
OCI		0	0
Purchases / reclassifications		279,562	303,933
Settlement		(296,794)	(143,544)
Prepaids		(3,485)	2,457	[1]
Transfers in to Level 3		12,492	31,056
Transfers out of Level 3		(30,864)	(63,316)
Balance as on December 31,		450,476	484,291
Derivative financial instruments [member] | Foreign exchange contracts
Disclosure of fair value of assets and liabilities [Line Items]
Balance as on January 1,		432,982	298,598
Included in earnings		(9,939)	20,691
OCI		0	0
Purchases / reclassifications		267,452	286,371
Settlement		(291,571)	(132,824)
Prepaids		1,507	2,574	[1]
Transfers in to Level 3		(599)	10,418
Transfers out of Level 3		(6,750)	(52,846)
Balance as on December 31,		394,280	432,982
Derivative financial instruments [member] | Interest rate contracts
Disclosure of fair value of assets and liabilities [Line Items]
Balance as on January 1,		51,296	45,939
Included in earnings		15,213	(11,538)
OCI		0	0
Purchases / reclassifications		11,968	17,549
Settlement		(5,210)	(10,705)
Prepaids		(4,992)	(117)	[1]
Transfers in to Level 3		11,893	20,638
Transfers out of Level 3		(24,114)	(10,470)
Balance as on December 31,		56,054	51,296
Derivative financial instruments [member] | Equity contracts
Disclosure of fair value of assets and liabilities [Line Items]
Balance as on January 1,		13	15
Included in earnings		0	0
OCI		0	0
Purchases / reclassifications		142	13
Settlement		(13)	(15)
Prepaids		0	0	[1]
Transfers in to Level 3		0	0
Transfers out of Level 3		0	0
Balance as on December 31,		142	13
Corporate bonds | Debt Securities
Disclosure of fair value of assets and liabilities [Line Items]
Balance as on January 1,		159	3,118
Included in earnings		0	(3,983)
OCI		0	0
Purchases / reclassifications		0	4,159
Settlement		(159)	(2,518)
Prepaids		0	0	[1]
Transfers in to Level 3		2,030	0
Transfers out of Level 3		0	(617)
Balance as on December 31,		2,030	159
Securities issued by the Colombian Government | Debt Securities
Disclosure of fair value of assets and liabilities [Line Items]
Balance as on January 1,		6,407
Included in earnings		19
OCI		0
Purchases / reclassifications		0
Settlement		(6,426)
Prepaids		0
Transfers in to Level 3		0
Transfers out of Level 3		0
Balance as on December 31,		$ 0	$ 6,407
[1]	Balance,IncludedTransfersTransfersBalance,January 1,inOCIPurchasesSettlementReclassifications(1)in toout ofDecember 31,   2018  earnings          Level 3  Level 3  2018In millions of COPDebt instruments at fair value though profit or lossSecurities issued or secured by Government entities - 53 - 1,383 - - 4,971 - 6,407Securities issued or secured by other financial entities 297,049 (54,595) - 29,149 (64,014) - 5,394 (6,033) 206,950Corporate bonds 3,118 (3,983) - 4,159 (2,518) - - (617) 159Total 300,167 (58,525) - 34,691 (66,532) - 10,365 (6,650) 213,516Derivative financial instrumentsForeign exchange contracts 298,598 20,691 - 286,371 (132,824) 2,574 10,418 (52,846) 432,982Interest rate contracts 45,939 (11,538) - 17,549 (10,705) (117) 20,638 (10,470) 51,296Equity contracts 15 - - 13 (15) - - - 13Total 344,552 9,153 - 303,933 (143,544) 2,457 31,056 (63,316) 484,291Equity securitiesEquity securities 1,343,604 131,446 38,648 41,459 (15,557) - - - 1,539,600Total 1,343,604 131,446 38,648 41,459 (15,557) - - - 1,539,600Investment in associatesPA Viva Malls 757,886 87,136 - 274,951 - - - - 1,119,973Total 757,886 87,136 - 274,951 - - - - 1,119,973Equity securities - Assets held for saleAssets held for sale 2,486 - - - (2,486) - - - -Total 2,486 - - - (2,486) - - - -Total Assets 2,748,695 169,210 38,648 655,034 (228,119) 2,457 41,421 (69,966) 3,357,380LiabilitiesDerivative financial instrumentsForeign exchange contracts (66,586) 4,326 - (55,502) 24,933 (2,574) (51,316) 43,738 (102,981)Interest rate contracts (13,634) (1,782) - 12 1,553 117 (1,532) 9,611 (5,655)Equity contracts (515) - - (260) 515 - - - (260)Total (80,735) 2,544 - (55,750) 27,001 (2,457) (52,848) 53,349 (108,896)Total liabilities (80,735) 2,544 - (55,750) 27,001 (2,457) (52,848) 53,349 (108,896)From derivative assets to derivative liabilities classified in level 3 and viceversa.

FAIR VALUE OF ASSETS AND LIAB_9

FAIR VALUE OF ASSETS AND LIABILITIES - Significant unobservable inputs and and the sensitivity of these fair values (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019COP ($)USD ($)	Dec. 31, 2018COP ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018COP ($)
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value	$ 329,258			$ 375,395
Price [Member] | PA Viva Malls
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value				1,119,973
Discounted cash flow [member]
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value	$ 128,079			213,516
Significant unobservable input, assets	11.19	11.17
Discounted cash flow [member] | Yield [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value				206,950
Market comparable prices [member] | Price [Member] | PA Viva Malls
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value	$ 1,249,818
Trading equity securities | Market comparable prices [member] | Price [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value	1,079,700			1,539,600
Securities issued or secured by other financial entities
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value	126,049
Corporate bonds | Discounted cash flow [member]
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value	$ 2,030
Significant unobservable input, assets	0.51
Effect on fairvalue of assets due to increase in basis point	$ 2,005
Effect on fair value of assets due to decrease in basis point	2,063
Option contract | Black-Scholes [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value	$ 46,917
Significant unobservable input, assets	83
Effect on fairvalue of assets due to increase in basis point	$ 46,561
Effect on fair value of assets due to decrease in basis point	47,134
Option contract | Black-Scholes [Member] | Credit spread [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value				141,501
Significant unobservable input, assets		2.96
Effect on fairvalue of assets due to increase in basis point		$ 140,844
Effect on fair value of assets due to decrease in basis point		$ 155,113
Forward contract | Discounted cash flow [member]
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value	$ 126,662
Significant unobservable input, assets	3.73
Effect on fairvalue of assets due to increase in basis point	$ 126,289
Effect on fair value of assets due to decrease in basis point	127,036
Forward contract | Discounted cash flow [member] | Credit spread [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets		2.58
Effect on fairvalue of assets due to increase in basis point		$ 139,506
Effect on fair value of assets due to decrease in basis point		$ 136,941
Forward contract | Market comparable prices [member] | Price [Member] | PA Viva Malls
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value				144,383
Swap contract | Discounted cash flow [member]
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value	$ 155,679
Significant unobservable input, assets	5.52
Effect on fairvalue of assets due to increase in basis point	$ 150,683
Effect on fair value of assets due to decrease in basis point	$ 149,630
Swap contract | Discounted cash flow [member] | Credit spread [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value				89,511
Significant unobservable input, assets		0.77
Effect on fairvalue of assets due to increase in basis point		$ 88,834
Effect on fair value of assets due to decrease in basis point		$ 89,876
TIPS, securities issued by other institutions one [Member] | Debt Securities | Discounted cash flow [member] | Yield [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets	3.24	0.69
Effect on fairvalue of assets due to increase in basis point	$ 90,111	$ 160,056
Effect on fair value of assets due to decrease in basis point	92,906	168,000
TIPS, securities issued by other institutions two [Member] | Debt Securities | Discounted cash flow [member] | Yield [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Effect on fairvalue of assets due to increase in basis point		160,162
Effect on fair value of assets due to decrease in basis point		$ 167,881
TIPS, securities issued by other institutions two [Member] | Debt Securities | Discounted cash flow [member] | Liquidity risk premium [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value	91,671			164,401
Significant unobservable input, assets		3.58
TIPS, securities issued by other institutions TIPS three [Member] | Debt Securities | Discounted cash flow [member]
Disclosure of fair value of assets and liabilities [Line Items]
Effect on fairvalue of assets due to increase in basis point	93,882	$ 164,102
Effect on fair value of assets due to decrease in basis point	91,278	$ 163,602
Other bonds, securities issued by other institutions [Member] | Debt Securities | Discounted cash flow [member] | Yield [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value	$ 34,378			34,961
Significant unobservable input, assets	0.92	0.60
Effect on fairvalue of assets due to increase in basis point	$ 33,364	$ 33,700
Effect on fair value of assets due to decrease in basis point	$ 35,448	$ 36,299
Other bonds, securities issued by other institutions [Member] | Debt Securities | Discounted cash flow [member] | Liquidity risk premium [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets	3.21
Effect on fairvalue of assets due to increase in basis point	$ 33,107
Effect on fair value of assets due to decrease in basis point	35,135
Securitisations, securities issued by other institutions [Member] | Debt Securities | Discounted cash flow [member] | Yield [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets		(3.04)
Effect on fairvalue of assets due to increase in basis point		$ 33,142
Effect on fair value of assets due to decrease in basis point		$ 35,678
Time deposit, securities issued by other institutions [Member] | Debt Securities | Discounted cash flow [member] | Yield [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value				5,394
Significant unobservable input, assets		2.04
Effect on fairvalue of assets due to increase in basis point		$ 5,376
Effect on fair value of assets due to decrease in basis point		$ 5,421
Multilateral bonds [Member] | Debt Securities | Discounted cash flow [member] | Yield [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets		(0.05)	(0.05)
Effect on fairvalue of assets due to increase in basis point		$ 2,187
Effect on fair value of assets due to decrease in basis point		$ 2,197
Multilateral bonds [Member] | Securities issued or secured by other financial entities | Discounted cash flow [member] | Yield [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value				2,194
Governments bonds [Member] | Discounted cash flow [member] | Yield [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value				6,407
Significant unobservable input, assets		0.32
Effect on fairvalue of assets due to increase in basis point		$ 6,406
Effect on fair value of assets due to decrease in basis point		$ 6,413
Total securities issued by foreign governments [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value	$ 0
Total securities issued by foreign governments [Member] | Discounted cash flow [member] | Yield [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value				159
Significant unobservable input, assets		0.27
Effect on fairvalue of assets due to increase in basis point		$ 159
Effect on fair value of assets due to decrease in basis point		$ 160
Total securities issued by foreign governments [Member] | Trading equity securities | Market comparable prices [member] | Price [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Fair Value				$ 6,407
Bottom of range | Corporate bonds | Debt Securities | Discounted cash flow [member] | Yield [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets	0.51
Bottom of range | Option contract | Black-Scholes [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets	0
Bottom of range | Option contract | Black-Scholes [Member] | Credit spread [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets		0
Bottom of range | Forward contract | Discounted cash flow [member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets	0
Bottom of range | Forward contract | Discounted cash flow [member] | Credit spread [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets		0
Bottom of range | Swap contract | Discounted cash flow [member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets	0
Bottom of range | Swap contract | Discounted cash flow [member] | Credit spread [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets		0
Bottom of range | TIPS, securities issued by other institutions one [Member] | Debt Securities | Discounted cash flow [member] | Yield [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets	0.48	0.16
Bottom of range | TIPS, securities issued by other institutions two [Member] | Debt Securities | Discounted cash flow [member] | Liquidity risk premium [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets		0
Bottom of range | Other bonds, securities issued by other institutions [Member] | Debt Securities | Discounted cash flow [member] | Yield [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets	0.81	0.14
Bottom of range | Other bonds, securities issued by other institutions [Member] | Debt Securities | Discounted cash flow [member] | Liquidity risk premium [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets	2.81
Bottom of range | Securitisations, securities issued by other institutions [Member] | Debt Securities | Discounted cash flow [member] | Yield [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets		2.80
Bottom of range | Time deposit, securities issued by other institutions [Member] | Debt Securities | Discounted cash flow [member] | Yield [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets		2.04
Top of range | Option contract | Black-Scholes [Member] | Price [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets	32
Top of range | Option contract | Black-Scholes [Member] | Credit spread [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets		21.55
Top of range | Forward contract | Discounted cash flow [member] | Credit spread [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets	19.80	54.30
Top of range | Swap contract | Discounted cash flow [member] | Credit spread [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets	40	18.81
Top of range | TIPS, securities issued by other institutions one [Member] | Debt Securities | Discounted cash flow [member] | Yield [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets	6.41	0.90
Top of range | TIPS, securities issued by other institutions two [Member] | Debt Securities | Discounted cash flow [member] | Liquidity risk premium [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets		9.38
Top of range | Other bonds, securities issued by other institutions [Member] | Debt Securities | Discounted cash flow [member] | Yield [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets	1.06	0.89
Top of range | Other bonds, securities issued by other institutions [Member] | Debt Securities | Discounted cash flow [member] | Liquidity risk premium [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets	3.88
Top of range | Securitisations, securities issued by other institutions [Member] | Debt Securities | Discounted cash flow [member] | Yield [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets		3.48

FAIR VALUE OF ASSETS AND LIA_10

FAIR VALUE OF ASSETS AND LIABILITIES - Additional information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019COP ($)	Dec. 31, 2018COP ($)
Disclosure of fair value of assets and liabilities [Line Items]
Ratio between monthly gross income and real estate value	0.71%	0.76%
Trading equity securities
Disclosure of fair value of assets and liabilities [Line Items]
Transfers out of Level 3 of fair value hierarchy, assets	$ 0	$ 0
Unrealized gains and losses	$ 152,801	$ 130,453
Terminal rate [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets	8.33	8.25
Direct capitalization-initial rate [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets	8.05	8.06
Discounted cash flow [member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets	11.19	11.17
Corporate bonds | Discounted cash flow [member]
Disclosure of fair value of assets and liabilities [Line Items]
Significant unobservable input, assets	0.51
Equity securities
Disclosure of fair value of assets and liabilities [Line Items]
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period	$ 72,423	$ 0
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period	0	0
Derivative Foreign Exchange Contracts And Interest Rate Contracts [Member]
Disclosure of fair value of assets and liabilities [Line Items]
Transfers out of Level 3 of fair value hierarchy, assets	(6,700)	21,792
Debt Securities
Disclosure of fair value of assets and liabilities [Line Items]
Unrealized gains and losses	(26,820)	58,736
Debt instruments at fair value through profit or loss
Disclosure of fair value of assets and liabilities [Line Items]
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period	2,577	199,224
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period	84	0
Debt instruments at fair value through profit or loss | Securities issued or secured by other financial entities
Disclosure of fair value of assets and liabilities [Line Items]
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period	2,577	0
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period	0	0
Debt instruments at fair value through profit or loss | Securities issued by foreign governments
Disclosure of fair value of assets and liabilities [Line Items]
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period	0	199,224
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period	84	0
Debt instruments at fair value through OCI
Disclosure of fair value of assets and liabilities [Line Items]
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period	0	627,395
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period	287,939	0
Debt instruments at fair value through OCI | Securities issued by foreign governments
Disclosure of fair value of assets and liabilities [Line Items]
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period	0	627,395
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period	$ 287,939	$ 0

RISK MANAGEMENT - maximum expos

RISK MANAGEMENT - maximum exposure to credit risk (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Risk Management [Line Items]
Maximum exposure	$ 212,922,513	$ 202,991,372
Allowance for loans, advances and lease losses	(10,929,395)	(10,235,831)	$ (8,223,103)	$ (6,621,911)
Allowance for loans, advances and lease losses	(11,077,725)	(10,363,490)
Stage One
Disclosure Of Risk Management [Line Items]
Maximum exposure	198,721,451	190,853,563
Allowance for loans, advances and lease losses	(2,130,787)	(1,872,529)
Stage Two
Disclosure Of Risk Management [Line Items]
Maximum exposure	8,771,093	6,814,839
Allowance for loans, advances and lease losses	(1,552,470)	(1,246,444)
Stage Three
Disclosure Of Risk Management [Line Items]
Maximum exposure	5,429,969	5,322,970
Allowance for loans, advances and lease losses	(7,394,468)	(7,244,517)
Derivative financial instruments [member]
Disclosure Of Risk Management [Line Items]
Maximum exposure	549,836	894,001
Net exposure	549,773	893,905
Trading equity securities
Disclosure Of Risk Management [Line Items]
Maximum exposure	1,228,423	1,639,949
Net exposure	1,228,423	1,639,949
Consumer
Disclosure Of Risk Management [Line Items]
Allowance for loans, advances and lease losses	(3,445,818)	(2,892,891)	$ (2,291,829)	$ (1,791,123)
Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure	182,282,743	173,819,116
Loans and Advances | Stage One
Disclosure Of Risk Management [Line Items]
Maximum exposure	159,769,601	153,894,099
Loans and Advances | Stage Two
Disclosure Of Risk Management [Line Items]
Maximum exposure	10,000,338	7,712,055
Loans and Advances | Stage Three
Disclosure Of Risk Management [Line Items]
Maximum exposure	12,512,804	12,212,962
Loans and Advances | Commercial Loans [member]
Disclosure Of Risk Management [Line Items]
Maximum exposure	92,768,553	94,600,648
Loans and Advances | Commercial Loans [member] | Stage One
Disclosure Of Risk Management [Line Items]
Maximum exposure	80,068,756	83,632,770
Loans and Advances | Commercial Loans [member] | Stage Two
Disclosure Of Risk Management [Line Items]
Maximum exposure	4,763,023	3,214,860
Loans and Advances | Commercial Loans [member] | Stage Three
Disclosure Of Risk Management [Line Items]
Maximum exposure	7,936,774	7,753,018
Loans and Advances | Consumer
Disclosure Of Risk Management [Line Items]
Maximum exposure	39,700,670	31,993,381
Loans and Advances | Consumer | Stage One
Disclosure Of Risk Management [Line Items]
Maximum exposure	35,957,631	28,666,461
Loans and Advances | Consumer | Stage Two
Disclosure Of Risk Management [Line Items]
Maximum exposure	1,969,289	1,758,162
Loans and Advances | Consumer | Stage Three
Disclosure Of Risk Management [Line Items]
Maximum exposure	1,773,750	1,568,758
Loans and Advances | Mortgages [member]
Disclosure Of Risk Management [Line Items]
Maximum exposure	23,983,283	22,870,685
Loans and Advances | Mortgages [member] | Stage One
Disclosure Of Risk Management [Line Items]
Maximum exposure	21,584,674	20,280,416
Loans and Advances | Mortgages [member] | Stage Two
Disclosure Of Risk Management [Line Items]
Maximum exposure	1,340,380	1,513,063
Loans and Advances | Mortgages [member] | Stage Three
Disclosure Of Risk Management [Line Items]
Maximum exposure	1,058,229	1,077,206
Loans and Advances | Small Business Loan [member]
Disclosure Of Risk Management [Line Items]
Maximum exposure	1,279,408	1,156,198
Loans and Advances | Small Business Loan [member] | Stage One
Disclosure Of Risk Management [Line Items]
Maximum exposure	1,088,656	958,491
Loans and Advances | Small Business Loan [member] | Stage Two
Disclosure Of Risk Management [Line Items]
Maximum exposure	70,219	80,805
Loans and Advances | Small Business Loan [member] | Stage Three
Disclosure Of Risk Management [Line Items]
Maximum exposure	120,533	116,902
Loans and Advances | Financial Leases [member]
Disclosure Of Risk Management [Line Items]
Maximum exposure	24,550,829	23,198,204
Loans and Advances | Financial Leases [member] | Stage One
Disclosure Of Risk Management [Line Items]
Maximum exposure	21,069,884	20,355,961
Loans and Advances | Financial Leases [member] | Stage Two
Disclosure Of Risk Management [Line Items]
Maximum exposure	1,857,427	1,145,165
Loans and Advances | Financial Leases [member] | Stage Three
Disclosure Of Risk Management [Line Items]
Maximum exposure	1,623,518	1,697,078
Off Balance Sheet Exposures [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure	41,717,495	39,535,746
Off Balance Sheet Exposures [Member] | Stage One
Disclosure Of Risk Management [Line Items]
Maximum exposure	41,082,637	38,831,993
Off Balance Sheet Exposures [Member] | Stage Two
Disclosure Of Risk Management [Line Items]
Maximum exposure	323,225	349,228
Off Balance Sheet Exposures [Member] | Stage Three
Disclosure Of Risk Management [Line Items]
Maximum exposure	311,633	354,525
Off Balance Sheet Exposures [Member] | Financial guarantee contracts [member]
Disclosure Of Risk Management [Line Items]
Maximum exposure	5,190,537	5,661,661
Off Balance Sheet Exposures [Member] | Financial guarantee contracts [member] | Stage One
Disclosure Of Risk Management [Line Items]
Maximum exposure	5,176,418	5,641,482
Off Balance Sheet Exposures [Member] | Financial guarantee contracts [member] | Stage Two
Disclosure Of Risk Management [Line Items]
Maximum exposure	13,603	18,340
Off Balance Sheet Exposures [Member] | Financial guarantee contracts [member] | Stage Three
Disclosure Of Risk Management [Line Items]
Maximum exposure	516	1,839
Off Balance Sheet Exposures [Member] | Loan commitments [member]
Disclosure Of Risk Management [Line Items]
Maximum exposure	36,526,958	33,874,085
Off Balance Sheet Exposures [Member] | Loan commitments [member] | Stage One
Disclosure Of Risk Management [Line Items]
Maximum exposure	35,906,219	33,190,511
Off Balance Sheet Exposures [Member] | Loan commitments [member] | Stage Two
Disclosure Of Risk Management [Line Items]
Maximum exposure	309,622	330,888
Off Balance Sheet Exposures [Member] | Loan commitments [member] | Stage Three
Disclosure Of Risk Management [Line Items]
Maximum exposure	311,117	352,686
Other Financial Instrument [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure	17,392,393	18,279,480
Collateral	(974,499)	(2,352,373)
Net exposure	16,417,894	15,927,108
Other Financial Instrument [Member] | Debt Securities [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure	15,614,134	15,745,530
Collateral	(974,436)	(2,352,276)
Net exposure	14,639,698	13,393,254
Other Financial Instrument [Member] | Derivative financial instruments [member]
Disclosure Of Risk Management [Line Items]
Maximum exposure	549,836	894,001
Collateral	(63)	(97)
Net exposure	549,773	893,905
Other Financial Instrument [Member] | Trading equity securities
Disclosure Of Risk Management [Line Items]
Maximum exposure	1,228,423	1,639,949
Net exposure	$ 1,228,423	$ 1,639,949

RISK MANAGEMENT - Commercial an

RISK MANAGEMENT - Commercial and Financial Leases (Details)	12 Months Ended
	Dec. 31, 2019
Corporate [Member]
Disclosure Of Risk Management [Line Items]
Information about risk management strategy for rights that lessor retains in underlying assets	Companies with annual sales >= COP 100,000 M. Banistmo places borrowers with annual sales >= USD 10 M. Banco Agrícola and BAM place borrowers with annual sales >= USD 25 M.
Business [Member]
Disclosure Of Risk Management [Line Items]
Information about risk management strategy for rights that lessor retains in underlying assets	Companies with annual sales > = COP 13,000 M and < COP 100,000 M except for Banco Agrícola and BAM, which place borrowers with annual sales >= USD 5 M and < USD 25 M.
Business Construction [Member]
Disclosure Of Risk Management [Line Items]
Information about risk management strategy for rights that lessor retains in underlying assets	Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity, with annual sales >= COP 20,000 M and <= COP 45,000 M. They must have more than 3 projects executed as previous experience.
Corporate Construction [Member]
Disclosure Of Risk Management [Line Items]
Information about risk management strategy for rights that lessor retains in underlying assets	Constructors who dedicate themselves to the construction of buildings to be sold or rented as their main activity, with annual sales > COP 45,000 M. They must have more than 3 projects executed as previous experience.
SME Construction [Member]
Disclosure Of Risk Management [Line Items]
Information about risk management strategy for rights that lessor retains in underlying assets	Constructors who dedicate themselves professionally to the construction of buildings to be sold or rented as their main activity with annual sales >= COP 380 M and <= COP 20,000 M. They must have more than 3 projects executed as previous experience.
Institutional Financing [Member]
Disclosure Of Risk Management [Line Items]
Information about risk management strategy for rights that lessor retains in underlying assets	Financial sector institutions.
Government [Member]
Disclosure Of Risk Management [Line Items]
Information about risk management strategy for rights that lessor retains in underlying assets	Municipalities, districts, departments with their respective decentralized organizations and entities at the national level with incomes >= COP 20,000 M.
SME [Member]
Disclosure Of Risk Management [Line Items]
Information about risk management strategy for rights that lessor retains in underlying assets	Annual sales < COP 13,000 M, with a classification between small, medium, large and plus except for Banistmo which places borrowers < USD 10 M in annual sales. For Banco Agrícola and BAM < USD 5 M.

RISK MANAGEMENT - Small Busines

RISK MANAGEMENT - Small Business Loans (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Risk Management [Line Items]
Financial assets	$ 16,822,754	$ 17,361,475
Allowance account for credit losses of financial assets	10,929,395	10,235,831	$ 8,223,103	$ 6,621,911
Small Business Loans
Disclosure Of Risk Management [Line Items]
Financial assets	$ 20,196,497	$ 17,452,183
Percentage of Allowance Recorded on Financial Assets	20.80%	20.67%
Allowance account for credit losses of financial assets	$ 4,200,467	$ 3,607,295
Small Business Loans | Level 1 - Low Risk [Member]
Disclosure Of Risk Management [Line Items]
Financial assets	$ 8,781,473	$ 9,179,165
Percentage of Allowance Recorded on Financial Assets	1.38%	1.04%
Allowance account for credit losses of financial assets	$ 120,933	$ 95,896
Small Business Loans | Level 2 - Medium Risk [Member]
Disclosure Of Risk Management [Line Items]
Financial assets	$ 3,908,092	$ 2,549,977
Percentage of Allowance Recorded on Financial Assets	5.78%	8.96%
Allowance account for credit losses of financial assets	$ 225,881	$ 228,461
Small Business Loans | Level 3 - High Risk [Member]
Disclosure Of Risk Management [Line Items]
Financial assets	$ 7,506,932	$ 5,723,041
Percentage of Allowance Recorded on Financial Assets	51.33%	57.36%
Allowance account for credit losses of financial assets	$ 3,853,653	$ 3,282,938

RISK MANAGEMENT - Loans and Fin

RISK MANAGEMENT - Loans and Financial Leases Collateral (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	$ 212,922,513	$ 202,991,372
Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	182,282,743	173,819,116
Real Estate and Residential [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	44,107,484	43,957,463
Goods Given in Real Estate Leasing [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	13,711,408	12,753,175
Goods Given in Leasing Other Than Real Estate [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	6,155,570	5,900,913
Stand by Letter of Credit [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	756,572	668,205
Security Deposits [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	925,432	916,225
Guarantee Fund [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	3,285,350	3,003,688
Sovereign of the Nation [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	0
Collection Rights [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	4,475,252	4,043,954
Other Collateral [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	8,824,837	8,894,582
Without Guarantee [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	100,040,838	93,680,911
Commercial Loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	92,768,553	94,600,648
Commercial Loans [member] | Real Estate and Residential [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	19,830,740	21,209,517
Commercial Loans [member] | Goods Given in Real Estate Leasing [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	0
Commercial Loans [member] | Goods Given in Leasing Other Than Real Estate [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	0
Commercial Loans [member] | Stand by Letter of Credit [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	756,421	667,976
Commercial Loans [member] | Security Deposits [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	541,530	470,400
Commercial Loans [member] | Guarantee Fund [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	2,838,386	2,595,913
Commercial Loans [member] | Sovereign of the Nation [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	0
Commercial Loans [member] | Collection Rights [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	4,430,882	3,992,592
Commercial Loans [member] | Other Collateral [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	3,881,957	4,118,947
Commercial Loans [member] | Without Guarantee [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	60,488,637	61,545,303
Consumer | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	39,700,670	31,993,381
Consumer | Real Estate and Residential [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	1,699,574	1,744,581
Consumer | Goods Given in Real Estate Leasing [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	0	0
Consumer | Goods Given in Leasing Other Than Real Estate [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	0	0
Consumer | Stand by Letter of Credit [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	151	229
Consumer | Security Deposits [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	321,814	369,689
Consumer | Guarantee Fund [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	155	138
Consumer | Sovereign of the Nation [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	0	0
Consumer | Collection Rights [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	43,380	49,910
Consumer | Other Collateral [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	4,879,795	4,713,359
Consumer | Without Guarantee [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	32,755,801	25,115,475
Mortgages [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	23,983,283	22,870,685
Mortgages [member] | Real Estate and Residential [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	22,327,716	20,720,459
Mortgages [member] | Goods Given in Real Estate Leasing [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	227	243
Mortgages [member] | Goods Given in Leasing Other Than Real Estate [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	0	0
Mortgages [member] | Stand by Letter of Credit [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	0	0
Mortgages [member] | Security Deposits [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	0	0
Mortgages [member] | Guarantee Fund [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	0	0
Mortgages [member] | Sovereign of the Nation [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	0	0
Mortgages [member] | Collection Rights [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	0	0
Mortgages [member] | Other Collateral [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	54,848	48,098
Mortgages [member] | Without Guarantee [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	1,600,492	2,101,885
Financial Leases [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	24,550,829	23,198,204
Financial Leases [member] | Real Estate and Residential [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	41	84
Financial Leases [member] | Goods Given in Real Estate Leasing [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	13,711,181	12,752,932
Financial Leases [member] | Goods Given in Leasing Other Than Real Estate [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	6,155,570	5,900,913
Financial Leases [member] | Stand by Letter of Credit [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	0	0
Financial Leases [member] | Security Deposits [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	7,794	0
Financial Leases [member] | Guarantee Fund [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	107,149	118,747
Financial Leases [member] | Sovereign of the Nation [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	0	0
Financial Leases [member] | Collection Rights [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	0	0
Financial Leases [member] | Other Collateral [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	33	20
Financial Leases [member] | Without Guarantee [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	4,569,061	4,425,508
Small Business Loan [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	1,279,408	1,156,198
Small Business Loan [member] | Real Estate and Residential [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	249,413	282,822
Small Business Loan [member] | Goods Given in Real Estate Leasing [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	0	0
Small Business Loan [member] | Goods Given in Leasing Other Than Real Estate [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	0	0
Small Business Loan [member] | Stand by Letter of Credit [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	0	0
Small Business Loan [member] | Security Deposits [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	54,294	76,136
Small Business Loan [member] | Guarantee Fund [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	339,660	288,890
Small Business Loan [member] | Sovereign of the Nation [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	0	0
Small Business Loan [member] | Collection Rights [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	990	1,452
Small Business Loan [member] | Other Collateral [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	8,204	14,158
Small Business Loan [member] | Without Guarantee [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	$ 626,847	$ 492,740

RISK MANAGEMENT - Financial ass

RISK MANAGEMENT - Financial assets that are considered Stage 3 and related collateral held in order to mitigate potential losses (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Risk Management [Line Items]
Financial assets	$ 16,822,754	$ 17,361,475
Allowance account for credit losses of financial assets	10,929,395	10,235,831	$ 8,223,103	$ 6,621,911
Level 3 of fair value hierarchy [member]
Disclosure Of Risk Management [Line Items]
Financial assets	1,054,240	1,117,684
Allowance account for credit losses of financial assets	471,969	463,584
Financial assets that are individually determined to be impaired, fair value of collateral held and other credit enhancements	3,007,056	3,676,251
Commercial Loans [member] | Level 3 of fair value hierarchy [member]
Disclosure Of Risk Management [Line Items]
Financial assets	512,037	535,969
Allowance account for credit losses of financial assets	235,892	239,720
Financial assets that are individually determined to be impaired, fair value of collateral held and other credit enhancements	1,914,276	2,528,495
Mortgages [member] | Level 3 of fair value hierarchy [member]
Disclosure Of Risk Management [Line Items]
Financial assets	143,336	117,201
Allowance account for credit losses of financial assets	18,269	21,883
Financial assets that are individually determined to be impaired, fair value of collateral held and other credit enhancements	203,229	173,482
Financial leases
Disclosure Of Risk Management [Line Items]
Financial assets	285,903	281,722
Allowance account for credit losses of financial assets	1,025,403	990,970	$ 631,402	$ 567,046
Financial leases | Level 3 of fair value hierarchy [member]
Disclosure Of Risk Management [Line Items]
Financial assets	398,867	464,514
Allowance account for credit losses of financial assets	217,808	201,981
Financial assets that are individually determined to be impaired, fair value of collateral held and other credit enhancements	889,551	974,274
Cost | Level 3 of fair value hierarchy [member]
Disclosure Of Risk Management [Line Items]
Financial assets	1,526,209	1,581,268
Cost | Commercial Loans [member] | Level 3 of fair value hierarchy [member]
Disclosure Of Risk Management [Line Items]
Financial assets	747,929	775,689
Cost | Mortgages [member] | Level 3 of fair value hierarchy [member]
Disclosure Of Risk Management [Line Items]
Financial assets	161,605	139,084
Cost | Financial leases | Level 3 of fair value hierarchy [member]
Disclosure Of Risk Management [Line Items]
Financial assets	$ 616,675	$ 666,495

RISK MANAGEMENT - Loans concent

RISK MANAGEMENT - Loans concentration by category (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Risk Management [Line Items]
Debt instruments held	$ 182,282,743	$ 173,819,116
Allowance for loans, advances and lease losses	(10,929,395)	(10,235,831)	$ (8,223,103)	$ (6,621,911)
Loans and advances to customers	171,353,348	163,583,285
Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	182,282,743	173,819,116
Commercial Loans [member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	92,768,553
Commercial Loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	92,768,553	94,600,648
Corporate loans [member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	50,108,427
Corporate loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	50,108,427	55,562,618
SME Loans [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	12,209,759
SME Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	12,209,759	16,524,571
Other Commercial Loans [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	30,450,367
Other Commercial Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	30,450,367	22,513,459
Consumer
Disclosure Of Risk Management [Line Items]
Debt instruments held	39,700,670	31,993,381
Allowance for loans, advances and lease losses	(3,445,818)	(2,892,891)	$ (2,291,829)	$ (1,791,123)
Consumer | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	39,700,670	31,993,381
Credit card Loans [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	8,079,354
Credit card Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	8,079,354	7,026,689
Vehicle Loans [member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	3,597,969
Vehicle Loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	3,597,969	3,253,060
Payroll loans [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	7,896,376
Payroll loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	7,896,376	7,451,381
Others Consumer Loans [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	20,126,971
Others Consumer Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	20,126,971	14,262,251
Mortgages [member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	23,983,283
Mortgages [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	23,983,283	22,870,685
VIS Mortgage Loans [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	6,211,385
VIS Mortgage Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	6,211,385	5,778,067
Non-VIS Mortgage Loans [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	17,771,898
Non-VIS Mortgage Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	17,771,898	17,092,618
Financial Leases [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	24,550,829	23,198,204
Small Business Loan [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	$ 1,279,408	$ 1,156,198

RISK MANAGEMENT - Concentration

RISK MANAGEMENT - Concentration of loan by maturity (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Risk Management [Line Items]
Debt instruments held	$ 182,282,743	$ 173,819,116
Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	182,282,743	173,819,116
Commercial Loans [member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	92,768,553
Commercial Loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	92,768,553	94,600,648
Corporate loans [member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	50,108,427
Corporate loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	50,108,427	55,562,618
SME Loans [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	12,209,759
SME Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	12,209,759	16,524,571
Other Commercial Loans [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	30,450,367
Other Commercial Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	30,450,367	22,513,459
Consumer
Disclosure Of Risk Management [Line Items]
Debt instruments held	39,700,670	31,993,381
Consumer | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	39,700,670	31,993,381
Credit card Loans [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	8,079,354
Credit card Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	8,079,354	7,026,689
Vehicle Loans [member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	3,597,969
Vehicle Loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	3,597,969	3,253,060
Payroll loans [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	7,896,376
Payroll loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	7,896,376	7,451,381
Others Consumer Loans [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	20,126,971
Others Consumer Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	20,126,971	14,262,251
Mortgages [member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	23,983,283
Mortgages [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	23,983,283	22,870,685
VIS Mortgage Loans [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	6,211,385
VIS Mortgage Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	6,211,385	5,778,067
Non-VIS Mortgage Loans [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	17,771,898
Non-VIS Mortgage Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	17,771,898	17,092,618
Financial Leases [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	24,550,829	23,198,204
Small Business Loans
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,279,408	1,156,198
Small Business Loans | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,279,408	1,156,198
2020 | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	31,944,466	34,510,004
2020 | Commercial Loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	27,697,217	31,052,548
2020 | Corporate loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	12,377,872	16,569,691
2020 | SME Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	3,700,971	5,253,678
2020 | Other Commercial Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	11,618,374	9,229,179
2020 | Consumer | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	897,630	749,322
2020 | Credit card Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	160,807	100,367
2020 | Vehicle Loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	66,581	60,754
2020 | Payroll loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	55,448	62,657
2020 | Others Consumer Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	614,794	525,544
2020 | Mortgages [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	48,937	58,613
2020 | VIS Mortgage Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	9,672	11,056
2020 | Non-VIS Mortgage Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	39,265	47,557
2020 | Financial Leases [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	3,052,472	2,393,428
2020 | Small Business Loans | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	248,210	256,093
Between 1 and 3 years | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	30,404,905	26,623,392
Between 1 and 3 years | Commercial Loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	21,352,300	18,846,830
Between 1 and 3 years | Corporate loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	9,593,705	8,491,758
Between 1 and 3 years | SME Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	4,384,119	5,482,139
Between 1 and 3 years | Other Commercial Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	7,374,476	4,872,933
Between 1 and 3 years | Consumer | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	5,275,564	4,562,956
Between 1 and 3 years | Credit card Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	334,486	244,218
Between 1 and 3 years | Vehicle Loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	573,874	610,398
Between 1 and 3 years | Payroll loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	530,242	624,660
Between 1 and 3 years | Others Consumer Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	3,836,962	3,083,680
Between 1 and 3 years | Mortgages [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	197,468	175,572
Between 1 and 3 years | VIS Mortgage Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	55,493	51,768
Between 1 and 3 years | Non-VIS Mortgage Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	141,975	123,804
Between 1 and 3 years | Financial Leases [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	2,993,125	2,560,578
Between 1 and 3 years | Small Business Loans | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	586,448	477,456
Between 3 and 5 years | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	44,883,789	33,245,511
Between 3 and 5 years | Commercial Loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	17,894,373	16,216,100
Between 3 and 5 years | Corporate loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	11,229,624	11,335,723
Between 3 and 5 years | SME Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	2,440,766	2,774,471
Between 3 and 5 years | Other Commercial Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	4,223,983	2,105,906
Between 3 and 5 years | Consumer | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	22,018,610	12,069,707
Between 3 and 5 years | Credit card Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	7,358,630	1,073,539
Between 3 and 5 years | Vehicle Loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,439,037	1,538,979
Between 3 and 5 years | Payroll loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,279,371	1,397,974
Between 3 and 5 years | Others Consumer Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	11,941,572	8,059,215
Between 3 and 5 years | Mortgages [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	512,509	479,086
Between 3 and 5 years | VIS Mortgage Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	134,784	117,404
Between 3 and 5 years | Non-VIS Mortgage Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	377,725	361,682
Between 3 and 5 years | Financial Leases [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	4,206,767	4,260,513
Between 3 and 5 years | Small Business Loans | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	251,530	220,105
Greater than 5 years | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	75,049,583	79,440,209
Greater than 5 years | Commercial Loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	25,824,663	28,485,170
Greater than 5 years | Corporate loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	16,907,226	19,165,446
Greater than 5 years | SME Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,683,903	3,014,283
Greater than 5 years | Other Commercial Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	7,233,534	6,305,441
Greater than 5 years | Consumer | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	11,508,866	14,611,396
Greater than 5 years | Credit card Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	225,431	5,608,565
Greater than 5 years | Vehicle Loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,518,477	1,042,929
Greater than 5 years | Payroll loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	6,031,315	5,366,090
Greater than 5 years | Others Consumer Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	3,733,643	2,593,812
Greater than 5 years | Mortgages [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	23,224,369	22,157,414
Greater than 5 years | VIS Mortgage Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	6,011,436	5,597,839
Greater than 5 years | Non-VIS Mortgage Loans [Member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	17,212,933	16,559,575
Greater than 5 years | Financial Leases [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	14,298,465	13,983,685
Greater than 5 years | Small Business Loans | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	$ 193,220	$ 202,544

RISK MANAGEMENT - Concentrati_2

RISK MANAGEMENT - Concentration by past due days (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Risk Management [Line Items]
Debt instruments held	$ 182,282,743	$ 173,819,116
Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	182,282,743	173,819,116
Commercial Loans [member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	92,768,553
Commercial Loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	92,768,553	94,600,648
Consumer
Disclosure Of Risk Management [Line Items]
Debt instruments held	39,700,670	31,993,381
Consumer | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	39,700,670	31,993,381
Mortgages [member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	23,983,283
Mortgages [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	23,983,283	22,870,685
Financial Leases [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	24,550,829	23,198,204
Small Business Loans
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,279,408	1,156,198
Small Business Loans | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,279,408	1,156,198
Not later than one month [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	173,840,093	165,678,765
Not later than one month [member] | Commercial Loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	89,172,106	90,804,138
Not later than one month [member] | Consumer | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	37,661,558	30,311,854
Not later than one month [member] | Mortgages [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	22,205,284	21,121,205
Not later than one month [member] | Financial Leases [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	23,678,408	22,433,190
Not later than one month [member] | Small Business Loans | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,122,737	1,008,378
Later than one month and not later than three months [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	2,357,187	2,025,373
Later than one month and not later than three months [member] | Commercial Loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	464,573	452,890
Later than one month and not later than three months [member] | Consumer | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	873,583	701,314
Later than one month and not later than three months [member] | Mortgages [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	647,059	612,480
Later than one month and not later than three months [member] | Financial Leases [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	321,232	209,840
Later than one month and not later than three months [member] | Small Business Loans | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	50,740	48,849
Between 3 and 6 months | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,027,547	610,434
Between 3 and 6 months | Commercial Loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	542,233	152,877
Between 3 and 6 months | Consumer | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	282,165	238,540
Between 3 and 6 months | Mortgages [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	136,005	148,786
Between 3 and 6 months | Financial Leases [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	52,548	54,029
Between 3 and 6 months | Small Business Loans | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	14,596	16,202
Between 6 and 12 months | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	2,277,890	2,720,962
Between 6 and 12 months | Commercial Loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	937,931	1,387,364
Between 6 and 12 months | Consumer | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	742,197	638,868
Between 6 and 12 months | Mortgages [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	333,204	388,653
Between 6 and 12 months | Financial Leases [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	207,619	245,974
Between 6 and 12 months | Small Business Loans | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	56,939	60,103
Later than 1 year | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	2,780,026	2,783,582
Later than 1 year | Commercial Loans [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,651,710	1,803,379
Later than 1 year | Consumer | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	141,167	102,805
Later than 1 year | Mortgages [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	661,731	599,561
Later than 1 year | Financial Leases [member] | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	291,022	255,171
Later than 1 year | Small Business Loans | Loans and Advances
Disclosure Of Risk Management [Line Items]
Debt instruments held	$ 34,396	$ 22,666

RISK MANAGEMENT - Concentrati_3

RISK MANAGEMENT - Concentration of loans by economic sector (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Risk Management [Line Items]
Debt instruments held	$ 182,282,743	$ 173,819,116
Agriculture Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	5,880,002	6,352,153
Petroleum and Mining Products Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,071,597	1,264,605
Food, Beverages and Tobacco Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	6,737,051	6,185,707
Chemical Production Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	3,446,650	3,579,307
Government Sectors [member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	5,628,083	4,537,077
Construction Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	20,748,369	20,021,566
Commerce and Tourism Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	26,475,309	24,569,254
Transport and Communications Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	8,228,456	9,196,984
Public Services Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	6,819,042	6,974,247
Consumer Services Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	65,114,281	56,700,035
Commercial Services Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	20,751,645	22,581,742
Other Industries and Manufactured Products Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	11,382,258	11,856,439
Local Market [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	130,852,289	123,458,300
Local Market [Member] | Agriculture Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	3,931,913	3,804,075
Local Market [Member] | Petroleum and Mining Products Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	923,375	1,082,816
Local Market [Member] | Food, Beverages and Tobacco Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	6,107,103	5,865,111
Local Market [Member] | Chemical Production Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	3,383,655	3,566,746
Local Market [Member] | Government Sectors [member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	5,626,186	4,457,944
Local Market [Member] | Construction Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	14,526,616	14,508,354
Local Market [Member] | Commerce and Tourism Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	17,601,979	16,928,137
Local Market [Member] | Transport and Communications Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	7,703,609	8,331,727
Local Market [Member] | Public Services Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	5,492,806	6,007,483
Local Market [Member] | Consumer Services Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	42,466,786	35,886,645
Local Market [Member] | Commercial Services Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	16,630,762	17,041,170
Local Market [Member] | Other Industries and Manufactured Products Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	6,457,499	5,978,092
Foreign Market [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	51,430,454	50,360,816
Foreign Market [Member] | Agriculture Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,948,089	2,548,078
Foreign Market [Member] | Petroleum and Mining Products Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	148,222	181,789
Foreign Market [Member] | Food, Beverages and Tobacco Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	629,948	320,596
Foreign Market [Member] | Chemical Production Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	62,995	12,561
Foreign Market [Member] | Government Sectors [member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,897	79,133
Foreign Market [Member] | Construction Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	6,221,753	5,513,212
Foreign Market [Member] | Commerce and Tourism Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	8,873,330	7,641,117
Foreign Market [Member] | Transport and Communications Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	524,847	865,257
Foreign Market [Member] | Public Services Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,326,236	966,764
Foreign Market [Member] | Consumer Services Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	22,647,495	20,813,390
Foreign Market [Member] | Commercial Services Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	4,120,883	5,540,572
Foreign Market [Member] | Other Industries and Manufactured Products Sector [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	$ 4,924,759	$ 5,878,347

RISK MANAGEMENT - Credit concen

RISK MANAGEMENT - Credit concentration by country (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Risk Management [Line Items]
Loans and advances	$ 182,282,743	$ 173,819,116
% Participation	100.00%	100.00%
Allowance for loans and advances and lease losses	$ 10,929,395	$ 10,235,831	$ 8,223,103	$ 6,621,911
% Participation	100.00%	100.00%
Colombia
Disclosure Of Risk Management [Line Items]
Loans and advances	$ 127,875,541	$ 119,674,770
% Participation	70.15%	68.85%
Allowance for loans and advances and lease losses	$ 8,678,279	$ 8,402,751
% Participation	79.40%	82.09%
Panama
Disclosure Of Risk Management [Line Items]
Loans and advances	$ 30,783,359	$ 32,299,274
% Participation	16.89%	18.58%
Allowance for loans and advances and lease losses	$ 1,084,303	$ 910,268
% Participation	9.92%	8.89%
EL SALVADOR
Disclosure Of Risk Management [Line Items]
Loans and advances	$ 11,456,280	$ 10,590,571
% Participation	6.28%	6.09%
Allowance for loans and advances and lease losses	$ 445,609	$ 465,122
% Participation	4.08%	4.54%
Puerto rico
Disclosure Of Risk Management [Line Items]
Loans and advances	$ 771,135	$ 889,528
% Participation	0.42%	0.51%
Allowance for loans and advances and lease losses	$ 30,680	$ 29,041
% Participation	0.28%	0.29%
Guatemala
Disclosure Of Risk Management [Line Items]
Loans and advances	$ 11,385,421	$ 10,352,272
% Participation	6.25%	5.96%
Allowance for loans and advances and lease losses	$ 689,839	$ 427,747
% Participation	6.31%	4.18%
Other Countries [Member]
Disclosure Of Risk Management [Line Items]
Loans and advances	$ 11,007	$ 12,701
% Participation	0.01%	0.01%
Allowance for loans and advances and lease losses	$ 685	$ 902
% Participation	0.01%	0.01%

RISK MANAGEMENT - information a

RISK MANAGEMENT - information about credit quality of the borrower (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Risk Management [Line Items]
Debt instruments held	$ 182,282,743	$ 173,819,116
Normal Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	92,768,553	94,600,648
Acceptable Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	39,700,670	31,993,381
Appreciable Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	23,983,283	22,870,685
Significant Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,279,408	1,156,198
Unrecoverable Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	24,550,829	23,198,204
Financial assets neither past due nor impaired [member]
Disclosure Of Risk Management [Line Items]
Debt instruments held		153,894,099
Financial assets neither past due nor impaired [member] | Normal Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held		83,632,770
Financial assets neither past due nor impaired [member] | Acceptable Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held		28,666,461
Financial assets neither past due nor impaired [member] | Appreciable Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held		20,280,416
Financial assets neither past due nor impaired [member] | Significant Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held		958,491
Financial assets neither past due nor impaired [member] | Unrecoverable Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held		20,355,961
Financial assets past due but not impaired [member]
Disclosure Of Risk Management [Line Items]
Debt instruments held		7,712,055
Financial assets past due but not impaired [member] | Normal Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held		3,214,860
Financial assets past due but not impaired [member] | Acceptable Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held		1,758,162
Financial assets past due but not impaired [member] | Appreciable Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held		1,513,063
Financial assets past due but not impaired [member] | Significant Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held		80,805
Financial assets past due but not impaired [member] | Unrecoverable Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held		1,145,165
Financial assets impaired [member]
Disclosure Of Risk Management [Line Items]
Debt instruments held		12,212,962
Financial assets impaired [member] | Normal Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held		7,753,018
Financial assets impaired [member] | Acceptable Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held		1,568,758
Financial assets impaired [member] | Appreciable Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held		1,077,206
Financial assets impaired [member] | Significant Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held		116,902
Financial assets impaired [member] | Unrecoverable Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held		$ 1,697,078
Stage 1 [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	159,769,601
Stage 1 [Member] | Normal Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	80,068,756
Stage 1 [Member] | Acceptable Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	35,957,631
Stage 1 [Member] | Appreciable Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	21,584,674
Stage 1 [Member] | Significant Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,088,656
Stage 1 [Member] | Unrecoverable Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	21,069,884
Stage 2 [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	10,000,338
Stage 2 [Member] | Normal Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	4,763,023
Stage 2 [Member] | Acceptable Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,969,289
Stage 2 [Member] | Appreciable Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,340,380
Stage 2 [Member] | Significant Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	70,219
Stage 2 [Member] | Unrecoverable Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,857,427
Stage 3 [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	12,512,804
Stage 3 [Member] | Normal Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	7,936,774
Stage 3 [Member] | Acceptable Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,773,750
Stage 3 [Member] | Appreciable Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	1,058,229
Stage 3 [Member] | Significant Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	120,533
Stage 3 [Member] | Unrecoverable Risk [Member]
Disclosure Of Risk Management [Line Items]
Debt instruments held	$ 1,623,518

RISK MANAGEMENT - Stage 3 loans

RISK MANAGEMENT - Stage 3 loans and advances according to their type of evaluation (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Risk Management [Line Items]
Financial assets	$ 16,822,754	$ 17,361,475
Cost | Financial assets individually assessed for credit losses [member]
Disclosure Of Risk Management [Line Items]
Financial assets	6,004,479	5,766,277
Cost | Financial assets individually assessed for credit losses [member] | Commercial Loans [member]
Disclosure Of Risk Management [Line Items]
Financial assets	5,163,304	4,970,415
Cost | Financial assets individually assessed for credit losses [member] | Consumer
Disclosure Of Risk Management [Line Items]
Financial assets		0
Cost | Financial assets individually assessed for credit losses [member] | Mortgages [member]
Disclosure Of Risk Management [Line Items]
Financial assets		0
Cost | Financial assets individually assessed for credit losses [member] | Financial Leases [member]
Disclosure Of Risk Management [Line Items]
Financial assets	841,175	795,862
Cost | Financial assets individually assessed for credit losses [member] | Small Business Loan [member]
Disclosure Of Risk Management [Line Items]
Financial assets		0
Cost | Financial assets collectively assessed for credit losses [member]
Disclosure Of Risk Management [Line Items]
Financial assets	6,508,325	6,446,685
Cost | Financial assets collectively assessed for credit losses [member] | Commercial Loans [member]
Disclosure Of Risk Management [Line Items]
Financial assets	2,773,470	2,782,603
Cost | Financial assets collectively assessed for credit losses [member] | Consumer
Disclosure Of Risk Management [Line Items]
Financial assets	1,773,750	1,568,758
Cost | Financial assets collectively assessed for credit losses [member] | Mortgages [member]
Disclosure Of Risk Management [Line Items]
Financial assets	1,058,229	1,077,206
Cost | Financial assets collectively assessed for credit losses [member] | Financial Leases [member]
Disclosure Of Risk Management [Line Items]
Financial assets	782,343	901,216
Cost | Financial assets collectively assessed for credit losses [member] | Small Business Loan [member]
Disclosure Of Risk Management [Line Items]
Financial assets	120,533	116,902
Allowance
Disclosure Of Risk Management [Line Items]
Financial assets	148,331	127,659	$ 140,001
Allowance | Financial assets individually assessed for credit losses [member]
Disclosure Of Risk Management [Line Items]
Financial assets		2,923,292
Allowance | Financial assets individually assessed for credit losses [member] | Commercial Loans [member]
Disclosure Of Risk Management [Line Items]
Financial assets		2,583,874
Allowance | Financial assets individually assessed for credit losses [member] | Consumer
Disclosure Of Risk Management [Line Items]
Financial assets		0
Allowance | Financial assets individually assessed for credit losses [member] | Mortgages [member]
Disclosure Of Risk Management [Line Items]
Financial assets		0
Allowance | Financial assets individually assessed for credit losses [member] | Financial Leases [member]
Disclosure Of Risk Management [Line Items]
Financial assets		339,418
Allowance | Financial assets individually assessed for credit losses [member] | Small Business Loan [member]
Disclosure Of Risk Management [Line Items]
Financial assets		0
ECL | Financial assets individually assessed for credit losses [member]
Disclosure Of Risk Management [Line Items]
Financial assets	2,852,541
ECL | Financial assets individually assessed for credit losses [member] | Commercial Loans [member]
Disclosure Of Risk Management [Line Items]
Financial assets	2,442,820
ECL | Financial assets individually assessed for credit losses [member] | Financial Leases [member]
Disclosure Of Risk Management [Line Items]
Financial assets	409,721
ECL | Financial assets collectively assessed for credit losses [member]
Disclosure Of Risk Management [Line Items]
Financial assets	4,541,894	4,321,210
ECL | Financial assets collectively assessed for credit losses [member] | Commercial Loans [member]
Disclosure Of Risk Management [Line Items]
Financial assets	1,961,268	1,904,866
ECL | Financial assets collectively assessed for credit losses [member] | Consumer
Disclosure Of Risk Management [Line Items]
Financial assets	1,579,758	1,383,265
ECL | Financial assets collectively assessed for credit losses [member] | Mortgages [member]
Disclosure Of Risk Management [Line Items]
Financial assets	578,593	586,026
ECL | Financial assets collectively assessed for credit losses [member] | Financial Leases [member]
Disclosure Of Risk Management [Line Items]
Financial assets	337,830	367,072
ECL | Financial assets collectively assessed for credit losses [member] | Small Business Loan [member]
Disclosure Of Risk Management [Line Items]
Financial assets	$ 84,445	$ 79,981

RISK MANAGEMENT - changes in th

RISK MANAGEMENT - changes in the expected loss are shown below as a result of a possible change of 1% increase or decrease in these variables based on the assumptions used in the calculation of the expected loss (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019COP ($)
One Percentage Increase In Fiscal Balance Current Account And Inflation [Member]
Disclosure Of Risk Management [Line Items]
Decrease In Expected Credit Loss Due to One Percentage Increase in GDP Growth Rate	$ (33,094)
Increase Decrease In Expected Credit Loss When No Change in GDP Growth Rate	45,523
Increase In Expected Credit Loss Due to One Percentage decrease in GDP Growth Rate	137,869
No Change In Fiscal Balance Current Account And Inflation [Member]
Disclosure Of Risk Management [Line Items]
Decrease In Expected Credit Loss Due to One Percentage Increase in GDP Growth Rate	(78,617)
Increase Decrease In Expected Credit Loss When No Change in GDP Growth Rate	0
Increase In Expected Credit Loss Due to One Percentage decrease in GDP Growth Rate	92,346
One Percentage Decrease In Fiscal Balance Current Account And Inflation [Member]
Disclosure Of Risk Management [Line Items]
Decrease In Expected Credit Loss Due to One Percentage Increase in GDP Growth Rate	(116,783)
Increase Decrease In Expected Credit Loss When No Change in GDP Growth Rate	(38,166)
Increase In Expected Credit Loss Due to One Percentage decrease in GDP Growth Rate	$ 54,180

RISK MANAGEMENT - Credit Qualit

RISK MANAGEMENT - Credit Quality Analysis of the Group (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	$ 212,922,513	$ 202,991,372
Other Financial Instruments [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	17,392,393	18,279,480
Debt Securities
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	15,614,134	15,745,530
Debt Securities | Other Financial Instruments [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	15,614,134	15,745,530
Debt Securities | Low Risk [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	13,738,560	12,994,431
Debt Securities | Medium Risk [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	1,390,984	1,639,484
Debt Securities | High Risk [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	463,305	412,834
Debt Securities | Without Rating [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	21,285	698,781
Trading equity securities
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	1,228,423	1,639,949
Trading equity securities | Other Financial Instruments [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	1,228,423	1,639,949
Trading equity securities | Low Risk [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	320,034	349,425
Trading equity securities | Medium Risk [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	8,655	1,749
Trading equity securities | High Risk [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	637	6,496
Trading equity securities | Without Rating [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	899,097	1,282,279
Derivative financial instruments [member]
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	549,836	894,001
Derivative financial instruments [member] | Low Risk [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	527,427	867,639
Derivative financial instruments [member] | Medium Risk [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	2,910	135
Derivative financial instruments [member] | High Risk [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	755	429
Derivative financial instruments [member] | Without Rating [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	$ 18,744	$ 25,798

RISK MANAGEMENT - Maximum exp_2

RISK MANAGEMENT - Maximum exposure level to the credit risk (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	$ 212,922,513	$ 202,991,372
Financial assets pledged as collateral for liabilities or contingent liabilities	(1,121,219)	(2,827,817)
Other Financial Instruments [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	17,392,393	18,279,480
Financial assets pledged as collateral for liabilities or contingent liabilities	(974,499)	(2,352,373)
Net exposure	16,417,894	15,927,108
Credit risk [member]
Disclosure Of Risk Management [Line Items]
Financial assets pledged as collateral for liabilities or contingent liabilities	(974,499)	(2,352,373)
Debt Securities
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	15,614,134	15,745,530
Financial assets pledged as collateral for liabilities or contingent liabilities	(974,436)	(2,352,276)
Net exposure	14,639,698	13,393,254
Debt Securities | Other Financial Instruments [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	15,614,134	15,745,530
Net exposure	15,599,533	15,730,748
Debt Securities | Credit risk [member]
Disclosure Of Risk Management [Line Items]
Financial assets pledged as collateral for liabilities or contingent liabilities	(974,436)	(2,352,276)
Derivative financial instruments [member]
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	549,836	894,001
Financial assets pledged as collateral for liabilities or contingent liabilities	(63)	(97)
Net exposure	549,773	893,905
Derivative financial instruments [member] | Credit risk [member]
Disclosure Of Risk Management [Line Items]
Financial assets pledged as collateral for liabilities or contingent liabilities	(63)	(97)
Trading equity securities
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	1,228,423	1,639,949
Financial assets pledged as collateral for liabilities or contingent liabilities	0	0
Net exposure	1,228,423	1,639,949
Trading equity securities | Other Financial Instruments [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	1,228,423	1,639,949
Net exposure	1,228,423	1,639,949
Trading equity securities | Credit risk [member]
Disclosure Of Risk Management [Line Items]
Financial assets pledged as collateral for liabilities or contingent liabilities	$ 0	$ 0

RISK MANAGEMENT - individual ev

RISK MANAGEMENT - individual evaluation of impairment at the end of the period for other financial instruments (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	$ 212,922,513	$ 202,991,372
Impairment loss on financial assets	3,366	8,727
Debt Securities
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	15,614,134	15,745,530
Credit exposure	14,639,698	13,393,254
Trading equity securities
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	1,228,423	1,639,949
Credit exposure	1,228,423	1,639,949
Financial assets at fair value through profit or loss, category | Trading equity securities
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	718,269	1,101,462
Impairment loss on financial assets	0	0
Credit exposure	718,269	1,101,462
Financial assets at fair value through other comprehensive income, category | Trading equity securities
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	510,154	538,487
Impairment loss on financial assets	0	0
Credit exposure	510,154	538,487
Other Financial Instruments [Member]
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	17,392,393	18,279,480
Credit exposure	16,417,894	15,927,108
Other Financial Instruments [Member] | Debt Securities
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	15,614,134	15,745,530
Impairment loss on financial assets	14,601	14,783
Credit exposure	15,599,533	15,730,748
Other Financial Instruments [Member] | Trading equity securities
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	1,228,423	1,639,949
Impairment loss on financial assets	0	0
Credit exposure	1,228,423	1,639,949
Financial assets at fair value, class [member] | Debt Securities
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	11,583,672	12,251,873
Impairment loss on financial assets	2,863	3,053
Credit exposure	11,580,809	12,248,820
Financial assets at amortised cost, class [member] | Debt Securities
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	4,030,462	3,493,657
Impairment loss on financial assets	11,738	11,730
Credit exposure	$ 4,018,724	$ 3,481,928

RISK MANAGEMENT - Level of coll

RISK MANAGEMENT - Level of collateral held (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Risk Management [Line Items]
Financial assets pledged as collateral for liabilities or contingent liabilities	$ 1,121,219	$ 2,827,817
Debt Securities
Disclosure Of Risk Management [Line Items]
Financial assets pledged as collateral for liabilities or contingent liabilities	$ 974,436	$ 2,352,276
Description of terms and conditions of financial assets pledged as collateral for liabilities or contingent liabilities	Government bonds (TES)	Government Bonds (TES) and term deposits
Derivative financial instruments [member]
Disclosure Of Risk Management [Line Items]
Financial assets pledged as collateral for liabilities or contingent liabilities	$ 63	$ 97
Description of terms and conditions of financial assets pledged as collateral for liabilities or contingent liabilities	Cash	Cash
Trading equity securities
Disclosure Of Risk Management [Line Items]
Financial assets pledged as collateral for liabilities or contingent liabilities	$ 0	$ 0
Description of terms and conditions of financial assets pledged as collateral for liabilities or contingent liabilities	0	0

RISK MANAGEMENT - Risk exposure

RISK MANAGEMENT - Risk exposure by economic sector and risk region (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	$ 212,922,513	$ 202,991,372
Debt Securities
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	15,614,134	15,745,530
Debt Securities | Other Financial Instruments [member]
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	15,614,134	15,745,530
Trading equity securities
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	1,228,423	1,639,949
Trading equity securities | Other Financial Instruments [member]
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	1,228,423	1,639,949
Derivative financial instruments [member]
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	549,836	894,001
Derivative financial instruments [member] | Other Financial Instruments [member]
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	549,836	894,002
North America [member] | Debt Securities
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	2,218,829	1,569,943
North America [member] | Trading equity securities
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	4,467	1,472
North America [member] | Derivative financial instruments [member]
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	77,561	279,132
Latam [Member] | Debt Securities
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	12,160,411	14,175,587
Latam [Member] | Trading equity securities
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	1,181,239	1,613,783
Latam [Member] | Derivative financial instruments [member]
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	312,442	475,243
Europen [Member] | Debt Securities
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	30,061	0
Europen [Member] | Trading equity securities
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	0	0
Europen [Member] | Derivative financial instruments [member]
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	156,470	119,126
Others | Debt Securities
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	1,204,833	0
Others | Trading equity securities
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	42,717	24,694
Others | Derivative financial instruments [member]
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	3,363	20,501
Corporate Sector [Member] | Debt Securities
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	3,650,072	3,179,751
Corporate Sector [Member] | Trading equity securities
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	1,060,133	1,064,268
Corporate Sector [Member] | Derivative financial instruments [member]
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	242,827	276,721
Financial Sector [Member] | Debt Securities
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	1,119,315	805,863
Financial Sector [Member] | Trading equity securities
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	145,662	543,256
Financial Sector [Member] | Derivative financial instruments [member]
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	262,990	520,026
Funds and ETF Sector [Member] | Debt Securities
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	0	2,159
Funds and ETF Sector [Member] | Trading equity securities
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	22,628	32,425
Funds and ETF Sector [Member] | Derivative financial instruments [member]
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	44,019	97,254
Government Sectors [member] | Debt Securities
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	10,844,747	11,757,757
Government Sectors [member] | Trading equity securities
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	0	0
Government Sectors [member] | Derivative financial instruments [member]
Disclosure Of Risk Management [Line Items]
Maximum Exposure to Credit Risk	$ 0	$ 0

RISK MANAGEMENT - Risk exposu_2

RISK MANAGEMENT - Risk exposure by credit rating (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Risk Management [Line Items]
Maximum exposure to credit risk	$ 212,922,513	$ 202,991,372
Other Financial Instrument [Member]
Disclosure Of Risk Management [Line Items]
Unrated credit exposures	939,126	2,006,858
Maximum exposure to credit risk	17,392,393	18,279,480
Other Financial Instrument [Member] | Sovereign Risk [Member]
Disclosure Of Risk Management [Line Items]
Rated credit exposures	5,446,411	6,879,345
Other Financial Instrument [Member] | AAA Credit Rating [Member]
Disclosure Of Risk Management [Line Items]
Rated credit exposures	4,848,694	4,304,104
Other Financial Instrument [Member] | AA Plus Credit Rating [Member]
Disclosure Of Risk Management [Line Items]
Rated credit exposures	452,253	398,479
Other Financial Instrument [Member] | AACredit Rating [Member]
Disclosure Of Risk Management [Line Items]
Rated credit exposures	135,231	22,615
Other Financial Instrument [Member] | AA Minus Credit Rating [Member]
Disclosure Of Risk Management [Line Items]
Rated credit exposures	127,153	180,757
Other Financial Instrument [Member] | A Plus Credit Rating [Member]
Disclosure Of Risk Management [Line Items]
Rated credit exposures	1,019,863	23,800
Other Financial Instrument [Member] | A Credit Rating [Member]
Disclosure Of Risk Management [Line Items]
Rated credit exposures	69,811	328,597
Other Financial Instrument [Member] | A Minus Credit Rating [Member]
Disclosure Of Risk Management [Line Items]
Rated credit exposures	209,383	163,235
Other Financial Instrument [Member] | BBB Plus Credit Rating [Member]
Disclosure Of Risk Management [Line Items]
Rated credit exposures	1,748,221	73,101
Other Financial Instrument [Member] | BBB Credit Rating [Member]
Disclosure Of Risk Management [Line Items]
Rated credit exposures	186,469	1,133,247
Other Financial Instrument [Member] | BBB Minus Credit Rating [Member]
Disclosure Of Risk Management [Line Items]
Rated credit exposures	342,531	704,216
Other Financial Instrument [Member] | Otros Credit Rating [Member]
Disclosure Of Risk Management [Line Items]
Rated credit exposures	$ 1,867,247	$ 2,061,128

RISK MANAGEMENT - Interest Rate

RISK MANAGEMENT - Interest Rate Risk (Treasury Book) (Details)	12 Months Ended
	Dec. 31, 2019
Band One [Member] | Legal Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	274.00%
Band One [Member] | UVR [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	274.00%
Band One [Member] | Foreign Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	100.00%
Band One [Member] | Bottom of range
Disclosure Of Risk Management [Line Items]
Modified Duration	0 years
Band One [Member] | Top of range
Disclosure Of Risk Management [Line Items]
Modified Duration	29 days
Band Two [Member] | Legal Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	268.00%
Band Two [Member] | UVR [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	274.00%
Band Two [Member] | Foreign Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	100.00%
Band Two [Member] | Bottom of range
Disclosure Of Risk Management [Line Items]
Modified Duration	29 days
Band Two [Member] | Top of range
Disclosure Of Risk Management [Line Items]
Modified Duration	3 months
Band Three [Member] | Legal Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	259.00%
Band Three [Member] | UVR [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	274.00%
Band Three [Member] | Foreign Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	100.00%
Band Three [Member] | Bottom of range
Disclosure Of Risk Management [Line Items]
Modified Duration	3 months
Band Three [Member] | Top of range
Disclosure Of Risk Management [Line Items]
Modified Duration	6 months
Band Four [Member] | Legal Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	233.00%
Band Four [Member] | UVR [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	274.00%
Band Four [Member] | Foreign Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	100.00%
Band Four [Member] | Bottom of range
Disclosure Of Risk Management [Line Items]
Modified Duration	6 months
Band Four [Member] | Top of range
Disclosure Of Risk Management [Line Items]
Modified Duration	1 year
Band Five [Member] | Legal Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	222.00%
Band Five [Member] | UVR [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	250.00%
Band Five [Member] | Foreign Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	90.00%
Band Five [Member] | Bottom of range
Disclosure Of Risk Management [Line Items]
Modified Duration	1 year
Band Five [Member] | Top of range
Disclosure Of Risk Management [Line Items]
Modified Duration	1 year 10 months 24 days
Band Six [Member] | Legal Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	222.00%
Band Six [Member] | UVR [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	250.00%
Band Six [Member] | Foreign Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	80.00%
Band Six [Member] | Bottom of range
Disclosure Of Risk Management [Line Items]
Modified Duration	1 year 10 months 24 days
Band Six [Member] | Top of range
Disclosure Of Risk Management [Line Items]
Modified Duration	2 years 9 months 18 days
Band Seven [Member] | Legal Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	211.00%
Band Seven [Member] | UVR [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	220.00%
Band Seven [Member] | Foreign Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	75.00%
Band Seven [Member] | Bottom of range
Disclosure Of Risk Management [Line Items]
Modified Duration	2 years 9 months 18 days
Band Seven [Member] | Top of range
Disclosure Of Risk Management [Line Items]
Modified Duration	3 years 7 months 6 days
Band Eight [Member] | Legal Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	211.00%
Band Eight [Member] | UVR [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	220.00%
Band Eight [Member] | Foreign Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	75.00%
Band Eight [Member] | Bottom of range
Disclosure Of Risk Management [Line Items]
Modified Duration	3 years 7 months 6 days
Band Eight [Member] | Top of range
Disclosure Of Risk Management [Line Items]
Modified Duration	4 years 3 months 18 days
Band Nine [Member] | Legal Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	172.00%
Band Nine [Member] | UVR [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	200.00%
Band Nine [Member] | Foreign Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	70.00%
Band Nine [Member] | Bottom of range
Disclosure Of Risk Management [Line Items]
Modified Duration	4 years 3 months 18 days
Band Nine [Member] | Top of range
Disclosure Of Risk Management [Line Items]
Modified Duration	5 years 8 months 12 days
Band Ten [Member] | Legal Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	162.00%
Band Ten [Member] | UVR [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	170.00%
Band Ten [Member] | Foreign Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	65.00%
Band Ten [Member] | Bottom of range
Disclosure Of Risk Management [Line Items]
Modified Duration	5 years 8 months 12 days
Band Ten [Member] | Top of range
Disclosure Of Risk Management [Line Items]
Modified Duration	7 years 3 months 18 days
Band Eleven [Member] | Legal Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	162.00%
Band Eleven [Member] | UVR [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	170.00%
Band Eleven [Member] | Foreign Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	60.00%
Band Eleven [Member] | Bottom of range
Disclosure Of Risk Management [Line Items]
Modified Duration	7 years 3 months 18 days
Band Eleven [Member] | Top of range
Disclosure Of Risk Management [Line Items]
Modified Duration	9 years 3 months 18 days
Band Twelve [Member] | Legal Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	162.00%
Band Twelve [Member] | UVR [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	170.00%
Band Twelve [Member] | Foreign Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	60.00%
Band Twelve [Member] | Bottom of range
Disclosure Of Risk Management [Line Items]
Modified Duration	9 years 3 months 18 days
Band Twelve [Member] | Top of range
Disclosure Of Risk Management [Line Items]
Modified Duration	10 years 7 months 6 days
Band Thirteen [Member] | Legal Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	162.00%
Band Thirteen [Member] | UVR [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	170.00%
Band Thirteen [Member] | Foreign Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	60.00%
Band Thirteen [Member] | Bottom of range
Disclosure Of Risk Management [Line Items]
Modified Duration	10 years 7 months 6 days
Band Thirteen [Member] | Top of range
Disclosure Of Risk Management [Line Items]
Modified Duration	12 years
Band Fourteen [Member] | Legal Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	162.00%
Band Fourteen [Member] | UVR [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	170.00%
Band Fourteen [Member] | Foreign Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	60.00%
Band Fourteen [Member] | Bottom of range
Disclosure Of Risk Management [Line Items]
Modified Duration	12 years
Band Fourteen [Member] | Top of range
Disclosure Of Risk Management [Line Items]
Modified Duration	20 years
Band Fifteen [Member] | Legal Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	162.00%
Band Fifteen [Member] | UVR [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	170.00%
Band Fifteen [Member] | Foreign Currency [Member]
Disclosure Of Risk Management [Line Items]
Changes in interest rates due to change in value of currency	60.00%
Band Fifteen [Member] | Bottom of range
Disclosure Of Risk Management [Line Items]
Modified Duration	20 years

RISK MANAGEMENT - Currency (Tre

RISK MANAGEMENT - Currency (Treasury and Banking Book), Equity (Treasury Book) and Fund (Treasury Book) Risk (Details)	12 Months Ended
	Dec. 31, 2019
United States of America, Dollars
Disclosure Of Risk Management [Line Items]
Currency Risk, Sensitivity Factor	12.49%
Euro Member Countries, Euro
Disclosure Of Risk Management [Line Items]
Currency Risk, Sensitivity Factor	11.00%
Other currencies [Member]
Disclosure Of Risk Management [Line Items]
Currency Risk, Sensitivity Factor	13.02%
Equity and Fund Risk [Member]
Disclosure Of Risk Management [Line Items]
Currency Risk, Sensitivity Factor	14.70%

RISK MANAGEMENT - Total Market

RISK MANAGEMENT - Total Market Risk VaR (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Risk Management [Line Items]
Value at risk	$ 1,692,516	$ 1,447,384
Bottom of range
Disclosure Of Risk Management [Line Items]
Value at risk	1,092,446	1,108,052
Weighted average
Disclosure Of Risk Management [Line Items]
Value at risk	1,509,084	1,250,084
Top of range
Disclosure Of Risk Management [Line Items]
Value at risk	1,711,794	1,447,384
Interest Rate Risk [Member]
Disclosure Of Risk Management [Line Items]
Value at risk	359,654	249,070
Interest Rate Risk [Member] | Bottom of range
Disclosure Of Risk Management [Line Items]
Value at risk	242,568	204,478
Interest Rate Risk [Member] | Weighted average
Disclosure Of Risk Management [Line Items]
Value at risk	325,400	241,602
Interest Rate Risk [Member] | Top of range
Disclosure Of Risk Management [Line Items]
Value at risk	409,369	317,524
Currency risk [member]
Disclosure Of Risk Management [Line Items]
Value at risk	1,015,874	909,648
Currency risk [member] | Bottom of range
Disclosure Of Risk Management [Line Items]
Value at risk	496,565	563,322
Currency risk [member] | Weighted average
Disclosure Of Risk Management [Line Items]
Value at risk	874,432	712,435
Currency risk [member] | Top of range
Disclosure Of Risk Management [Line Items]
Value at risk	1,055,546	909,648
Equity price risk [member]
Disclosure Of Risk Management [Line Items]
Value at risk	110,386	91,847
Equity price risk [member] | Bottom of range
Disclosure Of Risk Management [Line Items]
Value at risk	101,757	91,847
Equity price risk [member] | Weighted average
Disclosure Of Risk Management [Line Items]
Value at risk	105,576	103,127
Equity price risk [member] | Top of range
Disclosure Of Risk Management [Line Items]
Value at risk	110,386	112,372
Other price risk [member]
Disclosure Of Risk Management [Line Items]
Value at risk	206,602	196,819
Other price risk [member] | Bottom of range
Disclosure Of Risk Management [Line Items]
Value at risk	195,944	187,842
Other price risk [member] | Weighted average
Disclosure Of Risk Management [Line Items]
Value at risk	203,676	192,920
Other price risk [member] | Top of range
Disclosure Of Risk Management [Line Items]
Value at risk	$ 207,503	$ 198,227

RISK MANAGEMENT - Sensitivity t

RISK MANAGEMENT - Sensitivity to Interest Rate Risk of the Banking Book (Details) $ in Millions, $ in Millions	Dec. 31, 2019USD ($)	Dec. 31, 2019COP ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018COP ($)
RISK MANAGEMENT
Assets sensitivity 50 bps	$ 35	$ 377,918	$ 39	$ 361,427
Liabilities sensitivity 50 bps	34	200,650	36	185,477
Net interest income sensitivity50 bps	$ 1	$ 177,269	$ 3	$ 175,950

RISK MANAGEMENT - Share Price S

RISK MANAGEMENT - Share Price Sensitivity (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019$ / shares	Dec. 31, 2019COP ($)	Dec. 31, 2018$ / shares	Dec. 31, 2018COP ($)
Disclosure of fair value of assets and liabilities [Line Items]
Share Price, Fair Value | $ / shares	$ 38,428		$ 163,136
Share Price, Sensitivity | $		$ 5,649		$ 23,981
Historical volatility for shares, measurement input [member]
Disclosure of fair value of assets and liabilities [Line Items]
Delta	14.7	14.7	14.70	14.70

RISK MANAGEMENT - Liquidity ris

RISK MANAGEMENT - Liquidity risk exposure (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
RISK MANAGEMENT
Net cash outflows into 30 days	$ 11,584,292	$ 7,004,662
Liquid Assets	$ 30,631,688	$ 26,506,750
Liquidity coverage ratio	264.42%	378.42%

RISK MANAGEMENT - Liquid Assets

RISK MANAGEMENT - Liquid Assets (Details) - COP ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure Of Risk Management [Line Items]
Cash	$ 18,256,065	$ 15,833,017
Money market transactions	5,481,977	2,897,793
Cash and cash equivalents	23,738,042	18,730,810	$ 18,165,644	$ 20,460,245
High quality liquid assets [Member]
Disclosure Of Risk Management [Line Items]
Cash	16,594,906	15,370,693
Short-term investments, classified as cash equivalents	12,054,474	9,268,481
Other liquid assets [Member]
Disclosure Of Risk Management [Line Items]
Money market transactions	1,982,308	1,867,576
Liquid assets [Member]
Disclosure Of Risk Management [Line Items]
Cash and cash equivalents	$ 30,631,688	$ 26,506,750

RISK MANAGEMENT - Contractual m

RISK MANAGEMENT - Contractual maturities of financial assets (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Risk Management [Line Items]
Financial assets	$ 16,822,754	$ 17,361,475
2020
Disclosure Of Risk Management [Line Items]
Financial assets	103,269,999	89,038,285
Between 1 and 3 years
Disclosure Of Risk Management [Line Items]
Financial assets	70,990,831	57,217,138
Between 3 and 5 years
Disclosure Of Risk Management [Line Items]
Financial assets	40,998,471	36,465,555
Greater than 5 years
Disclosure Of Risk Management [Line Items]
Financial assets	65,254,489	63,203,640
Cash and balances with central bank [Member] | 2020
Disclosure Of Risk Management [Line Items]
Financial assets	18,256,065	15,833,017
Cash and balances with central bank [Member] | Between 1 and 3 years
Disclosure Of Risk Management [Line Items]
Financial assets		0
Cash and balances with central bank [Member] | Between 3 and 5 years
Disclosure Of Risk Management [Line Items]
Financial assets		0
Cash and balances with central bank [Member] | Greater than 5 years
Disclosure Of Risk Management [Line Items]
Financial assets		0
Interbank borrowings - Repurchase agreements [Member] | 2020
Disclosure Of Risk Management [Line Items]
Financial assets	5,668,879	2,965,646
Interbank borrowings - Repurchase agreements [Member] | Between 1 and 3 years
Disclosure Of Risk Management [Line Items]
Financial assets	3,473	0
Interbank borrowings - Repurchase agreements [Member] | Between 3 and 5 years
Disclosure Of Risk Management [Line Items]
Financial assets		0
Interbank borrowings - Repurchase agreements [Member] | Greater than 5 years
Disclosure Of Risk Management [Line Items]
Financial assets		0
Financial assets investments | 2020
Disclosure Of Risk Management [Line Items]
Financial assets	7,596,501	7,512,098
Financial assets investments | Between 1 and 3 years
Disclosure Of Risk Management [Line Items]
Financial assets	5,977,528	4,557,121
Financial assets investments | Between 3 and 5 years
Disclosure Of Risk Management [Line Items]
Financial assets	1,515,494	2,585,777
Financial assets investments | Greater than 5 years
Disclosure Of Risk Management [Line Items]
Financial assets	2,511,061	3,608,511
Loans and advances to customers [Member] | 2020
Disclosure Of Risk Management [Line Items]
Financial assets	68,333,569	61,653,720
Loans and advances to customers [Member] | Between 1 and 3 years
Disclosure Of Risk Management [Line Items]
Financial assets	63,570,825	52,485,542
Loans and advances to customers [Member] | Between 3 and 5 years
Disclosure Of Risk Management [Line Items]
Financial assets	38,880,378	33,393,032
Loans and advances to customers [Member] | Greater than 5 years
Disclosure Of Risk Management [Line Items]
Financial assets	61,287,271	59,347,861
Derivative financial instruments [Member] | 2020
Disclosure Of Risk Management [Line Items]
Financial assets	3,414,986	1,073,804
Derivative financial instruments [Member] | Between 1 and 3 years
Disclosure Of Risk Management [Line Items]
Financial assets	1,439,006	174,475
Derivative financial instruments [Member] | Between 3 and 5 years
Disclosure Of Risk Management [Line Items]
Financial assets	602,600	486,746
Derivative financial instruments [Member] | Greater than 5 years
Disclosure Of Risk Management [Line Items]
Financial assets	$ 1,456,157	$ 247,268

RISK MANAGEMENT - Contractual_2

RISK MANAGEMENT - Contractual maturities of financial liabilities (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
2020
Disclosure Of Risk Management [Line Items]
Financial liabilities	$ 157,563,577	$ 143,020,905
Between 1 and 3 years
Disclosure Of Risk Management [Line Items]
Financial liabilities	29,299,428	25,784,187
Between 3 and 5 years
Disclosure Of Risk Management [Line Items]
Financial liabilities	10,036,790	14,136,767
Greater than 5 years
Disclosure Of Risk Management [Line Items]
Financial liabilities	11,233,243	9,936,069
Demand deposit from customers [Member] | 2020
Disclosure Of Risk Management [Line Items]
Financial liabilities	93,570,234	85,275,330
Demand deposit from customers [Member] | Between 1 and 3 years
Disclosure Of Risk Management [Line Items]
Financial liabilities	0	0
Demand deposit from customers [Member] | Between 3 and 5 years
Disclosure Of Risk Management [Line Items]
Financial liabilities	0	0
Demand deposit from customers [Member] | Greater than 5 years
Disclosure Of Risk Management [Line Items]
Financial liabilities	0	0
Time deposits from customers [Member] | 2020
Disclosure Of Risk Management [Line Items]
Financial liabilities	46,508,889	39,104,963
Time deposits from customers [Member] | Between 1 and 3 years
Disclosure Of Risk Management [Line Items]
Financial liabilities	14,550,816	14,120,231
Time deposits from customers [Member] | Between 3 and 5 years
Disclosure Of Risk Management [Line Items]
Financial liabilities	4,243,327	5,096,152
Time deposits from customers [Member] | Greater than 5 years
Disclosure Of Risk Management [Line Items]
Financial liabilities	2,235,994	2,037,330
Interbank deposits - Repurchase agreements [Member] | 2020
Disclosure Of Risk Management [Line Items]
Financial liabilities	2,660,153	3,132,911
Interbank deposits - Repurchase agreements [Member] | Between 1 and 3 years
Disclosure Of Risk Management [Line Items]
Financial liabilities	28,720	531,734
Interbank deposits - Repurchase agreements [Member] | Between 3 and 5 years
Disclosure Of Risk Management [Line Items]
Financial liabilities	0	0
Interbank deposits - Repurchase agreements [Member] | Greater than 5 years
Disclosure Of Risk Management [Line Items]
Financial liabilities	0	0
Borrowings from other financial institutions [Member] | 2020
Disclosure Of Risk Management [Line Items]
Financial liabilities	7,437,449	11,149,381
Borrowings from other financial institutions [Member] | Between 1 and 3 years
Disclosure Of Risk Management [Line Items]
Financial liabilities	3,332,957	2,952,158
Borrowings from other financial institutions [Member] | Between 3 and 5 years
Disclosure Of Risk Management [Line Items]
Financial liabilities	1,395,047	1,158,784
Borrowings from other financial institutions [Member] | Greater than 5 years
Disclosure Of Risk Management [Line Items]
Financial liabilities	1,450,059	1,844,290
Debt securities in issue [Member] | 2020
Disclosure Of Risk Management [Line Items]
Financial liabilities	3,944,412	3,721,909
Debt securities in issue [Member] | Between 1 and 3 years
Disclosure Of Risk Management [Line Items]
Financial liabilities	9,554,767	8,078,228
Debt securities in issue [Member] | Between 3 and 5 years
Disclosure Of Risk Management [Line Items]
Financial liabilities	3,740,529	7,489,901
Debt securities in issue [Member] | Greater than 5 years
Disclosure Of Risk Management [Line Items]
Financial liabilities	6,655,600	5,813,722
Derivative financial instruments [Member] | 2020
Disclosure Of Risk Management [Line Items]
Financial liabilities	3,442,440	636,410
Derivative financial instruments [Member] | Between 1 and 3 years
Disclosure Of Risk Management [Line Items]
Financial liabilities	1,832,167	101,836
Derivative financial instruments [Member] | Between 3 and 5 years
Disclosure Of Risk Management [Line Items]
Financial liabilities	657,888	391,930
Derivative financial instruments [Member] | Greater than 5 years
Disclosure Of Risk Management [Line Items]
Financial liabilities	$ 891,590	$ 240,727

RISK MANAGEMENT Financial guara

RISK MANAGEMENT Financial guarantees (Details) - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Risk Management [Line Items]
Financial guarantees	$ 4,295,950	$ 5,253,375
2020
Disclosure Of Risk Management [Line Items]
Financial guarantees	3,386,128	3,370,845
Between 1 and 3 years
Disclosure Of Risk Management [Line Items]
Financial guarantees	696,768	1,426,992
Between 3 and 5 years
Disclosure Of Risk Management [Line Items]
Financial guarantees	68,150	277,710
Greater than 5 years
Disclosure Of Risk Management [Line Items]
Financial guarantees	$ 144,904	$ 177,828

RISK MANAGEMENT (Details Textua

RISK MANAGEMENT (Details Textual) - COP ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Risk Management
Repayment term	5 to 30 years
Transfer of loans and goods to foreclosed assets and inventories	$ 508,441,000	$ 521,718,000	$ 331,057,000
Concentration of Number of economic groups	20
Percentage of debt securities not in default	100.00%
Percentage of derivatives not in default	99.80%
Disclosure of term of exposure	P10D
Confidence level	99.00%
Holding period	P10D
Time duration	P250D
Interest income sensitivity in basis points	50
Net interest income sensitivity due to increase in basis points	$ 177,269
Percentage of decrease in Market value of investments	76.00%
Decrease in market value of investments	$ 163,136,000
Market value of investments	$ 38,428,000
Contractual maturities liabilities duration	30-day
Duration of contract maturity of mortgage loans	15 and 30 years
Percentage decrease in market value	14.70%
Decrease in structural equity investments market value	$ 5,649,000,000
Structural equity investment market value	$ 32,799,000,000	$ 38,428,000,000
Increase in 30-Day Past Due Loan Ratio	4.63%	4.68%
Increase in Rate of Commercial Loans		0.41%
Thirty Day Past Due Loan Ratio of Commercial Loans		3.81%
Increase in Rate of Consumer Loans		24.09%
Thirty Day Past Due Loan Ratio of Consumer Loans		5.14%
Mortgage Loans		$ 23,983,000,000
Increase in Rate of Mortgage Loans		4.86%
Thirty Day Past Due Loan Ratio of Mortgage Loans		7.41%
Corporate loans		$ 117,319,000,000
Consumer loans		39,700,000,000
Small Business Loan		$ 1,279,000,000
Increase in Rate of Small Business Loans		10.66%
Thirty Day Past Due Loan Ratio of Small Business Loans		12.25%
Description of estimated Impact of expected credit loss by applying the optimistic and pessimistic scenarios	Additionally, the Bank has estimated the impact on the expected loss by applying the optimistic and pessimistic scenarios with a weight of 100% in each one; As a result of the application of this change, there is a decrease in the expected losses of COP 533,689 MM in the case of the optimistic scenario and an increase of COP 549,432 MM in applying the pessimistic scenario. For individual VPN the scenarios applied are the base and alternative respectively.
Financial assets	$ 16,822,754,000	$ 17,361,475,000
Individually Impaired loan	6,000,000
Optimistic Scenario [Member]
Risk Management
Increase Decrease In Expected Credit Loss	$ 549,432,000
Currency risk [member]
Risk Management
Percentage of increase in total market risk	17.00%
Risk exposure associated with instruments sharing characteristic	$ 1,692,516,000,000	1,447,384,000,000
United states dollars [Member]
Risk Management
Percentage of increase in net position of currency	44.00%
Economic group [Member]
Risk Management
Credit exposure	$ 20,272,000,000	$ 20,372,000,000

RISK MANAGEMENT - Equity streng

RISK MANAGEMENT - Equity strengthening (Details) - Regulatory capital requirements [Member] - COP ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Regulatory Capital and Capital Adequacy Ratios
Basic Ordinary Equity	$ 24,280,973	$ 23,965,972
Deductions Basic Ordinary Equity	(4,257,640)	(4,251,247)
Total Basic Ordinary Equity	20,023,333	19,714,725
Additional Equity	6,800,436	6,704,144
Total Regulatory Capital	$ 26,823,769	$ 26,418,869
Primary capital to risk-weighted assets (Tier I)	9.57%	10.05%
Secondary capital to risk-weighted assets (Tier II)	3.25%	3.42%
Technical capital to risk-weighted assets	12.82%	13.47%

IMPACTS ON APPLICATION OF NEW_3

IMPACTS ON APPLICATION OF NEW STANDARDS - Lease Liability (Details) - COP ($) $ in Millions	Jan. 01, 2019	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Lease liabilities		$ 1,831,585
low-value leases		6,843
Adoption of IFRS 16
Disclosure Of Quantitative Information About Liabilities For Leased Assets [Line Items]
Operating lease commitments disclosed as of December 31, 2018			$ 3,993,490
Lease liabilities	$ 1,848,833	$ 1,831,585	$ 1,848,833
Current lease liabilities	7,356
Non-current lease liabilities	1,841,477
short-term leases	3,633
low-value leases	$ 5,040

IMPACTS ON APPLICATION OF NEW_4

IMPACTS ON APPLICATION OF NEW STANDARDS - Right of use assets (Details) - COP ($) $ in Millions	Jan. 01, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of quantitative information about right-of-use assets [line items]
Right of use assets, lease		$ 1,692,116
Net impact on retained earnings (decrease)		$ 0	$ 0	$ 0
Adoption of IFRS 16
Disclosure of quantitative information about right-of-use assets [line items]
Right of use assets, lease	$ 1,572,446
Net impact on retained earnings (decrease)	184,248
Adoption of IFRS 16 | Buildings
Disclosure of quantitative information about right-of-use assets [line items]
Right of use assets, lease	1,487,175
Adoption of IFRS 16 | Vehicles
Disclosure of quantitative information about right-of-use assets [line items]
Right of use assets, lease	34,956
Adoption of IFRS 16 | Technological equipment
Disclosure of quantitative information about right-of-use assets [line items]
Right of use assets, lease	49,736
Adoption of IFRS 16 | Furniture and fixtures
Disclosure of quantitative information about right-of-use assets [line items]
Right of use assets, lease	$ 579

IMPACTS ON APPLICATION OF NEW_5

IMPACTS ON APPLICATION OF NEW STANDARDS - Retained earnings (Details) - COP ($) $ in Millions	Jan. 01, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of initial application of standards or interpretations [line items]
Increase in Right of use assets		$ 1,692,116
Net of deferred tax assets		401,002	$ 271,177
Increase in lease liabilities		1,831,585
Net of Effect of changes in foreign exchange rate		104,955	1,043,593	$ 412,878
Decrease in Retained earnings		4,695,010	3,906,945
Adoption of IFRS 16
Disclosure of initial application of standards or interpretations [line items]
Increase in Right of use assets	$ 1,572,446
Net of deferred tax assets	(119,173)
Increase in lease liabilities	1,848,833	$ 1,831,585	$ 1,848,833
Net of Effect of changes in foreign exchange rate	(9,560)
Decrease in Retained earnings	$ 184,248

IMPACTS ON APPLICATION OF NEW_6

IMPACTS ON APPLICATION OF NEW STANDARDS - Additional Information (Details) - COP ($) $ in Millions	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Disclosure Of Impacts On Application Of New Standards [Line Items]
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16		7.19%
Liabilities	$ 207,282,494		$ 193,421,257
Right of use assets, lease	1,692,116
Lease liabilities	1,831,585
Retained earnings	4,695,010		3,906,945
Net deferred tax liabilities	$ 1,521,958		1,318,295
Transportempo S.A.S. [Member]
Disclosure Of Impacts On Application Of New Standards [Line Items]
Net deferred tax liabilities			$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	Jan. 23, 2020	Dec. 31, 2019	Feb. 28, 2020	Jan. 08, 2020
Disclosure of subsequent events [Line Items]
Borrowings, maturity		P30D
Subsequent Events
Disclosure of subsequent events [Line Items]
Purchase price of shares		$ 289,144,606
Subsequent Events | Common stock
Disclosure of subsequent events [Line Items]
Percentage of voting equity interests acquired			100.00%
Subsequent Events | BAM Financial Corporation (BFC) | Common stock
Disclosure of subsequent events [Line Items]
Percentage of voting equity interests acquired			40.00%
Subsequent Events | Bancolombia Panama S.A. [Member] | Common stock
Disclosure of subsequent events [Line Items]
Percentage of voting equity interests acquired			60.00%
Subsequent Events | Senior Notes [Member]
Disclosure of subsequent events [Line Items]
Percentage of voting equity interests acquired				5.95%
Notes and debentures issued	$ 950,000,000,000
Borrowings, maturity	5
Borrowings, interest rate	3.00%