Bancolombia (CIB) 6-K Current report (foreign)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of November, 2020

Comission File Number 001-32535

Bancolombia S.A.

(Translation of registrant’s name into English)

Cra. 48 # 26-85
Medellín, Colombia
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ                    Form 40-F o

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

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

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o                    No þ

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

 

BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2020.

· Net income for the period was COP 280 billion. Net income as of September 30, 2020 amount to COP 542 billion, lower by 79.5% when compared to the first nine months of 2019.

· Tier 1 ratio increased by 202 basis points during the quarter. The capital adequacy ratio was 14.8%. Both metrics are above the minimum regulatory in Colombia of 4.5% for tier 1 and 9% for capital adequacy ratio.

· Bancolombia continues to strengthen its digital strategy with a robust growth in its mobile platforms. As of September 30, 2020, the bank has 8.2 million digital accounts, 4.2 million users in Bancolombia a la Mano and 4.0 million in Nequi.

· During the first nine months of the year, Bancolombia has distributed 2.3 million products by digital channels, which represents 45% of total sales. In addition, 85% of total transactions are carried out through digital channels.

· Gross loans amount to COP 199 trillion. Loans grew 8.0% when compared to 3Q19 and decreased by 0.6% during the quarter. Peso-denominated loans grew 7.2% when compared to 3Q19.

· Provision charges for the quarter were COP 1.7 trillion and the coverage ratio for 90-day past due loans was 232.0%. Provision charges decreased by 30.9% when compared to 2Q20 and increased by 132.9% when compared to 3Q19. This level of provisions was largely explained by the deterioration of the consumer portfolio, COVID-19 and the update of macroeconomic variables in our expected losses models.

· The efficiency was 50.9% for the last 12 months. Operating expenses decreased by 5.3% when compared to 3Q19 and increased by 5.6% when compared to 2Q20.

November 12, 2020. Medellin, Colombia – Today, BANCOLOMBIA S.A. (“Bancolombia” or “the Bank”) announced its earnings results for the third quarter of 2020¹.

1 This report corresponds to the interim unaudited consolidated financial information of BANCOLOMBIA S.A. and its subsidiaries (“BANCOLOMBIA” or “The Bank”) which Bancolombia controls, amongst others, by owning directly or indirectly, more than 50% of the voting capital stock. This financial information has been prepared based on financial records generated in accordance with International Financial Reporting Standards – IFRS. BANCOLOMBIA maintains accounting records in Colombian pesos, referred to herein as “Ps.” or “COP”. The financial information for the quarter ended September 30, 2020 is not necessarily indicative of the results for any other future interim period. For more information, please refer to the Bank's filings with the Securities and Exchange Commission, which are available on the Commission's website at www.sec.gov.

. BANCOLOMBIA’s first IFRS financial statements will cover the year ending in 2015. CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties; consequently, there are or will be factors, including, among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products by other companies, lack of acceptances of new products or services by our targeted customers, changes in business strategy and various others factors, that could cause actual results to differ materially from those indicated in such statements. We do not intend, and do not assume any obligation, to update these forward-looking statements. Certain monetary amounts, percentages and other figures included in this report have been subject to rounding adjustments. Any reference to BANCOLOMBIA means the Bank together with its affiliates, unless otherwise specified.

Representative Market Rate, October 1, 2020 $3,865.47 = US$ 1

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BANCOLOMBIA: Summary of consolidated financial quarterly results

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT	Quarter									Growth
(COP million)	3Q 19			2Q 20			3Q 20			3Q20/2Q20			3Q20/3Q19
ASSETS
Net Loans		173,408,287			186,262,965			183,669,248			-1.39	%		5.92	%
Investments		19,947,001			25,238,230			27,732,492			9.88	%		39.03	%
Other assets		43,499,938			56,013,085			54,212,465			-3.21	%		24.63	%
Total assets		236,855,226			267,514,280			265,614,205			-0.71	%		12.14	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits		150,044,204			181,721,729			183,648,637			1.06	%		22.40	%
Other liabilities		57,868,509			57,284,007			52,525,727			-8.31	%		-9.23	%
Total liabilities		207,912,713			239,005,736			236,174,364			-1.18	%		13.59	%
Non-controlling interest		1,952,162			2,035,660			1,442,574			-29.13	%		-26.10	%
Shareholders' equity		26,990,351			26,472,884			27,997,267			5.76	%		3.73	%
Total liabilities and shareholders' equity		236,855,226			267,514,280			265,614,205			-0.71	%		12.14	%
Interest income		4,353,470			4,552,734			4,213,194			-7.46	%		-3.22	%
Interest expense		(1,571,540	)		(1,651,385	)		(1,444,008	)		-12.56	%		-8.12	%
Net interest income		2,781,930			2,901,349			2,769,186			-4.56	%		-0.46	%
Net provisions		(722,832	)		(2,435,112	)		(1,683,408	)		-30.87	%		132.89	%
Fees and income from service, net		781,350			682,717			764,355			11.96	%		-2.18	%
Other operating income		333,216			425,722			287,439			-32.48	%		-13.74	%
Total Dividends received and equity method		67,372			44,185			65,776			48.86	%		-2.37	%
Total operating expense		(2,040,809	)		(1,830,163	)		(1,933,262	)		5.63	%		-5.27	%
Profit before tax		1,200,227			(211,302	)		270,086			227.82	%		-77.50	%
Income tax		(304,210	)		128,704			10,882			-91.54	%		-103.58	%
Net income before non-controlling interest		896,017			(82,598	)		280,968			440.16	%		-68.64	%
Non-controlling interest		(17,436	)		9,301			(1,329	)		-114.29	%		-92.38	%
Net income		878,581			(73,297	)		279,639			481.51	%		-68.17	%

	Quarter									As of
PRINCIPAL RATIOS	3Q 19			2Q 20			3Q 20			3Q 19			3Q 20
PROFITABILITY
Net interest margin (1) from continuing operations		5.54	%		5.12	%		4.92	%		5.69	%		5.22	%
Return on average total assets (2) from continuing operations		1.50	%		-0.11	%		0.42	%		1.55	%		0.28	%
Return on average shareholders´ equity (3)		13.41	%		-1.10	%		4.14	%		13.91	%		2.67	%
EFFICIENCY
Operating expenses to net operating income		51.49	%		45.14	%		49.74	%		49.84	%		49.48	%
Operating expenses to average total assets		3.48	%		2.70	%		2.92	%		3.50	%		3.04	%
Operating expenses to productive assets		4.07	%		3.23	%		3.44	%		4.08	%		3.60	%
CAPITAL ADEQUACY
Shareholders' equity to total assets		11.40	%		9.89	%		10.54	%		11.40	%		10.54	%
Technical capital to risk weighted assets		12.71	%		12.64	%		14.76	%		12.71	%		14.76	%
KEY FINANCIAL HIGHLIGHTS
Net income per ADS from continuing operations		1.05			-0.08			0.30			3.17			0.58
Net income per share $COP from continuing operations		913.45			-76.21			290.74			2,753.20			563.75
P/BV ADS (4)		1.53			0.90			0.85			1.53			0.85
P/BV Local (5) (6)		1.41			0.87			0.83			1.41			0.83
P/E (7) from continuing operations		11.26			-79.82			21.04			11.21			32.56
ADR price		49.45			26.31			25.55			49.45			25.55
Common share price (8)		39,500			24,000			24,280			39,500			24,280
Weighted average of Preferred Shares outstanding		961,827,000			961,827,000			961,827,000			961,827,000			961,827,000
USD exchange rate (quarter end)		3,477.45			3,756.28			3,865.47			3,477.45			3,865.47

(1) Defined as net interest income divided by monthly average interest-earning assets. (2) Net income divided by monthly average assets. (3) Net income divided by monthly average shareholders' equity. (4) Defined as ADS price divided by ADS book value. (5) Defined as share price divided by share book value. (6) Share prices on the Colombian Stock Exchange. (7) Defined as market capitalization divided by annualized quarter results. (8) Prices at the end of the respective quarter.

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1. BALANCE SHEET

1.1. Assets

As of September 30, 2020, Bancolombia’s assets totaled COP 265,614 billion, which represents a decrease of 0.7% compared to 2Q20 and an increase of 12.1% compared to 3Q19.

During the quarter, the COP depreciated 2.9% versus the USD and over the past 12 months, it depreciated 11.2%. The average exchange rate for 3Q20 was 0.4% higher than that of 2Q20.

The increase in total assets during the year is largely explained by the growth in the loan book, interbank borrowings and financial assets investment.

1.2. Loan Portfolio

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

(COP Million)	Amounts in COP					Amounts in USD converted to COP					Amounts in USD (thousands)					Total
(1 USD = 3,865.47 COP)		3Q20		3Q20/2Q20			3Q20		3Q20/2Q20			3Q20		3Q20/2Q20			3Q20		3Q20/2Q20
Commercial loans		85,120,417		-0.52	%		43,797,275		-2.63	%		11,330,388		-5.38	%		128,917,692		-1.25	%
Consumer loans		28,634,565		-1.80	%		12,931,983		2.07	%		3,345,514		-0.81	%		41,566,548		-0.63	%
Mortgage loans		14,059,929		1.55	%		12,923,823		3.76	%		3,343,403		0.83	%		26,983,752		2.60	%
Small business loans		745,560		-6.28	%		582,789		1.65	%		150,768		-1.23	%		1,328,348		-2.96	%
Interests paid in advance		(13,251	)	400.20	%		(96	)	-			(25	)	-			(13,347	)	403.84	%
Gross loans		128,547,220		-0.63	%		70,235,772		-0.62	%		18,170,047		-3.43	%		198,782,993		-0.63	%

In 3Q20, gross loans decreased by 0.6% when compared to 2Q20 and increased by 8.0% when compared to 3Q19. During the last twelve months peso-denominated loans grew 7.2% and the dollar-denominated loans (expressed in USD) decreased by 1.5%.

As of September 30, 2020, the operations in Banco Agricola in El Salvador, Banistmo in Panama and BAM in Guatemala, represented 29% of total gross loans.

Gross loans denominated in currencies other than COP, originated by the operations in Central America, the offshore operation of Bancolombia Panama, Puerto Rico and the USD denominated loans in Colombia, accounted for 35.3% and decreased by 0.6% during 3Q20 (when expressed in COP).

Total reserves (allowances in the balance sheet) for loan losses increased by 9.7% during the quarter and totaled COP 15,114 billion, equivalent to 7.6% of gross loans at the end of the quarter.

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

The following table summarizes Bancolombia’s total loan portfolio:

LOAN PORTFOLIO
(COP million)	3Q19		2Q20		3Q20		3Q20/2Q20		3Q20/3Q19		% of total loans
Commercial	119,729,639		130,543,861		128,917,692		-1.25	%	7.67	%	64.9	%
Consumer	38,796,350		41,828,151		41,566,548		-0.63	%	7.14	%	20.9	%
Mortgage	24,249,961		26,301,037		26,983,752		2.60	%	11.27	%	13.6	%
Microcredit	1,274,638		1,368,900		1,328,348		-2.96	%	4.21	%	0.7	%
Interests received in advance	(20,307	)	(2,649	)	(13,347	)	403.84	%	-34.27	%	0.0	%
Total loan portfolio	184,030,281		200,039,300		198,782,993		-0.63	%	8.02	%	100.0	%
Allowance for loan losses	(10,621,994	)	(13,776,335	)	(15,113,745	)	9.71	%	42.29	%
Total loans, net	173,408,287		186,262,965		183,669,248		-1.39	%	5.92	%

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1.3. Investment Portfolio

As of September 30, 2020, Bancolombia’s net investment portfolio totaled COP 27,732 billion, increasing by 9.9% from the end of 2Q20 and by 39.0% from the end of 3Q19.

At the end of 3Q20, the debt securities portfolio had a duration of 19.1 months and a weighted average yield to maturity of 3.9%.

1.4. Goodwill and intangibles

As of 3Q20, Bancolombia’s goodwill and intangibles totaled COP 8,428 billion, increasing by 2.7% compared to 2Q20. This variation is explained by the depreciation of the COP against the USD during the quarter.

1.5. Funding

As of September 30, 2020, Bancolombia’s liabilities totaled COP 236,174 billion, decreasing by 1.2% from the end of 2Q20 and increasing by 13.6% compared to 3Q19.

Deposits by customers totaled COP 183,649 billion (or 77.8% of liabilities) at the end of 3Q20, increasing by 1.1% when compared to 2Q20 and by 22.4% over the last 12 months. The net loans to deposits ratio was 100.0% at the end of 3Q20 decreasing when compared to 102.5% at the end of 2Q20.

Bancolombia’s liquidity position continues to be adequate. During 3Q20 total funding cost indicates the undertaken efforts to sustain a high share of deposits over the total funding mix.

Funding mix
COP Million	3Q19			2Q20			3Q20
Checking accounts	22,656,648	12	%	29,628,682	13	%	31,271,133	14	%
Saving accounts	61,053,267	31	%	80,173,219	36	%	79,265,987	36	%
Time deposits	65,403,609	34	%	70,996,812	32	%	71,386,752	32	%
Other deposits	6,008,975	3	%	1,308,322	1	%	3,436,279	2	%
Long term debt	21,129,087	11	%	20,658,717	9	%	21,165,855	10	%
Loans with banks	17,574,077	9	%	21,819,332	10	%	15,740,786	7	%
Total Funds	193,825,663	100	%	224,585,084	100	%	222,266,792	100	%

1.6. Shareholders’ Equity and Regulatory Capital

Shareholders’ equity at the end of 3Q20 was COP 27,997 billion, increasing by 5.8% compared to 2Q20 and increasing by 3.7% when compared to 3Q19.

Bancolombia’s capital adequacy ratio was 14.76% in 3Q20, 576 basis points above the minimum 9% required by the Colombian regulator, while the basic capital ratio (Tier 1) to risk weighted assets was 11.37%, 687 basis points above the regulatory minimum of 4.5%. The improvement in capital ratios during the quarter occurs mainly as a result of the increase in legal reserves, transferring for this purpose, the existing resources in the occasional reserve for the equity reinforcement and future growth.

The tangible capital ratio, defined as shareholders’ equity minus goodwill and intangible assets divided by tangible assets, was 7.5% at the end of 3Q20.

The annual increase in the RWA is mainly explained by the growth in the loan book and the depreciation of the COP against the USD.

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TECHNICAL CAPITAL RISK WEIGHTED ASSETS
Consolidated (COP millions)	3Q19	%		2Q20	%		3Q20	%
Basic capital (Tier I)	20,517,980	9.72	%	20,803,346	9.35	%	24,618,529	11.37	%
Additional capital (Tier II)	6,321,398	2.99	%	7,340,890	3.30	%	7,337,256	3.39	%
Technical capital (1)	26,839,378			28,144,236			31,955,785
Risk weighted assets including market risk	211,126,069			222,581,197			216,452,732
CAPITAL ADEQUACY (2)		12.71	%		12.64	%		14.76	%

(1) Technical capital is the sum of basic and additional capital. 

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

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2. INCOME STATEMENT

Net profit totaled COP 280 billion in 3Q20, or COP 290.74 per share USD 0.30 per ADR. This net profit represents a recovery compared to the net loss of 2Q20, as well as a decrease of 68.2% compared to the result of 3Q19. Bancolombia’s annualized ROE for 3Q20 was 4.1% and 3.7% for the last twelve months.

2.1. Net Interest Income

Net interest income totaled COP 2,769 billion in 3Q20, 4.6% less than the one reported in 2Q20, and 0.5% below the figure of 3Q19.

During 3Q20, the investment, interest rate derivatives and repos portfolio generated COP 322 billion, up by 43.5% from 2Q20, mainly explained by the improvement of Sovereign Bonds prices in Colombia (TES).

Net Interest Margin

The annualized net interest margin decreased to 4.9% during 3Q20. The annualized net interest margin for investments was 1.7%, and the annualized net interest margin of the loan portfolio was 5.5%, decreasing when compared to the one reported in 2Q20. The annualized loans interest margin decreased during the quarter explained by lower interest recognized as a result of the increase in clients in stage 3 under IFRS 9, as well as, to the effect of reference rate cuts by Colombian Central Bank.

Annualized Interest
Margin	3Q19			2Q20			3Q20
Loans' Interest margin		5.8	%		5.8	%		5.5	%
Debt investments' margin		3.1	%		0.7	%		1.7	%
Net interest margin		5.5	%		5.1	%		4.9	%

Total funding cost decreased during 3Q20. Checking accounts and saving accounts have increased their share over the total funding mix during the last twelve months, the former growing from 12% to 14% and the latter from 31% to 36%. The annualized average weighted cost of deposits was 2.16% in 3Q20, decreasing by 32 basis points when compared to 2Q20 and by 69 basis points when compared to 3Q19.

Average weighted
funding cost	3Q 19			2Q 20			3Q 20
Checking accounts		0.00	%		0.00	%		0.00	%
Saving accounts		1.70	%		1.60	%		1.07	%
Time deposits		4.94	%		4.55	%		4.29	%
Total deposits		2.85	%		2.48	%		2.16	%
Long term debt		5.93	%		5.40	%		5.04	%
Loans with banks		2.41	%		2.71	%		2.40	%
Total funding cost		3.10	%		2.78	%		2.47	%

2.2. Fees and Income from Services

During 3Q20, net fees and income from services totaled COP 764 billion, growing by 12.0% compared to 2Q20, and down by 2.2% compared to 3Q19. A better performance in fees was due to higher volumes of transactions related to credit, debit card and commercial establishments, as well as a greater income from trust and securities.

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Fees from credit and debit cards went up by 17.5% compared to 2Q20 and decreased by 4.1% compared to 3Q19. Fees from asset management and trust services grew 22.8% compared to 2Q20 and 4.4% compared to 3Q19. Fees from our bancassurance business fell 0.4% compared to 2Q20 and rose 12.1% with respect to 3Q19.

2.3. Other Operating Income

Total other operating income was COP 287 billion in 3Q20, decreasing by 32.5% compared to 2Q20 and by 13.7% compared to 3Q19. This quarterly variation is largely explained by a lower net income from FX derivatives and net foreign exchange as a result of the restatement of assets and liabilities.

Revenues from operating leases totaled COP 167 billion in 3Q20, decreasing by 3.5% compared to 2Q20 and increasing by 3.4% compared to those reported in 3Q19. The annual increase is due to higher volumes of operations and delivered assets under leasing.

2.4. Asset Quality, Provision Charges and Balance Sheet Strength

The principal balance for past due loans (those that are overdue for more than 30 days) totaled COP 8,943 billion at the end of 3Q20 and represented 4.7% of total gross loans, increasing when compared to 2Q20, when past due loans represented 3.6% of total gross loans. During the quarter, charge-offs totaled COP 571 billion.

The coverage, measured by the ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 153.0% at the end of 3Q20, decreasing compared to 179.4% at the end of 2Q20.

The deterioration of the loan portfolio (new past due loans including charge-offs) was COP 2.5 trillion. Formation of PDLs was mainly associated to the consumer and mortgage loans earlier covered by the relief programs, as well as, a corporate client in Colombia related with bio-fuel production that defaulted during the quarter. This client is highly provisioned with a coverage of 84%.

Provision charges (net of recoveries) totaled COP 1.7 trillion in 3Q20. Provisions during the quarter were mostly explained by previously deferred loans reaching past-due, the expected losses estimation that considers the macroeconomic impact and the impairment generated by COVID-19 in the loan portfolio.

Provisions as a percentage of the average gross loans were 3.4% for 3Q20 and 3.4% for the last 12 months. Cost of risk without COVID-19 and macroeconomic variables was 2.3% for 3Q20 and 2.4% for the last 12 months.

Bancolombia maintains a strong balance sheet supported by an adequate level of loan loss reserves. Allowances (for the principal) for loan losses totaled COP 13,680 billion, or 7.1% of total loans at the end of 3Q20, increasing when compared to 2Q20.

The following tables present key metrics related to asset quality:

ASSET QUALITY	As of
(COP millions)	3Q19			2Q20			3Q20
Total 30-day past due loans		7,563,180			6,975,128			8,942,804
Allowance for loan losses (1)		9,805,577			12,512,310			13,679,629
Past due loans to total loans		4.24	%		3.62	%		4.67	%
Allowances to past due loans		129.65	%		179.38	%		152.97	%
Allowance for loan losses as a percentage of total loans		5.49	%		6.49	%		7.15	%

(1) Allowances are reserves for the principal of loans.

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PDL Per Category	% Of loan			30 days
	Portfolio			3Q19			2Q20			3Q20
Commercial loans		64.9	%		3.38	%		3.51	%		4.29	%
Consumer loans		20.9	%		4.74	%		2.82	%		5.14	%
Mortgage loans		13.6	%		7.18	%		5.02	%		5.35	%
Microcredit		0.7	%		11.45	%		11.04	%		13.39	%
PDL TOTAL					4.24	%		3.62	%		4.67	%

PDL Per Category	% Of loan			90 days
	Portfolio			3Q19			2Q20			3Q20
Commercial loans		64.9	%		2.80	%		3.17	%		3.51	%
Consumer loans		20.9	%		2.57	%		2.31	%		1.29	%
Mortgage loans*		13.6	%		3.43	%		3.83	%		3.52	%
Microcredit		0.7	%		7.88	%		8.87	%		8.37	%
PDL TOTAL					2.88	%		3.12	%		3.08	%

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

	2Q20				3Q20				3Q20/2Q20
	Loans	Allowances	%		Loans	Allowances	%		Loans		Allowances
Stage 1	170,086,935	2,739,463	1.6	%	165,291,523	3,205,577	1.9	%	-2.8	%	17.0	%
Stage 2	14,809,439	2,034,389	13.7	%	18,207,359	2,864,582	15.7	%	22.9	%	40.8	%
Stage 3	15,142,926	9,002,483	59.5	%	15,284,111	9,043,586	59.2	%	0.9	%	0.5	%
Total	200,039,300	13,776,335	6.9	%	198,782,993	15,113,745	7.6	%	-0.6	%	9.7	%

Stage 1. Financial instruments that do not deteriorate since their initial recognition or that have low credit risk at the end of the reporting period. (12-month expected credit losses).

Stage 2. Financial instruments that have significantly increased their risk since their initial recognition. (Lifetime expected credit losses).

Stage 3. Financial instruments that have Objective Evidence of Impairment in the reported period. (Lifetime expected credit losses).

2.5. Operating Expenses

During 3Q20, operating expenses totaled COP 1,933 billion, increasing by 5.6% with respect to 2Q20 and decreasing by 5.3% with respect to 3Q19.

Personnel expenses (salaries, bonus plan payments and compensation) totaled COP 768 billion in 3Q20, which represents an increase of 23.6% compared to 2Q20 and a decrease of 10.1% compared to 3Q19.

During 3Q20, administrative expenses totaled COP 721 billion, decreasing by 6.2% compared to 2Q20 and by 0.2% as compared to 3Q19.

Depreciation and amortization expenses totaled COP 212 billion in 3Q20, increasing by 10.3% compared to 2Q20 and decreasing by 4.7% compared to 3Q19.

As of September 30, 2020, Bancolombia had 30,639 employees, owned 958 branches, 6,117 ATMs, 17,267 banking agents and served more than 17 million customers.

2.6. Taxes

During 3Q20, there was an income tax recovery of COP 11 billion. The tax recovery is mainly explained by the Colombian operation. Some of the aspects that explained it are related to tax concepts that do not depend on the accounting net income such as tax discounts corresponding to the payment of local taxes in Colombia, the liability management exercises with bond issues made during 2019 and early 2020, and lastly tax shields related to net losses for the second quarter of 2020.

8

 

3. BREAK DOWN OF OPERATIONS

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

BANCOLOMBIA S.A. (STAND ALONE) - COLOMBIA

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT	Quarter							Growth
(COP million)		3Q19		2Q20		3Q20			3Q20/2Q20		3Q20/3Q19
ASSETS
Gross loans		127,784,162		138,321,644		136,129,859			-1.58	%	6.53	%
Allowances for loans		(8,445,981	)	(10,684,592	)	(11,613,267	)		8.69	%	37.50	%
Investments		20,379,708		24,165,442		24,757,410			2.45	%	21.48	%
Other assets		21,097,278		27,676,708		24,553,210			-11.29	%	16.38	%
Total assets		160,815,167		179,479,202		173,827,211			-3.15	%	8.09	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits		95,515,990		117,739,285		115,008,443			-2.32	%	20.41	%
Other liabilities		48,460,652		46,477,353		43,299,017			-6.84	%	-10.65	%
Total liabilities		143,976,642		164,216,639		158,307,460			-3.60	%	9.95	%
Shareholders' equity		16,838,525		15,262,563		15,519,752			1.69	%	-7.83	%
Total liabilities and shareholders' equity		160,815,167		179,479,202		173,827,211			-3.15	%	8.09	%
Interest income		3,344,106		3,326,039		3,022,266			-9.13	%	-9.62	%
Interest expense		(1,251,848	)	(1,194,587	)	(999,995	)		-16.29	%	-20.12	%
Net interest income		2,092,258		2,131,452		2,022,270			-5.12	%	-3.35	%
Net provisions		(533,955	)	(1,926,316	)	(1,298,754	)		-32.58	%	143.23	%
Fees and income from service, net		509,829		466,485		496,811			6.50	%	-2.55	%
Other operating income		121,803		236,140		117,868			-50.09	%	-3.23	%
Total operating expense		(1,382,773	)	(1,239,680	)	(1,317,449	)		6.27	%	-4.72	%
Profit before tax		807,162		(331,920	)	20,746			-106.25	%	-97.43	%
Income tax		(232,846	)	157,120		91,489			-41.77	%	-139.29	%
Net income		574,317		(174,800	)	112,236			-164.21	%	-80.46	%

BANISTMO- PANAMA

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT	Quarter							Growth
(COP million)		3Q19		2Q20		3Q20			3Q20/2Q20		3Q20/3Q19
ASSETS
Gross loans		26,762,497		29,396,207		29,637,462			0.82	%	10.74	%
Allowances for loans		(921,459	)	(1,384,193	)	(1,541,143	)		11.34	%	67.25	%
Investments		4,013,750		4,158,333		4,955,981			19.18	%	23.48	%
Other assets		4,388,165		6,156,577		6,532,442			6.11	%	48.87	%
Total assets		34,242,953		38,326,924		39,584,743			3.28	%	15.60	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits		22,547,100		25,082,529		26,180,684			4.38	%	16.12	%
Other liabilities		7,871,105		9,222,568		9,190,827			-0.34	%	16.77	%
Total liabilities		30,418,205		34,305,097		35,371,510			3.11	%	16.28	%
Shareholders' equity		3,824,748		4,021,827		4,213,233			4.76	%	10.16	%
Total liabilities and shareholders' equity		34,242,953		38,326,924		39,584,743			3.28	%	15.60	%
Interest income		473,744		530,987		512,812			-3.42	%	8.25	%
Interest expense		(193,517	)	(223,638	)	(220,461	)		-1.42	%	13.92	%
Net interest income		280,227		307,349		292,351			-4.88	%	4.33	%
Net provisions		(100,655	)	(240,469	)	(133,684	)		-44.41	%	32.81	%
Fees and income from service, net		55,934		41,511		48,260			16.26	%	-13.72	%
Other operating income		15,260		10,490		9,952			-5.13	%	-34.78	%
Total operating expense		(179,766	)	(168,199	)	(167,606	)		-0.35	%	-6.76	%
Profit before tax		71,000		(49,318	)	49,273			-199.91	%	-30.60	%
Income tax		(10,537	)	2,491		(1,377	)		-155.29	%	-86.93	%
Net income		60,463		(46,826	)	47,895			-202.28	%	-20.79	%

9 

 

BANCO AGRÍCOLA- EL SALVADOR

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT	Quarter							Growth
(COP million)		3Q19		2Q20		3Q20			3Q20/2Q20		3Q20/3Q19
ASSETS
Gross loans		11,977,433		13,487,561		13,478,425			-0.07	%	12.53	%
Allowances for loans		(500,786	)	(614,167	)	(670,817	)		9.22	%	33.95	%
Investments		878,444		2,093,948		2,672,690			27.64	%	204.25	%
Other assets		4,140,328		4,467,246		4,314,393			-3.42	%	4.20	%
Total assets		16,495,420		19,434,589		19,794,691			1.85	%	20.00	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits		11,734,209		14,572,562		15,098,017			3.61	%	28.67	%
Other liabilities		2,865,595		2,994,252		2,687,558			-10.24	%	-6.21	%
Total liabilities		14,599,804		17,566,814		17,785,575			1.25	%	21.82	%
Shareholders' equity		1,895,616		1,867,774		2,009,116			7.57	%	5.99	%
Total liabilities and shareholders' equity		16,495,420		19,434,589		19,794,691			1.85	%	20.00	%
Interest income		276,568		332,875		311,596			-6.39	%	12.67	%
Interest expense		(77,027	)	(86,977	)	(68,522	)		-21.22	%	-11.04	%
Net interest income		199,540		245,899		243,075			-1.15	%	21.82	%
Net provisions		(41,005	)	(132,805	)	(55,061	)		-58.54	%	34.28	%
Fees and income from service, net		53,304		40,608		55,500			36.67	%	4.12	%
Other operating income		3,093		1,477		1,536			3.99	%	-50.34	%
Total operating expense		(127,844	)	(124,089	)	(120,623	)		-2.79	%	-5.65	%
Profit before tax		87,088		31,090		124,427			300.21	%	42.87	%
Income tax		(26,886	)	(4,124	)	(40,374	)		879.03	%	50.17	%
Net income		60,203		26,966		84,053			211.70	%	39.62	%

GRUPO AGROMERCANTIL HOLDING – GUATEMALA

CONSOLIDATED BALANCE SHEET AND INCOME STATEMENT	Quarter							Growth
(COP million)		3Q19		2Q20		3Q20			3Q20/2Q20		3Q20/3Q19
ASSETS
Gross loans		11,641,601		13,568,383		13,566,972			-0.01	%	16.54	%
Allowances for loans		(605,911	)	(927,445	)	(1,098,816	)		18.48	%	81.35	%
Investments		1,497,191		1,621,330		1,715,301			5.80	%	14.57	%
Other assets		2,211,021		3,015,328		3,994,236			32.46	%	80.65	%
Total assets		14,743,901		17,277,596		18,177,693			5.21	%	23.29	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits		10,437,476		12,887,347		13,780,112			6.93	%	32.03	%
Other liabilities		2,933,909		3,055,416		3,099,686			1.45	%	5.65	%
Total liabilities		13,371,385		15,942,763		16,879,798			5.88	%	26.24	%
Non-controlling interest		20,036		20,468		20,714			1.20	%	3.38	%
Shareholders' equity		1,352,480		1,314,365		1,277,181			-2.83	%	-5.57	%
Total liabilities and shareholders' equity		14,743,901		17,277,596		18,177,693			5.21	%	23.29	%
Interest income		249,461		300,496		295,092			-1.80	%	18.29	%
Interest expense		(109,194	)	(130,959	)	(120,741	)		-7.80	%	10.57	%
Net interest income		140,266		169,537		174,351			2.84	%	24.30	%
Net provisions		(53,567	)	(144,909	)	(177,082	)		22.20	%	230.58	%
Fees and income from service, net		32,827		28,702		36,742			28.01	%	11.93	%
Other operating income		14,121		20,431		15,473			-24.27	%	9.57	%
Total operating expense		(122,393	)	(128,984	)	(127,880	)		-0.86	%	4.48	%
Profit before tax		11,254		(55,223	)	(78,396	)		41.96	%	-796.58	%
Income tax		(1,624	)	13,977		18,859			34.93	%	-1260.95	%
Net income before non-controlling interest		9,630		(41,246	)	(59,537	)		44.35	%	-718.25	%
Non-controlling interest		(566	)	(969	)	(515	)		-46.86	%	-9.06	%
Net income		9,064		(42,215	)	(60,052	)		42.25	%	-762.54	%

10 

 

4. BANCOLOMBIA Company Description (NYSE: CIB)

GRUPO BANCOLOMBIA is a full service financial conglomerate incorporated in Colombia that offers a wide range of banking products and services to a diversified individual and corporate customer base of more than 17 million customers. GRUPO BANCOLOMBIA delivers its products and services via its regional network comprised of Colombia’s largest non-government owned banking network, El Salvador’s leading financial conglomerate (Banagricola S.A.), off-shore and local (Banistmo S.A.) banking subsidiaries in Panama, Guatemala, Cayman and Puerto Rico. Together, BANCOLOMBIA and its subsidiaries provide stock brokerage, investment banking, leasing, factoring, consumer finance, fiduciary and trust services, asset management, among others.

Contact Information
Bancolombia’s Investor Relations
Phone:	(571) 4885371 / (574) 4043917 / (574) 4041918
E-mail:	IR@bancolombia.com.co
Contacts:	Carlos Raad (IR Director) / Juliana Álvarez (Analyst) / Santiago López (Analyst)
Website:	http://www.grupobancolombia.com/wps/portal/about-us/corporate-information/investor-relations/

11

BALANCE SHEET										Growth
(COP million)	Sep-19			Jun-20			Sep-20			sep-20 / jun-20			sep-20 / sep-19			% of Assets			% of Liabilities
ASSETS
Cash and balances at central bank		16,538,443			20,720,021			17,943,053			-13.40	%		8.49	%		6.76	%
Interbank borrowings		1,747,137			4,948,177			5,602,153			13.22	%		220.65	%		2.11	%
Reverse repurchase agreements and other similar secured lend		401,167			2,271,592			1,524,562			-32.89	%		280.03	%		0.57	%
Financial assets investment		19,947,001			25,238,230			27,732,492			9.88	%		39.03	%		10.44	%
Derivative financial instruments		2,292,926			3,724,900			4,045,401			8.60	%		76.43	%		1.52	%
Loans and advances to customers		184,030,281			200,039,300			198,782,993			-0.63	%		8.02	%		74.84	%
Allowance for loan and lease losses		(10,621,994	)		(13,776,335	)		(15,113,745	)		9.71	%		42.29	%		-5.69	%
Investment in associates and joint ventures		2,283,729			2,391,967			2,462,312			2.94	%		7.82	%		0.93	%
Goodwill and Intangible assets, net		7,647,515			8,209,183			8,427,705			2.66	%		10.20	%		3.17	%
Premises and equipment, net		3,367,311			3,910,679			3,910,312			-0.01	%		16.13	%		1.47	%
Investment property		1,922,097			1,984,178			2,002,056			0.90	%		4.16	%		0.75	%
Right of use assets		1,752,734			1,781,426			1,801,028			1.10	%		2.76	%		0.68	%
Prepayments		549,433			395,055			418,292			5.88	%		-23.87	%		0.16	%
Tax receivables		1,260,434			1,246,897			1,218,128			-2.31	%		-3.36	%		0.46	%
Deferred tax		359,727			553,035			634,351			14.70	%		76.34	%		0.24	%
Assets held for sale and inventories		522,145			579,182			566,426			-2.20	%		8.48	%		0.21	%
Other assets		2,855,140			3,296,793			3,656,686			10.92	%		28.07	%		1.38	%
Total assets		236,855,226			267,514,280			265,614,205			-0.71	%		12.14	%		100.00	%
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Deposit by customers		150,044,204			181,721,729			183,648,637			1.06	%		22.40	%		69.14	%		77.76	%
Interbank Deposits		1,920,483			1,160,863			797,912			-31.27	%		-58.45	%		0.30	%		0.34	%
Derivative financial instrument		1,752,774			2,784,541			3,136,260			12.63	%		78.93	%		1.18	%		1.33	%
Borrowings from other financial institutions		15,653,594			20,658,469			14,942,874			-27.67	%		-4.54	%		5.63	%		6.33	%
Debt securities in issue		21,129,087			20,658,717			21,165,855			2.45	%		0.17	%		7.97	%		8.96	%
Lease liability		1,901,466			1,923,046			1,934,029			0.57	%		1.71	%		0.73	%		0.82	%
Preferred shares		569,477			555,152			569,477			2.58	%		0.00	%		0.21	%		0.24	%
Repurchase agreements and other similar secured borrowing		5,078,295			385,306			1,711,514			344.20	%		-66.30	%		0.64	%		0.72	%
Liabilities relating to assets held for sale		-			-			-			0.00	%		0.00	%		0.00	%		0.00	%
Current tax		760,470			287,955			634,577			120.37	%		-16.55	%		0.24	%		0.27	%
Deferred tax		1,247,699			1,408,873			681,712			-51.61	%		-45.36	%		0.26	%		0.29	%
Employees benefit plans		743,891			758,538			797,804			5.18	%		7.25	%		0.30	%		0.34	%
Other liabilities		7,111,273			6,702,547			6,153,713			-8.19	%		-13.47	%		2.32	%		2.61	%
Total liabilities		207,912,713			239,005,736			236,174,364			-1.18	%		13.59	%		88.92	%		100.00	%
SHAREHOLDERS' EQUITY
Share Capital		480,914			480,914			480,914			0.00	%		0.00	%		0.18	%
Additional paid-in-capital		4,857,454			4,857,454			4,857,454			0.00	%		0.00	%		1.83	%
Appropriated reserves		10,412,822			11,274,604			13,827,922			22.65	%		32.80	%		5.21	%
Retained earnings		7,354,354			5,695,101			4,359,564			-23.45	%		-40.72	%		1.64	%
Accumulated other comprehensive income, net of tax		3,884,807			4,164,811			4,471,413			7.36	%		15.10	%		1.68	%
Stockholders’ equity attributable to the owners of the parent company		26,990,351			26,472,884			27,997,267			5.76	%		3.73	%		10.54	%
Non-controlling interest		1,952,162			2,035,660			1,442,574			-29.13	%		-26.10	%		0.54	%
Total liabilities and equity		236,855,226			267,514,280			265,614,205			-0.71	%		12.14	%		100.00	%

12

 

INCOME STATEMENT	As of						Growth												Growth
(COP million)	Sep-19			Sep-20			sep-20 / sep-19			3Q 19			2Q 20			3Q 20			3Q 20 / 2Q 20			3Q 20 / 3Q 19
Interest income and expenses
Interest on loans and financial leases
Commercial		5,500,476			5,351,852			-2.70	%		1,793,689			1,875,803			1,665,252			-11.22	%		-7.16	%
Consumer		3,833,440			4,192,217			9.36	%		1,334,151			1,428,294			1,284,977			-10.03	%		-3.69	%
Small business loans		107,844			109,274			1.33	%		34,478			36,389			34,843			-4.25	%		1.06	%
Mortgage		1,487,826			1,460,771			-1.82	%		468,146			512,330			440,372			-14.05	%		-5.93	%
Leasing		1,430,855			1,423,994			-0.48	%		470,750			468,277			459,403			-1.90	%		-2.41	%
Interest income on loans and financial leases		12,360,441			12,538,108			1.44	%		4,101,214			4,321,093			3,884,847			-10.10	%		-5.28	%
Interest income on overnight and market funds		53,089			28,809			-45.73	%		15,830			7,165			6,142			-14.28	%		-61.20	%
Interest and valuation on Investment
Debt investments, net		116,777			226,492			93.95	%		41,001			70,268			110,210			56.84	%		168.80	%
Net gains from investment activities at fair value through income statement
Debt investments		806,942			685,463			-15.05	%		298,168			344,097			266,550			-22.54	%		-10.60	%
Derivatives		(209,339	)		(286,652	)		36.93	%		(34,115	)		(200,546	)		(57,314	)		-71.42	%		68.00	%
Repos		(155,786	)		9,144			-105.87	%		(66,598	)		10,015			5,839			-41.70	%		108.77	%
Others		(6,031	)		5,119			-184.88	%		(2,030	)		642			(3,080	)		-579.75	%		51.72	%
Total Net gains from investment activities at fair value through profit and loss		435,786			413,074			-5.21	%		195,425			154,208			211,995			37.47	%		8.48	%
Total Interest and valuation on investments		552,563			639,566			15.75	%		236,426			224,476			322,205			43.54	%		36.28	%
Total interest and valuation		12,966,093			13,206,483			1.85	%		4,353,470			4,552,734			4,213,194			-7.46	%		-3.22	%
Interest expense
Borrowing costs		(484,415	)		(430,981	)		-11.03	%		(159,035	)		(159,085	)		(135,804	)		-14.63	%		-14.61	%
Overnight funds		(16,855	)		(5,079	)		-69.87	%		(6,464	)		(929	)		(541	)		-41.77	%		-91.63	%
Debt securities in issue		(864,093	)		(799,179	)		-7.51	%		(297,248	)		(295,486	)		(263,741	)		-10.74	%		-11.27	%
Deposits		(3,086,891	)		(3,244,505	)		5.11	%		(1,061,769	)		(1,148,587	)		(996,983	)		-13.20	%		-6.10	%
Preferred Shares Dividends		(43,181	)		(42,975	)		-0.48	%		(14,325	)		(13,813	)		(14,325	)		3.71	%		0.00	%
Interest right of use assets		(96,280	)		(89,630	)		-6.91	%		(27,602	)		(30,205	)		(29,462	)		-2.46	%		6.74	%
Other interest (expense)		(15,818	)		(11,138	)		-29.59	%		(5,097	)		(3,280	)		(3,152	)		-3.90	%		-38.16	%
Total interest expenses		(4,607,533	)		(4,623,487	)		0.35	%		(1,571,540	)		(1,651,385	)		(1,444,008	)		-12.56	%		-8.12	%
Net interest margin and valuation income on financial instruments before impairment on loans and financial leases and off balance sheet credit instruments		8,358,560			8,582,996			2.69	%		2,781,930			2,901,349			2,769,186			-4.56	%		-0.46	%
Credit impairment charges on loans and advance and financial leases		(2,697,045	)		(5,639,409	)		109.10	%		(866,843	)		(2,403,922	)		(1,768,564	)		-26.43	%		104.02	%
Recovery of charged-off loans		422,747			252,219			-40.34	%		160,192			55,793			102,125			83.04	%		-36.25	%
Credit impairment charges on off balance sheet credit instruments		(11,869	)		(92,948	)		683.12	%		(19,096	)		(76,326	)		(14,974	)		-80.38	%		-21.59	%
Credit impairment charges/recovery on investments		4,725			(20,032	)		-523.96	%		2,915			(10,657	)		(1,995	)		-81.28	%		-168.44	%
Total credit impairment charges, net		(2,281,442	)		(5,500,170	)		141.08	%		(722,832	)		(2,435,112	)		(1,683,408	)		-30.87	%		132.89	%
Net interest margin and valuation income on financial instruments after impairment on loans and financial leases and off balance sheet credit instruments		6,077,118			3,082,826			-49.27	%		2,059,098			466,237			1,085,778			132.88	%		-47.27	%
Fees and commission income
Banking services		494,630			422,235			-14.64	%		173,773			121,057			146,495			21.01	%		-15.70	%
Credit and debit card fees and commercial establishments		1,341,493			1,315,595			-1.93	%		471,856			385,013			452,476			17.52	%		-4.11	%
Brokerage		19,417			21,345			9.93	%		6,171			7,809			6,917			-11.42	%		12.09	%
Acceptances and Guarantees		41,848			46,591			11.33	%		13,793			15,698			16,009			1.98	%		16.07	%
Trust and Securities		330,236			329,454			-0.24	%		114,950			97,727			120,016			22.81	%		4.41	%
Investment banking		22,131			33,483			51.29	%		10,097			4,253			6,447			51.59	%		-36.15	%
Bancassurance		450,513			540,738			20.03	%		163,884			184,372			183,669			-0.38	%		12.07	%
Payments and Collections		454,448			420,470			-7.48	%		156,782			124,484			146,540			17.72	%		-6.53	%
Others		180,890			183,202			1.28	%		65,220			59,013			61,489			4.20	%		-5.72	%
Fees and commission income		3,335,606			3,313,113			-0.67	%		1,176,526			999,426			1,140,058			14.07	%		-3.10	%
Fees and commission expenses
Banking services		(467,822	)		(384,093	)		-17.90	%		(162,176	)		(109,634	)		(117,934	)		7.57	%		-27.28	%
Others		(618,758	)		(686,019	)		10.87	%		(233,000	)		(207,075	)		(257,769	)		24.48	%		10.63	%
Fees and commission expenses		(1,086,580	)		(1,070,112	)		-1.52	%		(395,176	)		(316,709	)		(375,703	)		18.63	%		-4.93	%
Total fees and comissions, net		2,249,026			2,243,001			-0.27	%		781,350			682,717			764,355			11.96	%		-2.18	%
Other operating income
Derivatives FX contracts		294,900			1,278,931			333.68	%		384,803			(396,767	)		139,409			135.14	%		-63.77	%
Net foreign exchange		(161,697	)		(1,041,105	)		543.86	%		(393,537	)		556,879			(88,748	)		-115.94	%		-77.45	%
Hedging		767			(2,267	)		-395.57	%		6,251			(714	)		(1,294	)		81.23	%		-120.70	%
Operating leases		487,406			521,734			7.04	%		161,254			172,691			166,664			-3.49	%		3.35	%
Gains (or losses) on sale of assets		59,321			49,694			-16.23	%		23,031			7,328			16,558			125.96	%		-28.11	%
Other reversals		4,672			3,213			-31.23	%		3,235			396			1,346			239.90	%		-58.39	%
Others		396,356			247,461			-37.57	%		148,179			85,909			53,504			-37.72	%		-63.89	%
Total other operating income		1,081,725			1,057,661			-2.22	%		333,216			425,722			287,439			-32.48	%		-13.74	%
Dividends received, and share of profits of equity method investees
Dividends		56,570			7,676			-86.43	%		21,411			4,086			208			-94.91	%		-99.03	%
Equity investments		24,528			(21,119	)		-186.10	%		5,160			5,996			386			-93.56	%		-92.52	%
Equity method		186,113			84,645			-54.52	%		41,403			33,909			65,163			92.17	%		57.39	%
Others		72,489			4,706			-93.51	%		(602	)		194			19			-90.21	%		-103.16	%
Total dividends received, and share of profits of equity method investees		339,700			75,908			-77.65	%		67,372			44,185			65,776			48.86	%		-2.37	%
Total operating income, net		9,747,569			6,459,396			-33.73	%		3,241,036			1,618,861			2,203,348			36.10	%		-32.02	%

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INCOME STATEMENT	As of						Growth												Growth
(COP million)	Sep-19			Sep-20			sep-20 / sep-19			3Q 19			2Q 20			3Q 20			3Q 20 / 2Q 20			3Q 20 / 3Q 19
Operating expenses
Salaries and employee benefits		(2,094,063	)		(2,226,096	)		6.31	%		(704,950	)		(705,476	)		(744,172	)		5.49	%		5.56	%
Bonuses		(394,535	)		(85,121	)		-78.42	%		(150,047	)		83,790			(24,326	)		-129.03	%		-83.79	%
Other administrative and general expenses		(2,203,838	)		(2,239,588	)		1.62	%		(722,237	)		(768,931	)		(721,106	)		-6.22	%		-0.16	%
Tax contributions and other tax burden		(552,376	)		(603,572	)		9.27	%		(183,039	)		(199,756	)		(182,003	)		-8.89	%		-0.57	%
Impairment, depreciation and amortization		(581,136	)		(612,211	)		5.35	%		(222,289	)		(191,984	)		(211,753	)		10.30	%		-4.74	%
Other expenses		(169,218	)		(151,351	)		-10.56	%		(58,247	)		(47,806	)		(49,902	)		4.38	%		-14.33	%
Total operating expenses		(5,995,166	)		(5,917,939	)		-1.29	%		(2,040,809	)		(1,830,163	)		(1,933,262	)		5.63	%		-5.27	%
Profit before tax		3,752,403			541,457			-85.57	%		1,200,227			(211,302	)		270,086			227.82	%		-77.50	%
Income tax		(1,018,469	)		22,935			-102.25	%		(304,210	)		128,704			10,882			-91.54	%		-103.58	%
Profit for the year from continuing operations		2,733,934			564,392			-79.36	%		896,017			(82,598	)		280,968			440.16	%		-68.64	%
Non-controlling interest		(85,836	)		(22,166	)		-74.18	%		(17,436	)		9,301			(1,329	)		-114.29	%		-92.38	%
Net income attributable to equity holders of the Parent Company		2,648,098			542,226			-79.52	%		878,581			(73,297	)		279,639			481.51	%		-68.17	%

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BANCOLOMBIA S.A. (Registrant)
Date:  November 12, 2020	By:	/s/ JOSE HUMBERTO ACOSTA MARTIN.
		Name:	Jose Humberto Acosta Martin.
		Title:	Vice President of Finance

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