1Q13
BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS CONSOLIDATED NET INCOME OF COP 493 BILLION FOR THE FIRST QUARTER OF 2013 (COP 578 PER SHARE - USD 1.26 PER ADR), WHICH REPRESENTS AN INCREASE OF 11% COMPARED TO THE SAME QUARTER LAST YEAR.
| · | Net loans increased 3.1% compared to 4Q12 and 18.9% compared to 1Q12. This quarterly growth confirms the sustained credit demand in Colombia with respect to 4Q12. |
| · | Net interest income increased 13.2% compared to 4Q12 and 24.1% compared to 1Q12. These increases are the result of loan growth during the last twelve months and the good performance of the investment portfolio during the last quarter. |
| · | Past due loans as a percentage of total loans remain low in 1Q13. 30 days (or more) past due loans as a percentage of total gross loans was 3.0%. Loan deterioration during 1Q13 was COP 524 billion, and net provision charges for past due loans and foreclosed assets totaled COP 303 billion, which represents 1.7% of gross loans when annualized. |
| · | The balance sheet remains strong.Loan loss reserves represented 4.7% of total gross loans and 156% of past due loans at the end of 1Q13. The capital adequacy ratio ended the quarter at 17.0% (Tier 1 of 11.6%). |
May 7, 2013. Medellín, Colombia – Today, BANCOLOMBIA S.A. (“Bancolombia” or “the Bank”) announced its earnings results for the first quarter of 2013.
For the quarter ended on March 31, 2013 (“1Q13”), Bancolombia reported consolidated net income of COP 493 billion, or COP 578 per share - USD 1.26 per ADR, which represents an increase of 5.3% as compared to the results for the quarter ended on December 31, 2012 (“4Q12”) and an increase of 10.6% as compared to the results for the quarter ended on March 31, 2012 (“1Q12”).
Bancolombia ended 1Q13 with COP 103,148 billion in assets, 5.3% higher than those at the end of 4Q12 and 22.5% greater than at the end of 1Q12. At the same time, liabilities totaled COP 91,711 billion, increasing 6.3% as compared to the figure presented in 4Q12 and increased 24.3% as compared to 1Q121.
1 This report corresponds to the consolidated financial statements of BANCOLOMBIA S.A. (“BANCOLOMBIA”) and its affiliates of which it owns, directly or indirectly more than 50% of the voting capital stock. These financial statements have been prepared in accordance with generally accepted accounting principles in Colombia and the regulations of Superintendencia Financiera de Colombia, collectively COL GAAP. BANCOLOMBIA maintains accounting records in Colombian pesos, referred to herein as “Ps.” or “COP”. Certain monetary amounts, percentages and other figures included in this report have been subject to rounding adjustments. There have been no changes to the Bank's principalaccounting policies in the quarter ended March 31, 2013. The statements of income for the quarter ended March 31, 2013 are 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.
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 April 1, 2013 $1,832.20 = US$ 1
1Q13
BANCOLOMBIA: Summary of consolidated financial quarterly results2
| CONSOLIDATED BALANCE SHEET | | | |
| AND INCOME STATEMENT | Quarter | Growth |
| (COP millions) | 1Q12 | 4Q12 | 1Q13 | 1Q13/4Q12 | 1Q13/1Q12 |
| ASSETS | | | | | |
| Loans and financial leases, net | 57,896,430 | 66,739,040 | 68,817,162 | 3.11% | 18.86% |
| Investment securities, net | 8,672,604 | 12,554,311 | 14,233,292 | 13.37% | 64.12% |
| Other assets | 17,667,740 | 18,623,029 | 20,097,854 | 7.92% | 13.75% |
| Total assets | 84,236,774 | 97,916,380 | 103,148,308 | 5.34% | 22.45% |
| | | | | | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | |
| Deposits | 51,967,757 | 64,158,720 | 67,146,387 | 4.66% | 29.21% |
| Non-interest bearing | 7,653,768 | 9,798,874 | 8,584,903 | -12.39% | 12.17% |
| Interest bearing | 44,313,989 | 54,359,846 | 58,561,484 | 7.73% | 32.15% |
| Other liabilities | 21,837,349 | 22,150,705 | 24,564,684 | 10.90% | 12.49% |
| Total liabilities | 73,805,106 | 86,309,425 | 91,711,071 | 6.26% | 24.26% |
| Shareholders' equity | 10,431,668 | 11,606,955 | 11,437,237 | -1.46% | 9.64% |
| Total liabilities and shareholders' equity | 84,236,774 | 97,916,380 | 103,148,308 | 5.34% | 22.45% |
| | | | | | |
| Interest income | 1,785,336 | 2,034,208 | 2,196,919 | 8.00% | 23.05% |
| Interest expense | 653,527 | 794,120 | 792,676 | -0.18% | 21.29% |
| Net interest income | 1,131,809 | 1,240,088 | 1,404,243 | 13.24% | 24.07% |
| Net provisions | (198,155) | (334,677) | (302,868) | -9.50% | 52.84% |
| Fees and income from service, net | 422,964 | 494,479 | 436,328 | -11.76% | 3.16% |
| Other operating income | 198,547 | 196,251 | 228,514 | 16.44% | 15.09% |
| Total operating expense | (962,527) | (1,054,978) | (1,091,382) | 3.45% | 13.39% |
| Goodwill amortization | (11,819) | (11,165) | (15,348) | 37.47% | 29.86% |
| Non-operating income, net | 13,393 | 6,135 | 19,859 | 223.70% | 48.28% |
| Income tax expense | (148,642) | (68,371) | (186,610) | 172.94% | 25.54% |
| Net income | 445,570 | 467,762 | 492,736 | 5.34% | 10.59% |
| | | | | | |
| PRINCIPAL RATIOS | Quarter | As of |
| | 1Q12 | 4Q12 | 1Q13 | Mar-12 | Mar-13 |
| PROFITABILITY | | | | | |
| Net interest margin(1) | 6.49% | 6.28% | 6.78% | 6.50% | 6.78% |
| Return on average total assets(2) | 2.12% | 1.97% | 1.99% | 2.12% | 1.99% |
| Return on average shareholders´ equity(3) | 18.14% | 16.47% | 16.83% | 18.14% | 16.83% |
| EFFICIENCY | | | | | |
| Operating expenses to net operating income | 55.57% | 55.22% | 53.49% | 55.57% | 53.49% |
| Operating expenses to average total assets | 4.64% | 4.49% | 4.47% | 4.64% | 4.47% |
| CAPITAL ADEQUACY | | | | | |
| Shareholders' equity to total assets | 12.38% | 11.85% | 11.09% | 12.38% | 11.09% |
| Technical capital to risk weighted assets | 15.52% | 15.77% | 16.96% | 15.52% | 16.96% |
| KEY FINANCIAL HIGHLIGHTS | | | | | |
| Net income per ADS (USD) | 1.17 | 1.24 | 1.26 | | |
| Net income per share $COP | 523.08 | 549.13 | 578.45 | | |
| P/BV ADS (4) | 2.37 | 2.16 | 2.16 | | |
| P/BV Local(5) (6) | 2.29 | 2.20 | 2.14 | | |
| P/E (7) | 13.60 | 13.55 | 12.48 | | |
| ADR price (8) | 64.66 | 66.58 | 63.25 | | |
| Common share price (8) | 28,100 | 30,000 | 28,800 | | |
| Shares outstanding (9) | 851,827,000 | 851,827,000 | 851,827,000 | | |
| USD exchange rate (quarter end) | 1,792.07 | 1,768.23 | 1,832.20 | | |
(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. (9) Common and preferred.
1Q13
As of March 31, 2013, Bancolombia’s assets totaled COP 103,148 billion, which represents an increase of 5.3% compared to 4Q12 and an increase of 22.5% compared to 1Q12.
The increase in assets presented for the quarter is mainly explained by the 13.4% increase in investment securities and 3.1% in loans and financial leases, which represented 67% of total assets at the end of 1Q13.
It is highlighted the growth of operating leases, which increased 8.7% during the quarter compared to 4Q12 and 53.5% compared to 1Q12.
The following table shows the composition of Bancolombia’s investments and loans by type and currency:
| (COP Million) | Amounts in COP | Amounts in USD converted to COP | Amounts in USD (thousands) | Total |
| (1 USD = 1832,2 COP) | | 1Q13/4Q12 | 1Q13/1Q12 | | 1Q13/4Q12 | 1Q13/1Q12 | | 1Q13/4Q12 | 1Q13/1Q12 | | 1Q13/4Q12 | 1Q13/1Q12 |
| Net investment securities | 11,896,418 | 17.65% | 74.04% | 2,336,874 | -4.31% | 27.21% | 1,275,447 | -7.66% | 24.42% | 14,233,292 | 13.37% | 64.12% |
| Gross Loans | 55,062,374 | 2.51% | 19.13% | 17,125,768 | 5.24% | 17.66% | 9,347,106 | 1.57% | 15.09% | 72,188,142 | 3.14% | 18.78% |
| Commercial loans | 30,374,410 | 1.64% | 18.34% | 13,268,952 | 5.46% | 18.55% | 7,242,087 | 1.78% | 15.95% | 43,643,362 | 2.77% | 18.40% |
| Consumer loans | 10,913,979 | 3.49% | 16.65% | 2,155,921 | 5.93% | 13.16% | 1,176,684 | 2.23% | 10.68% | 13,069,900 | 3.89% | 16.06% |
| Small business loans | 330,212 | 8.71% | 16.77% | 30,650 | -0.64% | -11.64% | 16,729 | -4.11% | -13.58% | 360,862 | 7.85% | 13.66% |
| Mortgage loans | 5,563,693 | 6.98% | 32.03% | 790,957 | 4.47% | 5.65% | 431,698 | 0.82% | 3.33% | 6,354,650 | 6.66% | 28.05% |
| Finance lease | 7,880,080 | 1.25% | 17.60% | 879,288 | 1.41% | 30.62% | 479,908 | -2.13% | 27.76% | 8,759,368 | 1.27% | 18.79% |
| Allowance for loan losses | (3,041,124) | 3.86% | 20.89% | (329,856) | 2.55% | -9.53% | (180,033) | -1.03% | -11.51% | (3,370,980) | 3.73% | 17.04% |
| Net total loans and fin. leases | 52,021,250 | 2.43% | 19.03% | 16,795,912 | 5.30% | 18.36% | 9,167,073 | 1.62% | 15.77% | 68,817,162 | 3.11% | 18.86% |
| Operating leases, net | 2,282,415 | 9.19% | 56.63% | 100,720 | -0.97% | 6.00% | 54,972 | -4.42% | 3.67% | 2,383,135 | 8.72% | 53.53% |
| Total assets | 78,935,086 | -2.91% | 21.21% | 24,213,222 | 45.72% | 26.69% | 13,215,382 | 40.63% | 23.91% | 103,148,308 | 5.34% | 22.45% |
| Total deposits | 55,275,524 | 5.16% | 34.52% | 11,870,863 | 2.39% | 9.13% | 6,479,021 | -1.19% | 6.74% | 67,146,387 | 4.66% | 29.21% |
| Total liabilities | 68,800,701 | -3.10% | 24.11% | 22,910,370 | 49.65% | 24.73% | 12,504,295 | 44.42% | 22.00% | 91,711,071 | 6.26% | 24.26% |
The most relevant aspects regarding the evolution of the loan portfolio during 1Q13 were:
·The growth of consumer and commercial loans in Colombia during 1Q13 indicate a sustained credit demand.
·Net loans in USD correspond to loans originated in Colombia (USD 5,325 million, 58%), El Salvador (USD 2,505 million, 27%) and other countries (USD 1,337 million, 15%). USD denominated loans represented 24% of total loans as of 1Q13.
·COP depreciated 3.6% versus USD during 1Q13 and depreciated 2.2% in the last 12 months.
·Mortgage loans denominated in COP presented a dynamic performance. The dynamism of mortgage lending in Colombia is explained by the lower long-term interest rates, as well as by the Colombian government’s interest rate subsidy programs. On the other hand, the mortgage balance denominated in USD from our operation in El Salvador grew 0.8% during the quarter, and 3.3% in the past 12 months.
·Financial leases, 90% of which are denominated in COP, increased 1.3% during the quarter and 18.8% as compared to 1Q12. Operating leases, net of depreciation, increased 8.7% during 1Q13 and 53.5 in the last 12 months.These two products are mainly used by enterprises in order to finance equipment, commercial real estate and commercial vehicles.
1Q13
When analyzing the loan portfolio according to the customer categories established by Bancolombia in order to manage its commercial strategy, it becomes clear that corporate loans were key drivers for growth during 1Q13, as they increased 3.6% with respect to 4Q12. This increase is explained by higher demand for working capital and investments by the corporate. Consumer and SMEs loans increased by 2.3% compared to 4Q12, indicating a sustained credit demand that Bancolombia has capitalized under strict credit origination criteria.
Total reserves (allowances in balance sheet) for loan losses increased by 3.7% during 1Q13 and totaled COP 3,371 billion, or 4.7% 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 | | As of | | Growth | % of Total loans | |
| (COP million) | Mar-12 | Dec-12 | Mar-13 | 1Q13/4Q12 | 1Q13/1Q12 | % of Category |
| CORPORATE | | | | | | | |
| Working capital loans | 25,053,335 | 30,493,677 | 31,538,526 | 3.43% | 25.89% | 43.69% | 91.98% |
| Funded by domestic development banks | 240,287 | 261,701 | 355,406 | 35.81% | 47.91% | 0.49% | 1.04% |
| Trade Financing | 3,762,238 | 2,215,613 | 2,204,646 | -0.49% | -41.40% | 3.05% | 6.43% |
| Overdrafts | 129,876 | 103,434 | 140,418 | 35.76% | 8.12% | 0.19% | 0.41% |
| Credit Cards | 48,046 | 35,619 | 49,174 | 38.06% | 2.35% | 0.07% | 0.14% |
| TOTAL CORPORATE | 29,233,782 | 33,110,044 | 34,288,170 | 3.56% | 17.29% | 47.50% | 100.00% |
| RETAIL AND SMEs | | | | | | | |
| Working capital loans | 6,870,855 | 8,426,695 | 8,427,869 | 0.01% | 22.66% | 11.67% | 36.99% |
| Personal loans | 6,123,115 | 6,820,922 | 7,111,898 | 4.27% | 16.15% | 9.85% | 31.21% |
| Loans funded by domestic development banks | 704,423 | 863,025 | 858,872 | -0.48% | 21.93% | 1.19% | 3.77% |
| Credit Cards | 3,440,670 | 3,672,766 | 3,791,335 | 3.23% | 10.19% | 5.25% | 16.64% |
| Overdrafts | 271,247 | 223,550 | 307,704 | 37.64% | 13.44% | 0.43% | 1.35% |
| Automobile loans | 1,719,882 | 2,155,547 | 2,187,397 | 1.48% | 27.18% | 3.03% | 9.60% |
| Trade Financing | 76,204 | 108,363 | 100,879 | -6.91% | 32.38% | 0.14% | 0.44% |
| TOTAL RETAIL AND SMEs | 19,206,396 | 22,270,868 | 22,785,954 | 2.31% | 18.64% | 31.56% | 100.00% |
| MORTGAGE | 4,962,698 | 5,957,824 | 6,354,650 | 6.66% | 28.05% | 8.80% | 100.00% |
| FINANCIAL LEASES | 7,373,733 | 8,649,943 | 8,759,368 | 1.27% | 18.79% | 12.13% | 100.00% |
| Total loans and financial leases | 60,776,609 | 69,988,679 | 72,188,142 | 3.14% | 18.78% | 100.00% | 100.00% |
| Allowance for loan losses | (2,880,179) | (3,249,639) | (3,370,980) | 3.73% | 17.04% | | |
| Total loans and financial leases, net | 57,896,430 | 66,739,040 | 68,817,162 | 3.11% | 18.86% | | |
As of march 31, 2013, Bancolombia’s net investment portfolio totaled COP 14,233 billion, 13.4% higher than that reported in 4Q12 and 64.1% higher compared to that reported in 1Q12. The investment portfolio consisted primarily of debt investment securities, which represented 92% of Bancolombia’s total investments and 13% of assets at the end of 1Q13. Investments denominated in USD totaled USD 1,275 million and represented 16% of the investment portfolio.
Additionally, the Bank had COP 1,318 billion in net mortgage backed securities, which represented 9% of the investment portfolio. At the end of 1Q13, the duration of the debt securities portfolio was 22.72 months and a yield to maturity of 4.3%.
1Q13
As of 1Q13, Bancolombia’s goodwill totaled COP 576 billion, increasing 0.9% compared to the amount reported in 4Q12 and decreasing 6.4% compared to 1Q12. This variation is explained by the amortization of goodwill reported during the past year (under COL GAAP, goodwill is amortized within a maximum period of 20 years), by the elimination of the goodwill related to Asesuisa (which was sold in September 2012) and by the appreciation of the Colombian peso versus the dollar. As of March 31, 2013, Bancolombia’s goodwill included USD 294 million related mostly to the acquisition of Banagrícola in 2007.
As of March 31, 2013, Bancolombia’s liabilities totaled COP 91.711 billion, increasing 6.3% compared to 4Q12 and 24.3% compared to 1Q12. The ratio of net loans to deposits (including borrowings from domestic development banks) was 98% at the end of 1Q13, decreasing compared to the 99% reported in 4Q12, and the 105% in 1Q12.
Deposits totaled COP 67,146 billion (or 73% of liabilities) at the end of 1Q13, increasing 4.7% during the quarter and 29.2% over the last 12 months. CDs represented 39.1% of deposits in 1Q13. Bancolombia´s funding strategy is meant to improve the liquidity position and to encourage savings accounts and term deposits while keeping costs at a reasonable level. This strategy allows the bank to reduce slightly the cost on deposits of the bank during the quarter. The ultimate goal is to defend the net interest margin.
| DEPOSIT MIX | 1Q12 | 4Q12 | 1Q13 |
| COP Million | | % | | % | | % |
| Checking accounts | 9,293,698 | 17.88% | 11,298,901 | 17.61% | 10,699,810 | 15.94% |
| Saving accounts | 22,538,485 | 43.37% | 27,113,914 | 42.26% | 29,476,333 | 43.90% |
| Time deposits | 19,401,674 | 37.33% | 24,767,489 | 38.60% | 26,235,282 | 39.07% |
| Other | 733,900 | 1.41% | 978,416 | 1.52% | 734,962 | 1.09% |
| Total deposits | 51,967,757 | | 64,158,720 | | 67,146,387 | |
At the end of 1Q13, Bancolombia had outstanding bonds for USD 3,740 million in international markets and for COP 5,637 billion in local markets. The maturities of these bonds range from 2 to 10 years.
| 1.6. | Shareholders’ Equity and Regulatory Capital |
Shareholders’ equity at the end of 1Q13 was COP 11,437 billion, increasing 9.6% or COP 1,006 billion, with respect to the 10,432 billion reported at the end of 1Q12.
Bancolombia’s capital adequacy ratio was 16.96%, 119 basis points over the 15.77% for 4Q12 and 144 basis points above the 15.52% at the end of 1Q12. This annual increase in the capital adequacy ratio is explained by the profits reinvestment after the General Shareholder’s Meeting and by the USD 1,200 million subordinated bonds issued in September 2012.
Bancolombia’s capital adequacy ratio was 796 basis points above the minimum level required by Colombia’s regulator, while the basic capital ratio (Tier 1) to risk weighted assets was 11.6% and the tangible capital ratio, defined as shareholders’ equity minus goodwill and intangible assets divided by tangible assets, was 10.1% at the end of 1Q13.
1Q13
| TECHNICAL CAPITAL RISK WEIGHTED ASSETS | | | | | |
| Consolidated (COP millions) | 1Q12 | % | 4Q12 | % | 1Q13 | % |
| Basic capital (Tier I) | 9,045,808 | 12.00% | 9,070,487 | 10.39% | 10,425,945 | 11.55% |
| Additional capital (Tier II) | 2,653,063 | 3.52% | 4,694,203 | 5.38% | 4,876,112 | 5.41% |
| Technical capital(1) | 11,698,871 | | 13,764,690 | | 15,302,057 | |
| Risk weighted assets included market risk | 75,397,039 | | 87,262,916 | | 90,206,549 | |
| CAPITAL ADEQUACY(2) | 15.52% | | 15.77% | | 16.96% | |
(1) Technical capital is the sum of basic and additional capital.
(2) Capital adequacy is technical capital divided by risk weighted assets.
1Q13
Net income totaled COP 493 billion in 1Q13, or COP 578 per share - USD 1.26 per ADR, which represents an increase of 5.3% compared to 4Q12 and an increase of 10.6% compared to 1Q12. Bancolombia’s annualized ROE was 16.8% for 1Q13, higher than the annualized ROE of 16.5% reported for 4Q12 and lower than the 18.1% of 1Q12.
Net interest income totaled COP 1,404 billion in 1Q13, 13.2% higher than that reported in 4Q12, and 24.1% higher than the figure for 1Q12. The increase of net interest income is explained by the growth of the loan portfolio in the previous quarters and by an outstanding performance in the investment portfolio.
During 1Q13, the income generated by the investment portfolio totaled COP 348 billion, a figure 72.2% higher than the COP 202 billion reported in 4Q12 and 101.9% higher than the COP 172 billion for 1Q12.
Net Interest Margin
Annualized net interest margin ended 1Q13 at 6.8%. The annualized net interest margin for investments increased to 8.0% due to the appreciation of the Colombian public debt titles, and the annualized net interest margin for loans, financial leases and overnight funds was 6.6%.
The rate cuts in the Colombian Central Bank Rate in late 2012 and early 2013 put pressure on margins and led them to decrease.
| Annualized Interest | | | | | | | | |
| Margin | 2Q11 | 3Q11 | 4Q11 | 1Q12 | 2Q12 | 3Q12 | 4Q12 | 1Q13 |
| Loans´Interest margin | 6.7% | 6.6% | 6.7% | 6.8% | 7.0% | 7.1% | 6.9% | 6.6% |
| Debt investments´margin | 5.0% | 4.2% | 1.2% | 4.1% | 4.1% | 4.0% | 2.9% | 8.0% |
| Net interest margin | 6.4% | 6.3% | 5.9% | 6.5% | 6.6% | 6.6% | 6.3% | 6.8% |
The funding cost decreased during 1Q13 due to the rate cuts. Savings and checking accounts reduced their share and time deposits increased it slightly, however, the annualized average weighted cost of deposits was 3.2% in 1Q13, decreasing compared to the 3.3% for 4Q12 and increasing compared to the 3.0% for 1Q12.
| Deposits' weighted | | | |
| average cost | 1Q12 | 4Q12 | 1Q13 |
| Checking accounts | 0.24% | 0.22% | 0.24% |
| Time deposits | 4.86% | 5.27% | 5.25% |
| Saving accounts | 2.85% | 2.79% | 2.59% |
| Total deposits | 3.04% | 3.33% | 3.20% |
| 2.2. | Fees and Income from Services |
During 1Q13, net fees and income from services totaled COP 436 billion, 11.8% lower than those reported in 4Q12 and higher compared to the 3.2% reported in 1Q12. Fees from credit and debit cards increased 3.0% with respect to 4Q12 due to an annual raise in administration charges. Fees from banking services decreased 13.3% compared to 4Q12 and increased 4.6% with respect to 1Q12; this line includes fees from insurance distribution throughout the distribution networks in Colombia and in El Salvador. Fees from brokerage services decreased 14.2% in 1Q13 as compared to 4Q12 and 12.1% as compared to those in 1Q12.
1Q13
The following table summarizes Bancolombia’s participation in the credit card business in Colombia:
| ACCUMULATED CREDIT CARD BILLING | % | 2013 |
| (COP millions) | Feb-12 | Feb-13 | Growth | Market Share |
| Bancolombia VISA | 379,039 | 593,344 | 56.54% | 10.49% |
| Bancolombia Mastercard | 452,114 | 696,092 | 53.96% | 12.30% |
| Bancolombia American Express | 562,468 | 855,540 | 52.10% | 15.12% |
| Total Bancolombia | 1,393,621 | 1,521,886 | 9.20% | 26.90% |
| Colombian Credit Card Market | 4,953,489 | 5,657,861 | 14.22% | |
| Source: Credibanco y Redeban multicolor | | | | |
| | | | | |
| CREDIT CARD MARKET SHARE | % | 2013 |
| (Outstanding credit cards) | Feb-12 | Feb-13 | Growth | Market Share |
| Bancolombia VISA | 381,167 | 434,525 | 14.00% | 5.77% |
| Bancolombia Mastercard | 393,164 | 483,438 | 22.96% | 6.42% |
| Bancolombia American Express | 581,317 | 649,015 | 11.65% | 8.61% |
| Total Bancolombia | 1,355,648 | 1,566,978 | 15.59% | 20.79% |
| Colombian Credit Card Market | 6,717,878 | 7,535,753 | 12.17% | |
| Source: Credibanco y Redeban multicolor | | | | |
| 2.3. | Other Operating Income |
Total other operating income was COP 229 billion in 1Q13, 16.4% higher than those in 4Q12, and 15.1% higher than in 1Q12. Income from foreign exchange gains and derivatives denominated in foreign currencies increased 10.4% in the quarter due to the net effect of the active and passive positions the bank had in foreign currency.
The increase versus 4Q12 is due, in part, to the COP 32.1 billion received in 1Q13 in dividends from companies in which Bancolombia and its subsidiaries have interests, specially from Protección S.A. (COP 9.3 billion), Titularizadora Colombiana S.A. (COP 5.5 billion), Redeban (COP 4.8 billion) y EPSA S.A. E.S.P. (COP 4.1 billion).
Revenues aggregated in the communication, rent and others line totaled COP 106 billion in 1Q13, which is 5.9% lower as compared to 4Q12 and 49.0% higher as compared to those in 1Q12. This line includes revenues from commercial discounts and operating leases payments, which have grown as the value of assets rented under operating leasing contracts have increased.
| 2.4. | Asset Quality, Provision Charges and Balance Sheet Strength |
The deterioration of the loan portfolio (new past due loans including charge-offs) was COP 524 billion in 1Q13, which represents 0.7% of the loan portfolio at the beginning of the quarter, increasing with respect to the COP 407 billion in 1Q12, which also represented 0.7% of the loan portfolio at the beginning of that quarter. Consumer and small and medium enterprises loans were the leading contributors to this deterioration. The largest part of the loan portfolio deterioration in 1Q13 occurred in the consumer loans and SMEs loans segments.
1Q13
Past due loans (those that are overdue for more than 30 days) totaled COP 2,164 billion at the end of 1Q13, representing 3.0% of total gross loans. The PDL ratio increased from the 2.6% in 4Q12 and the 2.7% reported for 1Q12. Loan charge-offs totaled COP 193 billion in 1Q13.
Provision charges (net of recoveries) totaled COP 303 billion in 1Q13. The lower provision charges for the quarter are explained by the lower loan growth, which implies making lower counter cyclical provision when new loans are originated.
Bancolombia maintains a strong balance sheet supported on an adequate level of loan loss reserves. Allowances for loan losses totaled COP 3,371 billion, or 4.7% of total loans at the end of 1Q13. This proportion increased with respect to the 4.6% presented at the end of 4Q12, and remained stable with respect to the 4.7% for 1Q12. The coverage measured by the ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 156% at the end of 1Q13. Likewise, the coverage measured by the ratio of allowances for loans losses to loans classified as C, D and E, was 117% at the end of 1Q13, remaining stable with respect to 4Q12 and decreasing compared to the 123% in 1Q12.
The following tables present key metrics related to asset quality:
| ASSET QUALITY | | As of | | Growth |
| ( COP millions) | Mar-12 | Dec-12 | Mar-13 | 1Q13/4Q12 | 1Q13/1Q12 |
| Total performing past due loans(1) | 648,827 | 604,375 | 844,165 | 39.68% | 30.11% |
| Total non-performing past due loans | 992,504 | 1,228,327 | 1,319,536 | 7.43% | 32.95% |
| Total past due loans | 1,641,331 | 1,832,702 | 2,163,701 | 18.06% | 31.83% |
| Allowance for loans interest losses | 2,880,179 | 3,249,639 | 3,370,980 | 3.73% | 17.04% |
| Past due loans to total loans | 2.70% | 2.62% | 3.00% | | |
| Non-performing loans as a percentage of total loans | 1.63% | 1.76% | 1.83% | | |
| “C”, “D” and “E” loans as a percentage of total loans | 3.84% | 3.96% | 3.98% | | |
| Allowances to past due loans(2) | 175.48% | 177.31% | 155.80% | | |
| Allowance for loan losses as a percentage of “C”, “D” and “E” loans (2) | 123.26% | 117.35% | 117.45% | | |
| Allowance for loan losses as a percentage of non-performing loans(2) | 290.19% | 264.56% | 255.47% | | |
| Allowance for loan losses as a percentage of total loans | 4.74% | 4.64% | 4.67% | | |
| Percentage of performing loans to total loans | 98.37% | 98.24% | 98.17% | | |
(1) “Performing” past due loans are loans upon which Bancolombia continues to recognize income although interest in respect of such loans has not been received. Mortgage loans cease to accumulate interest on the statement of operations when they are more than 60 days past due. For all other loans and financial leasing operations of any type, interest is no longer accumulated after they are more than 30 days past due.
(2) Under Colombian Bank regulations, a loan is past due when it is at least 31 days past the actual due date.
| PDL Per Category (30 days) | | | | |
| | % Of loan Portfolio | 1Q12 | 4Q12 | 1Q13 |
| Commercial loans | 60.46% | 1.72% | 1.48% | 1.72% |
| Consumer loans | 18.11% | 4.02% | 4.80% | 5.40% |
| Microcredit | 0.50% | 10.17% | 9.32% | 10.55% |
| Mortgage loans | 8.80% | 7.08% | 6.86% | 7.29% |
| Finance lease | 12.13% | 2.33% | 1.84% | 2.34% |
| PDL TOTAL | 100.00% | 2.70% | 2.62% | 3.00% |
| | | | | |
| PDL Per Category (90 days) | | | | |
| | % Of loan Portfolio | 1Q12 | 4Q12 | 1Q13 |
| Commercial loans | 60.46% | 1.07% | 1.03% | 1.08% |
| Consumer loans | 18.11% | 1.68% | 2.47% | 2.35% |
| Microcredit | 0.50% | 6.20% | 5.98% | 6.44% |
| Mortgage loans | 8.80% | 2.93% | 2.93% | 2.95% |
| Finance lease | 12.13% | 1.09% | 1.03% | 1.19% |
| TOTAL LOAN PORTFOLIO | 100.00% | 1.36% | 1.47% | 1.51% |
1Q13
| LOANS AND FINANCIAL LEASES CLASSIFICATION | Mar-12 | Dec-12 | Mar-13 |
| ( COP millions) | | | | | |
| ¨A¨ Normal | 56,345,911 | 92.71% | 65,453,223 | 93.52% | 67,282,593 | 93.20% |
| ¨B¨ Subnormal | 2,093,981 | 3.45% | 1,766,262 | 2.52% | 2,035,475 | 2.82% |
| ¨C¨ Deficient | 936,521 | 1.54% | 1,179,600 | 1.69% | 1,201,500 | 1.67% |
| ¨D¨ Doubtful recovery | 799,171 | 1.31% | 948,051 | 1.35% | 933,184 | 1.29% |
| ¨E¨ Unrecoverable | 601,024 | 0.99% | 641,543 | 0.92% | 735,390 | 1.02% |
| Total | 60,776,608 | 100.00% | 69,988,679 | 100.00% | 72,188,142 | 100.01% |
| | | | | | | |
| Loans and financial leases classified as C, D and E | | | | | | |
| as a percentage of total loans and financial leases | 3.84% | | 3.96% | | 3.98% | |
During 1Q13, operating expenses totaled COP 1,091 billion, increasing 3.5% with respect to 4Q12 and 13.4% with respect to 1Q12.
Personnel expenses (salaries, bonus plan payments and compensation) totaled COP 425 billion in 1Q13, increasing 5.1% as compared to 4Q12 and 8.6% as compared to 1Q12. The increase of salaries in the last 12 months is explained by the bank´s higher number of employees and the 2013 wage increases.
During 1Q13, administrative expenses totaled COP 534 billion, increasing 1.1% as compared to 4Q12 and 12.7% as compared to 1Q12. This variation during the quarter is mainly explained by higher rent expenses, higher taxes (other than income tax) and higher expenses for maintenance of fixed assets.
Depreciation expenses totaled COP 96 billion in 1Q13, increasing 6.5% as compared to 4Q12 and 36.9% as compared to 1Q12. The increase in this type of expense is explained by the increase ofoperating leases from Leasing Bancolombia.
At the end of 1Q13, Bancolombia had 25,150 employees, 994 branches and 3,871 ATMs.
1Q13
| 3. | 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 7 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 banking subsidiaries in Panama, 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:(574) 4041837 / (574) 4041838
E-mail:investorrelations@bancolombia.com.co
Alejandro Mejia (IR Manager) / Simon Botero (Analyst)
Website:http://www.grupobancolombia.com/investorRelations/
1Q13
| BALANCE SHEET | | | | | | |
| (COP million) | Mar-12 | Dec-12 | Mar-13 | Last Quarter | Annual | % of Assets | % of Liabilities |
| ASSETS | | | | | | | |
| Cash and due from banks | 6,552,446 | 7,144,015 | 7,365,762 | 3.10% | 12.41% | 7.14% | |
| Overnight funds and interbank loans | 1,420,166 | 1,025,082 | 2,044,687 | 99.47% | 43.98% | 1.98% | |
| Total cash and equivalents | 7,972,612 | 8,169,097 | 9,410,449 | 15.20% | 18.03% | 9.12% | |
| Debt securities | 7,881,941 | 11,432,214 | 13,066,955 | 14.30% | 65.78% | 12.67% | |
| Trading | 2,452,717 | 6,492,812 | 8,237,060 | 26.86% | 235.83% | 7.99% | |
| Available for Sale | 1,673,586 | 1,456,042 | 1,395,419 | -4.16% | -16.62% | 1.35% | |
| Held to Maturity | 3,755,638 | 3,483,360 | 3,434,476 | -1.40% | -8.55% | 3.33% | |
| Equity securities | 865,667 | 1,136,256 | 1,177,893 | 3.66% | 36.07% | 1.14% | |
| Trading | 327,741 | 327,091 | 360,786 | 10.30% | 10.08% | 0.35% | |
| Available for Sale | 537,926 | 809,165 | 817,107 | 0.98% | 51.90% | 0.79% | |
| Allowance for impairment | -75,004 | -14,159 | -11,556 | -18.38% | -84.59% | -0.01% | |
| Net investment securities | 8,672,604 | 12,554,311 | 14,233,292 | 13.37% | 64.12% | 13.80% | |
| Commercial loans | 36,861,141 | 42,465,660 | 43,643,362 | 2.77% | 18.40% | 42.31% | |
| Consumer loans | 11,261,552 | 12,580,661 | 13,069,900 | 3.89% | 16.06% | 12.67% | |
| Small business loans | 317,485 | 334,591 | 360,862 | 7.85% | 13.66% | 0.35% | |
| Mortgage loans | 4,962,698 | 5,957,824 | 6,354,650 | 6.66% | 28.05% | 6.16% | |
| Financial leases | 7,373,733 | 8,649,943 | 8,759,368 | 1.27% | 18.79% | 8.49% | |
| Allowance for loan and financial lease losses | -2,880,179 | -3,249,639 | -3,370,980 | 3.73% | 17.04% | -3.27% | |
| Net total loans and financial leases | 57,896,430 | 66,739,040 | 68,817,162 | 3.11% | 18.86% | 66.72% | |
| Accrued interest receivable on loans and financial leases | 531,956 | 578,067 | 669,373 | 15.80% | 25.83% | 0.65% | |
| Allowance for accrued interest losses | -47,400 | -54,026 | -62,165 | 15.06% | 31.15% | -0.06% | |
| Net total interest accrued | 484,556 | 524,041 | 607,208 | 15.87% | 25.31% | 0.59% | |
| Customers' acceptances and derivatives | 815,693 | 783,014 | 665,813 | -14.97% | -18.37% | 0.65% | |
| Accounts receivable, net | 1,122,353 | 1,243,263 | 1,182,277 | -4.91% | 5.34% | 1.15% | |
| Premises and equipment, net | 1,644,538 | 1,341,698 | 1,424,313 | 6.16% | -13.39% | 1.38% | |
| Foreclosed assets, net | 55,874 | 84,818 | 88,505 | 4.35% | 58.40% | 0.09% | |
| Prepaid expenses and deferred charges, net | 797,656 | 772,930 | 575,434 | -25.55% | -27.86% | 0.56% | |
| Goodwill | 615,686 | 571,373 | 576,239 | 0.85% | -6.41% | 0.56% | |
| Premises and equipment under operating leases, net | 1,552,251 | 2,191,928 | 2,383,135 | 8.72% | 53.53% | 2.31% | |
| Other assets | 1,792,123 | 2,088,947 | 2,220,954 | 6.32% | 23.93% | 2.15% | |
| Reappraisal of assets | 814,398 | 851,920 | 963,527 | 13.10% | 18.31% | 0.93% | |
| Total assets | 84,236,774 | 97,916,380 | 103,148,308 | 5.34% | 22.45% | 100.00% | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | |
| LIABILITIES | | | | | | | |
| DEPOSITS | | | | | | | |
| Non-interest bearing | 7,653,768 | 9,798,874 | 8,584,903 | -12.39% | 12.17% | 8.32% | 9.36% |
| Checking accounts | 6,919,868 | 8,820,458 | 7,849,941 | -11.00% | 13.44% | 7.61% | 8.56% |
| Other | 733,900 | 978,416 | 734,962 | -24.88% | 0.14% | 0.71% | 0.80% |
| Interest bearing | 44,313,989 | 54,359,846 | 58,561,484 | 7.73% | 32.15% | 56.77% | 63.85% |
| Checking accounts | 2,373,830 | 2,478,443 | 2,849,869 | 14.99% | 20.05% | 2.76% | 3.11% |
| Time deposits | 19,401,674 | 24,767,489 | 26,235,282 | 5.93% | 35.22% | 25.43% | 28.61% |
| Savings deposits | 22,538,485 | 27,113,914 | 29,476,333 | 8.71% | 30.78% | 28.58% | 32.14% |
| Total deposits | 51,967,757 | 64,158,720 | 67,146,387 | 4.66% | 29.21% | 65.10% | 73.22% |
| Overnight funds and interbank borrowings | 855,725 | 44,935 | 631,092 | 1304.46% | -26.25% | 0.61% | 0.69% |
| Bank acceptances outstanding and derivatives | 551,720 | 625,632 | 521,919 | -16.58% | -5.40% | 0.51% | 0.57% |
| Other interbank borrowings | 3,014,022 | 1,803,665 | 2,206,315 | 22.32% | -26.80% | 2.14% | 2.41% |
| Borrowings from development and other domestic banks | 3,058,511 | 3,467,843 | 3,429,930 | -1.09% | 12.14% | 3.33% | 3.74% |
| Accounts payable | 2,568,827 | 2,311,221 | 3,084,310 | 33.45% | 20.07% | 2.99% | 3.36% |
| Accrued interest payable | 402,116 | 523,655 | 483,213 | -7.72% | 20.17% | 0.47% | 0.53% |
| Other liabilities | 792,124 | 888,190 | 741,411 | -16.53% | -6.40% | 0.72% | 0.81% |
| Long-term debt | 9,789,091 | 12,059,219 | 12,489,392 | 3.57% | 27.58% | 12.11% | 13.62% |
| Accrued expenses | 740,623 | 344,951 | 902,588 | 161.66% | 21.87% | 0.88% | 0.98% |
| Minority interest | 64,590 | 81,394 | 74,514 | -8.45% | 15.36% | 0.07% | 0.08% |
| Total liabilities | 73,805,106 | 86,309,425 | 91,711,071 | 6.26% | 24.26% | 88.91% | 100.00% |
| SHAREHOLDERS' EQUITY | | | | | | | |
| Subscribed and paid in capital | 425,914 | 425,914 | 425,914 | 0.00% | 0.00% | 0.41% | |
| Retained earnings | 9,004,852 | 10,250,192 | 10,151,937 | -0.96% | 12.74% | 9.84% | |
| Appropiated | 8,559,282 | 8,545,962 | 9,659,201 | 13.03% | 12.85% | 9.36% | |
| Unappropiated | 445,570 | 1,704,230 | 492,736 | -71.09% | 10.59% | 0.48% | |
| Reappraisal of assets | 983,838 | 894,206 | 826,161 | -7.61% | -16.03% | 0.80% | |
| Gross unrealized net gain on investments | 17,064 | 36,643 | 33,225 | -9.33% | 94.71% | 0.03% | |
| Total shareholder's equity | 10,431,668 | 11,606,955 | 11,437,237 | -1.46% | 9.64% | 11.09% | |
1Q13
| INCOME STATEMENT | | | | Growth |
| (COP million) | 1Q12 | 4Q12 | 1Q13 | 1Q13/4Q12 | 1Q13/1Q12 |
| Interest income and expenses | | | | | |
| Interest on loans | 1,412,218 | 1,603,351 | 1,616,159 | 0.80% | 14.44% |
| Interest on investment securities | 172,263 | 202,004 | 347,817 | 72.18% | 101.91% |
| Overnight funds and interbank loans | 5,978 | 6,163 | 7,180 | 16.50% | 20.11% |
| Financial leases | 194,877 | 222,690 | 225,763 | 1.38% | 15.85% |
| Total interest income | 1,785,336 | 2,034,208 | 2,196,919 | 8.00% | 23.05% |
| Interest expense | | | | | |
| Checking accounts | 6,441 | 6,244 | 7,058 | 13.04% | 9.58% |
| Time deposits | 227,012 | 324,736 | 334,900 | 3.13% | 47.53% |
| Savings deposits | 162,981 | 169,576 | 183,291 | 8.09% | 12.46% |
| Total interest on deposits | 396,434 | 500,556 | 525,249 | 4.93% | 32.49% |
| Interbank borrowings | 17,573 | 9,025 | 9,950 | 10.25% | -43.38% |
| Borrowings from development and other domestic banks | 54,125 | 58,658 | 57,630 | -1.75% | 6.48% |
| Overnight funds | 16,245 | 28,592 | 13,928 | -51.29% | -14.26% |
| Long-term debt | 169,150 | 197,289 | 185,919 | -5.76% | 9.91% |
| Total interest expense | 653,527 | 794,120 | 792,676 | -0.18% | 21.29% |
| Net interest income | 1,131,809 | 1,240,088 | 1,404,243 | 13.24% | 24.07% |
| Provisions for loans and accrued interest losses and other receivables , net | (229,485) | (356,609) | (337,033) | -5.49% | 46.86% |
| Recovery of charged-off loans | 41,662 | 44,195 | 52,322 | 18.39% | 25.59% |
| Provision for foreclosed assets and other assets | (31,153) | (42,862) | (46,547) | 8.60% | 49.41% |
| Recovery of provisions for foreclosed assets and other assets | 20,821 | 20,599 | 28,390 | 37.82% | 36.35% |
| Total net provisions | (198,155) | (334,677) | (302,868) | -9.50% | 52.84% |
| Net interest income after provision for loans | | | | | |
| and accrued interest losses | 933,654 | 905,411 | 1,101,375 | 21.64% | 17.96% |
| Commissions from banking services | 103,004 | 124,317 | 107,772 | -13.31% | 4.63% |
| Electronic services and ATM fees | 17,410 | 19,608 | 19,557 | -0.26% | 12.33% |
| Branch network services | 30,093 | 34,098 | 29,288 | -14.11% | -2.68% |
| Collections and payments fees | 59,519 | 70,415 | 62,177 | -11.70% | 4.47% |
| Credit card merchant fees | 1,293 | 3,248 | (112) | -103.45% | -108.66% |
| Credit and debit card fees | 157,411 | 160,488 | 165,354 | 3.03% | 5.05% |
| Checking fees | 18,524 | 17,860 | 16,804 | -5.91% | -9.29% |
| Trust activities | 51,020 | 54,859 | 56,397 | 2.80% | 10.54% |
| Brokerage fees | 17,708 | 18,148 | 15,567 | -14.22% | -12.09% |
| Check remittances | 5,406 | 5,766 | 4,980 | -13.63% | -7.88% |
| International wire transfers | 15,122 | 24,109 | 14,842 | -38.44% | -1.85% |
| Fees and other service income | 476,510 | 532,916 | 492,626 | -7.56% | 3.38% |
| Fees and other service expenses | (53,546) | (38,437) | (56,298) | 46.47% | 5.14% |
| Total fees and income from services, net | 422,964 | 494,479 | 436,328 | -11.76% | 3.16% |
| Other operating income | | | | | |
| Foreign exchange gain (loss), net | (15,793) | 24,578 | 45,446 | 84.91% | 387.76% |
| Gains on forward contracts in foreign currency | 45,358 | 14,968 | (1,769) | -111.82% | -103.90% |
| Gains on sales of investments in equity securities | (289) | (2,176) | 75 | 103.45% | 125.95% |
| Gains on sales of mortgage loans | 13,235 | 7,691 | 8,018 | 4.25% | -39.42% |
| Dividend income | 40,681 | 1,750 | 32,118 | 1735.31% | -21.05% |
| Income from non-financial subsidiaries | 32,100 | 36,598 | 38,456 | 5.08% | 19.80% |
| Insurance income | 12,018 | - | - | 0.00% | -100.00% |
| Communication, postage, rent and others | 71,237 | 112,842 | 106,170 | -5.91% | 49.04% |
| Total other operating income | 198,547 | 196,251 | 228,514 | 16.44% | 15.09% |
| Total income | 1,555,165 | 1,596,141 | 1,766,217 | 10.66% | 13.57% |
| Operating expenses | | | | | |
| Salaries and employee benefits | 346,913 | 360,405 | 359,392 | -0.28% | 3.60% |
| Bonus plan payments | 40,395 | 34,549 | 57,299 | 65.85% | 41.85% |
| Indemnities benefits | 4,491 | 9,827 | 8,743 | -11.03% | 94.68% |
| Administrative and other expenses | 473,829 | 528,454 | 534,072 | 1.06% | 12.71% |
| Insurance on deposits, net | 26,140 | 29,311 | 34,117 | 16.40% | 30.52% |
| Donation expenses | 780 | 2,433 | 1,948 | -19.93% | 149.74% |
| Depreciation | 69,979 | 89,999 | 95,811 | 6.46% | 36.91% |
| Total operating expenses | 962,527 | 1,054,978 | 1,091,382 | 3.45% | 13.39% |
| Net operating income | 592,638 | 541,163 | 674,835 | 24.70% | 13.87% |
| Goodwill amortization (1) | 11,819 | 11,165 | 15,348 | 37.47% | 29.86% |
| Non-operating income (expense) | | | | | |
| Other income | 36,954 | 42,892 | 51,141 | 19.23% | 38.39% |
| Minority interest | (1,004) | (701) | (1,216) | 73.47% | 21.12% |
| Other expense | (22,557) | (36,056) | (30,066) | -16.61% | 33.29% |
| Total non-operating income | 13,393 | 6,135 | 19,859 | 223.70% | 48.28% |
| Income before income taxes | 594,212 | 536,133 | 679,346 | 26.71% | 14.33% |
| Income tax expense | (148,642) | (68,371) | (186,610) | 172.94% | 25.54% |
| Net income | 445,570 | 467,762 | 492,736 | 5.34% | 10.59% |
