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

Exhibit 99.1

   

 2Q14

BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS CONSOLIDATED NET INCOME OF COP 467 BILLION FOR THE SECOND QUARTER OF 2014 (COP 508 PER SHARE - USD 1.08 PER ADR). NET INCOME REPRESENTS AN INCREASE OF 123% COMPARED TO THE SAME QUARTER OF LAST YEAR. THE CUMULATIVE NET INCOME AS OF JUNE 2014 INCREASED 39% COMPARED WITH THE CUMMULATIVE NET INCOME AS OF JUNE 2013

· The bank showed a healthy growth in the loan portfolio during 2Q14.Bancolombia’s loan portfolio grew 2.5% during the quarter and 23.7% during the last twelve months. The annual growth was explained, 15.2% by the contribution of Banistmo (formerly HSBC Panama) and 8.5% by the organic growth of the existing operation prior to this acquisition.

· The balance sheet remains strong.Loan loss reserves represented 4.5% of total gross loans and 148% of 30-day past due loans at the end of 2Q14 or 284% of 90-day past due loans. The capital adequacy ratio ended the quarter at 13.5% (Tier 1 of 9%). These ratios indicate that Bancolombia has enough reserves and capital to maintain its operation and develop its business plan.

· Past due loans as a percentage of total loans decreased in 2Q14. 30 days (or more) past due loans as a percentage of total gross loans were 3.1% (1.6% on a 90-day basis). Net provision charges for past due loans and foreclosed assets totaled COP 335 billion, which represents 1.45% of gross loans when annualized.

· Net interest income increased 1.8%. Net interest income increased primarily due to lower cost of funding and a larger proportion of the loan portfolio within the assets.

· The bank reduced its funding cost and maintained its liquidity position. The annualized average weighted cost of deposits was 2.2% in 2Q14, lower than the 2.3% for 1Q14 and the 2.9% for 2Q13. Deposits increased 1% during the quarter and 19% compared to 2Q13, and the ratio of net loans to deposits ended at 101%. This annual growth was explained, 15.6% by the contribution of Banistmo and 3.4% by the organic growth of the existing operation prior to this acquisition.

August 5, 2014. Medellín, Colombia – Today, BANCOLOMBIA S.A. (“Bancolombia” or “the Bank”) announced its earnings results for the second quarter of 2014.

For the quarter ended on June 30, 2014 (“2Q14”), Bancolombia reported consolidated net income of COP 467 billion, or COP 508 per share - USD 1.08 per ADR. Net income represents a decrease of 8% as compared to the results for the quarter ended on March 31, 2014 (“1Q14”) and an increase of 123% as compared to the results for the quarter ended on June 30, 2013 (“2Q13”).

Bancolombia ended 2Q14 with COP 129,179 billion in assets, 1% lower than those at the end of 1Q14 and 18.3% greater than those at the end of 2Q13. At the same time, liabilities totaled COP 113,820 billion, decreasing 1.4% as compared to the figure presented in 1Q14 and increasing 16.8% as compared to 2Q13¹.

¹  This report corresponds to the consolidated financial statements of BANCOLOMBIA S.A. and its affiliates (“BANCOLOMBIA” or “The Bank”) 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 June 30, 2014. The statements of income for the quarter ended June 30, 2014 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 atwww.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 July 1, 2014 $1.881,19 = US$ 1

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 2Q14

BANCOLOMBIA: Summary of consolidated financial quarterly results²

CONSOLIDATED BALANCE SHEET
AND INCOME STATEMENT	Quarter									Growth
(COP millions)	2Q13			1Q14			2Q14			2Q14/1Q14			2Q14/2Q13
ASSETS
Loans and financial leases, net		72,358,715			87,334,646			89,538,026			2.52	%		23.74	%
Investment securities, net		14,046,375			15,384,799			11,836,684			-23.06	%		-15.73	%
Other assets		22,748,146			27,723,651			27,804,029			0.29	%		22.23	%
Total assets		109,153,236			130,443,096			129,178,739			-0.97	%		18.35	%
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits		70,378,379			83,043,278			83,766,009			0.87	%		19.02	%
Non-interest bearing		9,510,749			13,904,799			12,805,473			-7.91	%		34.64	%
Interest bearing		60,867,630			69,138,479			70,960,536			2.64	%		16.58	%
Other liabilities		27,100,198			32,437,333			30,053,995			-7.35	%		10.90	%
Total liabilities		97,478,577			115,480,611			113,820,004			-1.44	%		16.76	%
Shareholders' equity		11,674,659			14,962,485			15,358,735			2.65	%		31.56	%
Total liabilities and shareholders' equity		109,153,236			130,443,096			129,178,739			-0.97	%		18.35	%
Interest income		1,802,954			2,252,750			2,230,096			-1.01	%		23.69	%
Interest expense		767,385			798,189			750,062			-6.03	%		-2.26	%
Net interest income		1,035,569			1,454,561			1,480,034			1.75	%		42.92	%
Net provisions		(365,580	)		(307,523	)		(335,210	)		9.00	%		-8.31	%
Fees and income from service, net		494,470			542,322			541,679			-0.12	%		9.55	%
Other operating income		136,649			260,651			259,965			-0.26	%		90.24	%
Total operating expense		(1,118,147	)		(1,171,770	)		(1,250,997	)		6.76	%		11.88	%
Goodwill amortization		(12,452	)		(53,375	)		(50,831	)		-4.77	%		308.22	%
Non-operating income, net		1,830			(11,558	)		3,809			132.96	%		108.14	%
Income tax expense		37,387			(204,957	)		(181,165	)		-11.61	%		-584.57	%
Net income		209,726			508,351			467,284			-8.08	%		122.81	%

PRINCIPAL RATIOS	Quarter									As of
	2Q13			1Q14			2Q14			Jun-13			Jun-14
PROFITABILITY
Net interest margin (1)		4.69	%		5.54	%		5.64	%		5.71	%		5.60	%
Return on average total assets (2)		0.79	%		1.56	%		1.44	%		1.37	%		1.50	%
Return on average shareholders´ equity (3)		7.24	%		15.31	%		12.34	%		12.03	%		13.83	%
EFFICIENCY
Operating expenses to net operating income		67.84	%		54.27	%		57.06	%		59.89	%		55.67	%
Operating expenses to average total assets		4.26	%		3.76	%		4.02	%		4.36	%		3.89	%
CAPITAL ADEQUACY
Shareholders' equity to total assets		10.70	%		11.47	%		11.89	%		10.70	%		11.89	%
Technical capital to risk weighted assets		17.21	%		13.66	%		13.48	%		17.21	%		13.48	%
KEY FINANCIAL HIGHLIGHTS
Net income per ADS (USD)		0.51			1.18			1.08
Net income per share $COP		246.21			580.13			508.31
P/BV ADS (4)		1.99			1.63			1.63
P/BV Local (5) (6)		1.93			1.58			1.59
P/E  (7)		27.15			11.77			13.19
ADR price  (8)		56.50			56.48			57.80
Common share price  (8)		26,400			26,940			26,540
Shares outstanding  (9)		851,827,000			876,271,445			919,285,565
USD exchange rate (quarter end)		1,929.00			1,969.45			1,881.19

(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.

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 2Q14

1. BALANCE SHEET

1.1. Assets

As of June 30, 2014, Bancolombia’s assets totaled COP 129,179 billion, which represents a decrease of 1.0% compared to 1Q14 and an increase of 18.3% compared to 2Q13.The annual growth was explained, 14% by the contribution of Banistmo and, 4.3% by the organic growth of the existing operation prior to this acquisition.

The decrease in assets in the quarter was explained by an appreciation of the COP versus the USD of 4.5% compared to 1Q14. The annual growth of the assets was mainly explained by the consolidation of Banistmo’s assets in 4Q13 and the organic growth of loans and finance leases, which represented 69.3% of the assets at the end of 2Q14

1.2. Loan Portfolio

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 = 1881,19 COP)				2Q14/1Q14			2Q14/2Q13						2Q14/1Q14			2Q14/2Q13						2Q14/1Q14			2Q14/2Q13						2Q14/1Q14			2Q14/2Q13
Net investment securities		7,792,561			-30.16	%		-17.75	%		4,044,123			-4.32	%		-11.56	%		2,149,768			0.17	%		-9.31	%		11,836,684			-23.06	%		-15.73	%
Gross Loans		65,568,723			4.64	%		12.90	%		28,224,228			-2.02	%		58.08	%		15,003,390			2.57	%		62.10	%		93,792,951			2.54	%		23.52	%
Commercial loans		36,666,262			6.12	%		13.16	%		18,705,992			-2.54	%		36.65	%		9,943,702			2.03	%		40.12	%		55,372,254			3.02	%		20.14	%
Consumer loans		12,285,638			1.53	%		7.87	%		4,471,094			-3.23	%		92.34	%		2,376,737			1.31	%		97.23	%		16,756,732			0.21	%		22.19	%
Small  business loans		441,661			8.70	%		24.26	%		123,201			-3.43	%		307.48	%		65,491			1.10	%		317.83	%		564,862			5.80	%		46.46	%
Mortgage loans		7,032,482			3.14	%		18.97	%		3,802,623			-1.36	%		353.04	%		2,021,392			3.27	%		364.55	%		10,835,105			1.52	%		60.51	%
Finance lease		9,142,680			4.06	%		13.98	%		1,121,318			10.99	%		15.48	%		596,068			16.20	%		18.42	%		10,263,998			4.8	%		14.1	%
Allowance for loan losses		(3,596,675	)		4.29	%		11.28	%		(658,250	)		-4.19	%		92.23	%		(349,911	)		0.31	%		97.11	%		(4,254,925	)		2.89	%		19.03	%
Net total loans and fin. leases		61,972,048			4.66	%		12.99	%		27,565,978			-1.97	%		57.41	%		14,653,479			2.63	%		61.41	%		89,538,026			2.52	%		23.74	%
Operating leases, net		3,106,048			4.59	%		23.22	%		99,771			4.89	%		4.89	%		53,036			9.81	%		7.56	%		3,205,819			4.60	%		22.55	%
Total assets		90,344,747			3.73	%		20.76	%		38,833,992			-10.42	%		13.10	%		20,643,312			-6.22	%		15.97	%		129,178,739			-0.97	%		18.35	%
Total deposits		59,408,853			1.56	%		5.09	%		24,357,156			-0.77	%		75.87	%		12,947,738			3.89	%		80.34	%		83,766,009			0.87	%		19.02	%
Total liabilities		76,277,594			3.67	%		19.15	%		37,542,410			-10.41	%		12.20	%		19,956,735			-6.21	%		15.05	%		113,820,004			-1.44	%		16.76	%

The most relevant aspects regarding the evolution of the loan portfolio during 2Q14 were:

·           The growth of commercial, mortgage loans and financial leases in Colombia during 2Q14 indicate a sustained credit demand.

·           Net loans in USD correspond to loans originated in Colombia (USD 4,072 million, 28%), El Salvador (USD 2,703 million, 18%), Panamá (USD 7,440 million, 51%), and other countries (USD 439 million, 3%). USD denominated loans represented 30% of total loans as of 2Q14.

·           COP appreciated 4.5% versus USD during 2Q14 and 2.5% in the last 12 months.

·           Mortgage loans denominated in COP presented a dynamic performance, growing 19.0% year on year. 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 and Panama represented 35% of the mortgage loans at the end of 2Q14.

·           Financial leases, of which 89% are denominated in COP, increased 4.8% during the quarter and 14.1% as compared to 2Q13. Operating leases, net of depreciation, increased 4.6% during 2Q14 and 22.5% in the last 12 months.These two products are mainly used by enterprises in order to finance equipment, commercial real estate and commercial vehicles.

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 2Q14

When analyzing the loan portfolio according to the customer categories established by Bancolombia in order to manage its commercial strategy (see table below), it becomes clear that commercial loans led the growth during 2Q14, as they increased 2.6% with respect to 1Q14. The growth is explained by the credit demand for business investment. This is the segment that contributes the most to the nominal growth of the total loan book. Consumer and SMEs loans increased by 2.1% when compared with 1Q14, which indicates a moderate credit demand compared with the growth in previous quarters.

Total reserves (allowances in the balance sheet) for loan losses increased by 2.9% during 2Q14 and totaled COP 4,255 billion, or 4.5% 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			Category
(COP million)	Jun-13			Mar-14			Jun-14			2Q14/1Q14			2Q14/2Q13			loans			Category
CORPORATE
Working capital loans		32,718,281			34,856,205			36,092,150			3.55	%		10.31	%		38.48	%		82.75	%
Funded by domestic development banks		389,885			607,384			533,495			-12.17	%		36.83	%		0.57	%		1.22	%
Trade Financing		2,432,002			6,861,583			6,735,616			-1.84	%		176.96	%		7.18	%		15.44	%
Overdrafts		170,709			141,472			208,525			47.40	%		22.15	%		0.22	%		0.48	%
Credit Cards		40,109			57,723			47,239			-18.16	%		17.78	%		0.05	%		0.11	%
TOTAL CORPORATE		35,750,986			42,524,367			43,617,025			2.57	%		22.00	%		46.50	%		100.00	%
RETAIL AND SMEs
Working capital loans		9,322,914			9,795,981			10,415,341			6.32	%		11.72	%		11.10	%		35.82	%
Personal loans		7,666,519			9,545,276			9,470,435			-0.78	%		23.53	%		10.10	%		32.57	%
Loans funded by domestic development banks		929,072			1,326,432			1,238,278			-6.65	%		33.28	%		1.32	%		4.26	%
Credit Cards		3,895,562			4,638,627			4,765,605			2.74	%		22.33	%		5.08	%		16.39	%
Overdrafts		308,903			332,406			330,561			-0.56	%		7.01	%		0.35	%		1.14	%
Automobile loans		2,209,482			2,606,755			2,621,399			0.56	%		18.64	%		2.79	%		9.02	%
Trade Financing		106,883			231,529			235,204			1.59	%		120.06	%		0.25	%		0.81	%
TOTAL RETAIL AND SMEs		24,439,335			28,477,006			29,076,823			2.11	%		18.98	%		31.00	%		100.00	%
MORTGAGE		6,750,612			10,673,001			10,835,105			1.52	%		60.51	%		11.55	%		100.00	%
FINANCIAL LEASES		8,992,355			9,795,866			10,263,998			4.78	%		14.14	%		10.94	%		100.00	%
Total loans and financial leases		75,933,288			91,470,240			93,792,951			2.54	%		23.52	%		100.00	%		100.00	%
Allowance for loan losses		(3,574,573	)		(4,135,594	)		(4,254,925	)		2.89	%		19.03	%
Total loans and financial leases, net		72,358,715			87,334,646			89,538,026			2.52	%		23.74	%

1.3. Investment Portfolio

As of June 30, 2014, Bancolombia’s net investment portfolio totaled COP 11,837 billion, 23.1% lower than that reported in 1Q14 and 15.7% lower when compared to that reported in 2Q13. This decrease is the result of the bank's strategy to reduce its securities portfolio, which consisted primarily of debt securities, which represented 85.5% of Bancolombia’s total investments and 7.8% of assets at the end of 2Q14. Investments denominated in USD totaled USD 2,150 million and represented 34% of the investment portfolio.

Additionally, the Bank had COP 788 billion in net mortgage backed securities, which represented 6.7% of the investment portfolio, which give a tax benefit to the bank.

At the end of 2Q14, the investments in debt securities had a duration of 17.3 months and a yield to maturity of 4.25%.

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 2Q14

1.4. Goodwill

As of 2Q14, Bancolombia’s goodwill totaled COP 3,404 billion, decreasing 5.8% compared to the amount reported in 1Q14 and increasing 474.4% compared to 2Q13. This annual variation is explained by the acquisition of Banistmo which generated goodwill of approximately 1.500 million USD, and the quarterly decrease is explained by the appreciation of the peso against the dollar during the quarter. Under Colombian GAAP, goodwill is amortized within a maximum period of 20 years.

1.5. Funding

As of June 30, 2014, Bancolombia’s liabilities totaled COP 113,820 billion, decreasing 1.4% compared to 1Q14 and increasing 16.8% compared to 2Q13. The annual growth was explained, 14.4% by the contribution of Banistmo and 2.4% by the organic growth of the existing operation prior to this acquisition.

Deposits totaled COP 83,766 billion (or 73.6% of liabilities) at the end of 2Q14, increasing 0.9% during the quarter and 19.0% over the last 12 months. The net loans to deposits ratio (including borrowings from domestic development banks) was 101% at the end of 2Q14, increasing compared to the 99% reported in 1Q14, and the 98% reported in 2Q13.

Bancolombia´s funding strategy during the quarter was to reduce the most expensive deposits and liabilities while maintaining the liquidity position. This strategy allowed the bank to reduce the cost on deposits during the quarter. The ultimate goal is to defend the net interest margin.

Funding mix COP Million	2Q13				1Q13			2Q14
Checking accounts™		11,802,856	13	%	16,161,651	15	%	15,547,510	15	%
Saving accounts		30,295,202	33	%	33,307,739	31	%	33,686,393	31	%
Time deposits		27,609,690	30	%	32,321,287	30	%	33,537,537	31	%
Other deposits		670,631	1	%	1,252,601	1	%	994,569	1	%
Long term debt		12,777,016	14	%	12,434,851	11	%	11,826,291	11	%
Loans with banks		9,138,439	10	%	13,513,804	12	%	11,583,660	11	%
Total Funds		92,293,834	100	%	108,991,933	100	%	107,175,960	100	%

At the end of 2Q14, Bancolombia had outstanding bonds for USD 3,974 million in international markets and for COP 4,350 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 2Q14 was COP 15,359 billion, increasing 31.6% or COP 3,684 billion, with respect to the COP 11,675 billion reported at the end of 2Q13 as a result of the proceeds of the issuance of 110 million shares in March 2014, which totaled COP 2,656 billion, and the appropriation of 2013 earnings.

Bancolombia’s capital adequacy ratio was 13.48%, 18 basis points below the 13.66% for 1Q14 and 373 basis points below the 17.21% at the end of 2Q13. The annual decrease in this ratio was due to the implementation in Colombia of a new capital regulation for banks, which increased deductions from the tier 1 calculation and the incorporation of Banistmo’s risk weighted assets.

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 2Q14

Bancolombia’s capital adequacy ratio was 448 basis points above the minimum level required by Colombia’s regulator, while the basic capital ratio (Tier 1) to risk weighted assets was 8.96%, 446 basis points above the regulatory minimum of 4.5% . The tangible capital ratio, defined as shareholders’ equity minus goodwill and intangible assets divided by tangible assets, was 9.1% at the end of 2Q14.

TECHNICAL CAPITAL RISK WEIGHTED ASSETS
Consolidated (COP millions)	2Q13³			%			1Q14			%			2Q14			%
Basic capital (Tier I)		10,705,116			11.73	%		9,681,500			8.88	%		9,807,038			8.96	%
Additional capital (Tier II)		5,006,810			5.48	%		5,206,580			4.78	%		4,946,263			4.52	%
Technical capital (1)		15,711,926						14,888,080						14,753,301
Risk weighted assets included market risk		91,303,089						108,970,764						109,416,678
CAPITAL ADEQUACY (2)		17.21	%					13.66	%					13.48	%

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

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

(3) Capital adequacy ratio for 2Q13 is calculated according to the capital rules existing until August 2013

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 2Q14

2. INCOME STATEMENT

Net income totaled COP 467 billion in 2Q14, or COP 508 per share - USD 1.08 per ADR. This net income represents a decrease of 8.1% compared to 1Q14 and an increase of 122.8% compared to 2Q13. Bancolombia’s annualized ROE was 12.3% for 2Q14.

2.1. Net Interest Income

Net interest income totaled COP 1,480 billion in 2Q14, 1.8% higher than that reported in 1Q14, and 42.9% higher than the figure for 2Q13. The performance of this line was driven by higher loan volumes, the expansion of the loans interest margin, and the performance of the securities portfolio, that even though 44.3% lower compared to the previous quarter, show an improvement against 2Q13, taking into account the fact that net investment securities as a percentage of total assets represented 9% in 2Q14 compared to the 12% of 1Q14 and the 13% of 2Q13.

During 2Q14, the investment portfolio generated COP 87 billion, product of the good performance of the Colombian government debt securities. The strategy for the last quarters has been maintaining low the volatility and duration of the portfolio.

Net Interest Margin

The annualized net interest margin expanded in 2Q14 to 5.6% for the quarter.

The annualized net interest margin for investments was 0.2%, lower than the 1.8% of 1Q14 due to the better performance on debt securities of the Colombian government in the previous quarter. The annualized net interest margin of the loan portfolio, financial leases, overnight funds and interbank loans was 6.3%, higher than the 6.1% of 1Q14, due to higher interest rates and the reduction of the funding cost.

Annualized Interest
Margin	2Q12			3Q12			4Q12			1Q13			2Q13			3Q13			4Q13			1Q14			2Q14
Loans' Interest margin		7.0	%		7.1	%		6.9	%		6.6	%		6.4	%		6.2	%		6.0	%		6.1	%		6.3	%
Debt investments' margin		4.1	%		4.0	%		2.9	%		8.0	%		-5.1	%		-0.4	%		0.1	%		1.8	%		0.2	%
Net interest margin		6.6	%		6.6	%		6.3	%		6.8	%		4.7	%		5.3	%		5.3	%		5.5	%		5.6	%

The funding cost decreased during 2Q14 due to the low interest rates, greater liquidity and management of the liabilities structure, which reduced the most expensive funding sources. Savings and checking accounts kept their share during the quarter, and the annualized average weighted cost of deposits was 2.2% in 2Q14, decreasing compared to the 2.3% for 1Q14 and the 2.9% for 2Q13.

Average weighted
funding cost	2Q13			1Q14			2Q14
Checking accounts		0.26	%		0.17	%		0.17	%
Time deposits		4.74	%		4.27	%		4.08	%
Saving accounts		2.22	%		1.49	%		1.38	%
Total deposits		2.87	%		2.30	%		2.20	%
Long term debt		6.06	%		6.15	%		6.22	%
Loans with banks		4.32	%		3.53	%		3.27	%
Total funding cost		3.45	%		2.88	%		2.78	%

7

   

 2Q14

2.2. Fees and Income from Services

During 2Q14, net fees and income from services totaled COP 542 billion, decreasing 0.1% with respect to 1Q14 and increasing 9.5% with respect to 2Q13. Fees from credit and debit cards decreased 1.0% compared to 1Q14 due to a lower volume of transactions. Fees from banking services increased 3.1% compared to 1Q14 and 27.6% compared to 2Q13; this line includes fees from insurance distribution throughout the distribution networks in Colombia and in El Salvador. Fees from asset management and trust services decreased 2.0% in 2Q14 compared with the previous quarter.

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

ACCUMULATED CREDIT CARD BILLING					%			2014
(COP millions)	May-13		May-14		Growth			Market Share
Bancolombia VISA		1,116,053		1,218,992		9.22	%		7.46	%
Bancolombia Mastercard		1,350,629		1,507,065		11.58	%		9.22	%
Bancolombia American Express		1,597,762		1,625,872		1.76	%		9.95	%
Total Bancolombia		4,064,444		4,351,929		7.07	%		26.63	%
Colombian Credit Card Market		14,769,265		16,342,132		10.65	%

CREDIT CARD MARKET SHARE					%			2014
(Outstanding credit cards)	May-13		May-14		Growth			Market Share
Bancolombia VISA		459,596		486,330		5.82	%		5.21	%
Bancolombia Mastercard		554,886		640,479		15.43	%		6.86	%
Bancolombia American Express		684,010		713,244		4.27	%		7.64	%
Total Bancolombia		1,698,492		1,840,053		8.33	%		19.71	%
Colombian Credit Card Market		8,620,481		9,337,422		8.32	%

    Source: Superintendencia Financiera de Colombia

2.3. Other Operating Income

Total other operating income was COP 260 billion in 2Q14, 0.3% lower than that of 1Q14, and 90.2% higher than in 2Q13. Income from foreign exchange gains and derivatives denominated in foreign currencies decreased in the quarter due to the net effect of the active and passive positions the bank had in foreign currency.

During 2Q14 the bank received COP 18.4 billion in dividends from companies in which Bancolombia and its subsidiaries have interests, especially from Sura Asset Management S.A (COP 14.2 billion).

Revenues aggregated in the communication, rent and others line totaled COP 145 billion in 2Q14, which is 4.2% higher as compared to 1Q14 and 25.8% higher as compared to those in 2Q13. This line includes revenues from commercial discounts and operating leases payments, which have increased as this product grows.

8

   

 2Q14

2.4. Asset Quality, Provision Charges and Balance Sheet Strength

Past due loans (those that are overdue for more than 30 days) totaled COP 2.870 billion at the end of 2Q14, representing 3.1% of total gross loans for 2Q14, decreasing compared to the 3.2% reported in 1Q14 and increasing compared to the 2.8% reported in 2Q13. Charge-offs totaled COP 215 billion in 2Q14.

The coverage, measured by the ratio of allowances for loans losses (principal) to PDLs (overdue 30 days), was 148% at the end of 2Q14, increasing with respect to the 142% of 1Q14 and decreasing with respect to the 170% of 2Q13. Likewise, the coverage measured by the ratio of allowances for loans losses to loans classified as C, D and E, was 116% at the end of 2Q14, increasing with respect to the 111% reported in 1Q14 and decreasing with respect to the 118% reported in 2Q13.

The deterioration of the loan portfolio (new past due loans including charge-offs) was COP 173 billion in 2Q14, which represented 0.2% of the loan portfolio at the beginning of the quarter, decreasing with respect to the COP 577 billion in 1Q14.

Provision charges (net of recoveries) totaled COP 335 billion in 2Q14. Provisions as a percentage of the average gross loans were 1.40% for 2Q14.

Bancolombia maintains a strong balance sheet supported on an adequate level of loan loss reserves. Allowances for loan losses totaled COP 4,255 billion, or 4.54% of total loans at the end of 2Q14. This proportion increased with respect to the 4.52% presented at the end of 1Q14, and decreased with respect to the 4.71% for 2Q13.

The following tables present key metrics related to asset quality:

ASSET QUALITY				As of						Growth
( COP millions)	Jun-13			Mar-14			Jun-14			2Q14/1Q14			2Q14/2Q13
Total performing past due loans (1)		737,978			1,250,478			1,087,239			-13.05	%		47.33	%
Total non-performing past due loans		1,359,555			1,662,715			1,783,152			7.24	%		31.16	%
Total past due loans		2,097,533			2,913,193			2,870,391			-1.47	%		36.85	%
Allowance for loans interest losses		3,574,573			4,135,594			4,254,925			2.89	%		19.03	%
Past due loans to total loans		2.76	%		3.18	%		3.06	%
Non-performing loans as a percentage of total loans		1.79	%		1.82	%		1.90	%
“C”, “D” and “E” loans as a percentage of total loans		3.98	%		4.08	%		3.92	%
Allowances to past due loans (2)		170.42	%		141.96	%		148.24	%
Allowance for loan losses as a percentage of “C”, “D” and “E” loans (2)		118.29	%		110.69	%		115.68	%
Allowance for loan losses as a percentage of non-performing loans (2)		262.92	%		248.73	%		238.62	%
Allowance for loan losses as a percentage of total loans		4.71	%		4.52	%		4.54	%
Percentage of performing loans to total loans		98.21	%		98.18	%		98.10	%

(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.

9

   

 2Q14

PDL Per Category (30 days)
	% Of loan Portfolio			2Q13			1Q14			2Q14
Commercial loans		59.04	%		1.51	%		1.89	%		1.79	%
Consumer loans		17.87	%		4.92	%		5.08	%		5.11	%
Microcredit		0.60	%		10.08	%		9.18	%		9.15	%
Mortgage loans		11.55	%		6.58	%		7.20	%		6.81	%
Finance lease		10.94	%		2.69	%		2.34	%		2.26	%
PDL TOTAL		100.00	%		2.76	%		3.18	%		3.06	%

PDL Per Category (90 days)
	% Of loan Portfolio			2Q13			1Q14			2Q14
Commercial loans		59.04	%		1.03	%		1.12	%		1.20	%
Consumer loans		17.87	%		2.50	%		2.23	%		2.42	%
Microcredit		0.60	%		6.88	%		5.93	%		5.86	%
Mortgage loans		11.55	%		2.92	%		2.36	%		2.43	%
Finance lease		10.94	%		1.25	%		1.38	%		1.30	%
TOTAL LOAN PORTFOLIO		100.00	%		1.52	%		1.53	%		1.60	%

LOANS AND FINANCIAL LEASES CLASSIFICATION
( COP millions)	2Q13					2Q13					2Q14
¨A¨ Normal		70,294,732		92.57	%		84,575,447		92.46	%		86,908,547		92.66	%
¨B¨ Subnormal		2,616,759		3.45	%		3,158,452		3.45	%		3,206,314		3.42	%
¨C¨ Deficient		1,222,720		1.61	%		1,670,319		1.82	%		1,520,878		1.62	%
¨D¨ Doubtful recovery		1,113,603		1.47	%		1,139,806		1.25	%		1,267,447		1.35	%
¨E¨ Unrecoverable		685,474		0.90	%		926,216		1.01	%		889,765		0.95	%
Total		75,933,288		100.00	%		91,470,240		100.00	%		93,792,951		100.00	%
		62249473		1			72188142		1			75933288		100.01	%
Loans and financial leases classified as C, D and E as a percentage of total loans and financial leases		3.98	%				4.08	%				3.92	%

2.5. Operating Expenses

During 2Q14, operating expenses totaled COP 1,251 billion, increasing 6.8% with respect to 1Q14 and 11.9% with respect to 2Q13.

Personnel expenses (salaries, bonus plan payments and compensation) totaled COP 463 billion in 2Q14, decreasing 0.9% as compared to 1Q14 and increasing 6.3% as compared to 2Q13. This increase is explained by higher salaries expenses due to the higher number of employees as well as by the 2014 wage increases. In addition, in 2Q14 are reflected 3 months of Banistmo’s expenses that didn’t exist a year ago prior to the acquisition of the bank.

During 2Q14, administrative expenses totaled COP 616 billion, increasing 15.1% as compared to 1Q14 and 10.5% as compared to 2Q13.

Depreciation expenses totaled COP 133 billion in 2Q14, increasing 4.2% as compared to 1Q14 and 28.8% as compared to 2Q13. The increase in this type of expense is explained by the growth of operating leases from Leasing Bancolombia whose assets given on lease are depreciated.

At the end of 2Q14, Bancolombia had 29,044 employees, 1,071 branches and 4,345 ATMs.

10

   

 2Q14

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 9 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, 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/

11

   

 2Q14

BALANCE SHEET
(COP million)	Jun-13		Mar-14		Jun-14		Last Quarter			Annual			% of Assets			% of Liabilities
ASSETS
Cash and due from banks		8,630,601		8,409,335		8,437,163		0.33	%		-2.24	%		6.53	%
Overnight funds and interbank loans		2,972,713		2,471,036		2,665,916		7.89	%		-10.32	%		2.06	%
Total cash and equivalents		11,603,314		10,880,371		11,103,079		2.05	%		-4.31	%		8.60	%
Debt securities		12,839,215		13,616,544		10,122,306		-25.66	%		-21.16	%		7.84	%
Trading		7,053,628		7,962,392		4,575,682		-42.53	%		-35.13	%		3.54	%
Available for Sale		1,740,869		1,914,140		1,859,427		-2.86	%		6.81	%		1.44	%
Held to Maturity		4,044,718		3,740,012		3,687,197		-1.41	%		-8.84	%		2.85	%
Equity securities		1,215,697		1,778,746		1,723,340		-3.11	%		41.76	%		1.33	%
Trading		383,499		404,789		380,473		-6.01	%		-0.79	%		0.29	%
Available for Sale		832,198		1,373,957		1,342,867		-2.26	%		61.36	%		1.04	%
Allowance for impairment		-8,537		-10,491		-8,962		-14.57	%		4.98	%		-0.01	%
Net investment securities		14,046,375		15,384,799		11,836,684		-23.06	%		-15.73	%		9.16	%
Commercial loans		46,091,081		53,746,652		55,372,254		3.02	%		20.14	%		42.86	%
Consumer loans		13,713,567		16,720,842		16,756,732		0.21	%		22.19	%		12.97	%
Small business loans		385,673		533,880		564,862		5.80	%		46.46	%		0.44	%
Mortgage loans		6,750,612		10,673,000		10,835,105		1.52	%		60.51	%		8.39	%
Financial leases		8,992,355		9,795,866		10,263,998		4.78	%		14.14	%		7.95	%
Allowance for loan and financial lease losses		-3,574,573		-4,135,594		-4,254,925		2.89	%		19.03	%		-3.29	%
Net total loans and financial leases		72,358,715		87,334,646		89,538,026		2.52	%		23.74	%		69.31	%
Accrued interest receivable on loans and financial leases		582,416		675,460		700,926		3.77	%		20.35	%		0.54	%
Allowance for accrued interest losses		-61,426		-64,810		-67,905		4.78	%		10.55	%		-0.05	%
Net total interest accrued		520,990		610,650		633,021		3.66	%		21.50	%		0.49	%
Customers' acceptances and derivatives		702,833		633,600		639,887		0.99	%		-8.96	%		0.50	%
Accounts receivable, net		1,159,338		1,782,703		1,844,917		3.49	%		59.14	%		1.43	%
Premises and equipment, net		1,496,494		2,211,579		2,131,447		-3.62	%		42.43	%		1.65	%
Foreclosed assets, net		90,379		91,968		79,581		-13.47	%		-11.95	%		0.06	%
Prepaid expenses and deferred charges, net		615,468		646,592		573,348		-11.33	%		-6.84	%		0.44	%
Goodwill		592,667		3,615,655		3,404,483		-5.84	%		474.43	%		2.64	%
Premises and equipment under operating leases, net		2,615,948		3,064,824		3,205,819		4.60	%		22.55	%		2.48	%
Other assets		2,399,332		2,683,638		2,691,243		0.28	%		12.17	%		2.08	%
Reappraisal of assets		951,383		1,502,071		1,497,204		-0.32	%		57.37	%		1.16	%
Total assets		109,153,236		130,443,096		129,178,739		-0.97	%		18.35	%		100.00	%
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
DEPOSITS
Non-interest bearing		9,510,749		13,904,799		12,805,473		-7.91	%		34.64	%		9.91	%		11.25	%
Checking accounts		8,840,118		12,652,198		11,810,904		-6.65	%		33.61	%		9.14	%		10.38	%
Other		670,631		1,252,601		994,569		-20.60	%		48.30	%		0.77	%		0.87	%
Interest bearing		60,867,630		69,138,479		70,960,536		2.64	%		16.58	%		54.93	%		62.34	%
Checking accounts		2,962,738		3,509,453		3,736,606		6.47	%		26.12	%		2.89	%		3.28	%
Time deposits		27,609,690		32,321,287		33,537,537		3.76	%		21.47	%		25.96	%		29.47	%
Savings deposits		30,295,202		33,307,739		33,686,393		1.14	%		11.19	%		26.08	%		29.60	%
Total deposits		70,378,379		83,043,278		83,766,009		0.87	%		19.02	%		64.85	%		73.60	%
Overnight funds and interbank borrowings		686,903		1,254,163		571,022		-54.47	%		-16.87	%		0.44	%		0.50	%
Bank acceptances outstanding and derivatives		565,049		521,114		477,339		-8.40	%		-15.52	%		0.37	%		0.42	%
Other interbank borrowings		4,673,159		7,478,659		6,499,453		-13.09	%		39.08	%		5.03	%		5.71	%
Borrowings from development and other domestic banks		3,778,377		4,780,982		4,513,185		-5.60	%		19.45	%		3.49	%		3.97	%
Accounts payable		2,393,235		2,959,148		2,994,374		1.19	%		25.12	%		2.32	%		2.63	%
Accrued interest payable		515,749		541,282		562,039		3.83	%		8.98	%		0.44	%		0.49	%
Other liabilities		779,438		1,146,069		1,220,059		6.46	%		56.53	%		0.94	%		1.07	%
Long-term debt		12,777,016		12,434,851		11,826,291		-4.89	%		-7.44	%		9.15	%		10.39	%
Accrued expenses		854,505		839,722		919,340		9.48	%		7.59	%		0.71	%		0.81	%
Minority interest		76,767		481,343		470,893		-2.17	%		513.41	%		0.36	%		0.41	%
Total liabilities		97,478,577		115,480,611		113,820,004		-1.44	%		16.76	%		88.11	%		100.00	%
SHAREHOLDERS' EQUITY
Subscribed and paid in capital		425,914		460,827		464,495		0.80	%		9.06	%		0.36	%
Retained earnings		10,443,879		13,634,314		14,009,129		2.75	%		34.14	%		10.84	%
Appropiated		9,741,417		13,125,963		13,033,494		-0.70	%		33.79	%		10.09	%
Unappropiated		702,462		508,351		975,635		91.92	%		38.89	%		0.76	%
Reappraisal of assets		807,509		892,505		895,980		0.39	%		10.96	%		0.69	%
Gross unrealized net gain on investments		-2,643		-25,161		-10,869		-56.80	%		311.24	%		-0.01	%
Total shareholder's equity		11,674,659		14,962,485		15,358,735		2.65	%		31.56	%		11.89	%

12

   

 2Q14

INCOME STATEMENT	As of						Growth												Growth
(COP million)	Jun-13			Jun-14			Jun-14/Jun-13			2Q13			1Q14			2Q14			2Q14/1Q14			2Q14/2Q13
Interest income and expenses
Interest on loans		3,247,566			3,766,826			15.99	%		1,631,407			1,858,728			1,908,098			2.66	%		16.96	%
Interest on investment securities		295,102			242,062			-17.97	%		(52,715	)		155,478			86,584			-44.31	%		264.25	%
Overnight funds and interbank loans		11,555			18,649			61.39	%		4,375			11,113			7,536			-32.19	%		72.25	%
Financial leases		445,650			455,309			2.17	%		219,887			227,431			227,878			0.20	%		3.63	%
Total interest income		3,999,873			4,482,846			12.07	%		1,802,954			2,252,750			2,230,096			-1.01	%		23.69	%
Interest expense
Checking accounts		14,907			14,826			-0.54	%		7,849			7,625			7,201			-5.56	%		-8.26	%
Time deposits		654,063			690,324			5.54	%		319,163			354,144			336,180			-5.07	%		5.33	%
Savings deposits		348,947			241,649			-30.75	%		165,656			126,225			115,424			-8.56	%		-30.32	%
Total interest on deposits		1,017,917			946,799			-6.99	%		492,668			487,994			458,805			-5.98	%		-6.87	%
Interbank borrowings		23,614			66,191			180.30	%		13,664			35,261			30,930			-12.28	%		126.36	%
Borrowings from development and other domestic banks		109,039			124,477			14.16	%		51,409			64,686			59,791			-7.57	%		16.30	%
Overnight funds		32,026			31,896			-0.41	%		18,098			19,878			12,018			-39.54	%		-33.59	%
Long-term debt		377,465			378,888			0.38	%		191,546			190,370			188,518			-0.97	%		-1.58	%
Total interest expense		1,560,061			1,548,251			-0.76	%		767,385			798,189			750,062			-6.03	%		-2.26	%
Net interest income		2,439,812			2,934,595			20.28	%		1,035,569			1,454,561			1,480,034			1.75	%		42.92	%
Provisions for loans and accrued interest losses and other receivables , net		(739,338	)		(726,547	)		-1.73	%		(402,305	)		(337,047	)		(389,500	)		15.56	%		-3.18	%
Recovery of charged-off loans		109,705			103,309			-5.83	%		57,383			44,936			58,373			29.90	%		1.73	%
Provision for foreclosed assets and other assets		(83,174	)		(69,805	)		-16.07	%		(36,627	)		(40,886	)		(28,919	)		-29.27	%		-21.04	%
Recovery of provisions for foreclosed assets and other assets		44,359			50,310			13.42	%		15,969			25,474			24,836			-2.50	%		55.53	%
Total net provisions		(668,448	)		(642,733	)		-3.85	%		(365,580	)		(307,523	)		(335,210	)		9.00	%		-8.31	%
Net interest income after provision for loans
and accrued interest losses		1,771,364			2,291,862			29.38	%		669,989			1,147,038			1,144,824			-0.19	%		70.87	%
Commissions from banking services		241,567			336,511			39.30	%		133,795			165,723			170,788			3.06	%		27.65	%
Electronic services and ATM fees		38,702			48,157			24.43	%		19,145			25,637			22,520			-12.16	%		17.63	%
Branch network services		62,150			70,534			13.49	%		32,862			34,982			35,552			1.63	%		8.19	%
Collections and payments fees		134,772			159,376			18.26	%		72,595			75,875			83,501			10.05	%		15.02	%
Credit card merchant fees		3,108			2,577			-17.08	%		3,220			2,950			(373	)		-112.64	%		-111.58	%
Credit and debit card fees		334,439			389,222			16.38	%		169,085			195,547			193,675			-0.96	%		14.54	%
Checking fees		35,031			35,095			0.18	%		18,227			17,917			17,178			-4.12	%		-5.76	%
Trust activities		112,218			102,906			-8.30	%		55,821			51,973			50,933			-2.00	%		-8.76	%
Brokerage fees		38,086			27,023			-29.05	%		22,519			11,780			15,243			29.40	%		-32.31	%
Check remittances		10,409			21,585			107.37	%		5,429			8,832			12,753			44.40	%		134.91	%
International wire transfers		25,767			40,405			56.81	%		10,925			20,579			19,826			-3.66	%		81.47	%
Fees and other service income		1,036,249			1,233,391			19.02	%		543,623			611,794			621,597			1.60	%		14.34	%
Fees and other service expenses		(105,451	)		(149,390	)		41.67	%		(49,153	)		(69,472	)		(79,918	)		15.04	%		62.59	%
Total fees and income from services, net		930,798			1,084,001			16.46	%		494,470			542,322			541,679			-0.12	%		9.55	%
Other operating income
Foreign exchange gain (loss), net		5,717			70,772			1137.92	%		(39,729	)		32,745			38,027			16.13	%		195.72	%
Gains on forward contracts in foreign currency		(4,095	)		18,357			548.28	%		(2,326	)		13,957			4,400			-68.47	%		289.17	%
Gains on sales of investments in equity securities		2,069			(759	)		-136.68	%		1,994			(576	)		(183	)		-68.23	%		-109.18	%
Gains on sales of mortgage loans		20,132			9,647			-52.08	%		12,114			5,105			4,542			-11.03	%		-62.51	%
Dividend income		47,302			64,308			35.95	%		15,184			45,880			18,428			-59.83	%		21.36	%
Income from non-financial subsidiaries		72,939			74,846			2.61	%		34,483			33,423			41,423			23.94	%		20.13	%
Insurance income		-			13			0.00	%		-			(8,690	)		8,703			200.15	%		0.00	%
Communication, postage, rent and others		221,099			283,432			28.19	%		114,929			138,807			144,625			4.19	%		25.84	%
Total other operating income		365,163			520,616			42.57	%		136,649			260,651			259,965			-0.26	%		90.24	%
Total income		3,067,325			3,896,479			27.03	%		1,301,108			1,950,011			1,946,468			-0.18	%		49.60	%
Operating expenses
Salaries and employee benefits		729,298			802,714			10.07	%		369,906			404,227			398,487			-1.42	%		7.73	%
Bonus plan payments		114,943			102,228			-11.06	%		57,644			51,062			51,166			0.20	%		-11.24	%
Indemnities benefits		16,320			24,458			49.87	%		7,577			11,550			12,908			11.76	%		70.36	%
Administrative and other expenses		1,090,990			1,150,562			5.46	%		556,918			535,019			615,543			15.05	%		10.53	%
Insurance on deposits, net		52,908			80,065			51.33	%		18,791			41,570			38,495			-7.40	%		104.86	%
Donation expenses		6,173			2,625			-57.48	%		4,225			961			1,664			73.15	%		-60.62	%
Depreciation		198,897			260,115			30.78	%		103,086			127,381			132,734			4.20	%		28.76	%
Total operating expenses		2,209,529			2,422,767			9.65	%		1,118,147			1,171,770			1,250,997			6.76	%		11.88	%
Net operating income		857,796			1,473,712			71.80	%		182,961			778,241			695,471			-10.64	%		280.12	%
Goodwill amortization (1)		27,800			104,206			274.84	%		12,452			53,375			50,831			-4.77	%		308.22	%
Non-operating income (expense)
Other income		85,131			86,275			1.34	%		33,990			38,973			47,302			21.37	%		39.16	%
Minority interest		(2,482	)		(504	)		-79.69	%		(1,266	)		(1,666	)		1,162			169.75	%		191.79	%
Other expense		(60,960	)		(93,520	)		53.41	%		(30,894	)		(48,865	)		(44,655	)		-8.62	%		44.54	%
Total non-operating income		21,689			(7,749	)		-135.73	%		1,830			(11,558	)		3,809			132.96	%		108.14	%
Income before income taxes		851,685			1,361,757			59.89	%		172,339			713,308			648,449			-9.09	%		276.26	%
Income tax expense		(149,223	)		(386,122	)		158.76	%		37,387			(204,957	)		(181,165	)		-11.61	%		-584.57	%
Net income		702,462			975,635			38.89	%		209,726			508,351			467,284			-8.08	%		122.81	%

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